Guanghui Energy (600256): 18-year performance meets expectations 19-year performance increase is guaranteed

Guanghui Energy (600256): 18-year performance meets expectations 19-year performance increase is guaranteed

Report Summary: Events: _ The company released its annual report and achieved revenue of 129 in 2018.

50,000 yuan, an increase of 58 in ten years.

58%; net profit attributable to mother 17.

44 ppm, a 166-year increase.

83%, deducting non-net profit 17.

110,000 yuan, an increase of 129 in ten years.

12%, the company’s annual report dividend plan is 10 yuan 1 yuan.

The 18-year performance is in line with expectations, and the increase in energy prices is the main reason for the performance growth: it reached a performance of 17 in 2018.

The main logic of the substantial growth of US $ 4.4 billion is the rise in energy prices. For natural gas, the off-season in the first half of 2018 was not off, and prices continued to run at a high level. Although the price did not jump to the end of 2017 in the second half of the year, the overall price did not makeIn terms of methanol, as a typical energy product, the increase in demand for methanol is gradually emerging as an emerging demand MTO. Benefiting from the rise in oil prices, the price has continued to rise, which has led to the rebound of methanol prices, even under the collapse of oil prices in the first 10 months.The price of methanol dropped significantly, but the average price of methanol in 2018 was still higher than in 2017.

On the whole, the price increase of energy products (natural gas, methanol, etc.) is the main driving factor for performance growth.

The multi-project layout has entered the harvest period, and the 19-year performance increase is guaranteed: a number of the company’s previous layout projects have entered the harvest period at the end of 2018 and the beginning of 2019 have successively entered the harvest period: 1) The Hung Hom Three Railway was commissioned in December 2018.It is expected that in 2019, 500 tons of thermal coal, 400 tons of upgraded coal, and 300 tons of liquid coal will be transported in the second half of 2019.

Hung Hom No. 3 Railway has expanded the sales scale of coal chemical products, reduced the cost of sales, and is expected to form better industrial synergy.

2) The second phase of the receiving station was put into operation in November 2018. It is expected that the receiving and unloading volume in 2019 is expected to reach 150 or even higher.

In the long run, the construction of the Qitong Natural Gas Pipeline Project is connected to the provincial pipeline network, which realizes the liquid gas inlet and outlet, which obviously relieves the pressure of tank truck transportation and also ensures the high turnover of the LNG receiving 四川耍耍网 station.

Profit forecast: Adjust the company’s net profit attributable to mothers from 2019 to 202025.

81/31.

7.2 billion (was 23).

01/25.

7.4 billion), plus net profit attributable to mothers in 202133.

85 ppm, corresponding PE is 12/10/9, maintaining “Buy” grade.

Risk reminder: Project construction is less than expected, natural gas prices rise, and methanol prices fall