Jiayuan Technology (688388)： 6MM lithium battery copper foil faucet benefits high industry boom

Jiayuan Technology (688388): 6MM lithium battery copper foil faucet benefits high industry boom

The company is an important 深圳桑拿网 supplier of domestic lithium battery copper foil: Jiayuan Technology is mainly engaged in the production and sales of lithium battery copper foil.

53 billion (+103 compared to the same period last year).

68%), achieving net profit attributable to mother 1.

7.6 billion yuan (+107 compared to the same period last year).

1%).

The high growth of 2018 results mainly benefited from the volume of 6μm lithium battery copper foil.

The company is one of the few domestic enterprises that can achieve mass production of 6μm products. This product has greater and higher profitability (gross margin of 39% in 2018). Its main customer is CATL.

Thinner and lighter is the future trend. The penetration of 6μm copper foil in the power field is accelerating. The thinner and thinner copper foil follows the trend of high energy density 杭州桑拿 of batteries, while reducing consumption can achieve cost reduction.

CATL started the 6μm copper foil switching as early as 2018 and has achieved a penetration rate of more than 90%. BYD, Guoxuan Hi-Tech and other domestic battery manufacturers are actively dating 6μm copper foil, and the domestic 6μm copper foil penetration rate is expected to increase to more than 55%.

Overseas, such as LG, SK has started to use 6μm in small batches, and it is expected that it will be a large-scale switching window period in the next 2-3 years.

The supply and release of 6μm copper foil is blocked, and there may be a periodical shortage in 2020: the production expansion cycle is as long as 2-3 years, so the supply side discharge volume is slow.

We expect the supply and demand gaps to be -0 in 2020-2021.

7,, + 0.

Two.

The company’s long-term cooperation power leader and new technology continue to advance: the company’s top five customers include CATL, ATL, BYD, Funeng, Xingheng Power.

With the exception of Funeng, the cooperation time has exceeded 8 years.

Among them, the company ‘s 6μm copper foil purchase of similar products in CATL accounted for 60%, expanding the proportion; cooperation with BYD has begun since its establishment.

In addition, the company is currently actively in reserve4.

5μm, 5μm ultra-thin copper foil to continuously maintain product competitiveness.

Investment suggestions: We expect the company’s attributable net profit growth rate to be 87%, 32%, and 42% in 2019-2021; the corresponding EPS is 1.

43,1.

88, 2.

66 yuan.

Currently corresponding to 39 times price-earnings ratio in 2020, maintain Buy-A rating.

Risk warning: New energy vehicle sales are lower than expected, upstream raw material prices fluctuate, new technology development risks, and relatively concentrated customers.

Yuanzu Shares (603886) 2019 Interim Report： Results Meet Expectations Steady Expansion of Stores

Yuanzu Shares (603886) 2019 Interim Report: Results Meet Expectations Steady Expansion of Stores

Performance was in line with expectations, and price increases drove gross profit margins for 2019H1 revenue8.

3.3 billion (+15.

24%), net profit attributable to mother 0.

36 billion (+36.

13%), of which 19Q2 revenue was 4.

92 billion (+10.

03%), net profit attributable to mother 0.

4.2 billion (-20.

96%), performance growth fluctuates, and performance is in line with expectations.

19H1 gross profit margin 64.

28% (+2.

78pcts), with a gross profit margin of 63 in 19Q2.

59% (+1.

49pcts), mainly due to the company’s April price increase for cakes and fruit gift boxes.

19H1 net profit 4.

40% (+0.

82pcts), of which 19Q2 net interest rate is 8.

61% (-2.

85 pcts), mainly due to the increase in gross profit margin and the decrease in management expense ratio1.

07pct, taxes and surcharges dropped by 0.

33pcts, the sales expense ratio rose by 0.

55pcs and so on.

2019H1 operating cash flow 0.

7.9 billion (-39.

78 %%), which was mainly due to the increase in material payment and labor cost paid during the Mid-Autumn Festival.

2019H1 advance payment 0.

4.2 billion, an increase of 19.

92%, mainly due to the increase in advance payment of materials for the Mid-Autumn Festival.

2019H1 inventory 0.

5.5 billion, an increase of 46.
.

38%, mainly due to the increase in stocking of materials for Mid-Autumn Festival.

The proportion of direct sales is stable, and the stores are steadily expanding. From the product point of view, the company’s main business is outstanding, and the cake’s 2019H1 revenue is 2.

8.3 billion (+8.

48%), the growth rate due to price increases in the second quarter has improved, and normal growth is expected to resume in the fourth quarter; Chinese and Western-style confectionery revenue in 2019H14.

6.5 billion (+14.

06%), fruit 2019H1 revenue is 0.

3.7 billion (+14.
98%), both maintained steady growth.
From the perspective of channels, the company’s direct sales accounted for more than 88%, and its 2019 H1 revenue was 7.

2.0 billion (+11.

58%).

From a regional perspective, the company’s revenue is basically from mainland China, and its 2019H1 revenue is 7.

9.3 billion (+11.

77%).

In terms of stores, the company’s stores increased from 631 in 2018 to 642 in 2019H1, a net increase of 11 stores.

We expect the company’s stores to exceed 650 in 2019.

Increasing performance such as price increases, both 都市夜网 online and offline into the second half of the year, we believe the company will continue to benefit from: 1) price increases for cakes and fruit gift boxes; 2) carry-over income from sleep cards; 3) peak season for moon cake sales (generally single three) Quarterly revenue accounts for about 40% and profits account for about 90%).

The company’s performance in the second half of the year is generally better than that in the first half. The company has adjusted product structure and strategic layout to reduce changes in earnings performance.

Offline channels, opening up channel networks in first- and second-tier cities, steadily and meticulously operating; online channels, using self-built official websites, micro malls, various e-commerce platforms to conduct customer drainage, online transactions, strengthen effective management 杭州夜网论坛 of stores, and achieve onlineUp and down integration.

The investment proposal maintains EPS 1 for 2019-2021.

21/1.

43/1.

67 yuan, corresponding to PE18 / 15/13, maintain “Buy” rating.

Risk warnings on food safety issues; growth of raw materials; lower-than-expected price increases for core products;

Blu-ray Development (600466)： Performance continues to grow at high levels

Blu-ray Development (600466): Performance continues to grow at high levels
Investment Highlights The company has entered a period of accelerated release of performance. The 2019H performance is expected to grow by approximately 101% per year.The company announced that it expects that the company’s net profit attributable to mothers in the first half of 2019 will increase by approximately 62,511 million and approximately 101% over the same period last year.The non-recurring gains and losses attributable to shareholders of the listed company will increase by approximately 59,012 million and approximately 98% from the same period last year.The performance growth in the first half of 2019 is initially translated into high growth in the company’s sales in 17 and 18, and the company’s carry-over scale has increased. The company has entered into a period of performance release. As of Q1 2019, the company’s pre-collection account size was 563.700 million, we believe that the company has abundant settlement resources and the fair incentive performance target will be successfully achieved.　　Land acquisition has not decreased, the equity ratio has increased, and the average floor price has increased.In the first half of 2019, the company added 32 new projects, with a much more even land distribution, further expanding the proportion of soil reserves in the new frontline, new second line, and strong third line in East China and South China, and increasing the total land occupation 263.A general-purpose site, with an annual growth rate of 25%, with an added capacity of 506.One GM, with an annual growth rate of 19%, and an added equity building area of 382.5 Ordinary people, the actual increase was 40%, and the equity ratio was 76%, which was 12 exchanges higher than the 64% equity of land acquisition in the same period last year.At the same time, the total land price of the company in the first half of the year was 184.60,000 yuan, a significant increase of 81% previously, the equity land price was 145.100 million US dollars, previously a substantial increase of 104%, with an average floor price of 3647.6 yuan / square meter, an increase of 51 in ten years.7%.　　The strategy of “going eastward and going southward” has deepened the nationwide layout. The sales proportion in central and eastern China is expected to increase significantly.　　According to data from Kerer, the company’s H1 sales in 2019 reached 48.3 billion U.S. dollars, an increase of 10%, and its sales area reached 5.29 million square meters, an increase of 11%. We expect the company’s size to be between 100-120 billion.According to the data disclosed by the company’s first quarterly report, the Q1 company’s sales share in 北京spa会所 Chengdu area significantly decreased in 2019, while the sales share in Central China and East China increased from 18% and 20% in 2018 to 24% and 29%, respectively.In the first quarter of 2019, the company’s sales share in Chengdu and East China reached the same level, and the nationwide equilibrium layout of going eastward and southward can be broken.According to the start-up data disclosed in the first quarter report of 2019, the start-up area in the Chengdu region accounted for 38% of the total area in 2018, and fell to 10% in 2019.　　The newly started areas in Central China, Yunnan and Chongqing, and Beijing increased from 25%, 10%, and 6% in 2018 to 30%, 17%, and 31% in the first quarter of 2019, respectively.　　Earnings forecasts and investment advice.The EPS for 2019-2021 is expected to be 1.16 yuan, 1.80 yuan, 2.31 深圳桑拿按摩 yuan.Considering the company as the target of high growth and high quality, the company is given a 7x valuation in 2019, corresponding to a target price of 8.14 yuan, maintain “Buy” rating.　　Risk warning: Property sales recovery is less than expected, regional division policies are continuously upgraded, and financing is continuously tightened.

Sinopec (600028)： Steady growth in oil and gas production in 2019

Sinopec (600028): Steady growth in oil and gas production in 2019

Oil and gas equivalent output increased slightly.

In 2019, the company achieved an oil and gas equivalent output of 458.

85 million barrels, an increase of ten years.

64%; of which natural gas production is 296.

7.4 billion cubic meters, an increase of 7 in ten years.

21%, which will boost the company ‘s oil and gas equivalent output.

The proportion of natural gas production in oil and gas equivalent production has increased year by year.

The company’s natural gas production in 2019 is 296.

7.4 billion cubic meters, accounting for 38% of oil and gas equivalent crops.

06%.

In recent years, the proportion of natural gas in oil and gas equivalent production has continued to increase, from 25 in 2015.

95% increased to 38 in 2019.

06%.

The volume of crude oil processed increased, and the diesel-to-gas ratio decreased.

As the world’s and domestic largest crude oil processing company, Sinopec’s crude oil processing capacity in 20192.

48.5 billion tons, an increase of 10 years.

85%.

In 2019, the company’s diesel output 6606 stepped in, surpassing growth2.

07%; the growth rate of gasoline production is 6277, with an annual increase of 2.

63%.

The company’s diesel-to-gas ratio dropped further to 1.

05: 1 (The diesel-to-gas ratio in 2017 is 1.

17: 1).

The output of chemical products 无锡桑拿网 increased steadily.

The steady increase in the processing volume of crude oil has led to an increase in the output of refined oil products and an increase in the output of chemical products.

In 2019, the company’s ethylene production reached 1,249.

3 For the first time, it breaks through 1,200 Euros for the first time and grows 8 per year.

52%.

In addition, the company’s output of synthetic resin, synthetic fiber, synthetic rubber and other products also increased to varying degrees.

Refined oil sales continued to grow steadily.

In 2019, the company’s total refined oil sales volume reached 1.

8.4 billion tons, an increase of 2 in ten years.

34%; of which retail volume is 1.

2.3 billion tons, an increase of 0 in ten years.

74%, direct sales and wholesale 0.

6.2 billion tons, an annual increase of 5.

63%.

Profit forecast and investment rating.We expect the company’s EPS for 2019-2021 to be 0.

49, 0.

50, 0.

51 yuan, 6 BPS in 2019.

06 yuan.

Based on the estimated level of the international petrochemical company, a reasonable value range of 5 will be given in accordance with EPS in 2019 and 12-14 times PE.

88-6.

86 yuan (corresponding to 2019 PB 1).

0-1.

1x), maintain the investment rating of “previous market”

risk warning.

Crude oil prices fell and petrochemical product spreads fell.

China Unicom (600050) quarterly report review 2019： rapid profit growth officially entered the 5G era

China Unicom (600050) quarterly report review 2019: rapid profit growth officially entered the 5G era

I. Overview of the event The company released the first quarter report of 2019: the company achieved revenue of 731 in 2018.

4.7 billion, a decline of 2 every year.

39%; net profit attributable to mother 16.

25 ppm, an increase of 24 in ten years.

8%.

Second, the performance of analysis and judgment has grown rapidly, and the gross profit margin has improved significantly in the first quarter of 2019. The company continued to deepen the implementation of the centralized innovation and cooperation strategy, actively promoted Internet-based operations, and comprehensively deepened the reform of mixed ownership.

Affected by the speed-up and fee reduction and the intensified market competition, the company’s overall revenue declined slightly, but its main business continued to grow.

The company’s gross profit margin in the first quarter was 28.

65%, an increase of 2 a year.

2%, the cost control effect is remarkable, and the net profit is growing rapidly.

Industrial Internet revenue has grown rapidly, and innovative businesses have achieved results. In the first quarter of 2019, the number of mobile 南京夜网 billing users increased by 8.1 million, reaching 3.

2.3 billion households; of which 4G users had a net increase of 10.52 million households to 2.

3 billion households.

The mobile payment user ARPU is RMB 41.

2 yuan, a decrease from the same period last year.

Revenue from mobile main business decreased by 5 compared with the same period last year.

2% to RMB 393.

7.3 billion.

There was a net increase of 1.51 million fixed-line broadband subscribers to 82.39 million, and fixed-line broadband reception revenue was RMB103.

3.2 billion.

Thanks to the rapid growth of innovative business, fixed-line main business income reached RMB269.

19 ppm, an increase of 9 over the same period last year.

4%.

In the first quarter of 2019, revenue from the main business of Industrial Internet was RMB 86.

61 ppm, an increase of 47 over the same period last year.

4%, continued to maintain rapid growth.

Capital expenditure increased, officially entering the 5G era. The company’s capital expenditure in 2019 has increased from last year. It is estimated that the expenditure will be 58 billion US dollars, an increase of 30%, of which 5G investment will be 6-8 billion US dollars.

In the first quarter, the company tendered more than 400,000 stations for 4G base stations to increase the coverage area and prepare for 5G construction.

In addition, the company’s Global Industry Chain Partner Conference today announced that it will open 5G trial networks in 40 cities and officially release the 5G brand “5G?

“It marks a formal entry into the 5G era.

Third, the profit forecast and investment recommendations are currently strengthened, and the company is expected to continue to strengthen its licensing expectations. It is optimistic about the company’s deepening reforms, continuous innovation in strategic development directions, and cloud computing and the increase in business value added by the Internet of Things.

It is expected that EPS for 2019-2021 will be 0.

19, 0.

26 and 0.

33 yuan, the corresponding PE is 37 times, 27 times and 21 times.

The company’s lowest PE in the past three years is 26 times.

Maintain the “Recommended” level.

4. Risk warning: New business development is below expectations; mixed reforms are below expectations.

Guiyan Platinum (600459)： Promising future for fuel cell catalysts

Guiyan Platinum (600459): Promising future for fuel cell catalysts
The company has established a complete precious metal industry chain system for precious metal special functional materials and alternative catalysts, and renewable resource materials are the company’s main profit point.The company’s main business includes three major sectors of precious metal new material manufacturing, precious metal resource recycling and precious metal business and trade. Among them, the raw materials required for precious metal material manufacturing replace commercial trade and resource recycling. The three businesses form a complete closed loop.　　The company and Johnson Matthey, Heraeus, and Tanaka International are the few companies that can cover the three major sectors and form a complete industrial chain.According to the company’s 2018 annual report, the company’s main gross profit was contributed by precious metal products and renewable resource materials.Among them, precious metal products contributed 65% of the total gross profit, mainly due to precious metal special functional materials and synthetic catalysts, which contributed most of the profits.　　The beneficiary country six new standards will help the catalyst business to achieve thicker profits and follow the Ministry of Environmental Protection’s time planning. The implementation of the country six standards will be implemented in two phases. The first phase is to popularize the country six standard A in July 2020.The phase is the Universal National Six B Standard in 2023.At present, the implementation time of National Six A Standard is ahead of schedule, and car manufacturers and catalyst manufacturers have started 杭州桑拿 to prepare goods in advance.In order to meet the technical upgrading requirements of Guo VI catalyst products and solve the shortage of existing capacity, Guiyan Catalytic, a subsidiary of the company, plans to invest in the construction of the “National Six Upgrade and Transformation Project of Investment Catalyst Production Lines” on the basis of the reorganization of the No. 1 production line. It is expected to start production in December 2020.Benefiting from the improvement of the new emission standards, it will lead to an increase in the use of platinum-group metals in bicycles, the expansion of production capacity of overlapping companies, and the two-way promotion of the company’s ability to gradually reach the profitability of the catalyst sector.　　The price of pallets has soared, and the secondary resource recovery project has directly benefited from the impact of the National Six Standards. The supply and demand of pallet gold has replaced demand.The company’s wholly-owned subsidiary Yimen Resources Precious Metals Recovery Project contains it.5 tons of palladium, 1.The price of 4 tons of platinum and palladium has repeatedly hit record highs, and secondary resource recovery projects have directly benefited.　　The hydrogen fuel cell has a bright future, and the company’s related technology reserves are worthy of attention. GM countries are developing hydrogen fuel cell vehicles. According to the plan, by 2020, the application of hydrogen fuel cell vehicles for special vehicles will appear. By 2030, passenger cars will start to be promoted.To the global market.Large car companies are trying to launch fuel cell vehicles. For example, Honda launched Clarity, Toyota launched Mirai, and Ford launched Mustang.Some overseas catalyst companies such as British Johnson Matthey and Japanese Tanaka have been able to mass-produce fuel cell catalysts.Domestically, Guiyan Platinum now also has fuel cell catalyst-related technologies, which are currently in the laboratory stage.In the future, once fuel cell vehicles are promoted on a large scale, the company will take the lead to benefit.　　Investment recommendations are expected to be 0 for the company in 2019-2021.52 yuan, 0.63 yuan and 0.72 yuan, corresponding to the current sustainable PE is 32.6 times, 26.9 times and 23.5 times. Considering the company’s industry level and future growth, the company is given a “Buy” rating with a 6-month target price of 22 yuan.

Wuliangye (000858)： Product + channel reform promotes return of company value

Wuliangye (000858): Product + channel reform promotes return of company value

Product-side and channel-side reforms have taken a two-pronged approach to promote the company’s return to value. Since the year, the company has comprehensively upgraded its core products, including five, and eliminated the duplication of series of wine products to achieve focus.Reshape the product price system for the company, enhance the brand power of Wuliangye, and help the company return to value.

We are optimistic about the drastic reforms made by emerging companies on the product side and channel side. In the future, the company’s performance will strive to maintain rapid growth. We expect the company’s EPS to be 4 in 2019-2021.

58 yuan, 5.

84 yuan and 7.

14 yuan, maintain “Buy” rating.

　　Product reform: The core products have been comprehensively upgraded, and the series of wines have achieved key points. On May 20, 2019, the seventh-generation classic Wuliangye has been offline for 16 years, and the eighth-generation classic Wuliangye has been officially put into production.

The scarcity attribute brought by the suspension of the seventh-generation and fifth-generation production, and the investment attribute helped the price of old packaging products stabilize and rebound.

The eighth-generation classic Wuliangye upgraded the quality, packaging, and anti-counterfeiting three-fold. The comprehensive upgrade of the product promoted the product power and enhanced the pricing power of the product. The terminal retail price also stood firm in the thousand-dollar price band. The “Double 11” liquor sales in 2019Wuliangye’s top spot in the category list can also reflect consumers’ welcome to new products.

In the series of wines, the company has stepped up efforts to clean up and is committed to brand slimming.

At present, the company 厦门夜网 has formed a clear product strategy of Wuliangye’s “1 + 3” brand strategy and a series of wines “4 + 4”.

　　Channel reform: launch a new distribution control model, increase channel profits and increase Wuliangye’s “control distribution” marketing model in 2019, providing big data support for accurate identification of consumer groups, channel maintenance, and business decisions.—Merchant’s out-of-warehouse scanning code—Terminal in-store scanning code—Consumer purchase of scanning code inside code ”implements a layer-by-layer code scanning mechanism throughout the process, which complements the company’s shortcomings in the channel.

Grain Wuliangye’s large-scale business model has caused some distributors to have a disproportionate weight and often experience channeling. The price of Wuliangye products even occasionally appears upside down, disrupting channel pricing rules 杭州桑拿 and disrupting channel profits, thus hurting dealer confidence.

The strict pricing rules of the eighth generation of Wuliangye and the restructuring of the distribution and control of profit distribution have eliminated the problem of dealer channelling and the profitability of all aspects of the product sales channel to ensure the profitability of Wuliangye distributors.

　　Optimistic about the income and profit flexibility brought by the launch of new products, maintaining the successful purchase of the eighth-generation classic Wuliangye with a “Buy” rating will help the company reshape the product price system and enhance the brand strength of Wuliangye.Fast growth.
What do we expect Wuliangye 2019?
In 2021, sales revenue will be 506.

4.9 billion, 614.

7.2 billion and 735.

810,000 yuan, an increase of 27%, 21% and 20% each year; EPS is 4 respectively.

58 yuan, 5.

84 yuan and 7.

14 yuan, an increase of 33%, 28% and 22% each year.

In 2020, the average PE of comparable companies is 30 times.
33 times PE estimates, the target price range is 175.

20 yuan?
192.

72 yuan, maintain “Buy” rating.

　　Risk warning: industry competition is intensifying, macroeconomic performance exceeds expectations, and food safety issues.

Estun (002747)： Cooperate with major shareholders to build acquisition platforms to accelerate development

Estun (002747): Cooperate with major shareholders to build acquisition platforms to accelerate development

Estun issued an announcement that in order to accelerate the implementation of the outreach development strategy and build a platform company for acquisition, Estun intends to cooperate with controlling shareholder Perest (holding Estun).

5% equity) In the next year, gradually increase investment in Dingpai Mechanical and Electrical Co.1 in cash.

4.9 billion.

After the completion of this transaction, Dingpai’s registered capital will reach 1.

49 trillion, of which Estun Automation subscribed for a capital contribution of 59.6 million yuan, holding a 40% stake in Dingpai Mechanical and Electrical; Prest subscribes for a contribution of 89.4 million yuan, holding a 60% equity in Dingpai Mechanical and Electrical.

Through Dingpai, the two parties will seek out outstanding companies with synergistic effects on the two core businesses of Estun Automation, international advanced technology, and performance support for acquisitions and mergers, and support Estun’s long-term development.

Release clear acquisition signals and expectations.

The company pointed out in the announcement that the forthcoming major shareholder to establish an acquisition platform is mainly aimed at finding companies that have synergistic effects on the two core businesses of Estun Industrial Robots and core components, and are also internationally advanced technologies with performance support.

We believe that the construction of the platform has clearly released the company’s next outsourcing acquisition signal.

Increasing gross profit margin during adversity and highlighting the company’s competitiveness.

Benefiting from the continuous expansion of the scale, the company’s comprehensive gross margin reached 36% in 2018, compared with 33 in the previous year.

4% increase to increase 2.

6pct, in the first quarter of 2019, the company’s gross profit margin continued to remain high, despite the industry’s continued downturn.

We expect that the company ‘s gross profit margin will continue to increase in the first half of this year compared to the same period in 18 years. The gross profit margin has been continuously improved during the adversity of the industry, which highlights the company’s product competitiveness and brand.

All funds issued by exchangeable bonds of major shareholders support the development of listed companies.

In April 19, the 杭州桑拿网 company announced that the major shareholder Perest intends to issue 6 trillion exchangeable bonds. The purpose of the funds is to support the development of listed companies.

We expect this move will help the company to further expand its business segment and enrich its product line through outbound M & A and endogenous development.

The announcement shows that Estun’s controlling shareholder, Prest, holds 60% of the shares in the acquisition platform, which will help listed companies effectively incubate early-stage projects and resolve investment risks. At the same time, the controlling shareholder will provide $ 600 million in listed companies instead.The proceeds, that is, 6 billion yuan of debts can be used for the development of listed companies.

Estonia will continue to expand its strengths in 19 years, and its 深圳桑拿网 profit elasticity will gradually be released.

Although it remains to be seen whether the industry inflection point will occur in the second half of the year, Estun will continue to vigorously develop in the areas of lithium batteries, photovoltaics, electronics, metal processing and other advantages to increase market share. At present, the company has or intends to cooperate with multiple downstream industries.Leading company Millennium Cooperation Agreement.

　　Performance forecast and investment advice.

We predict that Eston will earn 16 years in 19 years.

200 million, net profit 1.

31 trillion, corresponding to 52 times the current PE.

Although the estimate is high, Estun is a domestic robot leader. It will have the greatest flexibility in the upward cycle of the possible industry boom, and outbound mergers and acquisitions will help thicken the company’s performance and digest PE valuations.

Over the past 4 years since its listing, Estun’s R & D, brand, scale, and customer strength have improved significantly, and it has hit a new low of 3 years for a long time.

Although there have been many recent downturns in the industry, the megatrend of automation is unstoppable and the robot industry will eventually pick up. We believe that at the current point in time, Estonia’s epitaxial development and endogenous growth will have breakthrough breakthroughs in the next two years.Great long-term investment opportunities, highly recommended!

　　Risk reminder: The demand of the robot automation industry is constantly expanding, R & D management costs continue to increase, and outsourcing mergers and acquisitions are less than expected.

China Engineering International (002051)： The first quarter ushered in a turning point in performance, new signings improved

China Engineering International (002051): The first quarter ushered in a turning point in performance, new signings improved

Investment Highlights: The company’s net profit growth in the first quarter of 20192.

5%, in line with our expectations (0%).

In 2019Q1, the company realized operating income22.

6 trillion, an increase of 9 in ten years.

4%; net profit achieved 2.

24 ppm, a 10-year increase2.

47%, mainly due to the high gross profit margin driven by the income generated from the project settlement in the middle of last year. The current return to normal has caused the company’s profit growth to be lower than its income growth.

The return of engineering gross margin to normal has led to a decline in the company’s comprehensive gross margin6.

With 69 average values, the exchange loss was reduced in the previous year, but the same period last year, there was a write-off of complications and the net interest rate fell by 0 under the combined effect.

51 units.

2019Q1 company’s comprehensive gross profit margin 20.

68%, a decrease 成都桑拿网 of 6 from the same period last year.

The 69 single ones are mainly affected by the high gross profit margin driven by the income generated from the project income in the same period last year. Although currently returning to normal, it is still the industry’s best level.

Adding back the R & D expenditure, the company’s period expense ratio was reduced by 9 in the previous 18Q1 due to additional reductions in financial expenses.

19 up to 10.

6%, the appreciation of the yuan in the first quarter was 1297 basis points, and the same period last year was 5,911 basis points. Therefore, the exchange of cash loss expenses reduced financial expenses, which was a decrease from the same period last year.

7.2 billion was 95.69 million yuan, and the financial expense ratio ratio decreased by 8.

7 up to 4.

24%; sales expense ratio decreased slightly by 0.

21 up to 2.

94%, the management expense rate is reduced by 0 every year.

66 up to 2.

95%, the proportion of R & D expenditure increased by 0.

38 averages to 0.

43%.

The 18Q1 asset impairment loss was worth 86 million yuan, and the 19Q1 impairment loss was 0. The company’s net interest rate fell by 0 under the overall impact.

51 up to 9.

66%.

The project was restarted in the same period last year to bring it to 19Q1 with a high base effect.

9.5 billion.

2019Q1 company’s net operating cash -5.

40,000 yuan, a decrease from the same period of last year.

9.5 billion, a cash ratio of 57.

8%, a significant reduction of 44 per year.

For six years, bills receivable and accounts receivable increased by 6.
.

30,000 yuan, inventory increased by 0.

2.5 billion yuan, advance receipts decreased by 3 compared to the end of 18 years.
8.8 billion; cash ratio is 86.
0%, down 57 from the same period last year.

8%, bills payable and accounts payable increased by 3.
.

69 ppm, advance payment increased by 1.

RMB 770,000 was mainly due to the increase in the construction funds paid in advance for the implementation of the project.

In the first quarter of the new decade, individual items grew rapidly, and contract performance progressed steadily.

The “Belt and Road” initiative in 19 years gradually realized the continuous optimization of the welcoming policy areas. China Work was the industry leader to promote the full benefit of environmental improvement, accelerate the development of new projects, advance the implementation of existing projects, and the amount of new contracts for overseas business in the first quarter.

USD 7.2 billion, an annual increase of 105%. At the same time, the Cameroon Long Pankar Hydropower Station supporting project was implemented, with a contract value of approximately USD 55.15 million. At the end of March 19, the contract balance of overseas operations in hand was 87.

700 million US dollars, 6 times the order revenue ratio; the domestic business after the acquisition of Zhongyuan International has grown rapidly, with a new contract value of 15.

USD 3.9 billion, an annual increase of 438%, of which the design business was newly signed7.

7.6 billion.

Actively promote the reform of state-owned enterprises and stimulate business activities.

As a company selected for the “Double Hundred Actions” of state-owned enterprise reform, the company has formulated a comprehensive reform implementation plan and completed reporting. 19 years will be the key year to promote the “Double Hundred Actions” reform. The company is actively dating to form a better relationship with the company.Strategic investors with business synergy and complementary advantages.

At the same time, we will explore medium- and long-term incentive mechanisms at the company and subsidiary levels to further unleash internal vitality.

Maintain profit forecast and maintain “overweight” rating: The company’s net profit for the years 19-21 is expected to be 10 respectively.

5.9 billion / 11.

1.2 billion / 12.

10 billion, the growth rate is -12% / 5% / 8%, the corresponding PE is 19X / 18X / 16X, maintaining the “overweight” level.

Dong’e Ejiao (000423)： China Resources Regains Confidence in Reinventing the Year

Dong’e Ejiao (000423): China Resources Regains Confidence in “Reinventing the Year”

Brief evaluation of performance The company announced its 2018 annual report, and the company achieved operating income of 73.

3.8 billion, net profit attributable to mother 20.

8.5 billion, net of non-attributed net profit 19.

15 ppm, with a ten-year increase of -0.

46%, 1.

98%, -2.

32%.

In the fourth quarter, the single quarter realized revenue of 29.

5.4 billion, net profit attributable to mother 8.

60 ppm, net of non-attributed net profit8.

23 ppm, a ten-year increase2.

17%, 7.

78%, 4.

80%.

Operational analysis 2018 is the “year of remodeling”, and marketing, channels and other adjustments: 2018 is the year of remodeling of Dong’e Ejiao.”” Turn to promote heavy volume and carry out marketing. Channel reform is divided into different products: the parent company is mainly engaged in Ejiao blocks and Ejiao pulp, and the gross profit margin in the first three quarters of 2018 decreased and increased2.

34pct to 76.

88%, income growth rate in ten years -1.

49%.

Ejiao block price increased by 6% in December 2018, and overall sales were stable in 2018; Ejiao pulp was affected by channel adjustments and medical insurance, and overall sales declined. The company launched 24 packages to promote sales on the basis of the original 48;”Zhenyan” and “Taohuaji” are in the fast-moving consumer market, and overall sales are stable.

Continue R & D funding and expand “Ejiao +”: The 南京桑拿论坛 company’s R & D expenses in 2018 increased and increased6.

78%, focusing on the main business of Ejiao, expanding the Ejiao category, expanding “Ejiao +”, and developing new products such as Ejiao Instant Block; at the same time integrating multiple clinical studies to provide scientific research data support for academic marketing.

China Resources continued to increase its shareholding, demonstrating shareholder confidence: In 2018, China Resources Pharmaceuticals invested in the company several times, increasing its total holdings to 9,601,872 shares.

As of the end of 2018, China Resources Pharmaceuticals directly and indirectly holds companies.

With 22% of the shares, China Resources Pharmaceuticals owns concerted action. China Resources Dong-E-Jiao holds a total of 31 shares in Dong-E-Jiao.

26%.

Profit adjustment 杭州桑拿 According to the company’s operating conditions, we adjust the profit forecast. The company’s EPS for 2019-2021 is expected to be 3.

30/3.

39/3.

53 yuan, corresponding to the current total PE is 14.

4/14.

0/13.

5 times, maintaining the “overweight” level.

Risks indicate that sales expenses are higher than expected; channel integration is expected to exceed expectations; R & D expenditures exceed expectations and exceed expectations; product development of “Ejiao +” exceeds expectations; sales integration exceeds expectations.