87% is mainly due to price breakdown of nutrition products
Xinhecheng (002001): 19H1 return to mother’s net profit inserted 43 multiple times.
87% is mainly due to price breakdown of nutrition products
Xinhecheng announced the semi-annual report for 2019.
In the first half of 2019, the company realized operating income of 386,737.
570,000 yuan, an average of 16 in ten years.
85%; net profit attributable to mother is 115555.
710,000 yuan, at least 43 a year.
87%, the change in income was mainly due to the decline in sales prices of major products.
The profit growth in the first half of 2019 was mainly due to the decrease in nutrition revenue and gross profit margin.
1) In terms of operating income by product, the operating income of nutrition products, flavors, fragrances, new materials, and other first half of 2019 will change by -21 each year.
52%, -16.
83%, 116.
78%, -31.
46% to 240992.
86, 91195.
14, 31267.
36, 23282.
21,000; 2) In terms of gross profit margin of products, nutrition products, flavors and fragrances, new materials, and other gross profit margins in the first half of 2019 may change -24 respectively.
74, 1.
07, 9.
46, -18.
84 perfect to 45.
71%, 59.
41%, 27.
03%, 32.
31%.
With the DSM and Neng special “equity purchase agreement”, we expect the VE market concentration to further increase, and are optimistic about the upward trend of VE prices.
1) On August 13, 2019, Nante Technology and DSM have incorporated the “Equity Purchase Agreement”.
Nent Technology injected vitamin E-related assets and 33% equity of Shishou Nent into Yimante, and DSM acquired 75% of Yimante.
2) According to the record of investor relations activities of Xinhecheng on July 5, 2019, after the acquisition of Nent by DSM, the global vitamin E supply structure has been transformed from decentralized and transformed, which is conducive to healthy competition in the market.
With the increase in the concentration of market supply, the price of vitamin E has also moved upward from the bottom.
From July 1 to August 23, the average price of vitamin E increased by 6 over the average price of Q2.
48%.
Therefore, we judge that VE prices are expected to increase in the second half of the year.
The company ‘s 重庆夜生活网 capital expenditure has further increased, and we believe that the completion of projects under construction in the next two years will inherently accelerate revenue growth.
1) In 2017, 2018, Q1 2019, and H1 2019, the company’s capital expenditure was 101,578.
44, 491457.
60, 94613.80, 193338.
710,000 yuan, a year change -17.
63%, 383.
82%, 23.
41%, 1.
96%.
2) As of the end of the first half of 2019, the company has a total of 5 important construction projects in progress, namely 25 eggs per year methionine project, Shandong Industrial Park Phase I Project, Shandong Industrial Park Phase 615 Project, Heilongjiang Industrial Park Phase I Project and Heilongjiang NewHao project, the budget is 536984.
22, 311600.
00, 20935.
50, 357438.
22, 34865.
One million yuan, the project progress is 25%, 85%, 90%, 80% and 94%.
Profit forecast and investment rating.
We expect the company EPS to be 1 in 2019-2021.
30, 1.
53,1.
71 yuan, 8 BPS in 2019.
20 yuan.
With reference to the evaluation of comparable companies in the same industry, we believe that the reasonable estimate range is 17-19 times PE in 2019, and the corresponding reasonable value range is 22.
10-24.
70 yuan (corresponding to 2 PB in 2019).
7-3.
0 times), maintaining the sustainable market rating.
risk warning.
Risk of falling prices of VA, methionine and other products; production capacity under construction is not up to expectations.