Evergreen shares (002391): 2018 annual performance growth exceeds 40%, future new production capacity investment to help growth

Evergreen shares (002391): 2018 annual performance growth exceeds 40%, future new production capacity investment to help growth
Event: The company announced the 2018 annual report: 2018 realized operating income of 30.00 ppm, an increase of 33 in ten years.65%; net profit attributable to mother 3.190,000 yuan, an increase of 40 in ten years.16%, the owner’s equity attributable to shareholders of the listed company is 32.59 trillion, an earlier increase of 6.94%, the quality of the company’s operations has been further improved.The company announced that it strives to achieve 3.5 billion yuan in operating income in 2019, an increase of 16 over 2018.64%, net profit realized synchronous growth. Comments: 1. The 2018 performance continued to grow, in line with expectations that the company will achieve net profit attributable to mothers in 2018 3.190,000 yuan, an increase of 40 in ten years.16%; in line with expectations.The annual performance in 2018 increased rapidly and rapidly, mainly due to the good market demand for the pesticide industry in the reporting period, the company’s effective organization of production, the increase in sales of major products and the increase in sales prices.The prices of imidacloprid and wormworm phosphate increased steadily, and the previous convertible bond projects (200 tons of indoxacarb and 300 tons of epiconazole) were successfully completed and put into production, and began to contribute to the performance.Throughout 2018, the average market price of imidacloprid was 18.82 million / ton, up 0 in the past.820,000 yuan / ton (+4.4%), the average price of ulcers is 19.20,000 yuan / ton, previously increased by 0.60,000 yuan / ton (+3.2%).The price increase of imidacloprid and cancerous insects contributed to the main performance increase. 2. The commissioning of new projects continued to drive performance growth. The convertible bond project provided long-term growth companies with a production line of 200 tons of indoxacarb and 300 tons of toluconazole. The production line of the project has been put into production, and the smooth operation of the project has further improved the company’s profitability.In addition, the company raised 9 through convertible bonds.13.8杭州桑拿 billion yuan for the investment and construction of 6 projects in the next two years: sulfachlor (2000 tons), butyl ether urea (1600 tons) and trifluoroterachlor (500 tons), dicamba (6,000 tons), intermediatesChloramine (5000 tons), clomazone (500 tons), glufosinate (3500 tons), a total of 1 are involved.91 Pesticides Pesticides and related raw materials.It is expected to contribute 15 revenue after full production.46 ppm, providing long-term growth momentum for the company.At present, the convertible bond fundraising has been completed, and the project is being effectively promoted to provide guarantee for the company’s long-term development. 3. Investment rating and estimation: The company’s EPS for 2019/20/21 is expected to be 1.05/1.29/1.41 yuan, PE 12.1/9.9/9.1x, maintaining the “strongly recommended” level. 4. Risk warning: The price of main products rises, the company’s product sales fall short of expectations, and the progress of new construction projects under construction falls short of expectations.