Jinhe Industrial yakazivisa mushumo wayo wechitatu wekota muna Gumiguru 30th: Q3 mari yaive bhiriyoni 1.5 yuan, nemwedzi pamwedzi kuwedzera kwe+ 6%/+ 14%, uye purofiti yakapihwa nekambani yevabereki yaive 160 miriyoni yuan, nemwedzi pamwedzi kuwedzera kwe+ 1%/+ 38%. Muzvikamu zvitatu zvekutanga, kambani yakawana mari ye4 mabhiriyoni eyuan, gore negore kuwedzera kwe -1%; Mari yemubairo yakapihwa nekambani yevabereki yaive 410 miriyoni yuan (tisingasanganisire 380 miriyoni yuan), gore negore kudzikira kwe -27% (kusingasanganisire isingadzokeri mari ye -22%).

Kuita kwekambani yechitatu kota kunoenderana nezvatinotarisira kumberi (160 miriyoni yuan). Tichifunga nezverutsigiro kubva kune ese ari maviri anodiwa uye mutengo mativi, remangwana indasitiri yeshuga inotarisirwa kupora uye kuchengetedza "kuwedzera kwekubata" chiyero.

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Indasitiri yeshuga inotsiva yakakanganiswa nekumanikidzwa kwekupa uye kumhiri kwemakungwa, zvichikonzera kudzikira kwegore-pagore kwemitengo yezvigadzirwa zvekambani.

Kubva kutanga kwegore rino, kudzvanyirirwa kudivi rekupa indasitiri kwakawedzera nekudonha kwemhiri kwemakungwa, zvichikonzera kudzikira kwegore negore kwemitengo yezvinhu zvinotsiva shuga. Sekureva kwaBaichuan Yingfu, avhareji mitengo ye sucralose/acesulfame/methyl maltol/maltol ethyl mabhizinesi muzvikamu zvitatu zvekutanga zve2024 aive -31%/-28%/-8%/+3% kusvika 12.3/3.7/8.3/69000 yuan/ton, zvichiteerana, Kubva chikamu chechitatu, kambani yakaramba ichikwidza mitengo nekuda kwekumanikidzwa kwemitengo, pakati peiyo mutengo wepakati muchikamu chemakumi maviri nemana wakawedzera ne+ 22%/-5%/+7%/+ 6% mwedzi pamwedzi kusvika RMB 13.4/3.5/9.8/77000 patani. Iyo purofiti yakawandisa yekambani yezvikamu zvitatu zvekutanga zvemakore makumi maviri nemana yaive -3.6pct kusvika 20.2% gore-pagore, uye gross profit margin yekota yechitatu yemakore makumi maviri nemana yaive -3.9pct kusvika 19.5% gore-pa-gore.

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Huwandu hwekutengesa kunze kwenyika hwe sucralose hwakawedzera gore-negore munaGunyana, uye budiriro yeramangwana yevanotsiva shuga inotarisirwa kupora.

Sekureva kwaBaichuan Yingfu, huwandu hwekutumira sucralose munaGunyana 2024 hwakawedzera ne+ 5%/-20% mwedzi pamwedzi kusvika 1617 matani. Kubva muna Gumiguru 30th, mitengo ye sucralose/acesulfame/methyl maltol/maltol ethyl yemabhizinesi yaive 21.0/3.9/10.2/82000 yuan/ton, yaive+100%/+11%/+7%/+9% zvichiteerana kubva pakupera kwaChikumi gore rino. Nekumanikidzwa kwemitengo, mabhizinesi makuru akaramba achikwidza mitengo ye sucralose uye maltol. Isu tinotarisira kuti nekudzoreredza kwepasi kudiwa kwezvinwiwa zvisina shuga muChina uye kupera kunoswedera kwekunze kwekunze kwekunze, indasitiri inotsiva shuga inotarisirwa kupora mune ramangwana nekutsigirwa kwekuda uye mutengo.

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Iyo purojekiti iri kufambira mberi zvakanaka uye inoronga kuisa mari mukuvakwa kweiyo synthetic ammonia poda gasification yekutsiva purojekiti.

Sekureva kwekota yechitatu rondedzero, mapurojekiti ekuvaka ari kuenderera mberi ekambani anosvika mazana matatu emamiriyoni yuan pakupera kwekota makumi maviri nemana. Sekureva kwechiziviso chekambani muna Gumiguru 30, kambani inoronga kuisa mari mukuvakwa kwe200000 toni pagore synthetic ammonia poda gasification kutsiva chirongwa chemaitiro echinyakare. Mari yakazara yeprojekti i2 bhiriyoni yuan, uye nguva yekuvaka ndeye 24 mwedzi, izvo zvichabatsira kambani kuderedza mari yekugadzira. Sekureva kwesemi yegore regore re24, kambani yakapedza kuvaka mapurojekiti makuru e "Dingyuan Phase II Project Phase I", kusanganisira kugadzirwa kwepagore kwe600000 matani e sulfuric acid, 60000 matani eion membrane caustic soda, 60000 matani eion ion potassium 50 hydr000 uye peroxide zvishoma nezvishoma kune membrane potassium 50 hydr000, peroksidi ine membrane potassium 50 hydr000. akapinda muchikamu chekugadzira.

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Profit forecast uye kukosha

Isu tinofanotaura kuti purofiti yekambani inokonzerwa nekambani yevabereki kwemakore 24-26 ichave RMB 720/102/126 miriyoni, nekuwedzera kwegore negore kwe+2%/+43%/+23%, inoenderana neEPS yeRMB 1.26/1.79/2.21. Makambani akafananidzwa ane makore makumi maviri neshanu Mhepo kubvumirana kunotarisirwa PE avhareji yegumi nguva. Tichifunga nezvezvakanakira tekinoroji yekambani, chinzvimbo chekutungamira muindasitiri, uye kugona kukura kwemapurojekiti arikuenderera mberi, kambani inopiwa kagumi neina PE kwemakore makumi maviri nemashanu nemutengo unotangwa we25.06 yuan, kuchengetedza "kuwedzera kwekubata" chiyero.