Yuntianhua (600096): Asset-liability ratio declines steadily
The company released the first quarter report of 2019, and the performance was in line with expectations.
In the first quarter of 19, the company achieved operating income of 137.
RMB 870,000 (+35 compared with the same period last year).
89% in the 15th quarter.
2%), net profit attributable to mother is 1.
120,000 yuan (+119 compared with the same period last year).
05%, QoQ-180%), basically in line with expectations.
Of which, non-recurring gains and losses were 77.97 million yuan, an increase of 56.66 million yuan each year, including a transition period gain of 3029 for the acquisition of Dadi Yuntianhua.
730,000 yuan and 2483 government subsidies.
260,000 yuan, etc., net profit after deduction to mother is 3445.
30,000 yuan, an increase of 14 every year.
The main reason for the increase in net profit was the increase in prices and production and sales of phosphate rock and diammonium phosphate.
Benefiting from the continued prosperity of the phosphorus chemical industry chain, the prices of diammonium phosphate and phosphate ore have continued to rise, the volume and price of urea have risen, and the price of polyformaldehyde has replaced.
In the first quarter of 19th, the prices of the company’s diammonium phosphate and phosphate ore continued to increase by zero.
98% to 2548, 254 yuan / ton, but the price of monoammonium phosphate has improved due to the weakness of the compound fertilizer industry, and the price of 1Q19 monoammonium phosphate has declined.
88% to 2178 yuan / ton.
The sales volume of diammonium and monoammonium increased by 14 each year.
3% to 87.
39 minimum tax rate, supplementary supply-side reforms of environmental protection measures, small and medium-sized phosphate fertilizer enterprises accelerated their elimination, and the market continued to move closer to the top.
At present, the Ministry of Ecology and Environmental Protection stated that it will continue to revise and improve the work plan for the special investigation and rectification of the “Three Phosphorus” of the Yangtze River and issue and implement it as soon as possible. Through the improvement of environmental protection in the country, the domestic supply of phosphate ore and phosphate fertilizer will continue to shrink in the future, and from a global perspective,Looking at the increase in production capacity of phosphate fertilizer in 19-20 years, the growth rate of demand is less than the growth rate of demand, so we judge that the prosperity of the phosphate industry will continue, and the company’s integration of mineral fertilizers will fully benefit from the continued prosperity.
Urea maintained an upward trend, and the company’s 杭州桑拿网 cost advantage was extremely strong. In 1Q19, the urea price and sales volume increased twice.
5%, and the price of polyoxymethylene dropped continuously due to the drag on demand8.
9% to 11,128 yuan / ton.
At the same time, the company continued to strengthen the centralized procurement of bulk raw materials, and the procurement costs have dropped. It has paid close attention to the long-term operation of production units and reduced the unit fixed cost of products.
Continue to optimize and control expenses, and the improvement of the balance sheet will bring the elasticity of the income statement.
The amortization of equity incentive expenses is expected to be approximately 1 billion in 2019 and approximately 25 million in 1Q19.
In the first quarter of 19, the asset-liability ratio 淡水桑拿网 dropped by 0 compared with the end of 18th.
03 good to 90.
However, due to the increase in interest rate uplinks and short-term borrowings, the financial costs of the company decreased significantly.
1.5 billion, an annual increase of 9%.04%, 5.
13%, short-term loans increased by 22.
82 to 260.
In the future, the company will continue to optimize and control the controllable expenses and strive to reduce costs.
Careful analysis reveals that the peak period of capital expenditure has passed, and the construction in progress has basically been solidified, with only 8 remaining in construction at the end of 1Q19.
1.5 billion, the business layout is getting better, and operating cash flow continued to increase in 1Q19.
3 to 9.
81 trillion, currency and cash increased by 17.
5.3 billion to 143.
89 trillion, very abundant.
The company is actively optimizing its asset structure, reducing leverage, and improving overall profitability.
Profit forecast and investment rating.
Maintain the profit forecast. It is expected that the company’s net profit forecast for the mother from 2019-2021 will be 5.
800,000 yuan, EPS is 0.
55 yuan, the current market value of the corresponding PE is 21X, 17X, 14X.
Selected as a “Double Hundred Enterprises” to welcome the historical opportunities of state-owned enterprise reform, fair incentives to demonstrate the reform decision and confidence in the future operation, mineral integration will enable it to fully benefit from the continued prosperity of the phosphorous chemical industry, and through the progressive development of the company’s asset-liability structureImprove, performance is expected to usher in an inflection point, and maintain overweight rating.