Yuntu Holdings (002539) Quarterly Report Comment: Results Meet Expectations Expectations of Phosphate Minerals to Bring Profit
The company achieved operating income of 66 in the first three quarters of 2019.
990,000 yuan (ten years + 12.
93%), achieving net profit attributable to the parent1.
830,000 yuan (ten years +30.
04%), to achieve net profit after deductions to mothers1.
2.4 billion yuan (+47 a year).
72%), of which non-recurring benefits such as government subsidies were received.
The company achieved revenue of 23 in the third quarter alone.
880,000 yuan (+7 for the whole year.
53%, +4 from the previous quarter.
05%); achieve net profit attributable to mother 0.
610,000 yuan (ten years +21).
22% compared to -27.
71%), net profit after deduction is 0.
500,000 yuan (ten years +239.
48%, +16 from the previous quarter.
The company expects to achieve net profit attributable to mothers in 20192.
64 ppm, an increase of 20-50% per year.
The company achieved a gross profit margin of 14 in the third quarter.
90% (previously +4.
58pct, ring than -1.
06pct), sales expense ratio 2.
66% (decade -0.
50pct, ring than -0.
86pct), management expense ratio 4.
73% (decade +0.
66pct), R & D expense ratio 3.
19% (ten years +3.
11pct, chain +1.
44pct); asset-liability ratio 66.
37pct), financial expense ratio 1.
37% (one year-0.
The company’s scale effect is gradually realized, and the sales and management expense ratio is gradually reduced. At the same time, the high level of the asset-liability ratio is gradually reduced, and the company’s financial expense ratio is reduced accordingly.
63% (decade +0.
29pct, ring than -1.
Phosphate ore obtained a resource register.
Leibo Kerry, a wholly-owned subsidiary of the company, has received the “Registration Certificate for Ascertaining Mineral Resources Reserves” issued by the Natural Resources Department of Sichuan Province.
9 samples, grade III, average ore taste P2O5 20.
After obtaining the approval of the 西安耍耍网 Ministry of Land and Resources Management and the Ministry of Natural Resources, the mining rights of the eastern section of the phosphate mine will be obtained.
At present, the western section of phosphate rock is still in the exploration stage, and the company’s overall phosphate rock reserves are expected to exceed 2 billion tons.
We judge that the company’s expected production capacity of phosphate ore should reach the level of one million tons, and the production will be expected to significantly increase the company’s performance.
Performance ushered in an inflection point.
The company develops endogenously and builds an integrated industrial chain from salt, phosphorus and sulfur resources to downstream fertilizer and salt.
During the period of 2013-2015, a large number of conversions were made. Through the 天津夜网 termination of future depreciation and amortization and the decrease in financial expense ratio, the company’s net profit was elastically transmitted.
In addition, the asset-liability structure is expected to improve. We believe that the company’s performance in 2019 will usher in an inflection point.
Maintain earnings rating.
It is expected that the company will realize net profit attributable to mothers in 2019-2021.
USD 9.2 billion, corresponding to PE of 20/14/10 times. Maintain “Buy” rating.
Risk reminder: the risk of falling product prices; the uncertainty of environmental protection policies, and the need to reduce risk.