Zhenhua Co. (603067) Company Annual Report Comments: Domestic chrome salt faucet production and sales rose, performance steadily increased

The performance of domestic chrome salt leaders has steadily increased, and the attributable net profit for 18 years increased by 45 each year.


The company achieved operating income in 201814.

50,000 yuan, an increase of 18 in ten years.

51%, achieving net profit attributable to shareholders of listed companies.

46 ppm, an increase of 45 in ten years.


The main reason for the increase in net profit is that the company maintains its scale advantage and actively explores the market to achieve an increase in product sales and a steady increase in operating income.

At present, the company’s comprehensive output of chromium salt products ranks first in the industry. Through the increase of the company’s R & D expansion and the continuous development of new customers, the market will further increase.

In 2018, the company’s average purchase price of chromite was 1629 yuan / ton, a continuous decline of 25.

39%, while applying new technologies, the production environment has been continuously improved, and scale effects have gradually emerged.

Production and sales of main products increased, and profitability improved.

Dichromate, chromium oxide and chromium sulfate are the company’s main products, and the total sales revenue accounts for 85% of the main operating income.

twenty two%.

In 2018, dichromate products achieved revenue3.

08 million yuan, an increase of 32 every year.

87%, realized gross profit 6811.

130,000 yuan, an increase of 3959 per year.

The 170,000 yuan is basically the decrease in the production capacity of domestic dichromate manufacturers. Due to the decrease in foreign production capacity, the number of imports has dropped sharply, and the export of goods has increased slightly.

During the same period, the price of dichromate rose, and the gross profit margin of the product was 22.

13%, an increase of 9 per year.

82 units.

Revenue from chromium oxide products8.

61 ppm, an increase of 17 per year.

69%, with a gross profit of 28327.

49 million, an increase of 7441 every year.

960,000 yuan, the first is that domestic manufacturers reduce production capacity, the company’s total sales volume increased significantly over the same period last year.

The gross profit margin of chromium oxide products is 32.

90%, an increase of 4 per year.

35 units.

Both domestic and foreign sales revenues have risen, and the metallurgical industry has a large demand.

The company achieved territorial revenue in 201813.

24 ppm, an increase of 18 per year.

12%, export sales account for a relatively low, the main categories of domestic metallurgical industry demand for chromium-related products decreased, the company’s current sales are mainly domestic customers.

Clients are mainly developing countries in East China, South Central China and North China.

With the rapid growth of the macro economy and the intensification of competition 合肥夜网 in the domestic market, the company continuously strives to increase the development of the international market and its products are exported to Southeast Asia, Europe and the United States.

Foreign income in 2018 was 7,659.

650,000 yuan, an increase of 26 every year.54%, accounting for 5 of the main business income.

47%; the company has the right to operate import and export, and overseas sales are completed through self-employment.

profit prediction.

The backward production capacity of the absolute chromium salt industry has been eliminated, creating a market pattern for environmentally friendly production enterprises.

As a domestic chrome salt leader, the company adheres to the green development path, cleanliness, and obvious advantages in scale.

We predict that the company’s net profit for 2019-2021 will be 1.

7.9 billion, 1.

9.8 billion, 2.

150,000 yuan, the corresponding EPS is 0.

58 yuan, 0.

64 yuan and 0.

70 yuan.

Give the company 20-24 times PE in 2019, corresponding to a reasonable value range of 11.


92 yuan, maintaining the sustainable market rating.

Risk warning: raw material prices rise, product prices fall.

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