Depth-Company-Adisseo (600299): Multi-point flowering company performance steadily rises at low prices

Depth * Company * Adisseo (600299): Multi-point flowering company performance steadily rises at low prices

The company released the third quarter report of 2019 and achieved revenue of 83 in the first three quarters of 2019.

1.3 billion, a year-on-year decrease of 2%, and net profit attributable to mothers8.

1.2 billion, an increase of 14% in ten years.

In line with expectations.

Maintain BUY rating.

  The company released the profit distribution plan for the first three quarters of 2019, and plans to pay 1 for every 10 shares.

03 yuan (including tax).

  Highlights of support levels The third quarter results continue to improve each year.

In the first three quarters of 2019, the company achieved revenue of 83.

1.3 billion, a year-on-year decrease of 2%; net profit attributable to mothers8.

1.2 billion, an increase of 14% in ten years; net profit after deduction 6

79 ppm, a decrease of 2 per year.

8%.

Among them, in the third quarter, the company achieved revenue of 29.

5.5 billion, an increase of 6 every year.

48%; realized net profit attributable to mother 2.

780,000 yuan, an increase of 26 in ten years.

18%.

  The company’s profitability continued to remain at a relatively high level, with a combined sales gross margin of 34%, comparable to the same period last year.

Especially when the price of methionine dropped, the gross 杭州夜网论坛 profit margin of the company’s functional products increased by 1 to 31%, reflecting the company’s advantages in cost control and technological innovation.

The sales of several products showed a good momentum, offsetting the negative impact of the low methionine price.

Although the price of methionine continues to run low and the price of vitamin A fluctuates, the sales of liquid methionine and certain specialty products have become the driving force for the company’s growth.

Since 2019, the company’s liquid methionine sales have maintained double-digit growth, especially in China, where sales have grown by more than 20%.

  At the same time, the revenue of special products in the third quarter increased by more than 9% each year.

Among them, the sales revenue of enzyme preparations increased by more than 14%; the US dairy industry market initially resumed growth, and anti-gradual animal product sales increased by more than 16%; Hilary Selenium achieved the best sales performance in a single quarter, an increase of more than 26%.

The asset evaluation was reduced and the “BANG” plan continued to advance.

The listed company intends to acquire 15% of the ordinary shares of Blue Star Adisseo Nutrition Group Co., Ltd. held by the holding company in cash.

After the failure of the first acquisition, the assets of this acquisition are estimated to be 36 from the previous one.

14 trillion down to 30.

8.6 billion yuan.

If the acquisition is successful, the listed company will hold 100% of the common stock of Adisseo Nutrition Group, which will help the company to further improve its financial position and operating results.

  It is estimated that the company ranks second in the global methionine market share, and the liquid methionine share is the first in the world.

In the future, the company will expand its production capacity and lead the industry in profitability.

It is expected that the EPS for 2019-2020 will be 0.

43 yuan, 0.

51 yuan, corresponding PE is 24 times, 20 times.

Maintain BUY rating.
  The main risks faced by the rating are outbreaks of large-scale epidemics; emergencies such as environmental protection and safety; sudden increases in raw material prices or a key intermediate supply interruption; project construction is not up to expectations; abnormal exchange rates affect the company’s performance.