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Luxi Chemical (000830): Product price drop and performance caused by maintenance in the park are optimistic about the competitive advantages of large chemical parks

Luxi Chemical (000830北京体验网): Product price drop and performance caused by maintenance in the park are optimistic about the competitive advantages of large chemical parks
Investment Highlights: Company Announcement: The company released the third quarter report of 2019, and the company achieved operating income of 136 from January to September 2019.4.2 billion (YOY-13.50%), realizing net profit attributable to mother 8.6.4 billion (YoY -63.25%), the performance is in line with expectations.Among them, Q3 achieved 37 revenue in a single quarter.810,000 yuan (-26% year-on-year.80% in the second quarter.73%), net profit attributable to mother 1.10,000 yuan (YoY-84.02%, -74.88%). The impact of additional maintenance and trimming on the main product’s falling prices, Q3 performance indicators.Affected by the market, at least some of the products reported 淡水桑拿网 as major products have overlapping degraded margins. According to the annual maintenance plan, the production units (coal chemical industry, salt chemical industry, and new chemical materials in the park) in the park will be inspected for parking for 8 months.profit.According to our trace, it is reported to contain 32% ion membrane caustic soda, formic acid, urea, caprolactam, 27.The average prices of 5% hydrogen peroxide and polycarbonate Q2 were 706, 2440, 1861, 12394, 1138, and 16179 yuan / ton, respectively, a change of +6 from 19Q2.2%, -9.5%, -7.3%, -5.0%, -1.3%, -4.7%; coal prices of main raw materials remained stable, and the chain changes of pure benzene, propylene, and bisphenol A were +21.6%, + 89%, -13.1%. Q3’s sales gross margin was 16.91%, ring-on-epoxy 4.31 averages, at least a ten-year average.64 units.In terms of period expenses, the company’s financial expenses in the third quarter increased by about 0 from the previous month.65 ppm with a total cost of 5 during the period.1.4 billion, an increase of 0 from Q2.2.2 billion, affecting current profits. The large chemical industry parks have high competition barriers, and MTO, PC, and fluorine materials projects continue to improve the layout of the industrial chain.After years of development, the company has basically realized the transformation from a traditional coal chemical enterprise to a leader in new chemical materials. The integration, intelligentization and intensiveness of the industrial park have led the industry.The company has strictly controlled safety and environmental protection for a long period of time to ensure production safety, and basically achieve zero discharge of wastewater and ultra-low emissions of flue gas treatment. In the context of long-term severe environmental safety supervision and management in the industry, high-quality chemical parks have become an important moat for the company.This year, the company has successively put into operation a cycloalkyl ketone production project and some second-phase nylon 6 projects. The company will continue to advance the polyol raw material route optimization project (30 tons of MTO), the integration of 100 tons of polycarbonate projects and high-end fluorine materialsProject, the above new chemical materials and new coal chemical products will further improve the company’s industrial chain layout, enhance the company’s industry status, and become a new driving force for the company’s future performance growth. Profit forecast and investment rating: Due to the staggered changes in the price of the company’s products, the company’s profit forecast for 19-21 is reduced to 11.00, 13.84, 16.03 (14 before adjustment.50, 15.46, 16.48 ppm), corresponding to 13/11/9 times PE in 19-21. This profit forecast is based on product prices in alternative locations. We are optimistic about the development space of integrated enterprises in the park for a long time and maintain an “overweight” rating.