Wanrun Co., Ltd. (002643): The company’s performance grows steadily

Wanrun Co., Ltd. (002643): The company’s performance grows steadily

The company announced the semi-annual report, and achieved operating income for the first half of the year12.

9.3 billion, previously +1.

18%; net profit attributable to mother 2.

3.1 billion per year 19.

63%, deducting non-net profit 2.

2.3 billion each year 17.


Comment 1. The growth rate of the second quarter is bright, and the profitability is higher than the previous quarter. The reported revenue benefited from the drop in raw material prices and cost control. The company’s profitability was improved and the growth rate was bright.

Q2 company completed sales revenue6.

31 ppm per year.

78%, -4.

58%, net profit attributable to mother 1.

29 trillion, 0 every year.

47%, a significant increase of 27 from the previous quarter.


During the reporting period, the company’s gross profit margin was 45.

1%, ten years +4.

30pct, +5 chain.

79 points; net sales margin 21.

18%, ten years +0.

32pct, +5 from the previous quarter.


In terms of expenses: The company’s Q2 sales expense ratio is 6.

77% per year.

34pct, +2 chain.

79 points; management expense ratio 7.

87%, -0.

05pct; financial expense ratio -2.

35%, ten years +3.

22pct, -4.

21pct is undoubtedly caused by the increase in the company’s exchange income.

R & D expense ratio 10.

58%, +4 from the previous quarter.

89 points.

2. The troika is ready to take off. The overseas business mainly participates in the company’s main business including information materials, environmental protection materials (collectively referred to as functional materials) and the large health industry. The troika maintains a steady growth trend.

Company revenue for the first half of the year 12.

9.3 billion.

Among them, functional materials income 10.4 trillion, +0 a year.


Gross profit margin 41.

85% per year 5.

7 points.

Big health income 2.

4 trillion, +1 a year.


Gross margin 46.

3%, +4 per year.

25 points.

In terms of geographical distribution, foreign income11.

46 trillion, ten years +9.


Domestic revenue1.

48 ppm, ten years -35.


Overseas business is increasingly dominating.

3. The implementation of the National Sixth Standard for Diesel Fuel, the domestic demand for high-end exhaust catalytic materials is expected to usher in the explosion of the National Sixth Fuel Standard for Heavy-duty Diesel Vehicles, which has been implemented since July 1 this year. The implementation of stricter standards for exhaust emissions has led to the development of high-end exhaust catalytic materialsDemand.

The company is currently the core partner of the world’s leading manufacturer of automotive exhaust purification catalysts, and its main customers are Johnson Matthey, a German Tier 1 supplier.

The company researches, develops and mass-produces a variety of new solid environmental protection materials for tail gas purification, mainly in the field of high standard tail gas emissions.

The third workshop of the company’s second phase of the environmental protection material project was completed and put into operation at the end of 2019, and the throughput will reach 5,500 tons at the same time. At the same time, the environmental protection material construction project started by the company in 2018 will increase the throughput by 7,000 tons, of which 4,000 tons are ZB series, 3,000 tons for the MA series.

With the successive construction and production of a series of environmentally-friendly materials projects, the company will become a high-end series of environmentally-friendly materials producers in the world in terms of technology and sales.

4, optimistic that the company’s troika is ready to go, and the performance growth is determined. For the first time, the traditional high-end liquid crystal monomers in the information material business segment of the “buy” rating company will still benefit from the large-scale development of the global LCD panel market.LCD rigid demand, oled material is transformed into the future expansion of the scale of application in the small size display field, the company increased the advantages of the industrial chain, and gradually increased market share in this field; environmental protection materials, through the implementation of the national VI standard and the company’s newWith the continuous production capacity, the company is expected to further 杭州桑拿 increase the leading position of the exhaust catalytic material industry. The company will develop a large health sector through its own development and acquisition of MP, and set foot in pharmaceutical intermediates, pharmaceutical preparations, bulk drugs, life sciences, in vitro diagnostics and other fields.The global medical market has maintained rapid growth, and the company’s large health sector can look forward to the future.

We are optimistic that the company’s troika is ready to go, and the performance growth is determined. We expect the company to achieve net profit attributable to mothers in 19/204.

9.9 billion / 5.

7.4 billion, eps0.


63 yuan, corresponding to PE21.


7 times, covering the first grade “Buy” rating for the first time.

Risk warning: demand for raw material prices fluctuates and exchange rates do not meet expectations