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Jinfa Technology (600143): Semi-annual report results increase 45%

Jinfa Technology (600143): Semi-annual report results increase 45%
Performance summary: The company achieved operating income of 123 in the first half of 2019.4 ppm, an increase of 3 per year.2%; achieve net profit attributable to mother 5.1 ‰, an increase of 45 in ten years.3%; EPS 0.19 yuan. The company is the largest manufacturer of modified plastics in Asia-Pacific, and a global leader in new chemical materials.At present, the company is one of the companies with the most complete product types in the global chemical new materials industry, and is the largest and most complete product manufacturer of modified plastics in the Asia Pacific region.In completely biodegradable plastics, special engineering plastics and carbon fiber and composite materials, the company’s product technology and product quality have reached the international advanced level. In the first half of the year, the sales of fully biodegradable materials increased significantly, and the market space is still expected to grow in the future.In the first half of 2019, the company achieved sales of finished products (excluding trade goods) 74.1 Initially, it grows 5 per year.twenty one%.Among them, the varieties with the largest proportion of sales are modified plastics, and the sales of modified plastics56.5 ceilings and 7 minimums throughout the year.6 Initially, it was mainly due to a decrease in production and sales in the automotive industry, which led to a reduction in demand.Sales of fully biodegradable materials2.A growth rate of 64 per year.6%, close to last year’s full year sales.Since 2019, the global market for fully biodegradable plastics has continued to grow rapidly.Southeast Asia, South America, Oceania and other places have begun to replace polyethylene bags with fully biodegradable plastics on a large scale.China’s ban on foreign plastic waste has also significantly promoted the conversion to fully biodegradable bags around the world. The growth rate of special engineering plastics is slowing down, and new markets are being bred.In the first half of the year, the company’s sales of special engineering plastics dropped by about 90 tons. The decline in sales in previous years was mainly due to the suspension of the special engineering plastics blending and modification plant in May for one month and the relocation from the Guangzhou base to the Zhuhai base.The company’s new 3,000-ton / year LCP unit has completed civil construction and is scheduled to be put into production in August 2020. At that time, the company’s LCP capacity will reach 6,000 tons. Ningbo Jinfa consolidated and is expected to become a new growth point for performance.At the end of May, the company completed the equity acquisition and industrial and commercial changes to Ningbo Haiyue New Materials Co., Ltd., and renamed Ningbo Haiyue New Materials Co., Ltd. as Ningbo Jinfa New Materials Co., Ltd. on June 26.Ningbo Jinfa has been included in the company’s consolidated financial statements since June 1, and realized a net profit of 21.22 million yuan for the month. Earnings forecasts and investment advice.It is expected that EPS for 2019-2021 will be 0.33 yuan, 0.35 yuan, 0.39. The net profit attributable to mothers will have a compound growth of 20% in the next three years.Taking into account the company’s gradual increase in production capacity and performance release, a 20-fold estimate 杭州夜网 for 2019 is given with a target price of 6.6 yuan, the first coverage given a “buy” rating. Risk reminders: the risk of fluctuations in raw material prices, the risk of production safety, the risk of changes in preferential budget policies, the risk of fluctuations in exchange rates, gross profit margins, and the risk of trade frictions.

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