Events:
According to the semi-annual report released by the company for 17 years, the operating income of the company in the first half of the year was 694 million yuan, an increase of 64.16% over the same period last year; the net profit belonging to shareholders of listed companies was 16.24 million yuan, an increase of 67.72% over the same period last year; and the EPS was 0.125 yuan. Among them, the operating income of Q2 in 17 years was 355 million yuan, an increase of 42.7% over the same period last year; the net profit attributed to shareholders of listed companies was-830000 yuan, and the performance of Q2 fell short of expectations.
Comments:
1. The decline in gross profit margin of light aromatic hydrocarbons leads to Q2 loss in a single quarter.
The company is a listed company controlled by Petrochina Company Limited, mainly engaged in the development, production and sales of new petrochemical materials, fine chemicals and medical and health products. There are 100000 tons of cracking C5 separation plant, 100000 tons of cracking C9 separation plant, 30, 000 tons of modified engineering plastics plant, 30, 000 tons of polypropylene and other major equipment, the main products are light aromatic hydrocarbons, ethylene tar and polypropylene powder.
Over the past 17 years, the prices of the company's main products have remained stable and rebounded significantly from the 2016 price level, which is also the reason why the company's first-quarter performance exceeded 17 million yuan, reaching the best quarterly level since 2009.
The price of ethylene tar decreased slightly in the second quarter compared with the first quarter, while the prices of C-5 and its petroleum resin, C-9 and its petroleum resin and dicyclopentadiene were relatively stable. The price of polypropylene powder has declined, but the gross profit margin is relatively stable, reaching 9.48%, an increase of 0.79 percentage points over the same period last year. The gross profit margin of ethylene tar was 14.1%, an increase of 0.26 percentage points over the same period last year. However, the gross profit margin of light aromatics was only 10.95%, down 12.15 percentage points from the same period last year, dragging down the company's performance in the first half of the year.
2. Pay attention to the only remaining capital operation platform of Petrochina Company Limited Group in A shares since the first half of 2016, Petrochina Company Limited Group comprehensively deepened the implementation of reform and the establishment of the framework plan for the restructuring of engineering construction business. the pace of state-owned enterprise reform has been significantly accelerated, and important steps have been made in professional restructuring.
In September, Petrochina Company Limited Group injected its financial business assets into * ST Jichai, and changed its name to "PetroChina Capital" in February 17 and officially listed for trading on the Shenzhen Stock Exchange. PetroChina Capital holds equity in a number of financial business assets, and the company's business scope covers financial companies, banks, financial leasing, trust, insurance, insurance brokerage, securities and other financial business. At the same time, in September 16, * ST Tianli issued a major asset restructuring plan, according to the internal development strategy of Petrochina Group, using * ST Tianli as the listing platform to inject the main assets of Petrochina Group's engineering construction business into listed companies. On February 17, 17, * ST Tianli officially changed its name to "PetroChina Engineering" and listed on the Shanghai Stock Exchange. At present, CNPC is mainly engaged in engineering design, project contracting and project construction in the fields of oil, natural gas and chemical industry. The main business of listed companies has been changed to oil and gas field surface engineering services, storage and transportation engineering services, refining and chemical engineering services, environmental engineering services, project management services as the core of petroleum engineering design, construction and general contracting and other related engineering construction business.
At present, the unlisted assets and business of Petrochina Company Limited Group are mainly engineering and technical services (upstream exploration oil service business), oil equipment manufacturing, scientific research and institutions and other businesses according to the caliber of the company. Other businesses of the Group mainly include Kunlun Gas, China National Petroleum Corporation, China Marine fuel Co., Ltd., and transportation companies. Due to the lack of resources of the listed companies under Petrochina Company Limited Group, Daqing Huake is the only capital operation platform left by Petrochina Company Limited Group A shares. The expectation of asset restructuring is relatively strong, and the value of the platform is prominent.
Investment suggestion
We estimate that the net profit attributed to the shareholders of the listed company in 17-19 is 39 million yuan, 48 million yuan and 58 million yuan respectively, and the EPS is 0.30 yuan 0.37 yuan and 0.44 yuan respectively, and the current stock price corresponds to 76.9,61.9 and 52 times of PE. At present, the company is the only capital operation platform left by Petrochina Company Limited Group in A shares, and we should pay attention to the expectation of its asset restructuring. For the first time, investment rating will not be granted.
Risk Tips:
The capital operation platform is expected to fail.