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Category: Real-time Bulletin
Sep 01,2021
Recently, Baotailong announced a performance forecast for 2018. The announcement stated that, according to preliminary calculations by the financial department, the company is expected to achieve a net profit attributable to shareholders of the listed company in 2018, which will increase by 133 million to 166 million yuan compared to the same period last year, an increase of 82.25% to 102.66% year-on-year. The company's net profit after deducting non-recurring gains and losses is expected to increase by 203 million to 236 million yuan, an increase of 158.34% to 184.08% year-on-year.
In 2017, the company's net profit was 162 million yuan, and the net profit after deducting non-recurring gains and losses was 128 million yuan. Therefore, it is expected that the company's net profit in 2018 will be between 295 million and 328 million yuan, and the net profit after deducting non-recurring gains and losses will be between 331 million and 364 million yuan.
Relevant personnel from the company told reporters that the main reason for the performance increase in 2018 is that during the reporting period, the coke market and coal chemical product market were relatively good, and the production volume, sales volume, and sales price of the company's main products all increased compared to the previous year. In 2018, the coke market generally operated at a high level with fluctuations, and rising coke prices supported higher coal prices.
Baotailong's third-quarter report for 2018 shows that in the first three quarters of 2018, the company achieved operating income of 2.604 billion yuan, of which operating income from coke, as the company's main product, was 1.875 billion yuan, accounting for 72%. Therefore, coke prices have a significant impact on the company's operating income and profits.
Since 2016, with the advancement of supply-side reforms in the coal industry, coal prices have continued to rise. In 2018, policies for reducing production capacity in the coal industry continued, with thermal coal prices operating at high levels. The development of the coal industry has been relatively stable, with overall corporate benefits improving and prices remaining strong compared to previous years.
The aforementioned company personnel also stated that this year the company increased sales revenue from needle coke, which correspondingly increased profits from its main business. Starting in 2017, due to a sharp increase in demand in two markets: graphite electrodes for electric arc furnace steelmaking and lithium battery anode materials, the price of needle coke, its main raw material, rose sharply and continued to rise in 2018. The company's needle coke project began sales at the beginning of 2018 and generated operating income of 59.26 million yuan in the first three quarters; future market prospects are relatively optimistic.
The reporter also noted that in the second half of 2018, Baotailong continuously took actions to comprehensively enhance its core competitiveness.
At the beginning of October, a physical graphene project with an annual capacity of 50 tons was completed and began trial production. In mid-November, the company announced that to implement government requirements for eliminating backward production capacity in the coal industry and resolving excess capacity issues, it entered a consolidation phase involving four mines. Although three mines were closed and consolidated into two mines, the annual production capacity of the involved coal mines would increase from 270,000 tons/year before consolidation to 600,000 tons/year, greatly enhancing the company's self-supply capacity for raw coal and reducing raw material costs; at the beginning of November, the company's stable light hydrocarbon project with a capacity of 300,000 tons entered debugging phase. Once fully operational, it will upgrade the company's industry from traditional coal chemical processes to coal-based clean energy and is expected to achieve annual sales revenue of 1.96 billion yuan; corresponding data will be reflected in 2019.
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