Hualu Hengsheng (600426): Hualu 厦门夜网 Hengsheng is a “focused” and “love” coal chemical benchmarking company
Investment logic positioning accurately, orderly development, extreme optimization, three-dimensional company’s core competitive advantage: Since the establishment of Hualu Hengsheng, it has been focusing on the layout of the coal chemical industry for a long time, orderly horizontally around its core coal gasification platform, and gradually expand the product.; The use of advanced coal water slurry gasification technology to orderly expand the coal gasification capacity, continuously consolidate the company’s business, and help the company’s performance to show a stable stepwise development; at the same time, the company focuses on production technology, equipment, supporting facilities and other aspectsThe cost optimization of azimuth angle has established 杭州桑拿 a non-reproducible front-end production platform to build the company’s core competitive advantage.
The layout of coal gasification products not only has basic performance guarantee, but also provides sufficient flexibility.
In the company’s business layout, methanol is the key matrix to undertake the front-stage gasification production platform and the deep-processing of the latter-stage products.
With the cost advantage of the extreme optimization of the previous stage gasification platform, as long as the energy price is in a reasonable change, the company can guarantee the basic performance space beyond the industry level, and through the comparative advantages of raw coal procurement and downstream urea, methanol, acetic acid, organic amine and other seriesProduct layout, the company can also obtain extra profit margins to extend the product, thereby reducing the impact of cyclical changes on the company.
Enter a new platform for development, and pay attention to the company’s operationality, growth, and triple possibilities.
In 2017, the company’s new coal gasification capacity was completed and put into production, entering a new stage of development.
In the process of continuously adjusting the prices of upstream raw materials and downstream products, we believe that we should focus on the three aspects of the company’s future: the nature of the business: the company through extreme cost optimization, risk resistance to overcome, has a very high-quality financial foundation, long-term stabilityThe inflow of cash will bring effective high return on investment; Growth: The company’s newly invested coal gasification equipment has not been fully utilized, and the company will invest in the future.
66 trace refined adipic acid production capacity, 30 amide and nylon new material projects, through higher downstream value-added product layout, the company’s product profitability has been further improved; alternative: the company’s layout of the coal gasification field, the product has profit elasticity, is at a low level in petroleumIn the course of the shock, the short-term focus on the decline in coal prices and the long-term focus on the opportunity for conversion of oil prices.
Profit forecast and investment recommendations The company’s product prices are at a high level in 2018. It is expected that prices will fall slightly in 2019. What is the forecast for the company in 2019?
Net profit attributable to mothers will be 22 in 2021.
35 trillion, corresponding to EPS 1.
56 yuan, the company develops steadily, giving 12.
5x PE with a target price of 17.
Risks indicate the risk of fluctuations in crude oil prices and prices; serious risks of downstream demand; the risk of overcapacity due to the centralized production of corruption; on January 2, 2019, the company had about 288.
The ban on 690,000 shares was lifted.