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Since the company built the China Chemical New Materials (Liaocheng) Industrial Park in 2004, the accumulated fixed asset investment has exceeded 26 billion yuan.
It has successfully transformed from a traditional urea fertilizer enterprise to a circular industrial chain integrating "coal chemical industry, chlor-alkali, fluorosilicon, and new materials".
The new leader has built extremely high parks and environmental protection barriers, and will continue to add new production capacity in the future, and it is expected that the profit center will continue to increase.
The rise of new leaders in the chemical industry leads the conversion of new and old kinetic energy in Shandong's high-end chemical industry.
1.
The smart park is blooming, and the performance has entered an explosive period.
Since its listing in 1998, the company’s net profit after deduction of non-profits has been between 200 and 300 million yuan, but the company has continued to invest, benchmarking the BASF Chemical Park, extending the industrial chain, and transforming and upgrading.
, Since 2009, the investment in fixed assets has exceeded 2.
3 billion yuan per year.
After more than ten years of careful polishing, the company has formed a "coal chemical industry, chlor-alkali, fluorosilicon, and new chemical materials" integrated, park-like circular industrial chain, and the park in which it is located is ranked among the "Top 20 Chemical Parks in China".
The company has benefited from accelerated supply-side reforms in the past two years, and its performance has quickly emerged.
From Q1 to Q4 of 2017, the company achieved net profits of 240 million, 311 million, 521 million, 828 to 928 million yuan, a significant increase from the previous quarter, totaling about 1.
9 to 2.
0 billion yuan, a year-on-year increase of 660%-700%.
The performance has entered Outbreak period.
2.
The advantages of the integrated industrial chain are obvious, and the impact of ironing cycle is realized to maximize profits.
The company has built multiple circular industrial chains with significant scale and cost advantages.
There are more than 16 products covering multiple sub-sectors.
Bright, bright in the West", to a certain extent, ironing cycle influence.
The main products include 900,000 tons of urea, 1.
4 million tons of compound fertilizer, 400,000 tons of caustic soda, 220,000 tons of methane chloride, 100,000 tons of chlorosulfonic acid, 80,000 tons of benzyl chloride, 50,000 tons of chlorinated paraffin, and 720,000 tons of chlorinated paraffin.
Hydrogen peroxide, 25,000 tons of DMC, 100,000 tons of DMF, 200,000 tons of sodium formate, 200,000 tons of formic acid, 200,000 tons of butanol, 170,000 tons of octanol, 200,000 tons of caprolactam, 70,000 tons of nylon 6, 65,000 tons of PC.
The advantages of "integration, intensification, parkization, and intelligence" are obvious, and the benefits can be maximized according to market fluctuations.
3.
The product boom cycle is superimposed on the release of new production capacity, and the net profit center continues to increase significantly.
Many of the company's main products are in the boom cycle, and prices have risen sharply.
From January to February 2018, the average prices of PC, caustic soda, formic acid, and hydrogen peroxide increased by 30.
2%, 27.
02%, 61.
48%, and 114.
94% respectively year-on-year.
It is expected that the prosperity of chemical products will continue in 2018, while 200,000 tons of formic acid and 130,000 are under construction.
Tons of nylon 6, 13.
50,000 tons of PC and 180,000 tons of hydrogen peroxide will be put into production one after another to further ensure the company's performance growth and consolidate the company's leading position in the industry.
4.
New and old kinetic energy conversion leaders, high company parks and high environmental protection barriers, continuous benefits Pollution prevention and control is one of the "three tough battles" clearly put forward by the 19th National Congress of the Communist Party of China.
We believe that local environmental protection policies will continue to be high.
Shandong Province took the lead in issuing the "Implementation Plan for the Conversion of New and Old Kinetic Energy to Major Projects" in February 2018, clearly proposing to "resolve the replacement of excess capacity and form new kinetic energy" and speed up the elimination of outdated production capacity.
Improve the industrial upgrading and exit mechanism of the chemical park, and comprehensively promote scattered, chaotic, dangerous and small chemical enterprises to enter the park.
At the same time, we will make the "Top Ten" industries better, stronger and bigger, including new energy and new materials and high-end chemicals.
The company's polycarbonate project is clearly listed as a high-end chemical industry project.
We judge that the supply-side reforms have been upgraded from "quantity removal" to "quantity optimization", and excellent leading companies will fully benefit from the market structure adjustment and policy support brought about by this.
5.
The integration of profit forecasting and rating companies, the advantages of industrial parks and environmental protection, fully benefit from the normalization of environmental protection pressure, supply-side reforms "quantity reduction" and "quantity optimization", new and old kinetic energy conversion plans help the company open up future development space .
The company's 2017-2019 net profit attributable to the parent is expected to be 1.
965 billion yuan, 2.
854 billion yuan and 3.
79 billion yuan, corresponding to EPS 1.
34 yuan, 1.
95 yuan and 2.
59 yuan, PE15X, 10X and 8X.
Maintain "buy" rating and target price 26.
3 yuan.
The integration of profit forecasting and rating companies, industrial parks and environmental protection advantages have fully benefited from the normalization of environmental protection pressure, supply-side reform "quantity reduction" and "quantity optimization", and the conversion plan of new and old kinetic energy to help the company open up future development space.
The company's 2017-2019 net profit attributable to the parent is expected to be 1.
965 billion yuan, 2.
854 billion yuan and 3.
79 billion yuan, corresponding to EPS 1.
34 yuan, 1.
95 yuan and 2.
59 yuan, PE15X, 10X and 8X.
Maintain "buy" rating and target price 26.
3 yuan.
The integration of profit forecasting and rating companies, industrial parks and environmental protection advantages have fully benefited from the normalization of environmental protection pressure, supply-side reform "quantity reduction" and "quantity optimization", and the conversion plan of new and old kinetic energy to help the company open up future development space.
The company's 2017-2019 net profit attributable to the parent is expected to be 1.
965 billion yuan, 2.
854 billion yuan and 3.
79 billion yuan respectively, corresponding to EPS 1.
34 yuan, 1.
95 yuan and 2.
59 yuan, PE15X, 10X and 8X, maintain the "buy" rating and target price 26.
3 yuan.
It has successfully transformed from a traditional urea fertilizer enterprise to a circular industrial chain integrating "coal chemical industry, chlor-alkali, fluorosilicon, and new materials".
The new leader has built extremely high parks and environmental protection barriers, and will continue to add new production capacity in the future, and it is expected that the profit center will continue to increase.
The rise of new leaders in the chemical industry leads the conversion of new and old kinetic energy in Shandong's high-end chemical industry.
1.
The smart park is blooming, and the performance has entered an explosive period.
Since its listing in 1998, the company’s net profit after deduction of non-profits has been between 200 and 300 million yuan, but the company has continued to invest, benchmarking the BASF Chemical Park, extending the industrial chain, and transforming and upgrading.
, Since 2009, the investment in fixed assets has exceeded 2.
3 billion yuan per year.
After more than ten years of careful polishing, the company has formed a "coal chemical industry, chlor-alkali, fluorosilicon, and new chemical materials" integrated, park-like circular industrial chain, and the park in which it is located is ranked among the "Top 20 Chemical Parks in China".
The company has benefited from accelerated supply-side reforms in the past two years, and its performance has quickly emerged.
From Q1 to Q4 of 2017, the company achieved net profits of 240 million, 311 million, 521 million, 828 to 928 million yuan, a significant increase from the previous quarter, totaling about 1.
9 to 2.
0 billion yuan, a year-on-year increase of 660%-700%.
The performance has entered Outbreak period.
2.
The advantages of the integrated industrial chain are obvious, and the impact of ironing cycle is realized to maximize profits.
The company has built multiple circular industrial chains with significant scale and cost advantages.
There are more than 16 products covering multiple sub-sectors.
Bright, bright in the West", to a certain extent, ironing cycle influence.
The main products include 900,000 tons of urea, 1.
4 million tons of compound fertilizer, 400,000 tons of caustic soda, 220,000 tons of methane chloride, 100,000 tons of chlorosulfonic acid, 80,000 tons of benzyl chloride, 50,000 tons of chlorinated paraffin, and 720,000 tons of chlorinated paraffin.
Hydrogen peroxide, 25,000 tons of DMC, 100,000 tons of DMF, 200,000 tons of sodium formate, 200,000 tons of formic acid, 200,000 tons of butanol, 170,000 tons of octanol, 200,000 tons of caprolactam, 70,000 tons of nylon 6, 65,000 tons of PC.
The advantages of "integration, intensification, parkization, and intelligence" are obvious, and the benefits can be maximized according to market fluctuations.
3.
The product boom cycle is superimposed on the release of new production capacity, and the net profit center continues to increase significantly.
Many of the company's main products are in the boom cycle, and prices have risen sharply.
From January to February 2018, the average prices of PC, caustic soda, formic acid, and hydrogen peroxide increased by 30.
2%, 27.
02%, 61.
48%, and 114.
94% respectively year-on-year.
It is expected that the prosperity of chemical products will continue in 2018, while 200,000 tons of formic acid and 130,000 are under construction.
Tons of nylon 6, 13.
50,000 tons of PC and 180,000 tons of hydrogen peroxide will be put into production one after another to further ensure the company's performance growth and consolidate the company's leading position in the industry.
4.
New and old kinetic energy conversion leaders, high company parks and high environmental protection barriers, continuous benefits Pollution prevention and control is one of the "three tough battles" clearly put forward by the 19th National Congress of the Communist Party of China.
We believe that local environmental protection policies will continue to be high.
Shandong Province took the lead in issuing the "Implementation Plan for the Conversion of New and Old Kinetic Energy to Major Projects" in February 2018, clearly proposing to "resolve the replacement of excess capacity and form new kinetic energy" and speed up the elimination of outdated production capacity.
Improve the industrial upgrading and exit mechanism of the chemical park, and comprehensively promote scattered, chaotic, dangerous and small chemical enterprises to enter the park.
At the same time, we will make the "Top Ten" industries better, stronger and bigger, including new energy and new materials and high-end chemicals.
The company's polycarbonate project is clearly listed as a high-end chemical industry project.
We judge that the supply-side reforms have been upgraded from "quantity removal" to "quantity optimization", and excellent leading companies will fully benefit from the market structure adjustment and policy support brought about by this.
5.
The integration of profit forecasting and rating companies, the advantages of industrial parks and environmental protection, fully benefit from the normalization of environmental protection pressure, supply-side reforms "quantity reduction" and "quantity optimization", new and old kinetic energy conversion plans help the company open up future development space .
The company's 2017-2019 net profit attributable to the parent is expected to be 1.
965 billion yuan, 2.
854 billion yuan and 3.
79 billion yuan, corresponding to EPS 1.
34 yuan, 1.
95 yuan and 2.
59 yuan, PE15X, 10X and 8X.
Maintain "buy" rating and target price 26.
3 yuan.
The integration of profit forecasting and rating companies, industrial parks and environmental protection advantages have fully benefited from the normalization of environmental protection pressure, supply-side reform "quantity reduction" and "quantity optimization", and the conversion plan of new and old kinetic energy to help the company open up future development space.
The company's 2017-2019 net profit attributable to the parent is expected to be 1.
965 billion yuan, 2.
854 billion yuan and 3.
79 billion yuan, corresponding to EPS 1.
34 yuan, 1.
95 yuan and 2.
59 yuan, PE15X, 10X and 8X.
Maintain "buy" rating and target price 26.
3 yuan.
The integration of profit forecasting and rating companies, industrial parks and environmental protection advantages have fully benefited from the normalization of environmental protection pressure, supply-side reform "quantity reduction" and "quantity optimization", and the conversion plan of new and old kinetic energy to help the company open up future development space.
The company's 2017-2019 net profit attributable to the parent is expected to be 1.
965 billion yuan, 2.
854 billion yuan and 3.
79 billion yuan respectively, corresponding to EPS 1.
34 yuan, 1.
95 yuan and 2.
59 yuan, PE15X, 10X and 8X, maintain the "buy" rating and target price 26.
3 yuan.
