Sanhua Intelligent Control (002050): Traditional business is stable and there is ample space for new energy thermal management

Sanhua Intelligent Control (002050): Traditional business is stable and there is ample space for new energy thermal management

Event Overview The company released its semi-annual report for 2019, achieving revenue of 58H1 in 2019.

31 ppm, an increase of 4 per year.

3%; net profit attributable to mother 6.

93 ppm, a ten-year increase2.

4%; net profit after deduction 6

42 ppm, 10-year average4.

8%.

By quarter, 2019Q2 achieved revenue of 30.

50 ppm, an increase of 1 per year.

2%; net profit attributable to mother 4.

34 ppm, an increase of ten years.

3%; net profit after deduction to mother 4.

32 ppm, with a ten-year average of zero.

8%.

Analysis and Judgment: Revenue: Rapid growth of overseas revenues and hedge of domestic revenue reorganization. In terms of products, the performance of ZERO zero revenue is bright. In terms of products, 2019 H1 refrigeration and air-conditioning electrical components business revenue of 50.

67 ppm, a 10-year increase3.

4%. Against the background of the weak global market demand in the first half of the year and the rising trade friction between China and the United States, the company’s leading industry integration guarantees that the traditional main industry as a whole remains stable; the auto parts business revenue7.

64 ppm, an increase of 10 in ten years.

6%. Although the demand for traditional automobiles was weak in 佛山桑拿网 the first half of the year, the thermal management business of new energy vehicles maintained rapid development, and the revenue of the auto zero business was outstanding.

By region, the domestic business revenue of H1 2019 was 29.

3.3 billion, down slightly by 2.

3%, overseas business revenue 28.

9.8 billion, an increase of 10 years.

9%. Thanks to the operation strategy, the rapid growth of overseas revenue has effectively hedged the fluctuation of domestic revenue.

By quarter, 2019Q1 / Q2 revenue growth rate was 7 respectively.

9% / 1.

2%, the month-on-month decrease in growth rate is related to Yaweiko’s revenue ranking.

Profit side: In the second quarter, the gross profit margin improved significantly month-on-month, and the increase in the expense ratio caused a drag on the net profit margin of the company in 2019H128.

32%, 0 per year.

68pct, energy consumption is the reduction and improvement of the gross profit margin of the refrigeration and air-conditioning electrical parts business and the auto zero business, and the restoration of the increase in the proportion of the auto zero business with a higher gross profit.

Gross profit margin of 2019 H1 auto zero business 32.

54%, an increase of 2 per year.

71pct, mainly due to the significant increase in revenue of new energy vehicle supporting products with higher gross profit margins.

In terms of quarters, 2019Q1 / Q2 companies’ gross profit margins were 25 respectively.

24% / 31.

The significant improvement of 12% over the previous quarter was mainly due to the company’s aggressive efforts to reduce costs through automated transformation and technological upgrades, as well as streamlining departments and staff.

In terms of expense ratio, the sales expense ratio is 4.

52%, increasing by 0 every year.01pct, management expense ratio 5.

22%, 0 per year.

81pct, mainly affected by rising labor costs, financial expense ratio is 0.

21%, a year up 0.

29pct, R & D expense ratio 4.

26%, a year up 0.

59pct, R & D investment has further increased, and the four expense ratios total 14.

22%, increase by 1 every year.

70pct.

The increase in expense ratio will cause the company’s net interest rate to decrease by 0 in 2019H1.

46pct to 11.

81%.

The refrigeration and air-conditioning electrical parts business is still steadily growing. The company’s technological level is leading the world. According to the company announcement, the core products of electronic expansion valves, four-way valves, solenoid valves, and micro-channel heat exchangers have the world’s largest market share.

In terms of different products, the company will still benefit from the improved performance of refrigerators and air conditioners. At the same time, the consumption upgrade of dishwashers, coffee makers and the expansion of commercial refrigeration will also contribute a considerable increase to the company.

In terms of production capacity, the gradual release of production capacity at Vietnam’s factories will help the company effectively avoid the distortionary effects of Sino-US trade friction.

New energy vehicle thermal management business has ample room for growth. The company’s supporting new energy vehicle products have gradually evolved from parts to components, subdivided, in response to the turn of vehicle customers, and the trend of assembly procurement.Close to 5,000 yuan.

At the same time, the company actively expands overseas customers. At present, it has received orders from Mercedes-Benz, BMW, Valeo, Mahler and other overseas first-line customers. After the production in Mexico and Poland, it will serve North American and European customers more effectively.

The new energy vehicle industry has a bright future, and the thermal management business will be the core driving force for the company’s future growth.

Investment suggestion The company’s refrigeration, air-conditioning and electrical appliance parts business is operating steadily, and the leader must be difficult to shake. At the same time, we are optimistic about the development prospects of the new energy vehicle thermal management business.It will drive the continuous growth of the thermal management business revenue.

The company’s EPS for 2019-21 is expected to be 0.

51/0.

60/0.

69 yuan, corresponding to 21 for PE.

2/17.

9/15.

5, with reference to historical estimates over the past 5 years, the company is given a 25x 2019 P / E ratio, corresponding to a target price of 12.

75 yuan, the first coverage given “overweight” rating.

Risks suggest that the development of the new energy vehicle thermal management business is less than expected; the commercial refrigeration business development exceeds expectations; sales of air conditioners and refrigerators decline.

璞 泰来 (603659) Company dynamic comment: Profits recover gradually

璞 泰来 (603659) Company dynamic comment: Profit gradually recovers, aircraft carrier starts again

Event: In the first three quarters of 2019, the company achieved revenue of 35.

01 billion, an increase of 52 in half a year.

8%, net profit attributable to mothers4.

5.8 billion, a six-year growth of 6.

83%, realizing net profit deduction for non-attribution4.

2.1 billion, an annual increase of 25.

52%; In the third quarter of 2019, the company achieved revenue of 13.

24 ppm, a year-on-year increase of 45%, net profit attributable to mothers1.

95 ‰, an increase of 13% in ten years, net profit deducted from non-attribution1.

810,000 yuan, an increase of 58% in ten years.

In addition, the company issued convertible bonds8.

The US $ 700 billion investment in the Jiangsu Zhuogao inlay project and the Liyang Ziyan 3 insert continuous carbonization project were approved by the CSRC.

The profitability released by graphitization capacity gradually picked up: in Q3 2019, the single quarter’s comprehensive gross profit margin was 31%, which was an increase of 4 points from the previous quarter, and the non-net margin was deducted by 14%, which was an increase of 3% from the previous quarter.Inner Mongolia Xingfeng 5 budget graphitization capacity is gradually put into production in the second quarter of 2019, and the price of needle coke is reduced: 1) The company currently has graphitization capacity 6 instead, and the percentage of outsourced graphitization processing has gradually decreased, contributing to the increase in gross profitAt present, Inner Mongolia Xingfeng’s production capacity is gradually put into production, and it has begun to realize profitability.

In the second half of the year, the graphitization capacity of the industry will be gradually released, and its processing fees will decrease. In the third quarter of 2019, the graphitization processing fees in the industry have been reduced by 13%. It is estimated that the annual internal replacement will continue to decrease;The production capacity is replaced by 70, and it is concentrated on the release in the second half of the year. The price of needle coke has continued to decline every year. The price of the needle coke industry in 2019Q3 dropped by 11%?
16%, the price drop significantly reduced the cost of raw materials.

In addition, the company has invested in revitalizing carbon 28.

57%, continue to strengthen the upward integration and synergy of extreme industries.

Convertible bonds approved through differentiated competitive advantages highlight: The company’s convertible bond projects mainly carry out swapping and alternating carbonization reconstruction: 1) The company’s alternative business customers include ATL, Ningde Times, Samsung SDI, LG Chemical, Zhuhai Guangyu, AVIC Lithium, Tianjin Lishen, BYD and other well-known domestic and foreign enterprises, the implanted capacity of the company in 2019H1 is 300 million square meters, and the capacity utilization is 168.

51%, the production capacity is obviously insufficient, and Jiangsu Zhuogao, a convertible bond fundraiser, will try to ease the profitability brought by the transfer of capacity; 2) The fast charge function is one of the important ways to solve the problem of lithium battery life.The nylon material can effectively improve the fast charging performance of lithium batteries.

The company’s convertible bond investment 3 is inserted into the carbonization capacity, and the supporting Jiangxi Zijing currently lacks 2.

5 Initial carbonization process, further layout of differentiated competitive advantages.

Investment suggestion: The company is a leader in artificial graphite anode materials, with a market share of 22% in 2019H1. It is in the first echelon with Shanghai Shanshan and Dongguan Kaijin, but the company’s average sales price of 2019H1 alternative materials is higher than a significant 15%, which fully reflectsDifferentiated competitive advantages of the company’s products.

The existing company’s carbonization process will effectively alleviate the problem of excessive filling capacity and help the industry solve the pain points of power batteries; and the company continues to expand its production capacity and replace the accumulated production 佛山桑拿网 capacity to meet customer demand and release performance; in addition, the company’s layoutBase film, replacement slurry and plug-in equipment replacement, realizing the development from third-party replacement to the replacement of the entire industry chain, will help improve the company’s ability to customize solutions.

We are still optimistic about the company’s competitive advantage. Is the company expected to be 19?
The 21-year EPS is 1.

75, 2.

21, 2.

83 yuan, corresponding to PE is 30, 23, 18 times, maintaining the recommended level.

Risk warnings: New energy vehicle sales are lower than expected, compensation policy changes are more than expected, raw material price fluctuations are more than expected, and production capacity production schedule is not as expected.

Hailan House (600398): New Brand Consolidated Online and Offline Revenue Growth Accelerates

Hailan House (600398): New Brand Consolidated Online and Offline Revenue Growth Accelerates

The 3Q19 results were slightly lower than our expectations for the company’s 3Q19 results: the first three quarters of revenue 146.

90,000 yuan, an increase of 12 in ten years.

6%; net profit attributable to mother 26.

2 ‰, reduced by 0 every year.

5%.

Revenue for the third quarter of 19 39.

70,000 yuan, an increase of 31 in ten years.

0%; net profit attributable to mother 4.

9 ‰, a decrease of 12 per year.

6%, corresponding to a relative profit of 0.

11 yuan.

The performance was slightly lower than our expectation as the consolidated new business is still in the adjustment period.

In terms of brands, 1) The first three quarters of the income of Hailan House series were 115.

30,000 yuan, an annual increase of 7.

3%, the gross margin is relatively reduced by 1.

9ppt to 43.

1%, 220 net openings since the early days; 2) Aiju Rabbit from January to August 7.

0 ppm, gross margin 16.

2%, the company sold 81% equity of Aijutu in September 2019, and held only 19% equity of Aijutu as a minority shareholder; 3) San Keno’s first three quarters of revenue 15

20,000 yuan, an increase of 31 in ten years.

2%, gross margin increased by 0 in ten years.

05ppt to 34.

9%.

4) Other brands, including Hailan Select, OVV, AEX, boys and girls and Ying’s (only July-September consolidation) achieved income in the first three quarters6.

3 ‰, the gross profit margin decreases by 8.

5ppt to 34.

9%.

By channel, the first three quarters 1) Online sales increased by 10%, and gross margin decreased by 6.
.

3ppt to 50.

2%; 2) Offline revenue will increase by 13% each year, and gross margin will increase by 2.

1ppt, the growth rate of online and offline revenue increased compared with the first half of the first half.

Gross profit margin gradient under high base, operating expenses increased rapidly.

Affected by the high base due to changes in settlement methods in 3Q18, gross profit margin in 3Q19 decreased by 10.

7ppt.

The gross profit margin in the first three quarters was relatively lower1.

6ppt. At the same time, the increase in direct stores and the consolidation of new businesses have increased the sales and management expense ratio (including research and development expenses) by 2.

4ppt, net profit margin decreased by 2.
3ppt to 17.
8%.

Inventories and receivables turned well.

As of 3Q19, the company’s inventory, accounts receivable and bills decreased by 2 respectively.

9%, a decrease of 6.

7%, working capital turnover is good, the operating cash flow in the first three quarters increased for many years.

6% to 2.

0 million.

Development trend The company has consolidated the British business since the second half of 2019, and replaced the Ijutu business with a lower-than-expected and low gross profit margin in September 2019 (gross profit margin of 23 in 2018.

9%, lower than the group’s gross margin of 40%), we expect to contribute to the future performance elasticity.

Earnings forecasts and estimates take into account the consolidation of the new brand and the sale of Aijutu’s equity, and lower its 2019 and 2020 earnings forecasts by 6% to 0.

79 yuan and 0.

86 yuan, an annual increase of 0.

8% and 9.

8%, the company 杭州夜网论坛 currently corresponds to 9 in 2019 and 2020.

4x and 8.

6 times price-earnings ratio.

Maintain Outperform rating, but lower target price by 9% to 9 due to earnings forecast adjustment.

95 yuan, corresponding to 12.

6 times 2019 P / E ratio and 11.

5 times 2020 price-earnings ratio, implying 33.

7% upside.

The risk inventory is high, and the development of new brands is less than expected.

Tianshun Wind Energy (002531): Wind Tower Capacity Expansion Consolidates Leading Segment Wind Power Restores Profitability Enhancement

Tianshun Wind Energy (002531): Wind Tower Capacity Expansion Consolidates Leading Segment Wind Power Restores Profitability Enhancement

Event: The company released its 2018 annual report on April 25, 2019.

At the core of the report, the company achieved total operating income of 38.

34 ppm, an 18-year increase.

39%; the company realized operating income of 37.

20,000 yuan, an increase of 16 in ten years.

79%; realized net profit attributable to parent company4.

70 ppm, an increase of 0 in ten years.

03%.

Investment Highlights: The performance was lower than Shenwan Hongyuan’s expectations, and cash flow improved significantly.

At the core of the report, the company achieved total operating income of 38.

34 ppm, an 18-year increase.

39%; the company realized operating income of 37.

20,000 yuan, an increase of 16 in ten years.

79%; realized net profit attributable to parent company4.

70 ppm, an increase of 0 in ten years.

03%.

In 2018, the net cash flow generated by the company’s operating activities increased by 576 over the same period last year.

93%, mainly due to the better return of wind power product sales, the progress of orders on hand overlap, and the purchase expenditure is properly controlled, the increase in net cash from operating activities increased.

Benefiting from demand driven by domestic and overseas markets, the company’s wind tower production capacity continued to expand.

The report summarizes that the company’s production centers in Taicang, Baotou, and Zhuhai have completed technical transformation and expansion, alleviating the company’s long-term capacity shortage and further consolidating the company’s industry-leading advantages.

The core company’s wind tower business reported operating income of 30.

57 ppm, an increase of 11 years.

61%, operating cost 23.

96 ppm, an increase of 17 in ten years.

15%, gross margin short-term interest rate 3.

With 71 units, the rise in steel prices has led to lower gross profit margins.

The company plans to build 10 new wind towers for power generation in Heze, Shandong, which will cover wind power installed capacity in central and eastern regions such as Shandong, Henan, and Jiangsu, further improving the company’s profitability.

Wind power abandonment has been improved, and wind power operation has become a new profit growth point.

In 2018, the country’s wind power generation capacity was 366 billion kilowatt-hours, an annual increase of 20%; the average utilization hours was 2,095 hours, an annual increase of 147 hours; the national wind abandonment rate was 7%, a decrease of 5 percentage points.

By the end of 18, the company’s wind farms had increased their grid-connected capacity by 145MW, and their concurrent grid-connected capacity reached 465MW, achieving power generation revenue3.

60 ppm, an increase of 50 in ten years.

69%, benefiting from abandoning wind power and improving power generation business, gross margin increased2.

51 up to 64.

14%.

In addition, it is reported that three wind farm projects of multiple companies have been approved with a scale of 120南京夜网MW.

With the expansion of wind energy operation scale, wind power is expected to become the company’s new profit growth point.

Revise down earnings forecast and maintain “Buy” rating.

As a leader in wind tower manufacturing, the company is expected to continue to lead the industry.We lower our profit forecast and expect to achieve net profit attributable to mothers in 19-20.

1.9 billion, 9.

4.4 billion (7 before the reduction).

7.9 billion, 9.

500,000 yuan), the corresponding EPS is 0.

40, 0.

53 yuan / share.

Added 21-year profit forecast, the company is expected to realize net profit attributable to mothers in 21 years11.

60 ppm, corresponding to EPS.

65 yuan / share.

The current PE corresponding to 19-21 years is 14 times, 11 times and 9 times respectively, maintaining the “Buy” rating.

Juewei Food (603517): 2Q19 performance exceeded expectations and achieved fast and good growth

Juewei Food (603517): 2Q19 performance exceeded expectations and achieved fast and good growth
1H19 results are higher than market expectations The company announced 1H19 results: revenue 24.9 trillion, ten years +19.4%; net profit attributable to mother 4 ppm, +25 for ten years.8%, corresponding to a relative profit of 0.69 yuan.2Q19 single quarter income / net profit attributable to mother +19.2% / + 30.8%, revenue and net profit performance even benefited from the accelerated pace of store opening and better than expected. Development Trends 1H19’s revenue performance was dazzling, with store openings and same-store growth rates exceeding expectations.The company’s 2Q19 revenue increased by 19.2%, maintaining a high growth under the trend of rising base in the same period of a single quarter, exceeding market expectations.The number of 1H19 stores nationwide reached 10,598, the number of stores was at least + 12%, and the same store growth rate was about 7%. We believe that the company has achieved rapid growth in revenue and benefited from the 1H19 expansion store competition, so it has opened stores faster, and store upgrades and promotional activities have effectively drivenThe same store growth.1H19 has a net increase of 683 stores, and 2H19 will continue to plan in accordance with the gradual net increase of 1200 stores. We believe that the company has a scale of store opening capacity and pace to control. We expect to increase revenue and benefit from the expansion of store scale.Benefits increased and category expansion achieved rapid growth of approximately 17%. In the second quarter of 19, the gross profit margin was under pressure seasonally, which improved month-on-month, and the cost pressure was expected to be under control.The 杭州夜网论坛 company’s gross profit margin was 35% in the second quarter of 19, ten years -1.4ppt, chain +1.At 7ppt, we believe that the reduction in gross profit margin is under pressure due to fluctuations in the cost of duck necks and duck by-products, but the company has made certain low-cost inventory reserves in response to the increase in costs.We believe that the company has the advantages of procurement scale and the cost pressure of terminal price increase. Therefore, we have decided that the pressure of vertical raw material costs can be controlled, and the level of change in gross profit margin is generally limited. During the second quarter of 19, the expense ratio steadily decreased, mainly benefiting from scale effects.In the second quarter of 19, the company’s sales expense budget was 9%, and the whole year was -0.2ppt, 北京桑拿洗浴保健 the total management + R & D expense ratio is 5.1%, year -1.4ppt, we believe that the company’s scale of sales, management, and R & D expense ratios will continue to benefit from scale effects, while achieving steady decline; 2Q19 financial expenses decreased by 0.8% +0 per year.9%, slightly affected by the issuance of convertible bonds and current loan interest rates. Earnings forecast and estimate Considering the accelerated pace of opening stores in 1H19 and the outstanding performance of same-store sales, we raise our 2019/2020 revenue forecast1.twenty one.4%, correspondingly raised earnings forecast1.twenty one.1% to 1.36/1.57 yuan.The current price corresponds to 29/25 times P / E in 2019/2020. According to the estimation method, 30 times P / E in 2020 will be given. The target price will be increased by 24% to 47 yuan, corresponding to 35/30 times P / E in 2019/2020.There is 19% room for current prices, and we maintain our Outperform rating. Increased competition in risk industries, cost pressure caused by fluctuations in raw material prices, and food safety incidents.

Hengyi Petrochemical (000703): 1H19PTA profit increases polyester production capacity expansion, production and sales growth

Hengyi Petrochemical (000703): 1H19PTA profit increases polyester production capacity expansion, production and sales growth

Key points of investment: 1H19 main business income grows 43% annually, and net profit attributable to mothers has increased steadily.

In 1H19, the company realized operating income of 417.

29 trillion, three years after adjustment -3.

55%; realized net profit of return to mother 12.

77 trillion, +2 after 10 years of gradual adjustment.

94%.

The slight decrease in the company’s revenue was mainly due to the decrease in trade income, with 152 in 1H19.

44 trillion a year -38.

37%.

If the main business of PTA-polyester is considered, the main business income in the first half of the year is 262.

4.0 billion, +43 per year.

40%; of which, PTA income is 83.

55 ppm, +44 a year.

10%; polyester revenue 178.

49 trillion, +43 for ten years.

08%.

PTA: 1H19 earnings improved significantly.

In 1H19, PTA supply and demand improved, with an average price of 6281 yuan / ton, at least +10.

52%; the average spread is 1057 yuan / ton, +44 for ten years.

59%.

The company’s PTA holding subsidiary Zhejiang Yisheng 1H19 net profit 7.

25 trillion, +85 a year.

61%; PTA associate Dalian Yisheng Investment, Hainan Yisheng’s 1H19 net profit was 5 respectively.

87, 3.

7.7 billion, an annual increase of 94.

58%, 75.

65%.

Polyester: Profits have fallen somewhat, production capacity has expanded, production and sales growth has improved, and performance is relatively stable.

1H19, company POY / FDY / DTY / slice / short cilia rate are inserted at position 4 respectively.

87/5.

07/5.

14/1.

54/4.

57 averages.

The company’s “endogenous + external revenue” expansion of polyester production capacity: (1) cash acquisition of 100% equity in Hangzhou Yishang (polyester capacity 85 injection); (2) Jiaxing Yipeng Phase II project 25 put into operation.

At present, the company has 510 bonds of polyester filament production capacity, which is an increase of 95 euros from the disclosure date of the 2018 annual report; and 80 inches of production capacity of the company ‘s staple fiber, an increase of 15 euros from the disclosure date of the 2018 annual report.

The expansion of production capacity has promoted a rapid growth in the production and sales of polyester in the first half of 2019. The production and sales of polyester filament in 1H19 company increased by 199 and 203, an increase of 34.

68%, 39.88%; polyester staple fiber production and sales were 27, 26 inches, respectively, an increase of 43.

39%, 46.

15%.

Full-scale commissioning of the first 800-year / year refining and chemical project in Brunei.

The Brunei Phase I project has a processing capacity of 800 tons of crude oil per year, including an annual production of 150 aromatic hydrocarbons, 50 tons of benzene, and nearly 600 tons of gasoline and diesel oil.

We believe that the layout of the Brunei project will help the company to supplement upstream raw materials and improve profitability and anti-risk capabilities.

Expand the scale of downstream polyester and balance the development of the entire industrial chain.

As of the disclosure date of the 2019 Interim Report, the company’s share of PTA’s annual production capacity is 1350 inches, and the annual polyester production capacity is 740 indicators (including filament 510 joints, bottle positions 150, and staple fibers 80 positions).

In the future, the company will balance the development of the entire industrial chain, expand the upstream Brunei refining and 无锡桑拿网 chemical project, and gradually continue to expand the scale of downstream polyester, mainly including the replacement of 25 in the second phase of Yipeng Phase II and the replacement of intelligent and environmentally-friendly functional fibers by Haining 100.

Earnings forecast and investment grade: We estimate that the company’s net profit attributable to its parent from 2019 to 2021 will be RMB 2, 3, and 3.4 billion, respectively, and EPS will be 1.

00, 1.

12.1.

21 yuan, of which petrochemical business EPS is 0.

86, 0.

98, 1.

07 yuan, the financial business EPS is 0.

13, 0.

14, 0.

15 yuan.

With reference to comparable companies, the petrochemical business will be given 18-20 times PE and financial business 5 times PE, corresponding to a reasonable value range of 16.

13-17.

85 yuan (corresponding to 2019 PB 2).

0-2.

2x), maintain “previous market” rating.

Risk warning: Crude oil prices fall sharply; product prices rise sharply; project progress is less than expected.

Xingyu Co., Ltd. (601799): Performance growth remains unchanged

Xingyu Co., Ltd. (601799): Performance growth remains unchanged

Event: The company released the semi-annual report for 2019, and the company achieved operating income in the first half of the year27.

07 million yuan, an increase of 10 in ten years.

48%; operating profit 3.

950,000 yuan, an increase of 14 in ten years.

09%, net profit attributable to the parent company3.

390,000 yuan, an increase of 13 in ten years.

10%; equivalent to EPS 1.

23 yuan / share.

Comment: Q2 revenue and profit growth are growing rapidly, and the growth rate is still far faster than the industry.

The company achieved revenue of 12 in the second quarter.

8 ‰, the length of the earlier quarter was 9.

8%, the highest annual growth rate to 0.

6%, the company’s revenue is mainly related to the continued growth of domestic automobile production and sales in the second quarter.

In the first half of the year, domestic automobile production and sales dropped by 13 respectively.

7% and 12.

4%, sales fell more than our Air Force expected.

We believe that under the background of the overall weak industry, the company still achieved two-digit revenue growth, mainly due to the continuous improvement in the quality of its customer structure and product value.

Under the weak market, the operating quality was strengthened, the expense ratio decreased and the gross profit margin increased.

Company expenses during the first half of the year 4.

9%, a decline of 0 per year.

1 unit, of which, sales cost subsidy 2.

2%, 0 per year.

4 units; management expenses 2.

7%, rising by 0 every year.

4 average values, but the management expense ratio in the second quarter decreased by 0 from the first quarter.

2 units.

Under the background of the overall pressure on the industry, the company’s cost management was reasonable and its operating quality was improved.

In terms of gross profit margin, Q2’s gross profit margin was 23.

6%, increase by 1 every year.

5 digits, increase by 0 from Q1.

For three units, the increase in gross profit margin was mainly due to the continuous increase in the amount of high-margin products supported by the company. At the same time, the decline in raw material costs can also increase the company’s gross profit margin.

New projects and new technology reserves are abundant, and the production capacity layout is advancing steadily.

In the first half of 2019, the company undertook 34 new lamp projects and batch-produced 23 new models, with abundant project reserves.

At the same time, the second phase of the company’s Foshan factory has been completed, and the first phase of the intelligent manufacturing industrial park will be completed in the third quarter of 2019.

The steady advancement of new projects, new products and new production capacity provides an alternative basis for the company’s continued growth in future performance.

The company will benefit from high-quality customer structure and lamp upgrade trends for a long time.

The company’s customers cover major domestic and foreign automobile manufacturers, including FAW-Volkswagen, SAIC-Volkswagen, FAW Toyota, Chery Automobile, FAW Car, SAIC-GM, GAC Toyota, GAC Passenger Cars, Dongfeng Nissan, BMW Germany, etc.As the first two major customers of the company, FAW Toyota has accounted for about 40% and 15% of its business in 18 years. Benefiting from the dense distribution of new models of many customers and the impact of the expansion of LED headlights into heavy volume, the company’s performance continued to grow rapidly.
We believe that under the background of the growth of global auto sales growth, increasing pressure on car companies and the acceleration of lamp upgrade trends, the company is committed to providing quality customer structures and rapid service response capabilities to further expand new customers.change. Earnings forecast: The duration and impact of the overall weakness of the automotive industry in 19 years is expected to be greater than expected. We lower our earnings forecast for the company and expect the company’s operating income for 2019-2021 to be 61.

31, 76.

17 and 85.

7.7 billion yuan (previous forecast was 64.

46, 80.

06 and 90.

1.7 billion), the net profit attributable to owners of the parent company was 7, respectively.

49, 9.

31 and 10.

55 ppm (previous forecast was 7 respectively.

89, 9.

81 and 11.
淡水桑拿网

1.3 billion), equivalent to 2 EPS.

71, 3.

37 and 3.

82 yuan, corresponding to the closing price of 74 yuan on the latest trading day, the price-earnings ratios are 27.

3, 22 and 19.

4 times, considering the company’s high quality customer structure, the automotive lamp industry has entered the stage of LED and intelligent acceleration applications.

At the same time, the company’s downstream customers ushered in a new product cycle and high performance certainty.

We maintain the company’s “prudent recommendation” investment rating.

Risk reminders: (1) the macro economy continues to be sluggish, the automobile market consumption continues to weaken, and the growth rate of automobile production and sales increases; (2) the Sino-US trade friction continues and escalates, the RMB exchange rate changes;Order 杭州桑拿网 conversions were less than expected.

Tech leader beats blue-chip CSI technology leader index outperforms CSI 300

Tech leader beats blue-chip CSI technology leader index outperforms CSI 300
Source: Investor Network Original Title: Technology Leader Powers Big Blue Chips!The CSI Technology Leading Index clearly outperforms the Shanghai and Shenzhen 300 domestic technology leader ETF——Huabao Technology Leading ETF, the fund is referred to as “Technology ETF”, the transaction code is 515000, and the total turnover has exceeded 560 within 11 trading days100 million yuan, its daily average is 5.The turnover of 1 billion US dollars ranked first in the average daily turnover of all theme / industry ETFs in Shanghai and Shenzhen.  The only domestic technology leader ETF-Huabao Technology Leader ETF, the fund is referred to as “Technology ETF” with a trading code of 515000. In just 11 trading days after listing, the total turnover has exceeded 5.6 billion yuan, with an average daily value of 5.The turnover of 1 billion US dollars ranked first in the average daily turnover of all theme / industry ETFs in Shanghai and Shenzhen.In terms of revenue, the China Securities Technology Leading Index tracked by the Huabao Leading ETF, the index code is 931087, which has performed strongly in the short, medium and long term.Whether this year, or the past 1 year, 2 years, 5 years, or even the establishment of the index, the CSI Technology Leading Index has outperformed the CSI 300 Index.  Wind data statistics show that as of August 30, the CSI Technology Leading Index increased 杭州夜生活网 by 45 this year.09%, while the Shanghai and Shenzhen 300 Index rose only 26 during the same period.20%, the excess return is nearly 19%.Also as of August 30, the past 1 year, 2 years, and 5 years, the CSI Technology Leading Index increased by 12 respectively.56%, 1.57%, 70.73%, while the Shanghai and Shenzhen 300 Index rose by 12 during the same period.20%, -0.91%, 62.49%.The CSI Technology Leading Index is based on June 29, 2012. From July 1, 2012 to August 30, 2019, the CSI Technology Leading Index has a growth income of 195.11%, compared with the CSI 300 Index, the cumulative excess return is as high as 140.76%.It is worth mentioning that, in addition to having an advantage over the blue-chip market, and the generally recognized typical growth stock indexes such as the GEM, a 50 ratio, the technology industry leader index over the past three years is also significant.  According to public information, the CSI Leading Index is composed of the stocks of 50 leading companies in Shanghai and Shenzhen, which are China Electronics, Computer, Communication, and Biotechnology.In order to reflect the overall performance of the stocks of leading companies in the technology sector of Shanghai and Shenzhen.The stocks in the science and technology board that meet the requirements of the CSI Technology Leadership Index also have the opportunity to replace its constituent stocks.Among the top ten weighted stocks in the index, there are both the Chinese innovative drug leader “Hengrui Pharmaceutical” and the global security leader “Hikvision”, as well as the first A-share pure artificial intelligence first share”, A series of leading A-share technology companies with core competitiveness, such as consumer electronics leader” Luxun Precision “.On August 16, Huabao Technology’s leading ETF was officially listed on the Shanghai Stock Exchange, and the scale of the market was doubled in three trading days, becoming a doubled ETF in history.The technology ETF joint fund, A-share code 007873 and C-share code 007874, have also ended their issuance on August 27. It is expected to open a subscription soon. At that time, OTC investors can easily invest in this index fund and share the leading technology shares.Growth dividend.

Monternet Group (002123): Accelerating Revenue Growth, Fuxin 5G Era Enters Leapfrog Development

Monternet Group (002123): Accelerating Revenue Growth, Fuxin 5G Era Enters Leapfrog Development

The company released its 2018 annual report and achieved operating income of 27.

69 ppm, a ten-year increase of 8.

57%; net profit attributable to mother 0.

79 trillion, a decrease of 67 a year.

32%.

The company also released the first quarter report of 2019, and achieved operating income5.

92 ppm, 佛山桑拿网 an increase of 24 in ten years.

24%; net profit attributable to mother 0.

58 ppm, an increase of 41 in ten years.

53%.

The market share of mobile information business continues to increase, consolidating the leadership level of third-party enterprise mobile communications.

In 2018, the company’s enterprise mobile information volume increased by ten years.

2%, higher than the industry’s growth rate of 14%, the city’s share continues to increase; 17,156 new corporate users, a long-term growth of 204%; the amount of new customer information sent exceeds the growth of 45%.

Continue to consolidate the company’s leadership as a third-party enterprise mobile communication.

In the first quarter of 2019, the company’s revenue was 24%, which is faster than the 2018 revenue growth rate. In the future, efforts will continue to accelerate upward.

Promote expansion and asset impairment affect profit growth.

Net profit attributable to owners of Monternet Technology in 20181.

99 ‰, a decrease of 24 per year.

79%.

In 2018, the company focused on R & D and business trial operation of new products related to cloud communications such as Fuxin, Video Cloud, and IOT Cloud.

Fuxin alone has invested more than 50 million yuan in research and development expenditures. In addition, there are new profit growth points for the reserve company in the future, which will increase the cost of new business development.

The accrued impairment amount reached 1.

20,000 yuan, an increase of nearly 48 million yuan over the same period last year.

In the 5G era, Fuxin has entered a period of leaping development.

Based on Fuxin’s pricing based on traffic, the cost of leaps and bounds across 5G will gradually decrease in the future, and Fuxin’s space is expected to be opened. Fuxin will enter a leapfrog development period in the 5G era.

The company will initially merge scenes to enable the ecology of the cloud communication platform.

The company’s 2019 operating plan is to increase sales revenue by 30% -50% each year, and the net profit after replacement of non-recurring profits and losses attributable to shareholders of listed companies will increase by 500% -700%.

Investment suggestion: The advent of the 5G era will bring lower traffic costs, which will drive the rapid growth of Fuxin’s business with traffic as its carrier. The reduction of costs will also cause Fuxin’s gross margin to replace corporate SMS.

The company’s EPS is expected to be 0 in 2019-2020.

62 yuan, 0.

88 yuan, maintain Buy-A rating, 12-month target price of 17 yuan, corresponding to 27 times PE in 2019.

Risk warning: Fuxin’s promotion is less than expected; industry competition is intensifying.

Weixing shares (002003) quarterly report comment: 19Q1 good business performance and steady growth

Weixing shares (002003) quarterly report comment: 19Q1 good business performance and steady growth

Core point of view: 2019Q1, the company achieved operating income5.

13 ppm, an increase of 21 per year.

53%, net profit attributable to mother was 1931.

890,000 yuan, an increase of 18 in ten years.

38%, the net profit after deduction is 1730.

570,000 yuan, an annual increase of 25.

13%.

19Q1 auxiliary materials orders stabilized growth The company’s revenue growth in 2018 under certain pressure, 18Q1-Q4, the company’s single quarter revenue increased by 20 respectively.

26%, 2.

29%, 6.

70%, -6.

29%, if the military business disturbance is excluded, the main business revenue of auxiliary materials in 18Q4 is basically flat for two years.

1Q1 company’s main business revenue of auxiliary materials increased by 21.

53%, recovering faster growth, in addition to the first quarter is the off-season, the base has decreased, and the reasons for the transformational distortion of growth rate are also related to the stabilization of domestic downstream consumption.

In 19Q1, the market price of the company’s main raw materials was relatively stable, and fell slightly in the past few years. Therefore, it is expected that behind the growth of the company’s auxiliary materials business is an increase in orders.

The change in product structure led to a decline in gross profit margin, and expense control showed a certain increase. The company’s gross profit margin in 19Q1西安耍耍网 was 35.

80%, falling by 1 every year.

9 pct, under the background of a slight drop in the price of raw materials, the change in the company’s product structure led to a decline in gross profit margin.

In 19Q1, the company’s sales expense ratio, management and R & D expense ratio, and financial expense ratio were 11 respectively.

23%, 16.

34%, 1.

17%, each year decreased by 0.

16 pct, 1.

71%, 0.

71 pct, although there is a small base and high variability, but it still reflects a certain cost control results.

Earnings forecast and investment rating are expected to be 0 in 19-21.

47/0.

52/0.

58 yuan / share, the current price corresponds to 16 times PE in 19 years. The company is a leader in the domestic auxiliary materials industry. Although there are short-term external adverse factors, the main business is still stable. In the future, it will expand the scale of overseas markets.The annual PE is estimated to be 19 times, with a reasonable value of 8.

74 yuan / share, maintain “overweight” rating.

Risks indicate the risk of price increases of raw materials; the risk of price cuts involved in products; the performance of military industries is lower than expected risks.