Yuntianhua (600096): Company operation promotes continuous optimization and improvement
The company is a chronic phosphorous chemical giant with a leading industry in terms of production capacity, and its heavy burden of three fees in history has eroded its profits.
With the improvement of the industry structure and the advantages of the company’s industrial chain, the company’s reform and optimization have been gradually promoted, and the future profit improvement has improved, as follows: The core point of view The asset burden has been controlled: Since 12 years, the company and the group have carried out multiple asset replacements.While integrating the business with weak profitability, the phosphorus chemical industry is integrated into the body. As the company’s business is more concentrated, and the phosphate rock-phosphate fertilizer and coal-urea industry chain support is formed, the cost advantage has been leading for a long time.
In addition, the company’s capital expenditure has come to an end, and large-scale construction projects have been consolidated. The asset burden that has eroded the company’s profits has been fully reflected and controlled, and the foundation for operating improvement has been consolidated.
Supported by the agrochemical boom, the company has great flexibility: Due to the marked improvement in the scale of supply and demand, the company’s main fertilizer is one of the few cyclical products in which the current boom is still continuing, especially the phosphate ore-phosphate fertilizer industry chain is still at a 北京桑拿体验网 low level in the historical boom.There is room for continued recovery.
The company ‘s highest phosphate rock production capacity in 1450 is huge. For every 100 yuan / ton increase in phosphate rock, the performance elasticity is 9.
Orderly progress in business optimization: The company has great potential for improvement and restructuring. The company’s continued optimization of its business structure and recently completed debt-to-equity swaps can directly reduce financial costs, and the cost reduction potential is 1.
400 million; cumulative, public sales and management expense ratios and peer averages also have the potential to optimize conversion, which is expected to achieve profitability independent of changes in the industry’s business climate.
In addition, the company completed the equity incentive 无锡桑拿网 award in January this year, marking a firmer step for the company to optimize its transformation.
Financial Forecast and Investment Suggestions We predict that the company’s total EPS in 19-21 will be 0.
34 and 0.
42 yuan, based on a 19-year 20 times price-earnings ratio of a comparable company.
80 yuan and overweight grade.
Risk warning: product and raw material price fluctuation risks; cost improvement is less than expected; historical burden such as debt is heavy