Hongda Xingye (002002): The integration of the chlor-alkali industry has achieved initial results
Guide to this report: Based on the traditional advantages of the chlor-alkali industry, the company actively develops the hydrogen energy and soil remediation industries, gradually integrates and gradually improves the layout, expands the scale of business on the industrial chain, and promotes profitability.Covered for the first time and given a 朴妮唛脱胸罩新闻 “Neutral” rating. Investment Highlights: Cover for the first time and give a “Neutral” rating.The company’s EPS is expected to be 0 in 2019-2021.25, 0.30, 0.39 yuan.Integrate PE and PB assessment methods and give a target price of 4.42 yuan, the first coverage, given a “neutral” rating. The well-organized chlor-alkali faucet has obvious integration advantages.The company has formed an integrated circular economy industry chain of “resources, energy, calcium carbide, PVC, caustic soda, soil remediation and hydrogen energy utilization, new PVC materials, and electronic trading business.The absolute supply and demand pattern of the PVC industry has improved, the price center has moved up, and high-level operations have started. This year and next year, the additional production capacity will be released one after the other, which will affect the profit forecast of PVC.The company’s advantages in resources and scale expansion, calcium carbide self-sufficiency rate will increase, and costs will be further reduced, which is expected to smooth the impact of cycle changes. The chlor-alkali industry was upgraded, and hydrogen energy started to develop.Aiming at the surplus sulphuric acid of chlor-alkali plant, the company increased the research and development of hydrogen energy utilization and the construction and promotion, and cooperated with the research and industrial research institute to develop rare hydrogen storage technology; the subsidiary completed the filing of 8 hydrogen refueling stations, and the first one was put into use.The development of hydrogen energy will further improve the company’s resource utilization efficiency and improve the industrial structure. The short-term adjustment of soil remediation business, the prospect of scale expansion is expected.The company’s self-developed soil conditioner uses by-product calcium carbide slag to achieve “eat and squeeze” the raw materials.In 2018, we will increase product penetration through our 四川耍耍网 price strategy, and we expect a substantial increase in revenue in 2019.The advancement of fund-raising projects is relatively slow. Through the depth of market promotion, the profit model with land conditioning and land restoration as the core will support long-term performance. risk warning.The risk of product prices fluctuating significantly, the market expansion is less than expected.