Shanxi Coking (600740): Coking business profit significantly improved China Coal Huajin contributed to increasing profits
The company disclosed the 2018 annual report: realized operating income.
2.9 billion (+20.
58%), net profit attributable to shareholders of listed companies15.
3.3 billion (+1567.
38%), after the company excludes non-recurring profits and losses, the net profit attributable to the mother is 12.
9.4 billion (+1152.
37%) with a budget benefit of 1.
21 yuan / share (+909.
25%), with an expected average ROE of 21.
The coke business performance has increased year by year, mainly due to the increase in both volume and price.
Reporting information, the company’s coke business achieved revenue 53.
09 million yuan, a year-on-year increase of 25%; the cost of coke business was 46.
24 ppm, an increase of 24% per year; gross profit is 7.
0.2 million yuan, an increase of 1 every year.
First of 天津夜网 all, the increase in performance is the rise in volume and price.
Among them, coke production (301 inches) and sales (300 tons) increased by 7% and 6%, respectively; ton coke content (1777 yuan / ton) gradually increased by 18%, and per ton coke cost (1543 yuan / ton, + 17)%) Increase, making the tonne gross profit (234.
29 yuan / ton) previously rose 17%.
The performance of the chemical business turned losses into profits, mainly due to the substantial increase in the prices of various products.
Reporting information, the company’s chemical business achieved revenue 18.
69 ppm, an annual increase of 11%; chemical business costs are 17.
63 ppm, an increase of 4% per year; realized gross profit1.
0 million yuan, in the same period last year to make up for 5 million to achieve a turnaround.
The significant improvement in performance is due to the significant increase in the prices of various chemical products.
Among them, the unit of methanol is 2217.
48 yuan / ton, up 15% previously; the unit purity of carbon black was 5,399.
8 yuan / ton, an increase of 13 per year.
8%; industrial formaldehyde unit is 3988.
3 yuan / ton, up 31 per year.
2%; bitumen basis weight is 3208.
2 yuan / ton, up 5 before.
China Coal Huajin’s contribution to profits has increased steadily and is expected to rise further in the future.
Reporting on the baseline, China Coal Huajin achieved operating income of 98.
24 ppm, an increase of 12 per year.
8%; net profit attributable to mother is 29.11 ppm, an increase of 11 per year.
Calculated based on the company’s 49% stake is 14.
2.6 billion, due to China Coal Huajin’s failure to consolidate from January to February 2018 (realizing net profit attributable to mother 5)
700 million, 2 after conversion.
7.9 billion), so the company’s long-term investment income is 11.
From 2019, China Coal Huajin will realize the expected profit consolidation, which is expected to increase and thicken the company’s performance.
Profit forecast and estimation: We expect the company to achieve net profit attributable to shareholders of the parent company in 2019/20/201 of 14, respectively.
7 trillion, equivalent to 0 respectively.
04 yuan / share, currently 10.
52 yuan, corresponding to 10 PE.
1x, maintain the company’s “Buy” rating.
Risk reminders: macroeconomic downturn; uncertainty of administrative capacity reduction; uncertainty of environmental protection and production limit policies.