CICC Gold (600489): Changes in fair value of crop output Q4 affect performance

CICC Gold (600489): Changes in fair value of crop output Q4 affect performance

The company’s net profit attributable to its mother in 20181.

960,000 yuan, 19Q1 net profit 0.

3.3 billion companies have 344 revenues in 18 years.

52 ppm, an increase of 4 per year.

63%; net profit attributable to mother 1.

96 trillion, down 32 a year.

73%.

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Among them, the net profit attributable to mothers was 4.17 million yuan in the fourth quarter, an increase of 17.03 million yuan, a significant drop of 93 from the previous month.

80%.

The company’s 19Q1 revenue was 79.

10,000 yuan, an increase of 12 every year.

58%; net profit attributable to mothers was 32.55 million yuan, a year-on-year decrease of 43.

74%, but up 28.38 million yuan.

The company’s performance is lower than our expectations. We expect the company’s EPS in 19-21 to be 0.

08/0.

10/0.

12 yuan, but considering that the current company’s PB estimate is still slightly lower than comparable companies in the same industry, based on the estimated premium perspective, we still maintain an overweight rating on the company.

Affected by environmental protection policies, the output of some of the company’s mines declined. The company’s net profit attributable to its mother for 18 years declined, and the profit after deduction was 1.

28 ppm, a 54-year drop.

72%, mainly due to environmental protection policies, some mines have undergone rectification, and gold production has decreased.

The company has produced refined gold for 72 years.

98 tons, mineral gold 24.

36 tons, smelting gold 38.

30 tons of mine copper 1.

80 Positive electrode, electrolytic copper 32.

08 for the first time, at least -17 respectively.

64%, -4.

06%, -11.

65%, -5.

46%, 71.

45%.

Affected by the decline in the average annual gold price and the decline in mine output, the company’s mine gross profit margin was 30.

05%, 5 per year.

59 uniforms.

The increase in electrolytic copper output was mainly due to the second phase of the Central Plains smelter reaching capacity.

According to the companies, Sunite Jinxi, Heilongjiang Heilongjiang, Liaoning Zhongjin, Hebei Er’erya, Tory Jinfu, and Shaanxi Jiusheng Investment’s net profit have all dropped by more than 40 million yuan.

18Q4 changes in fair value dragged down the performance 18Q4 gold price increased by about 10 yuan / gram, the company’s Q4 gross profit increased by 3 chain.

76 ppm, but administrative expenses, R & D expenses, and financial expenses increased by 1 respectively.41, 0.

55, 0.

62 trillion, accrued 0 for asset impairment.

520,000 yuan, more is the net income of fair value changes -1.

73 ppm, this part mainly comes from financial debts measured at fair value, so net profit attributable to mothers in Q4 is therefore lower than the previous month.

The Central Plains Smelter implemented debt-to-equity swaps, and minority shareholders’ profit and loss tended to have a high impact on 19Q1 performance. The company’s 19Q1 performance is expected to be as expected.

First, the gross profit was low. The average price of gold in Q1 was 285 yuan / gram, which was 10 yuan / gram higher than the previous month, but the company was 8.

Gross profit of 4 billion U.S. dollars decreased by 3 sequentially.

3.6 billion, is estimated to be related to the low output of the mine in the first quarter.

Secondly, although the company’s budget expenses decreased month-on-month, it was 1 in the first quarter.

The 51 trillion yuan net profit increased by 152% from the previous month, but the company’s Q1 minority shareholders’ profit and loss was as high as 1.

1.9 billion.

According to the data of the company’s 18-year report, the company’s main profit source, Zhongyuan Smelter, was the only one holding 39 of it at the end of 18 because of the debt-for-equity swap.

02% of the shares, causing the company to return to its parent’s low net profit.

The profit forecast is lowered, but according to the estimated premium angle, the company still maintains an overweight rating. In its annual report, the company plans to produce refined gold 70 in 19 years.

35 tons, mineral gold 23.

51 tons, smelting gold 30.

86 tons, electrolytic copper 32.

80 cobalt, mine copper 1.

In the early stage of 71, the planned output of mineral gold decreased from 18 years.

According to the company’s production plan and 19Q1 performance, we expect the company’s EPS in 19-21 will be 0.

08/0.

10/0.

12 yuan, the 19-20 forecast is 17 lower than the last time.

7% / 18.

1%, and the company’s 19-year BVPS is expected to be 4.天津夜网

01 yuan.

Refer to Comparable Company 2.

07 times the 19-year wind consistently expected PB, considering that the company is above the leader in the industry, we give it 2.

10-2.

30 times PB estimate, corresponding to the target price of 8.

42-9.

22 yuan, maintaining the overweight level.

Risk warning: the price of gold has fallen, the company’s gold output has fallen short of expectations, and environmental protection policies have continued to strengthen.

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