Liugong (000528) Quarterly Report Review 2019: Steady Growth in Q1 Performance and Further Improved Industry
Matters: The company released the 2019 first quarter report, which achieved revenue of 48 in the first quarter.
65 ppm, an increase of 8 per year.
78%; net profit attributable to mothers3.
40,000 yuan, an increase of 5 in ten years.
08%; net cash inflow from operating activities 5.
10,000 yuan, an increase of 534 in ten years.
Comment: The construction machinery market continued its boom in the first quarter, and the company’s performance improved steadily.
The excavator market continued to grow in the first quarter, and the company achieved revenue of 48 in the first quarter.
65 ppm, an increase of 8 per year.
78%; net profit attributable to mothers3.
4.0 billion, an annual increase of 5.
08%, with steady growth in performance.
According to the statistics of the China Construction Machinery Industry Association, a total of 74,779 excavating machinery products were sold in the first quarter of 2019, a jump of 24.
51%; 29,327 loaders were sold in the first quarter, an increase of 7 per year.
Among them, Liugong excavators sold 5,223 units in the first quarter, an increase of 26 per year.
93%, higher than the industry growth rate; Liugong excavator’s market share reached 6 in the first quarter.
98%, an increase of 0 over the same period last year.
13 levels, the industry is solid.
Gross margin increased slightly and profitability continued to improve.
The company’s comprehensive gross profit level in the first quarter of 2019 was 23.
18%, an increase of 0 over the same period last year.
41 units; the company’s period expenses in the first quarter14.
48%, an increase of 1 over the same period last year.
Among them, the sales expense ratio and financial expense ratio are 8 respectively.
97% and 0.
92%, an increase of 1 over the same period last year.
33 and 0.
27 units; management expenses 4.
59%, down by 0 compared with the same period last year.
Due to the issuance of ABS by the leasing business and the reduction of the use of its own funds, the company had a net cash inflow from operating activities in the first quarter.
10,000 yuan, an increase of 534 in ten years.
With further expansion of overseas markets, the Belt and Road Initiative is expected to help the company achieve better results.
During the Belt and Road Summit, there was a strong demand for infrastructure from countries along the Belt and Road.In 2018, the company resolutely promoted internationalization, adhered to the “One Belt, One Road” development policy, and basically achieved full coverage of the countries along the “Belt and Road”, and reached 85% in 65 core countries.
The company continued to adopt a marketing strategy focusing on core overseas countries and key customers, 南宁桑拿 bringing new sales growth points. In 2018, the company’s total overseas sales revenue increased by 30% each year.
Among them, the overseas sales of excavators increased by 37% each year, and sales revenue increased by 41% each year.
With the vigorous advancement of the Belt and Road Initiative, the company’s overseas business is expected to bring new growth points in 2019.
Earnings forecast: Maintain the company’s 2019-2021 EPS to be 0 respectively.
00 yuan, corresponding PE is 10/8/8 times, considering that the average estimated level of comparable companies is 12.
85, giving Liugong 13 times the expected level in 2019 and maintaining a target price of 10.
01 yuan, maintain “recommended” investment rating.
Risk warning: Macroeconomic downturn, overseas expansion is less than expected
Torch Electronics (603678): Rapid growth in 2018 & 2019 Q1 results optimistic about the development prospects of ceramic capacitors and new materials business
Event: The company announced the 2018 annual report and achieved operating income of 20 in 2018.
2.4 billion, an annual increase of 7.
21%, net profit attributable to mothers3.
33 ppm, an increase of 40 in ten years.
71%, corresponding to the expected return (decrease) of 0.
74 yuan, a cash dividend of 1 for every 10 shares distributed to all shareholders.
00 yuan (including tax).
The company announced the 2019 first quarter report, and achieved operating income in the first quarter of 20194.
6.4 billion, an annual increase of 23.
53%, achieving net profit attributable to mother 0.
72 ppm, an increase of 31 in ten years.
13%, corresponding returns (decrease) 0.
Opinion: The company’s performance in 2018 and the first quarter of 2019 maintained rapid growth.
(1) The company’s operating income increased steadily to 20 in 2018.
24 ppm, an increase of 7 per year.
21%, preliminary: ① The self-produced component business is growing rapidly every year.
55%, mainly benefited from the development of downstream military electronics information industry and the shortage of stock after adjustment of the global capacity structure of civilian 重庆耍耍网 ceramic capacitor products, and the ton capacitors have grown rapidly.
After 64% and the company acquired Guangzhou Tianji and Fujian millimeter new production lines for single-layer capacitors, thin-film components show a good development trend; ② The strategic layout of the new material sector in 2018 has initially shown results, and the main business achieved 0 operating income.
26 ppm, a 10-year increase of 295.
99%; ③ Due to the continuous shortage of some component products in the agency business, the operating income decreased by more than 3.
(2) The company achieved net profit attributable to mothers in 20183.
33 ppm, an increase of 40 in ten years.
71%, the growth rate is much higher than the growth rate of revenue, the first is: the proportion of self-produced businesses with higher gross profit margins increased by 4%.
With 93 averages, the 都市夜网 gross margin of phosphate capacitors increased by 7.
The gross profit margin of 91 additives and ceramic materials increased by 31.
Forty-five single companies have promoted the company’s overall gross profit margin to rise9.
(3) The company’s first quarter report for 2019, the operating income increases by 23 every year.
53% was mainly driven by the expansion of sales scale, and net profit attributable to mothers achieved rapid growth31.
13%, faster than the growth rate of operating income, mainly due to: ① the company’s overall gross profit level increased by 2 over the same period last year.
There are 32 singles; ② The gradual slowdown of the gradual R & D expansion is reported, and the required financial expenses are reduced by 53 compared with the same period of the previous year.
(4) The net cash flow from the company’s single quarter operating activities in Q4 2018 and Q1 2019 were 0.
8.9 billion, 0.
8.4 billion, better liquidity.
A leading enterprise in the domestic component industry, the development prospects of the military and civilian markets are expected.The company has deeply cultivated the capacitor field for thirty years and has 62 patented technologies in the field of ceramic capacitors.
In terms of military products, the company is a domestic military MLCC core supplier. The first batch of products has passed the certification of “aerospace-grade” multilayer ceramic capacitors. The products have been successfully loaded with manned space launch vehicles.engineering.
Informatization of weapons and equipment has become the focus of national army building. It is expected that the market for military electronics informatization in the next ten years may exceed 1.
2 trillion, as the industry leader, the company aims to directly benefit from military information construction and accelerated equipment installation.
In April 2018, the company acquired a 60% stake in Tianji Electronics to enter the microwave component market, and realized a net profit of approximately 4.1 million yuan from May to June, further enhancing the overall profitability.
In terms of civilian products, smartphone function enhancements and 5G upgrades have increased through MLCC replacement. At the same time, the development of automotive electronics has driven MLCC to refinement and high-end development. It is expected that the supply and demand gap will not be effectively alleviated in the short term and the company’s civilian MLCC business will achieve further growth.
The trading business sector has developed steadily and continued to increase the layout of domestic and foreign markets.
In addition to self-produced products, the company is also an important sales agent for original foreign brands such as AVX, KEMET, Taiyang Yuden, and the target customers are smartphones, security, new energy vehicles and other downstream civilian markets (the first largest customer is Xiaomi mobile phones).
Benefiting from the recent contraction in the supply of low- and mid-range ceramic capacitors and the rise in demand for downstream industries such as mobile phones and new energy vehicles, the company’s trade sector business has developed steadily.
At the same time, the company actively expanded its domestic market. In April 2018, it invested in the establishment of Shenzhen Leidu Electronics Co., Ltd. in order to expand the base of the electronic component market in South China. At the same time, the wholly-owned second-level subsidiary has invested 70% of the equity of Japan Fountain Source.It will look for new product lines and emerging markets for the company in the international market, and at the same time expand its business to Southeast Asia for the breakthrough.
The layout of the CASAS-300 project has begun to bear fruit, and government subsidies have significantly increased performance.
Since 2010, the company cooperated with Xiamen University to start research on special ceramic materials, and obtained CASAS-300 special ceramic core technology through a technology exclusive license. This technology is the first in China and ranks at the leading level at home and abroad with broad application prospects.
In 2016, the company will raise 8 more.
The 27 million USD CASAS-300 industrialization project has a total design capacity of 10 tons / year for 6 production lines and a construction period of 3 years. At present, it has achieved a capacity of 5 tons / year, and the project layout has shown initial results.
According to the company’s prospectus, the annual sales revenue of the CASAS-300 industrialization project is reachable5.
600 million, net profit 300 million.
In August 2018, the project received 17.15 million yuan in project costs allocated by the Ministry of Finance (a total of 51.45 million yuan in subsidy funds, and the rest will be allocated according to the progress of the project). The amount will be included in the income statement through other income accounts, which will significantly increase the companyPerformance.
Employee shareholding binds core interests and promotes the release of company performance.
At the end of 2016, the company issued the second phase of the employee stock ownership plan. Participants included company directors, supervisors, senior management personnel, other regular employees of the company and its subsidiaries, and planned to raise a total of US $ 100 million.
The company completed the stock purchase in January 2017, holding a total of 669 shares of the company.
510,000 shares, accounting for 1% of the company’s total share capital.
Employee shareholding can lock the core management and technical personnel’s interests, effectively mobilize the enthusiasm of leaders and key employees, and further promote the release of company performance.
Earnings forecast and rating: We are optimistic that the company’s self-produced business will benefit from the continuous increase in military orders and the expansion of downstream demand in the electronics industry. Our 2019/20/21 EPS forecast is 0.
68 yuan, corresponding to 19/15/11 times the PE in 2019/20/21, giving the company a “strong recommendation” rating.
Risk warning: The military orders are less than expected; the progress of the CASAS-300 special ceramic materials project is gradually expected.
Wanwei High-tech (600063): PVA business grows steadily, focusing on imported substitutes for high-end PVA optical films
Years of industry reshuffle to improve the competitive landscape, the company’s PVA business has grown steadily. After years of industry reshuffle in the domestic polyvinyl alcohol industry, the industry’s weak companies continue to withdraw. Therefore, the domestic 北京夜网 supply and demand of PVA has gradually balanced in recent years, and the industry’s competition pattern has improved significantlyThe price of PVA is gradually rising.Benefiting from the improvement of the industry competition pattern, the company’s PVA business has also grown steadily, and the company’s PVA business achieved revenue of 17 in the first three quarters.8.4 billion, an increase of 26 a year.05%, gross margin increased by 5 in the short term.13pct to 24.54%. Newly-built PVA optical film, accelerating the domestic replacement of PVA polarizers for large-size LCD panels. With the rapid expansion of the domestic LCD panel industry, the domesticization of polarizers has accelerated, and the trend of domestic polarizers replacing imported polarizers has become increasingly apparent.The internal demand for raw PVA optical films, especially large and wide PVA optical films, will increase year by year.As the first domestic company that independently researches, develops, produces and sells PVA optical film products, it shoulders the important task of breaking through foreign technology blockades and revitalizing the national new material industry. Its business volume and product demand will definitely increase significantly.In order to meet the domestic demand for PVA optical films on wide-width polarizer production lines, speed up the process of localization of polarizers, and achieve import substitution of PVA optical film products, the company has based on 5 million square meters of PVA optical film production equipment (wide)1600mm, the main size of the product is small-size LCD polarizers, polarizers for glasses, etc.), a new 7 million square meters / year polyvinyl alcohol optical film project, the PVA optical film production line is 3400mm wide, and the product can be used for large-size LCD polarized lightFilm group.After the project is completed and put into production, it is estimated that the annual sales income will be 126 million yuan, and the annual profit and tax will be 52.46 million yuan. Earnings forecast and rating company expected in 2019?The net profit attributable to mothers will be 4 in 2021.2.7 billion, 4.8.2 billion, 6.4 billion, EPS is 0.22 yuan, 0.25 yuan, 0.33 yuan, corresponding to PE is 15 times, 14 times, 10 times, maintaining the “recommended” level. risk warning.The price of raw materials fluctuates sharply; PVA optical film progresses less than expected
Yili Shares (600887) Commentary on Major Issues: Incentive Program Long-term Growth by Locking the Bottom Line
The equity incentive plan was approved by the shareholders’ meeting, and the bottom-line performance growth rate and cash dividend rate were locked in the short term, helping the health food industry group to maintain a “buy” rating for a long time.
The equity incentive plan was approved by the extraordinary shareholders meeting.
On September 27, the company’s extraordinary shareholders meeting approved the revised plan for equity incentives.
According to the “Expansion of the Equity Incentive Plan Budget 2019 (Revised Draft)” on September 7, the company plans to start with 15.
The price of 46 yuan / share is awarded to about 474 companies’ core backbones.
5.2 billion shares (accounting for 2.
The unlocking conditions are as follows: ① Based on 2018, the growth rate of non-net profit from 2019-2023 will reach 8%, 18%, 28%, 38%, 48%, and a five-year CAGR of approximately 8%; consider the distribution of incentive costs(Total 14.
7.5 billion) and other non-recurring gains and losses (mainly government subsidies, with a historical average of about 6.
5 billion), it is estimated that the growth rate of net profit in 2019-2023 needs to reach 6%, 1%, 12%, 9%, 8%, and the five-year CAGR is about 7%; ② return on net assets in 2019-2023The assessment is above 20%; ③ The 夜来香体验网 cash dividend ratio is not less than 70%.
Fair incentives lock in the short-term bottom line performance growth and cash dividend rate, and help the health food industry group in the long run.
We believe that the merger of the company has a strategic vision and execution ability, and fair incentives promote the strengthening of team motivation.
(1) Improving the certainty of the bottom line performance growth in the short term.
According to the plan, the company needs to achieve a five-year deduction of non-net profit bottom line compound growth rate of 8%, at the same time the dividend ratio is not less than 70%, and the conversion rate is 3%.
(2) In the medium and long term, we believe that the company has become a potential for the health food industry group. At present, it has made preparations in various 北京夜生活网 aspects, including: ① consolidating moats such as channels, brands, supply chains, and research and development strength;
The company’s long-term strategic leadership continues to advance through equity incentives for deeper-bound long-term stakeholders.
Short-term competition is stalemate, and it is difficult to release profit elasticity. The company hopes to improve its competitiveness against the trend.
Recently tracked, the cost of raw milk increased by more than 10% in July, and the growth rate fell in August, about 6% -7%. The cost of raw milk has penetrated.
Following the grassroots research data, the company added the same increase in August.
7%, an earlier growth rate of 1-7 (6.
6%) has improved, and the company still maintains a certain degree of promotion in the peak season.
Under the pressure of rising costs and competition, the company’s short-term growth has a certain extent, but the company’s competitive advantages in brand, channel and other aspects have clearly increased its ability to compete in the adverse trend, laying a foundation for long-term development and performance flexibility.
Risk factors: food safety risks, policy risks, and risk of declining industry prosperity.
Investment suggestion: Considering fair incentive fees and short-term competitive alternatives, reduce the company’s EPS forecast for 2019-2021 to 1.
41 (The original EPS was 1.
55 yuan), the company’s current price corresponding to 2019/2020/2021 PE is 25/24/20 times.
In general, the company estimates that it is reasonable and can continue to grow. Although the short-term is subject to increased competition and the cost of raw milk, the mid-to-long-term expects to continue to release the growth space.
Zijin Mining (601899): Strategically looking at the copper sector and Zijin Mining
JPMorgan Chase PMI data and copper price trend are basically the same two cycles: 2012-2015, 2016-2019? 从OECD综合领先指标的历史数据看，1962年以来平均每一个轮周期持续约40-42个月；本轮自2016年5月起，至今已有42个月，全球经济共振已经已达末尾 当前It is the starting point of the recovery of the global economy and commodity prices. The correlation between the US manufacturing PMI trend and the metal price trend; the end of 2017 to early 2018 may be the top of this round of PMI rebound. According to the 3-4 year cycle, the current price of metalsBefore 2010, the correlation between China’s PMI and copper price trend was weak. After 2010, China’s PMI was highly correlated with copper price trend; China’s PMI bottomed out and helped to stabilize copper consumption and copper price rebound. 杭州桑拿网 Industrial enterprises quickly developed destocking to industrial enterprises.In the initial period of replenishment, the prices of industrial products and metals generally stabilized and rebounded. For example, in 2008-2009, the exception in 2014-2016 was the destocking of industrial enterprises in 2011-2013, but metal prices continued to decline because there was no macro liquidity.Coordinated; this round of rapid destocking until mid-2018 so far, metal prices have also stabilized in the middle section (first quarter of 2019), and subsequent liquidity持The continuous growth constant; the increase in the inventory growth rate from the upstream to the intermediate downstream (the bullwhip effect). The destocking phase is more thorough in the destocking phase.Inventory, and the probability of replenishment is higher than that 重庆耍耍网 of the midstream and downstream industries; smelting and processing: the growth rate of inventory has gradually decreased from 2017 to 1.3%, the growth rate of finished product inventory continues to be low, currently -6.2%; mining industry: inventory growth rebounded around the end of 2018, and the growth rate of finished product inventory continued to have a negative range since 2016; steel consumption mainly depends on new construction and construction area of real estate, while copper metal consumption mainly focuses on completionAnd sales. Copper is mainly used in the later stages of real estate completion, such as wires and cables, transformer equipment and household appliances (the power cable and household appliances together account for more than half of China’s overall copper demand). In the history of new construction and completion, the growth rate is difficult to deviate from long-term divergence.Generally, it can be returned within 1-2 years. High-tech start-ups in the past two years are expected to lead to high completion. Turning resource advantages into economic benefits is the core work of construction and production operations in the next three years. Double the growth of copper production in mines: Timok copper (gold) mine in Serbia and Kamoa-Kakura copper mine in Congo (gold) both have the resources to form world-class mines, and their high-grade will achieve high benefits, which is the company’s key promotionFlagship project.The goal is to ensure that it will be put into production in 2021 and achieve 30% of the designed production capacity, 70% of the designed production capacity in 2022, and reach production in 2023.At the same time, it is necessary to speed up the technological transformation and expansion of the Ser Boer copper mine in order to achieve the output standards of copper mines such as the Bisha zinc polymetallic mine in Eritrea, the Kolwezi copper (cobalt) mine in DRC, and the Duobaoshan copper mine. Continue to focus on M & A opportunities in the mining market, and focus on the acquisition of gold projects in production or about to be put into operation, increasing the proportion of gold resources and output; continuing the project approval and construction of two large-scale gold mine projects in Shanxi Zijin and Longnan Zijin;The operation of gold mining projects such as Poguera, Norton, Aotunk, and Zelafshan has achieved steady growth of gold in the mines. Income structure: precious metals and industrial metals account for 50% of each; gross profit structure: precious metals 22%, copper and zinc 56%; relatively balanced income and gross profit structure can effectively smooth out the impact of economic fluctuations on performance. The current price is copper4.80,000, with the gold price of 315 as the benchmark. Conservatively estimated that under the optimistic rebound of the economy, the net profit for 2020-2022 is estimated to be 50.57, 58.02, 68.According to pessimistic economic expectations, the estimated net profit for 2020-2022 will be 46.61, 52.77, 61.US $ 8.9 billion; without considering mergers and acquisitions of mainland gold, if you take into account about 10 billion per year, the profit increment risk indicates risk: liquidity and credit improvement are less than expected risk: production capacity growth rate exceeds expected risk: countercyclical adjustment effect is less than expected Risks: US dollar index strengthens sharply again
Kelun Pharmaceutical (002422): “Three Developments” strategy greatly promotes the stock, and the incremental business develops together
Three-engine-driven, innovation-driven breakthroughs in future development The basic company implements the development strategy of “three-engine-driven, innovative growth”.Through continuous industrial upgrading and variety structure adjustment, maintain the leading position of Kelun in the field of infusion; establish the competitive advantage of the entire industry chain of antibiotics from intermediates, raw materials to preparations;Possible basis for long-term development.The company’s operating income in 2018 was 163.52 ppm, an increase of 43 in ten years.00%, net profit attributable to mother 12.1.3 billion, an increase of 62 in ten years.04%, through the release of the company’s antibiotic intermediate production, while the infusion product structure has continued to optimize, and new products have been approved for listing. Stable consolidation of infusion faucets, continued to promote structural optimization, parenteral nutrition has become a new growth point. After the industry adjustment brought by policies such as “limitation resistance” and outpatient restrictions on infusion, the large infusion industry has gradually built its bottom, and the bottom can basically reflect the rigid demand.In 2018, Kelun Pharmaceutical’s infusion products achieved operating income of 98.80 ppm, an increase of 30 in ten years.37%, gross margin reached 71.18%, Kelun industry accounted for more than 40%, through investing in the equity of Shisi Medicine, further consolidated the industry leader ranking.In terms of structure, the company sells mid-to-high-end standable bags, and soft bags continue to replace low- and medium-end plastic bottles and glass bottles. The company is expected to continue to increase the revenue and profitability of large infusions.In addition, the company has approved 7 parenteral nutrition infusion products in 20苏州夜网论坛17 and 2018, transforming the company’s continuous enrichment of parenteral nutrition products, and is expected to become an important new growth point for the company’s large infusions in the future. Yili Chuanning achieved full production, and new varieties quickly increased in 2018. The company’s antibiotic intermediates and APIs achieved sales revenue of 32.94 ppm, a 79-year increase of 79.62%.Among them, the second-phase technical reform project of the subsidiary Yili Chuanning passed the inspection and acceptance of the Ministry of Environmental Protection, the production capacity was released, and the losses were turned into profit, with a net profit of 6.09 million yuan.Absolute supply-side reforms continue to advance, environmental protection trends continue to be severe, barriers to entry for APIs and intermediates industries are further raised, and the remaining industry trends are king, and companies with cost advantages will further win.This business is the basis for the company’s long-term sustainable development and reduced cash flow; the company has a rich project reserve, and new varieties represented by generic drugs have been continuously approved. Through continuous product descriptions, product substitution can be formed, and the company’s strong recruitment standards are used to enter and sell.Ability to achieve rapid sales growth; gradually realize, actively promote consistent assessment, participate in the centralized procurement and increase contribution, and at the same time strengthen the control of upstream raw materials to form an integrated competitive advantage.In the next 3-5 years, the generic drug segment is expected to be an important driving force for the company’s overall performance growth. Continued high R & D investment and innovation-driven long-term development are marked by the national “4 + 7” belt procurement pilot. The domestic pharmaceutical industry has entered a new era of challenges and opportunities, and innovation will become a key path for the future development of pharmaceutical companies.The company continues to invest in research and development to continuously improve its core competitiveness.The company’s stable profitability and cash flow have created good conditions for the company’s high R & D investment.Since 2012, R & D investment has exceeded USD 4 billion, and R & D investment in 2018 was 11.14 ppm, ranked 6th in the absolute amount of A-share pharmaceutical listed companies, and the compound growth of R & D expenditure in 2012-2018 reached 31%.In 2018, Cologne obtained 5 approvals for clinical trials of innovative drugs, including 2 innovative small molecules and 3 biological macromolecules, and submitted 1 innovative drug IND application to the US FDA, and has been approved for clinical research; KL-A167 entered the keyIn the clinical phase II, KL-A166 injection in China and the United States is underway. Phase I clinical research indicates that Columb’s drug research has entered an international process. The company’s continuous research and development innovation makes up an alternative basis for long-term development. We are optimistic about the company’s development prospects and cover it for the first time. Given a “buy rating”, we expect the EPS for 2019-2021 to be 1.11, 1.40 and 1.71 yuan, corresponding to PE is 24, 19 and 16 times.Combining the absolute valuation method and the segment evaluation method, the company’s reasonable target price for 2019 is 32.3 yuan, optimistic about the company’s future strategy and continuous rapid growth, the first coverage, given a “buy rating”. Risk reminder: the progress of research and development exceeds expectations, the rate of new product volume exceeds expectations, the purchase price of volume drops more than expected, and the risk of changes in the price of APIs in the middle
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
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.
According to the demolition plan, the company is expected to receive 10364 in 2020.
08 million yuan, 20261 received in 2021.
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.
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.
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
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