Xianda shares (603086): the net profit of home ownership in the first half of the year increased by 3.25% compared with the same period last year. The price of the main product remains high.

海通證券 · Aug 17, 2019 00:00 · Researches

上半年营收同比增长2.61%，归母净利润同比增长3.25%。2019 年上半年，公司实现营业总收入8.58 亿元，同比增长2.61%，归母净利润为1.27 亿元，同比增长3.25%。二季度单季度收入4.97 亿元，同比下滑5.1%，归母净利润8649.8 万元，同比下滑8.23%。上半年毛利率34.48%，同比上升0.77个百分点，管理费用率9.08%，同比上升1.41 个百分点，主要系环保费用增加所致，销售费用率2.67%，同比下降0.18 个百分点。

加快海外自主登记，自营出口收入大幅上升。国外市场是公司营业收入的重要来源，2018 年国外市场收入占营收总额66.54%。公司国外销售模式分为自营出口和间接出口两种模式。2019 上半年公司加快开拓国内外市场步伐，推进海外产品登记和扩大海外市场开拓范围。2019 年1-6 月份，公司自营出口取得显著成效，实现出口7697 万美元，较去年同期增加 39.61%。

检修影响部分产品销量。2019 年上半年，公司对部分车间进行轮流检修、保障设备安全运转，目前检修工作已圆满完成，车间陆续进入满负荷生产状态。

异噁草松上半年收入1.38 亿元，同比下滑23.7%。从上半年的产销量来看，异噁草松上半年销量为1379.5 吨，同比下滑27%左右，其他产品产销量基本保持稳定。

主营产品价格稳中上行。上半年烯草酮收入3.34 亿元，同比增长7.9%，均价同比增长13.79%；烯酰吗啉收入8319 万元，同比增长68.8%，均价同比增长60.71%。根据中农立华原药数据，烯草酮目前最新价格18 万元/吨，较上半年均价上涨0.54%；异噁草松最新价格8.3 万元/吨，较上半年均价上涨2.32%，烯酰吗啉最新价格16 万元/吨，价格下降1.35%。

辽宁新项目稳步推进。公司辽宁一期项目计划建设年产6000 吨原药、10000吨制剂，截至2019 年6 月30 日，新项目建设按原计划建设进度推进，募集资金已全部完成投放，项目主体工程和设备安装已全部完成，目前进入辅助设施安装阶段。我们认为公司年底前有望实现6000 吨原药项目试生产，新产能将于2020 年贡献增量。

盈利预测与投资评级。我们预计公司2019-2021 年净利润为2.73 亿元、3.45亿元、4.04 亿元，对应EPS 分别可达2.44 元、3.08 元和3.61 元，给予公司2019 年12-15 倍PE，对应合理价值区间为29.28-36.60 元，给予优于大市评级。

风险提示：项目投产情况不如预期；汇率变动风险；安全环保风险。

In the first half of the year, revenue increased by 2.61% compared with the same period last year, and net profit increased by 3.25% over the same period last year. In the first half of 2019, the company achieved a total operating income of 858 million yuan, an increase of 2.61% over the same period last year, and its net profit was 127 million yuan, an increase of 3.25% over the same period last year. In the second quarter, the quarterly income was 497 million yuan, down 5.1% from the same period last year, and the net profit was 86.498 million yuan, down 8.23% from the same period last year. In the first half of the year, the gross profit margin was 34.48%, up 0.77% from the same period last year, and the management expense rate was 9.08%, up 1.41% from the same period last year, mainly due to the increase in environmental protection expenses. The sales expense rate was 2.67%, down 0.18% from the same period last year.

Overseas self-registration was accelerated, and self-export income increased significantly. The foreign market is an important source of the company's operating income, accounting for 66.54% of the total revenue in 2018. The company's foreign sales model is divided into two modes: self-export and indirect export. In the first half of 2019, the company accelerated the pace of opening up domestic and foreign markets, promoted the registration of overseas products and expanded the scope of overseas market development. From January to June 2019, the company's own exports achieved remarkable results, reaching US $76.97 million, an increase of 39.61% over the same period last year.

Maintenance affects the sales of some products. In the first half of 2019, the company took turns to overhaul some workshops to ensure the safe operation of the equipment. at present, the maintenance work has been successfully completed, and the workshop has entered the state of full-load production one after another.

The income of dioxin pine in the first half of the year was 138 million yuan, down 23.7% from the same period last year. From the perspective of production and sales in the first half of the year, the sales volume of dioxin in the first half of the year was 1379.5 tons, down about 27% from the same period last year, and the production and sales of other products remained basically stable.

The prices of the main products are stable and upward. In the first half of the year, the revenue of enoxone was 334 million yuan, an increase of 7.9% over the same period last year, and the average price increased by 13.79% over the same period last year; the income of enoylmorpholine was 83.19 million yuan, an increase of 68.8% over the same period last year, and the average price increased by 60.71% over the same period last year. According to the raw drug data of Zhongnong Lihua, the latest price of enoxone is 180,000 yuan / ton, an increase of 0.54% over the average price of the first half of the year; the latest price of isoxazone is 83,000 yuan / ton, up 2.32% from the average price of the first half of the year; and the latest price of enoylmorpholine is 160,000 yuan / ton. the price fell by 1.35%.

The new project in Liaoning is progressing steadily. The company plans to build the first phase of Liaoning project with an annual output of 6000 tons of crude drugs and 10000 tons of preparations. As of June 30, 2019, the construction of the new project has been advanced according to the original planned construction schedule, and all the funds raised have been completed. The main project and equipment installation have been completed, and now it has entered the stage of auxiliary facilities installation. We believe that the company is expected to achieve trial production of 6000 tons of crude drugs by the end of the year, and the new capacity will contribute to the increase in 2020.

Profit forecast and investment rating. We estimate that the company's net profit from 2019 to 2021 will be 273 million yuan, 345 million yuan and 404 million yuan, and the corresponding EPS will reach 2.44,3.08,3.61 yuan respectively. We will give the company 12-15 times PE in 2019, with a reasonable value range of 29.28-36.60yuan, which is rated better than the big market.

Risk hint: project production is not as expected; exchange rate change risk; safety and environmental protection risk.

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先达股份(603086)：上半年归母净利润同比增长3.25% 主营产品价格维持高位

Xianda shares (603086): the net profit of home ownership in the first half of the year increased by 3.25% compared with the same period last year. The price of the main product remains high.

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