Jinneng Science and Technology (603113): Coke, chemical product prices affect performance

Jinneng Science and Technology (603113): Coke, chemical product prices affect performance
Event: On October 30, 2019, the company released the third quarter report of 2019, which is expected to achieve operating income62.08 billion, down 3 every year.43%; Net profit attributable to shareholders of listed companies.93 trillion, a decrease of 35 a year.74%. Comment on the third quarter results year-on-year decline: according to the announcement, the company achieved net profit attributable to its mother in the first three quarters.93 trillion, a decrease of 35 a year.74%.In the third quarter, the net profit attributable to mothers was 2 trillion, a year-on-year decrease of 49.87%, down 18 from the previous month.77% of the coke business volume and price decreased, raw material coal prices increased to reduce profit margins: the company produced coke 52 in the third quarter.55 at least, down 5 each year.01%, down from the previous month.86%; sales of coke 52.93 First, it drops by 0 every year.86%, down 3 from the previous month.41% per ton of pyroformaldehyde is 1926.02 yuan / ton, down 11 before.00%, down 3 from the previous month.65%.The purchase price of raw coal is 1222.58 yuan / ton, up 8 before.75%, down from the previous month.86%. Chemical prices have fallen sharply: In terms of sales, in the second quarter sales of sorbic acid and potassium sorbate, carbon black and pure benzene increased month-on-month.Sales of sorbic acid and potassium sorbate were 3401.64 tons, an increase of 19 in ten years.12%, an increase of 5 from the previous month.27%; carbon black sales were 7.47 initially, an increase of 23 per year.26%, an increase of 6 from the previous month.99%; pure benzene sales were 1.84 for the first time, growing by 15 per year.25%, an increase of 23 from the previous month.06%.White carbon black sold 7701.74 tons, down 32 each year.40%, down 19 苏州桑拿网 from the previous month.94%; methanol achieved sales 3.86 for the first time, growing by 9 per year.59%, down 12 from the previous month.39%; p-methylphenol sales were 2806.12 tons, an increase of 34 in ten years.82%, down 25.92%;At the lowest level, prices except sorbic acid and potassium sorbate fell across the board.In the third quarter, sorbic acid and potassium sorbate starch were 26779.98 yuan / ton, up 6 before.8%, up 1 from the previous month.67%; carbon black purity is 5492.84 yuan / ton, down 10 previously.81%, down 5 from the previous month.15%; white carbon purity is 4381.69 yuan / ton, down 5 previously.07%, an increase of 1.7%; methanol formaldehyde is 1748.16 yuan / ton, down 29 before.72%, a decrease of 8 from the previous quarter.43%, p-methylphenol formaldehyde is 18036.8 yuan / ton, down 7 per year.45%, down 2 from the previous quarter.86%; the price of pure benzene is 4453.56 yuan / ton, down 21 previously.1%, down 19% from the previous month.53%.In terms of raw materials, the purchase price of coal tar in the third quarter was 2575.25 yuan / ton, down 12 before.66%, down 12 from the previous month.21%; purchase price of anthracene oil is 2847.71 yuan / ton, down 11 before.2%, down 9 from the previous month.9%; purchase price of crude benzene is 3678.16 yuan / ton, down by 20 each year.04%.MoM increased by 21.96%. Construction in progress is highly growing: As of September 30, 2019, the company is under construction9.22 ppm, an increase of 417.35%, mainly due to increased investment in 90 injections / year insertion dehydrogenation and 8 * 6 introduction / year green carbon black recycling project and high-performance polypropylene project (capacity of 45 years / year). Investment suggestion: It is estimated that the company’s net profit attributable to the parent in 2019-2021 will be 7.23/8.53/8.94 ppm, corresponding EPS is 1.07/1.26/1.32 yuan / share.Give “overweight-A” rating, 6-month target price of 11.77 yuan, equivalent to 10xPE. Risk reminder: Coke price drops sharply, chemical product prices fall, environmental protection limits production, environmental protection de-capacity, small non-reduction