Farah Electronics (600563): Short-term performance pressure does not change the company’s high-quality characteristics

Farah Electronics (600563): Short-term performance pressure does not change the company’s high-quality characteristics

Event: Farah Electronics released the third quarter report of 2019, and the company achieved revenue 11 in the first three quarters.

92 ppm, a ten-year average of 7.

56%, net profit attributable to mothers3.

4.0 billion, down 6 every year.

32%, deducting non-net profit 2.

870,000 yuan, at least -11.

82%, lower than expected.

Single quarter revenue in the third quarter of 193.

98 ppm, at least -11.

82%, net profit attributable to mother was 0.

95 ppm, with a ten-year average of 13.

5%, net profit after deduction is 0.

92 ppm, at least -21.


Single quarter gross profit margin 42.

7%, rising by 0 every year.

1 piece, down 0 from the previous month.

1 unit, basically stable.

The expense ratio has increased, and management expenses and R & D expenses have increased by 1 each year.

4 and 0.

8 units.

The cash flow performance was excellent, and operating cash inflows and net operating cash flows reached record highs.

Demand for new energy vehicles grew faster than expected, and traditional demand continued to be weak, which was the main reason for the company’s decline in 西安耍耍网 the third quarter.

According to the data of the China Automobile Association, 3Q19 domestic new energy vehicles were sold for a total of 21.

90,000 vehicles in the past decade 19.

1%, about 61 in the first half.

The previous 3% growth rate was significantly incident.

In addition, demand for home appliances, lighting, and industry continued to weaken.

Air-conditioning sales in the third quarter were 3247.

70,000 units, with a ten-year average of 0.

6%; the overall demand for lighting is expected to reach about 20%.

Although the PV demand growth has been significant throughout the year, considering the low base effect of last year, its overall performance has been limited.

The short-term performance is under pressure, focusing on the progress of overseas new energy vehicle customers.

In the short term,深圳桑拿网 the decline of new energy vehicle subsidies is expected to still affect downstream demand in 4Q19, while the elasticity of demand in traditional fields such as home appliances and lighting is weak. The overall performance in the fourth quarter was under pressure, focusing on the progress of overseas new energy vehicle customers.

Good company, good industry, optimistic about long-term investment value, maintain “Buy” rating.

Farah Electronics is a representative of high-quality companies. ROE is maintained at more than 17% throughout the year, and free cash flow accounts for more than 15% of revenue.

The company’s industry structure is stable, the barriers are high, and the growth is determined.

Although the company’s short-term performance is under pressure, we are optimistic about the company’s competitive advantage in the industry and its long-term investment value.We expect the company’s net profit to be 4 in 2019-2021.

21, 4.

57 and 5.

120,000 yuan, the current sustainable PE is 22.

62x, 20.

85x and 18.

63x, maintain “Buy” rating.

Risk warning events: demand for overseas new energy vehicle markets exceeds expectations; traditional demand is weak; industry competition intensifies risks.

Tianyin Holdings (000829): Shenzhen Investment Control Holdings initially formed a 1 + N strategic layout

Tianyin Holdings (000829): Shenzhen Investment Control Holdings initially formed a “1 + N” strategic layout

Company announcement: 1) 2018 revenue 424.

6.6 billion / + 7.

16%, net profit attributable to mother -2.

31 ppm / -198.

50%, deduct non-attributed net profit -8.

01 ppm / -427.

18%, ROE -9.

27% /-17.

30pct, no cash distribution; 2) 2019Q1 revenue 102.

04 ppm / -2.

28%, net profit attributable to mother 0.

12 ppm / + 187.

11%, net of non-attributed net profit 0.

1.4 billion / + 148.

32%, ROE 0.

46% / + 0.

The 32pct mobile phone distribution business has gradually expanded, driving steady revenue growth.

In 2018, the mobile phone distribution business earned 410.

5.2 billion / + 6.

86%, accounting for 97% of revenue.

03%, gross profit margin 1.

65% /-1.

74 points.

The 19Q1 performance turned losses, and the cost reduction and efficiency enhancement effects were significant, mainly due to the steady increase in sales revenue of some new products.

The sales capacity of the lottery business was strengthened, and the distribution of social channels was established.

Revenue from lottery business in 20184.

2.9 billion / + 18.

91%, the sales contract of Suicai Poker increased in 2018, the sales volume and production volume increased, and the sales volume of lottery equipment was 14,677 units, an increase of 132.

89% with zero inventory.

In general, in 2018, the Ministry of Finance and other departments issued the No. 105 Announcement on the governance of Internet lottery sales, and the regulatory environment of the lottery industry has become increasingly severe.

Focusing on the main business, the mobile internet business has developed rapidly.

As the company’s emerging main business, the mobile Internet business reflects the good development momentum under the potential of the times.

The mobile resale business developed 无锡桑拿网 rapidly and the performance targets were exceeded.

The company has become one of the first few companies to simultaneously resell formal commercial licenses for three systems simultaneously and has reached value-added business cooperation with China’s large-scale leading Internet platform companies and basic operators to establish a mature and stable businessOperating platform.

5G business is driving the wave of mobile phone replacements.

Smart phones are optional consumer products, which basically cover all people with spending power. In the stock market, changes in mobile phones determine the frequency of changing phones.

Three factors are driving the wave of mobile phone replacements.

IDC estimates that the number of 5G mobile phone implants in 2019 will be 6.7 million, accounting for only 0% of global mobile phone implants.5%.

In 2019, multiple mobile phone brands successively released 5G mobile phones, Samsung released Galaxy10 5G and GalaxyFold, Huawei released MateX, and domestic brands such as Xiaomi and OnePlus also successively launched the first 5G mobile phones.

5G commercialization is expected to accelerate in 2019, and various terminal brands have successively released 5G mobile phones.

Profit forecast: Shenzhen Investment Control Holdings has gradually formed a “1 + N” strategic layout, and cooperated with Huawei to go abroad to gradually advance the Chinese smartphone “going out” strategy.

The company’s EPS for 19-21 is expected to be 0.

27, 0.

35, 0.

47 yuan, corresponding to 5.

7 closing prices PE are 20 respectively.

9, 16.


0 times, maintaining the level of “prudent overweight”.

Risk warning: upstream gross profit squeeze, overseas demand is less than expected, exchange rate risk, etc.

Chongqing Beer (600132) Commentary Report: Non-recurring profit and loss drove significant growth in 19-year results

Chongqing Beer (600132) Commentary Report: Non-recurring profit and loss drove significant growth in 19-year results
I. Overview of the event The company issued an announcement of pre-increasing performance. It is estimated that the net profit attributable to shareholders of listed companies for the year 2019 will be 60,597.420,000-68,677.08 million yuan, an increase of 50% -70% each year. Second, the analysis and judgment of the increase in non-recurring profit and loss led to a significant increase in the report size of the report, the company is expected to achieve net profit attributable to shareholders of listed companies of 60,597.420,000 yuan?68,677.08 thousand yuan, one year + 50%?+ 70%, equivalent to 19Q4 net profit attributable to mother 1209.750,000 yuan?9289.420,000 yuan, ten years -37.42%?+ 380.53%; it is expected that the non-net profit deduction of 39,280 will be realized gradually in 19 years.530,000 yuan?47,360.190,000 yuan for the whole year + 11%?+ 34%, equivalent to 19Q4 to achieve deduction of non-net profit -1027.920,000 yuan?+ 7051.740,000 yuan, -18 in the same period in 18 years.270,000 yuan.There are two main reasons for the significant increase 武汉桑拿洗浴会所 in the company’s 19-year performance: (1) Main business impact: The company’s main business grew steadily in the current period.First of all, the company continued to advance its high-end product strategy in this period, and further optimized the product sales structure, thereby increasing sales profits.In itself, the company launched operating cost management projects, which improved profitability by reducing costs and increasing efficiency.Finally, affected by the national tax and fee reduction policy, the company ‘s profitability has increased; (2) Non-operating profit and loss impact: According to the spirit of Yufufa[2018]No. 59 and Yuyibaofa[2018]No. 27, from 1 in 2019 Starting from January 1, employers will no longer pay large amounts of medical insurance contributions for retirees.The company’s plan change for the large amount of medical insurance in the defined benefit plan is recognized as the past service cost, and it is expected to increase the company’s net profit attributable to shareholders of listed companies in 2019 to 16,442.810,000 yuan, excluding the influence of this factor, the company is expected to achieve a net profit of 44154 in one year.61?52334.270,000 yuan, +9 per year.30%?29.30%. Join forces with Carlsberg, the company can look forward to 2013, Chongqing Beer becomes a member of the Carlsberg Group.According to Carlsberg’s commitment to avoid potential competition at the time, Carlsberg will inject its domestic beer assets and businesses that have potential competition with Chongqing Beer into Chongqing Beer by December 2020.Carlsberg has developed well in Yunnan, Xinjiang, Tibet, Ningxia, Qinghai and other places, and its profitability is stronger than Chongqing Beer. Therefore, in the future, Carlsberg and the company will realize a strong alliance. The company’s profitability and market share are expected to further increase. Third, investment advice Regardless of the expected injection of Carlsberg’s assets, the company is expected to achieve operating income of 35 to 19-19.92 ppm / 37.72 ppm / 39.60 trillion, +3 for ten years.6% / 5.0% / 5.0%; net profit attributable to listed companies is 6.50 ppm / 5.3.9 billion / 5.0.94 million yuan, +60 for ten years.9% /-17.0% / + 10.2%, equivalent to 1.34 yuan / 1.11 yuan / 1.23 yuan, corresponding to PE is 37X / 44X / 40X.In 2020, the average expectation of comparable companies is estimated to be 43 times, and the company’s estimates are basically consistent with the average level of comparable companies. At the same time, considering that the company’s product structure upgrade continues to advance, the cost efficiency during the period and the Carlsberg asset injection commitment this year are likely to fall, it is expected that the company’s performanceThe growth rate will be faster than the average level of comparable companies, maintaining the “recommended” level. 4. Risk warning: the price of raw materials rises, new product promotion is less than expected, food safety risks, etc.

Semir Clothing (002563): Children’s clothing was a significant reform of casual wear at the time

Semir Clothing (002563): Children’s clothing was a significant reform of casual wear at the time

Children’s Wear + Casual Wear Double Leading Company.

Based on the main business of casual wear, Semir Garment will expand its business to children’s wear and e-commerce business.

Each of them owns two core brands of casual wear “Senma” and children’s wear “Bara Balla” (H1 revenue accounted for 47% / 52% in 2018).

The business model is mainly franchising, with online and offline omni-channel layouts. There are 766/8098 direct-operated / affiliated stores offline, and the 2018H1 revenue accounted for 16% / 55% / 29%.

The children’s wear business continued to grow rapidly, and the current results of the casual wear business after the reform began to show up. In 2018, the company’s operating income / net profit attributable to mothers were 157.


90,000 yuan, an increase of 30 in ten years.

7% / 48.


Children’s clothing business: As one of the early enterprises involved in the field of children’s clothing, the core advantages of Semir’s children’s clothing business are: 1) the product side, continuous research and development to ensure product innovation, the company’s research and development continues to increase, and the research and development expense rate remains between 2% and 3%; 2) The supply chain side.

Strengthen cooperation with large-scale high-quality suppliers (Shenzhou, Esquel, etc.) to ensure product quality; 3) On the channel side, the Barbara brand became a first-mover advantage, settled in most shopping malls, formed online and full-channel operations, and the number of terminal outlets has been completedDeveloped to 4,981 (about 1,500 shopping mall stores) 4) The brand side, acquired TCP to become an operating right in China (including Hong Kong, Macao and Taiwan), acquired Kidiliz Group to improve the brand matrix and open up market space.

We expect the children’s clothing business to achieve operating income of 80 in 2018-2020.



700 million yuan, with an annual growth rate of 27% / 17% / 17%.

Casual wear business: Optimizing suppliers and building a fast-reverse supply chain, realizing 4 schedules with a long period and 8 schedules with a short period, from a futures to a futures + spot system, with a spot share of 20% +; adjustmentChannel structure, forming an all-channel development pattern of specialty stores, department stores, shopping malls, outlets and e-commerce. The number of stores in 2018H1 was 3,883 (about 500 stores in shopping malls).

We expect that the same-store growth of the Semir brand in 2018 will reach a high number, and casual wear will achieve revenue of 67 in 2018-2020.



800 million, an increase of 19% / 9% / 8%.

E-commerce business: Against the background of slowing traffic dividends, Semir can replace its brand advantages and gain traffic support to maintain rapid growth.

Currently, e-commerce business revenue accounts for 30%. We expect the company’s e-commerce business revenue to grow at about 30% in 2018, reaching 40 billion +.

The e-commerce platform has switched from the function of inventory cleaning to offline inventory cleaning + online dedicated supply (50%) model, transforming supporting e-commerce industrial parks, and logistics projects to promote online and online business integration.

Profit forecast and investment advice: As a leading company in casual wear and children’s wear, Semir’s apparel and children’s wear business continues to advance internationally, its category matrix has been improved, and Barbara’s leading brands have maintained rapid growth.

Casual wear business experienced products, and supply chain upgrades resumed growth.

It is expected that the company will achieve a net profit of 16-2018.



500 million, corresponding to 16 times the 19-year PE.

Covered for the first time, giving “overweight” rating.

Risk reminders: The terminal retail business climate reduces risks; the implementation of the children’s wear TCP brand is less than expected risks; the channel expansion is slower than expected risks; and the risk 西安耍耍网 of unsuccessful overseas business development.

Bo Shi shares (002698) Company dynamic comment: Maintaining technological leadership Boao Environment will enter the industry payback period

Bo Shi shares (002698) Company dynamic comment: Maintaining technological leadership Boao Environment will enter the industry payback period

The business is developing healthily, and the first half of the performance forecast shows a high growth trend: According to the company’s performance forecast, the company’s net profit attributable to shareholders of listed companies in the first half of 2019 is expected to be 1.


79 ‰, an estimated increase of 80-120% in the same period last year, in line with previous expectations.

This is mainly due to the healthy development of the company’s business in the first half of the year. The company’s main products such as traditional products and strategic new products have seen overall revenue growth, driving the company’s overall revenue and net profit growth.

In addition, the company’s holding subsidiary in the field of energy conservation, emission reduction and environmental protection-Harbin Boao Environmental Technology Co., Ltd. turned losses and contributed profits during the period, mainly due to industrial waste acids, acid gas treatment and recycling processes and equipment projects.Acceptance is confirmed in a series of reports.

Implement differentiated competition strategies and maintain technological leadership: As a large-scale intelligent complete equipment supplier, the company must maintain its own technological leadership to meet the industry-specific customer groups and their differentiated needs.

The strength of the company’s technological advantages, and constantly develop new products.

For the products in the field of cement packaging, if the development is successful, the company’s products will be expanded to new industries; strategic new products, high-temperature operation robots and automatic loaders are expected to continue to increase volume this year, and customer demand is increasing; regarding the automated production process of natural rubberAnd equipment research and development, has passed customer tests, will be further improved and is expected to expand to foreign markets; currently the company is still developing full-automatic PVC packaging and palletizing equipment. If the test results are satisfactory, it can be used to upgrade traditional equipment.Market prospects.

On January 24, the company and Sinopec multi-layer packaging code classification unit procurement contract.

The contract is excluding tax amounting to RMB 4,775.

860,000 yuan, accounting for 6 of the company’s 2018 operating income.


The contract is scheduled to be completed in 2019, which is expected to have a positive impact on the company’s 2019 or 2020 performance.

Technology leadership is an important means for the company to implement a differentiated competitive strategy, which will ensure that the company is located in a consolidated position and the company actively drives the improvement of the company’s performance.

Taking full advantage of the synergy effect, the Boao environment will enter the industry payback period in the next two years: the company combines its traditional intelligent complete equipment and environmental 无锡夜网 protection process equipment, and develops the industry around the company’s core genes and good market resources, forming a goodLocal synergy has improved the company’s core competitiveness.

The company’s 51% -owned holding subsidiary Boao Environment and its wholly-owned overseas P & P company have environmental protection technology with sulfide oxidation process technology as the core. It can process industrial waste sulfuric acid and sulfur-containing acid gases in chemical production.Collect, process, and generate pure sulfuric acid for recycling production to achieve energy saving, anticipation, environmental protection, and economic benefits.

At present, industrial waste acid, acid gas treatment and recycling projects are progressing smoothly.

Among them, on May 14, the company’s holding subsidiary Boao Environment and Shenghong Refining & Chemical shortened the exclusive equipment contract and patent license and engineering design agreement (excluding catalysts) for the waste acid regeneration unit, indicating that Boao Environment has further achieved in related fields.Positive progress.

The total amount of the contract excluding tax is RMB 3,784.

440,000 yuan, accounting for 4 of the company’s 2018 operating income.


As long as the project is successfully implemented, Boao Environment is expected to contribute considerable profits to the company in the future.

Investment suggestion: We predict that the company’s EPS for 2019-2021 will be 0.

31 yuan, 0.

41 yuan and 0.

49 yuan, corresponding to PE is 27 times, 21 times and 17 times.

Maintain the “Recommended” level.

Risk reminders: medium-to-long-term risks of continuous business development; continuous risks of technology and product innovation capabilities; risks of organizational production and product delivery.

Qianfang Technology (002373) Semi-annual Report 2019 Review: One Body and Two Wings Strategy Continues to Promote the Future

Qianfang Technology (002373) Semi-annual Report 2019 Review: “One Body and Two Wings” Strategy Continues to Promote the Future

Event: The company released its semi-annual report for 2019. In the first half of 2019, the company achieved operating income of 35.

86 ppm, an increase of 24 over the same period last year.

74%; realized net profit attributable to shareholders of listed companies.

740,000 yuan, an increase of 30 compared with the same period last year.


Key points of investment: The strategy of “one body and two wings” continues to advance. In the future, smart transportation business can be expected to grow steadily, and certain areas have obvious competitive advantages.

In the first half of 2019, the company’s smart transportation business achieved revenue18.

470,000 yuan, an increase of 23 in ten years.


1) Smart high-speed field.

The company has created benchmarking projects such as the informationization of the Daxing International Airport Expressway Company by creating a “6 + 1” system framework.

In addition, the company’s ETC business has developed rapidly, and the company’s products reported have been supplied or won bids in 17 provinces including Shandong, Yunnan, and Shanxi.

On July 10, 2019, the company plans to use no more than 1.

The 1.8 billion increase in Xinlian payment will help the company to Internet the ETC + services and provide B-side data business conversion for freight cars and other services.

2) Urban transportation.

The company has a constantly developing market competitiveness in the TOCC subdivision field. The integrated transportation network operation coordination and emergency dispatch center of the Huizhou Transportation Bureau reflects the company’s leading advantages in the TOCC field.

The company’s “enterprise strategy” continued to advance, and the report merged and won the bid of 83.81 million yuan for the Beijing CBD Northwest District Traffic Optimization Demonstration Project and the 13.91 million yuan Beijing World Garden Fair project.

3) The field of smart rail traffic.

Based on the traditional business such as the PIS system, a rail transit big data system that provides data support for the intelligent management of subways has been created.

4) In the field of smart civil aviation.

Introduced a smart airport solution that empowers airports to “perceive-analyze-feedback”.

We believe that the cancellation of inter-provincial toll stations will greatly increase the expansion of ETC products and the gradual release of comprehensive urban traffic management needs, which will continue to drive the company’s intelligent transportation business segment to grow steadily.

The intelligent security business has grown rapidly, and technology-enabled products have landed.

In the first half of 2019, the company achieved smart security revenue17.

370,000 yuan, an increase of 26 in ten years.


According to his report, in 2018, Yuhang Technology’s global market share increased to the fourth place in the world. Against the background of the macroeconomic pattern and overseas trade frictions, Yushi continued to steadily increase its market share.

In addition, Yushi Technology continued to increase research and development efforts and strengthened the technical layout in the AI field. Yushi Technology’s computer vision and deep learning algorithms challenged the best results of target detection in global competition traffic scenes in multi-object tracking (MOT), presenting the highest recognition accuracy rate andThe lowest false alarm rate, following the first place in the KITTI lane detection, set the AI algorithm record with the first place again.

On the basis of in-depth layout of artificial intelligence, big data, Internet of Things and other technologies, Yushi Technology actively explores the integration with the company’s products. At present, it has launched intelligent front-end products such as “Hangu” and “Tianmu”, and has achieved landing applications.

Layout of the field of visible smart things and intelligent connected cars, keeping up with technological development trends 1) In the field of transportation + AI, the company uses big data to accurately guide dynamic traffic, improve public safety, realize intelligent early warning of key events, and crack urban traffic diseasesDifficulties; 2) In the field of security + AI, combining “engineering scenarios” and hardware forms, launching “scene-definition cameras” and solutions that meet security characteristics.

The “AI Ready Artificial Intelligence Scale Application Solution” has been successfully deployed by users, realizing the large-scale deployment of AI in the security industry.

Ali’s shareholding boosts intelligent transportation and edge computing business development.

The company and Alibaba Cloud joined forces to advance the development of intelligent transportation and edge computing.

1) At the product technology level, the two parties will jointly build benchmarking products at multiple levels such as edge computing units and custom cameras and promote them to the country through their channel networks. 2) In the solution framework, the two parties will integrate technical advantages and work togetherCreated more than ten domestic leading solutions, including transportation brain, IOT, data intelligence and other fields, highlighting business development strategies and driving the rapid development of related businesses; 3) In market share, the two 杭州夜网 parties in-depth docked on their respective market resources and advantagesAt present, in-depth cooperation is being carried out on multiple projects. As a typical case of Alibaba Cloud’s integrated strategy, the Chengdu TOCC project has entered the implementation stage. Cases of benchmarking projects in multiple areas such as smart communities, traffic congestion, smart road networks, etc.
We believe that the company’s cooperation with Ali will gain important support from Ali in cloud technology and data intelligence technology, which will help further consolidate the company’s market share.

To sum up the profit forecast and investment rating, we are optimistic about the company’s future development. It is expected that the company’s EPS for 2019-2021 will be 0.

66, 0.

81 and 1.00 yuan / share, maintaining the “overweight” 苏州桑拿网 rating.

Risks prompt macroeconomic risks; the advancement of smart security business is less than expected; the advancement of connected car business is less than expected.

China Merchants Shekou (001979): Carrying over from 2019 to phased pressure, rebound in 2020 is expected

China Merchants Shekou (001979): Carrying over from 2019 to phased pressure, rebound in 2020 is expected

Forecasting 2019 annual profit growth of 7% We expect the company’s net 杭州桑拿 profit attributable to mothers to increase by 7% to 164 trillion in 2019, which is lower than the market consensus of 13 indicators.

Points to watch for In 2019, fewer carry-over projects and lower profit margins have resulted in a narrower profit growth rate. It is expected to return to two-digit growth in 2020.

The company has fewer projects that meet the carry-over conditions, and in 2018, it settled high-margin projects such as Shekou Shuangxi Garden, which resulted in a high profit margin base (1-3Q19 gross margin decreased by 7).

3 perfect to 25.

8%), we expect the company’s revenue to increase by 15% in 2019, and the gross profit margin and net profit attributable to mothers will fall to 25, respectively.

5% and 16.

1%, driving the growth rate of net profit attributable to mothers to narrow to single digits.

Looking forward, the company has ample outstanding unsold value (3Q19 advance receipt budget and contract liabilities totaled 1347 trillion, which is 1 of CICC’s forecast of community business income in 2020.

2 times) and the profit margin is stable, and the profit growth rate is expected to rise to 15% in 2020?

Annual sales are stable and the short-term budget is expected to increase by more than 10%.

The company’s contract in January 2020 increased by 1% to 11.9 billion US dollars (corresponding to a decrease in sales area of 22% to 440,000 square meters), which is higher than the average level of leading real estate companies (Kerui TOP10 / 20 real estate company interval -11% /-12%).

We estimate that the company’s currently unsold soil storage is nearly 50 million square meters, corresponding to a value of nearly trillion, which can support the future 3?
4 years sales growth.

We expect the company to achieve a budget of $ 250 billion in 2020, corresponding to an annual growth rate of 13%.

Land acquisition in the first quarter is expected to decline significantly due to the impact of the epidemic.

The company obtained 4 projects in Dongguan, Xi’an and Nantong in January 2020, corresponding to land acquisition area / amount of 840,000 square meters / 8.1 billion (only one new project was added in the same period last year, and the land acquisition area was 5).

8 million flats).

We expect the company’s land acquisition intensity to decline under the impact of the New Crown epidemic in the first quarter. However, considering the subsequent cooling of the land market, the company’s cash flow is abundant, and the financial security is high.The quarterly land replenishment efforts promoted continuous improvement.

The financing side has prominent advantages and dividends are attractive.

The company’s average issue cost of credit bonds in 2019 is only 3.

47%, we forecast an average funding cost of about 4.

9%, low in the industry.

The company’s dividend ratio for 2016/2017/2018 is 41% / 40% / 40%, and we expect the company to maintain a dividend ratio of about 40%, corresponding to a 2019/2020 yield of 4.

8% / 5.

8% (average of the housing companies we cover is 4.

8% / 5.


都市夜网 Estimates and recommendations We maintain the company’s 2019/2020 profit forecast unchanged, with a date of 2021 profit forecast2.

83 yuan (before deducting perpetual debt interest).

The company is currently trading ahead of 7.


1x 2020/2021 forecast P / E ratio.

Maintain Outperform Industry Rating and Target Price 21.

00 yuan, the target price corresponds to 8.


4x 2020/2021 target price-earnings ratio and 22% upside.

The risk settlement progress was less than expected; the policy on the property market in the major cities was tightened beyond expectations; the duration of the new crown epidemic was longer than expected.

Lixun Precision (002475): High-growth communications for consumer electronics, automotive for the future

Lixun Precision (002475): High-growth communications for consumer electronics, automotive for the future
Event: The company released the 2018 annual report, and the company achieved sales revenue of 358 in 2018.500,000 yuan, an annual increase of 57.06%; total profit realized 32.82 ppm, an increase of 60 in ten years.99%; realize net profit attributable to owners of the parent company.23 ppm, an increase of 61 in ten years.05%. The rapid growth of the consumer electronics business has demonstrated superior precision manufacturing platform capabilities.Based on the complete planning of consumer electronics products, the company fully cuts into the North American customers ‘cables, connectors, acoustics, wireless charging, motors, antennas and other high value-added components, as well as accessories such as wireless headphones and smart watchesAnd the increase in the supply of old products is the main driving force for the company’s performance growth.In 2018, the company’s consumer electronics business revenue was 26.8 billion, a year-on-year increase of 76.5%.The company’s highly outstanding quality management work, years of high standards and strict requirements have pushed the company to continue to move closer to the top quality management standards.Thanks to this, the company’s production costs have been repeatedly reduced, and its overall competitiveness has been continuously improved.Continuous R & D and high investment prospects The company’s future growth foundation.In the past three years, the company has gradually invested 49 in research and development.8.9 billion, the proportion of R & D investment in operating income continued to rise.In 2018, the company incurred R & D expenses25.150,000 yuan, an increase of 63 in ten years.09%, newly applied for 244 patents, and obtained 238 patent authorizations. With the arrival of 5G, the communication interconnection and automobile interconnection business will become the company’s emerging growth point, and it is expected to be on par with the global leading connector manufacturers in the future.The products that the company has laid out ahead of time in the communications, data center, industrial, and automotive electronics markets have contributed to the company’s development.In the field of communication business, the company has formed a fully interconnected product and solution layout around “cloud”, “management” and “end”. In 2018, the company’s communication interconnection business revenue increased by 30.0%.With the advent of the 5G era, the company’s base station antennas, filters and data center interconnection products will also give full play to its market competitiveness.In the automotive market, the company has formed a complete product line of components such as wiring harnesses, connectors, electronic modules, and insert injection molding functions, and has established a better foundation in the field of new energy vehicles. 1 Breakthrough in customer base.In 2018, the company’s car interconnection business increased by half a year.8%, the future car interconnection business will be a stable growth point that can be expected. The acceleration of 5G millimeter wave construction in the United States is expected to drive the company’s millimeter wave business beyond expectations.The appointment of the US President on December 4 stated that the United States will spend $ 275 billion on the construction of a 5G network in the wireless industry.The FCC (Federal Communications Commission) plans to start the largest spectrum auction in the history of the United States from December 10 this year. Operators can bid on several high-frequency frequency resources of 37GHz, 39GHz and 47GHz.Looking at the 5G spectrum resources released by the United States, the main push is the construction of millimeter wave networks, and the United States market is Apple’s largest source of revenue. We judge that 5G iPhones are expected to support millimeter wave functions in 2020. From Apple ‘s announcement of millimeter wave antenna patents, it is expected to use LCP The flexible board implements a millimeter wave antenna frame.In the field of LCP flexible board modules, Luxun Precision has in-depth industrial chain supporting cooperation and product supply with major customers. The future millimeter wave business is worth looking forward to. Investment suggestion: It is expected that the company’s net profit attributable to shareholders of listed companies from 2019 to 2021 will be 38.08 billion, 50.5.6 billion, 65.6.3 billion.Maintain BUY-A investment 佛山桑拿网 rating with 6-month target price of 32.55 yuan, equivalent to 35 times PE in 2019.

Zhongju Hi-tech (600872) 2018 Annual Report Review: Steady Growth Achievement Goal Double Hundred Strides Forward

Zhongju Hi-tech (600872) 2018 Annual Report Review: Steady Growth Achievement Goal “Double Hundred” Strides Forward

Investment Highlights: Event: The company released the 2018 annual report, and the company achieved operating income of 41 in 2018.

66 ppm, an increase of 15 in ten years.

43%, achieving net profit attributable to shareholders of the parent company.

07 million yuan, an increase of 34 in ten years.


Of which 18Q4 achieved operating income of 10.

02 ppm, an increase of 13 in ten years.

77%, net profit attributable to mothers1.

22 ppm, an increase of 23 in ten years.


The company intends to distribute cash 苏州桑拿网dividends to all shareholders for every 10 shares2.

3 yuan (including tax), send out the cash bonus list 1.

8.3 billion.

  The initial performance is stable and good, oyster sauce, cooking wine, and edible oil increase faster.

The company’s condiment business segment, which accounted for 92% of the revenue in 2018, achieved revenue of 38.

1.7 billion, an increase of 10 in ten years.


Soy sauce, chicken powder and edible oil accounted for 97% of the three main products.

90 ‰, an increase of 9 in ten years.

12%, sales increased by 7.

81%; income from chicken powder and chicken powder4.

43 ppm, a ten-year increase of 7.

24%, sales increased by 7.

27%; income from cooking oil3.

21 ppm, an increase of 15 in ten years.

93%, sales increased by 23.

19%; and oyster sauce, cooking wine business achieved rapid growth, respectively achieved 1.

400 million, 0.

Income of 580,000 yuan, an increase of 41 in ten years.

80%, 68.


With the launch of the third phase of Yangxi Kitchen and the first phase of Yangxi Delicious Fresh, it is expected that the income of soy sauce will increase steadily in the future, and the growth rate of edible oil, cooking wine and vinegar income will further accelerate, becoming a new driving force for the company’s revenue growth.

  Rising upstream raw material prices have resulted in a slight increase in gross profit, and fee control has pushed up the net interest rate.

In 18 years, the company’s main products unexpectedly increased their prices significantly, while the prices of upstream raw materials rose, and the company’s overall gross profit margin declined slightly.

15pct with a gross profit margin of 39 for one year.


The company’s net interest rate has increased for 3 consecutive years, and the net interest rate for 18 years has reached 16.

35%, up 2 every year.18pct, mainly due to the decrease in sales expenses and management expenses. The company has significantly reduced its staff in 18 years, reducing production / sales staff by 36% / 12%, increasing research and development personnel by 31%, and adjusting the staff structure.The proportion of sales expenses decreased by 1 every year.

46 points, the proportion of management expenses decreased by 3.

02pct. Considering that the company is in the development period of expanding the channel layout nationwide, it is expected that the proportion of sales expenses will improve in the future.

The current management costs are in line with Haitian’s expectations.

21pct’s downside, transforming the company gradually to private, performance management is constantly optimized, management costs will continue to decline, and promote the increase in net interest rate.

  The growth rate in the northwest is fast, and the layout of catering has achieved initial results.

In terms of different regions, the revenue growth rate in the central and northwestern regions is faster, reaching more than 12%, while the revenue growth rate in mature eastern and southern regions is within 10%. The company has steadily developed the southeast coast, focusing on enhancing the northeast and northeast markets.Accelerate the development of the southwest region and gradually advance the northwest market “as the channel development program, adding 18 blank cities, the gradual development rate of prefecture-level cities has reached 77%, 178 new dealers have been opened, and the number of dealers has expanded to 864.And the sinking of third- and fourth-tier cities has always stayed space.

In terms of terminal channels, the proportion of catering services has increased from 20% to 25% at the beginning. As the company’s catering promotion efforts continue to increase, the proportion will continue to increase.

  Developed land is initially recognized for revenue, with a substantial increase in penetration, and the value of the land is conservatively 3 to 4 billion.

The company’s real estate business realized income 1.

270,000 yuan, an increase of 155 in ten years.

56% was mainly due to the partial recognition of sales revenue of Huijing Oriental Real Estate.

The company has existing stock 2.

340,000 square meters of commercial housing, there will be 1 in the first half of 19.

The market opened at 80,000 square meters, and actual business income for the whole year of 19 is expected to increase significantly each year.

In addition, the company has 1600 acres of developer land in the Qijiang New Town area and the north side of Zhongshan Station. However, it cannot be developed due to unregulated regulations, which will accelerate the construction of the Guangdong-Hong Kong-Macao Bay Area.The advantages of real estate development, in the long run, the real estate business will continue to generate revenue for the company. We conservatively estimate the value of this land is 3 to 4 billion.

  The change of the actual controller confirms that Baoneng will merge and improve productivity through system transformation.

The board of directors was re-elected in October 18, and Baoneng Department occupied the majority of seats. On March 21, 19, the company announced that it confirmed that the actual controller was changed to Yao Zhenhua, confirming that Zhongju officially entered the era of Baoneng actual control.

Air Force companies have been reduced to their state-run systems, with relatively conservative operations and reduced management efficiency.

After the formal takeover of Baoneng, the conservative operating style is expected to change, and the operating efficiency will be further improved.

The company’s per capita income in 18 years was 89.

450,000 yuan, an annual increase of 11.

39%, with Haitian generating 332 per capita income.

570,000 is still a long way off.

As the company continues to grow in size and the salary structure and incentive policies are initially optimized, per capita income generation is expected to increase significantly.

  The “Double Hundred” goal is expected to exceed 10 billion in revenue and 20 million tons of production and sales in 2023. The nationwide layout will be steadily advanced and export business will be started.

The company’s annual report puts forward the “double hundred” goal. The goal is to achieve endogenous development and supplemented by outbound mergers and acquisitions to achieve health food revenues of over 10 billion and annual production and sales of over 1 million tons within 5 years from 19-23.

At present, the company’s production capacity is about 48 pounds. The second and third phases of Yangxi Kitchen State are expected to be gradually released in 23, and Yangxi Delicious Fresh 65 can be gradually put into production. It is expected that the production and sales volume will exceed one million tons in 2023.
In order to ensure the smooth release of production capacity, the company has continuously strengthened channel integration and started export business during the year, cooperating with foreign traders such as Canada and Peru.

With the initial improvement of the channel and the successful release of millions of tons of production capacity, it is expected that the revenue target of 10 billion will be exceeded in 2023.

  Profit forecast and investment rating: It is expected that the company’s operating income from 2019 to 2021 will be 49.

4.8 billion, 59.

4.2 billion, 72.

65 ppm, an increase of 18 years.

76%, 20.

09%, 22.

26%; net profit attributable to mothers is 7, respectively.

7.4 billion, 9.

94 ppm and 12.
0.94 million yuan, an increase of 27 in ten years.
42%, 28.

46%, 30.

13%; Maintain “Highly Recommended” rating.

  Risk warnings: 1. The prices of upstream raw materials fluctuate greatly; 2. The downstream demand is less than expected.

Hangyang (002430): Gas project is expected to continue to expand in the next city

Hangyang (002430): Gas project is expected to continue to expand in the next city

Guangxi Shenglong Air Separation Project under construction and long-term gas supply agreement signed, the gas project next city company issued an announcement, plans to transfer Guangxi Shenglong Phase II 2 sets of 40,000m / h air separation under construction project, continue after the completion of the transferCarry out project construction and sign long-term gas supply agreement with Guangxi Shenglong.

In order to smoothly advance the construction of two sets of 40,000m / h air separation projects in the second phase, the company plans to increase capital by 100% holding subsidiary Guangxi Hangyang1.

40,000 yuan, the registered capital of Guangxi Hangyang increased to 3 after the capital increase.

10,000 yuan.

The company’s gas project is next.

The company has gradually transformed the gas project operator from an air separation equipment manufacturer. The industrial gas business pattern has taken shape. It is expected to continue to expand the gas business scale in the future.

We maintain our profit forecast.
The 20-year EPS is 0.

78, 0.

82, 0.

90 yuan, maintaining the “overweight” level.

The project is expected to be put into production by the middle of this year. The company’s gas operation services are sticky to customers. Therefore, the company announced that Guangxi Shenglong is the gas supply user of the Guangxi Hangyang Phase I project.And gas supply contract.

Guangxi Shenglong Phase II 2 sets of 40,000m / h air-construction projects under construction were transformed from EPC general contracting to company gas investment projects, and continued to be supplied by Guangxi Hangyang. The long-term association reflects the company’s air separation and engineering.The one-stop service of gas operation is sticky to customers.

The Guangxi Shenglong project is expected to be commissioned by the end of July 2019.

Cash flow from operating activities is plentiful, which is expected to support the continued expansion of centralized gas supply projects. According to the company’s announcement, the company’s cash flow from operating activities in 2017 was 8.

5 billion, an annual increase of 100.

69%, cash flow from operating activities in the first three quarters of 2018 was 7.

600 million, an increase of 44 in ten years.


The cash flow of operating activities before 2017 was small and the transition was broken, mainly because the company extended 17 long-term gas supply agreements between 2010 and 2012, accounting for 63% of the gradual centralized gas supply agreements, so the capital 佛山桑拿网 expenditures in the next few years were relatively largeThe asset-liability ratio is high.

With the gradual and stable operation of a large number of projects, which can provide stable cash flow, the company’s asset-liability ratio has been gradually reduced since 2016 until the asset-liability replacement of 51 on September 30, 2018.

85%, down from 53 at the end of 2010.


The company’s cash flow cycle is gradually optimized, and the stable cash flow of projects is expected to support the continued expansion of centralized gas supply projects.

The scale of the gas business is expected to continue to expand, maintaining the corresponding performance quick report of the “overweight” level. In 2018, the company’s retail gas sales and operating income have at least made a significant landing, and the equipment 苏州夜网论坛 manufacturing sector has generally shown a good development trend.

The company’s air separation equipment is in an upward cycle, and the gas business has room for growth.

We maintain our profit forecast.
20 years to achieve net profit attributable to mothers7.

52, 7.

94, 8.

6.5 billion, corresponding to a PE of 14.

60, 13.

83, 12.

69 times.

In 19, the average PE of the three comparable listed companies was 20.

01 times, we maintain the company’s 2019 PE target estimate of 15?
18 times, corresponding to a reasonable deviation interval of 12.

81 yuan.

Risk reminders: The chemical and metallurgical industries have fallen unexpectedly; the advancement of modern coal chemical projects has fallen short of expectations; the company’s entry into emerging downstream areas such as semiconductors has fallen short of expectations.