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Kailuan shares (600997): Coke production and sales increase greatly to promote company performance growth

Kailuan shares (600997): Coke production and sales increase greatly to promote company performance growth

The company disclosed the report for the first quarter of 2019: the report summarizes and achieved operating income of 57.

2 billion (+17.

49%), net profit attributable to shareholders of listed companies.

6.8 billion (+44.

75%), net profit attributable to shareholders of the listed company after deduction is 3.

6.7 billion (+44.

62%), and the return is basically zero.

23 yuan / share (+43.

75%), with an expected average ROE of 3.
.

44% (increased by 0 every year.

74 units).

Coal business is steadily rising.

Report information that the company produced 202 of raw coal.

47 official (-0.

02%), producing 76 as refined coal.

71 Absolute (+5.

26%), selling 50% of clean coal to external markets.

20 digits (+0.

40%), the external sales amount 6.

07 billion (+5.

63%).

20 yuan / ton (+5.

twenty one%).

Coking business volume and price rose, profitability increased significantly.

The reported quantity, the company’s coke production / sales 192.

40/194.

47, at least +16.

78% and +25.

80%, the impact of environmental protection and limited production has declined.

Coke sales amount 37.

900 million (+32.

00%), tons of pyroformaldehyde in 1948.

68 yuan / ton (+4.

94%), the cost of outsourced coking coal is 1,300.

24 (+3.

79%), the average growth rate of coke sales is better than the industry, which may have a certain relationship with the change in the company’s product sales structure.

The increase in the production and sales of coke business and the increase in sales prices are the primary reason for the company’s profitability to reach a new level.
Although the prices of deep-processed products have improved, the increase in output has led to an increase in income.
Reporting intermediates, the company’s main deep processing product methanol production / sales volume4.

58/4.

19 initially, at least +56.

85% / + 86.

22%, methanol formaldehyde 1920.

63 yuan / ton (-17.

80%).

Pure benzene production / sales 4.

23/1.

08 is the earliest, at least -21.

96% /-57.

48%, priced at 3768.

79 yuan / ton (-30.

96%), the low sales rate of pure benzene is mainly due to its own use to produce adipic acid.

Adipic acid production / sales 4.

04/3.

85 for the first time, at least +16.

76% / + 6.

94%, formaldehyde 7097.

49 yuan / ton (-28.

91%).

Polyacetal, which started production in January 2018 (capacity 4 initial / year), production / sales 1.

06/1.

13 parentheses, +39.

47% / + 7.

62%, 9829 pounds.

36 (-17.

58%).

The total revenue of deep processing business in the first quarter of 2019 was 49.

2 billion (+22.

70%).

Profit forecast and estimation: It is estimated that the company will realize a net profit attributable to shareholders of the parent company for 2019-2021.

4/13.

8/14.

2 trillion, equivalent to 0 respectively.

84, 0.

87, 0.

89 yuan / share, currently 6.

The 64 yuan corresponds to the corresponding PE of 7.
9X / 7.
6X / 7.

4X, the company has an annual output of 810 tons of raw coal, 720 tons of coke per year, 20 tons of methanol per year, 20 tons of pure benzene, 15 tons of adipic acid per year, 4 additives of polyformaldehyde per year, scale and industryThe advantages of chain 合肥夜网 integration are obvious, maintaining the company’s “Buy” rating.

Risk reminders: economic downturn; uncertainty in the nature of administrative changes; environmental protection and production restrictions are less than expected risks.