Binhua (601678): Changes in product sales in the third quarter of 2019, net profit attributable to mothers ranked 14% month-on-month

Binhua (601678): Changes in product sales in the third quarter of 2019, net profit attributable to mothers ranked 14% month-on-month

The company released the 2019 third quarter report.

In the first three quarters of 2019, the company achieved operating income of 45.

87 trillion, down 10 a year.

83%; net profit attributable to mothers3.

4.5 billion, down 47 every year.


Among them, in 2019Q3, the company’s operating income was 14.

970,000 yuan, net profit attributable 北京夜生活网 to mother 0.

95 trillion, a molecular weight of 13.

5%, we believe that the first quarter of the company’s net profit attributable to the mother in Q3 2019 is the growth rate of product sales.

2019Q3 major product prices rose, but sales increased.

2019Q3, the company’s propylene oxide production5.

83 digits, 4 sales.

The minimum value of 67 and the average value of 17 from the previous month.

6%, the unit price of 9203 yuan / ton.

MoM increased by 12.

6%; caustic soda (hundred percent) yield 15.

71 digits, sales 14.

81 for the first time, compared with 19 for the oxide.

4%, the sales unit price of 3016 yuan / ton, an increase of 35.

4%; trichloroethylene production 1.

09 budget, sales 1.

37, chain carbon dioxide 27.

1%, the sales unit price of 4,528 yuan / ton, an increase of 0 from the previous 都市夜网 month.


On the whole, the company’s main product prices rose in the third quarter of 2019, but sales volume was obvious.

The profitability of epichlorohydrin from August to September was replaced when compared with July.

According to the semi-annual report for 2019, the company’s epichlorohydrin plant was successfully driven once. On July 3rd, it replaced qualified products and terminated the end of July. It gradually sold 2927 tons of recycled chlorine to achieve a gross profit of 2513 million, and calculated a gross profit per ton of 8,500More than yuan.

The main raw material of epichlorohydrin is starch. In August 2019, the ex-factory starch price of several refineries in Shandong dropped by about 4%, but the epichlorohydrin price in Shandong fell by nearly 20%.It rebounded by about 2%, but epichlorohydrin prices dropped by 0%.

At 6%, we expect that the profitability of the company’s chlorine replacement in August-September 2019 will significantly deviate from July.

The issuance of convertible bonds is subject to the application of members of the CSRC to build C3 / C4 comprehensive utilization projects.

The company intends to raise no more than US $ 2.4 billion in convertible bonds for the first phase of a C3 / C4 comprehensive utilization project with a total investment of 63.

US $ 3.4 billion, mainly including 60-inch plug-in dehydrogenation (PDH) projects and 80-butane butane replacement projects, which are important alternatives for the company’s further development and stable production.

The company expects that the construction period of the first-phase project will be 2 years, and the average annual net profit will be realized in normal years after completion of production.

7.2 billion.

Profit forecast and investment rating.

What do we expect from Binhua shares 2019?
In 2021, the EPS will be 0.
29, 0.
39, 0.

48 yuan, we think that the current company is located in the bottom of the industry boom, it is more suitable to use the PB estimation method, according to 2019 BPS 4.

03 yuan and 1.


50 times PB, corresponding to a reasonable value range 5.


05 yuan, maintaining the “long-term market” investment rating.

Risk warning: product prices fall, project construction is less than expected, etc.

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