杭州桑拿按摩

Jinshi Resources (603505) Company Information Update Report: Equity Incentives Reveal Confidence and Optimize the Company’s Future Development
The event company 深圳桑拿网 issued an announcement on the evening of December 30, stating that the company intends to achieve a minimum of 55 million and no more than 1.The amount of 08 million repurchases does not exceed 4.32 million shares of the company (accounting for 1 share capital.80%).The proposed repurchase of shares is all used to grant incentive object rights, including stock budget 181.800,000 copies and 250 polycarbonate stocks.200,000 shares. The company’s implementation of the equity incentive plan for the first time demonstrates the company’s confidence in the future. The performance evaluation objectives of the stock issuance / issued shares of the equity incentive plan in each exercise period and the lifting of the sales restriction period are: 2018 net profit1.3.8 billion is the base, and the net profit growth rate (corresponding to net profit) in 2020, 2021, and 2022 will not be less than 125% (3.1.1 billion), 170% (3.7.3 billion), 210% (4.2.8 billion). This equity incentive plan demonstrates the company’s confidence in its future, and effectively combines the interests of shareholders, the company and the core team, so that all parties can pay attention to and promote the company’s long-term development. The price of fluorite has improved steadily, and the growth of the industry leader highlights that the price of fluorite has been steadily improved since the bottom of 2016. After March this year, the price of acid-grade fluorite powder changed in a narrow range from 2800 yuan / ton to 3200 yuan / tonAt present, it has rebounded to 3,000 yuan / ton, and we are optimistic that fluorite will gradually stop in the future and will maintain the boom cycle.In addition, the company’s recent acquisition of Ningguo fluorite mine officially landed. Under the trend of small, scattered and random capacity withdrawal, leading companies integrated the industry’s logic to accelerate cashing.In terms of sales volume, in the next three years, the fluorite downstream refrigerant will usher in an expansion cycle. We estimate that the company’s three-year fluorite sales in 2019, 2020, and 2022 will be 30 replacements, 45 the lowest, and 55 the lowest.Against the background of steady and progressive fluorite prices and strong downstream demand, the company, as a leader in the fluorite industry, has continued to accelerate industry consolidation, and its growth is even better than this. We are optimistic that the company will continue to grow at a high speed in the future. Earnings forecast and investment rating We predict that the company’s net profit for 2019-2021 will be 2 respectively.5.4 billion, 3.5.8 billion, 4.18 ppm (excluding the acquired company’s equity), the EPS is 1.06, 1.49, 1.74 yuan / share, the current sustainable corresponding PE for 2019-2021 is 19.6, 13.9, 11.9 times.We are optimistic about the company’s good prospects as the industry leader and the only listed company in the future industry integration and standardization process, and maintain a “Buy” rating. Risk warning: fluorite production safety risks, refrigerant capacity expansion progress is less than expected, etc.