Satellite Petrochemical (002648) semi-annual report comment: single-quarter performance hits record high, new production capacity boosts revenue and net profit

Satellite Petrochemical (002648) semi-annual report comment: single-quarter performance hits record high, new production capacity boosts revenue and net profit

The company announced its semi-annual report for 2019, and achieved operating income of 51 in 1H19.

60,000 yuan, an annual increase of 18.

4%; net profit attributable to mother 5.

60,000 yuan, an annual increase of 70.

4%; budget benefit 0.

52 yuan, net assets 7.

99 yuan.

Ping An’s point of view: The performance has increased greatly from the same period last month, and the acrylic (and ester) and doped dehydrogenation sector contributed the largest gross profit increase: the company’s total revenue increased by 18 from the same period last year.

4%, net profit attributable to mothers increased by 70 in ten years.

4%.

Revenue in the second quarter increased by 17 in ten years.

2%, a quarter-on-quarter increase of 44.

9%, net profit attributable to mother increased by 57 in ten years.

9%, an increase of 53.

2%, a quarterly record high.

Except for hydrogen peroxide, which has no comparable data in the same period of last year, all the main sections have achieved revenue, gross profit and gross profit margin growth (at the same time, the base number caused by the release of new capacity and the interruption of steam supply in the first half of 2018 in Jiaxing Park is too small)Factors).

In terms of different sections, the revenue of the acrylate business and the doped dehydrogenation business increased twice.

3% and 21.

5%, all contributed most of the company’s revenue increase and gross profit increase.

Mainly due to the recovery of carbonic acid (and ester) boom in the first half of the year and the addition and conversion of dehydrogenation and dehydrogenation capacity.

Bright performance of SAP business: According to our previous report, although the SAP business accounts for a small proportion of the company’s overall business, after the product quality has improved and orders from international sanitary product manufacturers have been developed, the business has developed rapidly and the business revenueAt least 49% growth, gross profit growth of 149% per year, and gross margin increase by 9 alternatives each year. We continue to be optimistic about the impact of the company’s SAP business on the company’s performance. With the increase of the production capacity of SAP, we expect SAP business toThe proportion will continue to grow.

The Lianyungang light hydrocarbon cracking project is progressing steadily: In the first half of 2019, the company put into operation a 45-inch separation dehydrogenation propylene second-phase unit, with an annual output of 15 polypropylene polypropylene second-phase units. At present, an annual output of 6 SAPSAP third-phase units is already in the commissioning stage;The first-phase project with an annual output of 36 inches of oxides and 36 inches of oxide esters at the Pinghu base has entered the construction phase; Lianyungang Petrochemical Co., Ltd. has an annual output of 135 PE, 219 introduction of EOE and a 26-connector ACN joint unit project.
The successive launch of new production capacity will provide the company with new points of performance growth, especially after the Lianyungang project is put into operation, the company will achieve the coordinated development of the C2 and C3 industrial chains.

Profit forecast and investment advice: The company is a leader in China’s acrylic acid and acrylic ester industry. After the dehydrogenation project has been put into operation, the C3 industry chain has been completely opened.The company brings new points of performance growth.

Based on the latest interim report data, production capacity progress and product market environment, we adjusted our 2019-2021 performance forecast, and the net profit attributable to the mother is expected to be 13 respectively.

7, 16.

4 and 19.

7 ppm (original value 13).

6, 17.

4 and 25.

4 ‰), the corresponding EPS is 1.

29, 1.

54 yuan and 1.

85, the corresponding PEs are 10 respectively.

5, 8.

8 and 7.

3. Maintain the “Recommended” level.

Risk reminders: 1) Market demand risk: Macroeconomic fluctuations (especially the growth rate of large households using coatings and adhesives such as construction, house decoration, and automobiles) have a great impact on the company’s business.If the growth rate of these industries is lower than expected, it will affect 武汉桑拿社 the company’s product prices and sales growth rates, resulting in a decline in profit margins.

2) Risk of changes in oil prices and raw material prices: The company as a whole completely covers the C3 industry chain and is under construction of the C2 industry chain project, and imports and uses it as a substitute for the company’s raw materials. The change in its price has a huge impact on the company’s cost end, causing ethane hydrocarbons.The price of raw materials is affected by the reduction of OPC crude oil production and the US shale gas production.

The large fluctuations in oil prices and raw material prices will affect the cost of enterprises and the difficulty of cost management.

3) The project progress is less than expected risks: The company’s progress of the project under construction will be affected by 杭州夜网论坛 the availability of funds, the supporting facilities of the industrial park, the production and installation progress of the main equipment, the progress of the recruitment of major technology and production personnel, and whether the trial operation is smooth.The construction progress is less than expected, which will affect the company’s profit.

4) Funding risk: Lianyungang’s expansion and division project is the company’s largest investment project since its establishment, and the capital demand is very large.

Project financing is affected by the company’s operating conditions, macroeconomics, capital markets and related policies.

Therefore, funding issues are also one of the factors affecting the smooth progress of the project.