Event
On the evening of October 20th, Jianxin shares released its quarterly report for 2014. the company's operating income in the first three quarters was 349.65 million yuan, an increase of 18.48% over the same period last year. The net profit belonging to shareholders of listed companies was 37.46 million yuan, an increase of 66.82% over the same period last year. Income per share was 0.14 yuan, and operating income in the third quarter was 103.98 million yuan, down 2.09% from the same period last year. The net profit attributed to the listed company was 5.94 million yuan, down 66.56% from the same period last year, or 0.02 yuan per share.
Brief comment
The decline in performance is mainly due to the rise in costs and the increase in expenses.
The company's quarterly operating income decreased by 2.09% in the third quarter compared with the same period last year, mainly due to the decrease in demand and sales volume caused by customer maintenance and equipment adjustment downstream of the company. The net profit in the third quarter decreased by 66.56% compared with the same period last year, mainly because the company's equipment maintenance led to a 4 million increase in management expenses and an increase in the price of the company's main raw materials, resulting in a 10 million increase in production costs. As the monopoly of the supply pattern of the inter-amino industry has been formed, the upward trend of product prices still exists in the future, while the main raw materials will show a downward trend in the future with the downward price of crude oil, and product profits will be restored and improved.
OBD is losing money throughout the industry, and there may be integration in the future.
OBD1, OBD2 are mainly used in the paper industry, raw materials are m-hydroxyl and m-aminophenol, the company is the world's main supplier of m-amino and m-hydroxyl, but the company's OBD series of products in the first half of the gross profit margin has been negative, we can infer that the industry-wide loss; outside the production enterprises, raw materials are mostly purchased from the company, OBD products loss is more serious, we judge that the loss of the industry will bring industry integration.
The pressure of environmental protection is still there, and there is still room for m-amino products to rise.
The product pollution on the m-amino industry chain is serious, and the treatment of the three wastes is very difficult. Several domestic production enterprises in this industry chain are small and medium-sized enterprises with poor technical and financial strength, and the results of the treatment of the three wastes are 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 products, but we believe that the pressure of environmental protection is still there, and there is still much room for product prices to rise.
It is expected to increase the rating of EPS0.28 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 EPS0.28, 0.53,0.65 yuan from 2014 to 2016 to increase the rating.
