Shandong Heda (002810): Single-quarter results show high growth

Shandong Heda (002810):无锡桑拿网 Single-quarter results show high growth

Highlights of the report Event description Shandong Heda released the first quarter report of 2019 and achieved operating income2.

30,000 yuan, an annual increase of 34.

2%, the net profit attributable to shareholders of the listed company was 2850.

90,000 yuan, an increase of 167 in ten years.

8%, after deduction is 2720.

30,000 yuan, an increase of 181 in ten years.


The company’s basic profit income is zero.

25 yuan.

The company estimates that the attributable net profit for the first six months of 2019 is 7040.


20,000 yuan, an annual increase of 120.

0% -150.


Event Comment The company’s single quarter performance hit a new high since listing.

In the first quarter of 2019, the company’s operating income and performance continued to 北京夜生活网 increase compared with the same period of the previous year, and the single-quarter performance hit a new high since the company went public.

As a domestic cellulose ether leader, the company’s main products include mid-to-high-end models of building material grades, pharmaceutical grades and food grade non-ionic cellulose ethers, ranking first in China.

At the same time, the company actively extended the industrial chain and entered the field of plant capsules.

In 2018, the company’s 2 budget / year cellulose ether reconstruction project was put into trial production, and major operating contracts were extended with Knauf and Saint-Gobain to provide new momentum for the company’s growth.

The expense ratio increased during the period, and profitability improved significantly.

2019Q1, the company’s period expenses 17.

9%, an increase of 2 over the same period of the previous year.

Seven averages, the increase mainly comes from the increase in management expense ratio.

Management expenses in the first quarter 7.

7%, an increase of 3 over the same period last year.

6 units.

The company’s sales expense ratio, R & D expense ratio and financial expense ratio are 3 respectively.

5%, 3.

9% and 2.

8%, an increase of -0 over the same period of the previous year.

4 averages, 0.

2 digits and -0.

6 units.

The company’s gross profit margin in Q1 2019 was 32.

4%, an increase of 9 over the same period last year.

1 average, net profit margin is 12.

6%, an increase of 5.
In nine areas, profitability has improved significantly.
Cellulose ether products have been widely recognized by customers, and the plant capsule business has entered overseas markets.

As an industry leader, the company has made significant progress in improving the stability of cellulose ether quality and optimizing key physical and chemical indicators. Cellulose ether products have won recognition from major customers at home and abroad. Major customers include Knauf and JCDecaux in the field of building materialsOriental Yuhong and Indian IRIS INGREDIENTS in the pharmaceutical field, American KERRY BIOSCIENCE, Tianfang Pharmaceutical, Chia Tai Tianqing and other companies.

In the field of plant capsules, the company has started a technological transformation project with an annual output of 5 billion plant capsules.

The products of the subsidiary Hershey have been certified by many European and American customers.

Through overseas subsidiaries, the company’s plant capsule business has successfully entered the European and American markets.

The company is a leading enterprise of cellulose ether and plant capsules. It takes advantage of the integration of the industrial chain to cut into the plant capsule business of continuous development space and enter the fast track.

The company’s EPS is expected to be 1 in 2019-2021.



33 yuan.

Maintain “Buy” rating.

Risk Warning: 1.

Macroeconomic fluctuations, prices of products such as cellulose ether were lower than expected; 2.

Plant capsules were less popular than expected.