Tiantan Biological (600161): Overall performance maintained steady growth

Tiantan Biological (600161): Overall performance maintained steady growth

This report reads: The overall performance is in line with expectations, and the integration effect is expected to gradually emerge.

  Investment points: Maintain the company’s overweight rating.

After the company has completed the acquisition and integration of a series of blood product assets in the past two years, it has become the largest blood product leader in China in terms of harvested leaves.

Maintain 2019-2020 EPS forecast at 0.

68/0.

82 yuan, EPS is expected to be 1 in 2021.

04 yuan, the current industry’s average PE is about 30X in 2019. Considering the obvious advantages of the company’s blood product harvesting paddles, it can enjoy the estimated premium, raise the target price to 30 yuan (corresponding to PE44X in 2019), and maintain the overweight level.

  Performance is in line with expectations.

The company released its 2018 annual report and achieved operating income29.

31 ppm, an increase of 18 in ten years.

03%, net profit attributable to mother 5.

09 million yuan, a year of 56.

57%, net of non-attributed net profit5.

0.6 million yuan, an increase of 22 in ten years.

19%, as expected.

  Revenue from leaf collection and blood products maintained steady growth.

The company’s blood products business in 2018 achieved operating income29.

31 ppm, a steady increase of 31 per year.

32%, the blood products business segment attributed to the mother net profit5.

09 million yuan, an increase of 16 in ten years.

78%.

The company has 57 single plasma collection stations in 13 provinces across the country (among which, there are 49 plasma mining stations). In 2018, the volume of plasma collection was about 1568 tons, a record high and an increase over the same period of the previous year.

86%.

The discounted sales volume of the main products is albumin 372.

870,000 bottles, static 287.

290,000 bottles, 109 were broken.

250,000 bottles, 51 free.

940 thousand bottles, 25 people free.

590,000 bottles.

  Expect efficiency improvement after asset integration.

The overall profitability level of the company’s blood products business has relatively decreased (only 25 in 2018.

1%). In 2018, the company has established multiple platforms such as R & D center, blood source management center, production management center, etc., and 合肥夜网 actively improved management efficiency in multiple dimensions. It is expected that the level of future profitability will gradually increase.

  Risk warning: lower than expected business integration

Keming Noodle Industry (002661) Note: The product sales are steadily advancing

Keming Noodle Industry (002661) Note: The product sales are steadily advancing

Key points for investment: On the evening of February 4, 2020, the company issued an announcement on the relevant explanation of the impact of the new coronavirus epidemic on the company’s production and operation.

As of February 3, the cumulative non-noodle order was about 1.

6-digit, noodle product inventory is about 0.

Eight, the company’s six noodle production lines, one fresh noodle production line and one non-fried instant noodle production line have resumed production, and other production bases are gradually resumed production.

Affected by the prevention and control of the epidemic, the construction of the “Suiping Wheat 3,000-ton Wheat Flour Production Line Project” was suspended, and the formal commissioning of the project will be delayed.

Ping An’s point of view: The epidemic has a positive impact, and the demand for noodles has increased: Under the friendship of consumers, consumers ‘large-scale catering consumption has turned into home consumption, which has significantly increased demand for staple food products, and noodle consumption has been better boosted.

According to the channel survey, the company’s noodle product sales are encouraging, the freshness of products in terminal stores is even higher, and even some stores are out of stock, and dealer inventory has also declined.

As of February 3, the company’s unissued noodle order has accumulated to 1.

6 representatives, indicating that the downstream demand is too strong.

Supply is rapidly recovering, and promotion efforts may slow down: As of February 3, the company’s 6 noodle production lines resumed production. The estimated production capacity is about 300 tons / day, which cannot meet the current order demand. Considering that the company is a food company, it is subject to government regulations.There are fewer restrictions on the resumption of work. It is expected that the company may resume production in more production lines in the near future.

Referring to the practice of previous years, the company will generally give dealers a bonus policy after the year, but considering the current supply and demand situation, we expect that the company’s promotion efforts may be slowed in the short term, which will better support the company’s performance.

The low-end noodles are gradually exerting their strength, and they are expected to accelerate growth in the future: As an absolute leader in high-end noodles, the company has strong brand recognition, proprietary shelves, and scale advantages to build a broad moat. The high-end noodles business can help upgrade consumption and maintain steady growth.

The company officially entered the low-end noodle market in early 19th. The low-end noodle market has a large stock space and the market distribution is decentralized and entered a rapid reshuffle period. Although the company has suffered setbacks early, the company’s strategy is steady and it has taken corresponding measures to adjust and supply.The chain and channels continue to be optimized, and low-end noodles in 20 years are expected to accelerate 广州桑拿 again.

The investment value is prominent and the “recommended” level is maintained: The company has benefited from the improvement of the noodle industry in the short term, and has built a new growth engine by cultivating low-end noodle business for a long time. The future growth space has gradually opened.

We maintain the company’s EPS of 19-21.

62, 0.

80, 0.

The forecast of 98 yuan corresponds to 21 for PE.

1X, 16.

3X, 13.

3 times, maintaining the “recommended” level.

Risk reminders: 1. Risk of intensified industry competition: overcapacity in the noodle industry, product homogeneity, and the possibility of increased competition; 2. risk of major food safety incidents: consumers are particularly sensitive to food safety issues.Food safety accidents, it takes a long time for internal consumers 都市夜网 to change their freezing point and rebuild their confidence in the brand; 3. Risks of rising raw material prices: The cost of flour, the main raw material of the product, is relatively high, and the rise in prices may cause performance to fall short of expectations.

Shengyi Technology (600183): Better-than-expected 5G and server drive a new round of rapid growth

Shengyi Technology (600183): Better-than-expected 5G and server drive a new round of rapid growth

Announcement: The company released a quick performance report for 2019 with an operating income of 132.

Four ten percent, an increase of ten per year.

52%, net profit attributable to mother 14.

58 ppm, an increase of 45 in ten years.

73%.

Of which Q4 earned 37.

70,000 yuan, an annual increase of 25.

4%, net profit attributable to mother 4.

160,000 yuan, an increase of 118 in ten years.

9%, exceeding market expectations.

CCL’s economic growth has been superimposed on 5G drivers, and revenue growth has accelerated quarter-on-quarter.

Company Q4 revenue was 37.

70,000 yuan, an annual increase of 25.

The growth rate gradually increased year by year, mainly benefiting from: 1) the prosperity of the main business of copper clad laminates, some prices slightly increased at the end of the third quarter, and the proportion of high-end CCL such as high-frequency and high-speed CCL continued to increase;The 5G communications market is rapidly expanding, and Shengyi Electronics is growing 杭州夜网 at a rapid rate. We predict that the single quarter revenue will be more than 8 billion.

The product structure continued to upgrade, and profitability rose steadily.

The company’s Q4 operating margin was 13.

4%, a substantial increase of 5 per year.

Six single ones, a slight decrease from the previous month. Considering the decrease in expenses at the end of the year, we judge that the gross profit margin has increased steadily from the previous month, mainly due to: 1) Driven by 5G and server demand, the company’s high-frequency and high-speed CCL replacement volume has grown rapidlyThe proportion of revenue continued to increase, driving the upgrade of the overall CCL sales structure; the prices of products such as FR4 increased slightly at the end of the third quarter, and the gross profit margin of the Q4 copper clad laminate business continued to improve; 2) Shengyi Electronics ‘PCB business benefited from 5G volume and the gross profit margin remained stable.

At the same time, the company continued to reduce costs and increase efficiency, effectively control costs, reduce unit costs, and drive up the profitability of its main business.

Benefiting from the growth of 5G infrastructure and server demand, CCL continued to replace domestically produced high-speed CCL, welcoming a new round of rapid growth.

Entering the year of 5G base station construction this year, the global cloud giant ‘s capital expenditure has also resumed rapid growth, and server demand has reached an inflection point. At the same time, the server platform has been upgraded, and the PCB board has shown a high-speed trend. Continuous development and high-speed CCL demand are strong.Heavy volume.

FR4 products have benefited from the improved prosperity. Through the release of new production capacity in Jiujiang, Jiangxi, they will continue to maintain steady growth.

In terms of PCB business, the company will add 1.8 million square meters of annual production capacity in Ji’an, which will be carried out in two phases, the first phase is 700,000 square meters, and the second phase is 1.1 million square meters, with an average of 10 layers, concentrated in the 5G wireless communication, server and automotive electronics fields.It is expected to start production in the second half of this year.

With excellent high-speed copper clad laminates and excellent PCB slots for communication PCBs, the company is expected to usher in a new round of rapid growth.

The company is expected to have a net profit of 14 in 19-21.

6, 19.

3, 24.

500 million US dollars, equivalent to the current total (closing price on February 20, 2020) PE is 43.

6 times, 33.

0 times, 26.

0 times, maintain “prudent increase” rating!

Risk warning: 5G base station construction has low expectations, server expectations are lower than expected, and product prices are falling rapidly.

New rules for refinancing are good for all securities firms

New rules for refinancing are good for all securities firms

Source: The No. 1 Institute of Finance today, the total turnover of Shanghai and Shenzhen cities exceeded 1 trillion, reaching 10388 billion.

The industry sector rose more and less, among which the securities sector was 0.

36% increase, 448.

The turnover of 800 million yuan was outstanding.

  In fact, the performance of brokerage stocks has been good this week. All 36 brokerage stocks of A shares showed an increase, with an average increase of 4.
.

82%.

Among them, China National Securities performed the most eye-catching, with a rise of 21 this week.

53%, 12 securities firms rose more than 5%.

  New refinancing rules further boosted the growth of brokerage stocks.

On February 14, the CSRC approved some of the provisions of the “Administrative Measures for the Issuance of Securities by Listed Companies”, the “Interim Measures for the Administration of Securities Issuance by Listed Companies on the GEM Board”, and the “Detailed Implementation Rules for Non-public Issuance of Companies” (“Refinancing Rules”)Revised.

  Compared with the solicitation draft of November 8, 2019, the official draft of February 14 has two major changes: First, the issueable size of the non-public offering is adjusted to not exceed 30% of the total share capital before the issuance (was 20%), Which is consistent with the issuable upper limit of the rights issue; the second is to adjust the new and old cut-off time point to be the “point of completion of the issuance” (the consultation draft is the “approval approval issue date”), that is, after the implementation of the “refinancing rules”, refinancing applicationsIf it has already been issued, the pre-amendment rules shall apply; if it is under review or has obtained approval, the issuance has not been completed and the approval is still effective, the amended rules shall apply.

  New rules for refinancing have been implemented, and institutions have shouted that brokers will usher in new possibilities.

  CDB Securities: The comprehensive and deepening of reforms is progressing in an orderly manner, and the relevant policies within the new rules of refinancing are gradually being implemented. Brokers are embracing historic development possibilities.

The preliminary digestion of the recent outbreak, the estimated repression status of the securities industry will be significantly improved.

It is recommended to pay attention to securities companies with a better refinancing business foundation.

  Anxin Securities: The impact of the epidemic on the stock market has been basically digested. The introduction of refinancing policies and the easing of monetary policies are a major positive for securities firms.

The recommended average budget, investment bank resources are rich in resources, the trend of the registration system under the trend of long-term good performance of the right-hand brokers, and the 杭州桑拿网 current forecast of low, small and medium-sized investment banks with a better investment bank foundation and 2020 performance may grow rapidly.

  Shen Wanhongyuan: The reform of the refinancing system is an important part of the construction of a multi-level capital market. Ultimately, it points to an increase in the proportion of equity financing, and securities firms continue to benefit as core capital intermediaries.

Major unbundling refinancing system, revised new third board public issuance system, proposed establishment of science and technology board refinancing system, etc. The supervision continues to promote the construction of capital market infrastructure. The ultimate goal is to increase direct financing, especially the proportion of equity, and make the capital market more efficient.Serve the real economy well.

In the past, direct financing, especially equity financing, was relatively low in the social financing systems of developing countries (from 2018 to 2019, the amount of internal stock financing of non-financial companies in developing countries accounted for less than 2% of the social financing scale), and the new economy and new business formatsDevelopment needs equity financing support even more. In the medium and long term, increasing the proportion of long-term equity financing is an inevitable trend.

As a core capital intermediary for equity financing, securities firms will further open up their investment banking business space.

In 2018 and the first three quarters of 2019, the business income of the top ten securities firms in China accounted for less than 10% on average, and there was room for improvement in the proportion of 20% of the benchmark international top investment banks.

The net profit margin of the investment banking business of each brokerage firm is 10 times higher than that of the traditional brokerage business?
20pct, the transfer business space is opened, the investment ratio of high-margin investment banking business has increased, and the overall profit quality of securities firms has ushered in improvement.

  Guotai Junan: The ceiling for refinancing issuance of shares is raised to 30%.

The policy dividend is expected to bring about a 3% increase in the income of the brokerage industry, especially for leading brokerages with obvious advantages in refinancing. The new refinancing rules will help stimulate the vitality of the capital market and benefit brokerage brokers, asset management and proprietary businesses.

  China Galaxy: The policy reversal cycle has been intensified to cope with the impact of the new crown epidemic, new refinancing regulations have been loosened to exceed expectations, activated demand has been increased, and the refinancing scale has released investment banking incremental business space, and the development of equity financing has grown significantly.Investment banking business income.
In essence, the new regulations relax the issuance pricing and door cloud, reorganize the lock-up period and loosen the reduction of holdings, which is conducive to improving the premium space and liquidity of self-invested investment targets, bringing new asset allocation methods for wealth management, and helping brokersExpansion of business investment and wealth management business space.

The logic of increasing the industry concentration remains unchanged, and the brokers on the right have benefited significantly, and continue to be optimistic about the investment value of leading brokers.

Semir Apparel (002563): Changes in the release rhythm of offline casual wear lead to a sudden increase in growth and children’s wear is still solid.

Semir Apparel (002563): Changes in the release rhythm of offline casual wear lead to a sudden increase in growth and children’s wear is still solid.

Investment Highlights: Event: The company announced three quarterly reports, and the company’s revenue in the first three quarters increased by 35.

8% to 132.

600 million, net profit attributable to mother increased by 2.

8% to 13.

1000000000.

In the third quarter alone, the company’s revenue increased by 19.

1% to 50.

400 million, net profit attributable to the mother 3.

2% to 5.

8.5 billion.

Excluding Kidliz’s consolidation, the revenue growth of the territorial business in 19Q3 was slower, mainly due to the control of the delivery rhythm of offline adult clothing.

We estimate that Kidiliz’s consolidation brought major revenue increases to the company in Q3.

Excluding the above effects, we predict that the company’s internal business income will be at least basically flat in Q3.

In 北京夜网 terms of the split, we expect (1) e-commerce will still maintain a growth rate of about 30%; (2) Barabara will continue to maintain double-digit growth, and the faucet will gradually stabilize; (3) Semima will be replaced by leisure placement, mainlyAs the company has accelerated the frequency of shipments in order to better meet market demand, the shipment frequency confirmed in Q3 has declined in the case of the peak season of Q4, to ensure that the peak season shipments can better meet market demand.

Although the revenue growth rate has improved, the company’s casual wear and children’s wear still maintained a net opening trend in the third and third quarters, indicating that the overall business development is still on a healthy track.

The domestic business still maintained steady profit growth, and Kidliz’s reduction 深圳spa会所 remained manageable.

We estimate that the net profit of the territorial business of the company in 19Q3 will increase by the same amount, and Kidliz’s business will remain stable, bringing about the same as the previous two quarters.

Inventory growth has been better controlled, and operating cash flow has improved significantly in the Q3 single quarter.

Although the company’s inventory increased by 27% to 52 in 19Q3.

900 million, but after excluding Kidliz’s estimated 800 million inventories, the inventory can only increase by about 8%, which is slower than the company’s internal business revenue growth of about 12% in the first three quarters, indicating that the company is gradually accelerating the frequency of shipments to strengthen the inventory.Management efforts.

Correspondingly, the company’s 19Q3 net operating cash flow reached 1.
.

300 million, an increase of 246%, compared with the negative for two consecutive quarters, the overall cash flow improvement is also obvious.

Profit forecast and investment grade: Excluding Kidiliz’s consolidation and one-time impairment, the company’s territorial business profit in 2018 was about 1.8 billion.

Although the company’s domestic business growth was slow in 19Q3, we expect that the regional business of scale dimensions is still expected to achieve double-digit revenue growth.

At the same time, we expect that the company’s internal business net profit will follow the revenue to maintain a double-digit growth on an 18-year basis.

Taking into account Kidiliz’s estimated operating loss of 200 million US dollars in 19 years, we expect the company’s net profit attributable to mothers in 19 years to be 18.

About 300 million.

We expect the company’s net profit attributable to the mother to increase by 8 in 19/20/21.

0% / 15.

8% / 14.

2% to 18.

3/21.

2/24.

2 ppm, corresponding to an estimated value of 19/16 / 14X, continues to be recommended as a leading white horse in the field of children’s wear and casual wear, maintaining the “buy” level.

Risk reminder: Retail sales are cold, exhibit stores and same-store growth are less than expected, after the acquisition, the synergy effect is not realized as planned

Op Lighting (603515): Poor environment, temporary pressure channel change, and actively respond

Op Lighting (603515): Poor environment, temporary pressure channel change, and actively respond

Event On August 23, 2019, OP Lighting released its 2019 Interim Report, and the company achieved total operating income of 37 in 19H1.

78 ppm, a ten-year increase of 7.

10%; net profit attributable to mother 4.

0.5 billion, ten years +13.

09%; net profit after deduction of non-return to mother 2.

57 trillion, +1 a year.

79%.

In terms of quarters, the company’s 19Q1 / Q2 single quarter revenue was 16 respectively.

63, 21.

1.5 billion, change by +12 each year.

17%, +3.

43%; net profit attributable to mothers is 0.

86, 3.

19 trillion, change +22 each year.

76%, +10.

73%.

Our analysis and judgment are that the lighting business has the fastest growth rate and continues to cultivate channels.

19H1 realized income 37.

53 trillion, +6 ten years ago.

53%, the short-term growth rate is mainly due to the impact of land area, gross profit margin of 36.

05%.

Home lighting: More than 3,500 retail stores, 120,000 hardware outlets, and multi-platform online channels have been established in various city-level markets across the country, and continue to sink to third- and fourth-tier cities and township markets.

Retail channels can improve store service capabilities through professional empowerment.

As of 19H1, more than 10% of terminal stores have been trained in lighting design design training.

At the same time, channel conversion is achieved through three-dimensional drainage models, such as raising deep farming, home improvement companies, bagging platforms, WeChat marketing, and TV shopping.

The distribution channel continued to promote channel sinking and increased the proportion of high-quality outlets.

As of 19H1, the coverage of township outlets 重庆耍耍网 exceeded 50%.

Online channels are gradually deploying select and social e-commerce platforms to obtain consumer traffic through multiple channels.

Commercial lighting is deeply cultivating application scenarios, launching industry-driven solutions, building product platforms, and continuously launching a variety of intelligent lighting control solutions.

Overseas business continues to deepen localized operators. 19H1 is the office space of the Copman Group in the Netherlands, Naples Stadium in Italy, the University of Saudi Arabia, the Amazon warehouse in India, the Huawei showroom in Surabaya, Indonesia, and the Vivo Experience Store in Thailand.

During the period, the expense ratio was well controlled, and operating cash flow improved significantly.

The gross profit margin of the company in 19H1 decreased slightly, down by 1.

37pct to 36.

08%.

The overall period expense ratio decreased by 1.

29pct to 26.

35%, of which the sales expense ratio, management expense ratio, research and development expense ratio and financial expense ratio are -1.

75pct / -0.20pct / + 0.

59 points / +0.

08pct to 19.

38%, 3.

47%, 3.

37%, 0.

14%.

The decrease in sales expense ratio was mainly due to a 72% decrease in advertising market fees.

Net interest rate rose by 0.

57 points to 10.

72%.

19H1 The company achieved net operating cash flow2.

12 trillion, 0 compared with the same period last year.

38 trillion significantly improved.

During the period, the expense ratio was well controlled, and operating cash flow improved significantly.

The gross profit margin of the company in 19H1 decreased slightly, down by 1.

37pct to 36.

08%.

The overall period expense ratio decreased by 1.

29pct to 26.

35%, of which the sales expense ratio, management expense ratio, research and development expense ratio and financial expense ratio are -1.

75pct / -0.

20pct / + 0.

59 points / +0.

08pct to 19.

38%, 3.

47%, 3.

37%, 0.

14%.

The decrease in sales expense ratio was mainly due to a 72% decrease in advertising market fees.

Net interest rate rose by 0.

57 points to 10.

72%.

19H1 The company achieved net operating cash flow2.

12 trillion, 0 compared with the same period last year.

38 trillion significantly improved.

Investment suggestion: We expect the company’s main business income from 2019 to 2020 to be 88.

1.3 billion and 98.

21 trillion yuan, an increase of 10 in ten years.

11% and 11.43%; net profit attributable to mothers is 10 respectively.

1.8 billion and 11.

7.3 billion yuan, an increase of 13 in ten years.

21% and 15.

22%, corresponding EPS is 1.

35 yuan / share, 1.

55 yuan / share, corresponding to PE of 22.

28x and 19.

34x, maintain “Buy” rating.

Risk factors: industry competition intensifies, downstream real estate growth rate is not up to expectations

Guodian Nanrui (600406) In-depth Report: Great Voyage in the New Cycle

Guodian Nanrui (600406) In-depth Report: Great Voyage in the New Cycle

The ubiquitous electric power Internet of 上海夜网论坛 Things investment started, triggering a new cycle of informatization and intelligence.

2019H1 is generally at the stage of discussion and pilot, investment and orders have been delayed, and the construction ideas and upper-level framework have gradually become clear. The growth rate of grid investment has picked up, and construction has generally reached an inflection point. We expect that 2019Q3 will become a large-scale project.At the beginning of the landing, 2019Q4 tenders and orders will enter an accelerated phase.

In the future, it is foreseeable that the grid will be informatized in the future, and intelligence will become the main investment direction, and the structural trend is determined.

This round of information investment and order outbreak will bring a new round of forecast improvement to the company, orders and performance will continue to be fulfilled, and the company is expected to reproduce the outstanding performance of the smart grid cycle.

The smart grid industry chain is complete and benchmarked against global electrical giants.

The company is a leader in domestic secondary equipment and has a complete industrial chain in the field of smart grids. We analyze its success factors in adhering to technological innovation, continuous mergers and acquisitions to expand its business, and obvious improvements in quality and efficiency.

Rating with overseas electrical giants, the company has outstanding achievements in R & D expansion and profitability, and shares the same success genes with overseas giants.

With advanced technological commanding heights, strong R & D capabilities, and multi-level growth drivers formed by sustainable business development, the company will fully benefit from the growth opportunities brought by the optimization of the internal power grid investment structure and is expected to replicate the growth path of overseas electrical giants.

The transformation and upgrading of rural power grids accelerated the investment in distribution networks to a higher level, and the leasing business model contributed to a steady growth drive.

The current internal automation coverage rate and the gap between the central city ‘s blackout time and the construction goals, the need for clean energy grid-connected power continues to increase the requirements for distribution automation, and the space for automation measures is shifted.

In June 2019, the State Council meeting proposed that the transformation and upgrading of rural power grids should be accelerated. It is expected that the investment in rural power grids and distribution networks will continue to grow steadily. The company’s market share in switching automation terminals and main station systems is absolutely leading, and it will fully enjoy the industry demand growth bonus.

In addition, the company’s distribution network energy-saving leasing business has developed steadily, while contributing to the company’s stable cash flow, it will also become a new driving force for performance growth.

Replacement of old meters and ubiquitous new meters are driving demand for smart meters.

With the acceleration of the update of the 09 version of the standard smart meters, the bidding volume of State Grid smart meters has picked up significantly; ubiquitously in the context of the construction of the electric power Internet of Things, smart meters, as key terminals of the Internet of Things, undertake new tasks such as communication, remote control, and edge computing.The update of old meters and the ubiquitous rapid demand for new meters will jointly stimulate the demand for the smart meter industry to enter a period of rapid growth.

The company as an entrant after the industry has made rapid progress in the short term. In 2018, smart meters and electricity consumption information collection tenders ranked first in market share, which will fully benefit from the overall recovery in demand for electricity meters.

UHV and Straight projects will enter the peak period of confirmation.

UHV entered the third round of development peak. On August 23, the “Yazhong-Jiangxi” UHV line was approved smoothly. Currently, there are 6 lines remaining to be approved for the 4 to 2 straight lines. The company has a market share of converter valves and DC protection systems.Leading rate, this round of construction cycle is expected to win more than 4.5 billion.

The company is ABB. After Siemens, it is the third company in the world with flexible DC core technology and products. It has won nearly 3.6 billion yuan in “Zhangbei” and “Wudongde” flexible DC projects.

The company’s UHV and Straight orders are expected to recognize revenue in batches from 19-21, thereby providing strong support for the company’s performance.

Investment suggestion: The company is a national grid intelligent and information technology leader with outstanding industrial advantages. Currently, construction is at an inflection point, and information technology orders are about to explode.

The structural investment direction of more than 6 years brought the company to take off. Taking into account the impact of changes in accounting standards, the company’s net profit for 2019-2021 is expected to be 42.

77/58.

04/71.

72 trillion, EPS is 0.

93/1.

27/1.

56 yuan, corresponding to the closing price of PE on September 6, 2019 were 21.

3/15.

7/12.

7 times, maintaining the overweight level.

Risk warning: grid investment is less than expected, ubiquitous construction is less than expected, and market competition is intensifying

Lier Chemical (002258) 2019 Third Quarterly Report Review: Guang’an Project Heavy Volume Promotes Gradual Revenue Growth Product Price Drops Performance Change

Lier Chemical (002258) 2019 Third Quarterly Report Review: Guang’an Project Heavy Volume Promotes Gradual Revenue Growth Product Price Drops Performance Change

Event: Lier Chemical released the third quarter report of 2019, reporting and realizing operating income of 30.

2.4 billion, an annual increase of 9.

04%; realized operating profit 3.

33 trillion, down 40 a year.

16%; net profit attributable to mother 2.

34 trillion, down 44 a year.

02%, press the latest 5.

Based on the total share capital of 2.4 billion shares, it has realized diluted earnings.

45 yuan, any operating net cash flow is 0.

76 yuan.

Among them, the third quarter achieved operating income9.

72 ppm, a ten-year increase2.

10%; net profit attributable to mother is 0.

7.5 billion, an annual decline of 52.

63%; quarterly EPS is 0.

14 yuan.

At the same time, the company expects that the net profit attributable to shareholders of listed companies will change in 20192.

31-4.

4.0 billion, a 30-60% decline each year.

Maintain the rating of “Prudent Overweight”.

Lier Chemical’s Guang’an base original drug project resumed production, and sales revenue in Q3 2019 increased significantly and steadily.

Due to the price reduction of the major product glufosinaldehyde and the price increase of raw materials, the profit margin of the product declined, and the company’s performance fluctuated.

Lier’s chemical products are rich in structure, covering herbicides, fungicides, insecticides, a series of more than 40 kinds of original drugs, more than 100 kinds of preparations and some chemical intermediates.

The company’s glufosinal, formaldehyde, and scopolamine are the first in the country in terms of production and sales, and the long-term outlook is positive.

Affected by fierce competition in the industry, the price of glufosinate has recently fluctuated, causing disturbance to the company’s 武汉夜网论坛 operations.

The company has solved major engineering technical problems such as format reaction control and amplification in glufosinate formaldehyde production. It has comprehensively mastered key synthesis technologies, has a high degree of integration in the production process, and has outstanding cost and scale advantages.

The company ‘s Guang’an 36,000-ton pesticide and fine chemicals project has steadily advanced, and plans to invest about 2 billion US dollars in Jingzhou, Hubei to set up a new company, which is an important growth of the company’s future performance and will provide long-term growth for the company.

We adjust the company’s EPS forecast for 2019-2021 to 0.

71, 0.

77 and 1.

02 yuan, maintain the investment rating of “prudent increase”.

Risk reminders: The project construction progress is not up to expectations; raw material prices fluctuate sharply; 无锡夜网 downstream demand is sluggish; competition in the industry is intensifying.

Angel Yeast (600298): Both revenue and profit improve, optimistic about seasonal repair

Angel Yeast (600298): Both revenue and profit improve, optimistic about seasonal repair

Event: The company announced three quarterly reports and achieved operating income of 55.

6 ppm, an increase of 13 in ten years.

49%; net profit attributable to mother 6.

6.6 billion, down 1 year.

twenty one%.

Achieve operating income of 18 in the third quarter.

460,000 yuan, an increase of 17 in ten years.

43%; realized net profit attributable to mother 2.

10,000 yuan, an increase of 17 per year.

76%, revenue and profit growth have improved significantly.

  White sugar has greatly improved 杭州夜网论坛 both the pros and cons: it is good for revenue and lowers profit margins.

On the revenue side, the export yeast growth rate reached 12%, and domestic yeast growth was nearly 11%.

Basically, all products have increased by more than 10%, and the growth rate exceeds 20%. There are health products, YE, and animal nutrition.

The rapid growth of sugar production led to third-quarter revenue.

The single and third quarter sugar business achieved 1.

6.7 billion, almost the total of the first half of the sugar business, an increase of over 30%.

On the profit side, due to the increase in the percentage of sugar business in Q3 company by 4 points, and the high increase in yeast exports, the gross profit margin declined structurally.

At present, the price of white sugar is at the bottom of the cycle. The company has adopted a reluctant sales strategy from the second half of 2018. The market price of white sugar has picked up from July to September 2019, but it is still concentrated at 5400-5800 yuan / ton, which is close to the cost price and gross profit margin.Weak, net interest rate is basically expected.

As a result, the company ‘s gross profit margin fell in the third and third quarters2.

33% to 33.

72%.

  Optimistic about short-term profit repair.

There are two main reasons for profit: Yili, which has a high profit margin, recovered 20% earlier last year; Chifeng’s production scale reached a reasonable level, the company’s operating rate returned to normal levels, and production efficiency improved.

In addition, the favorableness of molasses costs appears quarter by quarter. The purchase cost of molasses has dropped by 8-10%, and the production costs have been reduced to 2-3% every quarter starting from the second quarter.

However, the rate of return was not deducted a year ago, the tax rate increased, and the net increase in revenue this year was between 70-90 million, which will affect the net profit attributable to mothers by nearly 10%.

We are optimistic about the company’s profit improvement in the fourth quarter due to the decline in production efficiency and molasses costs, as well as the profit improvement brought about by the elimination of yield impact after the first quarter of next year.

  Earnings forecast: long-term excessive sugar will lower the profit level, and reduce EPS 0 appropriately

05.

The EPS is expected to be 1 in 2019-2021.

11, 1.

27, 1.

54 yuan, corresponding to PE is 25, 22, 18 times, maintaining the “buy” level.

  Risk warning: Sales are less than expected; exchange rate changes

Longji shares (601012): The performance growth rate is in line with Shen Wanhongyuan’s expectation that the proposed conversion of bonds will accelerate the market concentration

Longji shares (601012): The performance growth rate is in line with Shen Wanhongyuan’s expectation that the proposed conversion of bonds will accelerate the market concentration
Event: The company released the 2019 third quarter report on October 30, 2019.The company’s operating income for the third quarter was 85.82 million, an increase of 83 each year.8%, net profit attributable to mother is 14.75 ppm, an increase of 283 per year.84%.The company’s operating income for the first three quarters was 226.9.3 billion, an annual increase of 54.68%, net profit attributable to mother is 34.84 million, an increase of 106 every year.03%. Key points of investment: The growth rate of performance is in line with Shen Wanhongyuan’s expectations, and the sales of monocrystalline silicon wafers and modules have maintained rapid growth.In the first three quarters, the company’s operating income was 226.93 ppm, an increase of 54 per year.68%, net profit attributable to mother is 34.84 million, an increase of 106 every year.03%, performance growth expectations are: 1) Driven by the rapid growth of demand in overseas markets, the company’s sales of monocrystalline silicon wafers and modules increased, the proportion of overseas sales of module products increased rapidly, the sales area further expanded, and overseas revenue was the highest.Significant growth; 2) Benefiting from the improvement of technological process, the company’s production costs continued to decline, and the company achieved a comprehensive gross profit margin in the first three quarters.63%, an increase of 5 per year.42 units; 3) During the first three quarters, the company’s period expenses were 8.21%, a decrease of 1 per year.17 units.Performance growth drove a marked improvement in cash flow, and the company achieved a net cash flow from operating activities in the first three quarters.140,000 yuan, an increase of 278% in ten years; until the end of September 2019, currency funds in hand 164.7.8 billion. In the third quarter, the price of silicon wafers remained firm, continuing to drive down the cost and increase efficiency of the industry chain.In the third quarter, the company’s operating income was 85.8.2 billion, an 武汉夜网论坛 annual increase of 83.8%, net profit attributable to mother is 14.75 ppm, an increase of 283 per year.84%, gross margin is 29.93%, an increase of 8 per year.61 units.In the third quarter, the domestic bidding project progressed less than expected, but the company’s silicon wafer prices have remained firm since April, and cost reductions and efficiency gains have been achieved through equipment transformation, process improvement, and management enhancement. The company’s non-silicon costs decreased in the first half of the year.75%.The single crystal PERC cell developed by the company has a maximum conversion efficiency of 24.At 06%, the power of the 60-type single-crystal PERC half-chip module exceeded 360 watts, and the front-side power of the double-sided double-glass PERC module using the independently developed “seamless welding” technology reached 500.5 watts to promote cost reduction and efficiency gains in the industrial chain through multiple means. The convertible debt to be issued reinforces the funds received and further enhances market concentration.The company plans to issue no more than 5 billion convertible bonds, and raise funds to invest in “Yinchuan 15GW single crystal silicon rod and wafer project” and “Xi’an Weiwei New City 5GW single crystal battery project”. In addition to the investment projects, the company also recently disclosed Jiaxing 5GW single crystal module project, Xianyang 5GW single crystal module project and Quzhou Phase 2 5GW single crystal module project.The company plans to produce monocrystalline silicon rods / silicon wafers and monocrystalline solar cells by the end of 2021, and the module production capacity will reach 65GW, 20GW and 30GW respectively. The market concentration is expected to further increase in the future. Maintain profit forecast unchanged and maintain “overweight” rating.We expect the company to realize net profit attributable to mothers in 2019-2021.49.30, 61.39, 74.93 trillion, the corresponding EPS is 1.31, 1.63, 1.99 yuan / share, the current expected corresponding PE is 17, 14, 11 times, maintaining the “overweight” level. Risk warning: Global photovoltaic replenishment installations are less than expected; silicon wafers and module prices have fallen sharply.