Huachang Chemical (002274): The coal chemical industry adjusts the structure to harvest hydrogen energy and sees the dawn

Huachang Chemical (002274): The coal chemical industry adjusts the structure to harvest hydrogen energy and sees the dawn

The company’s early layout has entered the harvest period, the adjustment of the raw material structure, the NPG project and the expansion of butanol and octanol have been successively put into production, and it will usher in the release of profits brought about by the triple benefits of the expansion of production capacity and the increase of the product line; meanwhile, it will play a role in providing high-purity products.Advantages, the active deployment of the field of hydrogen fuel cells ushered in the dawn.

  Deeply plowing coal chemical industry for nearly 50 years, actively expanding the field of new materials.

At present, the company has formed a comprehensive coal chemical enterprise that mainly produces synthetic ammonia, urea, soda ash, butanol, compound fertilizer, ammonium chloride and other products with coal gasification as its source.Battery industry.

  The adjustment of raw material structure and the upgrading of boilers create cost advantages; neopentyl glycol and butanol have brought new profit points.

The second phase of the company’s raw material structure adjustment project, with reference to the cost reduction effect of the first phase of the company’s raw material structure adjustment project, is expected to bring about 92 million cost reductions to the company.

The company extends the industrial chain, using isobutyraldehyde production as a by-product of the butanol plant to invest in neopentyl glycol. The company’s NPG adopts a condensation hydrogenation process, and the raw materials are completely self-sufficient. Compared with the disproportionation process, the cost advantage is obvious. The profitability of the NPG project is expected to be put into production.strength.

Starting in 2016, the production capacity of butanol and octanol is expected to improve, and the fastest growth rate of butanol and octanol in 2019 is only 4.

4%, lower than the compound consumption growth of the past 5 years7.

3%, the company ‘s expansion of its new 8-octanol butanol capacity will help to continue to improve the profitability of its butanol plants in 2019.

  Soda ash and ammonium chloride earnings are expected to remain.

With the closure of some lye-based companies in 2014 and 2015, the industry’s capacity reduction was obvious. In addition, in 2016 and 2017, downstream demand increased, soda ash and ammonium chloride income increased.At a low level, although there will be additional production capacity in 2019, if some of the enterprises that have ceased production in 2018 continue to suspend production, soda ash and chlorination will remain profitable in 2019.

  Give full play to the advantages of high-purity hydrogen energy raw materials and actively expand the field of hydrogen energy.

As hydrogen fuel cell vehicles enter the introduction period, hydrogen refueling stations and turbine supply systems must go ahead; turbines account for the largest proportion of operating costs, and the carbon dioxide obtained is the key to reducing operating costs.

Regions with abundant hydrogen resources and surplus electricity have taken the lead in launching the promotion of hydrogen-fueled vehicles, including Shanghai, Suzhou, and Yancheng around the company.

The company’s coal gasification plant can provide high-purity fluoride, which provides raw material guarantee for the company’s deployment of the hydrogen energy field; the company has started the deployment of gas-phase filling stations; and has jointly established a hydrogen energy joint research institute with the University of Electronic Science and Technology to unite the core of the military hydrogen energy fieldTechnology, system integration research and development, industrialization verification testing, product incubation and market cultivation.

  Upgrade to “Strongly Recommended-A” investment 南京桑拿网 rating.

What do we expect the company 2019?
Net profit in 2021 will be 4.

1 billion, 4.

900 million and 5.

80,000 yuan in 2019?
In 2021, the EPS will be 0.

43 yuan, 0.

51 yuan, 0.

60 yuan, corresponding to the current 8 yuan sustainable PE is 18.

6 times, 15.

5 times and 13.

2 times, target price 9.


0 yuan, upgrade the company rating to “strongly recommended -A” rating.

  Risk reminder: The adjustment of raw material structure is not up to expectations, and the forecast profit growth of product demand is lower than expected.