matter:
Huatai Company announced the third quarterly report of 2018. In 18 years, Q1-Q3 realized revenue of 11.13 billion yuan, a year-on-year increase of 12.46%; net profit of returning mothers was 650 million yuan, up 34.55% year-on-year; net profit after returning to non-family was 629 million yuan, The increase was 33.19%. Q3 realized operating income of 3.709 billion yuan in a single quarter, up 3.24% year-on-year; net profit of home 278 million yuan, up 48.57% year-on-year; net profit after home deduction was 271 million yuan, up 46.55% year-on-year, and the results were in line with expectations.
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Papermaking business wood pulp paper has strong profitability, waste paper is limited, waste paper import policy is light, and chemical business remains stable: we expect the company's Q1-Q3 company's paper business to have a net profit of about 490-500 million, compared with the same period last year. The growth rate is 50%, mainly due to the continuous improvement of the profitability of the company's coated paper and cultural paper. After the paper cycle in the second half of 2016, the company's price increase is relatively lagging. With the continuous improvement of the company's copper and cultural paper production efficiency, and the company's paper machine depreciation gradually During the period, the profitability of copper and cultural paper continued to increase. The company's newsprint and boxboard papers were lightly profitable, mainly because the quality standards of imported waste paper hybrids were strict, the actual waste of the company's imports was reduced, and the cost of raw materials continued to increase. We expect Q1-Q3's chemical business's net profit to be about 1.5-160 million yuan, which is basically the same as the same period of last year. Under the background of high price of ionic membrane caustic soda, the company's cost of handling liquid chlorine has increased in the same direction. The company paid and other operations in the first three quarters. The activity-related cash was 505 million yuan, a year-on-year increase of 57.15%, mainly due to the liquid chlorine disposal costs of the chemical business.
The gross profit margin increased steadily, and the expense ratio continued to decline during the period: the gross profit margin of 2018Q1-Q3 was 16.28%, up 0.84pct year-on-year; the gross profit margin of 2018Q3 was 17.99%, up 1.02pct year-on-year and 1.02pct quarter-on-quarter, mainly due to continuous improvement in product prices and depreciation to Impact. During the 18-year Q1-Q3 period, the expense ratio was 8.44%, down 1.48pct; the sales expense ratio was 3.25%, down 1.11pct; the management expense ratio was 3.91%, up 0.59pct; the financial expense ratio was 1.28%, down 0.97pct. During the 18-year Q3 period, the expense ratio was 8.29%, down 2.23pct, down 1.37pct from the previous month; the sales expense ratio was 3.25%, down 1.44pct, down 0.32pct from the previous month; the management expense ratio was 3.96%, up 0.11pct, down 0.6 from the previous month. Pct; financial expense rate of 1.08%, down 0.9pct year-on-year, down 0.44pct. The management efficiency of the company continued to improve and the expense rate was well controlled.
The paper product structure continued to adjust, and the chemical business spectrum was gradually enriched: in recent years, in response to the paperless impact, the company gradually converted newsprint machines into high-grade cultural papers and purchased packaging paper machines to achieve paper product transformation; in the chemical sector, the company gradually invested in chemical products 500,000. On the basis of the ton ion-exchange membrane caustic soda project, the company gradually developed high-value-added fine chemical products, and added a second revision to the proposed investment in organic synthesis intermediates, in which p-aminophenol was supplied to pharmaceutical manufacturers, m-phenylenediamine. Provided to tire manufacturers and aramid producers. Estimated net profit for 2018-2020 is 846 million yuan, 968 million yuan, 1.051 billion yuan, corresponding to the current market value of PE 6.3, 5.5, 5.1 times, optimistic about the company's paper-making chemical two-wheel drive growth potential, market share continues to expand, maintain Strong push rating.
Risk warning: the macroeconomic downturn has led to weak demand for paper products, and the cost of liquid chlorine treatment has risen significantly.
Editor in charge: Zheng
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