2018, 32 Billion 600 Million Of The New Revenue, Before The Festival For Shareholders To Distribute Hundreds Of Millions Of Cash Gift Package

The local polyester filament giant new Feng Ming Group Limited by Share Ltd (hereinafter referred to as "new Feng Ming") announced its performance forecast in the evening of January 22nd. In 2018, the company expects to achieve a total revenue of 32 billion 659 million yuan, an increase of 42.22% over the same period last year. The main target of this project is the two phase of stone technology in March and May of this year, and the commissioning of Zhongxin chemical fiber two in November.

At the same time, new Feng Ming disclosed that in 2018, the company expected to achieve a profit of 1 billion 693 million yuan, down 11.75% from the same period last year, and realized a total profit of 1 billion 716 million yuan, down 11.30% from the same period last year. The net profit of the shareholders attributable to the listed company is 1 billion 423 million yuan, down 4.91% compared to the same period last year. The net profit of excluding the non recurring gains and losses belonging to the shareholders of the listed company is expected to be 1 billion 363 million yuan, down 5.32% from the same period last year.

New Feng Ming said that the polyester filament industry is affected by the fluctuation of oil prices and has a certain periodicity. The price of polyester filament products and the price of raw materials are positively related to the price of crude oil, and the cyclical fluctuations of the industry will affect the company's efficiency.

During the reporting period, crude oil prices fell in the four quarter of 2018, and the price of the company's products dropped.

According to the financial report, at the end of 2018, the owner's equity of the listed shareholders was 8 billion 242 million yuan, an increase of 25.64% over the same period last year.

Net assets per share attributable to shareholders of listed companies amounted to 9.69 yuan, down 11.10% from the same period last year, mainly due to the increase in capital stock in the current period.

New Feng Ming also disclosed that in 2018, the company expects non recurring gains and losses to be 60 million 9 thousand and 800 yuan, and the company's non recurring gains and losses in 2017 are 56 million 901 thousand and 100 yuan.

In addition, new Feng Ming also disclosed the annual dividend payment scheme in 2018: Based on the total share capital of 851 million shares of the company, 4 shares were pferred to every 10 shareholders and 1.8 yuan (including tax) was distributed, with a total cash dividend of 153 million yuan.

According to the financial report, in the first three quarters of 2018, new Feng Ming achieved 23 billion 580 million revenue, an increase of 39.8% over the same period last year, and realized net profit of 1 billion 460 million, an increase of 56.2% over the same period last year. Q3 achieved 9 billion 170 million in revenue in the single quarter, 5.7% in net growth, 640 million in net profit, 17.3% in the annulus, and a record high in the single quarter, slightly exceeding the market expectation.

The first three quarters of the company's POY/DTY/FDY sales volume was 156/15/42 million tons, totaling about 2 million 120 thousand tons, a slight increase of 5% over the same period last year.

Revenue and profit growth mainly benefited from the sharp rise in filament prices. POY/DTY/FDY realized a price increase of 1286/1000/1017 yuan / ton compared with the same period last year, and the POY spread of the main products of the company expanded 199 yuan / ton compared with the same period last year.

Analysts believe that since the second half of 2018, the terminal enterprises have gradually resumed construction, and the production and sales of filaments have gradually picked up, and high inventories are gradually controllable.

In the medium to long term, the new capacity growth of polyester filament is basically matched with the demand growth, and the supply and demand pattern is good, and the boom is expected to continue.

Subdivision, POY products industry concentration is high, at present, POY products CR4 more than 60%, bargaining power is strong; in the future, new Feng Ming and other industries will further expand POY production capacity, POY product profitability is stronger than other varieties are expected to maintain.

The company is one of the leading industries in the polyester filament industry. At present, its actual capacity exceeds 3 million 300 thousand tons (POY accounts for more than 70%). At the end of the year, the material will increase to 3 million 670 thousand tons. In 2020, the capacity will reach 5 million 600 thousand tons, and the market share is expected to further improve.

The company has advanced polyester equipment and high automation degree, and has obvious cost advantages in terms of unit consumption and manpower.

Zhao Chen, an analyst at Orient Securities, said that at present, the production capacity of new Feng Ming has reached 3 million 330 thousand tons, including 2 million 410 thousand tons of POY, 720 thousand tons of FDY and 200 thousand tons of DTY. In the second half of 2018, the 280 thousand tons of Zhongxin two and 40 thousand tons of research institutes will be put into production at the end of the year, reaching 3 million 670 thousand tons at the end of the year.

Looking forward to the future, the Zhongyi chemical fiber and Zhongyue chemical fiber plan 600 thousand tons and 280 thousand tons of new capacity every year, and the actual production capacity will total nearly one million tons. By the end of 2020, the company's scale will reach 5 million 670 thousand tons.

At the same time, the company's financial condition is very healthy. It is estimated that the net cash flow will reach 3 billion in the future, and it can support capital expenditure of about 5 billion a year.

Based on the rhythm of new Feng Ming's expansion, Zhao Chen expects that in the long run, even if the future profit of the ton is reduced to 300 yuan, there will not be a sharp decline in the profits of the new Feng Ming.

If it can maintain more than 500 yuan, the performance will follow the year-on-year increase in output.

If tonnes profit can be raised to 700 yuan or even higher, the company's profits in 2019 will double by 2017.