Lily (603823): 19H1 homing net profit increased 29.33% compared with the same period last year. The company has obvious advantages in the integration of industrial chain.

海通證券 · Aug 29, 2019 00:00 · Researches

百合花公布2019 年半年度报告。2019 年上半年公司实现营业收入10.10 亿元，同比增加12.78%；实现归母净利润1.14 亿元，同比增加29.33%，收入及净利润变动主要系2018 年同期子公司弗沃德未并表，公司产品结构有所优化，对原材料、成本管理有一定的提升。

2019 年上半年利润增长主要源于毛利率提升及费用率下降。1）综合毛利率为24.47%，同比增加1.74 个百分点。2）三项费用率同比下降0.42 个百分点至9.44%。其中销售、财务费用率同比增加0.51、0.14 个百分点至2.08%、0.15%。管理费用率同比减少1.07 个百分点至7.21%。研发费用为0.36 亿元，同比下降2.29%。销售费用增加主要系报告期内工资及运费增加所致；财务费用增加主要系2018 年同期人民币汇率变动产生汇兑损益影响所致。

环保监管影响上游企业供货，百合花产业链延伸优势凸显。1）近年来的环保监管致使不少不符合环保要求的上游企业停产或限产，直接影响供货数量及价格。中间体的质量和供应稳定性对颜料生产至关重要。2）报告期内，投资成立内蒙古源晟制钠科技有限公司，公司中间体 DB-70、DMSS、4-氯-2，5-二甲氧基苯胺（4625）、色酚系列基本实现自给自足，建立了一套较完整的产品链自我配套体系。

百合花研发和技术创新优势明显。1）公司通过自主开发、联合开发和技术引进消化吸收，对主导产品的核心技术拥有自主知识产权。公司现拥有 29 项授权发明专利和 27 项正在申请中的发明专利，公司积极参与有机颜料的国家标准和行业标准的制定，截止报告期，公司已主持制定 17 项行业标准，参与制定 3 项国家标准和 5 项行业标准。2）公司自主研制生产多种高性能、环保型有机颜料，在汽车涂料、食品包装、儿童玩具、特种定制印刷油墨等应用领域取得突破和发展。公司环保型有机颜料的研究开发位居国内前列，大部分品种通过了欧盟 REACH 法规的预注册或正式注册。

盈利预测与投资评级。我们预计2019-2021 年公司EPS 分别为1.16、1.40、1.46 元。参考同行业可比公司估值，我们认为合理估值区间为2019 年17-19倍PE，对应合理价值区间为19.72-22.04 元，维持中性评级。

风险提示。在建产能投放进度不达预期、产品价格大幅波动、宏观经济下行。

Lily publishes its 2019 half-yearly report. In the first half of 2019, the company realized operating income of 1.01 billion yuan, an increase of 12.78% over the same period last year, and realized net profit of 114 million yuan, an increase of 29.33% over the same period last year. The changes in income and net profit were mainly due to the unconsolidated statement of Foward, a subsidiary in the same period in 2018. The company's product structure has been optimized, and raw materials and cost management have been improved to a certain extent.

The profit growth in the first half of 2019 is mainly due to the increase in gross profit margin and the decrease in expense rate. 1) the comprehensive gross profit margin was 24.47%, an increase of 1.74 percentage points over the same period last year. 2) the rate of three expenses decreased by 0.42 percentage points to 9.44% compared with the same period last year. Among them, the rate of sales and financial expenses increased by 0.51 and 0.14 percentage points over the same period last year to 2.08% and 0.15%. The rate of administrative expenses decreased by 1.07 percentage points to 7.21% compared with the same period last year. The R & D expenditure was 36 million yuan, down 2.29% from the same period last year. The increase in sales expenses is mainly due to the increase in wages and freight during the reporting period, while the increase in financial expenses is mainly due to the impact of exchange gains and losses caused by changes in the exchange rate of RMB in the same period in 2018.

Environmental protection regulation affects the supply of upstream enterprises, and the advantage of extending the lily industry chain is highlighted. 1) in recent years, environmental protection regulation has caused many upstream enterprises that do not meet the requirements of environmental protection to stop production or limit production, which directly affects the supply quantity and price. The quality and supply stability of intermediates are very important for pigment production. 2) during the reporting period, Inner Mongolia Yuansheng Sodium Technology Co., Ltd. was invested in the establishment of Inner Mongolia Yuansheng Sodium Technology Co., Ltd., the company intermediates DB-70, DMSS, 4-chloro-2pyrine 5-dimethoxyaniline (4625) and chromophen series are basically self-sufficient, and a relatively complete self-supporting system of the product chain has been established.

Lily has obvious advantages in R & D and technological innovation. 1) through independent development, joint development and technology introduction, the company has independent intellectual property rights to the core technology of the leading products. The company now has 29 authorized invention patents and 27 invention patents under application. The company actively participates in the formulation of national and industry standards for organic pigments. By the end of the reporting period, the company has presided over the formulation of 17 industry standards. Participate in the formulation of 3 national standards and 5 industry standards. 2) the company independently develops and produces a variety of high-performance and environment-friendly organic pigments, and has made breakthroughs and development in automotive coatings, food packaging, children's toys, special customized printing inks and other application fields. The company's research and development of environment-friendly organic pigments is in the forefront of China, and most of the varieties have passed the pre-registration or formal registration of EU REACH regulations.

Profit forecast and investment rating. We estimate that the EPS of the company from 2019 to 2021 will be 1.16,1.40,1.46 yuan respectively. With reference to the valuation of comparable companies in the same industry, we believe that the reasonable valuation range is 17-19 times PE in 2019, corresponding to a reasonable value range of 19.72-22.04 yuan, maintaining a neutral rating.

Risk hint. In the construction and production capacity put into progress is not up to expectations, product prices fluctuate sharply, macroeconomic decline.

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百合花(603823)：19H1归母净利润同比增加29.33% 公司产业链一体化优势明显

Lily (603823): 19H1 homing net profit increased 29.33% compared with the same period last year. The company has obvious advantages in the integration of industrial chain.

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