Hailier (603639): Performance exceeds expectations, optimistic about the company’s long-term development

Hailier (603639): Performance exceeds expectations, optimistic about the company’s long-term development

Core point of view: The company releases its 2018 annual report and 2019 quarterly report.

The company achieved revenue of 21 in 2018.

90,000 yuan, an increase of 37 in ten years.

88%, realized net profit attributable to mother 3.

67 ppm, an increase of 28 in ten years.

45%, of which Q4 achieved net profit of 5025.

49 million, 47 the previous year.


The company achieved revenue in the first quarter of 20196.

20,000 yuan, an increase of 12 in ten years.

91%, net profit attributable to mothers reached 68.42 million yuan, with an annual extension of 24.


The company’s performance in the fourth quarter of 2018 and the first quarter of 2019 were lower than market expectations.

Imidacloprid’s business climate is down, and the profitability of the formulation business is under pressure.

According to the 2018 annual report, the company achieved a sales volume of 5,137 tons of pesticides, an increase of 61.

04%, average selling price 16.

66 million / ton, up 8 in the past.

58%, imidacloprid business volume and price go up is the company’s 2018 performance growth lead.

The profitability of the high-priced extrusion preparation business of the original drug. In 2018, the company’s preparation segment 杭州桑拿网 achieved sales of 19,868 tons, placing 6 each time.

56%, gross sales margin 29.

87%, compared with the same period last year 1.

04 points.

In the first quarter of 2019, the demand for imidacloprid was light, and the business climate dropped at a high level. According to the company’s first quarter report for 2019, the average sales price of pesticides in Q1 of 2019 was 15.

79 million / ton, temporarily extended by 8.

18%, sales of 671 tons, at least 29 per year.

14%, the downturn in the pharmaceutical business dragged down the company’s first quarter results.

Many projects go hand in hand and are optimistic about the company’s long-term growth.

According to the company’s 2018 annual report, the company’s 1,000-ton pyrazole ether fungus project was first put into production at the end of 2017, and the capacity load continued to increase. In 2018, it invested in 253 original drug products.

42 tons.

In addition, the company’s second-generation nicotine new product thiamethoxam, clothianidin and the third-generation new nicotine furfuramide (total 3500 tons), and an annual output of 2000 tons of prothioconazole fungicide technologyThe construction of the workshop and workshop has been basically completed by the end of 2018.

We expect company 19?
The net profit attributable to mothers for 21 years was 3.

89, 4.

89, 5.

52 trillion, corresponding to the current highest PE is 11.


4, 8.

3 times.
With reference to comparable companies, the average PE in 2019 is estimated to be 13.
9 times. Considering that the company’s new projects continue to advance and the future growth is worth looking forward to, we give the company April 2019.

5 times PE, with a reasonable value of 33.

35 yuan / share, maintaining the “overweight” rating.

Risk warning: Lower downstream demand leads to the company’s product sales exceeding expectations; expansion of production leads to changes in product prices; environmental protection approvals and other factors cause the company’s capacity reduction schedule to exceed expectations.