Huajin Shares (000059) Annual Report Comments: Performance Meets Expectations Huajin Amei Brings Growth Space

Huajin Shares (000059) Annual Report Comments: Performance Meets Expectations Huajin Amei Brings Growth Space

This report reads: The performance is in line with expectations, and the company’s variables in the future will come from the Huajin Amei project.

Investment points: Maintain Overweight rating and raise TP9.

46 yuan.

The company achieved EPS 0 in 2018.

66 yuan, we maintain the company’s EPS forecast for 2019-2020 to 0.

86 and 1.

26 yuan, and forecast EPS 1 in 2021.

40 yuan, corresponding PE is 9/6/5.

Give the industry an average assessment of 11 times PE in 2019, corresponding to a target price of 9.

46 yuan, giving an overweight rating.

The company’s performance is in line with our expectations.

In 2018, the company underwent a three-year overhaul and asset impairment4.

Achieved 10 on the basis of 500 million.

The net profit of 5.5 billion US dollars and the sharp rise in oil prices in the fourth quarter of 2018 caused the company’s inventory loss, the company’s profit level is increasing year by year, and the refining load is gradually increasing. In the next three years, the company will not have a scale of overhaul and production will remain stableIn the past three 四川耍耍网 years, the company has carried out extended asset impairment, and the asset quality has been greatly improved. Within the comfortable range of oil prices, the company’s performance has continued to grow.

The Huajin Amei project brings room for growth.

Huajin Amei was officially established on March 23, with a designed refining capacity of 1500 pounds and a 36% stake in the Ordnance Group. Huajin is the only petrochemical A-share listed company under the Ordnance Group.Realizing resource sharing in sales channels and other aspects to form a synergy effect is expected to reduce the company’s costs and further improve the company’s overall profitability.

Asset quality has gradually improved and entered a healthy development track.

The company’s asset-liability ratio has decreased year by year, from 59 in 2017.

11% fell to 57 in 2018.

86%; Jintianhua’s strategy to turn losses into profits; due to force majeure of Zhenhua, the Zhenhua investment contract was cancelled; measures such as issuing corporate bonds to reduce funding pressure indicate that the company has gradually entered a period of rapid development.

Risk reminder: Oil price drops sharply, Saudi Aramco project falls short of expectations


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