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Huaxia Happiness (600340)： Increase in sales and investment intensity

Huaxia Happiness (600340): Increase in sales and investment intensity

The event company released a semi-annual operating report, 4?
The company achieved sales of 335 in June.

300 million, down 6 every year.

5%; 1?
The cumulative sales amount in June was 640.

700 million, down 20 a year.

4%.

The core point of view is affected by the insufficient saleable value, and the sales amount is extended every time.

The company released a semi-annual operating report, and the cumulative sales amount in the first half of 2019 reached 640.

700 million, down 20 a year.

4%; The sales 青岛夜网 amount in the second quarter of 2019 was 335.

300 million, down 6 every year.

5%, in the second quarter the amount of excess sales has been significantly narrowed.

In terms of sub-items, the settlement income of the industrial parks increased every year in the first half of the year.

3%, the real estate development and sales amount is once every ten years26.

7%, hotel and property increased by 19 in ten years.

1%, it can be found that the decrease in sales amount is mainly due to the decrease in the actual business sales amount, while the poor actual business sales are mainly affected by the insufficient saleable value and the cooling of some urban markets.

The land side actively replenished and the investment intensity was greatly increased.

Since 2019, the company has significantly increased its investment. In the first half of the year, it increased land construction by 3.95 million countries, a year-on-year increase of 47%.

Especially this year, the Beijing, Tianjin and Hebei regions have gradually resumed their bidding, auction and listing markets, and the company has expanded its efforts in this traditionally advantageous area.

In terms of investment intensity, the company’s investment intensity (land acquisition amount / sales amount) reached 83% in the first half of 2019, compared with 41% in the same period last year.

At the same time, the average average floor price of newly added land this year is only 3148 yuan per square meter. Against the backdrop of the current land market, the company’s differentiated land acquisition capabilities will gradually emerge.

Financial forecasts and investment recommendations maintain a BUY rating and a target price of 41.

60 dollars.

We forecast the company’s EPS for 2019-2021.

20/6.

94/9.

35 yuan.

The PE of the comparable company is estimated to be 8X in 2019, and we give the company a PE estimate of 8X in 2019, corresponding to a target price of 41.

60 dollars.

Risks suggest that the growth of new investment in the park is less than expected.

Land acquisition in non-Beijing-Tianjin-Hebei regions fell short of expectations.

Hongfa Co. (600885)： HV DC overseas has gradually increased its traditional automobile business

Hongfa Co. (600885): HV DC overseas has gradually increased its traditional automobile business

The company released the third quarter report for 2019. In the first three quarters, the company’s revenue was returned to net profit, and the net profit after deduction was increased by 1.

87%, -5.

54%, -4.

80%, of which Q3 increased by 2.

54%, -9.

06%, -7.

84%.

The company’s general-purpose business has developed steadily, with multiple business markets occupying the world’s largest market share. New businesses such as high-voltage DC and low-voltage electrical appliances already have a certain global competitiveness and are becoming a new growth force.

We are optimistic about the company’s long-term competitiveness and maintain a highly recommended level with a target price of 31-32 yuan.

Performance growth was in line with expectations.

In the first three quarters of 2019, the company’s revenue was attributed to net profit, and the net profit after deduction was 51.

48, 5.

56,5.

26 trillion, each increase by 1.

87%, -5.

54%, -4.

80%.

Among them, Q3 income is attributed to net profit, and net profit after deduction is 17 respectively.

41, 2.

01, 1.

9.2 billion, an increase of 2 each year.

54%, -9.

06%, -7.

84%.

Profitability Analysis.

Q3’s consolidated gross profit margin was 40.

96%, the same, the chain rose by 0.

55, 2.

In 42 samples, the increase in gross profit margin was due to the impact of exchange rate changes, conversions, and the increase in the proportion of high-voltage DC and other businesses with high profitability.

Q3’s sales, management, and financial expense ratios were 5 respectively.

28%, 15.

54%, -0.

99%, rising by 0 each year.

04, 0.

51, 0.

02 units.

HVDC continued to shrink overseas, and the drop in automotive relays narrowed significantly.

In the first three quarters of 2019, the company’s power relays were shipped20.3 ‰, a decline of 7 per year.

7%, automotive relays are gradually shipped 5.

500 million US dollars, a decline of 20% each year, power relays continue to issue 1.1 billion US dollars, each increase of 21%, high-voltage DC relay conversion investment3.

US $ 900 million (excluding US $ 100 million of 杭州夜网论坛 Hongzhou Cycle Series), exceeding 39% per year, and cumulative shipments of low-voltage appliances4.

600 million, an increase of 11% in ten years.

The global competitiveness of the high-voltage DC relay business is outstanding. At present, Mercedes-Benz, Volkswagen, Land Rover, Porsche and other overseas benchmark customers have gradually realized small-scale delivery. The Tesla project has completed production line identification in August and started mass production in October.Products have been shipped to the United States, becoming the main supplier of its domestic factories.

Keeping within the limits of expenditures, we will expand steadily and expand our acceleration.

The company is forming a relevant industrial device business scale and the domestic business is still expanding. Ningbo Jinhai, Zhangzhou Hongfa,四川耍耍网 Xiamen Haicang and other projects have been transformed. Zhejiang Wufeng Capacitor, Zhejiang Zhoushan Automotive Electronics Base is under construction, Indonesia and other overseasSpeed up manufacturing layout.

The company’s overseas business accounts for nearly 40%, and has a long history of business management. In the United States, European business has been localized earlier.

In 2018, the company established the Overseas Investment Division, and it is expected that the related mergers and acquisitions and integration will also accelerate.

In 2019, the company started the expansion of the primary base in Germany, which will support the company’s development of high-voltage DC and low-voltage electrical appliances in Europe.

Investment recommendation: Maintain a highly recommended rating with a target price of 31-32 yuan.

Risk Warning: The continued economic downturn affects the company’s product demand, the capacity expansion progress is less than expected, and exchange rate changes affect the company’s overseas business profitability.

Guizhou Moutai (600519)： The second-quarter speed-up expressway awaits direct operation

Guizhou Moutai (600519): The second-quarter speed-up expressway awaits direct operation
Event: Guizhou Moutai released the main operating data announcement for the first half of 2019: The report actually realized operating income of 41.2 billion, an increase of 16.9%; realized net profit attributable to shareholders of listed companies of 19.9 billion, a further increase of 26.2%.Achieve the output of Moutai base wine3.44 years, production of series of wine-based wines.09. Q2 single quarter exceeded expectations and shipments increased slightly.It is estimated that the company’s Q2 realized operating income of 18.7 billion, an annual increase of 11.0%; net profit attributable to mothers was 870,000 yuan, a year-on-year increase of 19.6%.The revenue in the second quarter was slightly lower than expected, because the shipments did not increase every 武汉夜网论坛 year, and the direct company plan was not implemented yet.Implementation plan of Moutai in the first half of the year 1.In April, according to the channel survey, some dealers have implemented the July plan in advance, so the total shipments have increased slightly.As Moutai’s direct sales plan has not yet landed, the performance growth trend is normal in the case of a small increase in shipments.The fundamental situation in the first half of the year still needs to wait for further confirmation of the cash flow on the statement side and the accounts receivable account. Approval prices continued to rise, and channel inventory was still low.The Q2 colonial price continued to increase. Currently it has exceeded 2,000 yuan / bottle, and some areas have reached more than 2,100 yuan / bottle, but it has gradually slowed down recently.In addition, according to the channel survey, after the implementation of the plan in July, dealer inventory is still tight.The high approval prices and low channels still reflect the strong demand for Moutai terminals, and the subsequent double-stock season is still worth looking forward to. The medium- and long-term logic remains unchanged, waiting for the direct marketing solution to land.We expect that this year’s increase in Moutai will mainly come from the increase in the proportion of direct sales, but the overall market expectations have not yet reached the point, that is, the company will provide direct sales companies at prices.We believe that due to the multi-faceted interests, the determination of the plan has a significant impact, so we need to intervene carefully.However, the company’s long-term logic will not change because the current situation of strong demand and tight supply has not yet broken through. At the same time, the company is a consumer product company with the strongest domestic brand premium ability, and its long-term profit is still guaranteed. Earnings forecast and investment advice EPS is expected to be 35 in 2019-2021.54 yuan, 41.47 yuan, 49.89 yuan, corresponding to PE is 27.7 times, 23.8 times, 19.8 times.Maintain “Buy” rating and maintain target price of 1066.2 yuan. Risk reminders: policy risks in the liquor industry; risks of changes in market demand; plans for direct companies are less than expected

Golden Miles Medical (603882)： Performance continues to release leading value

Golden Miles Medical (603882): Performance continues to release leading value
Event Golden Mile Medical released the third quarter of 2019 report, the first three quarters of 2019 to achieve revenue 39.2 billion, an increase of 18 in ten years.17%, net profit attributable to mother 3.1.9 billion, an increase of 94 in ten years.16%, deducting non-net profit 2.5.9 billion, an increase of 88 in ten years.25%, net operating cash flow is 3.65 ppm, an increase of 40 in ten years.58%. In the third quarter, it achieved operating income of 13.7.7 billion, an increase of 14 in ten years.49%, net profit attributable to mother 1.4.7 billion, an increase of 115 in ten years.54%, net non-profit of 97.14 million, an annual increase of 55.86%. Briefly commented that the performance has exceeded expectations, and the long-term value of ICL’s leading products has stood out quarter-on-quarter. From the point of view of the quarter, the company continued to maintain explosive growth in the third quarter, mainly due to active adjustments in the company’s operating strategy.In total, the company has built 37 provincial medical laboratories across the country, most of which have been built in the past three years, and will not be built any more since last year. The proportion of fixed expenses such as depreciation and amortization in management costs has dropped significantly;The 杭州夜网论坛 laboratory gradually turned losses into profits. The number of profitable provincial laboratories in the first three quarters increased from 23 to 27. The company’s net profit margin increased significantly, and the first three quarters replaced the net profit.34%, a substantial increase every year 2.9 units. In terms of revenue, Q3’s single-quarter revenue growth rate remained stable. The company continued to actively adjust the company’s business structure and has a weak profitability inspection project. The overall gross profit margin in the first three quarters was 39.86%, increasing by 0 every year.With 86 units, the company’s special inspection business has continued to increase the proportion of high-end businesses such as genetic recombination diagnosis, pathological diagnosis, and mass spectrometry. The optimization of its revenue structure has made the company’s competitive advantage more prominent. In the long run, the domestic ICL industry still accounts for less than 5% of the entire inspection market share. In the future, through the National Medical Insurance Bureau to increase the control of medical inspection costs, ICL’s intensive cost advantage will become more prominent. Golden Miles has grown as an absolute leader in ICLThe space is still very large. Financial indicators continued to be optimized, and the net profit margin increased significantly in the first three quarters of 2019. The company’s gross profit margin was 39.86%, an increase of 0.The 83 targets are expected to be mainly due to the increase in the proportion of special inspection services with high gross profit margins, and the active reduction of unprofitable and alternative businesses.The cost rate during the period is 30.65%, down 1.78 units: of which the sales expense ratio is 14.99%, a decrease of 0.36 budgets are expected to bring benefits to the company’s expense control; R & D + management expense ratio of 15.08%, down 1.36 budgets are expected to be mainly due to the decrease in the depreciation stall expense ratio; the financial expense ratio is zero.58%, a decrease of 0.07 averages.The company’s net profit for the first three quarters was 8.34%, an increase of 2 per year.9 averages; of which the single quarter net interest rate in the third quarter was 11.13%, excluding the investment income of about 42 million yuan from the sale of subsidiaries, and a net interest rate of 8.08%, increase by 1 every year.81 units.Net operating cash flow was 3.650,000 yuan, a substantial increase of 40.58%, which is higher than the net profit attributable to mothers, reflecting the high quality of the company’s growth. The third-party laboratory medicine is the absolute leader, maintaining the purchase level. Golden Medical is the third-party medical laboratory with the largest scale and the strongest technical strength in the early days of the establishment of the domestic ICL industry. We are optimistic about the long-term prospects of third-party laboratory medicine in China.Profit forecast for -2021, profit is expected to be 4 in 2019-2021.1.2 billion, 5.2.1 billion and 6.48 ppm, an increase of 76 in ten years.7%, 26.4% and 24.4% (previous forecast was 3.15 billion, 4.04 billion and 5.0.8 billion, an increase of 35 in ten years.2%, 28.0% and 25.8%), and EPS is 0.90 yuan, 1.14 yuan and 1.42 yuan, currently expected to correspond to 65, 52 and 41 times PE in 2019-2021 respectively, maintaining a buy rating. Risk Warning 1.Increasing competition in the industry has led to an increase in the prices of inspection services and hospital settlements beyond expectations.Due to policy factors, the fees for hospital inspection services have been reduced3.Revenue and profitability of first-class laboratories fall short of expectations

Guanghua Technology (002741)： Falling Metal Prices Affect Q1 Results Waiting for New Projects to Put into Production to Improve

Guanghua Technology (002741): Falling Metal Prices Affect Q1 Results Waiting for New Projects to Put into Production to Improve

Event company released the first quarter of 2019 report The first quarter of 2019, the company achieved revenue3.

91 ‰, an increase of 9 in ten years.

34%, an increase of 20 from the previous month.

01%; net profit attributable to mothers was 14.41 million yuan, a decrease of 46 per year.

37%, an increase of 279.

04%; net profit after deduction of 7 million yuan, a year of 73 reduction.

04%, an increase of 169.

56%.

A brief comment on the decline in metal prices will affect the company’s profitability. The first quarter of 2019’s performance will decline, mainly due to the decline in metal prices, which will result in a narrower product profit margin.

The company’s overall gross profit margin was reported as 19.

25%, ten years ago4.

11 levels, level 5 from the previous quarter.

The 47 single ones are expected to be mainly due to the 100-inch spodumene beneficiation project entering the scope of the statement, which will lower the profit margin.

From the perspective of metal prices, the spot price of copper in 2019Q1 was 48720 yuan, which will decrease by 7 in the future.

0%, down 1 from the previous month.

7%; tin spot price of 147,625 yuan, an increase of 1 over.

5%, up 1 from the previous month.

1%; the spot price of nickel is 99,245 yuan, which will decrease by 1.

2%, an increase of 0 from the previous month.

1%; the price of cobalt is 3,175,783 yuan, a decrease of 47 per year.

7%, a month-on-month decrease of 24.

1%; the price of lithium carbonate is 78,528 yuan, which will decrease by 49 in the future.

5%, a decrease of 0 from the previous month.

7%.

During the reporting period, the company’s expense ratio reached 17.

39%, an increase of 2 every year.

93 units.

Of which, the management cost is 20.78 million yuan, which is increased by 68 every year.

10%, mainly due to the establishment of new subsidiaries, the use of new office buildings, resulting in increased management costs; research and development costs of 18.04 million yuan, an increase of 33.

53%, mainly due to the company’s comprehensive report on the 14,000-ton lithium battery initial material project in the report led to an increase in research and development costs; financial costs of 10.19 million yuan, an increase of 381.

82%, mainly due to the increase in interest expenses.

Continued layout of waste power lithium battery recycling channels. The company has recently entered into multiple waste battery recycling strategic cooperation agreements with Wuzhou Automobile, Chery Wanda, BAIC Penglong, Nanjing Jinlong and other component vehicle manufacturers.

The power lithium battery recycling industry is on the eve of the outbreak. For industry companies, there will be several core barriers in the future competition: 1) Barriers to waste battery recycling channels-ensuring continuous and stable, reasonably priced recycling channels are important for recycling companies.2) Technical barriers-at present, there is no mature and unified universal technology in the industry, and the technological maturity and recovery costs of different recycling companies are different from each other; 3) Project site selection, qualification barriers-waste battery recycling processIt will involve the discharge of some three wastes. Under the background of severe environmental protection supervision, project approval will be obtained. Reasonable site selection will become the focus.

The construction of waste power lithium battery recycling channels will become a focus of work for industry companies in the future.

The industry’s prosperity is picking up, domestic replacement logic is smooth, and the strong growth of the main PCB chemical industry is accompanied by the recovery of the downstream electronics market. In 2017, the global PCB industry’s output value reached 55.3 billion US dollars, an increase of 2%, and returned to the rising channel; taking advantage of costs and the industryThe supporting chain is becoming more and more perfect, and the focus of the global PCB industry is constantly shifting to China. In 2017, the Chinese industry’s output value accounted for 51% of the world’s total; the market share of Chinese local PCB manufacturers continued to increase at the same time, and the industry’s development trend is improving.

As a supporting product for the PCB industry, with the improvement of industry product requirements, environmental protection regulations have become more stringent, the small capacity of the PCB chemical industry has gradually been cleared, the industry concentration has increased significantly, and the CR5 index has increased year after year.

As a leader in the industry, the company has achieved a good reputation in the industry in the short term, established a high-quality brand image, and steadily increased its market share.

However, the overall dispersion of the industry is still high at present. The company is the industry’s first domestic brand. Its market share in 2017 was only 4%, and there is huge room for future growth. Layout of the “lithium battery recycling-lithium battery 四川耍耍网 materials” industry chain to open up the imagination space for the development of PCB chemicals. While the company has entered the lithium battery field since 2017, it has laid out ternary precursors, iron phosphate, lithium iron phosphate, and ternary interval.Materials, lithium battery recycling production line.

The company has obvious advantages in the field of lithium battery deployment: 1) it has advanced chemical production technology, obvious advantages in the cost of iron phosphate technology, and high efficiency of lithium battery material recovery; 2) the formation of a closed-loop industrial chain of “battery recycling-raw materials-precursors-multiple materials”The advantages of integration are obvious; 3) Selected into the list of the first batch of lithium battery recycling test sites (only 5 in the world),北京桑拿体验网 and obtained the first-mover advantage of industrial layout.

New energy vehicle sales began to increase in 2013. According to the 3-5 year life cycle, the battery recycling market has gradually opened rapidly after 2018, and the industry output value is expected to reach more than 40 billion in 23 years.

The company is the first to make a layout in this field and is expected to become a strong support for future profit growth.

Maintaining a “Buy” rating. The company has a long history of accumulation, obvious technical advantages, and sound operation management. In the short term, it will benefit from the improvement of the industry’s prosperity and gradually replace domestic alternatives. The main business of PCB chemicals will maintain strong growth.The “recycling-lithium battery material manufacturing” business is in line with the industry’s development trend, and the volume will be ready soon; the capacity under construction will be gradually launched in the next two years, and the growth of the business is highly certain.

It is expected that the company will realize net profit attributable to mothers in 19 and 20 years1.

94, 2.

80 billion, corresponding to EPS 0.

52, 0.

75 yuan, corresponding to the estimated value of 25X, 17X, maintain “Buy” rating.

Weifu Hi-Tech (000581) Annual Report Comments： Annual Report Exceeds Expected Long-term Benefits Emissions Upgrade

Weifu Hi-Tech (000581) Annual Report Comments: Annual Report Exceeds Expected Long-term Benefits Emissions Upgrade

Asset impairment dragged down performance. The 2018 annual report exceeded expectations. On April 23, the company released its 2018 annual report. In 2018, the company achieved revenue of 87.

21 ‰, at least -3.

28%; net profit attributable to mothers23.

96 ‰, at least -6.

82%; net profit after deduction is 20.

1.5 billion every year -13.

twenty four%.

Subject to accrual of about 2.

The impact of the RMB 5.1 billion asset impairment provision reduced the company’s 2018 net profit, which was lower than our expectation.

The company’s traditional advantages The 天津夜网 main industry diesel common rail system and automotive aftertreatment system are expected to continue to benefit from the upgrade of emission standards and contribute to stable profitable growth; the extension of the acquisition of Danish IRD fuel cells, cut into the core component business of fuel cells, is expected to cultivate new business growth points and helpCompany transformation and upgrading.

We expect the company’s EPS to be 2 in 2019-2021.

52/2.

71/2.

82 yuan, maintain “Buy” rating.

The performance of associates grew steadily, and the company’s expense ratio and asset impairment ratio increased in 2018, and the company realized investment income.

56 trillion, +5 for ten years.

5%, accounting for about 75% of the company’s total profit.

15%.

The investment income mainly comes from the contributions of Bosch Automobile and China United Electronics, which the company has invested in. The two joint ventures will implement a net profit of 35 in 2018.

45 ppm and 18.

3.4 billion, respectively +3.

6% and 3.

2%.

The company’s 2018 expense ratio is approximately 13.

91% for ten years +1.

3pct, where the selling expense ratio is 2.

73%, ten years +0.

57 points, mainly due to the increase in salary and wage costs and three guarantees; the management expense rate reached 11.

33%, ten years +1.

01pct; Affected by the growth of interest income from deposits, financial expenses were -0.

2% per year -0.

28pct; R & D expense ratio is 0.

05%, ten years +0.

28 points.

The company’s asset impairment loss ratio in 2018 reached 2.

88%, ten years +1.

56 points.

The company intends to acquire the Danish IRD fuel cell, and cuts into the fuel cell core parts and components business company to issue an external investment announcement on March 28. It plans to establish a wholly-owned subsidiary in Denmark to acquire 66% of IRD fuel cell A / S equity for 7.26 million euros.According to the announcement, the Danish IRD company is committed to the research and development and production of fuel cell components. It has multiple patents in the field of fuel cells. The patent field involves membrane electrodes and bipolar plates. IRD has mastered advanced preparation technologies for membrane electrodes and graphite composite bipolar plates.Key products include membrane electrodes (MEA) and graphite composite bipolar plates (BPP). At the same time, IRD has stable technical partners and customer resources in Europe, the United States and China, and its products have been recognized by domestic and foreign customers.

We believe that the company’s acquisition of IRD’s equity will help the company cultivate new business growth points and help the company transform and upgrade.

The beneficiary country has upgraded its emissions and maintained a “Buy” rating. We believe that the company’s high-pressure common rail system products and exhaust gas treatment products will continue to benefit from the improvement of emission standards. The company’s diversified business layout will promote the stability of the company’s performance growth.

According to data from Gasworld, the cumulative sales of heavy trucks in 2018 were about 1.15 million units. Considering the conversion of heavy truck sales, we believe that about 1 million heavy trucks will be sold in 2019, or about -13%.

The company’s business is heavily related to heavy trucks. We estimate that the company’s net profit attributable to mothers in 2019-21 will be 25.

44/27.

35/28.

4.3 billion (down 13 in 19/20).

7% / 15.

61%), the corresponding EPS is 2 respectively.

52/2.

71/2.

82 yuan.

The average PE of a comparable company in 2019 is estimated to be about 11 times. Considering that most of the company’s profits come from investment income, the company is given a 10-11 times PE estimate for 2019, corresponding to a target price of 25.

2-27.

72 yuan, maintain “Buy” rating.

Risk reminder: The heavy truck industry is worse than expected; the progress of the emission 无锡夜网 standard upgrade and the implementation of policies are weaker than expected; the company’s operations and extensions are worse than expected.

Yinhua Antioxidant Theme Established 8 Years, 52% Gradually What Antioxidant Are You Taking

Yinhua Antioxidant Theme Established 8 Years, 52% Gradually What Antioxidant Are You Taking
Yinhua Antioxidant Theme Established 8 Years and Reduced 7 Years?What antioxidant are you taking? The term “doped with base wool” is not liked by everyone, which means currency devaluation and rising prices, so like to put the word “anti” in front, which means resistance and struggle.Today we introduce a product called Yinhua Antioxidant Theme to see how it resists cracking.　　Yinhua’s anti-toxic theme was established on December 06, 2010. Performance comparison benchmark S & P Goldman Sachs Commodity Index returns, investment targets under the effective control of portfolio risk substitution, through the selection of funds with anti-metabolic themes worldwide,Realize long-term stable appreciation of fund assets for investors.　　Yinhua Antioxidant Theme has gradually been -52 since its establishment.50%. From the natural year, only 1 year has been profitable since the establishment of 9 years, and there are 3 natural annual variables with a range of more than 10%, of which in 2011 it reached as high as 14.91%, up to 25% in 2014 and 26% in 2015.　　Judging from the quarterly increase, Yinhua’s anti-oxidant theme effect is very serious. Eight of the 36 quarters have risen or fallen more than 10%, and the 2015 quarter exceeded 20%.　　Yinhua Antioxidant has experienced five fund managers since its establishment, namely Wang Yi, Wang Hai, Chen Yue, Ma Jun and Li Yixuan. The terms of the previous three fund managers have changed, and Chen Yue suffered 深圳SPA会所 damage during his separate management.49%.　　The current fund managers are Ma Jun and Li Yixuan. The two terms have been in office for 1 year and 212 days, and their remuneration during the period was only 1.93%, I am afraid that this victory is still getting some disadvantages.　　Ma Jun’s current fund assets total scale 2.2.1 billion yuan, the best fund return during his tenure was 37.69%.He worked at Dacheng Fund from July 2008 to March 2009.He joined Yinhua Fund in March 2009 and has served as the founder and assistant fund manager.Dr. Li Yixuan, once worked for Hualong Securities Co., Ltd., joined Yinhua Fund in December 2014. He has served as the quantitative indicator of the quantitative investment department and is currently the assistant of the fund manager of the quantitative investment department.

Tianci Materials (002709) Performance Express Review Comments： Performance Meets Expected Future Outlook and Rapid Growth

Tianci Materials (002709) Performance Express Review Comments: Performance Meets Expected Future 佛山桑拿网 Outlook and Rapid Growth

Event: The company released a performance report: the net profit attributable to shareholders of listed companies in 20184.

5.9 billion, an annual increase of 50.

68%, the corresponding eps is 1.

35 yuan, an increase of 46 per year.

74%.

Among them, the company’s change in accounting methods for its fault-tolerant lithium industry and its disposal of equity in the fault-tolerant lithium industry increased investment income4.

2.9 billion.

In addition to the above investment income, the company realized a net profit attributable to shareholders of the listed company of 30.01 million yuan, a decrease of 90 from the same period last year.

15%, performance is in line with expectations.

Key points of investment: The growth rate of the decline in product prices and the increase in expenses: The main reasons for the decline in the company’s operating profit growth in 2018 were (1) intensified market competition and decline in sales prices of the company’s products and products, leading to a decline in gross profit margin;The increase of subsidiaries in the scope of the report results in an increase in period expenses; (3) the company’s R & D expenditure, labor, depreciation and amortization increase; (4) the increase in bank expenditures results in increased interest expenses.

The price of gasoline has increased steadily, and the price of lithium salts may rise. Future high-speed growth is expected: According to GGII data, the company’s circulation in 2018 is 3 per year.

57 Every year, at least 2017 has increased by about 23%.

Based on the rapid growth of the industry and the endorsement of quality customers, we expect the company to achieve sales of more than 5 in 2019, corresponding to a 40% sales growth.

At the same time, according to GGII data, in the field of power batteries, 2016Q1 gasoline has about 8 tax-containing oxides.

50,000 yuan / ton, the price fell to 3 in 2018Q1.

90,000 yuan / ton, the current rebound to about 4.

4 million / ton, at the same time, the lithium salt, that is, lithium hexafluorophosphate, has risen and fallen at the same time, and the current price has rebounded slightly.

In general, due to the industrial excess of lithium salt capacity, prices continue to decline. At present, small factories have approached the cost price and even decreased, and are at the low-end capacity to accelerate the process of clearing.The company as a leader in lithium salt will benefit significantly.

The company currently owns 1.

4 The production capacity of lithium hexafluorophosphate, including 4,000 tons of solid production capacity and 30,000 tons of liquid production capacity (equivalent to 10,000 tons of solids). As an integrated leader of lithium salt and tungsten carbide, the company has great flexibility in the future.

Other businesses are advancing steadily and orderly.

The company continues to innovate and perfect its production processes, equipment and technologies through the production of core and key raw materials for its main products, establishes a cyclic industrial chain system, and gains a sustainable cost competitive advantage.

At the same time, companies with core customers or technological advantages are also acquired through mergers and acquisitions.

Fundamental materials: The company plans lithium beneficiation, lithium carbonate processing, subdivided material precursors and vertical materials lithium iron phosphate. Through its participation in upstream raw material suppliers and horizontal collaboration with other material providers in the industry chain, it will consolidate and expand the company’sInfluence.

Hydrofluoric acid: At present, the company’s self-supply capacity of hydrofluoric acid has exceeded 10,000 tons.

At the same time, the company plans to build an annual output2.

5 The initial electronic-grade hydrofluoric acid project is still in the early stages of construction.

Daily Chemical Materials: The sales scale has achieved stable growth. Under the influence of the company’s strategy of actively adjusting the product structure of daily chemical materials, the growth of the gross profit margin and sales volume of daily chemical materials have steadily recovered to historical average levels.

Equity incentives and high unlocking standards demonstrate confidence: The company released the 2019 stock quote and exchange stock incentive plan on January 23, and plans to grant a total of 921 equity to incentive objects by way of targeted issuance.

970,000 shares, accounting for 2% of total equity.

72%, whose unlocking condition is the company’s performance appraisal requirements for 2019?
The net profit after deduction of non-incentive costs in 2021 shall not be less than 2.

5, 5.

1, 6.

5 megabits, a significant improvement over the 2018 performance.

This equity incentive plan has higher requirements for unlocking, which shows the franchise’s confidence in the company’s rapid growth in future performance.

Maintain “overweight” rating: The company’s net profit in 2019 and 2020 is expected to be 3 respectively.

34, 5.
08,000 yuan, corresponding to 0 EPS.
98, 1.

50 yuan, the corresponding assessment is 35, 23 times.

Based on the company’s core product price reversal and elasticity of future performance, we maintain the company’s “overweight” rating.

Risk warning: policy risks; customer expansion exceeds expectations; product prices exceed expectations; production expansion progress exceeds expectations.

Sunlord Electronics (002138)： Performance Exceeds Expectations, Long-term Growth Trend of Inductor Leaders Is Clear

Sunlord Electronics (002138): Performance Exceeds Expectations, Long-term Growth Trend of Inductor Leaders Is Clear
Matters: Sunlord Electronic Announcement: The company released the first half of the year’s results for the first half of the year.In the first half of 19, total revenue was 12.1.7 billion, +7 a year.77%, net profit attributable to mother 1.9.5 billion a year -13.98%, net of non-attributed net profit1.810,000 yuan, at least -5.16%.　　Comment: In the first half of the year, the first half of the year’s performance was slightly lower than expected, and the company’s expenses and costs increased in the first half of the year.1.7 billion, +7 a year.77%, net profit attributable to mother 1.95 ppm, at least -13.98%, net of non-attributed net profit1.8.1 billion, -5 per year.16%, slightly lower than market expectations.19Q2 single quarter revenue 6.73 ppm, a five-year increase of 5.5%, an increase of 23 from the previous month.52%.Realized gross profit in the first half of 1929 trillion, ten years +9.51%, gross margin 35.26%, an annual increase of 0.56 units.　　From the perspective of expenses, the selling expenses in the first half of 19 were zero.33 trillion, ten years +6.61%, management costs 0.63 trillion, ten years +10.97%, R & D expenses are 0.8.4 billion, +39 per year.14%, financial expenses 3.96 million yuan, financial expenses for the same period last year was -1.8重庆耍耍网2 million yuan.The exchange gain was -6.64 million yuan, the exchange gain was -5.35 million yuan in the same period last year, and the investment income was -1.16 million yuan.　　We believe that the increase in expenses, loss in exchange rate, and decrease in distribution income are the main factors that caused the company’s performance to be lower than expected.The company’s single-quarter gross profit margin was 35 in 19Q2.65%, which is basically the same as the gross profit margin in the single quarter of 18Q2, which is an increase of 0 from the previous quarter.87 single, profitability of core products remained stable.However, due to the overall exchange rate fluctuations in the first half of the year, profits were reduced by 1,199 due to exchange rate changes each year.550,000 yuan.Excluding the impact of equity transfer gains and the decrease in earnings caused by exchange rate changes, profits in the first half of 2019 were basically the same as last year.　　In addition, the increase in expenses is also one of the reasons for the pressure on the company’s performance. The company’s R & D expenditure in the first half of 19, 8,425.160,000 yuan, compared with 6,055 in the first half of 2018.300,000 yuan, expenditure increased by 2,369.RMB 860,000; 20,882 labor expenses in the first half of 2019.520,000 yuan, compared with 16,520 labor expenses in the first half of 2018.40,000 yuan, an increase of 4,362.480,000 yuan.The growth in expenses is reflected in the company’s continued development strategy.The company’s continued growth in the fields of automotive electronics, filters, magnetic materials, sensors, high-end precision inductors, precision ceramics and other industrial-specific products has contributed to the company’s sustainable growth.The foundation has been established, while increasing short-term cost pressures.　　New products and customers have developed smoothly, and high growth is still expected in the future. In the first half of 2019, automotive electronics sales revenue increased by 429 compared with the same period last year.97%, automotive electronics achieved large-scale and stable delivery, which injected a strong source of power for Sunlord’s continuous and continuous growth!After more than ten years of hard work, the company has become an official supplier of automotive electronics companies with many global and domestic reputations such as BOSCH, VALEO, Denso, Tesla, CATL, Koboda, etc. CATL and Koboda are the second quarter of 2019New and rich customers.The company’s reversing radar transformers, BMS transformers for electric vehicles, and third-generation power inductors have been used by world-renowned automotive electronics companies.Auto electronics orders continue to grow, which is expected to become one of the important sources of revenue growth of the company.　　The 5G business will lay the foundation for the company’s continuous expansion in the field of communications. Both communication base stations and terminal services will benefit from 5G business drivers.The company ‘s microwave devices specifically developed for 5G base stations have been recognized by major international manufacturers and gradually transformed into sales; the second half of the year will continue to expand the development and marketing of new products in the 5G market.At the same time, driven by 5G services, the demand for high-end precision inductors in mobile phone terminals will also increase significantly.The company continues to cultivate on the mobile phone side and new customers continue to expand. The penetration rate of the communication terminal market has continued to increase. Combined with the mobile phone terminal ‘s significant increase in the use of high-end precision inductors, the company has fully benefited from the 5G inductor volume and price trend. The communication terminal business aims toMaintain sustained and stable growth.　　In addition, the company’s other businesses such as ceramics, military electronics, PCB and other businesses continue to develop steadily. While the company is actively researching and promoting new product development, it focuses on strengthening management team training and continuously improving management efficiency.Through the implementation of training for managers in management culture projects, the continuous progress of IPD work and the establishment of a new research and development assessment mechanism, the market for research results has been actively promoted; through the quantification and refinement of business management, overall operational efficiency has been improved and the company’s operating efficiency has been increased.　　The company’s short-term performance is under pressure, and its long-term growth trend is obvious. The company maintaining the “buy” rating suffered from factors such as expense growth, exchange loss, and reduction in distribution income. The first half performance was slightly lower than market expectations.However, with the volume of automotive electronics products, the inductance business benefits from the 5G business driver, filters, ceramics, magnetic materials and other businesses usher in a period of rapid growth. The company’s high replacement in the past will transform the company’s growth momentum, and the company’s long-term growth is obvious.We lowered the company’s performance from the original 5 of 19/20/21.80/7.89/10.29 trillion, down to 5.08/6.51/8.1.8 billion, a ten-year growth rate of 6.2% / 28.1% / 25.7%.Earnings per share are 0.63/0.81/1.01, currently corresponding to 19/20/21 PE is 32.9/25.69/20.4 times.　　Maintain “Buy” rating.　　Risk reminders: First, the growth rate of traditional businesses and the progress of new businesses are not up to expectations.　　Second, the company’s product development progress in new areas and new customers fell short of expectations.　　Third, the cost of upstream raw material prices has risen, and the expense has grown rapidly.

Jihong Shares (002803) Company Dynamic Comment： Mergers and Acquisitions Promote Industry Consolidation and Seek Growth as a Leader in QSR Packaging

Jihong Shares (002803) Company Dynamic Comment: Mergers and Acquisitions Promote Industry Consolidation and Seek Growth as a Leader in QSR Packaging

Event: The company signed an equity transfer agreement on April 25, agreeing to use RMB 5,396.

Acquired the remaining 67% equity of Anhui Weizhi Environmental Paper Co., Ltd. at a price of RMB 850,000. After the completion of the acquisition, Anhui Weizhi will become a wholly-owned subsidiary of the company.

Anhui Weizhi focuses on the opening of environmentally friendly paper containers, and has a certain reputation in the domestic food-grade packaging industry.

At the time of plastic limit, QSR packaging had a bright future.

QSR (Fast Food Restaurant) packaging is fast food packaging, which mainly refers to paper cups, paper bowls, food packaging paper, environmentally friendly paper bags, tableware and other products used for fast food, take-out, packaging, etc.

With the rise of the take-out industry, the pollution of plastic meal boxes has increased, and the progress of environmental plastics restriction has accelerated: Hainan has gradually started to ban the plastic from this year;Start research.

In addition, take-out giant Meituan has launched the “Aoyama Plan”. Are you hungry to launch the “Blue Planet” plan to encourage consumers to reduce the use of disposable tableware and promote the use of environmentally friendly paper bowls instead of plastic meal boxes; Starbucks has gradually stopped supplyingPlastic straws instead of paper straws.

At present, the size of the paper QSR packaging market is about 140 million, and the penetration rate has decreased. Most of the paper QSR packaging is large foreign chain restaurants. A large number of medium-sized restaurants still use plastic lunch boxes. If the take-out policy is introduced, the paper QSR packaging marketThe scale promotes rapid improvement, reaching more than 270 ppm.

With the combination of acquisition and fixed increase, Jihong’s segmentation in this market segment will increase rapidly and promote the concentration of the industry.

Anhui Weizhi holds major customer resources such as KFC, McDonald’s, Burger King, Subway, Rakuten and is one of the top 10 companies in the field of paper QSR packaging.

Large customers have higher requirements for packaging products, with large demand, strict requirements on supplier technology, production capacity and other qualifications. Through the acquisition of Anhui Weiwei, the company quickly filled the gap in the food-grade packaging field and obtained a large number of high-quality customer resources.

In addition, the company also plans to increase construction of Xiaogan. Langfang and Xiamen have three production bases, which are mainly used for paper QSR packaging production. The three bases are expected to contribute US $ 1.5 billion in revenue when they reach full capacity.

The simultaneous advancement of acquisition and fixed increase will help Jihong to quickly improve the market structure of the paper QSR packaging segmentation industry. We expect that Jihong will rank among the top five in the industry after the completion of the acquisition. It is expected to grow into a leader in the industry in the medium and long term.

The concentration of the paper QSR packaging industry is only about 30% of CR10. Jihong’s acquisition of Anhui Weizhi opens the industry integration pace, and it will increase the market share by increasing the code, which will promote the industry’s concentration and increase its bargaining power.

Internet + marketing empowers packaging, opens up offline traffic entrances, and QR code marketing business attempts to achieve QSR packaging to achieve heavy volume.

The company’s QR code marketing business is to make full use of its advantages in Internet technology, marketing strength, fast-dissolving customer resources, etc., and combine offline and online with a one-code one-code sweepstakes model, and use packaging as trafficEntrance, transforming every opportunity of consumer product packaging to contact customers into Internet data, providing customers with traceability, marketing, advertising, drainage and other services, while helping packaging customers to carry out preventive marketing, and maximize the marketing essence of FMCG packaging.

The QR code marketing business model is novel and has high barriers, offline traffic, advertiser resources, and marketing capabilities are indispensable. Jihong is uniquely able to meet these three major 北京夜网 requirements, build a deeper moat, and realize the traditional packaging business.Upgrade, huge space for future development.

At present, the company has reached cooperation with Hengan, Dali, Netease Koala and other enterprises.

In the future, through the heavy volume of QSR packaging, the company is expected to realize that QSR packaging will reach more large consumer groups, control considerable traffic inflows, and utilize the precise marketing capabilities of the subsidiary Dragon Star to optimize traffic matching and increase the conversion rate of drainage., Continue to enlarge the advantages of QR code marketing business.

Investment suggestion: The company’s acquisition of Anhui Weizhi will rapidly improve the market structure in the QSR packaging industry, promote the industry’s concentration, and simultaneously convert QSR packaging to achieve the growth of QR code marketing business.

59/2.

28 yuan, corresponding to PE of 15 / 11x, maintain “strongly recommended” investment rating.

Risk reminder: The price of wood pulp fluctuates sharply, capacity construction is lower than expected, downstream demand is lower than expected, and industry competition is intensifying.