Tongkun (601233): Three quarterly reports are in line with expectations

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Tongkun (601233): Three quarterly reports are in line with expectations

Category : 洗浴

Tongkun (601233): Three quarterly reports are in line with expectations

In the first three quarters of 2019, net profit decreased by at least 2%. The performance was in line with expectations. On October 25, Tongkun Co., Ltd. released the third quarterly report for 2019. The company realized revenue of 37.2 billion US dollars, each adding 20.

7%, net profit 24.

500 million, downgraded by 2 every year.

1%, performance is in line with expectations.

Among them, Q3 achieved revenue of 12.6 billion yuan in a single quarter, an increase of 3 a year.

4%, net profit 10.

600 million, downgraded by 7 every year.


Press 18.

The latest equity calculation of 4.8 billion shares corresponds to EPS 1.

33 yuan.

Due to changes in share capital, we lowered the company’s EPS for 2019-2021 to 1.



42 yuan, maintaining the “overweight” level.

The sales volume of polyester filament increased in the first three quarters, but the price dropped. Since the PTA business performance has been in production since 2018, the overall filament production capacity has increased by 230 tons. The company’s product sales have increased significantly in the report scale, including polyester filament POY / FDY. / DTY sales were 281/83/56 months, which increased by 24% / 56% / 19% each, and the average sales price (excluding tax) decreased by 14% / 13% / 11% to 0.



890,000 yuan / ton, revenue increased by 7% / 36% / 6% to 205/65/49 trillion.

Subsequently, in the first three quarters of 2019, the company’s PTA project operating conditions improved compared with the same period of the previous year, and its output also increased. According to Baichuan Information, in the first three quarters, PTA quotes in East China dropped by 4.

8% to 0.

600,000 yuan / ton, the average price difference between PTA-PX increased by 27% to 1,172 yuan / ton, which helped improve performance.

The company’s comprehensive gross profit margin fell by 3.

3 points to 13.

2%, the overall rate is stable.

The third quarter performance increased by 22 from the previous quarter.

0%, raw material prices help profit growth in 2019Q3 company’s POY / FDY / DTY sales were 89/27/18 revenue, respectively, a decrease of 9% / 10% / 6%, the average sales price (excluding tax) also decreased by 2% / 5% / 3%.

In terms of raw materials, according to Baichuan Information, the P3 quotation in East China in Q3 dropped 11% month-on-month to 0.

At 55 million / ton, the average CFR price of PX Taiwan China dropped 11% month-on-month to US $ 814 / ton. Although the average price of grain 杭州桑拿网 in East China rose slightly from the previous month 3.

2% to 0.

460,000 yuan / ton, but the overall decline in the price of raw materials is still greater than that of polyester filaments, which helped the company’s Q3 performance increase by 22 from the previous month.


The PTA-polyester industry chain has been affected by the sluggish demand side. The PTA-polyester industry chain has fallen as a whole since October. According to China Fiber Network, the current POY / FDY / DTY (150D) prices in East China are 7050/7225/8650 yuan/ Ton, down 8% / 5% / 5% compared to the end of September, PTA quoted at 4,950 yuan / ton, down 3% from the end of September, the PTA-PX spread also narrowed about 15%.

We believe that the current profitability of the PX / PTA / polyester industry chain is at the bottom of consolidation.

Zhejiang Petrochemical project continues to advance, and the profit is expected to rise to a 深圳桑拿网 higher level. The company ‘s first phase of 2000 / year integrated refining and chemical integration project of Zhejiang Petrochemical is progressing smoothly. It is currently in the trial production preparation stage. The company expects the project to be put into production in 2019.The upstream aromatic hydrocarbon feedstock protection will be further enhanced, enhancing the profitability of listed companies.

Maintaining the “overweight” rating resulted in an increase in share capital of 0 due to the conversion of convertible bonds.

2.6 billion shares to 18.

4.8 billion shares, we lowered the company’s EPS to 1.62/2.


42 yuan (the original value is 1.



45 yuan), combined with comparable companies’ estimated level (11 times PE in 2019), we give the company 9 in 2019.

5-11 times PE, with a target price of 15.


82 yuan (original value 14).


22 yuan) to maintain the “overweight” level.

Risk reminder: The commissioning progress of new projects exceeds expected risks, and crude oil prices may fluctuate greatly.