Event
On the evening of August 4, Jianxin shares released its 2014 semi-annual report. The company's operating income in the first half of the year was 245.6681 million yuan, an increase of 30.04 percent over the same period last year. The net profit belonging to shareholders of listed companies was 31.517 million yuan, an increase of 571.7 percent over the same period last year. Earnings per share is 0.12 yuan.
Brief comment
The increase in gross profit margin is the main factor for the substantial growth of the company's performance.
The price of the company's main products began to rise in the second half of last year, and the product price remained high during the reporting period, resulting in a substantial increase in the gross profit margin of the company's main products. The gross profit margins of m-hydroxyl, dicarboxylic acid and m-amino groups increased by 13.30%, 16.68% and 8.87% respectively compared with the same period last year. In addition, the company's fund-raising and over-raising projects were basically completed in 2013, and during the reporting period, the company's production capacity was gradually released, product sales increased, market share increased, and the growth of product production and marketing became another major factor in the company's performance growth.
The pressure of environmental protection is still there, and there is still room for m-amino products to rise.
Most of the products in the m-amino industry chain are seriously polluted, the treatment of the three wastes is difficult, and the investment in environmental protection is high, while several domestic production enterprises in this industry chain are small and medium-sized enterprises with poor technical and financial strength. the result of the treatment of the three wastes is difficult to meet the national standards. In 2013, the domestic environmental protection requirements for the chemical industry gradually became stricter, and the enterprises in the m-amino industry chain were the first to bear the brunt. Many domestic amino-based small and medium-sized enterprises were forced to shut down because of substandard environmental protection, resulting in a shortage of products in the m-amino industry chain and a sharp rise in product prices. In the first half of 2014, taking into account the acceptance of downstream, the company did not further increase the price of its products, but we believe that the APEC meeting will be held in Beijing in November. The environmental protection requirements in the areas around Beijing will be one step more stringent, and the enterprises in the m-amino industry chain that have been closed can not resume production, and some of the remaining enterprises' environmental protection treatment is also in jeopardy. This will lead to a tighter supply of products in the domestic amino industry chain, and there is still more room for product prices to rise.
It is expected to increase the rating of EPS0.40 yuan in 2014.
The m-amino industry still faces greater pressure on environmental protection, and the products still have room to rise, while the company has obvious advantages in environmental protection technology, which can take advantage of the opportunity to seize the market and increase its market share; we expect EPS0.40, 0.53,0.65 yuan from 2014 to 2016 to increase the rating.