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Tongkun (601233): PTA + filament profit stable new project will usher in production_1

Tongkun (601233): PTA + filament profit stable new project will usher in production

Event: The company announced that it achieved revenue of 246 in the first half of 2019.

300 million, up 31 every year.

9%; net profit attributable to mother 13.

900 million, up 2 every year.

2%.

Filament and PTA sales increased, and PTA made better profits: 285 filaments were sold in the first half of the year.

1 Initially, it grew by 34 each year.

3%, revenue increased 24 in ten years.

3%.

Affected by the uncertainties of the global macro economy and the Sino-US trade war, the filament-to-sales ratio was controlled reasonably, and output growth increased.

2%.

PTA sales reached 23.

4In the initial period, the annual growth rate was 747%, and the annual revenue growth rate was 937%.

In the first half of the year, the POY /杭州夜网 FDY / DTY-PTA / MEG spreads decreased by 449/280/361 yuan, and the PTA-PX spread increased by 1,235 yuan.

As a result of lower R & D costs, period expenses decreased by 1%.

5%.

The long-term equity investment income calculated by the equity method was -4.36 million.

PTA self-suppliers seized the potential and continued to consolidate the leading merger: the company completed the production of 220 tons of PTA in Jiaxing Petrochemical in the second quarter of 2018, and the total annual capacity of PTA was about 400 tons, seizing the possibility.

In the first half of the year, PTA was stronger than that of filament yarn, and the profit of filament yarn is expected to recover in the second half of the year.

Medium and long-term PTA + filament profitability is stable.

The company announced that the polyester production capacity is 520 caps. The polyester filament production capacity is about 570 tons. It has achieved the first production and sales volume in the domestic market for more than ten years. The domestic market share of polyester filaments exceeds 16%, and the global market share is close to 11%.
The announcement plans to invest 2 * 250 in PTA, 90 to FDY, and 150 in POY projects. It is planned to publicly issue convertible bonds of no more than 3 billion. Invest an annual output of 50 into intelligent super-simulation fibers and 30 layers of green fibers.Silk faucet part.

New projects have been launched one after another, and the Zhejiang Petrochemical project has been put into operation: According to the announcement, the company’s Hengyou 30 annual production capacity will be put into the POY project, and the Hengyou 30 annual production capacity will be put into the POY technical transformation project polyester.The installation of the equipment, the polyester device is about to be put into operation; the construction of the green intelligent fiber project with an annual output of 30 in Hengbang is completed, and the polyester device has recently been commissioned;Civil construction has entered the final stage of construction. Heat medium pipes, supports and insulation are under construction and installation, and spinning equipment is being installed.

The initial volume of new filament investment is expected to be the lowest at 60-90.

In addition, according to the Rongsheng Petrochemical Announcement, the first batch of units (atmospheric and vacuum decompression and related public engineering installations) of the first phase of Zhejiang Petrochemical is operating, which is expected to provide performance increase for the second half of the year.

Investment suggestion: It is estimated that the EPS in 19-21 will be 1.

77 yuan, 2.

07 yuan, 2.

96 yuan, maintain Buy-A investment rating, 6-month target price of 17.

7 yuan, equivalent to 13/8/6 times 18-20 years earnings.

Risk reminder: fluctuations in original assets, less-than-expected growth in filament demand, etc.