Month: April 2020

Sorrowful
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Shaanxi Black Cat (601015): Multiple points of coal chemical business blossom into the future
The company disclosed the 2018 annual report: 104 realized operating income.7.2 billion (+9.72%), net profit attributable to shareholders of listed companies.2.5 billion (+31.35%), where Q1, Q2, Q3, Q4 are 0.76, 0.29, 0.98 and 1.22 trillion, after the company excludes non-recurring profits and losses, the net profit attributable to the mother is 3.0.5 billion (+24.93%), with a budget benefit of zero.26 yuan / share (+ 4%), exceeding the average ROE is 5.86% (-1.07pct). Coke business performance continued to rise, mainly due to rising coke prices.Reported quantity, the company’s coke production is 511.In June, it rose by 0 every year.7%; coke sales 494.5 Initially, it drops by 5 per year.9%; coke business income 87.600 million, up 10 in ten years.9%; coke business cost 82.700 million, an annual increase of 6.5%苏州夜网论坛, coke business gross margin 4.9 trillion, an increase of 272 per year.8%.The biggest trend in performance growth is that the rise in coke prices drives the company’s sales prices to rise significantly.The average price of the company’s coke sales in 2018 was 1,772 yuan / ton, an increase of over 17.8%; the cost is 1673 yuan / ton, which rises by more than 13.1%, the price increase is greater than the cost increase to reach the gross profit per ton of coal (99 yuan / ton) rose 296% per year. The tar business performance has improved, mainly due to the significant increase in tar purity.Reported quantity, company tar production 19.3 Initially, it fell by 2% a year; tar sales were above 19, and then fell by 0.38%; income from tar business was 5.3 ‰, an increase of 16 per year.61%; tar business cost is 1.5 ‰, an increase of 19 per year.1%, tar business gross profit 3.800 million, an increase of 15 every year.7%.The increase in performance was mainly due to the obvious increase in tar and crude oil.In 2018, the company’s tar unit price was 2811 yuan / ton, an increase of 409 yuan / ton, and the unit cost was 785 yuan / ton, which was an increase of 129 yuan / ton.The tar unit gross profit (2026 yuan / ton), where the price rise was greater than the cost increase, exceeded 281 yuan / ton, surpassing the increase of 16%.1%. The decrease in the performance of the crude benzene business was mainly due to lower prices and higher costs.Reporting intermediates, company crude benzene production5.5 Initially, it rises by 1 each year.6%; crude benzene sales 5.5 Initially, it rises by 0 every year.8%; crude benzene business income was 2.3 ‰, a decrease of 3 per year.1%; crude benzene business cost is 1.2 ‰, an increase of 23 per year.9%, the gross profit of crude benzene business was 10,000 yuan, a year-on-year decrease of 22.96%.The rough reason for the crude benzene performance was that the unit cost of crude benzene (2261 yuan / ton) exceeded 23% and the content (4167 yuan / ton) decreased by 3.8% caused the gross profit of crude benzene units (1906 yuan / ton) to fall 23 year by year.5%. The performance of the methanol business has improved, mainly due to the increase in production and sales and the significant increase in costs.Reported average, methanol business income is 3.600 million, up 4 every year.5%; methanol business cost is 2.USD 300 million, an annual growth of 37%; gross profit of the methanol business1.300 million, down 25 a year.04%.There are two main reasons for the decline in performance. One is the company’s methanol production (16.4 early), pin (16.3 Benchmark) Volumes decreased by 5.16% and 6.7%; the second is the average cost of methanol (1391 yuan / ton) increased by more than 46.7%, although the average sales price (2205 yuan / ton) also continued to rise by 12.4%, but the significant increase in average cost led to a gradual decline in the gross profit of methanol (814 yuan / ton) 19.7%. The performance of the LNG business has improved, mainly due to the increase in production and sales and the significant increase in costs.Reporting information, the company’s LNG business income was 4.200 million, up 1 year.1%; LNG business cost is 2.50,000 yuan, an annual increase of 27.17%, gross profit of LNG business is 1.700 million, down 21 a year.72%.There are two main reasons for the decline in performance. One is production (11.5)), pin (11.4 Benchmark) Volumes are reduced by 13 each year.6% and 15.The second is that although the sales price of LNG units (3,712 yuan / ton) has gradually increased by 19%.7%, but the unit cost of LNG sales (2177 yuan / ton) increased significantly by 50.7% led to a decrease in unit gross profit (1535 yuan / ton) by 7.3%. The ammonia business has been fully launched, and its future revenue is expected to increase significantly.In April 2016, the company’s subsidiary Black Cat Energy Synthetic Ammonia production line ceased production for supporting technological transformation. Trial production began in June 2018. The current production capacity is 9 tons / year. In 2018, a total of 0 synthetic ammonia was produced.8 nominal.At the same time, the subsidiary Longmen Coal Chemical Co., Ltd. invested a total of 1.2 billion US dollars in a synthetic ammonia / urea project (with an annual output of 28 synthetic ammonia or 48 urea) to produce chlorine in 2018.9 initial.The total reported, the company’s synthetic ammonia production2.For the first time, sales of synthetic ammonia were 2.With 4 samples, the ammonia business income was 5,779.80,000 yuan, the synthetic ammonia business cost was 3,924.20,000 yuan, gross profit of synthetic ammonia business was 1,855.60,000 yuan, 32% gross profit margin.In 2018, the average sales price of synthetic ammonia was 2321 yuan / ton, the average cost was 1576 yuan / ton, and the unit gross profit was 745 yuan / ton.In the next few years, the company’s synthetic ammonia business volume can increase, and synthetic ammonia production and sales are expected to increase significantly. In 2018, the company’s investment in environmental protection increased significantly, and it is expected to decline significantly in the future.According to the report list, the company’s subsidiary Longmen Coal Chemical Industry was included in the list of key pollution monitoring enterprises announced by the environmental protection department, and the company and its subsidiaries immediately increased their investment in environmental protection facilities.And 2017 environmental protection expenditure of 38.4 million yuan (0% of the company’s operating income.4%) score, environmental protection expenditure in 20184.100 million, accounting for 4% of the company’s operating income, exceeding 992%.At present, a large number of facilities of Longmen Coal Chemical in waste gas treatment, solid waste disposal, wastewater treatment, noise prevention, etc. have been put into use. Only coal mine greenhouse projects with an estimated investment of 100 billion US dollars are still under construction. The cost of environmental protection expenditures in the future is expected to be significantdecline. The company’s coal chemical business is expected to reach a new level in the future.The report summary, (1) The “coking transformation and upgrading project” constructed by the subsidiary Xinfeng Technology has been completed, but has not yet been put into production. It is expected that the combined test conditions will be combined in March 2019 and production will begin in July 2019.Items with 29.36 cobalt / year chemical coke as raw material, can be 3 years.24.3 billion cubic ammonia synthesis gas (main product), 0.4.8 billion cubic meters of water gas (by-products), 0.3.2 billion cubic meters of decarbonized gas (by-products), 0.33.7 billion cubic meters of methanol gassing (by-products).(2) Hei Mao Chemical, a subsidiary of the company, has completed the “BDO Project” across the board, with an annual output of 6 to 1,4-butanediol (BDO). Production is expected to begin in July 2019 with an expected output.4 nominal.(3) Subsidiary Inner Mongolia Black Cat invests in Qingshan Industrial Park, Wulatehou Banner, Bayannaoer City, Inner Mongolia Autonomous Region.44 ppm, the construction of a comprehensive utilization of 260 coke oven gas produced by coking plant with an annual production of 30 insulin and methanol 8 co-production of ammonia is expected to be completed in June 2020.The company’s coal chemical business is expected to reach a new level in the future. Profit forecast and estimation: We expect the company to achieve net profit attributable to shareholders of the parent company in 2019/20/21 of 4, respectively.8/5.5/6.10,000 yuan, equivalent to EPS are 0.35/0.37/0.40 yuan / share, currently 6.21 yuan, corresponding to 18 for PE.0/16.9/15.6 times, maintaining the company’s “Hold” rating. Risk reminders: macroeconomic downturn; uncertainty of administrative capacity reduction, and alternative energy sources.