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08-07-2017, 04:06 PM
(This post was last modified: 08-07-2017, 04:07 PM by Bluechipfan.)
阳谷华泰半年度业绩预增35%-60%
中国证券报·中证网2017-07-06 18:47
中证网讯 阳谷华泰（300121）7月6日晚间发布半年度业绩预告，报告期内归属于上市公司股东的净利润8,096.31万元-9,595.63万元，比上年同期变动幅度35%至60%。公司表示，报告期内，公司按照年度经营计划有序推进各项工作，生产经营持续稳定发展，同时受益于国家供给侧结构性改革以及环保安全政策对部分不规范产能的影响，促进剂等橡胶助剂品种供求一直较为紧张，价格较去年同期有较大涨幅，故2017年上半年主营业务收入及净利润有一定幅度的增长
35-60 % increase of 1H17 net profit is expected according to the report quoting yanggu's profit guidance announcement on 6.7.17. How about sunsine which already saw 70% jump in 1Q17 net profit? I would think being the bigger player, sunsine should achieve similar if not better results.
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From Maybank Kim Eng Securities Retail Research Team :
11 Jul (Tue)
CHINA SUNSINE: Poised to benefit from continued strength in China passenger car sales. (Research by Maybank KE Retail Research)
- According to the China Passenger Car Association (CPCA), retail sales totalled 1.78m vehicles in Jun, a 4.6% rise from a year ago. This bodes well for China Sunsine, which makes chemicals that are used to cure rubber in the production of vehicle tyres.
- According to industry thinktank, ReportLinker, new passenger car sales in China should reach 29.7m by 2020, maintaining an annualised CAGR of 7.1% between 2017 and 2020.
- China Sunsine currently holds a market leading position both in China and the world with 31% and 18% market shares respectively, as of FY16.
- The group is taking advantage of this growth by expanding its annual capacity by 13% to 172,000 tonnes by the end of FY17.
- Assuming China Sunsine is able to maintain its 10-year earnings growth trend of 12.6% (1Q17: +70%), we could see the stock rerate to $1.10 based on a conservative 10x trailing P/E.
- China Sunsine has been a strong performer in Market Insight's Growth basket, appreciating 15% since inception at $0.70. In view of the continued earnings growth trajectory, we believe that the counter still has some runway for share price appreciation.
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China Sunsine will announce its 2nd quarter and half year results on Thursday 27th July. They will hold a results briefing on Friday 28th July and celebrate its 10th Listing Anniversary at the same time.
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Most important of all, China Sunsine has been viewed by the market as S-Chips, which all have a discount in their valuation.
As more investors travelled to China, visit their factories, meet their management, they slowly realised that they are real assets, real cash, and good people. So the biggest push now come from the re-rating towards a normal good company
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One doesn't need to go to China to be comfortable with their investment in China Sunsine. The company:
1) Had paid dividends every year since IPO and increased its annual dividends from 1 cents to 1.5 cents in the last 3 years.
2) Had bought back 26.7 mil shares from the market at an average cost of 24 cents per share and sold all of them this year at 64 cents each
3) Had RMB 300 mil cash as of 31 Mar 2017
4) Is serving top global tire brands that want to make sure their suppliers do not flout environmental regulations in China
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