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.



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.


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.


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.



4.3 billion (down 13 in 19/20).

7% / 15.

61%), the corresponding EPS is 2 respectively.



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.


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.

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.


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.

Guangdong Expressway A (000429): Depreciation change contributes 8PPT profit growth rate to return to 2020 high growth certainty

Guangdong Expressway A (000429): Depreciation change contributes 8PPT profit growth rate to return to 2020 high growth certainty
Company status The company announced that it will change its accounting estimates from January 1, 2020, and use the re-evaluated traffic volume of Fokai Expressway and Guangzhu East 杭州夜生活网 Expressway in 2019 as the basis for the depreciation after the change.The original traffic forecast based on depreciation was completed in 2013. Due to the reconstruction and expansion of the southern section of Fokai and changes in the road network around Guangzhu East, it is no longer applicable to the current situation. The company predicted in the announcement that this change in depreciation accounting estimates will reduce depreciation costs from 2020 and will contribute net profit after tax1 in 2020.06 ppm, according to our profit assumptions, this change will contribute to the company’s annual performance growth of 8ppt.In addition, because the change is handled using a future applicable method, it will not affect the previous year’s finances. Commentary on the traffic volume is estimated to often increase profits 无锡夜网 from time to time.The company adopts the traffic flow method for depreciation, that is, the balance of fixed assets is allocated every year according to the predicted traffic flow of the current year to the predicted proportion of the total traffic flow during the operating period.The company’s traffic flow forecast is often conservative, so the depreciation ratio in the early part of the operating period is higher than the actual traffic flow.Therefore, updating the forecasted future traffic flow during the operating period and making depreciation adjustments in accordance with the applicable future method will effectively reduce the depreciation cost of the remaining operating costs.Looking back, due to conservative depreciation estimates, the company-owned Guangfo Expressway completed depreciation about 5 years in advance and released 20171.100 million net profit after tax. If the new version of the depreciation policy is still conservative, it is still expected to complete depreciation and release profits in advance. The completion of the reconstruction and expansion of the southern section of the Fokai Expressway has achieved outstanding results and increased the company’s profit in 2020.2019: The reconstruction and expansion of the southern section of the Fokai Expressway was completed and opened to traffic on November 7, 2019. Higher toll rates will apply from the opening date, and traffic growth will increase.However, due to the depreciation of supplementary new fixed assets, we expect that the impact of reconstruction and expansion on current year’s earnings will be neutral.2020: We expect to postpone approval and the post-opening incentive effect and its total contribution2.3?2.The net profit of USD 400 billion (approximately 15% of the estimated net profit for the current year), the key assumptions include: ① Completion of the extension approval at the end of 2Q, which will be extended 10 years from the original termination date of 2026.In 15 years, ② the gradual traffic flow will increase by 12% in 2020 after the opening of traffic, and the bicycle charging rate will increase by 15% every year. It is estimated that due to the ban on heavy trucks banned by Humen Bridge, the tolls of Guangzhou-Zhuhai East continue to fall short of expectations. We lower our 2019 profit forecast by 5% to 13.20 ppm (not deducting -8% YoY); comprehensively considering the positive effects of this depreciation policy adjustment and the substitution effect of Humen Bridge on Guangzhu East, basically maintaining the 2020 forecast16.7.2 billion (+ 27% YoY); date 2021 forecast 18.8.6 billion yuan (+ 13% year-on-year).The current contradiction corresponds to 13/10 times 2019/20 P / E, 5.4% / 6.8% dividend yield in 2019/20.The company’s performance in 2020 is highly flexible and its dividends are considerable. We repeat the A-share outperform industry rating, which corresponds to 12 times the 2020 PER and 14% upside. Risks Humen Bridge Cargo Limit Exceeds Expectations, Fokai Reconstruction Extension Expansion Review Is Slower Than Expected

Wangsu Technology, Aviation Development Power, NavInfo Abandon Redemption of Rich Country ETF

Wangsu Technology, Aviation Development Power, NavInfo Abandon Redemption of Rich Country ETF
Related reading: It is always necessary to come to ETF exchanges to stir up the fund circle: It still takes time to rebuild confidence. Public offering of ETF customized interest chain bans. Excessive redemption or offsetting ETF development glass. The first example: Wells Fargo Technology 50 ETF share redemption was abandoned.发行延期  规范ETF超比例换购换购比例过高不宜向散户推销为什么有时候ETF换购是坑ETF两个大变化:大额换购置换,深交所提速四维图新股东弃购ETF:科大讯飞等咋办?Involved in the original title of Guangfa Penghua, etc .: A number of listed company shareholders gave up ETFs to buy China Fund News reporter Lu Huijing Supervisor ‘s window guidance effect on listed company shareholders ‘excessive redemption of ETFs, within one week, Netsu Technology, Aviation Development Power, NavInfoOther listed companies issued announcements that shareholders gave up their subscriptions for trading open-ended index fund (ETF) shares.  Fund officials expect that the requirement for a listed company’s share exchange ETF to not exceed the index weight is officially implemented, and it is expected that the ETF exchange business will be affected in the future.  On November 8, Wangsu Technology announced that it had received a notification letter from shareholder Liu Chengyan and terminated its participation in the subscription of fund shares with the company shares of its holders.On October 17, Wangsu Technology disclosed the announcement that Liu Chengyan, a shareholder holding more than 5% of the company’s shares, intends to participate in the subscription of the 50 ETF shares of Wells Fargo Technology with no more than 24 million shares of the company.Based on the closing price on October 17, the original planned exchange amount was about 2.400 million yuan.  The day before Wangsu Technology gave up its ETF 佛山桑拿网 subscription, Hangfa Power also terminated the ETF exchange.Hangfa Power announced on June 5 the shareholders’ plan to subscribe for securities investment funds. Aviation Industry Group originally planned to exchange the shares of the company’s holders for the Fortune China Securities Military Leading ETF within 6 months from June 28.It is planned to subscribe for no more than 28.12 million shares.During the exchange period, the company planned to issue shares to purchase assets at the same time. During the suspension phase, it did not meet the subscription conditions. Therefore, Aviation Industry Group decided to terminate the fund subscription.  On November 4, NavInfo released a new announcement that shareholders Sun Yuguo and Cheng Peng decided to abandon their participation in the subscription of fund shares by holding company 杭州桑拿 shares.Earlier, the two executives mentioned above planned to exchange a total of 1.98 million shares for the share of the 50-strategy ETF of CSI.According to the closing price of the announcement date 14.Calculated at 45 yuan / share, the total redemption amount is approximately 28.61 million yuan.  The China Fund News reporter was sanctioned. Supervisory authorities required that the size of the stock exchange not exceed the weight of the constituent stock in the index for the code of conduct of the stock exchange ETF, and required shareholders of listed companies to abide by the relevant regulations on shareholder reductions.  A fund company institutional salesperson reported that he did indeed hear a statement guided by the step that the listed company’s share exchange for ETFs must not exceed the index weight.”Formal policies are still in the pipeline, and it will not be ruled out soon.”Said the above-mentioned fund company institutional sales staff.”An ETF fund manager in Shanghai judged that if the policy of a listed company’s stock exchange for ETFs not to exceed the index weight is officially implemented, it is expected that the ETF exchange business will be difficult to carry out in the future.”For example, an ETF with a scale of only 1 billion U.S. dollars, even if the listed company accounts for up to 5% of the index weight, the listed company’s shareholders can exchange for only 50 million, the listed company has not been notified, the process is troublesome, and the listingCompany shareholders are not necessarily willing to participate.At the same time, there are not so many ETFs issued at the same time, and it is difficult for shareholders of listed companies to find multiple ETFs at the same time to meet their needs for a large one-time exchange.”However, several large-volume ETFs are still ushered in the issuance market in recent days.On November 6, the CSI Belt and Road ETF affiliated to the three fund companies was established on the same day, raising a total of more than 20 billion yuan.

Tongyu Communication (002792) Annual Report Review: Focus on Antenna R & D to Help 5G Network Construction

Tongyu Communication (002792) Annual Report Review: Focus on Antenna R & D to Help 5G Network Construction
Investment Highlights: The annual report is in line with market expectations, and the revenue growth in the first quarter is obvious. The company recently announced its 2018 annual results report and 2019 first quarter report.The 18-year annual report shows that the company’s operating income is 12.6.5 billion, a decrease of 17 from the same period last year.62%; net profit attributable to shareholders of the listed company was 4,442.450,000 yuan, a decrease of 59 from the same period last year.81%; budget benefit is 0.2 yuan.The first quarter report shows that the company achieved operating income3.900 million, an increase of 37 every year.81%; Net profit attributable to shareholders of the listed company was 1815.10,000 yuan, 998 in the same period last year.170,000 yuan; net interest rate attributable to shareholders of listed companies in lieu of non-recurring profits and losses 2012.660,000 yuan, a decrease of 98 per year.66%; basically 0.08 yuan.The annual report and the first quarter report are in line with expectations. The domestic antenna business is sluggish. The overseas market maintains high-growth companies’ R & D, production, and sales of professional military communications antennas and RF device products. The products mainly include base station antennas, RF devices, and microwave antennas.As the domestic 4G communication network entered the end of construction in 18 years, the capital expansion of the three major operators continued for years, and the competition environment in the domestic antenna market was extremely fierce. The company’s base station antennas, radio frequency components and microwave antennas have all shown production and sales, and increased inventory.34.The volume production of optical communication products has increased due to the official launch and mass production of optical communication products by its subsidiary, and sales volume has increased by 34 compared with last year.59%; the sales volume, production volume, and inventory volume of the information command system have a growth trend compared to last year’s base digits in 2017; 5G products did not have mass production in 2017, and the operating income of 5G products in 2018 was 33.31 million yuan, an increase rate.Facing the downturn in the domestic antenna market, the company made efforts in foreign markets to seize the possibility of accelerating the construction of 4G networks in India and Southeast Asia, and realized overseas revenue5.4%, an increase of 49 per year.62%.After a downturn in the communications industry last year, a quarterly report showed that the company’s operating income began to form an inflection point shift and increased by 37.81% was mainly revenue from order recognition.During the same period, the company’s increase in R & D expenditures and budgeted management expenses and financial expenses grew faster than revenues, thereby expanding the quarterly report.But experienced 19 of the operator?The antenna collection will be implemented in 20 years. The company’s net profit in the next few quarters will shift revenue growth and become positive. The company’s substrate antenna, which has obvious advantages in the development and manufacture of communication antenna technology, is still the company’s leading product. At present, it has formed a rich product line of communication antennas, radio frequency devices, and optical modules. It has developed a series of base station antennas, duplexers, and integrated circuits.Amplifier, tower top amplifier, series microwave antenna, optical transmission module and other products.The company has obvious R & D advantages in the field of communication antennas and RF devices. The antenna research and development team has more than 50 people. It has a microwave anechoic chamber and complete testing equipment and testing environment. At the same time, it has a fully-enclosed far-field test field and a semi-open far-field test field., 4 types of antenna pattern test system, including open far field test field and Satimo-SG64 near field test system.It can meet the needs of current generations of communication network standards at home and abroad, and has become an alternative market competitiveness in the field of mobile communication antennas.The company’s main customers are communication system operators and equipment vendors, such as the three major domestic operators, foreign big T and Huawei, ZTE, Datang, Nokia, Allen, etc., and their products are sold to 60 countries and regions around the world.The company’s good supply chain system can meet the needs of 佛山桑拿网 large supply of communication antennas and RF devices in the market and short delivery time. It can quickly complete the research and development of new products, pilot test, and quickly follow up mold design, manufacturing and process preparation to achieve product design.Optimization is in parallel with mold development and process optimization, which greatly shortens the product development and manufacturing technology preparation cycle, thereby improving the company’s market competitiveness. Improve the antenna industry chain and rely on overseas markets and 5G construction to achieve high growth.Since 2018, 5G standards have been basically formulated. The R16 version involving specific applications is about to start. At the same time, the Ministry of Industry has delivered 5G systems to the three basic operators at low and medium distances.The test frequency is licensed, and the three major operators have launched 5G commercial trials in major cities in China.In 19 years, the company devoted itself to technology research and innovation, strengthened and enlarged the company’s base station antennas and RF device products, especially strengthened the research and development of 5G next-generation communication antenna feed systems, integrated key components such as oscillators, filters and other supporting resources.The company has established itself as a research and development and manufacturing base of internationally advanced communication antennas and radio frequency device products in the 5G era.At present, the company is the first antenna research and development enterprise partner of China Mobile’s 5G Joint Innovation Center, with 519 authorized patents, including 63 invention patents and 83 5G related patents.As of now, the company’s 5G base station antennas and RF device products are at 2.6GHZ wavelength, 3.5GHZ has completely switched from R & D samples to mass production delivery stage; the R & D of millimeter wave related products has also achieved staged results. In the future, the company is expected to continue to obtain valid orders in the operator’s 5G construction, improving the company’s market competitiveness and market share. With the rapid development of new industrial forms such as big data, cloud computing, and the Internet of Things, the market’s demand for optical communication modules continues to increase, and the company continues to develop its optical module business, particularly in the mid-to-high-end products.At present, the company’s holding subsidiary, Shenzhen Guangwei, has a good business development momentum, and new product development and production capacity enhancement work is progressing smoothly. It is expected to become a leading professional manufacturer of optical modules in the future. Implementation of equity incentive plans to lock in future performance growth targets The company is currently undertaking equity incentive plans to 34.The exercise price of 15 yuan / share was awarded to 834 people of the company’s management team and core technical staff.800,000 stock budgets.The condition for the realization of the equity incentive plan is the set ratio of 2018, 2019-2021 annual operating income distribution of not less than 15%, 30%, and 50% of the performance evaluation goals.At the same time, the individual’s work performance also needs to be comprehensively evaluated to determine whether the incentive target individual has reached the conditions for exercise.The performance goals of the equity incentive plan can be ground. In the next three years, the company’s revenue composite performance will not decrease by 15%. At the same time, the incentive plan will have a positive effect on the company’s development, stimulate the enthusiasm of the management team, improve operating efficiency, and reduce operating costs.With the issuance of 5G licenses, the 5G network has entered a substantial phase. The company’s antenna series products are expected to continue to increase volume, thereby reducing costs, increasing gross profit margins, and accelerating the company’s net profit growth, so as to enjoy the communications brought by 5G construction.Industry prosperity. Earnings forecast Since 19 years, the company will seize the internal network conditions of the three major operator networks and re-cultivation, communication network blindness, and deep coverage of the communication network and overseas 4G network construction needs to increase the revenue of the main antenna industry while continuing to increase 5GThe investment in product research and development seizes the global 5G antenna feed-in commanding heights, thereby ensuring that the company’s performance in the 5G construction cycle continues to grow. We are optimistic about the company’s development trend in the next three years. Is the company expected to be in 2019?2021 revenue will reach 17.2 billion, 28.04 billion and 37.29 ppm, corresponding to a return to net profit of 1.07 billion, 2.8 billion and 4.06 million yuan, giving the company an “overweight” rating. Risk warning: 5G construction is less than expected, and operators’ antenna collection is less than expected.

Hunan Gold (002155): 3Q19 performance growth, down from the previous month affected by the decline in antimony tungsten prices

Hunan Gold (002155): 3Q19 performance growth, down from the previous month affected by the decline in antimony tungsten prices

3Q19 results were lower than expected 3Q19 results announced by the company: revenue of $ 11.3 billion, a year-on-year increase of 17%, attributed to the parent’s net profit1.

0 million, corresponding to a profit of 0.

08 yuan, a 43% decline each year, mainly due to the sharp fall in prices of antimony and tungsten.

In the third quarter of 19, the company’s revenue was 29.

500 million, a decrease of 4 every year.

1%, a decrease of 23% from the previous month, and the net profit of the mother is 0.

USD 1.7 billion, a year-on-year decrease of 58% (mainly due to a sharp drop in antimony tungsten prices) and a 53% decrease from the previous month (mainly due to a decrease in tungsten prices from a month-on-month basis and an increase in management expenses of 0% month-on-month.

3.1 billion).

The company’s third quarter earnings were lower than our 无锡桑拿网 expectations, mainly due to higher management expenses.

Comments: 1) 19Q3 gold prices rose, antimony tungsten prices fell.

In the third quarter of 19, the average domestic gold price was 337 yuan per gram, continuous + 26%, and the chain price was + 16%, but the average price of antimony ingots was continuous / chain ratio -27% / -8%, and the average tungsten concentrate price had been / chain ratio -26%./ -18%, the company’s comprehensive gross profit margin fell by 1.

0ppt, +2 from the previous quarter.

1ppt to 9.


The average domestic gold price / average price of antimony ingot / average price of tungsten concentrate rose by +12% /-18% /-19% in the first three quarters of 19, and the company’s overall gross profit rate fell by 2.

0ppt to 7.


2) Management expenses rose sequentially.

The company’杭州桑拿s management expenses in the third quarter of 19th quarter were + 27% or 0.

31 ppm to 1.

44 trillion, management expense ratio +0.

4ppt, 1-3Q19 increase in management expenses slightly increased by 2.


3) 3Q19 effective tax rate is 40.

8%, +14.

4ppt, +19 per year.


Development Trend Gold price is expected to remain high.

In the global economic growth momentum index, the lack of growth of mineral gold, the overall low interest rate environment overseas and the downtrend cycle of the US real interest rate, we believe that the price of gold will help maintain a high level.

Profit guidance for 2019: The company expects the initial return to parent net profit in 2019 to decrease by 40% -60% year-on-year, in the range of 1.


6.2 billion.

Earnings forecasts and estimates take into account that the company’s third-quarter earnings were less than expected, and the gradual guidance for 2019 will gradually reduce our current forecast. We lower our 2019 net profit forecast to 21% to 1.

41 trillion, down 18% to 1 in 2020.

6.4 billion.

The current contradiction corresponds to 2019/2020 2.

0 times / 2.

0 times P / B.We maintain a neutral rating of 9 as we expect gold prices to remain high.

00 yuan target price, corresponding to 2.

1x P / B ratio in 2020, which is 8 compared with the previous one.

8% upside.

The prices of risky metals fell sharply.

Sofia (002572): Yield picks up, low profit in 2018Q4 leads to high profit growth

Sofia (002572): Yield picks up, low profit in 2018Q4 leads to high profit growth
Performance Express: Initially achieved 77 in 2019.300 million, a 深圳spa会所 five-year growth of 5.7%, net profit attributable to mother 10.7 ppm, an increase of 11 in ten years.6%.The single fourth quarter revenue was 24.2 ‰, an increase of 9 in ten years.5%, net profit attributable to mother 3.500 million, an increase of 31% in ten years. Revenue has picked up, and cost control has led to improved profitability: The company’s Q1-Q4 revenue growth in 2019 was -4.7%, 12.2%, 2.4%, 9.5%, the growth rate of revenue in the fourth quarter has picked up compared with the first three quarters.With the gradual improvement of the land completion data in the fourth quarter, the growth rate turned negative, driving the furniture demand to pick up, and the company’s retail price is expected to improve in the fourth quarter. Gradually, the company’s marketing strategy has been adjusted, the cabinet linkage has increased, 天津夜网 and the company’s sales have increased.The situation is good, and it has contributed to income growth. On the profit side, the company’s profit growth for Q1-Q4 in 2019 was 3 respectively.7%, 6.8%, 1.9%, 31%, in the fourth quarter profit margins have increased.Most of these are non-recurring gains of 9,995.60,000 yuan, the non-recurring income of 17.54 million yuan in the fourth quarter alone, after deducting non-recurring income profits increased by 5.8%, a 33% increase in the fourth quarter after deduction.3%.The promotion of Q4’s fast-growing packages such as packages still persists. However, due to the upgrade of product structure, consumers’ recognition of non-package products has increased, the proportion of active sales drainage funds has decreased, the profitability has been stable, and additional factors such as downward adjustments are favorable.Gross profit margin maintained at a high level, at least improved; and benefited from the low base of 2018Q4, the company’s expenses increased in 2018Q4, but the revenue growth was not satisfactory, resulting in negative growth in profits, the company adjusted its strategy in 2019Q4, steadily, and maintained a stable profit margin with 2019Q3In the fourth quarter, profit growth was relatively high.In addition, in 2019, Smy’s cabinets began to contribute profits, which had an increase in the early 18 years, of which the fourth quarter contributed to profit growth, which has a positive effect on overall profitability. Profit forecast and investment advice: We estimate that the company’s net profit attributable to shareholders of listed companies in 2019-2021 will be 10 respectively.700 million, 12.600 million, 14.500 million, an increase of 17.8%, 15.5%, 15.1%, maintaining “Buy-A” grade. Risk warning: market competition continues to deteriorate, cabinet sales progress exceeds expectations, and real estate sales are weak

Gujia Household (603816): Multi-category expansion to seize domestic and foreign market share

Gujia Household (603816): Multi-category expansion to seize domestic and foreign market share
The company recently reported that Xinhua News Agency reported that the seventh round of China-US high-level economic and trade rankings ended in Washington on February 24, 2019.On March 1st, Lampe announced on his Twitter account that he raised the tariffs on Chinese goods to the United States.We believe that the accelerated trade between China and the United States will help alleviate the risk of Gu’s export business to the United States. Comment 1. The risk of export business is mitigated, relying on Xibao Household to expand its export product categories.We estimate that the company’s revenue from the United States will account for about 20% in 2017. The main categories are sofas, dining chairs and ancillary products. In November 2018, the company announced the acquisition of 51% equity of Xibao Home., Conducive to the company’s export product line expansion.Against the background of accelerated trade negotiations, we are optimistic that Gujia Home Furnishing will continue to expand its capabilities in the field of software furniture exports. 2. The sinking of domestic business channels + category expansion + marketing 杭州夜网论坛 expansion drives endogenous growth.At the end of the channel, the number of domestic channels of the company at the end of 2017 was 3,500+, and we expect a gradual increase of 800+ stores in 2018; the category expansion angle, 1-3Q, we will replace sofas / mattresses with growth rates of about 20% / 30%, sofaAmong them, functional sofas / fabric sofas / leisure sofas increased by about 50% / 30% / 10%, respectively, and the software home furnishing category developed smoothly. Marketing companies continued to spend on advertising, promotion and other expenses in 2018 to seize market share. 3. Endogenous and extended two-wheel drive, the strategy of big home continues to land.From the development history of Gujia Household since its listing, in addition to the rapid endogenous growth, the company’s large home mergers and acquisitions continue to consolidate and seize market share: the sofa field, through the acquisition of Natuz to improve the high-end brand layout; mattress fieldThe merged company announced the acquisition of Xilinmen’s controlling stake in the previous announcement, and acquired 51% of the shares of Xibao Home Furnishing to increase the domestic and foreign sales of mattress products.We are optimistic about the company’s ability to expand its large home category endogenously and seize market share. Estimates suggest that we maintain the company’s profit forecast for 2018/192.35/2.92 yuan / share unchanged, corresponding to P / E 22 / 18X, dating to 2020 profit forecast 3.52 yuan / share, maintaining the recommended level, the expected value conversion and the company’s ability to seize the market share of internal and external sales, raise the target price by 9% to 72 yuan, corresponding to 20 times the price-earnings ratio in 2020, a further increase of 38% space. The risk land pricing policy exceeded expectations, and raw material prices rose sharply.

Zhaoyi Innovation (603986): rapid growth in the third quarter

Zhaoyi Innovation (603986): rapid growth in the third quarter

Event: On October 30, 2019, the company released its third quarter 2019 performance report.

  The company achieved operating income in the first three quarters of 22.

40,000 yuan, an increase of 28 in ten years.

04%; net profit attributable to mother 4.

50,000 yuan, an increase of 22 in ten years.

42%; net profit deducted from non-return to mother 3.

95 ppm, an increase of 15 in ten years.

46% of the company’s third-quarter performance increased rapidly than expected.

The company’s Q3 single quarter of 2019 achieved revenue of 10.

20,000 yuan, an increase of 62 in ten years.

9%; net profit attributable to mother 2.

63 ppm, an increase of 99 in ten years.

24%; the company’s gross profit margin was 40 in the third quarter.

58%, an annual increase of 1.

2 units; net interest rate 26.

13%, an increase of 4 per year.

68 units.

The company’s revenue growth in the third quarter increased, mainly due to the increase in sales of memory chips caused by the development of new customers and the gains brought by the growth of the US dollar against the RMB exchange rate.

The bottom of NorFlash is now there, and the company’s performance growth has been maintained.

In 2019, the downward trend in the price of NorFlash is gradually decreasing. At present, the supply side of the industry is destocking rapidly. With the increase in demand for wearable products such as TWS headsets and the acceleration of 5G base station construction, the demand for NorFlash is expected to rebound significantly in 2020-2023. Prices will also rise.

As the leading company of NorFlash, the company has launched the smallest package for the Internet of Things, wearables and consumer products.

5 mm x 1.

5mm USON8 low voltage wide voltage product line; and the current 55nm development progress smoothly, it is expected that Q4 2019 will be mass production.

Benefiting from the continued expansion of NorFlash downstream demand, the company is expected to further expand its market share and maintain high growth in performance.

Layout the DRAM industry to enhance future development space.

In September 2019, the Hefei 12-inch wafer wafer research and development project in cooperation with the company and 苏州桑拿网 Hefei Changxin was announced for production. According to public information, monthly production capacity is expected to reach 20,000 wafers / month by the end of 2019, which is a major breakthrough in the domestic DRAM field.

At the same time, the company increased its investment in DRAM chip R & D and industrialization projects in 2019.

At present, domestic DRAM demand is large, but the self-sufficiency rate is very low.

Under the trend of domestic substitution, it is expected that the size of the DRAM market will further expand in the future.

The company’s layout in the DRAM industry is forward-looking, and it is expected that the DRAM industry will become the growth point of the company’s performance in the future.

Investment advice: We expect the company’s revenue from 2019 to 2021 to be 32.

500 million, 42.

都市夜网100 million, 50.

90,000 yuan, net profit growth rate of 70.

5%, 34.

4%, 18.

8%, outstanding growth; give Buy-A investment rating.

Risk warning: the price of storage products fluctuates, and the company’s new product development progress is not up to expectations

Guangxun Technology (002281): Product gross margin increase, technological progress welcomes 5G, datacom 400G possibility

Guangxun Technology (002281): Product gross margin increase, technological progress welcomes 5G, datacom 400G possibility

Event: On August 24, Guangxun Technology released the semi-annual report. In the first half of 2019, the company’s revenue was 2.5 billion (+1 per second).

80%), net profit attributable to mother 1.

4.4 billion (+3.

42%), deducting non-attributed net profit1.

32 ppm (decade +41.

twenty four%).

Single and second quarter company revenue 12.

600 million (+2).

60%), net profit attributable to mother is 79.99 million yuan (ten years + 30%).

The gross profit margin has been comprehensively improved.

In terms of business, transmission product line revenue in the first half of the year16.

410,000 yuan (ten years +12.

03%), gross profit margin 24.

39% (ten years +1.

31PCT); data and receiving product line revenue 8.

1.9 billion yuan (-12 per year.

02%), gross profit margin 8.

87% (ten years +2.


Domestic business income 16.

0.3 billion yuan (+5 per year.

04%), gross profit margin 16.

31% (one year +1.

96PCT); foreign income 8.

760,000 yuan (at least -3.

64%), gross margin 25.

13% (decade +3.


Research and development continue to make efforts, and 5G / datacom products have made significant progress.

Company R & D funding in the first half of the year1.

8 megabytes, a number of 25Gb / s rate semiconductor inverter chips for 5G, data center and other applications have made progress; for 5G fronthaul (wireless access layer), middle backhaul (aggregation layer + core network) and other scenariosThe applied optical transceiver module 南京夜网 achieves full model coverage; the 400Gb / s high-speed optical transceiver module for the data center has completed prototype development; completed the 400G multimode COB platform process capability construction, integrated small batch delivery capability, and completed the single-mode 8-channel COB processPlatform construction.
We believe that with the commercialization of 5G, the global demand for 400G optical modules has increased, and the company’s development has gradually accelerated.

It is planned to increase the number of landings and help long-term development.

As a global optoelectronic high-tech enterprise, the technology is one of the few global markets (transmission, data, reception), full technology (chips, devices, modules, converters), and all products (active, passive, integrated).Prominent strength; and focus on 5G market, overseas data market, silicon light and ultra-high-speed devices and other products. The improvement of market capacity and R & D level will effectively enhance the company’s competitiveness in the market.

The company’s non-public offering was launched in April 2019, and the total amount of funds raised was about 8.

1.4 billion; and mainly to expand the capacity of high-speed optical transceiver modules for data communications projects.

With the fixed capital increase in place, we believe that the company’s capital structure is expected to be further optimized and transformed into the development of the company’s data communication and related businesses.

Give a “first-tier market” rating.What do we expect in 2019?
The company’s revenue will be 58 in 2021.

3.9 billion, 67.

6 billion, 79.

4.5 billion, the net profit attributable to shareholders of listed companies is 3.

9.8 billion, 5.

4.3 billion, 7.

42 trillion, EPS is 0.

59 yuan, 0.

80 yuan, 1.

10 yuan.

In the context of trade frictions, as the only domestic listed company with mass production capacity of optical chips, Guangxun Technology has given the PE range of 45-55x in 2019 with reference to industry and historical valuation levels, corresponding to a 6-month reasonable value range26.


45 yuan, given a “preliminary market” rating.

risk warning.

Domestic demand fell short of expectations, progress in 25G optical chips exceeded expectations, and trade frictions affected.