Depth-Company-Satellite Petrochemical (002648): Several new projects with satisfactory results meet the expectations

Depth * Company * Satellite Petrochemical (002648): Several new projects whose performance meets expectations are 重庆耍耍网 divergent

The company released its 2018 annual report and achieved net profit attributable to mothers in 20189.

41 trillion, a year down 0.

19%, in line with expectations.

The second phase of the company’s PDH project, the hydrogen peroxide project was put into production on schedule, the PP project and the C2 project were steadily advanced, providing a source of power for the company’s continued growth.

Maintain BUY rating.

The company released a profit distribution plan and planned to distribute a cash dividend of 0 for every 10 shares.

9 yuan (including tax).

The company issued a notice for the first quarter of 2019, which is expected to achieve net profit attributable to mothers2.

3-3.

30,000 yuan, an increase of 103 in ten years.

29% -191.

67%.

The main points of the support level are expected to be low 失败:重查 before high and high in the fourth quarter.

In 2018, the company achieved operating income of 100.

3 ten percent, an increase of 22 per year.

5%; Realize net profit attributable to mother 9.

41 trillion, a year down 0.

19%.

As the Jiaxing base was affected by the accident of the gas supply unit in the industrial park in the first quarter of 2018, the company’s performance in the first half of the year fluctuated continuously, which brought a great deal of drag to the realization of the business goals.

Later, with the rebound of these acrylic acid and ester prices, and the company’s efficient and reasonable production arrangements, the performance in the second half improved significantly, especially in the fourth quarter to achieve operating income.

20,000 yuan, an increase of 50 in ten years.

4%; net profit attributable to mother 3.

180,000 yuan, an increase of 25 in ten years.

5%, for the first time in history, for the first time in a single quarter, the scale of several new projects with a scale of more than 300 million has a lot of highlights. The future development of the dual main business of C3 + C2 is worth looking forward to.

The company’s annual output of the 22 index hydrogen peroxide project has been put into operation in July 2018, and the annual output of 45 announced that the second phase of PDH will be put into production in February 2019, which will become the main focus of the company’s 2019 performance growth.

The second-phase project with an annual output of 15 products of polypropylene, the third-phase project with an annual output of 6 samples of super absorbent resin, and the project with an annual output of 36 samples of acrylic acid and ester are planned to be gradually put into production in 2019.

Lianyungang Petrochemical 320’s initial / young hydrocarbon comprehensive utilization and processing project is progressing smoothly, and it is expected to add a new main business of the C2 industry chain to the company in 2021.

The orderly advancement of these projects will lay the foundation for the company’s future sustainable development.

The main risks facing the rating Sino-US trade war affect the company’s product exports; the impact of changes in exchange rates on the company’s exchange gains and losses; abnormal changes in oil prices and raw material prices affect the company’s product prices and gross profit; project construction progress is expected; safety and environmental protection risks.

It is estimated that the production expansion in the future will further increase the company’s market share in the acrylic acid field. After the light hydrocarbon project is put into operation, it will open up the company’s development space in the C2 industry.

Based on the annual report and the first quarter forecast, we slightly adjusted the company’s profit forecast and expected the company’s earnings for 2019-20201.

16 yuan (-4.

15%), 1.

53 yuan (-2.

49%), corresponding to PE of 12.

3, 9.

3 times.

Maintain BUY rating.