Shandong Heda (002810) Performance Express Review Comments: Breakthrough to Maximize Production Capacity
Matters: The company releases the 2018 results flash report to achieve operating income9.
100 million, previously +39.
78%, achieved net profit attributable to mother 0.
7.2 billion, previously +55.
63, in line with the previous period performance forecast interval.
Comment: The company’s technical renovation and expansion have been completed, and the company has broken through the expansion of production capacity, and its performance has continued to release the company’s continuous cellulose ether production capacity.
3Every year, due to strong demand and insufficient supply of self-produced products, the company’s accumulated capacity gap through trade outsourcing has continued to increase the proportion of trade revenue; it was converted into a 20,000-ton / year cellulose ether technology expansion project in September 18 to complete trial production.We have achieved breakthroughs in maximizing production capacity and continued release of performance.
Q4 single quarter revenue 2.
4.8 billion, previously +41.
8%, +3 from the previous quarter.
9%, net profit attributable to mothers is 15.08 million, +77 for the whole year.
Layout of the downstream plant capsule market to improve profitability Plant capsules are an important downstream of pharmaceutical grade cellulose ethers, with high product profit margins.
The company actively lays out the plant capsule market, and establishes a subsidiary, Shandong Hershey Capsule Co., Ltd., which converts and releases Hershey’s production capacity, which not only effectively uses the company’s own cellulose ether production, but also greatly improves the company’s profitability.
In the first half of 18, Hershey achieved revenue of 3,709.
70,000 yuan, net profit reached 1028.
80,000 yuan, the net interest rate reached 27.
7%, with profit accounting for nearly 1/3.
The highest Hershey botanical capsules have a sales budget of more than 3 billion capsules, which has greatly improved the company’s profit level.
We are optimistic about the company’s new capacity expansion and the initial layout of the industrial chain. We maintain a buy rating company and deeply plow the cellulose ether industry. The product line is complete, comprehensively covering the production of building materials, pharmaceuticals, and food-grade products.Profitability, reorganization of new production capacity to achieve production, the 南宁桑拿 company’s performance is expected to further release, the company is expected to achieve net profit attributable to mothers in 19/201.
7.6 billion, a short-term growth rate of 86.
1% / 32.
48 yuan, corresponding to PE18.
8x, maintain “Buy” rating.
Risk Warning: Raw material prices fluctuate, exchange rate changes, M & A progress exceeds expectations