Yangnong Chemical (600486) 2019 Third Quarterly Report Review: Subsidiary Consolidated Results Comply with Expectations

Yangnong Chemical (600486) 2019 Third Quarterly Report Review: Subsidiary Consolidated Results Comply with Expectations

Company summary The company released the third quarter report of 2019, and realized operating income of 70 from January to September 2019.

6.2 billion, an annual increase of 1.

09%; net profit attributable to shareholders of the parent company10.

7 billion, an annual increase of 14.

69%; net profit attributable to shareholders of the parent company after deduction.

94 trillion, an increase of one year.

26%.

Among them, Q3 quarter achieved operating income of 18.

One million yuan, a decrease of 8 per year.

19%; net profit attributable to shareholders of the parent company2.

1.9 billion, an annual increase of 0.

55%.

The completion of the equity transfer between Sinochem Crop Protection Products Co., Ltd. and Shenyang Sinochem Pesticide & Chemical Development Co., Ltd. will be consolidated in the Q3 quarter.

The company commented that the price of insecticides rose, and the herbicides continued to subdivide the company’s insecticide sales in the Q3 of 1910.

00 tons, an increase of 11 in ten years.

06%, realized operating income of 24.

570,000 yuan, an increase of 21 in ten years.

75%, the average price in January-September 19 was 22.

580,000 yuan / ton, an increase of 9 per year.

65%, a slight decrease from the previous quarter.

Herbicides achieved sales of 28,749 in Q3 of ’19.

97 tons, an average annual growth of nearly 34%, and achieved operating income8.

45 trillion, a reduction of 53 a year.

57%, average price 2.

94 million / ton, temporarily extended by 29.

64%, continued to decrease.

In terms of raw materials, in addition to chlorine, m-phenol prices rose 101.

3% and 38.

7%, the rest including caustic soda, formaldehyde, and several major raw materials inside the intermediates have experienced price fluctuations.

The capital operation was advanced in an orderly manner, and the product structure was gradually optimized. The company’s capital operation was on the right track. The consolidation of Sinochem Crop Protection Products Co., Ltd. and Shenyang Sinochem Pesticide Chemical Development Co., Ltd. in the third quarter boosted the company’s performance.

And the subsidiary Youjia Plant Protection Co., Ltd. intends to 1.

Acquiring 100% equity of Nantong Baoye Chemical Co., Ltd. for US $ 3.2 billion will add Daisensen fungicide products to enrich the company’s product structure.

At the same time, the company plans to start with 1.

The purchase of all technical categories of intangible assets of anisole metronidazole, propiconazole, fluorourea, and flufenaproxaline held by Yangnong Group and its subsidiaries for US $ 2.8 billion will accelerate the development of the company’s related products.Optimize product structure.

Earnings forecasts and estimates are supplemented by the company’s Q3 quarterly coexistence form to supplement its subsidiaries. We have revised the company’s earnings forecasts and expect the company’s operating income for 2019, 2020 and 2021 to be 88.

7.4 billion, 98.

1.9 billion and 110.

22 trillion, the growth rate was 67.73%, 10.

66% and 12.

25%; net profit attributable to shareholders of the parent company is 12, respectively.

3.3 billion, 13.

7.7 billion and 15.

880,000 yuan, the growth rate was 37.

76%, 11.

67% and 15.

32%; fully diluted earnings per share were 3.

98, 4.

44 and 5.

13 苏州桑拿网 yuan, corresponding to PE is 12.

8, 11.

5 and 9.

9 times, maintaining the level of “cautious increase” in the next six months.

Risk reminders of safety accidents and environmental protection issues; the advancement of Youjia’s new project fell short of expectations; raw material price fluctuations;