Depth-Company-Juhua Shares (600160): Prices of some products have fallen

Depth * Company * Juhua Shares (600160): Prices of some products have fallen

The performance of Juhua shares basically met expectations.

Several projects under construction will be completed and put into operation in 2019-2020.

The announcement of the repurchase program demonstrates confidence.

Maintain BUY rating.

  The performance of the main points of the support level basically met expectations.

The company released a quarterly report and realized operating income in the first quarter of 2019.

7 billion, down 5 every year.

73%, net profit attributable to shareholders of listed companies.

70 ppm, a decrease of 12 per year.

78%, net profit after deduction 2

19 trillion, down 48 a year.


Basically in line with expectations.
  Prices of most products fell.

The prices of most of the company’s products fell in the first quarter, except for the price of fluorine-containing fine chemicals, which rose by 34.

Outside 57%, the price of fluorochemical raw materials has been reduced by 20%.

80%, the price of refrigerant is temporarily reduced by 7.

41%, the price of fluoropolymer materials per twelve units.

84%, but the price of main raw material fluorite has increased by 15.

twenty two%.

In terms of sales of main products, sales of fluorinated raw materials increased by 11%, sales of refrigerants increased by 8%, and sales of fluoropolymer materials were basically flat.

Actual revenue is small.

In addition, F23 incineration subsidy was received in this period.

$ 5.9 billion, impact on profitability.

Comprehensive gross margin for the first quarter 18.

69%, net interest rate 9.

95%, slightly mixed year-on-year.

  Several projects under construction will be completed and put into operation in 2019-2020.

The company currently has a 杭州夜网 capacity of nearly 34 tons of various refrigerant products, of which the second-generation fluorine refrigerant R22 has the second largest domestic production capacity; the third-generation fluorine refrigerant is the global leader.

In addition, there are a number of fluorinated raw materials, refrigerants, fluoropolymer materials and other projects under construction which will be completed and put into operation from the second half of 2019 to 2020. After completion, the competitive advantage will be further enhanced, and it will be the basis for the segmented industry.

  Repurchases demonstrate confidence.

The company headquarters announced that it intends to use its own funds to not exceed RMB 300 million (inclusive) and not to exceed RMB 600 million (inclusive), and to repurchase the company’s shares by means of 成都桑拿网 centralized bidding transactions, with the repurchase price not exceeding RMB 11.

80 yuan / share (inclusive), the repurchased shares will be used as a substitute to reduce the company’s registered capital and demonstrate confidence in the future development of the company.

  Estimates maintain earnings forecasts.

Expected earnings for 2019-2021 are 0.

84 yuan, 0.

91 yuan and 1.

02 yuan.  The current highest corresponding P / E ratios are 10 respectively.


7, 8.

7x, maintain BUY rating.

  The main risks facing the rating are the relaxation of environmental protection policies, and the price of products fluctuates significantly.