Sanhua Intelligent Control (002050): Achieved Steady Growth in Revenue, Excellent Performance of New Energy and Zero-Zero Business

Sanhua Intelligent Control (002050): Achieved Steady Growth in Revenue, Excellent Performance of New Energy and Zero-Zero Business

Event: Company announcement for the first quarter of 2019: Realized revenue27.

80,000 yuan, an annual increase of 7.

90%, realizing net profit attributable to mother 2.

59 ppm, a ten-year increase4.

18%; net profit deduction for non-attributed mothers2.

10 ppm, a ten-year average of 12.


Revenue has achieved steady growth and significant contributions from the new energy auto zero business: According to industry online data, the sales growth rates of valves, four-way valves and electronic expansion valves in the January-February period of 19th were +9 respectively.

4%, +2.

9%, +5.

3%, compared with the previous quarter showing potential for attempt.

In terms of business, the company is a leader in the field of refrigeration valves. We expect that the revenue growth of the traditional refrigeration business will accelerate the growth of the valve industry and maintain approximately two-digit growth.

Model 3 mass production is on track in the first quarter of 2019, and Sanhua’s new energy vehicle business is expected to fully benefit. We expect the new energy vehicle business to generate about 1 in the first quarter.

500 million, accounting for the proportion of zero-gas revenue has further increased to about 40%.

As the major customer JCI enters the end of inventory, the micro-channel business has gradually improved since the second half of 2018. We expect to maintain a steady growth in the number in the first quarter, while the Yaweike business is still in the improvement cycle.

Intensified short-term competition in the refrigeration business has put pressure on gross profit, and the profitability of the new energy business has remained stable: the company’s gross profit margin for Q1 2019 was 25.

24%, 9.

41% each year -2.

26, -0.

38 points.

We expect the air-conditioning plant to adjust the prices of parts and components companies to a certain extent, which will have a significant impact on the company’s refrigeration business income and gross profit margin.

At the same time, we expect that the company ‘s high-margin electronic expansion valves and new energy vehicle and new energy vehicle business will increase its proportion, and there will be a certain degree of structural improvement in gross profit margin.

At the same time, we believe that the initial price adjustment of the machine factory has improved in the past few quarters, the implementation of conversion reductions and the cost of raw materials have remained low, and the profit margin may also improve in the second half of the year.

We believe that based on the company’s traditional refrigeration valve business, which is mainly one of the current operating conditions of Dun’an Environment, a long-term continuous 无锡桑拿网 price war in the industry may occur.

In the field of thermal management parts for new energy vehicles, the company currently leads the industry in scale and lacks a strong ranking in the short term. It is expected to fully benefit from reaching a large-scale decline in 19-20.

Research and development expenses continue to be paid, and non-profit and loss contributions are obvious: the company’s 2019Q1 sales, management + research and development, and financial expense rates are -0 each year.

34, +1.

32, -1.

32pct, of which R & D expenses 1 are invested.

110,000 yuan, an increase of 16 ten years ago.

3%, thanks to the company’s interconnected technical barriers in emerging energy-saving devices and other fields, ensuring the company’s market leader and relatively stable profit margins.

The company’s government subsidies in the first quarter of 2019 were approximately 1782 million, an increase of approximately 10 million yuan; the raw material hedging and foreign exchange forward hedging gains and losses were 41.53 million yuan (also approximately 363 million).As well as raw material and export foreign exchange hedging, it has a high degree of correlation with daily operations. The overall non-recurring profit and loss was 48.56 million yuan, an increase of 9.23 million yuan over the same period, which contributed significantly to performance.

Investment suggestion: Looking forward to the second quarter and the second half of the year, the current air-conditioning leader’s production plan has returned to growth. We estimate the volume of stacked Tesla Model 3, the possible contracting progress of Model Y in the future, and the completion and commissioning of Tesla’s Shanghai plant.It is expected to drive steady growth in revenue.

At the same time, the decrease in raw material costs and the incremental reduction will bring improvement room for profitability. New valve components such as the company’s electronic expansion valves will also continue to benefit from the general trend of the country to promote energy saving and consumption reduction in the future.

Based on the company’s first quarter report, we will increase the company’s net profit growth rate from 19 to 21.

4%, 23.

1%, 21.

2% is adjusted to 11.8%, 19.

4%, 23.

7%, net profit by 14.

5, 17.

9, 21.

700 million adjusted to 14.

5, 17.

3, 21.

3 trillion, currently sustainable corresponding to 19-21 years 24.

4x, 20.

5x, 16.

6xPE, maintain buy level.

Risk reminders: Air conditioning demand is less than expected; macroeconomic outlook risks; new business development is less than expected.

Haige Communications (002465) Semi-annual Report Review: Defense Orders Continue to Recover Beidou’s Three-Generation Full-Chip Solutions Become Highlights

Haige Communications (002465) Semi-annual Report Review: Defense Orders Continue to Recover Beidou’s Three-Generation Full-Chip Solutions Become Highlights

Event: The company released its semi-annual report for 2019 and achieved revenue 19 in 2019H1.

76 ppm, a ten-year increase of 8.

14%, achieving net profit attributable to mother 2.

23 ppm, an 18-year increase.

98%, realizing net profit deduction for non-attribution1.

410,000 yuan, an increase of 61 in ten years.


  Opinions: 1. The performance has steadily picked up, and the military product business continues to resume the upward trend.

  According to the company’s 2018 annual report, new contracts for military products were signed in 2018.

52 ppm, a significant increase of 51 per year.

26%; and according to the major contract announced by the company on July 2nd, as of July 2, the company announced the gradual wireless communication in 2019, and the major contract amount of Beidou Navigation and other areas exceeded 700 million US dollars, accounting for the company’s wireless in 2018The total revenue of the communications + Beidou navigation sub-segment is over 34%.

The situation of the newly signed contracts reflects the trend of resumption of growth in the military products business, and has also brought about a steady rise in the company’s performance.

  By business, revenue from wireless communications business6.

8.7 billion (+12 year-on-year.

58%), with a gross profit 无锡桑拿网 margin of 52.

09% (+4 compared with the same period last year).

84pp); Beidou Navigation Business Revenue 1.

4.2 billion (1 year ago.

06%), gross profit margin is 65.

31% (-1% year-on-year.

55pp); Aerospace business revenue 0.

6.6 billion (+7 year-on-year.

40%), gross profit margin 56.

41% (+ 3% YoY).

40pp); software and information services revenue10.

6.6 billion (+6 year-on-year.

33%), gross profit margin 19.

51% (-3% YoY).


  The growth of wireless communications business and Beidou navigation business reflects the clear growth trend of the military product market.

The software and information services sector continues to grow steadily, stemming from the continuous breakthroughs in new markets (the first entry into the Henan and Shandong markets).

  In terms of expenses, the selling expense ratio (19Q2 4).

20% year-on-year.

12pp), management expense ratio + R & D expense ratio (19Q219.

53%, -0.

61pp) and financial expense ratio (increased by expenditure variable income) decreased by two different ranges, reflecting the company’s increasingly sophisticated internal management.

It is expected that through the continuous growth of military orders in the last two years of the 13th Five-Year Plan and the refined internal management of the company, the company’s expense ratio is still expected to continue to decline.

  2. New breakthroughs in new products and markets for military products have continued, and the highlights have been extended. The subsequent growth is worth looking forward to.  Multi-point breakthroughs in the field of wireless communications: Actively consolidate the short-wave, ultra-short-wave, second-generation satellite stock services, expand multi-mode intelligent terminals, digital conversion, Tiantong S satellite terminals, and the increase of satellite broadband mobile communication products) Equipment developed bidding shortlisted first place) and other new customers incremental market.

  Beidou navigation field: Actively seize the core technology highland of Beidou III, release a satellite chip advanced baseband chip for Beidou III applications + a full-chip solution that supports global navigation satellite systems and global short message system radio frequency chips, Beidou III GlobalThe multi-mode and multi-frequency RF chip of the system ranked first in the customer’s first round of physical comparisons. For civil demonstration projects, a number of Beidou Industrial Park and New District demonstration projects have steadily advanced, and they have continued to land in the “Beidou + Smart City” application demonstration projects.

  The continuous breakthrough in new products and markets for military products has further opened up room for growth.

  Investment suggestion: The gradual recovery of military orders in the last two years of the 13th Five-Year Plan is determined, and the company’s continued breakthrough in new products and markets, as well as the company’s effective control of the overall expense rate, we believe that the company’s performance is expected to continue to rise.

In addition, the beneficiary company’s continued expansion in satellite communications and Beidou navigation, through the gradual improvement of the Tiantong-1 supporting facilities and the gradual transfer of Beidou-3 satellite cluster services, the company is expected to usher in rapid development opportunities in satellite communications and Beidou navigation.

Considering the recovery of military orders, we adjusted the net profit for 19-21 from 5.

8, 7.

6 and 9.

3 trillion is adjusted to 5.

6, 7.

2 and 8.

9 trillion, maintaining the overweight rating.

  Risk warning: Beidou, satellite, communications and other military orders are delayed, and defense informationization is slowly restored

A shares take Dingxinwan: the core of science and technology board is that institutional innovation will not flood

A shares take Dingxinwan: the core of science and technology board is that institutional innovation will not flood

At 1:30 pm on February 27, the press conference of the State Council Office was fully occupied.

  Two hours later, Yi Huiman, the chairman of the China Securities Regulatory Commission, attended the first press conference since taking office.

  At the meeting, Yi Huiman humorously stated that the position of the chairman of the Securities and Futures Commission is a crater, and the work directly faces the market, and he is doing live broadcasts every day.

  On January 26, Yi Huiman, then chairman of ICBC, succeeded Liu Shiyu, becoming the ninth chairman of the China Securities Regulatory Commission.

  In the first month that Yi Huiman took charge of the CSRC, the science and technology board is undoubtedly the focus of its work and has been repeatedly mentioned.

On February 22, the CSRC announced that the current priority is to establish a science and technology board and pilot registration system.

  Facing the four major issues, Yi Huiman explained the key issues involved in the reform.

What is the main purpose of establishing a science and technology board?

  Yi Huiman said that the main purpose is to enhance the capital market’s inclusiveness to the real economy, better serve companies with core technology, industry-leading, good development prospects and reputation, and further improve the capital formation mechanism that supports innovation through reform.

Science and technology board will play a role?

  Yi Huiman said that the establishment of a science and technology board is a concrete change in deepening the reform of the capital market.

This reform is not a new board. What’s more important is to adhere to the direction of marketization and rule of law, and to make institutional innovations in all aspects of issuance, trading, information disclosure, delisting, etc., and establish and improve stocks centered on information disclosureThe issuance and listing system played the role of a test field for the reform of the science and technology board to form a replicable and popular experience.

How does the science and technology board operate?

  Yi Huiman said that the establishment of the science and technology board will adhere to the principle of “rigorous standards and steady steps”, refine the relevant institutional arrangements, improve the risk response plan, strengthen investor education, focus on the balance between markets, and ensure that the science and technology boardAnd the trial registration system started smoothly.

How does the science and technology board deal with the existing GEM and the new three boards?

  Yi Huiman said that the science and technology board and the existing main board, small and medium-sized board, GEM and the new three board are all important parts of the multi-level capital market system.

The science and technology board has made a lot of system innovations in terms of issuance, listing, information disclosure, trading, delisting, etc., and has made great breakthroughs in many aspects.

The science and technology innovation board is not a simple “board” increase. Its core lies in institutional innovation and reform, while further supporting science and technology innovation.

The CSRC will carefully evaluate the effects of reforms and innovations after the launch of the Science and Technology Innovation Board, and coordinate the promotion of the reform of the GEM and the New Third Board to 武汉夜网论坛 better serve economic growth and development.

  In addition, Yi Huiman said that the science and technology board and the trial registration system should be well developed. In addition to the SFC and the Shanghai Stock Exchange to better participate in its own role, more market participants need to work together to reform the science and technology board.Do it.

The issuer must fully disclose the information, and the letter is strict and professional; the investment banking institutions and sponsors must make breakthroughs in pricing underwriting. The science and technology board tests the core competitiveness of the institution and is worried that the existing domestic investment banking institution’s experience reserve is not too richHow to improve this part of the ability, investment banks and securities firms must be prepared; accountants, auditors, law firms and other audit institutions should strengthen professional ethics, can provide market participants with fair, open, professional and objective services; reform of science and technology boardA good environment for the rule of law is needed to further advance the amendment of the securities law, increase the cost of violating laws and regulations, and protect the interests of investors; how to implement marketization needs to be considered in the delisting part.

In order to raise financial soft power to a new level, market-related parties will bring about changes. The science and technology innovation board is a test field and a guide.

  Clarify the five major differences Regarding the differences between the establishment of a science and technology innovation board and the trial registration system and the existing approval system, Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said that there are five main differences: First, there are contributions on hard conditions.

The approval system has some hard conditions for issuance and listing. These conditions have been relaxed under the new registration system, such as the relaxation of profit conditions.

  The United Nations, hereinafter referred to as a “draft for comments”), shows that of the five proposed listing standards, except for the first one, which requires a net profit, the remaining absolute profit requirements.

  The second difference is to implement stricter information disclosure, which is the core content of the registration system.

On the basis of meeting the most basic requirements, the issuer must meet the higher requirements of the letter, and the issuer is the first responsible person of the letter.

The main review is on the Shanghai Stock Exchange. The reviewers must strictly inquire about the submitted materials, check from a professional perspective, and pursue the truth, accuracy, and completeness.

  For example, the “Administrative Measures for the Initial Public Offering of Science and Technology Innovation Boards (Trial)” (hereinafter referred to as the “Implementation Measures”) announced on January 30 shows that issuers can reveal industry characteristics and business models according to their own characteristics.Corporate governance, development strategy, operating policy, accounting policy, full disclosure of relevant information such as scientific research level, scientific research personnel, scientific research expenditure, and fully reveal risk factors that may have a significant adverse impact on the company’s core competitiveness, business stability and future development.

  Among them, the issuer has not been profitable enough to fully disclose the reasons for no longer profitability, and the impact on the company’s cash flow, business development, talent attraction, team stability, R & D investment, strategic investment, and sustainability of production and operation.

  The third difference is a more market-oriented underwriting mechanism.

  The issuance price, scale and issuance of new shares shall be conducted through marketization.

In the issue and pricing of new shares, the investment and research capabilities of institutional investors shall be brought into play, and an inquiry mechanism with institutional investors as the main body shall be established.

  The “Implementation Measures” show that for the initial public offering of shares, it is appropriate to invest in professional institutions such as securities companies, fund management companies, trust companies, financial companies, insurance companies, qualified foreign institutional investors and private equity managers registered with the China Securities Industry Association.(Hereinafter collectively referred to as offline investors) to make an inquiry to determine the stock issue price.
  The fourth difference is to strengthen the responsibility of intermediaries.

  Duties of due diligence and check responsibilities, strict blame for those who violate laws and regulations, greatly increase the cost of violations of laws and regulations, and make serious efforts to trust violations of laws and regulations.

  For example, the implementation method shows that if the issuer does not meet the conditions of the issuance list and deceives the registration of the issue by deception, the China Securities Regulatory Commission shall adopt regulatory measures that will not accept the issuer’s public issuance of securities-related documents for 5 years from the date of confirmation.

Regarding the relevant responsible personnel, depending on the seriousness of the circumstances, the supervisory measures that are deemed to be inappropriate candidates, or the measures of taking stock market bans.
Where an issue has been issued, the CSRC may, while making an administrative determination, order the listed company and its controlling shareholder, the actual controller, to repurchase the shares of the public offering from the investor within a certain period of time.

  The sixth difference is more sound supporting measures, establishing a good legal environment, focusing more on systemic synergy of work, and adopting richer means to improve regulatory capabilities.

  There will be no flooding. Regarding the impact of the establishment of a science and technology board and the pilot registration system on the secondary market, Li Chao, vice chairman of the China Securities Regulatory Commission, also expressed his views.

  He said that the establishment of the science and technology innovation board and the pilot registration system is an incremental reform of the capital market. He hopes that this reform will increase the inclusiveness and competition of the capital market. At the same time, we have also reformed, innovated and improved a series of systems.This includes the registration system itself, as well as issues such as issuance, pricing, trading, information disclosure, delisting, etc., all of which involve the reform of the basic system of the capital market.

Through these reforms, we hope to further strengthen the role of resource allocation in the internal capital market of the science and technology board and further promote the long-term and stable development of the capital market.

From this perspective, the establishment of a science and technology board and the trial registration system is a good thing for the capital market in the medium and long term.

  In fact, the impact of the CSRC’s science and technology board on the secondary market has long been considered.

  Li Chao said that he has paid close attention to this matter during the research and demonstration process, so corresponding arrangements have been made in a series of systems, rules and frameworks, and certain investors have made a series of institutional arrangements.

At the same time, the science and technology board still has strict corresponding standards and corresponding procedures, not to say that anyone who wants to be listed can be listed.

In addition, the science and technology board attaches importance to the market mechanism, and the market mechanism includes the constraints of the market. As long as each return is responsible, I believe that the science and technology board will not be flooded.

  Who will first get on board?

  The public is very concerned about when they can see the official listing of the first science and technology board company.

  Therefore, Yi Huiman said that the Shanghai Stock Exchange is now intensively soliciting opinions under analysis.

  Huang Hongyuan, the chairman of the Shanghai Stock Exchange, also disclosed that the six rules of the Shanghai Stock Exchange had ended soliciting opinions on the 20th of this month.

Nearly 40,000 individual investor questionnaires were collected and more than 500 opinions and suggestions were received. Generally speaking, everyone gave sufficient affirmation to the rules of the exchange.

  The opinions are mainly focused on seven aspects. Among them, the hope that the review criteria for issuance need to be further detailed and properly disclosed; whether the registration of the Securities Regulatory Commission and the audit of the exchange can be effectively connected; whether the investor gate is appropriate;The conditions of entry and the balance of the trading mechanism; the leniency of “reduction of old stocks”; how to attract more mid- and long-term funds to participate in this market; and how to further increase the cost of fraudulent and illegal listing.

The Shanghai Stock Exchange is currently organizing experts to analyze and evaluate these opinions.

In the next step, the SSE will make the necessary changes under the guidance of the CSRC’s unified fundraising, and then add additional approval procedures and will soon announce implementation.

  (Reporter Zou Yichen, International Finance News)

Emeishan A (000888) 2019 First Quarterly Report Review: Revenue Growth Under Pressure, Sales Expenses Controlled Effectively

Emeishan A (000888) 2019 First Quarterly Report Review: Revenue growth under pressure from selling expenses under control

Guide to this report: Revenue growth continues to be under pressure, and the effect of sales expenses control is obvious. In the future, we will adhere to the strategy of “re-entering Mount Emei” to dig deeper into consumption scenarios and increase per capita consumption.

Investment Highlights: Maintain Overweight rating.

Affected by the weak growth of tourists, the company’s revenue and performance growth under pressure in the first quarter of 2019 will continue to adhere to the strategy of resuming Emeishan and continue to improve quality and efficiency.

The EPS for 2019-202杭州桑拿1 is maintained at 0.



46 yuan, giving the scenic industry an average assessment of 22Xpe, maintaining a target price of 9.

25 yuan to maintain the overweight level.

Brief description of results: In the first quarter of 2019, Emeishan A’s revenue was 2.

600 million, a decrease of 3 every year.

4%; net profit attributable to mothers was 19.39 million yuan, a year-on-year increase of 5.

4%; the net profit after deducting non-attribution to the mother is 18.08深圳桑拿网 million yuan, which is a decrease of one year.

3%; basic profit income is 0.

037 yuan, compared with 0 last year.

05 yuan.

Performance is in line with expectations.

The effect of sales expense rate control is obvious, and the pressure on revenue growth may be caused by the breakdown of tourist growth.

In October 2018, the company lowered the ticket prices for the peak season, and the first quarter was the off-season of the Emeishan Scenic Area. The ticket prices remained the same as last year, so the pressure on revenue growth may be caused by the pressure on tourists.

In the first quarter of 2019, the company’s gross profit margin was 31.

81%, a decrease of 2 per year.

28pct, the effect of sales expense control is obvious, exceeding the decline by 1.

40pct, the management expense rate increased slightly by 0.

24pct, the financial expense ratio decreased by 0.

42pct is due to an increase in interest income.

Promote diversification of industrial structure and efficient operation and management.

The company will closely focus on the development strategy of “re-entering Emei Mountain”, dig deep into the diversified consumption scenarios, and take the “project year of landing” as the work theme to expand capacity and improve quality and improve profitability.

Risk factors: Ticket prices continue to fall, weather factors affect travel demand.

Sany Heavy Industry (600031): The industry ceiling continues to move upwards, and the company’s leading parts are becoming more and more stable

Sany Heavy Industry (600031): The industry ceiling continues to move upwards, and the company’s leading parts are becoming more and more stable

Leading domestic construction machinery, record performance again.

The company was founded in 1989. Adhering to the goal of “creating first-class enterprises, creating first-class talents, and making first-class contributions”, it has been cultivating the field of construction machinery for 30 years. Now it has become a leader in the field of domestic construction machinery.A full range of products such as lifting machinery, road construction machinery, and pile driving machinery. Among them, excavators have won the domestic sales champion for eight consecutive years, and concrete machinery has ranked first in the world.

The company’s operating income for the first three quarters of 2019 was 586.

900 million, net profit of 91.

600 million, a record high for the company.

The demand for renewal is strong, multiple factors have helped, and the industry ceiling has moved up.

Domestic construction machinery has experienced steady development (1990-2004), high-speed development period (2005-2011), and industry adjustment period (2012-2016). Domestic construction machinery has formed a huge stock market.

Construction machinery holdings correspond to the total demand of downstream real estate, infrastructure, etc. Conventional real estate and infrastructure investment are now gradually entering a stable growth channel.

In the future, real estate and infrastructure investment growth will continue to increase, and the construction machinery holdings will continue to increase. According to our calculations, the need for renewal will become a factor for a long time to come.

Overlapping infrastructure supplements shortcomings, machines replace people, and environmental protection policies are becoming stricter. The ceiling of the industry will continue to move under the influence of multiple factors of the “Belt and Road”.

The Company continued to strengthen its core competitiveness and the company’s product market share continued to increase.

1) Persist in innovation: the company’s annual R & D expense rate is above 5%, which is in the leading position in the industry; 2) Committed to sales: holding more than 10% of major provincial distributors, and grasping sales channels; 3) Deepening services: Global 600Service outlets and 1,700 service centers build the foundation for after-sales service.

The company’s three core competencies help the company’s excavators. The market share of concrete equipment is the first in China, and the market share of crane machinery is the industry leader.

Cycle comparison: This round of rise is easier, and the company’s performance is supported.

Compared with the cycle indicator of the previous round, the external stimulus of this round is attenuated, and the industry development is healthier.

From three dimensions, 1) Macro: Real estate, infrastructure growth rate is much faster than in the past, the current round of growth is less 深圳桑拿网 dependent on real estate infrastructure, and the source of downstream demand is more extensive; 2) Industry: This round of cycle OEMs pay more attention to operating quality,, Strictly control the down payment ratio, the quality of earnings is higher, and the risk is reduced; 3) the company: the peak period of Sany capital expenditure has passed, the interest loss has decreased significantly, and the operating cash flow is abundant.

As a whole, the company’s performance in the next three years is clearly supported regardless of sales volume or performance quality.

Maintain profit forecast and “Buy” rating.

It is estimated that the operating income for 2019-2021 will be 724.



9.9 billion yuan, net profit attributable to mothers was 114.



59 trillion, corresponding to a corresponding return of 1.



56 yuan per share, currently sustainable at 17.

The corresponding PE for 75 yuan (2020/01/03) is 13X / 12X / 11X.

The average PE of comparable companies in 2020 is 13X. Considering that the company’s full range of products has a leading market share and the market share is still increasing, the company as a leader in the industry will have stronger growth in the future.The company’s 15X estimate in 2020 corresponds to 22.

05 yuan, it is expected that at least 24% of the current growth space remains, maintain “Buy” rating.

Risk warnings: The growth rate of real estate infrastructure investment has turned negative; there is uncertainty about the progress of overseas expansion; and increased competition in the industry.

Gemdale Group (600383): Sales increase rapidly, land acquisition remains positive

Gemdale Group (600383): Sales increase rapidly, land acquisition remains positive
The company’s revenue and profits increased rapidly, in line with expectations.The company achieved operating income of 224 in 2019H1.83 ppm, an increase of 48 in ten years.78%; realize net profit attributable to shareholders of listed companies.32 ppm, an increase of 51 in ten years.65%; the settlement area of real estate projects is 136.880,000 square meters, an annual increase of 8.96%; settlement income 200.33 ppm, an increase of 54 in ten years.04%; gross profit margin of real estate business is 40.37%, an increase of 2 over the same period last year.13%.The increase in the company’s operating income was mainly due to the increase in the settlement area of real estate projects within the scope of publication and the increase in gross profit margin. The sales performance was good, and the new construction plan was actually raised.In 2019H1, the company gradually realized a contracted area of 428.100,000 square meters, an increase of 13 in ten years.97%, with a contracted amount of 855.70,000 yuan, an annual increase of 35.68%.The company accounts for about 70% of sales in first- and second-tier cities, and sales in deep-cultivated cities remain stable.Among them, the sales in East China accounted for 27%, the average value of Nanjing and Shanghai exceeded 6 billion, and the sales in Southeast China accounted for 24%.The newly started and completed areas of the company in 19H1 were 633 and 3.42 million square meters, respectively, after completing the revised plan, 51%, 39%, and -31%, + 45% respectively; of which, the planned area of newly started 19 years was increased by 50.From 8% to 12.35 million square meters, the first and second line accounted for a relatively high overlap. The new start-up was significantly increased, indicating that the company’s pushable volume in the second half of the year would overlap too much and sales would be guaranteed. Active investment and land acquisition, sufficient performance reserves.The total land investment of the company in 2019H1 is about 554 trillion, which is 64 of the sales amount.7%, the land acquisition intensity is relatively high, adding a total land reserve of about 6.75 million square meters.The company adheres to a rational layout and deeply cultivates first-tier cities and core second-tier cities. The total investment of first-tier cities accounts for 14%, the total investment of second-tier cities accounts for 63%, and the total investment of third- and fourth-tier cities accounts for 23%. As of the end of the first half of 2019, the company has entered 54 cities across the country, with a total land reserve of approximately 47.6 million square meters and an equity land reserve of approximately 25.5 million square meters, of which first- and second-tier cities account for approximately 80% of the total land reserve.The company’s 2019H1 advance receipts reached 847.300 million, which is 1 of the real estate settlement amount in 2018.84 times, rich performance reserves, and gradually entered the peak period of performance release. Focusing on cash management, the financing advantage is obvious.The company highly recognizes cash flow management and specializes in timely payment recovery. The sales recovery rate in 2019H1 exceeds 80%.At the end of the first half of the year, the company held monetary funds of RMB 395.30 trillion, the debt financing balance is 932.19 trillion, the expected average cost of debt financing is 4.87%, assets and debt income 7南宁桑拿7.86%, the actual asset and liability reorganization after excluding advance accounts 69.56%, net aldehyde oxide 78.01%, always maintain the debt scale and financing costs at a reasonable level. Maintain Overweight rating and lower earnings forecast.The company’s land acquisition intensity is relatively high, the leverage ratio is much lower than the industry level, and it is less affected by the tightening of financing policies. Low leverage leads to the company’s continued expansion of space and is optimistic about its future sales performance.Maintain the overweight rating, lower the 2019-20 profit forecast and add a 2021 profit forecast.The net profit attributable to the parent company for 2019-2021 is expected to be 97.0 ppm / 118.7/140.500 million (originally expected to have a net profit of 106 in 19-20 years.4/123.700 杭州夜网 million), corresponding to the growth rate of net profit attributable to mothers: 19.8% / 22.3% / 18.4%, corresponding to EPS: 2.15 yuan / 2.63 yuan / 3.11 yuan.The current price corresponds to a PE of 5.2X, 4.3X, 3.6 times.

Time New Materials (600458) Research Briefing: PI Films Smoothly Produce Goodwill Impairment Affects 2018 Profits

Time New Materials (600458) Research Briefing: PI Films Smoothly Produce Goodwill Impairment Affects 2018 Profits

Key points of investment: The chemical imine PI film was successfully mass-produced, and new materials projects such as aramid and nylon were steadily advanced.

The company’s 500-ton capacity chemical imine PI film production line has been successfully mass-produced in 2018, with leading domestic technology and market supply and demand; the company’s second-phase PI film production line is planned for 2000 tons and is expected to be put into production in batches from 2020.

At present, the company’s PI film is mainly used for graphite heat sinks for smart phones and tablet computers. After the second-stage production capacity is put into production, it is expected to expand to more high-end areas.

In addition, the company’s nylon project has achieved mass production, and the aramid material production line is being commissioned, which is expected to become the company’s new profit growth point.

Railway investment is good for the rail transit market, and wind power recovery is expected to improve profitability.

In 2018, the national railway fixed assets investment completed 802.8 billion U.S. dollars, and plans to continue to invest more than 800 billion U.S. dollars in 2019; and the company’s shock and noise reduction products accounted for more than 70% of the domestic rail transit market share, fully benefiting from downstream railway investment.

In addition, the wind power industry is picking up in 2018, and the company’s gross profit margin has improved; it is expected that with the warming of the Three North Market in 2019, the test of the wind farm price list, the accelerated development of offshore wind power, and the rush installation of stocks approved in low wind speed areas, 2019-2020年 年中国风电市场有望进一步回暖,利好公司风电业务。
Domestic plants in the automotive business are gradually put into production, which is expected to reduce costs and increase efficiency in the long run.

In 2014, the company completed the overall acquisition of the BOGE rubber and plastic business of the German ZF Group, and gradually became the third largest AVS product supplier in the world.

After the acquisition, the company transferred part of its production capacity to a country with cost advantages. At present, the Qingpu plant is full, the Zhuzhou plant is gradually put into operation, and the production capacity of the Wuxi plant is about to be completed.

In the later period, the transfer of production capacity was completed, the human burden in Europe was reduced, and the profitability of the automotive business was promoted.

The return of some euro debts locks in exchange gains and reduces earnings volatility.

The company acquired BOGE in 2014 and borrowed 2.

0.3 billion euros in debt, performance has long been affected by fluctuations in the euro exchange rate.

From 2015 to 2017, the company’s exchange gains and losses were 89.09 million yuan, 19.28 million yuan and -1, respectively.

US $ 5.3 billion (positive gains and negative losses), respectively, reached 34 net profit attributable to the mother for the period.

8%, 8.

0% and 228.


In the second quarter of 2018, the company returned 80 million euros of foreign debt and locked in exchange gains of RMB 24.98 million.

As the company’s euro debt decreases, the impact of exchange rate fluctuations on the company will decrease.

Impairment of goodwill 5.

300 million affects 2018 profit.

On March 18, 2019, the company issued an announcement that it expects to achieve a net profit attributable to shareholders of listed companies of approximately RMB -427.42 million in 2018 (reporting and auditing), leading to the company’s gradual progress in 2018. The company ‘s wholly-owned subsidiary, Germany BOGEThe provision for goodwill impairment amounted to 67.85 million euros, which affected the company’s consolidated statement of net profit by RMB 529.87 million.

Exceeding the impact of the German BOGE goodwill impairment, the company is expected to realize a net profit attributable to shareholders of listed companies of approximately RMB 10.25 million in 2018, an increase of 33.23 million yuan or 48% over the same period last year.

Earnings forecast and investment rating: Covered for the first time, giving a “buy” rating.

The company takes composite materials as the core, and develops downstream areas of rail transportation, automobile vibration reduction, wind power generation, and new materials.

The company’s current PI membrane technology is leading domestically, and downstream markets such as rail transit and wind power are 佛山桑拿网 gradually recovering. Although goodwill impairment affects short-term profits, we are optimistic about the company’s long-term development. It is expected that the EPS for 2018-2020 will be -0.

54, 0.

19 and 0.

49 yuan / share.

Covered for the first time and given a “Buy” rating.
Risk warning: PI film mass production is lower than expected; downstream market demand recovery is lower than expected; new project launch progress is lower than expected; product downstream development is lower than expected; goodwill impairment risk; exchange rate changes.

Jiangshan Oupai (603208): Wooden door tooling pioneers benefit engineering business outbreak

Jiangshan Oupai (603208): Wooden door tooling pioneers benefit engineering business outbreak

Recommended logic: The company is the first wooden door company listed in the country. It has a good business momentum, and its revenue and profits continue to grow rapidly. In 2018, the company achieved revenue of 12.

80,000 yuan, an increase of 27 in ten years.

1%, net profit attributable to mother is nearly 1.

600 million, an increase of 13% in ten years.

The company’s main sales channels are retail channels and engineering channels. Currently, retail sales are steadily expanding, and engineering channels ushered in a golden period of development.

The company’s production capacity layout is leading, and new investment capacity is expected to start in 2019, which will be a strong guarantee for the company’s rapid growth in performance.

Engineering business welcomes the golden development period.

Against the backdrop of a clear improvement in the proportion of refined decoration, the increase in the concentration of land faucets, and the vigorous promotion of government security and housing projects, the outbreak of engineering business will be the main focus of the wooden door industry in the next few years.

The company is a wooden door leading enterprise that entered the tooling business earlier and has obvious first-mover advantages. At the same time, the company is stronger than SMEs in terms of delivery cycle, cash flow, landing service capabilities, and project management capabilities.

In 2018, the company’s engineering business revenue is expected to account for 60%, with a growth rate of about 50%.

The company has established cooperative relations with Evergrande, Vanke and other domestic leading housing companies, and has a long-term strategic cooperation agreement with Evergrande. Evergrande’s intention to purchase in 2017-2021 is expected to reach 2 billion US dollars.Further deepening, orders from core customers are guaranteed in the next few years.

The retail business grew steadily, and the construction of production capacity continued to advance.

The company has formed a layered distribution model of single-line distributors, large-scale distributors and ordinary distributors.

At present, it has covered 31 provinces and cities across the country, with more than 319 dealers and more than 1,300 existing stores. The number of third- and fourth-tier cities covered is close to 70% of the total number of cities covered, and the regional layout is complete.Large, in line with the company’s mid-range price positioning and strategic goals of channel sinking.

In the future, the company will continue to promote store expansion and expand its retail business steadily.

The company has a production capacity of 200,000 sets of solid wood composite doors and 800,000 sets of molded doors. The newly invested 300,000 sets of solid wood composite doors and 300,000 sets of molded doors have been put into operation since 2018. It is expected to start volume in 2019.The expansion of production capacity strongly supports the company’s rapid development.

Earnings forecasts and investment advice.

The EPS for 2018-2020 is expected to be 1.

92 yuan, 2.

50 yuan, 3.

29 yuan, the return of net income to mother in the next three years is expected to maintain a compound growth of 25%.

Since there are no other listed wooden door companies in the A-share market, if the engineering business target in the light industry is analogized, the company will be valued at 18 times in 2019, corresponding to a target price of 45.

0 yuan, covering for the first time, give “buy” rating.

Risk reminder: the risk of sharp fluctuations in the price of raw materials, the risk of a downturn in the real estate industry, the expected risk of advancing the housing project, and the progress of the project construction and completion of production may or may not be as 北京桑拿 expected.

Bo Shi (002698) Interim Review: Expected rapid growth continues

Bo Shi (002698) Interim Review: Expected rapid growth continues

The company achieved operating income in the first half of 20196.

9.2 billion, an annual increase of 70.

24%; Net profit attributable to owners of the parent company1.

6.6 billion, an annual increase of 103.

57%, equivalent to 0 EPS.

16 yuan.

In the second quarter of 2019, the company achieved operating income3.

4.2 billion, an annual increase of 45.

86%, the net profit attributable to owners of the parent company is 77.59 million yuan, an annual increase of 27.


In the first half of 2019, the company’s overall main business grew comprehensively.

The company’s main large-scale intelligent complete equipment products, can provide customers with traditional petrochemical chemical field, professional solutions for post-processing intelligent complete equipment.

In the first half of 2019, the company’s powder and granule automatic packaging and palletizing complete sets of equipment and robots and other intelligent complete sets of equipment respectively achieved sales revenue.

4 billion and 1.

5.2 billion, an increase of 51 each year.

22% and 341.


In addition, since the environmental protection technology and 北京夜网 equipment business acquired the Austrian P & P company for the first time, Boao Environment has newly signed a large contract to confirm sales revenue. Environmental protection technology and equipment achieved sales revenue of 56.09 million yuan in the first half of the year, an increase of 1,511.


Profitability increased rapidly.

Although the company’s main businesses’ gross profit margins have decreased compared to the previous period, due to changes in the company’s product structure, the company’s comprehensive gross profit margin in the first half of 2019 has still increased.

94 averages to 44.


During the first half of 2019, the company’s period expenses were 18.

62%, a decline of 5 per year.

33 averages.

In the first half of 2019, the company’s net profit margin was 23.

92%, an increase 武汉夜网论坛 of 3 per year.

92 averages.

The company has sufficient orders in hand, and its revenue is expected to continue to grow rapidly.

Based on the following three points, we judge that the company’s revenue will continue to grow rapidly.

First, to the end of the second quarter, the company’s advance receipts were 12.

23 trillion US dollars, a substantial increase of 63 throughout the year.

69%, 1 of the company’s annual revenue last year.

34 times, the company’s advance receipts have maintained growth for eleven consecutive quarters.

First, at the end of the second quarter, the company’s inventory was 12.

4.8 billion yuan.

Among them, the total of raw materials and work in progress is 7.9.4 billion yuan, issued goods 4.

With 41 trillion yuan and only 12.93 million in stock, the company is currently in full production.

In the end, the company expects that the revenue of robots and other intelligent complete equipment and environmental protection processes and equipment will increase geometrically in 2019.

Profit forecast and investment rating.

We estimate that the company’s net profit attributable to owners of the parent company will be 3 in 2019-2021.

1.4 billion, 4.

2.9 billion and 5.

5.2 billion yuan, equivalent to 0 respectively.

31 yuan, 0.

42 yuan and 0.

54 yuan, according to the closing price of 8 in the most recent trading day.

Calculated at 94 yuan, the corresponding price-earnings ratios are 30 times, 21 times and 17 times.

The company was given a prudent recommendation for the first time.

Risk reminders: 1) shrinking downstream demand; 2) the performance of the newly acquired company is lower than expected.

Juewei Food (603517) Interim Review: Continuously High Revenue Growth Costs Optimized

Juewei Food (603517) Interim Review: Continuously High Revenue Growth Costs Optimized
A Brief Comment on Performance Achieving operating income of 1H2019.90 trillion, ten years +19.42%; net profit attributable to mother 3.9.6 billion, previously +25.81%; EPS 0.69 yuan.The company’s Q2 single quarter achieved operating income13.36 trillion, ten years +19.24%; net profit attributable to mother 2.1.5 billion, +30 a year.77%. Business analysis Opening stores increased by 12%, same-store sales increased by 6-7%, and high revenue growth: the company’s revenue increased by 19 in the first half of the year.42%, +6 compared to the same period last year.8 points; of which Q2 (+19.24%) Q1 (+19).63%) continued the trend of high growth.The company’s high revenue growth in the first half of the year was mainly due to 1) the speed of opening stores, the total number of stores in the first half reached 10,598, an increase of 1139 stores, a growth rate of 12%; 683 new stores opened in the first half, 800-1200 of whichThe pressure is not great; 2) The same-store growth rate exceeded expectations. In the first half of the year, the company benefited from the promotion of the fourth-generation store construction, continued improvement of brand potential, and overlapping and full-reduction promotional activities. Overall same-store revenue increased by 6-7 percentage points. The pressure on raw material prices improved month-on-month, and it is expected to continue to improve in the second half of the year: the company achieved a gross profit margin of 34 in the first half of the year.23%, a year-on-year decrease of 1.25pct, mainly due to rising prices of raw materials such as ducks.Company Q2 gross profit margin (35.03%) Q1 (33%).31%) increased by 1.72pct, the cost pressure is further eased, and the ability to resist cost fluctuations is continuously improved.Initially, it is expected that the cost pressure will continue to improve in the second half of the year, and the gross profit margin is likely to rise steadily. Lower period expense ratio pushed up net net interest rate: the company’s period expenses decreased in the first half of the year.06%, -0 per year.49pct; of which the sales expense ratio and management expense ratio are 8.20% / 5.36% every year -0.12pct / -0.96 points.The decrease in sales expense ratio was mainly due to a decrease in advertising expenses by 12.46 million yuan and a decrease in expense ratio by zero.As a result of 72pct, tens of thousands of stores have become the company’s most effective brand promotion display window; the decrease in the management fee expense ratio is mainly due to the improvement of the company’s overall management efficiency and the expense ratio, both of which the employee wage rate and the depreciation expense rate have decreased -0.49 points / -0.22pct, the most 苏州夜网论坛 obvious decrease.In the first half of the year, investment income of 23.34 million and non-operating income of 13.1 million were also important components of profits.In the first half of the year, the revenue increased rapidly, the expense ratio was reduced, and the pressure of hedging costs was increased to achieve a net interest rate.92%, ten years +0.81pct, the profit level has been continuously improved. Accelerate the construction of gourmet ecology and deepen the moat: The company continues to deepen the main business of duck necks, deepen the integration of manufacturers, integrate online and offline, and have more than 50 million registered users online, and continuously enhance the brand potential; in the long run, the number of duck mouth business stores of the companyBreakthroughs in same-store revenue contribution, supply chain optimization, and intelligent manufacturing capabilities can improve space and are expected to drive business to expand.At the same time, in the first half of the year, the company continued to cultivate and optimize a new business form of “pepper flavor.” After the model is clear, it is expected to rapidly increase volume.The company has continuously strengthened its moat in the main business of the duck neck and the gourmet ecological chain, with strong sustainable profit growth. Earnings forecast We expect the company to achieve operating income of 50% in 2019-2021.29/57.01/63.21 trillion, +15 for ten years.13% / + 13.36% / + 10.88%; net profit attributable to mother 7.69/9.01/10.510,000 yuan, ten years +20.00% / + 17.20% / + 16.61%; realized expected return1.88/2.20/2.56 yuan, the current expected corresponding PE is 21X / 18X / 15X, maintain the “Buy” rating. Risks suggest that store growth is lower than expected, raw material prices rise, food safety issues