The company's products cover herbicides, pesticides, fungicides, animal nutrition, daily chemical care and intermediates, forming the core competitive advantage of "basic raw materials + intermediates + crude drugs + preparations + sales channels". It is a leading enterprise in the field of domestic and global biochemical agriculture.
On the basis of realizing the transformation from traditional chemical pesticides to biochemical agriculture (biochemical environmental pesticides, biochemical animal nutrition and intermediates, etc.), the company continues to cultivate superior industrial chains and enrich core product lines. The company has an annual output of 10,000 tons of biochemical enemy grass fast industrial chain, an annual output of 10,000 tons of biochemical VB3 industrial chain and an annual output of 25000 tons of biochemical pyridine alkali industrial chain and so on. Among them, the cost advantage of biochemical enemy grass fast industrial chain is obvious, the market pattern and discourse power of biochemical VB3 industrial chain are greatly improved, and biochemical pyridine alkali industrial chain forms an absolute leading advantage in the world.
The total operating income of the company in 2018 was 5.908 billion yuan, up 16.49% from the same period last year; the net profit attributable to shareholders of listed companies was 637 million yuan, down 10.81% from the same period last year; revenue in the first quarter of 2019 was 1233224878.97 yuan, down 12.74% from the same period last year; the net profit belonging to shareholders of listed companies was 120177826.39 yuan, down 40.77% from the same period last year The net cash flow generated by operating activities was 67332847.17 yuan, a decrease of 63.19% compared with the same period, mainly due to the increase in purchase payments made during the reporting period.
Profit forecast: we estimate that the company's revenue in 2019 will be 66.2,76.8 and 9.21 billion yuan, and the net profit belonging to the shareholders of the parent company will be 7.8,9.3 and 1.11 billion yuan, respectively, and the corresponding EPS will be 1.50,1.65,2.02 yuan respectively. Give a rating of "overweight".
Risk tips: 1) the activity of the domestic A-share market is reduced; 2) the progress of product development is not up to expectations.
