Month: March 2020

Lixun Precision (002475): Third Quarter Report Exceeds Expectations 5G Hardware Market Spends Precision Manufacturing Leads

Lixun Precision (002475): Third Quarter Report Exceeds Expectations 5G Hardware Market Spends Precision Manufacturing Leads
Event: On the evening of October 21, Luxun Precision announced the third quarter report of 2019.The first three quarters of 2019 achieved operating income of 378.36 ppm, an increase of 70 in ten years.96%, net profit of return to mother 28.880,000 yuan, an increase of 74 in ten years.26%.Exceeding the semi-annual report for the first three quarters of 2019 forecast limit (expected to increase by 50%?60%).The third quarterly report continued the growth momentum of the half-yearly report and again exceeded expectations.At the same time, the company expects to gradually realize net profit attributable to its mother.48?42.20 ppm, an increase of 45% per year?55%. The main businesses of the three major industries of consumer electronics, communications and automotive have achieved high growth, driving performance to continue to exceed expectations: the company achieved operating income of 214 in the first half of 2019.410,000 yuan, an increase of 78 in ten years.29%, net profit attributable to mother 15.20,000 yuan, an increase of 81 in ten years.81%, the average income and profit in the first half exceeded market expectations.According to the 2019 third quarter report, Q3 achieved operating income of 163 in a single quarter.950,000 yuan, an increase of 62 in ten years.24%, realized net profit of return to mother 13.860,000 yuan, an annual increase of 66.74%, third-quarter revenue and profit continued to exceed expectations. As the company’s largest source of revenue, consumer electronics continues to increase its core product TWS headset market penetration.According to Counterpoint data, the number of TWS headphones expanded to 47 million units in 2018, and it is expected to reach 1.300 million units (previously + 177%) and is expected to reach 2 in 2020.400 million units (ten years + 85%).The company led the market in 2017 to achieve mass production of TWS headsets, and is Apple’s core supplier of Airpods.Airpods were launched in 2018 at 35 million units (75% market share), Q1 2019 was 12.5 million units (60% market share), and Q2 2019 was 14.3 million units (53% market share).It is expected that related products such as Google and Huawei are also expected to usher in continued sales growth. At the same time, various forces will promote the continuous upgrade of TWS headsets in terms of chips, wireless charging boxes and noise reduction functions, and increase the ASP of single products.Based on product and technology advantages, the company is expected to further expand its major customers and continue to benefit. In the third quarter, the company’s profitability continued to improve, and its cash flow performance was dazzling: in Q3 2019, the gross profit margin reached 22.07% (+ QoQ.58pct, +0 per year.12pct); net interest rate reached 8.98% (+ 1% from the previous quarter.58pct, +0 per year.47pct); ROE reaches 7.9% (+ 1% qoq.51pct, at least +1.99pct), in addition to the contribution of the increase in net interest rate, the company’s asset turnover rate has also improved significantly.In terms of cash flow, net cash flow from operating activities in the first three quarters of 2019 was 61.110,000 yuan, an increase of 194 in ten years.59%, the cash flow from operating activities in the third quarter was 19.23 trillion, an annual increase of 2929.01%. Investment advice: What do we expect the company to do in 2019?2021 operating income will be 537.7.5 billion (+50.0%), 752.8.5 billion (+40.0%) and 941.0.6 billion (+25.0%); net profit is 40.10,000 yuan (+47.0%), 55.6 billion (+39.0%) and 69.RMB 990,000 (+25.9%); corresponding EPS are 0.75 yuan, 1.05 yuan and 1.32 yuan; corresponding PE is 40 times, 29 times and 23 times.Considering that the company is a global leader in precision manufacturing, it is given 32 times PE in 2020, with a six-month target price of 34 yuan, and maintains a “Buy-A” investment rating. Risk warning: TWS headset 杭州桑拿 price cuts are higher than expected; major customers ‘expansion is lower than expected; new customers’ expansion is lower than expected

Yutong Bus (600066) Interim Review: Double sales volume and market share, operating efficiency further improved

Yutong 重庆耍耍网 Bus (600066) Interim Review: Double sales volume and market share, operating efficiency further improved

Event: The company released its 2019 Interim Report, and the company achieved 125 operating income in 1H19.

100 million yuan (+4.

1%), net profit attributable to the listed parent company6.

800 million (+10.

8%), EPS is 0.

31 yuan.

Comments: 1. The company’s sales volume increased against the trend and the market share continued to increase. In 1H19, the company sold a total of 25,429 passenger cars (+2.

6%), of which 8,834 new energy (+0.


A total of 9 buses were sold in the 1H19 industry.

70,000 vehicles (-6%), the company’s sales increased against the trend, the market share increased by 2.

The two digits are 26.

1%; the company’s market share in new energy buses was reorganized 25杭州桑拿网.

6%, of which the market share of new energy passenger cars is 40% (at least 16.

8 samples), the market share of new energy buses was reset 28.

5%, basically the same as the same period in 2018, sleeper and other new energy vehicle companies ranked second in market share.

The three digits are 1.

9%, mainly due to the relatively high value of products in this segment, which is currently not the company’s main segment.

2. Operational efficiency improved, Q2 gross profit margin increased 2Q19 The company’s sales of new energy buses accounted for 39.

4%, 6 lower than the same period of 18 years.

Nine shareholders, but the company ‘s gross profit margin increased by 1 in 2Q19.

5 perfect to 22.

1%, bicycle net profit increased by about 4%, bicycle net profit increased by 15.


We think this is mainly because the overall efficiency of the company has been improved since the general manager Tang became the general manager, production has improved, and the company’s operating efficiency will be further improved in the future.

3. Continue to increase investment in research and development and continue to expand overseas markets. The sales expense ratio and management expense ratio of the 1H19 company were 8 respectively.

2% and 2.

6%, basically unchanged from the same period in 2018.

R & D expense ratio is 5 from 1H18.

2% rose to 6 in 1H19.

3%, mainly due to the increase in R & D projects. The main research and development investment of 1H19 company includes the design and development of highways, public exchange and new products, and the development and improvement of high-end products such as T7 commercial vehicles, overseas high-end buses, tourism, and CL6 / CL7.

Due to the rapid advancement of research and development in the first half of the year, it is expected that the research and development expense rate in the second half of the year will be lower than that in the first half of the year.

The financial expense ratio increased by 1 to 0.

8%, mainly due to the impact of foreign currency assessment in the same period in 18 years on foreign exchange gains and losses.

The company continues to expand research and development investment, and it is expected to further open the gap with subdivision in the future and expand the foundation for opening up overseas markets.

The sales volume of overseas markets in 19 years is expected to be close to 8,000 units. The high-end models for overseas markets are expected to be put on the market from the end of 2019 to the beginning of 2020. At that time, it will further open up the overseas market space and increase the level of profitability.

4. Profit forecast and rating We believe that the company’s market share will increase and the gross profit margin will increase, reflecting the company’s competition.
The company’s continuous expenditure on research and development will ensure that the company is above the leader in the industry and widens the gap with subdivision.
In the future, the company’s market share is expected to continue to increase, and sales of high-end products will continue to increase, driving the company’s profitability.

The company’s advancement in the field of RVs and fuel cell buses will open up a larger market segment for the company.

The company’s EPS for 2019-2021 is expected to be 1.



52 yuan, maintain “strongly recommended-A” rating 5, risk warning: passenger car sales are not up to expectations, overseas market promotion is less than expected

Yili shares (600887): Optimized stock incentive plan is expected to usurp up the market

Yili shares (600887): Optimized stock incentive plan is expected to usurp up the market

Commentary event: Yili shares held the ninth extraordinary meeting of the board of directors every September 6, and announced the “changes in the use of repurchased shares” and “2019 stock incentive plan budget (revised draft)” and other resolutions.

First, the optimization of the stock incentive budget and the improvement of the effectiveness of the incentive constraint (revised draft) are optimized from the two aspects of the stock reward plan and unlocking performance evaluation.

淡水桑拿网Comparing the budgets before and after the adjustment, you can see that the main adjustments include 1, the number of stocks awarded is about 1/6; 2, 5 new incentive objects are added; 3, the requirement for unlocking and evaluating the return on net assets has been increased from 15% to 20%; 4. New requirements for high cash dividends.

The budget granted by the stock, the appropriate total amount of pre-paid capital, and from the supplementary disclosure information, Dong Jiangao and other incentive objects should be in equal proportions.

The adjustment of the number of rewards and the reduction of the total amount of senior management’s participation in stock incentives will help eliminate some of the market’s doubts; it will also reduce the burden on other core personnel, especially young backbones, so more core employees will participate in incentives.intend.

In addition, because the market has divergences in the incentive budget before the adjustment, the company’s expectations have significantly changed in the near future. From legal and compliant scale, there is room for adjustment to release and price reduction, but the expenditure (revised draft) does not make the proposed price.Adjustment, highlighting the company’s confidence.

Unlocking the assessment standards, the assessment requirements for the deduction of non-net profit growth rate remain unchanged, but the assessment requirements for the return on net assets have been raised to more than 90% of the average level in the past few years, and the requirement of a cash dividend ratio of not less than 70% has been increased.

In view of the company’s historical performance and current industry conditions, the operating environment and the company’s future development plan, the above indicators have fully considered the company’s sustainable growth and profitability, and have proposed higher operating income results.Requirements, while also increasing recognition and protection of shareholder returns.

We believe that the adjusted stock incentive plan has been significantly optimized and that many aspects of market concerns have been addressed positively.

Of course, the assessment of stock award prices and the growth rate of net profit has not been adjusted. It is believed that the market can gradually and positively interpret and will fully understand its rationality.

The evaluation cycle of the stock incentive has been extended with high uncertainty. From the company’s 2019 mid-term report and sales in the third quarter, the current macroeconomic, operating environment and industry development does have considerable pressure.

The average annual compound growth rate of net profit in the next 5 years is set to 8.

2% can be regarded as a reasonable requirement for risk neutrality. If the economy and market warms, there is a possibility of exceeding the standard in the future.

The draft (revised draft) takes into account the interests of the incentive objects, the company and the shareholders, finds market feedback, positively and reasonably solves problems, and promotes the restoration of market confidence.

If the plan is finally implemented, the effect of incentives and constraints will be promoted, which will play a positive role in promoting the company’s future business development.

Second, the equity forecast and the reduction of incentive costs will increase the EPS. The company is expected to welcome the replacement of the proposed supplementary stock with the original 5/6, and the remaining 1/6 will account for about 0 of the company’s current total share capital.

50% will be used to reduce the registered capital and replenish the company’s total share capital from 6097125108 shares to 6066633083 shares.

At the same time, due to the adjustment of the incentive scheme, the incentive fee was supplemented to about 2/3 of the original, which was reduced by about 7.

4 trillion, the reduction of amortization of incentive costs in the next few years, it is estimated that before adjustment, 2019-2024 will be reduced by 1.

12, 2.

89, 1.

65, 0.

99, 0.

54, 0.


At present, the draft (revised draft) has yet to be approved by the preliminary extraordinary shareholders’ meeting on September 27, and we judge that the adjusted proposal will be more likely to be approved.

If the plan is finally realized, it will raise its earnings forecasts and EPS for the next few years.

In the early stage, due to differences in the market’s understanding of the incentive plan, the company experienced a significant deviation. Later, under the background of excessively widening the tolerance, the company’s performance was still average and its relative returns were poor.

With the introduction of the draft (revised draft), and through the restoration of market confidence and recognition of the company’s long-term investment value, we believe that the company is expected to usher in the opportunity to make up.

Earnings Forecast and Rating: We will not adjust earnings forecasts and EPS temporarily until the incentive plan is voted through the shareholders’ meeting.

It is estimated that the growth rate of revenue in 2019-2021 will be 14%, 11%, and 10%; the growth rate of profits will be 11%, 9%, and 17%; the corresponding EPS will be 1.


28, 1.


Based on the company’s fundamentals and considering short-term market sentiment, according to the performance in 2019, 30 times PE is given, corresponding to a target price of 35.

00 yuan, “Buy” rating.

Risk reminders: fluctuations in raw material prices; deterioration of the sales environment; food safety issues, etc.

Zhejiang Pharmaceutical (600216): Better-than-expected performance, optimistic about the change in the vitamin E industry pattern and positive impact on the company

Zhejiang Pharmaceutical (600216): Better-than-expected performance, optimistic about the change in the vitamin E industry pattern and positive impact on the company

Event: Zhejiang Pharmaceutical released its 2019 semi-annual report, with operating income of 35 in the first half of 2019.

86 ppm, a five-year increase of 5.

69%, net profit is 2.

70 trillion, down 40 a year.

09%, the basic EPS is 0.

3 yuan, sales gross margin is 40.

14%, with an average ROE of 3.


Corresponds to operating income for the second quarter of 201918.

6.7 billion, an increase of 8 from the first quarter.

61%, net profit 1.

48 ppm, an increase of 12 from the previous month.

78%, deducting non-net profit1.

48 ppm, an increase of 100 from the previous month.


Among them, the company accrued impairment losses of 59.43 million yuan in the second quarter of 2019.

Comments: 1.

The performance was better than expected, and non-profit deductions increased by 100 in the second quarter.

00%, mainly related to the increase in vitamin A and vitamin E prices.

The company’s net profit interval in the first half of 2019 showed a significant margin in the first half of 2018, which is related to the company’s high base in the first half of 2018. The domestic price of vitamin A in the first quarter of 2018 was a historical high, and the average price in the first quarter was 1,349 yuan / bottle.

The company’s revenue in the second quarter of 2019 increased by 8 sequentially.

61%, deducting non-net profit 1.

48 ppm, an increase of 100% month-on-month, and the better performance was mainly related to the rising price of vitamin A at the reported price and maintaining a high level.


We are optimistic about the positive impact of the vitamin E industry structure on the company.

The transfer of Vitamin E from Nante Technology and DSM has been completed. After the transaction, DSM is responsible for the sales of Vitamin E and Nante is responsible for production, each with a 50% interest. The vitamin E industry structure has been transformed into DSM-Nante Technology.BASF, Zhejiang Medicine, Xinhecheng.

Nantec has changed from the industry’s reverser to the maintainer of the industry pattern. The industry pattern has returned to the vitamin E bull market in 2008-2012, when the price of vitamin E changed between 100 yuan and 250 yuan.

At present, the operating rate of each production capacity is at a high level.

Each mentality is expected to change from a price war to maximize profits, and vitamin E prices are expected to rise in the future.

The company’s vitamin E production capacity is 40,000 tons of powder, and each increase of 10 yuan / ton of vitamin E powder helps to increase the company’s profit elasticity3.

10,000 yuan.


Pay attention to the company’s 杭州桑拿 pharmaceutical business progress and growth is expected.

The company reports that the first-class linezolid drug substance is approved, and the company’s attention to the company’s innovative drugs, innovative preparations and consistency evaluation progress will constitute an important increase of the company.

Earnings forecast and investment grade: We maintain our profit forecast for 19-21, and expect the company’s net profit for 2019-2021 to be 8.


810,000 yuan, EPS is 0.


16 yuan.

Maintain target price at 14.

71 yuan, corresponding to 17 times PE in 2019, maintain “Buy” rating.

Risk reminders: production safety risk, vitamin product price decline risk, risk of weakening downstream demand in the aquaculture industry, raw material price risk, Sino-US trade dispute risk, exchange rate risk, continued global economic expectations, new drug approvals fail to meet expectations, and innovative drug development failurerisks of.

Shuangchuang Electronics (600990): The radar and smart industry business with better-than-expected performance seeks to continue rapid growth

Shuangchuang Electronics (600990): The radar and smart industry business with better-than-expected performance seeks to continue rapid growth

Event: The company released its 2018 annual report.

In 2018, operating income was 52.

46 ppm, a 10-year increase3.

75%, achieving net profit attributable to mother 2.

570,000 yuan, an increase of 27 in ten years.


The growth rate of profit far exceeded the growth rate of revenue, and profitability increased.

(1) The report initially realized operating income52.

46 ppm, an increase of 1 over the same period last year.

90 ppm, a ten-year increase3.

75%: Revenue from military and civilian radar products increased, 成都桑拿网 and product sales in the field of food equipment increased rapidly, with growth rates of 28 respectively.

67% and 1359.

62% of total budgeted business contribution 6.

61 trillion revenue increase.

(2) The report initially achieved net profit attributable to the mother.

570,000 yuan, an increase of 27 in ten years.

The profit growth rate is 82%, which is much higher than the revenue growth rate. The main reasons are: due to the decrease in operating costs, the gross profit of public safety products and power products rose, and the report caused the company’s gross profit and net profit to be 14 respectively.

95% and 4.

99%, an increase of 1.

34pct and 0.

93pct; long-term non-recurring gains and losses from budget reports increased by 0.

US $ 8.5 billion, mainly due to the disposal of land in the old district by the subsidiary Bowei Changan, as well as the collection of land disposal funds and subsidies for retreating from the city.

Military and civilian radar and smart industries are expected to maintain growth, optimistic about the company’s performance in 2019.

According to the report, the Bowei Industrial Park was officially put into use and completed the solidification, and the fixed assets increased by 37 at the end of the period.

84% will effectively improve the company’s equipment manufacturing and delivery capabilities.

A number of radar products such as weather radar, cloud detection radar, and air traffic control radar have made breakthroughs. Smart industries such as public safety, smart agriculture, and smart equipment continue to maintain market advantages, and the stock of goods increased during the reporting period.

60%, benefiting from the increase in food informatization business and radar business orders, the advance receipts increase by 53 per year.

70%, indicating that the company has too many orders in hand, which is the basis for potential companies’ steady growth in 2019.

The only capital operation platforms of CLP Bowei are expected to benefit from the injection of high-quality assets.

At the end of 2017, China Electronics Technology Corporation set up Bowei Sub-Group on the basis of 8, 16, 38 and 43, becoming the company’s listing platform for CPIC Bowei Capital to operate.

The eight, 16, 38, and 43 businesses have conflicting synergies. Based on the business resources of the research institutes, CLP Bowei has promoted the business integration and asset securitization of the research institutes.

As the only capital operation platform of CLP Power, the company will benefit from the injection of high-quality assets.

Profit forecast and investment suggestions: The company’s revenue is expected to be 59-20 in 2019-2021.



22 trillion, the current expected corresponding PE is 28/24/21 times, respectively, given a “buy” rating.

Risk warning: orders in the downstream market are lower than expected; asset injection is lower than expected.

Zhongshun Jierou (002511): Proposed to develop medical mask production and sales business optimistic about the fundamentals stable and good

Zhongshun Jierou (002511): Proposed to develop medical mask production and sales business optimistic about the fundamentals stable and good

Company situation The company announced that Yunfu Zhongshun, a wholly-owned subsidiary, plans to produce and sell medical masks according to the requirements of the local government to respond quickly to the epidemic situation.

Yunfu Zhongshun purchased a total of 5 medical surgical mask production lines with a production capacity of about 350,000 pieces / day. The company expects to form a production capacity by the end of this month, and Yunfu Zhongshun will continue to increase the production line to expand production capacity to 2 million piecesAround the day.

Comment 1. In response to the 杭州桑拿网 government’s call to expand the mask product line and merge social responsibility of listed companies.

The company’s proposed medical mask production and sales business is mainly to respond to the government’s call to alleviate the problem of alternative masks under epidemic conditions. We expect that the local government may provide additional support for this project in terms of funding.

At the moment, expanding the mask product line also reflects the company’s enthusiasm for merging social responsibilities and implementing the government’s deployment.

2. The channel sales were good before the holiday, and the construction started step by step after the holiday. We expect the epidemic situation to have relatively limited impact on the company.

Although new coronary pneumonia has improved the growth rate of various consumer products soon, we believe that the impact on Jierou is relatively limited, mainly due to: 1) demand side, household paper as a high-frequency mandatory consumption, the demand during the epidemic decreased; 2) On the inventory side, the company will carry out channel holdings before the Spring Festival, and the dealers will have a relatively large amount of inventory to put on the market; 3) On the production side, the company’s Sichuan, Yunfu and other production bases will be started in accordance with the state’s prescribed time. We expect to produce the company’s productionEnd impact is limited.
3. Channels, products and brands work together to help the company’s revenue grow steadily and rapidly.

On the channel side, we expect the company’s EC and AFH channels to maintain rapid growth in 2020, and KA and GT to maintain steady growth; on the product side, we expect that the proportion of high-end series noodles, emulsions, and natural wood will increase to 70% in 20 years +, cotton towels,New product lines such as sanitary napkins provide medium-to-long-term growth momentum; on the brand side, the sub-brand Sun is positioned to be cost-effective and competes disproportionately with Jierou’s main brand. It tries to maintain rapid growth under the driving force of channels and product-rich drivers.

4. The pulp price keeps running low, and the company’s profit elasticity continues to be released.

Recently, the average price of coniferous pulp and broadleaf pulp has maintained near the low of about 590/480 USD / ton. Overlapping companies have actively replenished their inventory to lock in raw materials. We expect the company’s subsequent profit elasticity to promote sustained release.

Estimates suggest that we temporarily maintain the profit forecast for 19/20 unchanged, 0 in 2021.

The profit forecast of 62 yuan / share currently reaches 26/23 times P / E corresponding to 20/21.

Maintain Outperform rating and raise target price by 9% to 16 based on estimated conversion.

4 yuan, corresponding to 30/26 times P / E in 20/21, currently expected to have 15% growth space.

The price of risky raw materials fluctuated sharply, market competition intensified, and the epidemic situation exceeded expectations.

Zhongxin Tourism (002707): Optimizing the business model of first-class tourism retail projects with China Free Trade Group will be optimized

Zhongxin Tourism (002707): Optimizing the business model of first-class tourism retail projects with China Free Trade Group will be optimized

Company status On February 25, the company announced a long-term strategic cooperation agreement with China Exemption Group to jointly develop the “tourism + shopping” business inside and outside the country and especially along the “Belt and Road” countries and regions.

Comment on strategic cooperation: The company’s cooperation target is the global tourism retail leader with a leading scale (ranked fourth in the world in 2018 and ranked first in the country) and rich brand resources (have established long-term relationships with more than 1,000 well-known brands worldwide).Cooperation), has rich experience in operating airports, outlying islands and duty-free shops in the city, and provides tourism retail services for nearly 200 million domestic and foreign tourists each year.

Initially, China Exemption has accelerated its overseas distribution. Currently,淡水桑拿网 three duty-free shops in the city have been established in Cambodia. The tobacco and alcohol label section of the Hong Kong Airport Duty-Free Shop and the duty-free shop in Hong Kong have also been opened.Opened a duty-free shop in Macau.

The business model will be optimized: 1) The company is a leader in outbound travel, but due to competition from OTAs and the popularity of overseas self-help travel, the profitability of outbound travel is weak.

The business model of tourism retail, especially tax-free business, clearly complements the travel agency business.

2) We expect that the company will mainly cooperate with China Free Trade Center overseas, using Zhongxin’s resource advantages accumulated in overseas tourism to help China Free Trade Center find tourist retail business locations, and conduct tourist diversion.

The global tourism retail market is large and growing.

1) data shows that the global tax-free and tourism retail scale reached USD 84.2 billion in 2018, and is expected to reach USD 97.7 billion in 2020, with a compound annual growth rate of 8%.

9% is a large market with growth.

2) According to data from the Ministry of Commerce, Chinese citizens spent US $ 277 billion on overseas tourism in 2018, ranking first in the world.

The important goal of the China Immunity Group is to attract consumption to return, and Zhongxin Tourism tries to share the dividends of the prosperity and development of the tourism retail market through cooperation with China Immunity.

At present, the spread risk of the epidemic situation in overseas markets has improved. The number of infected people in popular tourist destinations such as Japan, South Korea, and Italy has continued to rise.

However, we believe that the impact of this epidemic at home and abroad is one-time. In the long run, we are optimistic about the business model change that the company’s first cooperation will bring.

It is recommended that we do not adjust our profit forecast for the time being because the specific cooperation is not yet clear.

Maintain 2019/2020/2021 EPS forecast of 0.



30 yuan.

Maintain Neutral rating.

As this cooperation may bring about a change in the company’s business model, we raise the company’s target price by 10% to 6.

60 yuan, corresponding to 2.

3 times the 2020e P / B, which is 15% higher than the previous one.

It currently supports 2019 / 2020e 2.

1x / 2.

0x P / B.

The progress of the risk strategic cooperation project did not meet expectations; the outbreak affected the outbound tourism more than expected.

Shennan Circuit (002916) Commentary Report: Profitability Continues to Increase and 5G Construction Will Drive Performance Growth

Shennan Circuit (002916) Commentary Report: Profitability Continues to Increase and 5G Construction Will Drive Performance Growth

The report reads Shennan Circuit’s annual report for 2018 on the evening of March 12, and plans to transfer 10 to 2 and send 7

5杭州夜网论坛 0 RMB.

Investment Highlights Quarterly profitability continued to improve, and the downstream prosperity continued. The company achieved revenue of 76 in 2018.

2 billion (YoY + 33.

68%), net profit 6.

97 billion (+55 year-on-year.

61%), performance continued to exceed expectations, after deducting non-six.

4.7 billion (+69 y / y).

67%), net cash flow from operating activities.

7.9 billion (-1% year-on-year.

90%), the company’s unconventional profit and loss in 2018 was 0.

500 million, preliminary realization of EPS2.

49 yuan, achieving the expected average ROE20.

38%, a decline of 5 per year.

23 points; of which, in the fourth quarter, revenue reached 22 in a single quarter.

65 billion (+53 compared to the same period last year).

83%), net profit 2.

24 billion (+105 compared to the same period last year).

29%), the growth rate increased by 12 respectively.

61pct and down 16.

21pct, single quarter EPS0.

80 yuan, sales gross margin of 24 in the fourth quarter.

12%, net interest rate 9.

91%, rising by 1 every year.

17 points and 2.

48pct, profitability continued to increase, mainly due to the fullness of orders with this order, showing continuous growth in quarterly revenue. In addition, Nantong Changda gradually better than expected, and gradually reached 80% at the end of the year (previous forecast 60%).

The company’s profitability improved significantly in 2018, benefiting from the expansion of 4G and the advancement of 5G base station construction.

Gross profit margin of sales in 201723.

13%, net interest rate 9.

19%, a rise of 0 every ten years.

73pct and 1.

30pct, profitability continued to increase for three years.

The main business grew rapidly and continued. The new package substrate business opened up room for growth. 1) The company’s printed circuit board business achieved main business income53.

79 trillion, an annual increase of 38.

15%, accounting for 70 of operating income.

76%, growth is mainly from communications, driven by demand in the server field.

The production capacity of Nantong Plant accelerated, and production started to climb in the second half of the year, achieving revenue 2.

48 ppm (net margin-6.92 million yuan).2) Revenue from main business of package substrate business9.

470,000 yuan, an increase of 25 in ten years.

52%, accounting for 12 of operating income.

45%, of which the Wuxi plant is expected to be put into production in 2019, and the development progress of key storage customers is in line with expectations.

3) Electronic assembly business realized main business income9.

27 ppm, an increase of 27 in ten years.

08%, accounting for 12 of operating income.

19%, business growth is mainly due to increased demand for communications products.

We believe that through the constructive promotion of 5G, the main business will be driven to grow rapidly and continue, and will be put into production by internal storage manufacturers in 2020. The package substrate business is expected to open up the company’s growth space.

5G commercial processes are accelerating, and base station construction is expected to accelerate. Recently, Qualcomm is the first 5G mobile phone to release the second-generation 7nm process 5G modem X55. It is expected that there will be commercially available products by the end of 2019; and many major Androids in Samsung, Huawei, and LGManufacturers will gradually release 5G mobile phones.

The 5G commercial process is expected to accelerate base stations, and 5G pre-commercialization will be gradually launched in 2019, and full 5G commercialization will be achieved in 2020.

As the main PCB supplier of Huawei, ZTE, Nokia, etc., Shennan Circuit will benefit from the increase in both the volume and price of PCBs, which will boost the company’s performance. We expect that the high-frequency board of 5G base stations alone will 杭州夜网论坛bring the company’s performance flexibility in 2019 to about 45 millionyuan.
Profit forecast and forecast The company is a domestic PCB leader, and during the cumulative expansion period, the company is expected to achieve a net profit of 9 to 19 years.



400,000 yuan, corresponding to 3 EPS.

34, 4.

80, 6.

93 yuan / share.

We are optimistic about the company’s profitability and future growth space, and give a “Buy” rating.

Risks indicate that downstream demand is not up to expectations, and capacity climbing is not up to expectations.

Yangnong Chemical (600486): Sinochem Assets’ High Growth Performance Exceeds Market Expectations Youjia Phase III, Phase IV Steady Advancement and Continuation of Company Growth

Yangnong Chemical (600486): Sinochem Assets’ High Growth Performance Exceeds Market Expectations Youjia Phase III, Phase IV Steady Advancement and Continuation of Company 杭州夜网 Growth

The company released three quarterly reports for 2019: 1-3Q2019 to achieve operating income of 70.

6.2 billion yuan (YoY + 1.

09%, after adjustment, the same below), to achieve net profit attributable to mother 10.

7 billion (+14 compared to the same period last year).

69%), after deducting non-return to mother’s net profit.

9.4 billion (YoY + 1.

26%), of which revenue in Q3 2019 was 18.

00 ppm (YoY-8.

19%), Q3 returns to net profit of the mother 2.

190,000 yuan (YoY + 0.

55%), the third quarter does not include Sinochem’s assets before the adjustment to the net profit attributable to the parent is estimated to be about 2.

100 million (YoY-6.

45%, QoQ-30%).

Fundamental asset performance is in line with market expectations, and QoQ is actually a QoQ sales decline in the off-season.

Sinochem Crops 杭州桑拿 and Agricultural Research Corporation consolidated net profit and loss for the first three quarters2.

33 trillion, of which Q3 consolidated profit and loss of 14.65 million yuan, the performance slightly exceeded market expectations.

In the third quarter sales, the off-season sales volume turned into an asset, which was a month-on-month decrease. The long-term unit price of pyrethroid remained stable, but the cost of raw materials replaced the company’s gross profit margin.

19Q3 company sales of pesticides 3026 tons (YoY + 18.

14% in the 19th quarter.

11%), the sales volume share was mainly due to the off-season export sales in the third quarter. In terms of price, the company’s chief executive unit price of permethrin. At the beginning of Q3, the company’s main pyrethrin products, kefirthrin, bifenthrin, and cypermethrin prices were 32 and 35.

5, 11.

2 million / ton, the price at the beginning of Q2 was basically stable, so the average price was 21.

300,000 yuan / ton (YoY + 3.

89%, QoQ + 0.

32%), the overall price remained stable compared to the previous quarter, the entire pesticide sector 19Q3 achieved revenue of 6.

4.5 billion (+22 compared to the same period last year).

73% in the 18th quarter.

85%); in the herbicide sector, sales of 7,914 tons in the third quarter (YoY33.

08%, QoQ-22.

80%), average selling price 2.

580,000 yuan / ton (YoY-44.

31%, 19QQ.

05%), both volume and price fell plate revenue 2.

0.4 billion (YoY-62.

73%, QoQ-37.

51%), mainly because in the third quarter of the herbicide export season, the shrinkage of wheat straw reduced the sales volume and average price of the pesticide sector. According to our estimates, the company ‘s Q3 wheat straw shrinkage sales were around 300-500 tons, and glyphosate sales were aroundAbout 7300-7500 tons; at the end of 18th, the company’s 1,000 tons of pyrazolium corpuscles were put into production and put into production. In addition to the 600 tons of fluoroamine put into operation in the first phase of the company, the company’s fungicide section started to take shape.19Q3 contributed about 25 million net profits; at least the company reported that the main raw materials, caustic soda, diethanolamine, formaldehyde, isoprene, toluene, and methylfuran, each fell by 19 prices.

5%, 12.

6%, 18.8%, 11.

4%, 7.

0%, 32.

9%, so the company’s 19H1 gross profit margin increased to 1pc to 28.

73% (adjusted), the average ROE of formaldehyde in the combined company reported an increase of 0 in half a year.

56 points to 19.

30% (adjusted).

The synergy shows the rapid growth of Sinochem’s agrochemical performance, and the demand in South America is about to start. Dicamba is expected to resume growth.

In the first half of the year, the company actively explored the domestic market, fully exerted the synergy with Sinochem crops, adopted product sales, expanded new products, and established a new transfer warehouse, etc., and achieved good results. Sinochem Agrochemical Assets 2019H1 achieved net profit2.

180,000 yuan, at least 1 in 2018H1.

54 billion percent increased by 41.

6%, an important increase in adjusted performance; the company’s dicamba drug is mainly sold to the American market. Affected by factors such as the adverse external trading environment, dicamba is afraid of exports less than expected. The market is generally worried that dicamba is afraid of downstream demand.Began field trials of geramiphos-resistant soybeans in Brazil and extended them in total (in Brazil, the area of soybeans planted in 2018 was 89.65 million acres).

The market demand for dicamba in South America has exploded. The company currently has a capacity of 25,000 tons of dicamba, which is the global leader in supplying dicamba, and the South American market growth company will fully benefit.

The planned acquisition of the parent company’s technology-based intangible assets will pave the way for the Youjia project. Youjia Youjia Phase III and Phase IV projects have steadily advanced and continued high growth.

The company announced that it intends to acquire the parent company’s products such as anisole, meconazole, fluorourea, and Gaigai. The above products will replace the related products of the company’s Youjia Phase III project.It is laying a good foundation for the construction and commissioning of the company’s third-phase project, replacing the total investment of 20.

The US $ 200 million Youjia Phase III project is steadily advancing construction, and production capacity is expected to be successively launched; until the end of 2018, the company announced the Youjia Phase IV project, including 3800 tons / year bifenthrin, 1,000 tons / year fluorophenolamine, 120 tonsThe total annual investment of sanitary esters and 200 tons / year of hydroxypropyl ester pesticides will be converted.

3 trillion, the project construction period is tentatively set to 2 years, after the project is completed and put into production, the estimated average annual operating income is 10.

2.3 billion, continuing the company’s high growth.

As the only listed pesticide asset in Sinochem, Yangnong constantly makes it a high-quality Sinochem agrochemical asset, and promotes to become the world’s leading pesticide research and development and production enterprise relying on Sinochem’s platform.

Investment suggestion: Maintain “Buy” rating and maintain the company’s profit forecast for 2019-2021. It is expected that the net profit of the mother will be 11-20.

74, 13.

29, 15.

10,000 yuan, EPS 3.

79, 4.

29, 4.

84 yuan, the current market value corresponding to PE is 13X, 11X, 10X.

Risk reminders: 1) The progress of the new project is not up to expectations; 2) Environmental protection is relaxed, and product prices have fallen sharply.

Yutong Bus (600066): Steady profitability and upward consolidation of pricing power

Yutong Bus (600066): Steady profitability and upward consolidation of pricing power

This report reads: The company’s Q3 revenue growth rate, profit growth rate and sales volume growth rate are basically the same, profitability is stable, disturbed by subsidy factors to reverse, pricing power additional highlights.

Investment Highlights: Maintain “Overweight” rating and maintain target price.

3杭州夜网7 yuan.

The company’s revenue and profit growth rate is comparable to the growth rate of sales volume, which reflects the company’s restructuring and subsidized by new energy vehicle subsidies, which has led to price changes and highlights the leading pricing power industry segmentation.

Company Q3 achieved revenue of 83.

5.7 billion (+13.

6%), net profit attributable to mother 6.

4.2 billion (+10.

44%), with performance in line with expectations.

The company sold 16,711 passenger cars in the third quarter, a year-on-year increase of 13.


Maintain prediction company 2019?
The EPS in 2021 is 1.



30 yuan with a target price of 19.

37 yuan corresponds to 16 times PE in 2020.

Profitability increased month-on-month, and is comparable each year. Supplementary factors have weakened the 杭州夜网 company’s profitability.

Q3’s gross margin / net margin was 24.

14% / 7.

78%, +2 from the previous quarter.

04% / + 2.

84%, eleven.

5% /-0.


According to our rough estimation, the average cost of the company’s Q3 bicycle is about 500,000 yuan, which is changed to +0.

20,000 yuan, net profit of bicycle 3.

840,000 yuan, at least 0 per year in 2018.

120,000 yuan, the decline is much smaller than the amount of compensation for the decline.

The transition baseline for 2019 (May 8 to August 7) is the average subsidy for national subsidies to decline 4.

1 million / car, after the transition period (after August 7), the national subsidy will be refunded an average of 2 million / car.

The company’s leading level is remarkable, and it has the right to speak the price.

In the first three quarters, the market share increased to 37%, and the market share in the past three years9.

31%, strong companies in the context of weak industries.

Since 2015, the passenger car industry has grown at a faster rate and sales have increased.

The company continues to consolidate the leading level through product competitiveness.
The company’s 5-meter market share in the first three quarters of 2019 was 29.

21% / 27.
22% / 28.

17% / 32.
53% / 36.

53%, towards the oligarch of passenger cars.

Catalyst: Sales volume announcement and earnings report.

Risk reminder: forecast of macroeconomic growth rate, forecast of passenger car industry sales growth rate.