Guanghui Energy (600256) Opinions on important matters: the company enters the period of performance release, and the increase in executives’ holdings demonstrates business confidence

Guanghui Energy (600256) Opinions on important matters: the company enters the period of performance release, and the increase in executives’ holdings demonstrates business confidence

Core point of view The company’s previous investment projects are gradually put into production, and the company has entered into a period of performance cashing. It is expected that the compound performance growth rate for the next 3 years will be 29%.

The company’s recently issued convertible debts reduce the company’s debt pressure, reduce financial costs, and gradually increase its holdings to demonstrate the company’s senior management confidence.

With reference to 10-12 times PE estimates of companies in the same industry in 2020, a target price of 5 is given.

2 yuan, maintain “Buy” rating.

  Event: The company recently announced that the company’s senior management and core management personnel plan to increase their holdings of 18.45 million shares of the company based on their strong confidence in the company’s continued and stable development in the future and their high recognition of the company’s long-term investment value.

  The initial investment projects are gradually put into production, and the company has entered into the performance cashing period.

The company’s initial investment projects have been gradually put into production recently. The second phase of the Jiangsu LNG receiving station 115 and the production capacity was put into operation in November 18, and the Xinjiang Hongying Railway was opened for trial operation at the beginning of 19 years. The first phase of the technological reform and clean refining project of the coal chemical industry was completed in 18 years.Coupled with the company’s own coal gas resources, the company has formed three core sectors of natural gas, coal chemical industry and coal for coordinated development.

It is expected that the company’s new projects will gradually realize its performance, and the company will enter a period of stable growth.夜来香体验网

  It is expected that the sales of coal chemical products such as methanol and natural gas will increase steadily in the first half of the year.

Along with the company’s new production capacity expansion and internal technical optimization, the company’s sales of coal chemical products and natural gas increased steadily. The company’s natural gas sales increased in the first quarter of 19th.

4%, methanol sales increase by 4 per year.

1%, coal chemical by-product sales doubled.

1%, coal output increased by 11%, product sales are expected to maintain steady growth in the first half of the year.

Due to macroeconomic and other factors, the lowest methanol and LNG prices in the first half of the year were 2382 yuan / ton and 4180 yuan / ton, a decrease of 16.
.

7% and 3.

3%, price adjustment may affect short-term 杭州桑拿 performance elasticity.

  The company’s subsequent new production projects support the continued growth of performance.

The company’s Jiangsu LNG receiving station Phase 3 200 production capacity is expected to reach 19, and 120 tons of crude aromatics hydrogenation project will be completed at more than 85% in the first quarter of 1919. The company plans to invest 3.6 billion tons of coal waste gas for comprehensive utilization of 40 cholesterol per year.Pre-procedure.

  The company’s subsequent new production projects are expected to promote the company’s performance in the next three years to maintain rapid growth.

  Risk factors: the risk of dynamic changes in international oil prices, the risk of a major impact of Sino-US trade disputes on downstream demand, and the risk of the company’s short-term funding pressure.

  Investment suggestion: As the company’s original convertible bond plan was terminated for review, it is expected that the company’s recent debt termination financial pressure will increase, and at the same time, considering the decline in profit of major product units such as methanol, the company’s 19-20 year net profit forecast will be reduced to 25.

0/29.

30,000 yuan (the original forecast was 33.

6/40.

5 ‰), an increase of 37% in the 21-year performance forecast, and a compound annual growth rate of 29% in the next 3 years; EPS forecast for 19-21 is 0.

37/0.

43/0.

55 yuan, the current sustainable corresponding PE is 10/8/6 times.

With the expansion of the company’s new production capacity, the company is expected to enter the period of performance release. The company will gradually adjust its plan to re-apply for convertible bonds to ease the debt pressure of the company.PE estimates that a target price of 5 is given.

2 yuan, maintain “Buy” rating.