Jiuli Special Material (002318): Downstream Gao Kang’s Beautiful Business

Jiuli Special Material (002318): Downstream Gao Kang’s Beautiful Business

Incident Description The company issued a report for the third quarter of 2019 and achieved operating income of approximately 32 in the first three quarters.

81 ‰, an increase of 9 in ten years.

90%; realize net profit attributable to shareholders of listed companies.

880,000 yuan, an increase of 79 in ten years.

93%, corresponding to a basic EPS of 0.

46 yuan.

Among them, the company’s operating income in the third quarter was about 11.

82 ppm, an increase of 14 years.

06%; Net profit attributable to shareholders of the parent company was approximately 1 in the third quarter.

77 ppm, an increase of 112 in ten years.

74%, corresponding to the basic EPS in the third quarter of 0.

21 yuan.

The company expects to gradually realize a net profit attributable to mothers of about 4 in 2019.

860,000 yuan?

470,000 yuan, an annual increase of 60%?
80%, corresponding to the net profit attributable to the mother in the fourth quarter of about 0.

980,000 yuan?

590,000 yuan, an increase of 11 in ten years.

twenty one%?


Incident Review Oil and Gas Cycle Boom + Inventory Price Reversal Prepared to Turn Back, Beautiful 3Q Results: The company’s 3Q earnings increased at the same month-on-month average, the absolute value of profits hit a record high in a single quarter, and gross margin growth in the 3Q increased by 7.

34 good 31.

19%, net profit attribution extended 6.

95 single to 14.

97%, which is a historical high.

Investigate the reason: the downstream oil and gas industry chain demand boom, reversed some inventory depreciation preparations, supplemented overseas export profits and exchange income improvement: (1) benefited from the recovery of the oil and gas cycle boom, oil and gas exploration and transportation demand improved significantly, the first September of this yearInvestment in oil and gas exploration and pipeline transportation increased by 38 each year.

8% and 18%; on average, “private private refining and chemical” projects have landed one after another, effectively supporting the demand for high-end stainless steel pipes; (2) the company in the first half of this year made provision for inventory depreciation of about 25.48 million yuan.

As the prices of raw materials and finished products continued to rise, the company reversed some inventory depreciation provisions in the third quarter, and finally the asset loss in the third quarter decreased by approximately 0.

19 ppm, further increasing the profit 杭州夜网 elasticity; (3) Increased RMB depreciation accelerated, the company’s overseas product profits and exchange gains also improved.

In addition, the company’s 3Q advances and initial growth were 41.

81%, mainly due to pre-paid raw materials locked in hand orders, reflecting the company’s order boom.

Oil and gas boom continued to increase with product upgrades, and gradually increased profits: The company expects to improve its net profit in the fourth quarter of this year, mainly due to: (1) downstream oil and gas investment continues to pick up, increasing the company’s orders in hand; (2) the company strengthens its product structureUpgrade, increase the proportion of high-end production capacity, and consolidate market competitiveness.

Both performance and theme, stability and flexibility coexist: the company 苏州夜网论坛 merges the dual concepts of oil and gas and nuclear power. At present, the performance of the oil and gas business has increased rapidly, building a solid foundation for operation.The cyclical dividend further gains earnings flexibility.
It is expected that the company’s EPS in 2019 and 2020 will be 0.

63 yuan, 0.

72 yuan, maintain “Buy” rating.

Risk Warning: 1.

Oil and gas refining demand has dropped significantly; 2.

Progress in nuclear power demand is not up to expectations.