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High Energy Environment (603588) 2019 Interim Report Performance Preview Comment: Pre-increased 22-32% Order Quantity

High Energy Environment (603588) 2019 Interim Report Performance Preview Comment: Pre-increased 22-32% Order Quantity
Event: The company released the forecast for the first half of 2019. The net profit attributable to mothers is estimated to be 18,500 million to 200 million yuan, an annual increase of 22-32%; the net profit attributable to mothers after deduction is 18,000 million to 19,500 million.19-29%. Performance is in line with market expectations.The company’s engineering construction and operation service projects have been carried out smoothly, and overall revenue and profit growth have been recognized. According to the public bidding projects, the amount of the company’s soil remediation orders in the first half of 2019 increased slightly compared with the same period in 2018. The landfill project of the Deqing County Resource Reuse Base, which won the bid in June, has continued to increase in volume, and there are currently a large number of orders on hand.Stacked up at around 13 billion. The company’s operating income in 2018 was 11.US $ 600 million, an actual annual increase of 97%, accounting for 30% of total revenue.79%, in the first half of 2019, the domestic waste incineration power generation project has gradually entered into the operation period. Hazardous waste projects have generated more incremental growth, and the proportion of operating business income has continued to increase. The company continues to provide stable cash flow and help performance growth. Profit forecast and investment advice.The company’s independent research and development of core technology development, the industrial chain layout is clear, the “Soil Law” was officially implemented, the industrial park relocation superimposed the “sounding water” incident to catalyze soil remediation and accelerated release of hazardous waste industries.The main business sector of the department has tight market space, the proportion of operating business is gradually increasing, additional orders in hand, redundant funding guarantee, and 佛山桑拿网 definitive replacement for future performance growth.It is estimated that the company’s net profit attributable to the parent in 2019-2021 will be 4 respectively.54, 6.03, 7.6.8 billion yuan, EPS is 0.67, 0.90, 1.14 yuan to current 10.At the closing price of 95 yuan, the corresponding PE is 16.25, 12.24, 9.60 times, give the company a “recommended” investment rating. risk warning.The policy advancement did not meet expectations, the company’s performance did not meet expectations, market vicious competition, and systemic risks in the secondary market at home and abroad.

Yunhai Metal (002182) Incident Review Report: Performance Exceeds Expectation, Benefits, Lightning and Gradually Accelerate

Yunhai Metal (002182) Incident Review Report: Performance Exceeds Expectation, Benefits, Lightning and Gradually Accelerate

Event description: Yunhai Metal released the 2019 performance report: the company achieved revenue of 55.

86 ‰, an increase of 9 in ten years.

5%; net profit attributable to mother 8.

880,000 yuan, an increase of 170% in ten years; of which Q4 belongs to the mother’s net profit3.

710,000 yuan, an increase of 353% in ten years.

Event Comment: The fourth-quarter performance exceeded expectations, thanks to increased sales.

Magnesium prices were at the expected low level in the fourth quarter, but the company performed better than expected in terms of revenue and profit.

The fourth quarter is the traditional peak season, and some of the company’s long-term orders are initially locked, so the volume and price have increased.

The company’s technological transformation project was completed in the second half of 2019. In the fourth quarter, the company’s cost control ability was enhanced and its profit was improved.

The initial net profit attributable to the mother is affected 杭州桑拿网 by the demolition supplement and has a long-term growth; due to the increase in sales volume, the company’s non-net profit has also increased rapidly.

The penetration rate of magnesium alloys has increased, and the qualifications of first-tier suppliers of subsidiaries have benefited.

The wave of new energy vehicles started in the fourth quarter of 2019, and the progress of lightweighting has gradually accelerated.

The parent company itself supplies magnesium alloys to major auto parts manufacturers, and the subsidiary Chongqing Boao replaces the first-tier supplier qualification and is expected to gain more market share in magnesium die castings.

The major downstream customers are Tesla, Volvo and so on.

At the 3C end, the company also cooperates with Huawei to provide magnesium alloy products.

Demolition compensation will improve the company’s cash flow.

In 2019, the company received a total of 7 compensation for demolition and relocation.

1.6 billion.

According to the demolition plan, the company is expected to receive 10364 in 2020.

08 million yuan, 20261 received in 2021.

230,000 yuan.

After the removal of costs, the remaining part made up for the capital requirements of some companies’ plant upgrades (degree of automation), investment and construction projects, etc., and improved the company’s cash flow and capital cost improvement.

The epidemic situation may affect the first quarter performance and increase production.

Affected by the delayed start and logistics, the company’s sales in February may have some impact.

Initially, the company’s continuous production of magnesium alloy, aluminum alloy, and micro-channel flat tubes has been continuously launched. The overlapping industries are improving, and profit growth has been determined earlier.

Investment rating and estimation: According to the profit forecast, it is estimated that the company’s net profit attributable to the parent from 2020-2021 will be 4.


77 ppm, a ten-year increase of -49.

92%, 30.

24%, corresponding PE is 17, 13 respectively.

Consider deducting non-net profit and maintaining the “recommended” level.

Risk Warning: Less than expected progress in automotive lightweighting; risk of gradual increase in magnesium prices; risk of rising raw material prices

Vision China (000681): Platform shutdown and rectification affect 2Q19 performance and strengthen technical services.

Vision China (000681): Platform shutdown and rectification affect 2Q19 performance and strengthen technical services.
Event: The company achieved revenue 4 in 1H19.20,000 yuan, YoY-16.49%; net profit attributable to mother 1.3.3 billion, YoY-3.1%; 2Q19 revenue was 2.380,000 yuan, -26.97%; net profit attributable to mother is 7,500.520,000 yuan, YoY-22.59%, 411 incidents shut down websites overlapping non-core core businesses, resulting in lower than expected results. Investment points: After the 411 incident, the platform was shut down for one month for rectification, which reduced the core main business income in 2Q19 by about 15%.Excluding the impact of non-main business that splits software information services and advertising creative services, the growth rate of core main business revenues remained flat in the first half of the year. Among them, the core main business revenues decreased by about 15% in the second quarter due to the shutdown and reform of the copyright trading platform.Among the breakthroughs affected by the shutdown and rectification of the platform were the revenues of corporate customers and advertisers, which declined by 9 respectively.7%, 5.2%.In 1H19, the gross profit margin of visual materials and value-added services decreased by 0 every year.99pct to 63.33%, overall stability. Transition content + technology service provider, focusing on large customers and Internet platform customers.The 411 incident has accelerated the company’s transition from a content provider to a service provider.Exploit the company’s R & D expenses in the first half of the year 1443.60,000 yuan, an annual increase of 26.34%, which is significantly higher than the growth rate of the business. We will create a business model of “big, medium, and small front desks” to improve operational efficiency 夜来香体验网 and service capabilities.The number of direct contracted customers of 1H19 companies increased by 31% each year.The company is more focused on improving its ability to serve major customers. 1H19 contributed more than 100,000 major customers to account for over 70% of its revenue. It increased its efforts to serve major customers and facilitated rapid recovery of performance. At the same time, it strengthened product standardization and AI investment and continued to expand Internet customers. Genuine pictures have created high barriers and benefited from the trend of legalization. This mid-to-long-term investment logic shift has undergone fundamental changes.Although the performance of the 411 incident has improved in the short-term, the Copyright Bureau ‘s Jianwang action has cracked down on piracy and driven the growth of the copyright industry. The company has higher barriers in the field of genuine pictures. It has improved its ability to serve large customers and promoted AI awareness.Technical services such as maps and maps are expected to continuously improve customer credibility, and it is expected to usher in improvements in the second half of the year. The medium and long-term growth rate will gradually recover, benefiting from industry growth. Revise down earnings forecast but maintain “Buy” rating.Due to the impact of the 411 incident and the divestiture of non-core businesses, we lowered our forecasted net profit for 2019/2020 by 54% / 58% to 3.3/4.1.3 billion, and is expected to have a net profit of 5 in 2021.1.2 billion, EPS for 2019-2021 is 0.47/0.59/0.73. The corresponding PE is 43/34/28 times. Taking into account the certainty of the trend of the photo copyright industry and the improvement of the company’s barriers to copyright resources and the improvement of its technical service capabilities, it will drive the performance growth to gradually recover and maintain a “buy” rating. Risk reminder: The picture genuineness is lower than expected, the key customer strategy is lower than expected, and the technology research and development effect is lower than expected

Rongsheng Petrochemical (002493) Annual Report Commentary Report: Expenses dragged down 18-year performance Zhejiang Petrochemical shifted to production preparation stage

Rongsheng Petrochemical (002493) Annual Report Commentary Report: Expenses dragged down 18-year performance Zhejiang Petrochemical shifted to production preparation stage
Revenue has increased, and profit growth has been announced to the 2018 annual report, which is expected to achieve total operating income of 914.25 trillion, +26 a year.91%; realized net profit attributable to shareholders of listed companies.08 无锡桑拿网 thousand yuan, at least -20.29%, specific to each quarter, Q1-Q4 achieved net profit attributable to mothers6.36/4.78/6.55 / -1.In the fourth quarter, crude oil prices showed a unilateral rapid decline in the fourth quarter, the industry’s profit passively shifted, and the company’s inventory price loss was zero.60 billion. The main business operation was acceptable, and the increase in financial expenses dragged down the performance of Sinopec, which reported operating income of 191.500 million, net profit 9.0 billion (2017 net profit of 10.200 million), 18H1 / H2 net profit was 7 respectively.0/2.The profit range of RMB 0 billion and 18H2 was the initial profit of Sinopec Corp., which was less than expected. On the PTA side, the report also reported that Yiyi Shengda, Zhejiang Yisheng and Hainan Yisheng achieved operating revenues of 295/370/224 billion and net profit4.6/6.5/4.The company participates in controlling PTA output of 1,350 tons, and reuses PTA ton net profit of 129 yuan / ton at 90% of production capacity, surpassing Hengli PTA ton net profit (339 yuan / ton). Looking forward to 2019, the domestic PTA supply end will increase by a considerable amountLimited, demand increase is still in, PTA market supply and demand demand is expected to further tighten, PTA profit levels are expected to be higher than 2018 levels; in terms of filament, the report states that Shengyuan Chemical Fiber has achieved operating income.200 million, net profit 1.300 million yuan, the estimated net profit per ton is 102 yuan / ton. In terms of expenses, report potential company selling expenses7.400 million, previously +45.5%, preliminary increase in transportation insurance costs; management costs.400 million, a slight increase; financial expenses up to 13.3 billion, an actual growth of 204% per year, which is initially due to exchange losses of 18 years2.5.5 billion, and 17 years to achieve positive exchange gains4.6.5 billion, 18 is the year of the company’s investment, Zhejiang Petrochemical project promoted the increase in loans, and reported that the company’s index expenditure gradually increased to 10.800 million (17 years interest expense 9.100 million), cracks dragged down performance. The company released the performance indicators for the first quarter of 2019, and it is expected that the net profit attributable to shareholders of listed companies5.7-7.0 billion, a 10-year increase of -10-10%. The installation work of Zhejiang Petrochemical Project was basically completed, and it gradually shifted to trial production preparations. According to the annual report, the company’s construction in progress amounted to 58.9 billion yuan, 18Q3 construction in progress amounted to 41.9 billion yuan, and 18Q4 construction in progress in the single quarter increased by 17 billion yuan.The number of projects under construction has increased. As of the end of the reporting period, the construction and installation of the first phase of the project has been basically completed, and the company has gradually turned to the trial production preparation and pre-sale stages. The company’s profit forecast, estimation and investment rating The Zhejiang Petrochemical project involves a wide range, complex construction, and many supporting projects. The company has overcome all kinds of difficulties and achieved great progress.It is assumed that the capacity utilization rate of the first 武汉夜网论坛 phase of Zhejiang Petrochemical Project in 19/20/21 will be 10% / 80% / 90% respectively, and the net profit in 19/20/21 will be 42.2/78.6/89.100 million, corresponding to the current sustainable PE is 19 respectively.8/10.6/9.4x, maintain “Buy” rating. Risk reminder: polyester filament and PTA profit review; risk of refining and refining projects being less than expected