Yangnong Chemical (600486): Founder Chemical’s M & A assets achieve high growth
The company releases three quarterly reports and steady growth in performance. The company releases three quarterly reports for 2019 and gradually realizes revenue of 70 in the first three quarters.
62 ppm, an increase of ten years.
09%, achieving net profit attributable to mother 10.
70 ppm, an increase of 14 in ten years.
Realize non-net profit attributable to mothers 7.
94 ppm, a ten-year increase1.
Non-recurring gains and losses mainly come from current gains and losses brought about by consolidated Sinochem assets.
Among them, Q3 achieved revenue of 18 in a single quarter.
00 ppm, a ten-year average of 8.
19%, achieving a net profit of 2.
19 ppm, 10-year average4.
For the expense ratio, enter the selling expense 2.
100,000 yuan, accounting for 2.
97%, an increase of 0 every year.
17PCT; entry of administrative costs 3.
4.6 billion, accounting for 4% of revenue.
90%, increase by 0 every year.
69PCT; Enter R & D expenses2.
3.0 billion, with a revenue share of 2.
88%, a decline of 0 every year.
71PCT; Entered financial expenses of -7.66 million yuan.
The overall cost rate is 10.
64% increase of 0.
The performance of M & A assets achieved high growth. The company realized the consolidation of M & A assets. The report shows that Sinochem’s M & A asset conversion realized profits from January to September.
33 trillion, compared with 1 in the same period last year.
Among them, Q3 achieved a profit of 14.65 million yuan in a single quarter.
Compared with the average report last year, Yangnong Chemical’s original assets (excluding M & A) in the first three quarters of 2019 achieved net profit attributable to mothers8.
3.6 billion, an increase of 6 in 2018.
7%, of which Q3 achieved net profit attributable to mother 2 in a single quarter.
40,000 yuan, a ten-year average of 8.
M & A assets achieved net profit in the first three quarters of 20192.
33 ppm, an increase of 56 in ten years.5%, of which Q3 achieved a net profit of 0 in a single quarter.
15 trillion, zero compared with the same period last year.
50,000 yuan turned losses into profits.
Mergers and acquisitions performed well and achieved high growth.
In terms of volume and price performance of permethrin, the sales data was dazzling. From January to September, sales of pesticides reached 10,880 tons, with revenue of 24.
5.7 billion, a single ton of formaldehyde22.
58 million / ton, an increase of 9 in ten years.
65%; sales of herbicides achieved 2.
87 for the first time, revenue 8.
45 ppm, single ton of formaldehyde 2.
94 million / ton, temporarily extended by 29.
In Q3, single quarter sales of pesticides were 3026 tons, which was 19% than the previous month.
1%, an increase of 18 per year.
2%; average price 21.
300,000 yuan / ton, an increase of 0 from the previous month.
3%, an increase of 3 per year.
Sales of pyrethroids have increased, but at least prices and prices are still rising.
Q3 single quarter herbicide sales were 7,914.
18 tons, 22 formaldehyde.
8%, three times a year 33.
1%; average price 2.
58 million / ton with a molecular weight of 19.
1% for more than ten years.
We judge that the loss of wheat straw caused by the overseas production capacity continues.
The company’s long-term growth and worry-free company Youjia Phase III and Phase IV are expected to 四川逍遥网 become performance growth points. We judge that Phase III projects are expected to contribute incremental profits in 2020.
Calculating with reference to the return on investment in the construction of the Yangnong Air Force project, Youjia Phase III is expected to create a profit of nearly US $ 600 million for the company.
The company’s long-term growth is worry-free.
Investment suggestion: We estimate the company’s net profit attributable to its mothers to be 11 in 19-21.
810,000 yuan, 13.
6.2 billion and 15.
4.6 billion, with EPS of 3.
81 yuan, 4.
40 yuan and 4.
99 yuan, PE is 12 respectively.
2X and 9.
8X, maintain “highly recommended” level. Risk reminder: The new project is not up to expectations, the sales of dicamba are not up to expectations, the environmental protection is relaxed, and the price of pyrethroids has fallen sharply.