Jiahua Energy (600273): Steam Thermoelectric Leading Company’s Profits from Sulfated Pharmaceutical Products Turn to Hydrogen Energy

Jiahua Energy (600273): Steam Thermoelectric Leading Company’s Profits from Sulfated Pharmaceutical Products Turn to Hydrogen Energy

Jiahua Energy: a leading enterprise in steam and thermoelectricity.

Jiahua Energy is based on a circulating supply chain with combined heat and power as the core, mainly manufacturing and selling steam, chlor-alkali, a small amount of alcohol (acid), sulfonated pharmaceutical products and sulfuric acid products.

The short-term company’s operating income and net profit attributable to mothers increased steadily. The remaining alcohol, steam, chlor-alkali, and sulfonated pharmaceuticals revenues increased steadily.

The steam business is one of the company’s main drivers of profitability, and the combined heat and power production capacity will be further released in the future.

The steam business is based on the park, and the combined length of steam product sales and revenue from 2015 to 2018 was 7% and 14%, respectively.

The company enjoys excellent traffic conditions and is the only steam heating company in the Jiaxing Port area, enjoying policy dividends; and using energy-efficient and efficient production methods-combined heat and power to give play to environmental advantages.

In the future, the combined heat and power production capacity will be further released to meet the different needs of various enterprises in the park.

As a leading vulcanized pharmaceutical company, the company insists on R & D and innovation.

The company is currently the leading domestic manufacturer of sulfonated pharmaceutical series products with global scale advantages. In 2019, the company’s sulfonated pharmaceutical products market is generally better.

The company has a number of independent innovation patented technologies to give full play to cost and environmental advantages.

The price of PTSC and derivatives has increased rapidly since 2017, driving the company’s sulfonated pharmaceutical products to grow profitably.

The company has continuously increased new capacity in the sulfonated pharmaceutical series. It has decided to build a new 4,000-ton / year BA pipeline continuous production unit and 成都桑拿网 increase the supporting capacity of the 3-ton / year sulfonated unit.development of.

Chlor-alkali products: Improve the production process and improve the market structure.

At present, backward production capacity of the chlor-alkali industry continues to withdraw from the country, and the industry concentration continues to increase, and the company’s chlor-alkali business is improving.

The company’s chlor-alkali products make full use of the advantages of the company’s cogeneration of self-provided power generation, reduce the overall cost of chlor-alkali, and occupy a favorable position in the competition of its peers.

Hydrogen Energy: Accelerate the layout of the clean energy industry.

Hydrogen energy is clean and efficient, and the industry has broad prospects for development. The company has a cost advantage in 佛山桑拿网 entering the field of hydrogen energy.

The company laid out the construction of the field of hydrogen energy, reached a tripartite agreement with Air Chemical and Sanjiang Chemical to carry out cooperation on comprehensive utilization of hydrogen-rich gas; UN hydrogen-rich, Shanghai Reshape established Jiangsu Jiahua Hydrogen Technology Co., Ltd .; together with SDICAn industrial fund was established; the company also signed a Strategic Cooperation Framework and a Hydrogen Liquefaction Plant Cooperation Framework Agreement with Zhejiang Energy Group to establish a hydrogen liquefaction demonstration plant.

Earnings forecasts and investment advice.

We estimate the company’s net profit for the years 19-21 to be 13.

04 billion, 14.

3.8 billion, 17.

35 trillion, the corresponding EPS is 0.

91, 1.

00, 1.

21 yuan.

With reference to comparable companies in the same industry, we believe that the reasonable estimate range is 13-15 times PE in 2020, and the corresponding reasonable value range is 13.


00 yuan, given the “preliminary market” rating.

Risk reminder: the progress of the capacity under construction is not up to expectations, the prices of remaining alcohol, chlor-alkali and other products have risen sharply, and the macro economy has fallen.


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