Hesheng Silicon (603260): 2018 results meet expected cost advantages
Attributable net profit 28.
500,000 yuan, an annual increase of 84.
92% of the companies achieved operating income of 110 in 2018.
76 ppm, an increase of 59 in ten years.
37%; net profit attributable to mother 28.
0.5 billion, an increase of 84 in ten years.
92%, earnings per share is 4.
Single-quarter revenue in the fourth quarter of 2018 was 26.
36 trillion US dollars, an annual increase of 29.
92%; realized net profit attributable to mother 5.
59 ppm, an increase of ten years.
The report pointed out that the 40-inch industrial silicon project has been put into production one after another, the production and sales of industrial silicon have increased, and the market price of organic silicon has continued to increase significantly in the first three quarters of 18 years.
We expect the company’s net profit attributable to mothers to reach 28 in 19-21.
64 ppm with an EPS of 4.
47 yuan to maintain the “overweight” level.
Industrial silicon and graphite electrode projects have been put into operation smoothly, and the prices of major products have further increased. It has been reported that the eastern eastern region has an annual output of 40 to industrial silicon projects and has been successfully put into operation.
5 The introduction of the graphite carbon electrode project for silicon has been completed and put into production. Shanshan Silicon has an annual output of 10 serial transformers and downstream deep processing projects entering the equipment installation and commissioning stage.
According to the company’s announcement, the average molecular weight added value of industrial silicon increased in 18 years.
81%, 110 raw rubber increased by 21 in ten years.
97%, 107 rubber age increased by 26.
35%, the short-term growth of compound rubber 22.
34%, ring body cobalt oxide rose by 40%.
32%, the gas phase method of carbon black increased by 25 years in advance.
Organic silicon is expected to increase production capacity in the third quarter of 19, which is conducive to continued growth. According to the 18 annual report, the annual output of 10-inch transistors and downstream deep processing projects is expected to be 50% by the end of 18 years.The commissioning time disclosed in the annual report was all commissioned in March 20th.
Organic silicon production capacity was put in advance in advance, or the performance was significantly improved in 19 years in advance.
According to Baichuan Information, the price of the organic silicon market declined in the fourth quarter of 2018. At the end of 18, the market price of organic silicon has fallen to 18,500 yuan / ton, but at present we think that the price may have reached the price of stopping and stabilizing. By the end of 4 monthsThe DMC price on the 22nd was 21,300 yuan / ton, an increase of 4 over the same period of the previous three months.
The company has expanded its research and development and promotion efforts. The cost advantage of industrial silicon per ton is significant. It is said that the annual report for 18 years and the company’s 18-year 杭州桑拿 sales expenses4.
8.9 billion, up 39 previously.
16%, mainly due to the increase in product sales and transportation costs; financial costs1.
93 ppm, an increase of 4 per year.38%; administrative expenses 3.
1.9 billion, up 31 every year.
94%, mainly due to the increase in employee compensation; R & D expenses2.
5.0 billion, up 144.
97%, the company increased investment in research and development.
It is said to be windy, and the company’s sales rate during the 18-year period was 9%.
85%, an increase of 0 from 17 years.
In addition, according to the company’s 18-year report, the cost per ton of industrial silicon is about 5908 yuan / ton, and the average cost of China’s industrial silicon industry (except Hesheng Silicon), which we measured for drilling, is 10376 yuan / ton.Industry average.上海夜网论坛
In the fourth quarter of 2018, there was a gap in the decline in the price of organic silicon. The current price is still low. The company’s operating income is expected to be 127 in 19-21.
380,000 yuan, net profit attributable to the parent company 28.
At 64 ppm, the net profit of 19-20 is lower than expected, with ranges of -1% and -11%, corresponding to PE, which are 13, 11, and 11 times.
With reference to the assessment level of companies in the same industry (average 14 times PE in 19 years), companies are given 14-15 times PE in 19 years, corresponding to the interval 59.
16 yuan (was 47).
Maintain the “overweight” rating.
Risk warning: Industrial silicon and organic silicon prices fall short of expectations, slower increase in production capacity, etc.