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Depth-Company-Guanghui Energy (600256): Performance slightly exceeded expectations LNG business continued to advance

Depth * Company * Guanghui Energy (600256): Performance slightly exceeds expectations LNG business continues to advance

The company released its 2018 annual report and achieved net profit attributable to mothers in 201817.

44 ppm, a 166-year increase.

8%, slightly more than expected.

The company issued a profit distribution plan, and plans to pay 1 yuan (including tax) for every 10 shares.

Key points of support level The company’s performance is the best in history.

The company achieved operating income of 129 in 2018.

50,000 yuan, an increase of 58 in ten years.

58%; net profit attributable to mother 17.

44 ppm, a 166-year increase.

83%.

Both reached the best level in history.

At the same time, the company realized net cash flow from operating activities.

40,000 yuan, an increase of 69 in ten years.

89%, achieving a net sales margin of 12.

6%, a significant increase of 6 per year.

57 units.

The efficiency and quality of the company’s operations have been further improved, mainly due to the high cash flow performance brought by the operation of Qidong LNG terminal, and the increase in profitability brought by the increase in methanol and coal prices.

LNG business operations are becoming more mature and full of stamina.

The company has realized the opportunity of rapid growth of the domestic natural gas market, relying on its own gas source and scientific management, the LNG business has reached a higher level. In 2018, the company achieved 2.3 billion cubic meters of LNG sales, surpassing the growth of 27.

03%.

Realized sales income of 65.

900 million, accounting for 51% of the company’s total revenue.

Among them, Qidong LNG receiving station received 23 ships, and gradually went out of the warehouse 82 length, until it increased by 51.

14%.

Hami New Energy and Jimunai produced two LNG plants11.

8.9 billion cubic meters, an annual increase of 9.

8%, the best level in history.

Looking forward to the future, after the third phase of Qidong LNG receiving station continued to advance, the construction of Qitong pipeline started, and Yueyang LNG receiving station began planning, and the company’s LNG business planning will continue to expand in the future.

The coal and coal chemical businesses continued to improve quality and efficiency.

At the same time that prices have risen, the company’s coal and methanol production and sales have both increased, and the performance boost has been significant.

The carbonization Ⅰ and Ⅱ series units of the 北京夜生活网 first-phase project of the “1000 Yearly / Year Coal Classification and Quality Upgrade Clean Utilization Project” of Clean Refining and Chemical Company were formally operated in December and June 2018, respectively, and began to bring benefits to the company.

It is estimated that Qidong LNG project construction is advancing steadily, and LNG will become the main driver of the company’s performance growth and enjoy the industry development bonus.

Adjust 2019-2020 EPS to 0.

37 yuan, 0.

49 yuan, corresponding to PE is 12 times, 9 times.

Maintain BUY rating.

The main risks facing the rating are the rise in oil prices, the emergence of the Black Swan incident in the economy, the emergence of safety in the company’s operations, environmental protection emergencies, the shift in national environmental protection, and industrial policies, and the company’s project construction has failed to advance as expected.