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Hengli Petrochemical (600346) Quarterly Comment: Q3 achieved a net profit of 27.


9.6 billion operating cash flows remain healthy

Hengli Petrochemical (600346) Quarterly Comment: Q3 achieved a net profit of 27.

9.6 billion operating cash flows remain healthy

Profit for the third quarter of 201927.

9.6 billion companies with sustained and healthy operating cash flow released the 3rd quarter report for 2019, reporting that a series of companies achieved operating income of 763.

29 trillion, a significant increase of 74 in ten years.

14%, mainly due to the beginning of 2000 / year integrated refining and chemical integration project put into operation, the company’s operating income increased; the report realized net profit attributable to shareholders of listed companies.

1.7 billion (Q1 / Q2 / Q3 are 5 respectively.

06/35.

15/27.

9.6 billion).

In terms of expenses, the company’s 19Q3 sales expenses2.

4.9 billion (1 year ago).

4.4 billion); administrative expenses 3.

2.4 billion (1 year ago).

4.5 billion); financial expenses 11.

7.4 billion (4 in the same period last year.

2.4 billion).

19Q3 single quarter revenue of 339.

9.6 billion, operating cash flow 142.

4.8 billion (Q2 is 161.

8 billion), the company’s operating cash flow continued to turn positive after the refining and chemical project was put into operation, and Q3 achieved net profit attributable to its mother.

96 ‰, 35 of the earlier 19Q2.

$ 1.5 billion in earnings, but still multiple ideal single quarter earnings.

Changes in inventory in the third quarter, PTA, polyester production and sales were stable. In the third quarter, the company’s external operating environment was complex and volatile.

20%, as of September 30, the company’s inventory items were 154.

300 million, as of June 30, the inventory item was 176.

1 ppm, Q3 inventory loss is expected to reach 21.

800 million.

Sino-U.S. Trade friction also continued to affect the demand for chemical fiber terminal textiles. In July, the spot price of the PTA period rose once, and profits also improved. From August to September, under the influence of multiple factors such as new capacity and weak crude oil, the PTA trendWeakness, industry chain profits transferred to polyester.

The reported company’s PTA + polyester business has stable production and sales. In terms of polyester polyester, Q3 achieved 四川耍耍网 polyester civilian filament output of 35.

13 polyamide, polyester industrial yarn 3.

66 initial, polyester chip 21.

22 additives, engineering plastics and polyester film 16.

41 is the highest; in terms of PTA, the company disclosed an adjustment in its caliber: PTA output of 273 in the “Annual Announcement of Major Operating Data in 2019”

42 Initially (excluding the downstream self-use part), the PTA output was 530 in the “Main Business Data Announcement for the Third Quarter of 2019”.

18 Fiat currency (including downstream self-use part), 2019H1 polyester products total 127.

77 digits, press 0.

86 unit consumption calculated the amount of digested PTA 109.88 Initially, the actual PTA output of 19H1 company is 383.

30 constants (273.

42 + 109.

88), it is estimated that 19Q3 company achieved PTA output of 北京spa会所 146.

88 cobalt.

Overall, the reporting company PTA, the production and sales of polyester business is stable.

It is expected that all the refining and chemical integration projects predicted in 2000 have been converted to solid refining and chemical integration projects and are gradually on track, and Q3 has achieved 251 chemical output.

32 ounces, and refined oil production is 126.

67 samples, compared with 227 for Q2 chemicals.

98 cobalt, 45 refined oil.

24 Initial budget, the ratio of chemical products / refined oils is closer to the design plan; termination of 19H1 company ‘s fixed assets of 55.8 billion US dollars, termination of 19Q3 company ‘s fixed assets to 82 billion, and construction in progress in the third quarter to fixed assets of 262 billion, expected 2000All the preliminary refining and chemical integration projects have been converted to fixed assets in Q3.

Performance Forecasts and Estimates We forecast the company to achieve net profit in 2019/2020/202182.

6/109.

9/114.

9 trillion, corresponding to EPS 13.

9/10.

5/10.

0x, maintain “Buy” rating.

Risk warning: Refining and chemical, PTA and polyester profit decline; crude oil prices fluctuate sharply, etc.