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.


­  海外网8月2日电 美国总统特朗普自上任以来就对“推特治国”一事十分热衷,并在这一社交平台上收获了3500万的关注者。近日,特朗普也表明不会改变自己的推特习惯,并称这是其说出真相的唯一方式。­  据美联社报道,虽然特朗普任命凯利为白宫办公厅主任可能是打算对白宫内部进行人事整顿,但对于维持自己的推特习惯,他的表态则是十分清楚。当地时间1日,特朗普发推特表示:“只有假的新闻媒体和特朗普的敌人才会希望我停止使用社交媒体。这是我说出真相的唯一方式!”截止北京时间11点,他的这条推特已经重庆桑拿得到了6万次的评论和10万次的点赞。­  此前一天,退役将领凯利才刚接下川普的白宫办公厅主任职务。被要求为混乱不堪白宫西楼办公室带来秩序的他马上引发了外界关注。凯利不仅将上任不久的联络室主任斯卡拉穆奇“炒鱿鱼”,还修改指挥结构,要求所有高级官员都需向他报告。­  凯利的此举受到了特朗普盟友以及议员的大力赞赏,他们希望凯利能够协助遏止白宫的内部冲突。但目前仍不清楚,对于特朗普喜欢在社交媒体上散播冲突言论以及即兴发言的做法,凯利将会拥有多大的控制权。­  据海外网早前报道,作为史上最爱发推特的美国总统,从特朗普1月20日宣誓就职至今,他在推特一共发了超千条推文。而对于以CNN为首的一系列媒体,特朗普向来态度强硬。7月初,他在推特上甚至公布了一则引发巨大争议的视频,在这则视频上,他“正在痛打”一个头上写有很大的CNN电视台标识的人。特朗普没有为这则视频添加任何描写的话语,而只是将这则视频加上了“CNN的欺骗性新闻”这一标签。­  (原文标题:《特朗普称不会停止发推:这是我说出真相的唯一方式》) 责任编辑:曾少林

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.

Ancient Yuelong Mountain (600059): Long-term weak overall demand seeks breakthrough

Ancient Yuelong Mountain (600059): Long-term weak overall demand seeks breakthrough

1H19 revenue was lower than our expected Gu Yue Longshan announced 1H19 results, revenue 9.

5.5 billion yuan, down by 1.

76%, net profit attributable to mother 1.

10,000 yuan, the same reduction of 2.

19%, single quarter income / profit growth 3.

1% / 31.


The revenue was lower than our expectation, mainly because the overall demand was too weak, and the company’s ordinary rice wine revenue decreased by 6.


Development trend The overall demand for rice wine is severely weak, and the performance of ordinary wine and rice wine sales regions is obvious.

The income of ordinary rice wine, represented by mass consumption, increased. In addition, the company only achieved 19% revenue growth in Shanghai in the first half of the year, and the remaining sales regions were divided to different degrees. Among them, Zhejiang, the base camp, lost 13%.

The second leader in the industry, Huojijishan, also showed similar income development trends, reflecting the aging population structure, the impact of macroeconomic growth trends on consumption, and the overall demand for rice wine was severely weak.

The company continues to promote the upgrading of its product structure with a view to driving brand value and revenue to maintain growth.

The company continues to focus on mid- to high-priced core large single products, and the 5/8/10 series has built a better product upgrade matrix.

At the same time, in the first half of this year, the national wine with a price of 1,000 yuan was launched. In 1959, it set a new benchmark for the value of rice wine and further opened up the growth space for the 5/8/10 year series.

Affected by the ability to spend, the pace of national expansion of the company and the industry continued to be slow.

In the first half of the year, the number of dealers outside the company increased by 21 and decreased by 42. It was at the stage of adjusting the dealer team, and the expansion rhythm was significantly shifted from the previous two years.

The company’s current revenue volume of less than $ 2 billion and a gross profit margin of about 40% make it difficult to support rapid national expansion, and the industry faces similar problems.

How to promote regional expansion through category 淡水桑拿网 differentiation advantages and marketing model innovation is an urgent problem for the industry, otherwise it will face continuous pressure to reduce revenue in mature markets.

Earnings forecasts and estimates adjusted EPS-5 for 2019/20.

3% / 0.

4% to 0.


235 yuan, as the industry evaluation center moves upwards, the target price is raised by 6.

2% to 7.

75 yuan, corresponding to 36 in 2019/20.

7x / 33.

0xP / E, the current price corresponds to 40 in 2019/20.

2x / 36.

1x P / E with a target price of 8.

Downside of 6%. Maintain Neutral rating.

Risks If the growth of high-end products is lower than expected, performance may be expected.

Orient Securities (600958): Leading and outstanding scarce target for investment and asset management business

Orient Securities (600958): Leading and outstanding scarce target for investment and asset management business

This report reads: The company ‘s investment and asset management business is highly differentiated and competitive, and it is a scarce high-quality target among listed securities firms. Its performance in 2019 has taken a deep dive, its investment business has high income elasticity, and its beta attributes are stronger.

The first coverage is given in 2019 1.

8X, overweight.

  Investment points: The first coverage is given to Orient Securities in 20191.

8X PB, corresponding to the target price of 13.

90 yuan, give “overweight” rating.

Under the neutral assumption, we predict that the EPS of Orient Securities in 2019-2021 will be 0.



52 yuan, an annual increase of 123.

7% / 12.

6% / 17.

8%, BVPS is 7.



21 yuan, ROE is 5.

1% / 5.

6% / 6.


Considering the results of Orient Securities Relative Estimation Method and Segment Estimation Method, two conversion values are obtained and given to the company in January 2019.

8 times the PB estimate, corresponding to the target price of 13.

90 yuan, a premium of 34.

8%, give overweight rating.

  The differentiated competitiveness of the company’s investment and asset management business is clear. It constitutes the company’s top two sources of income and is a rare and high-quality target for listed securities companies. The subsequent revenue 北京夜网 share will further increase.

1) The proportion of the company’s investment business income, the average value of its business scale is much higher than that of its peers, the allocation of shares and debts go hand in hand, the investment yield continues to increase, and the industry is more resilient during a bull market. It gradually replaces the optimization of business layout and mechanism, and strives to maintain the stability of its investment business performance.In order to improve, it will develop from high beta to expand; 2) The core competitiveness of active management mainly based on equity will be further expanded. A higher proportion of active management and partial stock advantages will help the company to maintain its capital management business much higher than its peers.Comprehensive fee rate and public fund management fee rate, the proportion of revenue is expected to continue to increase; 3) The initial launch of wealth management transformation, the reform effect is significant, the quality of brokerage business is improved year by year, reflected in a higher proportion of institutional brokerage business, higherThe quality of brokerage customers and a more stable brokerage income.

  The company’s performance in 2019 took a deep dive, with high elasticity of investment business income and stronger beta attributes.

  The current driving force of the brokerage sector comes from market liquidity improvement expectations and the progress of industry dividends. Based on liquidity improvement expectations, the company is the preferred target of Beta’s stock selection and recommendation.

  Catalysts: improved liquidity; increased market activity; relaxed financial regulation.

  Risk warning: tightening liquidity; strengthening supervision; declining market and declining trading activity

Yutong Bus (600066) January 2020 sales review-January Spring Festival affects sales policy warming expectations are expected to rise

Yutong Bus (600066) January 2020 sales review-January Spring Festival affects sales policy warming expectations are expected to rise

The company’s passenger car sales increased by -45% in January 2020. The sales volume is mainly due to the impact of the Spring Festival holiday in January this year, which is in line with expectations.

The company is an absolute leader in the field of buses. Through further optimization of the industry competition pattern, the company’s profitability has bottomed out, the overlapping policy environment has warmed, and it has been replaced by receivable compensation payments. It is expected that the company’s dividend ratio will increase in the future and the yield will increaseImproved, boots bring estimated repairs and maintain “Buy” rating.

Matters: On February 8, 2020, the company announced that in January 2020, passenger car sales were 2,895 vehicles, roundtrip -45.

0%, -68.

1%, in line with market expectations.

Our comments are as follows: January passenger car sales increased by -45%, due to the impact of the Spring Festival in January, in line with expectations.

The company sold 2,895 passenger cars in January 2020, at -45 per year.

0%, -68.

1%, in line with market expectations, of which new energy bus sales are expected to be around 900.

Sales in January decreased, mainly due to the impact of the Spring Festival holiday in January this year (last year in February last year).

In terms of different models, the company sells 1,141 large passenger cars at -45 per year.

2%, 1373 medium-sized buses sold, -43 per year.

6%, 381 small passenger car sales, -49 for the whole year.


The company’s passenger car sales in January were in line with market expectations. Taking into account factors such as the delayed resumption of labor due to the epidemic in February, and February as the off-season of traditional passenger car sales, sales are expected to decrease significantly month-on-month.

The favorable policies of the industry continue to be released, waiting for the completion of supplementary policies.

From January 10th to 12th, 2020, a hundred Chinese electric vehicles will be antiques in Beijing, which will release many positive signals for the industry. For example, according to the Voice of China report, the head of the relevant department of the Ministry of Industry and Information Technology stated that the subsidy policy for new energy vehicles will remainStable etc.

We expect that the new national new energy vehicle subsidy policy will finally come to fruition in the first and second quarters, and the prosperity of the passenger car industry will improve to some extent.

Comprehensively considering the impact of new crown pneumonia and supplementary policies, it is expected that the company’s passenger car sales will remain low in the first quarter, and it is expected to improve significantly in the second quarter.

The passenger car industry is at the bottom and is optimistic about the leading competitiveness.

The total sales volume of buses over 5 meters in 201919.

Around 10,000, at least -11.

04%, at the bottom of history.

Considering that the sales volume of seat buses has fallen to a level, the mid-杭州桑拿to-long term bus industry has entered a bottom-building stage, and the market is clear. The company, as a leader, has highlighted competition.

In 2019, the company has a total of 37 buses over 7 meters.

1%, ten years +1.

6 pieces, continue to maintain a high level, and is expected to improve slightly in the future.

In addition, in terms of new energy, the company’s cumulative sales of new energy buses in 2019 were 21,715 (bus information network data), with a market share of 28.

47%, much higher than Zhongtong (10.

66%), CRRC Electric (8.

74%) and other enterprises, the leader of new energy buses is stable in parallel.

In the future, it will be gradually replenished and gradually withdrawn. The industry’s tail capacity will be cleared. It is expected that the company’s new energy market share will continue to increase.

High-end products have won awards overseas and are expected to open up overseas market space in the future.

In terms of overseas markets, European passenger car sales have been stable at 30,000 units / year, and Chinese companies have replaced the European market share of only about 5%, which has a lot of room.

At present, the company actively lays out high-end models. U12, T13, and ICE12 have won three awards, including the “Busworld Design Award” at the Brussels World Bus Expo, and the company’s competitiveness in high-end products has been demonstrated.

As of July 2019, Yutong’s cumulative vehicle sales in the entire European region exceeded 8,000 units. In the future, the company’s products will become high-end and intelligent, which is expected to continue to break through the European high-end market.

Risk factors: New energy bus sales are lower than expected; the cost of power batteries has fallen less than expected; new energy vehicle policy fluctuations.

Visual China (000681): Intellectual Property Protection Circuit High-growth Picture Copyright Leader Starts Again

Visual China (000681): Intellectual Property Protection Circuit High-growth Picture Copyright Leader Starts Again
The company is a pioneer in China’s picture industry, and is strategically moving towards a global large-scale copyright visual content trading platform.In 2000, the company’s predecessor, the Internet Picture Copyright Trading Platform, was established to start with Editorial Pictures. In 2005, the company established a joint venture with GettyImages, the world’s largest picture library, to enter the creative picture market.Industry leader.In recent years, the company has strengthened cooperation with Internet customers of large enterprises, implemented the “focus on large customers + aggregate long-tail customers” strategy, and achieved performance growth.  With the improvement of the copyright environment and the technological innovation of the industry, Visual China has encountered the best era.1) Copyright environment: The actual market size of China’s copyright image materials is less than one billion, and the difference from the theoretical tens of billions of space lies in a reduction in the legalization rate (less than 10%).As a meeting point of the intellectual property system and the modern cultural industry system, copyright has been continuously rising in the long-term economic and social development. After the “411 Incident”, public interest in picture copyrights has increased rapidly, which will promote the process of picture genuineness, and the value of picture materials will usher in a revaluation.2) Technological innovation: In the 5G era, big data, artificial intelligence, artificial intelligence blockchain, integration, digital watermarking and other technologies will be widely distinguished for copyright tracking and determination. The integration of copyright protection and emerging technologies will help prevent the rapid development of the Internet.The proliferation of illegal Internet piracy has also reduced the cost of copyright protection.  ”Massive content + leading technology” builds a moat, and “customer expansion + category extension” opens the ceiling.  The company has formed a “large quantity, full category, multi-scenario” content layout.The company’s existing material content is the top brand in the industry, which cannot be surpassed in the short term, and the capital outside the circle is difficult to impact.Strong brand power continues to attract contributors, and stable content supply and high-viscosity consumption form a positive cycle.The company’s well-known technology and research and development, and the exclusive “Eagle Eye” image recognition and tracking technology can also be used for big data analysis, helping the sales team to improve service quality and customer acquisition efficiency.After the 411 incident, the company will pay more attention to “content + service” to drive customer growth, and the customer resetting enterprise end will gradually penetrate into the mid-long tail.In 佛山桑拿网 addition, the extension of audio and video content categories will gradually open the revenue ceiling.  Investment suggestion: China’s copyright visual material market has continued to increase its legalization rate and its space is continuous. Although the short-term performance is affected by the “411” incident, the company has established a deep moat that will fully benefit from the industry growth dividend. It is expected that China will return in 2019-2021.Parent net profit 3.12/4.03/4.97 ppm, the annual growth rate is -3% / 29% / 24%; EPS is 0.44/0.57/0.71 yuan, corresponding to PE 48/37 / 30X for 2019-2021.Covered for the first time and given a “Buy” rating.  Risk reminder: The growth rate of the revenue of the picture business is lower than expected. The policy affects the company’s operating risk and talent management risk.

Torch Electronics (603678): Self-produced polymer grows significantly, new materials gain initial benefits

Torch Electronics (603678): Self-produced polymer grows significantly, new materials gain initial benefits

The main points of the report describe the company’s annual report for 2018 and the first quarter of 2019, and the company’s operating income in 2018 increased by 7.

21% reached 20.

2.4 billion, net profit attributable to mothers is increasing by 40 per year.

71% reached 3.

33 ppm; operating income in the first quarter of 2019 increased by 23 per year.

53% reached 4.

6.4 billion, net profit attributable to mothers increased by 31 each year.

13% reached 0.

7.2 billion.

Incident Review Self-produced capacitors have grown significantly, and the adjustment of agency categories has promoted gross profit.

The growth of the company’s operating income in 18 mainly came from its self-operated business. Due to the development of downstream military electronics and information industry and the shortage of stock after the adjustment of the global capacity structure of civilian ceramic capacitor products, the company’s self-produced component segment’s revenue increased by 31 in 31.

55% up to 5.

4 billion US dollars, of which the main product ceramic capacitors (excluding single layer) revenue increased 21.

20% up to 4.

71 ppm; tungsten capacitors have maintained a growth trend since their introduction in 16 and an increase of 53 in 18 years.

64%; Guangzhou Tianji and Fujian millimeter new production line acquired by the company in 18 years mainly produce single-layer capacitors and thin-film components in new categories, showing a good development trend.

The company’s 18-year net profit growth rate is much higher than the revenue growth rate. The main reason is that 返回码: 404 网站打不开?重查 the agency’s gross profit margin of the agency business, which accounts for relatively large revenues, has increased. Due to the continued shortage of some agency components, the company adjusted the agency procurement category.Interest rate increased by 8.

87 pct, affecting gross profit growth of 46 in 18 years.


Based on the company’s technical advantages and the stability requirements of military products, we believe that the company’s self-produced capacitor business will maintain a good growth trend.

The strategic layout of new materials has shown initial results. Gradually increasing volume in the future will bring continuous business growth.

The company’s new materials segment achieved zero revenue in 18 years.

26 ppm, a previous substantial increase of 295.


Among them, high-end special ceramic materials have achieved large-scale production. Liya New Materials, a wholly-owned subsidiary, has been the main body for the industrialization of “high-end special ceramic materials”. At present, it has completed the production capacity of three production lines.

600,000 yuan, net profit is 0.

0.6 billion.

In 19 years, the company will continue to promote the construction of the remaining capacity of Liya New Materials, while accelerating the construction of Liya Chemical’s PCS to solve the problem of raw material supply and re-launch on the market, thereby forming a new profit growth point.

Investment advice: It is expected that the company’s EPS for 2019-21 will be 0.

93 yuan, 1.

17 yuan, 1.

46 yuan, corresponding to 21 for PE.

01 times, 16.

60 times, 13.

37 times, maintain “Buy” rating.

Risk Warning: 1.

The company’s capacitor business development was less than expected and profitability was less than expected; 2.

The construction and industrial application of special ceramic material production lines did not meet expectations.

Great Wall Motor (601633): Another mention of equity incentive plan offers low-absorption opportunities

Great Wall Motor (601633): Another mention of equity incentive plan offers low-absorption opportunities
The company’s recent situation Great Wall Motor issued an announcement announcing the 2020 equity incentive plan and implementation of assessment methods.  Quick response to comments, and then mention the incentive plan, brainstorming, and fully stimulate team enthusiasm and creativity.On September 6, 2019, the company issued the 2019 equity incentive plan, but it was not approved by the Hong Kong stockholders.The company responded quickly, and then mentioned the incentive plan, reflecting the strength and determination of the change in corporate management strategy.We believe that the incentive plan can fully synergize the interests of the company with the core management and technical team, and brainstorming can better leverage the team’s subjective initiative to help Great Wall achieve multi-faceted innovation on the basis of maintaining the advantages of efficient operations, in order to cope with the increasingly complex competition at home and abroadsurroundings.  The core content of the incentive plan remained the same, and the number of granted shares and related expenses decreased slightly.The incentive plan still includes two parts: incentive stock incentives and stock compensation incentives. Among them, the expansion of the share of stocks is still about 40%, the proportion of the first allocation is still 80%, and the total number of shares and equity granted is 1.7.8 billion shares, accounting for 1 of the current total share capital.95%, grade budget version of 1.8.5 billion shares decreased slightly.The total number of incentive objects this time is 1,966, including directors, senior management personnel, core technical personnel or core business personnel.According to company estimates, the total cost of the fair incentives.440,000 yuan (Air Force version 3.6.4 billion), amortized in 2020-2023.  The flexible and balanced evaluation method of volume and price continued, and the profit evaluation index increased.The company’s assessment of operating conditions in terms of sales volume and net profit remains unchanged. Sales volume and net profit remain 65% and 35% of the performance weight.For 2020-2022, the sales target will be 1.11 million, 1.21 million and 1.35 million, and the net profit target will be 4.7 billion, 5 billion and 5.5 billion US dollars.Innovative comprehensive growth of sales and profits, we believe that in the context of the industry’s entry into the knockout race, it is more reasonable and more conducive to car companies to continuously 杭州桑拿网 adjust sales and profits.Based on the current industry situation, the sales target has improved recently, but the profit target for 2020 has been raised, and the assessment criteria are still challenging.  It is estimated that Great Wall A / H is currently included corresponding to November 2020.6 times / 6.4x P / E.Affected by the overall market sentiment and industry sales performance, the Great Wall’s A / H range has changed, but we are still optimistic about the structural opportunities for the increase of the first-line autonomous market share, and the relaxation of pickup trucks into the city will increase the pickup truck sales of the companyGreat Wall A / H low-sucking opportunities.Maintain 2019/2020 profit forecast44.300 million, 65.500 million, with a profit forecast of 70 in 2021.900 million.Maintain A / H outperform industry rating, maintain target price of 11 yuan / 7 Hong Kong dollars (15 times / 9 times P / E in 2020), the early current price has 32%, 31% upside.  Risk The new model’s sales fell short of expectations; the industry’s clearance rate exceeded expectations.

Yonghui Supermarket (601933): 1H19 results in line with expected orderly expansion

Yonghui Supermarket (601933): 1H19 results in line with expected orderly expansion

A brief evaluation of 1H19 performance is in line with expectations: On August 28, Yonghui Supermarket reproduced its interim results and achieved revenue of 411 in the first half.

700 million, + 19.

It increased by 7% year-on-year, of which the same store increased by 3 in ten years.


Realize net profit attributable to mother 13.

700 million, +46.

It increased by 7% year-on-year, and the net profit margin increased by 0 compared with the same period last year.

6 o’clock to 3.


Revenue / profit for the first half of the year accounted for 49% / 61% of our expectations (vs.

Average revenue / profit ratio in the first half of 2017-18: 49% / 61%), and the performance generally met expectations.

Business analysis The growth of food supplies has accelerated, and gross profit margins have generally maintained an upward trend.

In terms of business, the fresh food business grew by 17 per year.

8% to 17.9 billion US dollars, food supplies business increased compared to the same period last year.

4% to 202 trillion, food supplies revenue growth faster than fresh.

In terms of gross profit margin, the gross profit margin of fresh food and food supplies decreased by 1 compared with the same period last year.

1 point / 1.

0 points, thereby increasing the overall gross profit margin to zero.

6 points.

However, from the historical average level, we believe that the Yunchuang sector’s gross profit was higher last year, which raised the base. The actual gross margin level of the Yunchao segment still maintained an upward trend compared with its historical range.

The home business continued to expand its store network.

In the first half of the year, the home business covered 518 stores across the country, an increase of 28 from the end of last year, of which Jingdong Dajia connected 407 supermarkets, an increase of 112.

From the perspective of income scale, the first-half home business achieved results.

30,000 yuan, the proportion of online sales further increased to 3.

4%, and the average monthly growth rate remains at 7.

1%, maintaining stable development overall.

Store development is good, and it is expected that store opening will accelerate in the 杭州夜网论坛 second half of the year.

In the first half of the year, 46 hypermarkets were added. In addition, Guangdong Baijia Yonghui’s 38 stores and 17 MINI stores were merged into the sixth theater.

As of the end of June, there were 791 hypermarket formats and 398 MINI formats.

It is worth noting that the MINI format achieved coverage in 50 cities in the first half of the year and contributed a total of 5 revenues.

500 million.

In addition, the company has 249 stores and combined with the merger guidelines of 150, we expect the store expansion to accelerate in the second half of the year and the scale will continue to expand in an orderly manner.

Investment recommendations We believe that the progress in the first half of the year is in line with expectations and maintain the company’s profit forecast for 2019-21, with revenues 夜来香体验网 of $ 844/986/1094 million, only +19.

7% / 16.

9% / 10.

9%; corresponding EPS are 0.

34 yuan.

We use the DCF estimation method in combination with PE estimation to take 9.

0% WACC (adjusted beta = 0.

9) and 1% sustainability expectations.

Maintain the company for the next 6-12 months11.

The target price of 5 yuan, equivalent to 49x / 40x / 34x PE in 19-21, is renamed as “Buy” rating.

Risk prompts 1) Macroeconomic downturn, consumer consumption expectations are falling; 2) Fresh food industry competition is intensifying; 3) Store expansion is too fast, operating quality is falling; 4) Mini store exploration is less than expected; 5) Same-store growth is less than expected;The restricted shares are lifted.