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【海通证券】大庆华科公司半年报:业绩扭亏,积极推进技改

[Haitong] semi-annual report of Daqing Huake Company: performance to reverse losses and actively promote technological reform

海通證券 ·  Jul 27, 2016 00:00  · Researches

Main points of investment:

The performance turned around compared with the same period last year. Daqing Huake released a 16-year mid-year report that during the reporting period, the company's revenue was 423 million yuan, an increase of 4.12% over the same period last year, and a net profit of 9.68 million yuan, reversing losses over the same period last year. Implement EPS0.08 meta. The company also expects a net profit of 1170-13.7 million yuan from January to September, an increase of 158.58 percent over the same period last year.

Production is relatively stable. In the first half of 2016, a total of 172300 tons of chemical products and 307700 boxes of medicines and health products were sold. Total assets 624 million yuan, net assets per share 3.81 yuan, asset-liability ratio 20.90%.

The qualified rate of products leaving the factory and the qualified rate of external sampling inspection are 100%, the environmental protection emissions are up to the standard, there are no pollution accidents, the employees are in good occupational health, and no major safety accidents have occurred. Benefiting from the rise in crude oil prices, the company's chemical products increased profits, which is the main factor of performance turnaround.

Actively promote technological reform, conducive to the long-term development of the company. (1) the board of directors of the company approved the C5 petroleum resin capacity expansion and transformation project, with a total investment of 51.31 million yuan, of which 49.98 million yuan was invested in construction, 40% of which was raised by the company itself and 60% through bank loans. After the implementation of this project, the production capacity of C5 petroleum resin can be expanded, the components of C5 separation unit can be used reasonably, and the problems of resource loss of crude m-pentadiene, crude isoprene surplus and crude isoprene export can be solved. The average annual net profit is expected to be 9.81 million. (2) Deep resin technical transformation project. The total investment of the project is 5.1623 million yuan, of which the project cost is estimated to be 3.7793 million yuan, all using the company's own funds. After the implementation of the project, 100000 tons of tar can be treated per year, with an annual output of 10, 000 tons of tar resin, 10, 000 tons of naphthalene distillates and 80, 000 tons of heavy distillates. It is estimated that the average annual net profit is 1.4 million yuan. (3) the motion of Bicyclic resin capacity expansion project. The total investment of the project is 6.59 million yuan, of which 5.54 million yuan is the cost of the project, all using the company's own funds. After the implementation of the project, the C9 light component dimerization reaction system handles 16000 tons of C9 light components per year, with an annual output of 16000 tons of dimerization liquid; the raw material treatment capacity of the Bicyclic resin system is increased to 14500 tons per year, and the annual output of Bicyclic resin is 10000 tons. Increase the output of Bicyclic resin by 4000 tons. The average annual net profit after the implementation of the project is 1.51 million yuan.

No rating for the time being. We estimate that the EPS of the company from 2016 to 2018 will be 0.08,0.09 and 0.10 yuan respectively, considering that the company's new project has not reached production yet, so it will not be rated for the time being.

Risk hint: the project is not advancing as expected.

The translation is provided by third-party software.


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