High light software (002063): State Grid e-commerce enters the market, opens new pattern of downstream IT, opens new growth
State Grid E-commerce entered the board and became the largest shareholder. The company’s development entered a new stage. On July 29, 2019, the company announced that it confirmed that State Grid Fujian and State Grid Jilin were freely transferred to the State Grid E-commerce company. The transfer of shares has been completed., State Grid e-commerce has become the company’s largest 武汉夜生活网 shareholder with a shareholding ratio of 10.63%.The company turned into a pilot enterprise of mixed reform of State Grid with prominent strategic scale.State Grid e-commerce and the company signed a strategic cooperation agreement, and will cooperate in four areas: 1, products and implementation services, 2, external business development, 3, new technology research and development, and 4, capital operation.State Grid e-commerce is a big data operator of State Grid. It grasps important data entries and has significant synergy with the company. Driven by the four major IT needs of the power industry, the company’s business is expected to start a new round of growth. The company ‘s business benefits from the growth of the four major IT needs in the medium and long-term prospects:The transaction model is expected to give birth to IT system construction space, and new distribution companies will increase the number of potential customers.2. Due to the domestic substitution in the context of trade friction, the company has the ability to achieve a comprehensive substitution.3. The new round of refined management construction expansion of State Grid, multi-dimensional refined management gradually promoted the continuous gains of the company’s management business.4. The ubiquitous electric power Internet of Things construction was fully launched. The company cooperated with the State Grid e-commerce company to penetrate from the application layer, the platform layer to the network layer, and the perception layer. The Group’s resource management system expands the company’s core competitiveness to customers outside the power grid. The company’s core competitiveness comes from 30 years of experience in serving power grid customers. It has the ability to serve the largest central enterprises in the country.Large, group customers.The company and the State Grid e-commerce company joined the Central Enterprise E-commerce Alliance to strengthen publicity efforts to external customers of the power grid. The group’s management business helps to benefit from the rapid growth of joint procurement by central enterprises. Investment suggestion We are optimistic about the company’s synergy effect after the entry of the State Grid e-commerce company. The company’s business is expected to benefit from the increase in downstream IT demand such as the ubiquitous electric power Internet of Things construction.It is estimated that the company’s net profit attributable to the parent in 2019-2021 will be 2.31, 2.94, 3.57 trillion, corresponding to EPS are 0.27, 0.35 and 0.42 yuan, the first coverage, given a “strong recommendation” rating. Risk reminder: The ubiquitous power IoT construction progress is less than expected, and the synergy effect with the State Grid e-commerce is less than expected
Yili Co. (600887) Company dynamic comment： Market share continues to increase and platformization strategy advances steadily
Yili Co. (600887) Company dynamic comment: Market share continues to increase and platformization strategy advances steadily
Revenue grew steadily, and market share continued to increase.
The average value of 1-3Q19 liquid milk and milk powder business was double-digit growth, of which the growth rate of basic white milk was double-digit.
Yili room temperature, milk powder market share continued to increase, 1-3Q19 market share was 38.
8%, 6.
3%, an increase of 2,0.
5 points.
At present, the per capita consumption of dairy products in third- and fourth-tier cities continues to increase; the average per capita consumption of dairy products in all tier cities has significantly increased under the consumption upgrade, and the dairy industry is still in the stage of volume and price improvement.
In the future, it will sink further through the company’s channels, the product structure will continue to be upgraded, and Yili’s revenue will continue to grow steadily.
Raw milk is still in the upward cycle. Yili has laid out ahead of schedule and has sufficient upstream milk sources.
The profitability of pastures has deteriorated for 15 years since the supply of raw milk, and cows have begun to reduce production capacity due to stricter environmental protection, and it usually takes about 2 years for dairy cows to fill stalls. The demand for dairy products has maintained a steady growth trend.
Under the weak balance of supply and demand, raw milk is in the growth cycle, and the upward cycle of raw milk is expected to continue until 2021.
Since 2H18, Yili has long-term strategic cooperation with medium and large-scale ranches for many years to ensure the supply of milk sources and a large accumulation of upstream milk sources.
Raw milk has a downward pressure on the gross profit margin, and the expense ratio may decline due to scale effects.
Under the upward cost, the company can ease the cost pressure through structural upgrades and reduce promotions. It is expected that the gross profit margin will remain under pressure next year.
Expected in 2019 under the effect of scale, the expense ratio will exceed slightly.
In 2020, the company will still need to spend on brand building such as the Winter Olympics; new products such as water and light milk drinks will still need to be promoted; new markets will still need to be expanded on expenses. It is expected that the amount of expenses in 2北京桑拿洗浴保健020 will still lead to expenses.Still high.
Steady advancement of platformization strategy, new business and new markets are still in the cultivation period.
The company is still steadily advancing diversification and development strategies: (1) Diversification strategy: launch of Ikehuoquan, Wei Kezi milk tea, Yiran, etc. gradually enter the mineral water, milk tea, milk mineral light drinks industry, of which IkehuoquanhuiPiloting in the north first; Wei Kezi milk tea is operated through the Liquid Milk Division.
At present, the preliminary construction of the Kangyin Division is completed, and the new business is still in the growth period, and may have some revenue contribution in the future.
(2) Strategic strategy: Westland has a trading platform, raw milk reserves, butter and cream and other high value-added products. The acquisition of Westland can synergize with Yili’s proprietary business; the ice cream business in the Southeast Asian market currently has two Thai brands, Chomthana and JOYDAY.In the future, the ice cream factory will be put into production, and it can gradually spread from Indonesia and Thailand to other neighboring countries.
The company continues to advance its platformization strategy, and its core competitiveness can be further enhanced in the future.
Profit forecast and investment advice: EPS is expected to be 1 in 19-21.
18, 1.
28, 1.
47 yuan, an increase of 11 in ten years.
4%, 8.
7%, 15.
3%, the PE corresponding to the latest closing price is 25, 23, 20 times.
Yili integrates its brand and channel advantages, continuously improves its market share, and further consolidates its leading position.
Considering that Yili’s diversified layout can be expected to become a major platform for healthy food, it is worthy of long-term layout, and it still gives a “recommended” rating.
Risk warning: the risk of rising raw material prices, food safety incidents.
Contemporary Mingcheng (600136)： 2022 World Progress and Expansion Company Benefits Sports Business Significantly
Contemporary Mingcheng (600136): 2022 World Progress and Expansion Company Benefits Sports Business Significantly
Event: FIFA discusses measures to expand the 2022 World Cup in an antique guide in Miami.
The expansion of the 2022 World Cup will benefit the development of the sports industry.
In an interview, FIFA President Gianni Infantino said that their respective feedback was more positive and the plan could be implemented.
I have always been happy, but especially today because we have made some important decisions.
We concluded that yes, as long as certain conditions are met, it is feasible to increase from 32 to 48 teams in the World Cup.
It is our responsibility to consider that 90% of people are in favour of fare increases, but this is not so easy.
We must analyze the issue carefully and we are working closely with Qatar.
“-Inventino said.
We believe that the Chinese national team and the Chinese sports industry are important beneficiaries of the expansion of the 2022 World Cup.
1) The FIFA score of 90% of the participants indicated that the internal variables of FIFA have been basically eliminated; 2) If the expansion plan is successfully implemented, the allocation of places in Asia will be 4
5 increased to 8.
5 (refer to the 2026 World Cup quota allocation plan), and the Chinese team currently ranks 8th in the Asian region, which is the most beneficial team.
3) With reference to Japan and South Korea, the history of the development of the sports industry in the United States (especially the football industry) has been significantly affected by the World Cup.
Basically for participation / match World Cup → unprecedented attention of the whole society → formation of sports soil → sports industry outbreak, the effect may be more significant in the context of already having a large range of fans in China.
Asia is an important football area, and companies are the ones that benefit the most.
At present, the rapid development of Asian football has become an indispensable emerging force in international football.
From the perspective of the World Cup quota allocation, FIFA’s understanding of the Asian region is self-evident (a quarter of the new quota is allocated to Asia).
We believe that the transformation of Asian football’s professionalization will continue to increase, and the enthusiasm of football in the whole society will gradually rise. Asian football will develop rapidly in the next 5-10 years.
Contemporary Mingcheng owns the exclusive global commercial rights of AFC in 2021-2028, including the highest level of football in the Asian region, and will fully enjoy the golden age of the development of Asian football.
Profit forecast and rating.
The company’s EPS for 2018-2020武汉夜网论坛 is expected to be 0.
40 yuan, 0.
61 yuan, 0.
77 yuan.
We continue to be bullish on the company’s future development and maintain a “Buy” rating.
Risk Warning: The risk of major changes in sports policy, the risk of business integration or lower than expected, the risk of event copyright acquisition or lower than expected, the risk of upward financing costs, and the risk of M & A project operation or lower than expected.
Hudian shares (002463)： 5G boom results continue to exceed expectations
Hudian shares (002463): 5G boom results continue to exceed expectations
Investment Highlights Performance Summary: The company achieved operating income in the first half of 201931.
2 ten percent, an annual increase of 26.
7%; net profit attributable to mother 4.
80,000 yuan, an increase of 143 in ten years.
4%.
The performance is in line with expectations, and the guidance for the third quarter exceeded expectations: actual results are reported in the interim report (4.
400-500 million), while forecasting the first three quarters of 800-900 million results, an increase of 109-135% over the same period, the third quarter profit.
2-4.
200 million, Q2 continued to improve.
The company’s Q2 revenue was 17.
6 billion, an annual increase of 35.
9%, a significant acceleration over the previous quarter, with a net profit of 3.
200 million, an annual increase of 150%, driven by strong demand for communications boards and an increase in the proportion of high-end products, gross profit margins have increased significantly. It is expected that 5G construction will accelerate, and revenue will continue to increase sequentially.
The demand for 杭州桑拿 communication boards is soaring, and 5G contributes to the improvement of gross profit margin: The company ‘s 4G communication boards continued to exceed the expected displacement due to substrate expansion, with revenue of 2.1 billion in 19H1, an annual increase of 36.
At 6%, the company adjusted its product structure as the production capacity approached full capacity. The proportion of high-end board expansion continued to increase. The acceleration of 5G migration in the first half of 19 increased the gross profit margin to 31.
9%.
At present, 5G is still in the initial stage of construction, and the corresponding communication board is expected to account for only 20%. The space for structural improvement can still be expanded, and the gross profit margin is still expected to increase.
The first-stage production capacity of Huangshi climbed smoothly. Through the introduction of equipment to make up for it, the monthly output value reached 100 million at the end of 19, and the long-term target reach2.
5 billion.
The Qingsong plant’s sewage discharge capacity was expanded, the capacity expansion was promoted to accelerate, and the monthly output value of long-term planning was reachable.
500 million, effectively meeting the strong demand for communication boards.
Auto plate demand is stable: 19H1 revenue6.
6 billion US dollars, a slight decline each year, gross profit margin of 24.
9%, increase by 1 every year.
9 points, mainly driven by the increase in the demand boom of market segments such as ADAS. At the same time, the company is actively exploring new energy vehicle customers. The Huangshi No. 2 Plant is expected to start production at the end of 19th, and gradually resume steady growth through the recovery of the automotive industry.
Management continued to improve, and the expense ratio decreased to increase profitability: the sales ratio / management expense ratio / financial expense ratio / research and development expenditure ratios in 19H1 were 3 respectively.
3% / 2.
1% / 0.
twenty four.
6% change every year (0.
6) / 0 / (0.
2) / 0.
1 percentage point, the improvement of the rate was mainly due to the improvement of the management of the new Huangshi plant and the increase in the utilization rate of capacity. In Q2, the net interest rate in the single quarter reached 18%, which was earlier in Q1.
A significant increase of 9%, a record high.
Earnings forecasts and investment advice.
Based on the strong demand for the company’s communications board and better-than-expected product structure improvement, the company’s performance forecast for 2019-2021 was raised, and its profit attributable to the mother was 12 in 19-21.
8 billion, 18.
200 million, 24.5 billion, corresponding to PE of 26x, 18x and 14x, with reference to comparable companies’ average 2020 estimates of 27 times, with a target price of 28.
62 yuan, raised to “Buy” rating.
Risk reminder: 5G construction progress is less than expected, the risk of large fluctuations in raw material prices, and the risk of capacity climbing progress is less than expected.
Changchun High-tech (000661) Jinsai Pharmaceutical maintains high-growth real estate business settlement significantly improved
Changchun High-tech (000661) Jinsai Pharmaceutical maintains high-growth real estate business settlement significantly improved
Core point of view: The company achieved net profit attributable to mothers in the first quarter of 20193.650,000 yuan, an increase of 73 in ten years.67% of the companies released the first quarter report of 19: In the first quarter, the company realized revenue of 17.75 ppm, a 72-year increase of 72.07%; net profit attributable to mother 3.650,000 yuan, an increase of 73 in ten years.67%, which is the upper limit of black performance forecast; deduct 苏州桑拿网 non-net profit3.580,000 yuan, an increase of 96 in ten years.93%; net cash flows from operating activities.180,000 yuan, a sharp increase of 398 before.31%, good business quality. The pharmaceutical business maintained rapid growth, the real estate business settlement income increased and increased, the company’s performance increased rapidly, and the expansion of the reorganized pharmaceutical business maintained a good growth trend. The first quarter revenue and net profit respectively increased.16%, 62.15%. Based on the company’s financial report calculations, we expect the core subsidiary Jinsai Pharmaceutical’s net profit to grow by about 60%, and the growth in the number of vaccine approvals issued by Baike Biotechnology will improve; gradually, the real estate development project settlement income will increase significantly.We expect the company’s real estate business to achieve nearly $ 300 million in revenue. Affected by changes in the income structure, the company’s gross profit margin increased and fell. The control of the expense ratio was well affected by the growth of the actual business settlement income with a low gross profit margin. In the first quarter, the overall gross profit margin of the company declined.53pp to 81.84%, net profit margin fell by 1 year-on-year.45pp to 28.96%.In terms of expense ratio, the company’s sales expenses increased by 45 in the first quarter.77%, sales expense ratio decreased by 6.31pp to 34.95%; the total administrative cost rate and the R & D cost rate decrease by 3 each year.45pp, of which the company’s R & D expenses increased for ten years in the first quarter.98%, R & D expense ratio is about 6.48%; financial expense ratio drops by 0 every year.3pp to -0.45%, the company’s expense expense rate is well controlled. The company intends to acquire 30% minority shares in Jinsai Pharmaceutical. The company’s development will enter a new historical stage. The company recently announced plans to issue shares and acquire 30% minority shares in Jinsai Pharmaceutical by means of convertible bonds.Specific investors raised funds for non-public offering of shares.We expect that the interest relationship between Jinsai ‘s core motherboard represented by Jin Lei and listed companies will be straightened out through share swaps and convertible bonds, and the company will enter a new stage of development. Earnings forecast and investment advice will not consider this restructuring plan for the time being. We estimate that the company’s net profit attributable to the mother in 2019-2021 will be 13.74/17.83/22.7 trillion, corresponding to the current market value of PE is 39X / 30X / 23X, maintaining a reasonable value of 290.88 yuan / share, corresponding to 36 times PE in 2019, give a buy 淡水桑拿网 rating. Risks indicate that the growth hormone market is not up to expectations; the progress of the product under development is not up to expectations; there is uncertainty about the asset reorganization of the acquisition of minority stakes in Jinsai
Yonghui Supermarket (601933)： The revenue is accelerating month-on-month, and the profit of Yunchao ‘s main business is growing steadily, and the performance is in line with expectations
Yonghui Supermarket (601933): The revenue is accelerating month-on-month, and the profit of Yunchao ‘s main business is growing steadily, and the performance is in line with expectations
Event: On October 29, the company released the third quarter report of 2019, announcing that it achieved operating income of 635 in Q1-Q3 2019.
43 ppm, an increase of 20 in ten years.
59%, net profit attributable to mother 15.
38 ppm, an increase of 51 in ten years.
14%, net profit deducted from non-mother 12 was achieved.
69 ppm, an increase of 45 in ten years.
81%.
In the third quarter alone, the company achieved operating income of 182 in Q3 2019.
95 ppm, an increase of 22 in ten years.
3%, realizing net profit attributable to mother 1.
69 ppm, an increase of 100 in ten years.
3%, realizing net profit deduction for non-attribution1.
5.9 billion, an increase of 140 in ten years.
0%, performance is in line with expectations.
Stores initially accelerated, the same store was stable, and revenue maintained rapid growth.
In 2019, the company’s long-term exhibition target is 150 (excluding the top 100 consolidated tables), and the previous year’s exhibition target has increased. In total, there were 34 stores in Q3 2019, and 80 stores in Q1-Q3 in 2019.There are 38 bravo stores, and the exhibition plan is planned to advance twice as scheduled in the report.
In terms of mini stores, there were 112 stores in 2019Q3, with an average area of 440 square meters. In addition, in 2019H1, there were 510 mini stores in the first three quarters.
The same store is still healthy. According to the company announcement, about 3% of the same store in the third quarter.
On the whole, the company’s 2019Q1-Q3 achieved operating income of 635.
430,000 yuan, 182 revenue in 2019Q3.
95 ppm; according to last year’s statement, the revenue growth of the 2019 Q1-Q3 cloud ultra segment (including mini and cloud business) increased by about 23.
9%, the revenue of Yunchao segment in Q3 2019 will increase by about 25 per year.
7%, maintaining a sequential increase in revenue growth.
In the third and third quarters, the gross profit margin increased, and the expense ratio improved due to the impact of Parkin ‘s. The mini-store incubation period had a slight breakthrough, and the main business profit was stable. In addition, the equity incentive fee continued to decline, and the apparent profit increased.
At the gross profit margin, the company’s gross profit growth in the first three quarters increased by zero.
1pct to 21.
9%. In terms of regions, except for the 7th and 10th districts, the gross profit margin of the main business in the remaining regions has declined, or it is related to the company’s initiative to adjust prices and product structure adjustments. From the perspective of the third quarter, the gross profit margin has decreased.Raise 0.
2pct to 22.
3%.
On the expense side, the company’s first three quarters of sales, management, and financial costs have been reduced by 0 every year.
2pct, decrease by 1.
4pct, boosted by 0.
3 points to 15.
7%, 2.
9%, 0.
4%, related to the same period last year, cloud creation, cloud business and other innovative businesses are still on the table; in the third quarter alone, the company’s sales, management, and financial expenses were increased to zero.
6pct, decrease by 1.
3pct, boosted by 0.3 points to 16.
7%, 3.
3%, 0.
4%, higher sales expense ratio in the third and third quarters, related to Guangzhou Baijia integration.
On the whole, the company’s main business profit is stable, and the growth rate of large stores is expected to be 15-20%. There is a slight replacement during the incubation period of the mini store.
Investment suggestion: The company starts with a differentiated positioning of fresh produce. The supply chain of more than 20 years of intensive cultivation has become the fourth leader in supermarkets.
At present, the company is seizing the advantages of dual-line integration in the industry, accelerating the advantages of concentration, and promoting the speed of Yunchao’s exhibition shops. It also follows the trend, promotes the integration of the same industry, and advances towards platformization.
In 18 years, affected by various factors such as the distribution of incentive fees, innovative business, and consumer 天津夜网 pressure in the second half of the year, the company ‘s expense ratio was at an all-time high. At the end of 18 and early 19 years, fresh food and Yunchuang successively promoted the advancement of light equipment.One or two mergers, the manager’s division of labor is clear or the cloud super efficiency is improved; focus on the development of small stores, if its replicability is verified, it may enrich the home business, promote a significant increase in the single district market share, key recommendations.
It is expected that the growth rate of cloud supercomplex in 2019-2021 will be 20-25%, and the EPS in 19-20 is expected to be 0.
23 yuan / share, 0.
29 yuan / share, corresponding to 30 times PE, 6-month target price of 10.
5 yuan, maintain “Buy-A rating”.
Risk reminders: 1) intensified regional competition; 都市夜网 2) new business development in lower-tier cities exceeds expectations; 3) small store business development is lower than expected; 7) CPI continued downside risks.
Huaxin Cement (600801)： Diversified Transformation Achieves Results, 19 Years Expected to Meet Steady Increase in Price
Huaxin Cement (600801): Diversified Transformation Achieves Results, 19 Years Expected to Meet Steady Increase in Price
Event: On March 30, 2019, the company released the 2018 annual report, and the company achieved operating income of 274 in the reporting period.
6.6 billion, an annual increase of 31.
48%; net profit attributable to shareholders of the listed company is 51.
81 trillion, an increase of 149 over the same period last year.
39%; budget benefit 3.
46 yuan, the company plans to pay dividends for every 10 shares11.
5 yuan and increased 4 shares.
Opinion: The cement sales volume is steadily increasing, and the aggregate market continues to expand.In 2018, the company sold cement and commodity clinker 7072 indicators, an annual growth rate of 3%; the sales of 1,450 aggregates replaced, an increase of 26%; the volume of environmental protection business disposal reached 214 microns, a year-on-year increase.18%.
In the second half of the year, cement market demand increased and cement sales increased. At the same time, affected by supply-side structural reforms, aggregate sales also increased significantly.
In terms of business, the cement, concrete, and aggregate businesses achieved revenue of 238 in 18 years.
8, 13.
5 and 8.
300 million, an increase of 28 each year.
9%, 43.
81% and 61.
11%, the aggregate market accelerated.
By quarter, Q4 achieved revenue of 84.
30,000 yuan, an annual increase of 28.
8%, achieving net profit attributable to mother 17.
700 million, an annual increase of 72.
20%, the single quarter profit hits another record high.
Comprehensive gross profit margin continued to increase to 39.
65%, the improvement of raw material procurement measures was attributed to the significant increase in the comprehensive sales price of products, the comprehensive gross profit margin of products in the reporting period was 39.
65%, an increase of 10 over the same period last year.
1 average, the largest increase over the years; net sales margin 20.
77%, 10 per year.
18 units.
In 2018, the company’s tonnage of cement and clinker was 337.
7 yuan, the cost of 201 tons.
0 yuan, gross profit 136 tons.
7 yuan, 68 each year.
1, 10.
7 and 57.
8 yuan.
In addition to rising prices, effective cost control is an important reason for the improvement in gross profit margin. Within 18 years, the company has promoted the reform of “uniform purchase + online purchase”, centralized the purchase of raw materials and reduced production costs.
Accelerating the pace of transformation, the layout of diversified business companies completed the acquisition of 100% equity of Chongqing Lafarge Shui On Tower Cement Co., Ltd., and the Tibet Shannan and Xigaze projects were completed and put into operation.
In terms of aggregate business, Tibet, Yunnan and Yunnan Honghe projects have been completed and put into operation. Sichuan Qu County, Chenzhou, Hunan, Changyang, Hubei, Jinghong and Lincang, Yunnan, have a total annual production capacity of 1,300 aggregate projects.
In terms of environmental protection business, the environmental protection projects of Wuhan Changshankou and Shiyan domestic waste pre-treatment were transferred and operated during the year; the industrial hazardous waste business achieved a breakthrough, and until now the disposal capacity of industrial hazardous waste environmental impact assessment approval has reached 21 years.In terms of new materials business, the new year’s production is 1.
2 billion comprehensive environmental protection wall materials project was completed and put into operation; the company’s first annual output of 5 advanced, automated leak-proof and energy-saving special mortar factories was put into operation; innovative products such as ultra-high-strength concrete made breakthroughs in overseas sales and successfully replaced Hong Kong-Zhuhai-MacaoBridges and other projects.
Benefiting from the shortcomings of western infrastructure construction, the demand 杭州夜网论坛 side in 19 years is expected to increase to the end of 2018.The company has 9 provinces and cities in Hubei, Hunan, Yunnan, Sichuan, Guizhou, Guangdong, Henan, Chongqing, Tibet and overseas Tajikistan. Cambodia has recovered nearly 200A total of nearly 100 million tons / year of cement production capacity, 23.3 million cubic meters / year of commercial concrete, 2,500 tons / year of aggregate, and comprehensive environmental protection wall materials1.
2 billion pieces / year, the total production capacity of cement equipment is 5 tons / year, mortar is 5 tons / year, cement packaging bags are 500 million pieces / year, and emissions disposal is 550 tons / year (including under construction).
The important direction of the infrastructure repairing the shortcomings is the transportation supplementing of the western region. As the Southwest cement leader, the company helps determine the benefits. We expect the company’s 19th year sales growth to improve on the basis of 3% in 18 years to promote re-buyingWe estimate that the company’s operating income will be 296 from 2019 to 2021.
0 billion, 312.
200 million, 325.
1 ppm, an increase of 7 each year.
8%, 5.
5%, 4.
1%; net profit attributable to mothers is 56.
200 million, 57.
700 million, 59.
700 million, an increase of 8 each year.
4%, 2.
8%, 3.
4%.
The EPS is expected to be 3 in 2019-2021.
75 yuan / share, 3.
85 yuan / share and 3.
99 yuan / share, corresponding PE is 6/6 / 6x.
The company’s dividend payout ratio reaches 30%, and the current dividend yield is about 4.
8%, we think that the demand side is likely to rise this year, prices are expected to remain high, and cement stocks have room to repair, renamed as “Buy” rating.
Risks suggest that the cement market needs to reduce risks; the risk of rising costs; and the risk of reducing new business development.
Northern Huachuang (002371)： Revenue growth rate short-term temporary company’s future growth is still expected
Northern Huachuang (002371): Revenue growth rate short-term temporary company’s future growth is still expected
Event: The company released its semi-annual report for 2019 and achieved operating income16.
55 ppm, an 18-year increase.
63%, net profit is 1.
29 ppm, an increase of ten years8.
03%.
Comment: The LED business has led to a rapid increase in revenue growth, and the company’s future growth is still expected to achieve revenue in 2019H116.
55 ppm, an 18-year increase.
63%.
In a single quarter, the company’s 2019Q2 revenue was 9.
47 ppm, an increase of 11 years.
07%, compared with 30 in 2019Q1.
51% improved.
2019 H1 company’s electronic process equipment business income12.
470,000 yuan, an increase of 17 in ten years.
13%.
The company’s etching machines, PVD, CVD, vertical furnaces, cleaning machines and other semiconductor process equipment have entered batches of domestic 8-inch and 12-inch integrated circuit memory chips, logic chips and specialty chip production lines, and some products have entered world-class chip production lines and advancedPackaging production line.
Affected by the prosperity of the domestic photovoltaic industry, photovoltaic cell process equipment and single crystal furnace business increased; the development trend of the LED industry, the company’s LED equipment business growth was less than expected; the company’s other pan-semiconductor application business and vacuum heat treatment business maintained overallStable development.
Electronic 南京桑拿网 components business income 3.
98 ppm, an increase of 22 in ten years.
49%, mainly due to the increase in downstream demand and the company’s increased promotion of new products.
The company’s inventory increased significantly, and the inventory at the end of 2019H1 was 37.
440,000 yuan, an increase of 57 in ten years.
58%; of which inventory is 19.
82 ppm, an increase of 75 in ten years.
55%.
The company is a domestic semiconductor equipment leader, and the inventory products are mainly equipment for online verification of downstream customers’ wafer fab production, indicating that the company has a large number of orders in hand, and future order resale will become the driving force for the company’s growth.
In the long run, through the transfer of semiconductor manufacturing to the interior, a large number of domestic new wafer fabs have strong demand for semiconductor equipment. Under the trend of domestic substitution, the company’s product research and development has progressed smoothly and there is a lot of room for future growth.
Earnings forecast and investment rating: We maintain the company’s EPS for 2019-2021 to 0.
89, 1.
37, 1.
83 yuan forecast, the current expected corresponding PE estimates are 66, 43, 32, respectively, maintaining the “Buy” rating.
Risk Warning: Risks of failure to increase, industry risks, and technical risks in the equipment field.
Shanxi Fen Liquor (600809)： Take the reform as a fulcrum and go further
Shanxi Fen Liquor (600809): Take the reform as a fulcrum and go further
By reforming to promote the upgrading of energy, we can go a step further.
Fenjiu has become a brand of great revival, product quality and public foundation. After replacing the leading position in the liquor industry for six consecutive years 都市夜网 from 1988 to 1993, due to strategic choice and external environment, it has undergone high-end reform in 2002/2008 marketing system remodelingReforms: In 2017, there were three reforms in the mixed reform of state-owned enterprises, which realized the upgrading of kinetic energy under historical conditions.
After the completion of the state-owned enterprise mixed reform in 2019, the company dated China Resources’ war investment and implemented distribution incentives, trying to take the reform as a fulcrum, continue to go further, and achieve the great goal of the rejuvenation of Fenjiu.
After the product strategy “grasping the middle of the two heads” to drive growth, the future will focus on blue and white to improve the quality of growth.
At present, the liquor industry is experiencing squeezed growth characteristics, product 北京夜生活 structure is upgraded, high-end and sub-high-end demand are rapidly growing, the mid-range wine market is stable, and the low-grade wine bottle wine has maintained a rapid growth rate.
In response to the current situation, the company has gradually promoted the strategy of “grasping the middle of the two belts” since 2017. Blue and white and Bfen have achieved rapid growth in recent years.
Standing on the basis of 10 billion, the company will focus on blue and white in the future to improve growth quality and brand height, and maintain the overall size of Bfen stable.
With the upward optimization of the product structure, the company’s profitability will continue to increase.
The market layout has deepened nationalization, and the market south of the Yangtze River has rebuilt growth poles.
In 2016, the province’s market achieved comprehensive coverage of more than 1,100 townships and towns, laying a solid foundation.
The market around Shanxi has grown rapidly in recent years, and regions such as Luyu have entered the stage of refined operation, but the overall scale is still small, and there is still room for transformation and development.
In the strategic market, the company clearly put forward the East China strategy of “crossing the Yangtze River, breaking East China, and occupying Shanghai”. The three small sections create key urban agglomerations. The market south of the Yangtze River strives to achieve an average annual growth rate of 50% in the next three years, creating another growth pole.
The reform of the marketing system and mechanism has promoted the steady improvement of marketing capabilities.
In terms of marketing capacity building, the company established a market-oriented assessment mechanism, continuously promoted the mixed reform of marketing companies, actively innovated marketing models, attached importance to brand marketing collaboration, refined cost control, and steadily improved marketing capabilities.
Profit forecast and investment suggestions: It is expected that the company’s net profit attributable to the parent in 2019/2020/2021 will be 20 respectively.
65 billion / 28.
2.8 billion / 34.
070000 yuan, corresponding to the current PE of 39X / 28X / 23X, maintaining the “buy” level.
Risk warning: food safety issues; increased competition in the industry.
Keshida (002518)： Improved gross profit margin boosted performance 3Q19 performance slightly exceeded our expectations
Keshida (002518): Improved gross profit margin boosted performance 失败:重查 3Q19 performance slightly exceeded our expectations
Performance review maintains outperforming 3Q19 performance in the industry, slightly exceeding our expected 1-3Q19 results announced by the company: Revenue 16.420,000 yuan, at least -8.8%; net profit attributable to mother 2.3 ‰, +3 a year.7%, deducting non-net profit 2.2.6 billion, an increase of 12.12%.3Q19 revenue was 6.43 trillion, with an increase of 0.4%, net profit 1.07 billion, an increase of 57%.The company’s gross profit margin was 36 in 3Q19.9% (excluding taxes and surcharges), surpassing the increase of 8.3ppt, driving profit slightly beyond our expectations. Development Trends Photovoltaic installations are picking up, gross margins are picking up, exports continue to be strong, and quarterly profits are improving significantly.2H18 is affected by the photovoltaic 531 policy. Inverter manufacturers are competing at low prices under vicious installation, and the company’s inverter gross margin is only 20.5%.Since 2019, the photovoltaic industry has returned to orderly competition, and the gross profit margin of 1H19 inverters has rebounded to 35%.In addition, 1H19’s overseas business accounted for more than half of its revenue, a significant increase from last year, and its structure continued to improve.We believe that in 3Q19, with a rebound in domestic prosperity and strong overseas demand, gross profit margin increased steadily from the previous quarter, pushing the quarterly gross profit margin to 36.9%, an increase of 8.3ppt, driving profit growth. We expect 4Q19 photovoltaic installations to be highly prosperous, and the inverter business is expected to continue to grow rapidly. CICC Power New Energy Group predicts that China ‘s new installed capacity will be 35GW in 19 years. Under the total installed capacity of 15GW from January to August 2019, it is expected that 4Q19 will usher in the peak of photovoltaic grid-connected installations. We expect the gross margin to remain stable and invertersBusiness 4Q19 can maintain high growth. We expect the UPS business to remain robust and the charging pile business to be replaced by industry and litigation. We believe that the company’s UPS business in 3Q19 can maintain a growth rate of 10% + growth rate in 1H19. At the same time, the decline in data center accessories business such as supporting products has narrowed or increased, and the gross profit margin has remained stable compared to the previous quarter.steady.In addition, the lawsuit concerning the Yufu incident on the charging pile has not yet ended, and the termination was 1H19, there were 2.50,000 charging modules may be returned, which will have a certain impact on the revenue of the charging business, but considering that the company has accrued the full amount of bad debts in 2018 based on the balance of Yufu’s receivables assets, we believe that this yearThe subsequent impairment impact of the Yufu incident will be largely limited. Earnings Forecast and Evaluation We fine-tune the revenue from 2019 to 2020 to 26.54/32.23 ppm (-3% /-6%), increase product gross margin and expense ratio for a certain period of time, maintaining 3/3 in 2019-2020.The profit forecast of 7.9 billion US dollars remains unchanged, currently reaching 2019 / 2020e 18 / 14x P / E. Considering the profitability repair of the inverter business, photovoltaic 4Q19 is expected to usher in high installed capacity and improve performance certainty. We raise our target price by 9.5% to 11.5 yuan, corresponding to 22 / 18x P / E for 2019/2020, there is 22.Upside of 6%, maintain Outperform rating. The installation of risk photovoltaic 4Q19 was less than expected, and the charging pile litigation incident brought an additional large amount of accrual.