新加坡股研报——中国尚舜化工控股有限公司

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• 2017财年的净利润与我们全年的预测相符。2017财年的平均售价飙升。
• 新产能的试运行正在等待批准。
• 我们维持2018财年末的每股盈利 (新元16 分) ,并将我们2019财年末的每股盈利调整至新元17.7 分(先前是新元17.6 分)。我们维持买入评级的建议,目标价不变,仍为新元1.60。

 

总括

433

 

积极方面

主要的推动力来自于平均售价的飙升 (简称ASP)

2017财年,总销量温和增长4%至 140.5千吨。整体平均售价飙升至人民币19,4000 元/吨 (同比增长29.3%) (细目列表如下):

20180308093441

2017年四季度,防老剂的销量和平均售价的显著增长是由于同行的供应短缺所致,即圣奥化工,科迈化工,以及翔宇化工。在此期间,尚舜设法实现了正常交货。因此,它从同业中获得了一些市场份额。

 

消极方面

新产能的试运行仍有待批准

第一阶段的10,000吨TBBS产能的施工安装已于2016财年末完成。然而,截至2017年12月,试运行的审批仍在等待中。新产能达到10,000吨不溶性硫的新生产线已于2017财年末完成,试运行仍在等待获批中。尚舜还没有具体的时间表,启动这两个项目的试运行工作。

 

前景

我们预计,在2018财年,市场的整合仍将继续。由于环保法则依然收紧,原材料和橡胶化工品的价格预计仍保持高位。毕竟,市场上任何产能的扩张,在这期间内都将不会生效。因此,尚舜作为市场的领导者将继续从有利的市场环境中受益。尚舜将以每年总收入3%的预算投入研发,并与技术研究机构合作,以改进生产技术和产品质量。

 

维持买入评级,目标价不变,仍为新元1.60

我们维持2018财年末的每股盈利 (新元16 分) ,并将我们2019财年末的每股盈利调整至新元17.7 分(先前是新元17.6 分)。我们维持买入评级的建议,目标价不变,仍为新元1.60。

关键字:新加坡股票研报,新加坡股,中国尚舜化工控股有限公司,China Sunsine,新加坡股票开户,免费开户,在线开设新加坡股票开户,新加坡证券,新加坡券商

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