Xinyangfeng (000902) Third Quarterly Report 2019 Review: Short-term output distribution of monoammonium phosphate

南京夜网论坛Xinyangfeng (000902) Third Quarterly Report 2019 Review: Short-term output distribution of monoammonium phosphate

Event: Xinyangfeng released the third quarter report of 2019, reporting and realizing operating income of 81.

21 ppm, a decrease of 3 per year.

30%; realized operating profit 7.

94 ppm, a decrease of 14 per year.

61%; net profit attributable to mother 6.

42 trillion, down 12 a year.

71%, achieving a budget benefit of 0.

49 yuan, regardless of operating net cash flow of 0.

87 yuan.

Among them, the third quarter realized operating income23.

4.5 billion, a decrease of 17 per year.

93%; net profit attributable to mother is 0.

12 trillion, a year down 93.


The company also expects that the net profit attributable to shareholders of listed companies in 2019 will be 6.


5 杭州桑拿网 billion, down 9 a year.

49% to 21.


The company intends to repurchase shares, the repurchase amount is not less than 2 trillion, not more than 4 trillion, and the repurchase price is not more than 10.

5 yuan / share.

Maintain “Buy” investment rating.

The “three phosphorus remediation” affects the short-term output of monoammonium phosphate. The price of sulfur and other raw materials fell in the third quarter, which caused pressure on product prices, and zero provision for bad debts.

39 trillion factors and other factors combined, Xinyangfeng’s average revenue and net profit levels in the third quarter of 2019.

Xinyangfeng is a leading company in China’s phosphate and compound fertilizer industry. It has formed an integrated production and operation model, covering the complete industrial chain from main basic raw materials to end products, with outstanding cost and scale advantages.

The company continuously expands marketing expenditures, helps market promotion, and maintains steady growth in product sales. The company also continues to promote the transformation of modern agricultural service companies: acquiring Australian farms and establishing fruit companies; establishing strategic partnerships with German Kangpu experts to optimize product structure and developmentNew fertilizer and improve product quality, and enhance their international competitiveness.

Through strategic investment and resource integration, the company extends endogenous development and extension into the direction of modern agriculture, and promotes the development of broad development space.

Take 13.

Calculated at 5.0 billion shares, we adjusted the company’s EPS forecasts for 2019-2021 to 0.

57, 0.

70 and 0.

84 yuan, maintaining a “buy” investment rating.

Risk warning: the compound fertilizer market continues to be sluggish; new business development is slower than expected; operating rate is lower than expected.