Shenzhen Rising Star (603978) Quarterly Report Comments: Q3 Single Quarter Less Than Expected Not to Change Long-Term Growth Trend

Shenzhen Rising Star (603978) Quarterly Report Comments: Q3 Single Quarter Less Than Expected Not to Change Long-Term Growth Trend

The company released the third quarter report of 2019, reporting a series of realized revenue7.

77 trillion, the same minus 0.

36%; net profit attributable to mother 0.

7.6 billion, down by 6.

92%; net profit after deduction is 0.

68 trillion, with an increase of 0.

07%.

Q3 quarter revenue 2.

55 trillion, the same minus 12.

79%; net profit attributable to mother 0.

180,000 yuan, with a decrease of 34.

22%; net profit after deduction to non-mother 0.

1.6 billion, a decrease of 41.

66%.

Q3 quarter results were slightly lower than market expectations.

The sales of refiners decreased, or the Q3 quarter was lower than expected due to the company’s Q3 quarter revenue.

55 ppm, a ten-year average of 12.

79%; operating costs 2.

8,000 yuan, the ten-year average of 11.

86%.

In the same period, China’s aluminum production was 1成都桑拿网,293.

3 Initially, there was a slight increase of 3 a year.

32%, cyclic oxide 1.

93%; the aluminum outlet 139 is inserted, inserted and 10 from the ring moving average.

32%.

In the context of the weak macro economy and the background of Sino-US trade friction, the prosperity of the aluminum processing industry has decreased. The company’s main aluminum particle size refiner, as an aluminum processing additive, has also been affected, which has led to an increase in sales of the refiner, or the company’s Q3 quarterThe main cause of poorer-than-expected performance.

The company and the electrolytic aluminum industry achieve a win-win situation. Potassium tetrafluoroaluminate promotes accelerated development. The potassium tetrafluoroaluminate developed by the company promotes the partial replacement of aluminum fluoride (electrolytic aluminum additive).

In the production of electrolytic aluminum, 20 kg / ton of aluminum fluoride is generally added. Now 10 kg / ton of aluminum fluoride + 10 kg / ton of potassium fluoroaluminate is mixed, which can be used without increasing costs (the price is equivalent to aluminum fluoride)), Save 500 degrees of electricity, according to 0 degrees of electricity.

Calculated at 31 yuan / degree, it can increase the profit for electrolytic aluminum enterprises by 155 yuan / ton.

For electrolytic aluminum enterprises, the use of potassium tetrafluoroaluminate to increase profits is considerable, so potassium tetrafluoroaluminate achieves a win-win situation between the company and the electrolytic aluminum industry, and its application in the electrolytic aluminum industry promotes accelerated promotion.

The growth space opens, and the company will usher in a new flyby. Following the initialisation of China’s 3648 in 2018, the global output of 6434 injected electrolytic aluminum is assumed. Adding 10 kg / ton injection per ton of electrolytic aluminum, the market space will reach China36.

5 announcements, 64 worldwide.

Three.

Judging from the current sales of potassium fluoroaluminate products, the promotion effect is remarkable. As a company with various barriers such as raw materials, equipment, and patents, the company will take advantage of the development of the industry and usher in a new leap forward.

Profit forecast and rating: As the leader in the aluminum particle refiner industry, the company’s continuous expansion of product scale and the accelerated promotion of by-product potassium tetrafluoroaluminate, the net profit is expected to be 2 in 2019-2021.

01/3.

50/4.

470,000 yuan, the EPS is 1.26/2.

19/2.

80 yuan / share, corresponding to the closing price of PE on October 29, 2019, 22/13 / 10X, respectively, maintaining the “overweight” level.

Risk reminder: the company ‘s product capacity release is less than expected, and the new product potassium tetrafluoroaluminate is not progressing as expected

Gulisi (603808): Baiqiu Dating Investment to Realize Investment Returns + Spin-off Listing Promotion

Gulisi (603808): Baiqiu Dating Investment to Realize Investment Returns + Spin-off Listing Promotion

Event overview: On December 15, 2019, the company announced that the board of directors passed the resolution: (1) for the purpose of incentives, the founding shareholders and their concerted parties agreed to 16.

279 million subscription of Baiqiu Network’s new registered capital, which translates into 14% equity, the exercise condition is a compound growth of 30% in the next 3 years;
.

500 million yuan to subscribe for new registered capital, corresponding to 12.

50% equity.

(3) Investors in the round shall be 3.

44.3 billion yuan to buy the shares held by Glix, which translates to 28.

69% equity.

Analysis and judgment We analyze that the significance of this transaction lies in: (1) Glix gains investment income.

2.4 billion, expected to increase profits in 2020: At present, the proportion of Gelishi holdings in Baiqiu is 75%, and it will be reduced to 27 after the issuance.

75%. In September 2016, the company purchased 75% of Baiqiu for 277.50 million yuan, corresponding to an estimated 3.

700 million.

At present, the corresponding value-added capital of round A investors is estimated to be 1.2 billion, and the company is expected to realize investment income.

2.4 billion.

(2) Baiqiu team received incentives: The founding shareholders and their concerted parties will become the actual controllers of Baiqiu Network, holding 31 shares.

06%.

(3) Dating Sequoia Capital is conducive to accelerating the pace of Baiqiu’s separate listing.

Baiqiu is one of the six-star e-commerce generation operation service providers. There are currently more than 50 generation operation brands. This year, 10 new brands have been signed to target mid-to-high-end brands in categories including apparel, luxury goods, jewelry, footwear and other big fashions.Category.

In the first three quarters of 2019, Baiqiu achieved revenue2.

2 trillion, net profit is about 0.

US $ 4.1 billion, we expect to achieve revenue growth of more than 30% this year, GMV is expected to double to US $ 6 billion, and it is expected to maintain GMV growth of more than 80% in 2020.

In the short term, we judge that the company is expected to be better next year than this year: (2) EH brand resumes growth after destocking; (3) IRO acquires the remaining equity consolidation and accelerates store opening; (4) Baiqiu Network relies on the e-commerce platformResources + IT capabilities + overall online and offline solutions + competitive advantages of overseas layout, GMV is expected to continue to grow rapidly.

In the medium term, we will pay attention to the increase in Baiqiu’s estimates after the launch of OneNet.com. In the long term, we will focus on the brand’s store space and the improvement of store efficiency. We judge that 杭州桑拿网 the main brand will have more than 500 stores in the future and EH will be more than 250., More than 200 other international brands.

Considering that EH is still destocking in the second half of the year, the recovery is beyond expectations, and for the time being, we will not consider the Baiqiu distribution to contribute the next profit, and change the 19/20 / 21EPS from 1.

21/1.

39/1.

63 yuan down to 1.

2/1.

37/1.

62 yuan, down by 0.

8% / 1.

4% / 0.

6%, maintain “overweight” rating.

Risks prompt increased competition in the generation operation industry; high inventory risks; and systemic risks.

Tongwei (600438): double leader in the field of cell and silicon materials to expand production

Tongwei (600438): double leader in the field of cell and silicon materials to expand production
Event: Tongwei Co., Ltd. announced the development plan of high-purity crystalline silicon and solar cell business from 2020 to 2023, and announced the investment and construction of 30GW high-efficiency solar cells and supporting projects. Large-scale expansion to create an absolute leader in the field of battery cells and silicon materials: 1 1) According to the plan, from 2020-2023, the cumulative production capacity of high-purity crystalline silicon will reach 8/11, respectively.5-15 / 15-22 / 22-29, single crystal materials account for more than 85%, N-type materials account for 40% -80%, production costs 3-4 million / ton, cash costs 2-3 millionYuan / ton, the current production cost is expected to further decline; battery capacity will reach 30-40 / 40-60 / 60-80 / 80-100GW respectively in 2020-2023, focusing on new product technologies such as Perc +, Topcon, HJT, etc.And compatible with all series of 210 and below, Perc non-silicon cost 0.Below 18 yuan / w, the current estimate is 0.23 yuan / w dropped further significantly.According to the 10% compound annual growth rate of global new photovoltaic installations, it is estimated that by 2023, the annual global new photovoltaic installations will reach 200GW, and the proportion of Tongwei silicon materials and batteries in cities will reach 30% -50%, becoming an industry.faucet.2 2) The company also announced that it will invest about 20 billion US dollars to build an annual output of 30 GW high-efficiency solar cells and supporting projects. The project will be implemented in four phases, of which the first and second 苏州夜网论坛 phases are planned to invest 4 billion yuan each and build 7 respectively.5GW, a total of 15GW high-efficiency solar cell projects (Perc, Perc +, Topcon); Phases 3 and 4 plan to invest 6 billion yuan each, and build 7 respectively.5GW, a total of 15GW high-efficiency solar cells and supporting projects (temporary to HJT). The overall supply and demand is tight, and it is expected that the volume and price will rise for the time being: the existing company has continuous old production capacity2, and the proportion of single crystal materials is further increased to 90%.In addition, Leshan, Baotou each 3.5 The largest output achieved by emerging manufacturing, mainly due to consumption indicators exceeding design expectations, the proportion of single crystal materials increased to 85%, and production costs replaced within 4 杭州桑拿网 million / ton (Leshan 4 million / ton, Baotou 3).5 million / ton), leading costs.Affected by the ramp-up of production capacity in 2019, the expected sales volume is expected to be around 6, and in 2020 we expect the sales volume to reach 8.5-9 every year, the annual growth rate exceeds 40%.In addition, according to foreign media BusinessKorea, OCI is about to close its Gunsan plant in South Korea5.2 The production of formaldehyde photovoltaic silicon materials is suspended and transition to electronic grade silicon materials is expected to affect 10% of global supply.In the meantime, this year is a big year for monocrystalline silicon wafer expansion. The production capacity is expected to increase from about 100GW at the end of 2019 to 170-180GW at the end of 2020. However, gradually increasing production capacity is limited and overall supply and demand are tight.In a tight situation, the price of extension materials is expected to usher in a price increase of 5% -10%. The profitability of monocrystalline PERC cells has improved: The demand brought by capacity release in the third quarter of 2019 is weak. The price of monocrystalline PERC cells has been adjusted to a certain extent. At present, the average cell price is 0.97-0.98 yuan / W, single W profit replaced 5-6 cents, the profit level is at a historical low.The overall non-silicon cost of the company’s battery chip is zero.23 yuan / w, will further replace 0 in 2020.At around 2 yuan / w, and the price of overlapping silicon wafers is reduced at the same time, it is expected that the single W profit of single crystal perc battery cells will be repaired to more than 8 cents in 2020.In addition, in the first half of this year, the overall capacity of Chengdu Phase IV and Meishan Phase I will reach 23-24GW, and according to the expansion plan, it will reach 30GW at the end of this year, which can be expanded up to 20GW, thereby increasing 66.7%, single crystal PERC cell connection will usher in volume and profit. Investment advice: We expect the company’s revenue growth from 2019 to 2021 to be 30%, 26%, and 25%, and its net profit growth to be 43%, 46%, and 31%.The 6-month target price is 19.45 yuan. Risk warning: photovoltaic installation is less than expected, replacement, and the price of cells has fallen sharply, etc.

Aerospace Development (000547): The rapid growth of the third quarter results is optimistic about the company’s endogenous and extended development

Aerospace Development (000547): The rapid growth of the third quarter results is optimistic about the company’s endogenous and extended development
Event: The company announced the third quarter report of 2019, and achieved operating income for the first three quarters23.52 ppm, an increase of 44 in ten years.07%, net profit attributable to mothers3.08 million yuan, an increase of 39 in ten years.31%, the corresponding return (decrease) is 0.19 yuan. Comments: 1. The company’s performance is growing rapidly, and it is optimistic about the company’s traditional electromagnetic technology and communications declaration business and the long-term development of new industries.(1) Reporting strength, the company realized operating income23.52 ppm, a rapid increase of 44 over the same period last year.07%, mainly due to the increase in the company’s defense equipment industry income, and the consolidated scope of the statement in this period expanded compared to the same period last year. (2) Reporting strength, the company realized net profit attributable to mother.08 million yuan, an increase of 39 in ten years.31%, the growth rate is slightly lower than operating income, mainly affected by the following factors: ① reported that the company’s overall business gross margin decreased compared to the same period last year.79pct, mainly due to the direct impact of the report, the company’s operating costs increased with the increase in revenue, and the cost of certain additional items in the current period was higher; ② Reported growth rate, the company’s sales expense ratio increased compared to the same period last year.16pct to 3.63%, mainly due to the increase in the company’s product market in the current period and the increase in the scope of consolidated statements over the same period of the previous year; ③ There were more reports and the company’s credit impairment losses increased by 86.35% is mainly due to the increase in receivables and the increase in provision for bad debts.(3) Report strength. The company’s inventory increased by 43 compared with the beginning of the period.61%, an increase of 23 over the same period last year.64%, mainly due to the company’s production tasks in progress, increase in work in progress; advance receipts of 0.84 ppm, an increase of 11 years.89%, -13 from the same period last year.14% growth rate increased by 25.04pct, the relevant indicators may indicate that the company’s business orders are in good condition and production capacity is released.(4) The reporting authority, the company’s net cash flow from operating activities is -9.38 trillion, down 44 a year.37%, mainly due to the increase in production and operation demand of the reported large-scale companies, and the corresponding increase in material procurement and labor expenses. 2. Benefiting from practical military training and national defense informatization construction, the electromagnetic technology business has broad development space.The company’s electromagnetic technology engineering business mainly includes electronic blue army, simulation applications and electromagnetic security business.Among them, the electronic blue army business with Nanjing Changfeng as the main operating body mainly includes three aspects of laboratory RF simulation test system, internal and external field active target simulation system and simulation radar system., Has won multiple military projects.The performance of the electromagnetic security industry, with its subsidiary Beijing Ou Di An as the main body, has obvious integration performance, achieved technological breakthroughs in multiple fields, and has integrated the ability to integrate integrated solutions for microwave darkroom construction systems.The military-civilian simulation business, which takes aerospace simulation as its main business body, is leading the industry in military simulation, equipment information 北京养生会所 and virtual reality.The White Paper on “China’s National Defense in the New Era” states that the entire army has been undergoing an upsurge in combat-oriented military training. Since 2012, the army has extensively carried out mission-oriented training in various strategic directions and training in various arms and services.Against the backdrop of increasing military training requirements, the company is expected to benefit in the long term as a leader in the electronic blue army field. 3. Communications announced its business as “second venture” and actively laid out a new pattern for the development of the mobile communications industry.The company’s subsidiary, Chongqing Jinmei, is a provider of domestic military tactical communication system core equipment. It focuses on the development and production of military 四川耍耍网 information systems and key equipment, and vigorously develops the new generation military service market and tactical allegation information system.The company has steadily carried out the broadband communication level of “Feiyun Engineering” and the development of major engineering projects for the construction of “Hongyun Engineering” ground gateways, which has realized the extension to the space information application industry.On August 27, 2019, the company announced that it had intervened with the Strategic Framework Agreement of the New Generation Mobile Communication Technology Research Institute Cooperation Project with the Chongqing Municipal Economic and Information Commission and the Chongqing Xiyong Comprehensive Free Trade Zone Management Committee.Relying on the construction of Chongqing’s information industry, driven by the demands of public networks, private networks, and military networks, the company strived to seize historical opportunities to promote the transformation and upgrading of the communications industry sector. 4. Accelerating the extensional development, the growth of network information security business can be expected.The company acquired Rui’an Technology 43 by issuing shares.34% equity, 100% equity of One Binary and 100% equity of Aerospace Kaiyuan, and announced that they will steadily advance the acquisition of the controlling stake in Rui’an Technology, and are committed to building a national team of network information security.Among them, Rui’an Technology mainly provides big data services for public security, network information, operators, etc .; two-way binary user data protection and business continuity management software development; Aerospace Kaiyuan applies software and hardware to the e-government industry, and the three companies belong to network information security.Different sectors of the industry.China’s network information security market is developing rapidly. According to IDC’s forecast, by 2023, the size of China’s network security market will grow to 179.0 billion US dollars, CAGR of about 25 in 2019-2023.1%.With the domestic cybersecurity law, the level of protection is 2.With the gradual implementation of relevant laws and regulations such as 0, the company’s network information security business is expected to usher in new growth points. 5. The micro-system industry has made a good start and improved the existing industrial structure.In November 2018, the company jointly established a micro-system technology company with China Aerospace Radio, Smart Shanghai, Nanjing Hangzhi Investment, Nanjing Changfeng, and Chongqing Jinmei.Since its establishment, the company has focused on the four major development directions of integrated micro-system integration design, core system-level chip development, micro-system design simulation software and micro-system key process capabilities. It has actively docked with industry user units and reached cooperation on multiple project development.Extensive aerospace equipment, 5G communications, satellite communications, Internet of Things and other fields.The company’s micro system business makes full use of industrial capital, increases the upstream and downstream integration speed of the industry, improves the existing industrial structure, and deploys new-generation weapon equipment system-level chips and complex micro-system technology development and development production, and gradually expands into the civilian field and grows in the future.Expected. 6. The mid-to-high end marine equipment system was gradually established, forming a synergy effect of the marine blue army business.In 2017, Nanjing Changfeng, a wholly-owned subsidiary, acquired 65% of the equity of Jiangsu Dayang Marine Equipment Co., Ltd. This acquisition of full-mission system target ships, high-speed target ships, large offshore ships and other marine blue army equipment development businesses has enhanced the company’s electronicsThe blue army equipment supporting level enhances the overall development strength of the industry sector.At present, the company’s marine equipment business takes green environmental protection and energy saving ship products as a breakthrough, focusing on the development of environmental protection and energy saving refueling ships, wind power installation and maintenance platforms and other marine product development.In 2019, Jiangsu Dayang officially started the construction of two 13KDWT green environmental protection chemical tanker projects for Singapore shipowners, and the first 7999DWT environmental protection tanker completed the launching ceremony in Taizhou City, Jiangsu Province.In the future, the mid-to-high end offshore equipment system will be gradually established, and the company’s offshore equipment business will still have a certain growth space. 7 As one of the listed platforms of Aerospace Science and Industry Group, it is expected to continue to inject the assets of the Group. The company is a listed company directly controlled by Aerospace Science and Industry Group. As an important military industry and capital integration platform of Aerospace Science and Industry Group, since its listing in 2015, the company has actively carried out outbound mergers and acquisitions, continuously expanded its business scope, and successively acquired computer simulation companiesIndustrial simulation, target ship research and development company Jiangsu Dayang, network information security company Rui’an Technology, Aerospace Kaiyuan and Prime, continue to improve the information business layout.In 2018, the aerospace science and industry group’s asset securitization rate gradually increased by about 30% according to the net asset caliber, which is less than the target of the asset securitization rate of 45% at the end of the “13th Five-Year Plan” period.Sex. 8. Profit forecast and investment advice: We believe that the company is expected to continue to maintain its competitive advantage in the electromagnetic and communications sectors, and actively deploy network security, microsystems, and marine information equipment sectors, which have broad prospects for future development, and give the company a “recommended” rating. Our EPS forecasts for the company in 2019/20/21 are 0.37/0.48/0.62 yuan, corresponding to 2019/20/21 PE is 27/21/16 times. Risk warning: the acquisition progress is not up to expectations; the growth of traditional advantage businesses is slow

Zhongnan Construction (000961): Significant increase in profitability and continuous optimization of financial structure

Zhongnan Construction (000961): Significant increase in profitability and continuous optimization of financial structure

The company’s first quarter 2019 results were in line with expectations, and its profitability continued to improve.

The systematic strategic adjustments carried out by the fundamental company have significantly improved operating efficiency; the existing company has sufficient land reserves, its financial structure has been continuously optimized, and its debt ratio has been significantly reduced. The high-standard distribution incentive plan promotes continuous promotion and continuous development.

The current market value is nearly 40% discounted from NAV, with a continuous margin of safety.

The 2019-2021 EPS is expected to be 1.

09, 1.

85 and 2.

39 yuan, the current sustainable corresponding PE is 7 respectively.

6,4.

5 and 3.

5 times, optimistic about the company’s future 四川耍耍网 scale expansion and profitability improvement, maintain “Highly Recommended-A” rating, target price of 13.

1 yuan / share (approximately 10% discount to NAV, or PE = 7X in 2020).

  Key investment points: (1) The first quarter of 2019’s performance was in line with expectations, and the rebound in profitability brought continuous growth in performance.

The company achieved operating income of 84 in the first quarter of 2019.

700 million, before -25.

4%; net profit attributable to mother 4.

800 million, previously +27.

1%; net profit after deduction to mother 4.

5 trillion, +20 for ten years.

8%; overall performance is in line with expectations.

The decrease in the company’s revenue in the first quarter was mainly due to the decline in the completion of the construction sector. The sustained high growth in profits was mainly due to: 1) the profitability continued to improve, and the gross profit margin for the first quarter decreased by +4.

4 points to 29.

2%, with a combined gross profit margin of 24.

3%, a new high since 2015; 2) The company’s settlement of non-consolidated projects increased, and investment income1.

2.5 billion US dollars, turn negative into positive one year; 3) Management dividends continue to be released, while the sales scale continues to grow, the company’s current sales expenses, management expenses decreased by 39%, 14%, the sales expense ratio and management expense ratio decreased by 1.

1pct and 0.

9 points to 1.

1% and 2.

0%.

As of the end of the first quarter of 2019, the company’s advance receipts amounted to 1,162 trillion, every + 49%, and its coverage ratio for operating income in 2018 reached 2.

9 times, future performance growth is guaranteed.

  (2) Sales maintained high growth, investment was cautious, and core city clusters continued to be deployed.

In the first quarter of 2019, the company achieved contracted sales of approximately 308.

700 million, previously + 25%; contracted sales area is about 250.

10,000 square meters, + 29% a year; of which, the monthly sales amount and area in March exceeded 38% and 41%, respectively, and the marginal improvement was obvious.

In the first quarter, the company replenished its soil storage capacity of 192.

80,000 Ping, previously -30.

4%; take the total price of 131.

9 trillion, ten years +12.8%.

The land acquisition / sales amount is 53.

7% a year -17.

8 points.

The newly-added projects in the Yangtze River Delta, the Pearl River Delta and the Mainland ‘s core cities account for more than 85% of the planned construction area. The company ‘s focus on the core city cluster strategy is further improved, and the optimization of soil storage layout promotes continuous acceleration of the delivery of high-quality resources.

At the end of the first quarter, the planned construction area of the company’s development projects under construction totaled 29.78 million square meters, and the planned construction area of unstarted projects totaled 15.03 million square meters, each of which totaled 4500 universal, and statically identified the current sales for about 4 years.

  (3) The financial structure has been continuously optimized, and the follow-up performance has a high degree of certainty.

At the end of the reporting period, the company’s net debt ratio was 167%, a decrease of more than 80pct, and the asset-liability ratio excluding advance receipts decreased by -1.

8pct to 43.

2%; benefiting from efficient sales rebates and current long-term prudent investment strategies, the company’s cash at hand at the end of the period was 24.4 billion, and the protection ratio of cash in hand for short-term debt was 0 compared with 0 at the end of 2018.

75 prominently increased to 1.

85.

The company’s 2018 stock budget incentive plan unlock condition is that the net profit attributable to the parent from 2018 to 2020 is not less than 20.

5, 39.

8, 69.

9 trillion, corresponding performance growth rate of 240%, 94%, 76%.

At present, the company’s financial structure is optimized, the net debt ratio is reduced to a more reasonable level, and high-standard performance indicators are expected to continue to promote the company’s development.

  Investment suggestion: The company’s first quarter 2019 results are in line with expectations, and its profitability continues to improve.

The systematic strategic adjustments carried out by the fundamental company have significantly improved operating efficiency; the existing company has sufficient land reserves, its financial structure has been continuously optimized, and its debt ratio has been significantly reduced. The high-standard distribution incentive plan promotes continuous promotion and continuous development.

The current market value is nearly 40% discounted from NAV, with a continuous margin of safety.

The 2019-2021 EPS is expected to be 1.

09, 1.

85 and 2.

39 yuan, the current sustainable corresponding PE is 7 respectively.

6,4.

5 and 3.

5 times, optimistic about the company’s future scale expansion and profitability improvement, maintain “Highly Recommended-A” rating, target price of 13.

1 yuan / share (approximately 10% discount to NAV, or PE = 7X in 2020).

  Risk warning: the third- and fourth-tier sales exceeded the expectations, and the settlement net interest rate fell short of expectations.

Ke Feiping (870447): Nuoxinkang’s sales continued to grow and the company’s net profit in 2018 reached 2.

2.3 billion

Ke Feiping (870447): Nuoxinkang’s sales continued to grow and the company’s net profit in 2018 reached 2.

2.3 billion

The company released its 2018 annual report, and profits 武汉夜生活网 continued to grow: the company’s annual report showed that the company achieved operating income7.

48 ppm, a reduction of 32 per year.

21%, net profit 2.

23 ppm, an increase of 28 in ten years.

85%.

The decrease in revenue and the increase in net profit were mainly due to changes in the income settlement model. The sales volume of the product continued to increase in this period: Since 2017, the country has gradually promoted the “two-vote system”, which has led to a decline in the company’s operating income.”Xinkang” income settlement mode, through the use of patents to the producers of cooperative varieties, sales service fees and other means of settlement.

The total sales volume of the company’s main products in the country has continued to increase compared with the same period last year. Among them, the sales of “Nuoxinkang” increased by about 11.05 million pieces compared with the same period last year, and Naomaili granules increased by 6 compared with the same period last year.

490,000 boxes, which promoted the company’s overall profit growth.

(Company Announcement) Nuoxinkang and Naomaili Granules have entered the medical insurance catalogue to help product volume: the company’s existing main cooperative variety “nuoxinkang” (tanshinone IIA sodium sulfonate injection) has an income of 6.

2.7 billion yuan, accounting for 83% of the company’s current operating income.

73%.

After years of technology accumulation, in addition to “Nuoxinkang”, the company has formed a complete own intellectual property rights and product registration system, with independent varieties “Naomaili Granules”, and “Yendino”, “Ola”Xitan injection “and many other cooperative varieties.

“Nuoxinkang” and “Naomaili Granules” have entered the “National Medical Insurance Catalog (2017 Edition)”.

Due to the implementation of the new national medical insurance catalog, Nuoxin Kang’s competition in medical institutions below the second level sharply decreased.

(Company announcement) The company’s innovative drugs and high-end generic drugs projects continue to work hard to further enhance competition: the company has focused on R & D and technological research in innovative drugs and high-end generic drugs. The R & D and intellectual property expenditure in the past five years has exceeded US $ 200 millionIndependently declare 4 new drugs of class 1 and 20 high-end imitation products.

As of the end of 2018, the company has 9 innovative drugs under development, of which 6 have obtained clinical approvals, are conducting clinical research, 3 are in the preclinical research stage, and 68 clinical approvals for generic drugs have been obtained.

As of the end of 2018, the company has gradually applied for 162 patents and authorized 48 invention patents (including 1 Japanese patent).

As of the end of 2018, the company has accumulatively obtained 4 major national science and technology special projects, including: major new drug creation companies innovative drug incubation bases, major new drug creation antibiotic research and development, major new drug creation 2014 innovative drug clinical research and 2016 innovative drug clinical research.
In 2018, the company invested about 44.06 million yuan in research and development.

(Company annual report) The company’s overall operating conditions are still good, and the net cash flow from operating activities has improved significantly: The company’s overall gross profit margin has slightly shifted: from 68 in the same period last year.

01% were 66 for this issue.

60%, due to changes in the company’s revenue settlement model, the net profit margin increased significantly.

Net cash flow from operating activities for the period 3.

90,000 yuan, a year-on-year increase of 477% over the net cash flow from operating activities of 67.59 million yuan in the same period last year.

(Company annual report) Investment advice: Due to the impact of the “two-vote system” on the company’s revenue settlement model, is it expected that the company will be in 2019?
Income in 2021 is about 7.

48 billion, 8.

2.3 billion, 9.

0.6 billion, corresponding to a growth rate of about 0%, 10%, 10%.

It is estimated that the company’s net profit for 2019-2021 will be approximately: 2 respectively.

45 billion, 2.

70 billion, 2.

9.7 billion, corresponding to a growth rate of about 10%, 9.

8%, 10%.

The company currently corresponds to a total of 19?
The 21-year PE is 15 respectively.
6X, 14.

2X, 12.
9X.

Maintain the company’s buy-A investment rating.

Risk reminder: competition risk, R & D risk, single species dependence risk

Huatian Technology (002185): Continue to be optimistic about semiconductor localization and global cycle recovery and outperform the industry

Huatian Technology (002185): Continue to be optimistic about semiconductor localization and global cycle recovery and outperform the industry

Company status We recently visited Huatian Technology leaders and continue to be optimistic about 1) the localization of semiconductors 2) the return of the global semiconductor industry to the upward cycle will drive the company’s performance in 2020.

We raise the company’s target price to 8.

20 yuan, maintain “outperform industry” rating.

Commenting on Tianshui, Xi’an base ‘s production capacity is maximized at full load. Duration of progress: According to our field survey, benefiting from strong domestic demand for replacement. At present, Huatian Tianshui ‘s Xi’an production base ‘s production capacity continues to increase in the third quarter. Among them, the production capacity of communications products has become tight.Happening.

The company said that the timely expansion of production in the second quarter of this year has effectively met the orders caused by structural changes in some domestic alternatives, and it is still optimistic about the two base demand forecast in the first half of next year.

Optimistic about Kunshan base to reverse losses next year: Through continuous penetration of multi-camera smartphones, ToF has begun to appear on high-order models. We believe that demand for CIS related to smartphones will continue to be strong; in addition, the increase in the market size of automotive lenses and security cameras will also increaseDrive demand for CIS chips.

After experiencing a long-term price drop due to previous supply-demand imbalances, our recent industry chain findings show that the cost of packaging and testing processing for CIS chips has increased by the beginning of 2019.

Huatian Kunshan currently has a CIS package capacity of over 20,000 wafers (equivalent to 8-inch wafers), and we believe the company will help to benefit from the aforementioned industry trends.

In addition, in addition to maximizing the capacity of bumping and gradually increasing, we believe that Huatian Kunshan is expected to achieve operating profitability in 2020.

Unisem’s business situation gradually emerged from the bottom: affected by overseas RF, poor demand for automotive electronics customers, and staff severance fees at Batam Customs Plant in Indonesia, Unisem’s overall performance this year was poor.

However, we believe that as the demand side of the semiconductor industry gradually emerges from the bottom, and the disposal of the Indonesian factory next year will bring a one-time gain, Unisem’s 上海夜网论坛 contribution to the consolidated statement profit will increase significantly.

It is recommended to take into account the expected maximum level of production capacity in the fourth quarter, and we raise the company’s 2019 profit forecast by 3% to 2.

800 million.

In addition, considering the increase of CIS capacity in 2020, the commissioning of the Nanjing plant has a slight drag on profit margins. We raise the company’s 2020 revenue by 3% to 9.9 billion US dollars, and maintain the 2020 net profit forecast unchanged.

The company’s current consensus corresponds to 2.

3×2020 P / B, in order to reflect the 2020 packaging and testing industry to recover the high prosperity in the semiconductor localization and global industry demand recovery, we raised our target price by 26% to 8.

20 yuan, corresponding to 2.

7x2020E P / B (located at the upper center level in the past three years) has 21% growth space.

Risk The recovery of the demand side of the semiconductor industry is not up to expectations; the progress of semiconductor localization is not up to expectations.

Tesla concept stocks have a large daily limit

Tesla concept stocks have a large daily limit

In the early morning of February 4, China Securities Network Wang Wenyan, Tesla concept stocks generally increased.

In the final report, the Tesla index compiled by Wonder 西安耍耍网 increased by 3.

94%, Chang Aluminum, Ningde Times, Forming Technology and other 8 stocks hit a daily limit.

The daily limit on the 4th morning made the Ningde era set a new record high at 148.

90 yuan / share, the market value reached 328.8 billion U.S. dollars, with an annual increase of nearly 40%.

  On the surface of the news, the large gains in the concept sector are still affected by the announcement of Ningde Times as Tesla’s new partner.

Large securities companies continue to publish reports on the Tesla industry chain, and put forward recommendations and recommendations for midstream and upstream companies in the power battery, branch, and continuous industrial chains.

  The Deng Yongkang team of the new industry of Anxin Securities believes that Tesla has brought unlimited vitality to the upstream industry chain.

From the perspective of the industrial chain, the increase in the localization rate of Shanghai’s super factories brings opportunities for more local manufacturers. In addition to Tesla’s broad development potential, cooperation with high-quality car companies will also bring battery and material manufacturersThe further improvement of technology promotes cooperation with more global customers.

The forthcoming Tesla announced that Ningde Times and LG Chem have become the company’s new partners in the field of power batteries. Tesla has brought a large range of “0” to “1” to the industrial chain.Benefiting from long-term benefits, it is the first to promote global competition for high-quality power battery manufacturers. At the same time, it is recommended to pay attention to material manufacturers and component suppliers that enter the global supply.

  It seems that Ningde Times issued an announcement on abnormal changes in stock trading on the evening of the 3rd. The company continued to increase by more than 20% for three consecutive trading days.

Investors need to pay attention to investment risks.

Jinhe Industry (002597) 2019 Interim Report Review: Second-quarter results improved on optimistic about the company’s new product layout

Jinhe Industry (002597) 2019 Interim Report Review: Second-quarter results improved on optimistic about the company’s new product layout
The company achieved net profit attributable to mothers in the first half of the year4.10,000 yuan, second quarter revenue, net profit improved month-on-month.The competition pattern of the new sweetener industry is expected to be good. The future demand will grow steadily, and the company will gradually expand its market share. We are optimistic about the layout of the company’s furan series of new products and achieve long-term growth.Maintain 2019 EPS forecast to 1.41/1.70/2.06 yuan, maintaining a target price of 29.7 yuan and “Buy” rating. The performance in the second quarter improved month-on-month, and the food additive business turned positive.In the first half of 2019, the company achieved operating income19.780,000 yuan, at least -12.3%; net profit attributable to mother 4.10,000 yuan, at least -26.1%, in line with expectations. Corresponding to the second quarter to achieve operating income10.69 ppm, at least -4.4%, +17.7%; net profit attributable to mother 2.210,000 yuan, at least -12.2%, +22.4%.The company’s food additive business achieved revenue in the first half of the year9.67 trillion, ten years +4.1%, mainly due to the increase in product sales; revenue from bulk chemicals7.500,000 yuan, at least -15.4%, mainly due to falling product prices. Increase investment in research and development, and financial costs decrease every year.The company’s overall gross profit margin was 33 in the first half of the year.05%, year -1.50pct, of which food additive gross margin is 46.44%, ten years +3.93 天津夜网 points, gross margin of bulk chemicals 21.74% every year -15.35 points.In the first half of the year, the company’s net interest rate was 20.28% per year -3.78pct, mainly because the R & D expense ratio increased by 2.03pct to 4.02%.For the three major expense ratios, the sales expense ratio is 3.14%, ten years +0.45 points; management expense ratio 2.26%, ten years +0.62 points; financial expense ratio -0.49% a year -1.01pct, mainly due to the company’s exchange gains in the first half increased by 9.8 million yuan. Sucralose plans to expand production by 5,000 tons, optimistic about the competitive landscape.According to the announcement of the Laian County Government’s environmental assessment, the company plans to invest 10 trillion to build a new 5,000-ton sucralose production capacity.At present, the company has a production capacity of 3,000 tons, leading the scale of the industry, and the cost is significantly lower than the subdivision.In the future, the supply side of the industry, Anhuan supervision will tend to be severe and accelerate the elimination of small-scale production capacity. The company is expected to expand its production capacity and expand its market share.Will become an inevitable trend.At present, the price of sucralose is stable at the historical bottom (including tax price of about 21 million tons / ton), and it is already at the cost line of most small and medium-sized production facilities. It is expected that the price will have limited downward space. The consumer single product Philharmonic was launched to expand the use of sweeteners.This year, the company launched a sweetener consumer single product, Ale Sweet, targeting C-end consumers, expanding the use of sweeteners in daily brewing, cooking, and baking processes, while breaking through the inherent sales of the product only to food and beverage manufacturers.mode.The launch of Philharmonic can increase consumer awareness of sweeteners, accelerate the replacement of sucrose, and open up demand space; gradually increase the company’s sweetener business gross margin level and improve profitability. The Dingyuan Phase I project was partially completed, and its cost advantage was promoted.The company is in the first phase of the construction of Dingyuan, and plans to insert 2 capacity of furfural (an important raw material for maltol) and 8 chloride trisucrose (an important raw material for sucralose).Among them, the 4-chlorinated naphthyl chloride and 1-furfural-formaldehyde main projects that have been constructed in advance have been capped, and the 30MW biomass thermal power project achieved grid-connected power generation trial operation in July.After the project is put into production, the company’s cost advantage is expected to be further strengthened, and there is room for marginal improvement in profitability. Extend the furfural industry chain and create revenue from fist products.According to the announcement of Dingyuan County Government’s environmental impact assessment, Jinxuan Technology, a wholly-owned subsidiary of the company, plans to invest 3.US $ 5.6 billion to build 600 tons of furanones, 4,500 tons of musk solution, 5,000 tons of 2-methylfuran, 3,000 tons of 2-methyltetrahydrofuran, and 1,000 tons of ammonium furan salt. This project will replace the original planned long-term plan.5000 tons of formaldehyde maltol production capacity.The series of products laid out this time is a further extension of the furfural industry chain, mainly covering the fields of flavors and fragrances and pharmaceutical intermediates.We are optimistic about the development and growth of a series of products, which is another accumulation of the company’s fist products, providing new growth points for future performance. Risk factors: 1) Deteriorating competition pattern exceeds expectations; 2) Product prices have fallen sharply; 3) New capacity is released less than expected; 4) Food additive safety risks Investment suggestion: The competition pattern of the new sweetener industry is gradually improving, and the future demand will grow steadily. The company will gradually realize its cost and capacity advantages to expand its market share. We are optimistic about the company’s layout of furan products and consumer single product Philharmonic, with long-term growthExpected.Maintain the forecast of net profit attributable to mother to 2019-2021.90/9.49/11.49 trillion, corresponding EPS is 1.41/1.70/2.06 yuan.Maintain target price of 29.7 yuan (corresponding to 21 times PE in 2019) and “Buy” rating.

Crystal Optoelectronics (002273) Company Research: Annual Accelerated Growth of Biometrics Focuses on 5G and New Display

Crystal Optoelectronics (002273) Company Research: Annual Accelerated Growth of Biometrics Focuses on 5G and New Display

Event: Crystal Optoelectronics released a performance report on February 26. The company’s total operating income in 2019 was 3 billion US dollars, with a long-term growth of 29.

12%; net profit attributable to mothers was 50,000 yuan, a year-on-year increase of 6.

79% in the fourth quarter.

400 million, a quarter-on-quarter increase in the third quarter.

The market for multi-cameras, 3D sensing, under-screen fingerprints, and periscopes is accelerating, and the industry upgrade opportunities brought by the development trend of 5G technology gradually open up new growth space.

In addition, the company announced that it plans to purchase coating equipment from the participating company, Japan’s Guangchi, with a total transaction amount of 32,700.

One million yen is used to expand existing production capacity, accelerate product structure upgrades, and improve profitability.

  Biometrics is expected to accelerate growth this year.

With the continuous upgrade of the optical track, we expect that the TOF worldwide is expected to reach 200 million units in 2020, with a growth increase of nearly 300%!

Narrowband filters are a necessary component in 3D sensing modules, and the level of profitability has improved significantly compared to traditional businesses. At present, the global competitive landscape is good. Crystal, as a major supplier of narrowband, will fully benefit. In the future, mobile phones will be combined with AR. 3D transmissionThe demand for sense will usher in huge growth space.

  Actively focus on cutting-edge applications such as the 5G industry and biometrics.

The market demand for precision optoelectronic films is rapidly increasing. Multi-camera, 3D sensing, under-screen fingerprints, and periscope bring new development possibilities!

As a component of the lens of mobile phones, infrared pre-filters will increase their market demand through the increase in the number of mobile phone lenses.

As the penetration rate of three or more cameras continues to increase, the company’s traditional business will also experience steady growth.

In the field of under-screen fingerprint filters, the company is currently cooperating with Huiding. In the future, crystals are expected to benefit fully by increasing the penetration of under-screen fingerprints.

The periscope design can reduce the height of the lens module, and realize the trend of thin and light mobile phones. In the future, the penetration rate of the periscope lens will continue to increase. The demand for beams will also increase, and the layout of Crystal Optoelectronics in diffraction will be beneficial.It undertakes this round of growth.

  Actively deploy new display industries.

In the future, through the development of technology and the continuous enrichment of commercial application content, AR and VR will develop in the direction of higher definition and ultra-portability.

According to different needs, the application of video glasses will also have more functions and is expected to become the new hot spot of the next consumer electronics.

The company has many years of brand and technology accumulation in the new display field, which will integrate new growth space for the company.

  Profit forecast and evaluation recommendations.

The company focuses on the imaging, sensing and display fields, continues to maintain and expand the market share in the field of optical components, and strives to achieve breakthroughs in technology and mass production capabilities in 3D imaging optical products, semiconductor optical products, and AR imaging modules.

We expect the company’s 2019E / 2020E / 2021E operating income to reach 30.

73/38.

41/46.

100,000 yuan, an increase of 32 in ten years.

1% / 25.

0% / 20.

0%, the return to the net profit of the mother is 5.

01/6.

38/7.

64 ppm, a ten-year increase6.

9% / 27.

4% / 19.

7%, currently the corresponding estimate is 45.

5 times / 35.

7x / 29.

8x, maintain “Buy” rating.  Risk 武汉夜生活网 Tips: Industry Development Fluctuation Risk, Market Competition Risk, Impact of International Expectations