Limin Shares (002734) Semi-annual Report Review: Interim Report with Beautiful Results and Weiyuan Start Together
Event: The company announced in the 2019 Interim Report that the company achieved operating income in the first half of 201910.
8.8 billion, an annual increase of 52.
65%, net profit attributable to mother 1.
9.9 billion, an annual increase of 92.
At the same time, it is expected that net profit attributable to mothers will be realized from January to September 20192.
10 billion, an increase of 80% to 100% in the same period. Sales of main products increased. Consolidated Weiyuan’s performance. The company’s shares in Xinhe Company (34%). The production capacity of chlorothalonil increased to 3 at the end of 2018.The market price has always remained above 50,000 / ton, and Xinhe Company achieved net profit in the first half of 20192.
6.8 billion, up 193 previously.
54%, the company’s investment 都市夜网 income exceeded 1 ppm.
The company adjusted its sales strategy for Sensen products, the sales volume increased rapidly, and it successfully explored the South American market. The profitability of its holding subsidiary Shuangji Company returned to normal, and it achieved a net profit of 11.73 million in half a year, which is expected to reach over 20 million.
In May 2019, the company completed the acquisition of Weiyuan Assets Group and consolidated the report.
Weiyuan Jiawei salt, avermectin and other products sold well, and the net profit reached 29.82 million in just one month. It will exceed the probability of fulfilling the performance promise with a high probability.
100 million, the company ‘s mid-term performance is beautiful, new products and new projects are on the agenda, the company ‘s equity incentives are 重庆耍耍网 complete and the incentive mechanism is completed. The company ‘s 10,000-ton Daisen series DF project has been installed and commissioned. The project of tons of water-based preparations is also progressing in an orderly manner.
The construction of the fourth chlorothalonil production line in Xinhe has begun, and it is expected to reach the end of the year.
In terms of Weiyuan, in the future, glufosinate cation and methanoate will expand the internal Mongolian base. The company will also launch a comprehensive incentive mechanism for the equity incentive plan in a timely manner, and the company will enter a period of rapid development.
Cooperating with Weiyuan, we will continue to maintain the “highly recommended” rating company Daisen fungicides successfully opened up the South American market, sales continued to increase; aluminum triethoxylate, frost urea cyanide underwriting for major customers, production and sales boom; mesotrione amountThe prices rose; the chlorothalonil industry of the participating subsidiaries was booming and the production capacity continued to expand.
Weiyuan Biochemical Abamectin products are stable and profitable, and the Inner Mongolia project is worth looking forward to.
Considering Weiyuan’s consolidation for 7 months in 2019, we expect the company’s combined net profit for 2019-2021 to be 3 respectively.
97 ppm, the current sustainable corresponding PE is 13, 11, and 9 times. Maintaining the “strongly recommended” rating. Risk reminder: the price of the product has dropped, the company’s environmental protection has fallen short of expectations, and the nominal performance commitment has fallen short of expectations.