Depth-Company-Satellite Petrochemical (002648): Profit Scale Creates Best in History and Best Future Growth Is Worth Looking Forward

Depth * Company * Satellite Petrochemical (002648): Profit Scale Creates Best in History and Best Future Growth Is Worth Looking Forward

The company issued a 2019 performance forecast, and it is expected that the company will achieve net profit attributable to mothers in 2019.

5-13.

500 million, an annual increase of 32.

89% -43.

52%.

The results are in line with expectations and we maintain a BUY rating.

The main point of the support level is to make up for the price, and the company ushers in the best performance in history.

According to the company’s performance forecast, the company is expected to achieve net profit attributable to its mother in 2019.

5-13.

500 million, an annual increase of 32.

89% -43.

52%, the best level in history.

Based on this calculation, the company is expected to achieve net profit attributable to its mother in the fourth quarter.

28-4.

28 ppm, a 10-year increase3.

14% -34.

6%, is also the best fourth quarter results since listing.

According to Wonder Data’s calculations, the PDH spread will increase first and then decrease in 2019, with a gradual average of approximately 2,549 yuan / ton, a decrease of 9.

02%.

In the meantime, the annual price of the 10-year period in 2019 was reset to 7,374 yuan / ton, more than a decade or so.

13%.

The average annual price of butyl acrylate is 8,911.

6 yuan / ton, temporarily canceled about 12.

39%.

The growth of the company’s performance mainly comes from the volume of new production capacity.

The projects under construction and reserve projects have been put into production one after another, and the company’s growth is worth looking forward to.

The company’s PDH Phase II project with an annual output of 45 years and a PP Phase II project with an annual output of 15 years were put into operation in February and May, respectively.

The annual output of the 6 index SAP phase III, the first phase of the 36-inch crystal and 36-inch acrylic ester project construction smoothly.

Lianyungang Petrochemical 320 is expected to progress smoothly / young hydrocarbon projects, and it is 苏州夜网论坛 expected to add the new main industry of the C2 industry chain to the company in 2021.

At the same time, the company’s annual output of Lianyungang Petrochemical Company inserted 135 into PE, 219 into EOE, and 26 into ACN.

The orderly advancement of these projects will lay the foundation for the company’s continued growth in the future.

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.

Estimated earnings for the company from 2019 to 20201.

16 yuan, 1.

53 yuan, corresponding to 15 for PE.

3, 11.

5 times.

Maintain BUY rating. The main risks faced by the rating are the impact of exchange rate changes 上海夜网论坛 on the company’s exchange gains and losses; abnormal changes in oil and raw material prices affecting the company’s product prices and gross profit; project construction progress exceeding expectations; safety and environmental protection risks.