The most popular Qi Xiang Tengda butadiene brought

2022-08-04
  • Detail

Qixiang Tengda: butadiene brought the company's revenue growth in the first half of the year

Qixiang Tengda released its financial report for the first half of 2013. In the first half of the year after the 2013 sports phase, Qixiang Tengda realized an operating revenue of 1.716 billion yuan, a year-on-year increase + 33.51% after exceeding the yield load; The net profit attributable to the parent company was 191million yuan, a year-on-year increase of +26.58%; The weighted average return on net assets was 6.06%

in terms of indicators per share, in the first half of this year, the company achieved earnings per share of 0.34 yuan, net cash flow from operating activities per share of 0.31 yuan, and net assets per share attributable to shareholders of listed companies of 5.73 yuan

performance forecast for the first three quarters: it is estimated that the net profit of the company from January to September 2013 will change by 0%~+20% year-on-year, the net profit is expected to be RMB 282million to RMB 339million, and the eps0.50 to RMB 0.60 in the first three quarters of 2013; 3q2013 single quarter net profit of 91-147million yuan, eps0.16-0.26 yuan

butadiene increased the company's revenue in the first half of 2013. In the first half of 2013, Qixiang Tengda achieved an operating revenue of 1.716 billion yuan, a year-on-year increase of +33.51%; The net profit attributable to the parent company was 191million yuan, a year-on-year increase of +26.58%; Methyl ethyl ketone is still the main source of the company's gross profit, accounting for 69.60% of the company's gross profit

butadiene project investment is especially suitable for Brinell hardness testing of large metal parts, resulting in the company's revenue growth. In june2012, the 100000 ton butadiene project of the company was put into operation. In the first half of this year, the butadiene unit of the company was in normal production. The increase of butadiene sales brought about the growth of the company's revenue. The average price of butadiene in the first half of the year was 12212 yuan/ton, and the company achieved a sales revenue of 539million yuan. However, due to the narrowing of the price difference between butadiene and C4, the company's butadiene products only realized a gross profit of 22.72 million yuan in the first half of the year. Butadiene products accounted for 31.43% and 9.13% of the company's revenue and gross profit respectively, and the gross profit margin was only 4.22%, a year-on-year decrease of 2.95%. Butadiene products contribute more to the company's revenue, but less to its profits

the profitability of methyl ethyl ketone is stable. 1h2013 the average price of methyl ethyl ketone was 8306 yuan/ton, with a slight year-on-year decrease of 3.92%. However, due to the year-on-year decrease in the price of raw material mixed C4, the profitability of methyl ethyl ketone remained basically stable. 1h2013 company's revenue and gross profit of methyl ethyl ketone reached 834million yuan and 173million yuan respectively, and the gross profit rate reached 20.78%, a slight increase of 0.73%

the profitability of isobutylene and tert butyl alcohol was improved. 1h2013 company's gross profit margin of isobutene and tert butyl alcohol products reached 16.74% and 43.64% respectively, with a year-on-year increase of 5.34% and 5.24% respectively. Isobutene and tert butyl alcohol products achieved a gross profit of RMB 31.17 million and 17.96 million respectively, accounting for 12.52% and 7.21% of the company's gross profit respectively. The improvement of the profitability of isobutylene and tert butyl alcohol has led to the growth of the company's profits

the gross profit margin of the company decreased in the first half of the year. Affected by the decline of domestic economic growth, the price of the company's main chemical products performed poorly in the first half of the year, which affected the company's profits. The gross profit margin of the company in the first half of the year was 14.63%, a year-on-year decrease of 2.20 percentage points; The expense rate during the period was 4.73%, an increase of 2.35 percentage points year-on-year; Under this influence, the company's operating profit decreased by 14.11% year-on-year. As received by the company; As the company obtained 70.81 million yuan of policy support funds in April, which was included in non operating income, the net profit of the company in the first half of the year increased by 26.58% year-on-year, and the net profit will not change for several decades, reaching 11.16%, a year-on-year decrease of 0.61%

single quarter operation. In the second quarter of this year, the company achieved an operating income of 616million yuan, a year-on-year decrease of 6.77%; The operating profit was 43.61 million yuan, a year-on-year decrease of 54.30%; The net profit attributable to the parent company was 96.36 million yuan, a year-on-year increase of 23.03%; The net profit margin reached 15.46%, a year-on-year increase of 3.78 percentage points; Earnings per share reached 0.17 yuan. 2q2013's gross profit margin was 15.11%, a year-on-year decrease of 1.83 percentage points; The expense rate during the period was 6.78%, an increase of 4.45 percentage points year-on-year. Many projects will be put into operation in the future. The 50000 ton butadiene project and 50000 ton cis-1,4-polybutadiene rubber project of the company have been successfully put into operation. At present, the company has a methyl ethyl ketone production capacity of 190000 tons/year, a butadiene production capacity of 150000 tons/year and a cis-1,4-polybutadiene rubber production capacity of 50000 tons/year. At the same time, there are still many projects under construction that will be put into operation in the future, mainly including: (1) 100000 ton maleic anhydride project. We expect that the project will be completed and put into operation before the end of 2013

450000 T/a low carbon alkane dehydrogenation to olefin and comprehensive utilization project. The project includes 350000 T/a MTBE, 50000 T/a tert butyl alcohol, 200000 t/a isooctane and 100000 t/a propylene capacity. We expect that the project will be completed and put into operation in 2015

the successive completion of the above projects will help the company make full use of C4 raw materials, improve the C4 deep processing industrial chain, improve the added value of products, and further enhance the profitability of the company

maleic anhydride project improves the company's profits. The company's traditional product is methyl ethyl ketone. Since then, butadiene, cis-1,4-polybutadiene rubber and other products have been gradually added. According to previous experience, the start-up process of the company's butadiene and butadiene rubber projects is very smooth. We believe that the company has rich technical experience in the production of chemical products in the C4 industrial chain and has an excellent technical team. Therefore, we believe that the start-up of the company's maleic anhydride project will also be successfully completed. We estimate that the gross profit of maleic anhydride products of the company is expected to reach 2000~3000 yuan/ton, the net profit is expected to be more than 1000 yuan/ton, and the contribution to the net profit of the company is expected to be more than 100million yuan after the project is fully completed

profit forecast and investment rating

the butadiene and cis-1,4-polybutadiene rubber projects of the company have been successfully put into operation and will gradually contribute profits to the company. In the future, the company will build maleic anhydride project and low-carbon alkane comprehensive utilization project, make full use of C4 raw materials and expand the company's C4 industrial chain. At the same time, the prices of the company's main products methyl ethyl ketone and butadiene are currently at a low level. With the improvement of the economic situation at home and abroad, the product prices are expected to increase in the future, and the company's profitability is expected to increase. We expect that the company's EPS from 2013 to 2015 will be 0.60 yuan, 0.85 yuan and 1.14 yuan respectively. According to the 2013 EPS and 25 times PE, we give the company a target price of 15.00 yuan and maintain the overweight investment rating

Copyright © 2011 JIN SHI