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Binhua shares (601678) semi-annual report comment: performance extension and restructuring new projects lead long-term development

Binhua shares (601678) semi-annual report comment: performance extension and restructuring new projects lead long-term development

The company announced an interim report, and net profit attributable to mothers decreased by 46% in the first half of the year.

The company’s operating income in the first half of the year was 30.

9 billion (-佛山桑拿网8.

46%), net profit attributable to mother is 2.

5 billion (-45.

75%).

Q2 revenue was 15.

1.6 billion (-4.

54%), Q2 attributed to mother net profit1.

100,000 yuan (-43.

43%), basically in line with expectations.

The prices of major products dropped, and the company launched comprehensive cost management activities.

Affected by the market environment in the first half of 2019, the price of epoxy resin, the company’s main product, dropped from January to June16.

84%, the price of caustic soda (one hundred percent) dropped by 24.

36%, the relative strength of raw materials, leading to a continuous decline in PO spread of 58%, caustic soda spread decreased by 11%.

The company achieved a reduction in taxes paid this year and the net cash flow from operations increased gradually21.

55%.

Transformation and upgrading, focusing on the company’s long-term development.

Initially, the company actively transformed and upgraded its development. The company’s 6000-ton electronic-grade hydrofluoric acid plant was successfully started, and 1,000 tons of lithium hexafluorophosphate had been converted into qualified products.

Five epichlorohydrin projects have been sold in July.

The company plans to issue convertible bonds to raise funds of 2.4 billion to invest in the “carbon, carbon and carbon four comprehensive utilization project (Phase 1)”, which is expected to open a new chapter in the company’s development.

Investment suggestion: It is expected that the company’s net profit attributable to the parent in 2019-2021 will be 5.

4.4 billion, 6.

6.7 billion, 6.

9.1 billion yuan, corresponding to 0 EPS.

35 yuan, 0.

43 yuan, 0.

45 yuan.

The company is an old chlor-alkali leader and can actively transform its development. We believe that the company has a breakthrough space for growth, giving the company 15 times PE in 2020 and a target price of 6.

45 yuan to maintain the “overweight” level.

Risk warning: downstream product demand growth rate is not up to expectations, risks of trade policy changes, etc.