Zhejiang Longsheng (600352): Intermediate Price Increases To Boost Performance, Dye Production And Sales Are Expected To Rebound
Zhongyuan Securities pointed out that product price increases and non recurring gains and losses contributed to the first half performance growth. The price of intermediates rose and profits increased significantly. The decline in dye production will affect profits and the future is expected to return to growth. Real estate projects are advancing orderly. The company's real estate business focuses on Huaxing new town project, Datong base project and Mount Huangshan road resettlement housing project in Shanghai. The company expects EPS to be 1.71 yuan and 1.81 yuan in 2019 and 2020 respectively, and the corresponding PE is 8.2 times and 7.7 times respectively, based on the August 27th closing price of 14.05 yuan. The company has a low valuation and maintains a "buy" rating.
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