Hailide (002206) 2019 Interim Review: The Sino-U.S. Trade war affects the second half of the annual performance shift12.


On August 21, the company released its 2019 Interim Report and achieved operating income19.

90,000 yuan, an increase of 12 in ten years.

9%; net profit attributable to shareholders of listed companies1.

600 million, a decrease of 12 per year.


The company achieved operating income of 10 in Q2 2019.

4 ‰, an increase of 14 in ten years.

7%; net profit attributable to shareholders of listed companies is 0.

74 million, a 都市夜网 decrease of 27 a year.


  A brief comment on the increase in revenue from the production of polyester chips, and the pressure on industrial yarns dragged down the performance.

Affected by the increase in PTA prices, the company’s industrial silk profitability declined.

2019H1 polyester industrial yarn realized revenue of 100,000 yuan, which was the same as last year, with a gross profit of 2.

390,000 yuan, at least -0.

42 trillion, gross profit margin 23.

8%, down 4 each year.

5 units.

The company’s light box cloth realized revenue 2.

55 ppm, +37 for ten years.

1%, gross profit is 0.

380,000 yuan, ten years +0.

09 ppm, gross margin 14.

9%, a decline of 0 per year.

9 units; draperies realized revenue 4.

20,000 yuan, +5 for ten years.

5%, gross profit is 0.

830,000 yuan, +0 a year.

09 trillion, gross profit margin 20.

6%, up 1 every year.

12 units.

2019H1 polyester chips achieved revenue 1.

6 trillion, +1 a year.

5.5 billion.

Due to the impact of the Sino-U.S. Trade war, the company’s stone plastic flooring business revenue dropped significantly, achieving zero revenue.

7 ‰, at least -0.

4.4 billion.The construction in progress at the end of the period decreased by 47% compared with the beginning of the year. Essentially, the company’s 20 candidate peptide slices were successfully put into production in March 2019, and the construction in progress was carried forward to fixed assets.

The company implements a new round of share repurchase plan, which is intended to be used for fair incentive plans or employee shareholding plans. In the end, the company gradually restores the number of repurchased shares to 5 of the existing company’s total share capital through centralized bidding transactions.

28%, with a total turnover of 2.

60,000 yuan (excluding transaction costs).

  The non-US and domestic markets were actively developed, and the anti-risk ability of cord fabrics was enhanced.

Although the Sino-U.S. Trade war has greatly reduced the company’s orders for curtain fabrics in the US market, due to the company’s reorganization to strengthen the development of non-U.S. And domestic markets, the sales of curtain fabric products in the US market have decreased significantly compared with the same period last year.Slight increase.

At the same time, the company’s cord fabric business has always adhered to the business strategy of flattening differentiated products and differentiated services. It has high-quality customers such as Michelin and Ma brand of international first-tier tire brands, which has greatly enhanced its ability to resist risks.

The company’s third cord production line1.

5 has been put into production initially, and the capacity of cord fabric has reached 4.

5 Initially, the company’s main business capacity was further expanded.

  Vietnam Industrial Wire is expected to accelerate its partial production in the first half of 2020, greatly alleviating the impact of the Sino-US trade war on the company’s performance.

In 2019, the company’s annual output of 4 plug-in automotive industrial yarns and 3 plug-in high-grade tire cord fabrics has been accelerated, and the current project progress has reached 50.

The functional polyester project with 49% and annual output of 20% was also successfully put into production in March 2019, which further expanded the company’s main business capacity and the integrity of the industrial chain.

The company’s annual output of 12 million square meters of environmentally friendly stone-plastic flooring projects has been steadily advancing at the same time, and the current project progress has reached 10.


Vietnam’s annual output of 11 initial differentiated polyester industrial filament project total investment1.

5.5 billion US dollars, the current project progress has reached 17.

95%, is expected to achieve operating income after reaching capacity.

1.3 billion US dollars to maximize profit 3170.

The company’s Vietnam industrial filament project fully leverages Vietnam’s investment advantages. It is expected to reduce the impact from the Sino-US trade war in the future. Industrial silk products will be converted into production in the first half of 2020.

With the steady implementation of projects under construction, the company’s ability to resist risks and profitability has been further enhanced.

  Profit forecast and estimation: It is estimated that the company’s net profit attributable to the parent in 2019, 2020 and 2021 will be 4 respectively.

5.7 billion, 5.

5.4 billion and 6.

810,000 yuan, EPS 0.

37 yuan, 0.

45 yuan and 0.

56 yuan, PE 10.

0X, 8.

2X and 6.

7x, maintain “Buy” rating.

  Risk Warning: Macroeconomic fluctuations and the deterioration of the Sino-US trade war.