WuXi PharmaTech (603259): Strong growth in innovative drug services, aircraft carriers maintain leading positions

WuXi PharmaTech (603259): Strong growth in innovative drug services, aircraft carriers maintain leading positions
Event: On October 30, 2019, the company released the 2019 third quarter report.In the first three quarters of 2019, operating income was 92.79 trillion, an increase of 34 in ten years.06%; net profit attributable to mother 17.65 ppm, a reduction of 8 per year.46%; net profit deducted from non-attributed mothers17.140,000 yuan, an increase of 36 in ten years.88%. The non-net profit growth was strong, and the carrier of innovative drug services maintained a leading position.The company’s revenue has continued to grow rapidly, achieving a revenue growth rate of more than 30% for two consecutive quarters, and the third quarter revenue was 33. 8.4 billion (34.72% +).We expect the company’s various business segments to maintain a strong development momentum, and the trends are basically the same as in the first half of the year.Attributable net profit decreased slightly by 8.46% to 17.65 ppm was mainly due to the loss of zero change in the fair value of the investment target of the company.45 ‰, a significant decrease of 7 previously.1.4 billion.The net profit after deducting non-attribution to mothers increased by 36 each year.88%, of which the net profit of non-attributed mothers in the third quarter reached 7.2.1 billion (69.63% +), non-profit growth performance in the quarter was outstanding.Non-IFRS attributable to parent net profit increased by 38.0% to 18.42 trillion, of which 50 in the third quarter.2% to 6.6.4 billion, outstanding performance.In 2019, the company continued to implement the “integrated, end-to-end” R & D platform synergy strategy. In the first three quarters, the company added more than 900 customers and more than 3,700 active customers, helping customers complete clinical trial applications for 16 new research drugs.And obtained clinical trial licenses for 20 projects.As of September 30, 2019, the company has gradually completed the clinical trial application for 71 new research drugs for domestic customers and obtained 54 clinical trial licenses; the small molecule CDMO / CMO service project has gradually increased the number of suspected new drug molecules by more than 900Of them, of which 40 are in phase III clinical trials and 17 have been approved for listing; the company’s cell and gene therapy CDMO platform provides services for 24 phase I clinical trials and 9 phase II / III clinical trials. The company’s overall gross profit margin for the first three quarters of 2019 was 39.51%, which has continued to increase since 2019. The three 天津夜网 basic expenses and income maintained the same proportion increase, of which the management and R & D expense ratio was 15.56%, sales expense ratio 3.38%, basically basically stable; financial expenses from 0 in 2018Q3.05% resumed -1 in 2019Q3.08%, it is expected that the unused raised funds will be deposited in banks to increase interest income.Net cash flow from operating activities.7.3 billion (93.31% +), the strong growth of all business segments led to the sales of goods and the provision of labor services to offset the purchase of goods, and the increase in net cash paid for labor services. Earnings Forecast and Estimate: We expect operating income for 2019-2021 to be 123.7 billion, 155.8.4 billion and 196.740,000 yuan, an increase of 28 in ten years.67%, 25.99%, 26.24%, net profit attributable to mother is 22.7.2 billion, 29.5.7 billion and 38.49 ppm, an increase of 0 in ten years.50%, 30 after adjustment.16% and 30.17%.The revenue end of the company is expected to maintain a rapid growth trend, but the net profit and profit attributable to large one-off changes in fair value in 2018 will not be able to keep pace with revenue growth. We expect that the company will basically maintain a synchronized high growth after adjustment.The company is the most innovative pharmaceutical industry chain enterprise with the strongest innovation ability. The industry is in a high prosperity. The company’s industry leader is stable and maintains a “buy” rating. Risk reminder: the risk of intensified market competition in the pharmaceutical R & D service industry; the safety and environmental protection risks in the drug production process; the technical risks in the contract execution process; the exchange rate fluctuation risk.

Fangda Special Steel (600507) 2019 First Quarterly Report Review: Performance Exceeds Expectations, Typical Cost Advantages of Private Enterprises Highlight

Fangda Special Steel (600507) 2019 First Quarterly Report Review: Performance Exceeds Expectations, Typical Cost Advantages of Private Enterprises Highlight

Investment Highlights: Maintain “Overweight” rating.

The company achieved operating income of 39 in 2019Q1.

3.6 billion, rising by 1 every year.

90%; net profit attributable to mother 4.

700 million, down 15 every year.

63%, the company’s performance exceeded expectations.

New real estate starts in 2019 are strong, infrastructure is picking up, cars are bottoming out, steel demand is low and high, the company ‘s performance will continue to pick up, and the company ‘s EPS for 2019-2021 will be 1.



44 yuan, estimated 13 times for the company 四川耍耍网 in 2019, raised the company’s target price to 17.

55 yuan, maintaining the “overweight” level.

The sales volume remained high in the first quarter, and the gross profit per ton of steel was high.

The company’s steel sales in the first quarter of 2019 were 101.

81 for the first time, slightly downgraded by 1.

71 Nominally, it remained high overall.

In the first quarter of 2019, the average sales price of the company’s steel was 3866 yuan / ton, and the gross profit per ton of steel was 1,008 yuan / ton.Gross profit and net profit remained relatively high, far exceeding the industry average.

It is expected that steel demand will be low before high in 2019, and the company’s profitability will continue to rise.

During the period, expenses remained low and cost advantages were prominent.

The three charges per ton of steel for the company in Q1 2019 were 391 yuan / ton, which continued to rise by 40 yuan / ton, and the expenses during the period were 10.

1%, rising by 1 every year.

The cost of 23 units is 2858 yuan / ton.

In the first quarter of 2019, due to the decline of the industry cycle and the strength of cost-side iron ore, the company has excellent cost control capabilities, prominent cost advantages, and still maintains profitability.

Demand is low before high, and the company’s performance may continue to grow.

New real estate starts in 2019 surpassed market expectations, and overall remained strong.

In the context of the continued advancement of special bond issuance and the positive national infrastructure policy, infrastructure investment will continue to pick up in 2019.

The production and sales of automobiles picked up significantly in March, and the industry basically entered the bottom-building stage.

In 2019, the demand for steel is low before high, and the company’s performance will continue to pick up.

Risk warning: the macro economy is accelerating to decline; the supply side rises more than expected.

Shanghai Meilin (600073): Stable operation in 1Q19 continues to pay attention to the benefits of rising pig prices

Shanghai Meilin (600073): Stable operation in 1Q19 continues to pay attention to the benefits of rising pig prices

1Q19 results are in line with expectations. Shanghai Meilin announced 1Q19 results: operating income of 65.

1.3 billion, previously + 4%; net profit attributable to parent company1.

8.3 billion, ten years +10.

1%, corresponding to a profit of 0.

2 yuan, in line with expectations.

Among them, the beef and mutton business performed well, with a revenue growth rate of 18.

7%, mainly due to the good performance of silver fern sales in China, the increase in restructuring slaughter, China’s sales share increased, the domestic domestic beef and mutton prices rose, and Lianhao as a whole remained flat.

Hog slaughter and cold meat business performed steadily, with revenue increasing by +4.

3%, canned business income +9 per year.

2%, 1Q19 due to rising pig prices, the contribution of breeding profits is relatively limited.

Development trend The 19-year rise in the price of pigs will benefit the pig breeding business.

At present, there are about 600,000 heads of slaughter attributable to the rights of Shanghai Meilin. The slaughter amount will be limited by swine fever this year. After the construction of the bright pig project has reached production, it is expected to continue to contribute to the slaughter of pigs in 2020-2021.

Entering the growth cycle of pig prices in 19 years will contribute to the company’s profitability in the pig breeding business. We expect that the elasticity of profit will start to appear from 2Q. If the average annual pig price rises 25% in 19-20, the pig breeding business is expected to contribute profits to the company.1.

89, 3.

8.5 billion.

The two pillar industries of Canned Food and Guanshengyuan contributed stable profits.

We expect the company’s snack food profits to be stable, and Guanshengyuan will achieve 1 in 19 years.

Profits of around 9 billion; In 19 years, the company’s canned business faced certain challenges, and its exports to the Philippines were constantly blocked due to the effects of African swine fever. The change was the cost pressure brought by rising pig prices.Meat inventory reserves are expected to have less cost pressure in 1H19. If the spread between China and the United States 杭州桑拿 widens or tariffs are optimized in 2H19, it is planned to increase the import of raw materials to hedge, and it is expected that the canned business will contribute to the company’s profits in 191.

6 trillion profits.

Asset impairment is expected to gradually decrease.

In 2018, the company’s asset impairment amount has dropped significantly to zero.

US $ 5.8 billion, a significant drag on the company’s performance, and we expect the amount of asset impairment to continue to decrease in 2019.

Earnings forecast is maintained at 19/20 EPS forecast of 0.


62 yuan unchanged.

It is estimated and recommended that the current budget corresponds to 24/17 times P / E in 19/20 and maintains a target price of 12.

4 yuan, corresponding to 19/20/29/20 times P / E, there is still 21% growth space compared with 天津夜网 current expectations, maintaining the recommended level.

Risks Fluctuations in pig prices, the impact of African swine fever, the time when pig production capacity is put into operation, SFF operates overseas.

WuXi PharmaTech (603259): CRO & CMO Tap: Keeping track of the past

WuXi PharmaTech (603259): CRO & CMO Tap: Keeping track of the past
Investment highlights for the first time covered the recommended grade given by WuXi AppTec (603259) with a target price of 108.00 yuan, corresponding to 55 times the price-earnings ratio in 2019.The reason is as follows: With the global order transfer + domestic transformation demand, China’s CRO & CMO rise rapidly.The seriousness of new drug research and development, the continuous expansion of research and development, and the termination of a large number of innovative drug patents have led to an increase in cost control intentions of innovative drug companies, while the cost advantage of expanding business in Asia is obvious.After 2015, the national transformation policy encourages and the acceleration of imports will force the average value to push the expectations of domestic pharmaceutical companies to replace third-party breakthroughs, and China’s CRO & CMO industry is gradually rising rapidly. The industry chain extends from top to bottom, transforming from customer needs after going.The company is the first domestic CRO & CMO leading company in the world.Since its establishment in 2000, the company’s business has continued to extend from the upstream to the downstream of the industrial chain. At present, the business has covered all areas of CRO and CMO.The advantages of customers accumulated in the upstream of the industrial chain gradually, and the company gradually promoted the downstream conversion of customer orders.At present, the company has achieved significant transformation results in the CMO field. At present, the CRO field layout has been completed, and the order conversion in the research field is worth looking forward to.In the future, the company’s orders 南宁桑拿 will continue to be converted downstream, customers will continue to increase, the scale of orders will continue to increase, and the added value of expanding business will be a step further. Establish a drug research and development ecosystem, from capturing demand to creating demand.Business scale. After 2011, the company began to increase research and production outsourcing in the medical device, cell, and gene therapy fields in the United States, strengthening the company’s advantages in scale in a wider range.Customer scale, gradually improving The company gradually improves the long-term value of small and medium-sized customers, taps potential needs, uses the experience and historical data accumulation of the entire pharmaceutical R & D industry chain, actively nurtures and accelerates the progress of customer R & D, and truly realizes the reduction from capturing demand to creatingdemand. What makes us different from the market?Analyze the scale effect of the company’s industrial chain extension from the two lines of R & D and production; compare and subdivide the industry chain layout modules of some peers. Potential catalysts: expansion of CMO production capacity and development of clinical CRO. Earnings forecasts and estimates We expect the company’s EPS for 2019-2021 to be 1.96 yuan, 2.44 yuan, 3.01 yuan, CAGR is 24.09%, current A shares are expected to correspond to 45/36 times P / E in 19/20, and current H shares are expected to correspond to 43/34 times P / E in 19/20.The company’s huge investment income of US $ 600 million in 2018 led to a substantial increase in the company’s profit for the year.Taking into account the certainty of the company’s CRO / CMO business growth and the role of the future domestic demand for innovation to promote the company, the first coverage of the target price of 108 yuan (corresponding to 55/44 times 19/20 P / E, 215% upSpace), giving H shares a target price of HK $ 120 (corresponding to 54/44 times 19/20 P / E, 27.1% upside), given A / H shares recommended rating. The volatility of risk outsourcing business orders, foreign exchange risks, and restricted stocks are lifted from listing and circulation.

Poly Real Estate (600048): Stronger-than-expected sales and strong investment at the end of the year

Poly Real Estate (600048): Stronger-than-expected sales and strong investment at the end of the year

Event: Poly Real Estate released the 2019 performance report, and the company achieved operating income of 2355 in 2019.

40 ppm, an increase of 21 in ten years.

07%; net profit attributable to mother was 265.

69 ppm, an increase of 40 in ten years.

55%; basic income 2.

23 yuan.

Comment carry-over speeded up, and performance exceeded expectations.

Poly Real Estate released a quick performance report and achieved revenue of 2355 in 2019.

40 ppm, an increase of 21 in ten years.

07%; operating profit and profit maximization increase by 41 each year.

36% and 41.

15%, net profit attributable to mothers increased by 40 per year.


In the single quarter, the company achieved single-quarter revenue of US $ 123.7 billion in the fourth quarter, an annual increase of 24.

21%; net profit attributable to mothers was 1.37 million yuan, a year-on-year increase of 47.

57%; The company ‘s performance exceeded expectations mainly due to accelerated project settlement and increased carry-over scale.

Initial sales grew steadily, and investment in December increased significantly.

In December 2019, the company realized a sales area of 304.

280,000 square meters, an annual increase of 2.

47%; sales amount 421.

33 ppm, an increase of 15 in ten years.


The company initially realized a sales area of 3123.

120,000 square meters, an increase of 12 in ten years.

91%; cumulative sales amount 4618.

48 ppm, an increase of 14 in ten years.

09%; the average selling price is 14,788 yuan / square meter, an annual increase of 1.


In December, the acquisition of land was significantly improved. The company has 28 new development projects in a number of first- and second-tier cities. The total amount of land acquisition was US $ 38.2 billion, an increase of 844%, which is 91% of the sales amount for the month. The land acquisition area was 6.95 million square meters.It increased by 498% in the first half of the year; the average land price was 5,500 yuan / square meter, which was 39 in the current average sales price.

7%, an increase of 18 from November.

8 single; the company’s cumulative land acquisition amount of 1,528 trillion in 2019, a reduction of 20%; the land acquisition area of 26.53 million square meters, at least 15%, and the land acquisition amount gradually accounted for 33% of the sales amount, down 14 outstanding compared to the end of 18.

The average floor price of the company’s high-rise floor is 5,759 yuan / square meter, which is reduced by 6% every year, which is 38 at the same time.

9%, future gross margin is guaranteed.

In terms of regional distribution, the company’s land acquisition costs accounted for 19% in the first, second, and third lines.

1%, 53.

4%, 27.

5%, 深圳桑拿网 the proportion of land acquisition area is 3 respectively.

2%, 32.7%, 35.

9%, the company continues to cultivate in the first-tier and second-tier cities and hot third-tier cities, and has a strong certainty of future sales.

Investment suggestion: Poly Land Reserve actively invests in land reserves, which lays a solid foundation for the company’s future sales expansion.

The company strategically lays out core urban agglomerations, insists on both deep urban cultivation and urban expansion, and has accurate product positioning. The management team is experienced, motivated, and has a strong brand awareness. The company has incentives in place to promote growth.

At the same time, the company surpassed the strong background of central SOEs, which could help the company obtain brand premium and low financing costs, and further enhance its competitiveness.

The EPS for 2019-2021 is expected to be 2 respectively.

23, 2.

77, 3.

33 yuan, corresponding to PE 6.

97, 5.

60, 4.

66 times, maintain “Buy” rating.

Risk warning: industry sales fluctuations; policy adjustments leading to operational risks; changes in financing environment; corporate operating risks; exchange rate fluctuation risks; shed reform monetization is not up to expectations.

Yunda shares (002120): Continuous improvement in costs drives high growth

Yunda shares (002120): Continuous improvement in costs drives high growth
event.Yunda shares released the 2018 annual report and the 2019 first quarter report.It achieved operating income of 138 in 2018.56 ppm, an increase of 38 in ten years.8%.Net profit attributable to mother 26.98 ppm, a 69-year increase of 69.8%.In the first quarter of 2019, operating income was 66.850,000 yuan, an increase of 151 in ten years.6%.Net profit attributable to mother 5.670,000 yuan, an increase of 40 in ten years.4%. Continuous improvement in costs led to high growth in performance, which exceeded market expectations.Taking 2018 as an example, the gross margin of the express delivery business was 28 in 2017.9% increased to 29.1%, the annual single ticket income fell 11 per year.2%, while the cost 杭州夜网论坛 of a single ticket is reduced by 11 per year.4%, single ticket gross profit from 0 in 2017.56 yuan dropped to 0.50 RMB.Especially in the fourth quarter of 2018, the single ticket revenue ratio decreased by 6.2%, while the cost of a single ticket is reduced by 8 per year.3%, single ticket gross margin remained at 0.51 yuan unchanged.Express order quantity 44 in the season.Driven by a 6% growth rate, the net profit attributable to mothers increased by 73% in 2018Q4.4%.In terms of 2019Q1, the gross profit of a single ticket is from 0 in 2017.53 yuan to 0.58 yuan, 41 orders in the season.Driven by a 5% growth rate, the net profit attributable to mothers in Q1 2019 increased further by 40.4%. The continuous automatic sorting input drives a rapid increase in per capita workload.Taking the 2018 annual report as an example, under the background of an increase in the number of express orders by 48%, the number of production personnel decreased from 6515 in 2017 to 5549, which gradually decreased by about 15%, so that it can be estimated that the increase in per capita workload increased by about 74%.The rapid increase in per capita work is related to improving the automatic sorting of additional distribution centers added in recent years. According to the 2018 annual report, the book value of machinery and equipment increased by 102%.At the same time, in 2018 and the first quarter of 2019, fixed assets were completed, and cash paid for intangible assets and other long-term assets was 34.700 million, 11.600 million, an increase of 148% and 190% each year.With the increase of the company’s large-scale transportation vehicles and automatic sorting, the per capita work volume will gradually increase, which will lead to the increase of labor costs and disturbance of future performance. The industry concentration has increased rapidly, and e-commerce express stocks continue to be recommended.The CR8 from January to March was 81.7, a month-on-month increase of 0.4.Behind the increase in industry concentration is that second and third tier express delivery companies are lagging behind. Since entering 2019, three small and medium express delivery companies have successively withdrawn from the small parcel market, including Aneng, such as Fengda and Guotong Express.The company’s speeding up the departure is paramount.For small and medium-sized express companies, their business scale cannot reach the minimum amount required for automated sorting, and labor costs have risen. Therefore, these companies have entered a cycle of “decreased unit market share-increased unit cost”Superimposed single-piece revenue continued to decline, and the survival situation of small and medium-sized express delivery companies became increasingly hard. Investment suggestion: Maintain “Buy” rating.Combining the improvement of the current unit cost of Yunda shares and the capital expenditure plan, we raised the profit forecast for 2019-2020 and supplemented the profit forecast for 2021. It is expected that the net profit attributable to mothers for 2019-2021 will be 27.6.1 billion, 33.2.1 billion, 38.82 ppm (original 25 for 2019-2020).7.3 billion, 31.4.1 billion), EPS is 1.61 yuan, 1.94 yuan, 2.27 yuan, corresponding to PE is 23 times, 19 times and 17 times. Risk warning: The price war exceeds expectations, and the lifting of the banned shares may put pressure on expectations.

Juxing Technology (002444): Strategic layout significantly improves the interim report by 30% -50%

Juxing Technology (002444): Strategic layout significantly improves the interim report by 30% -50%

2019H1 results increase by 30%?
50%, steady growth of endogenous and epitaxial companies released 19H1 performance forecast: 19H1 is expected to achieve net profit attributable to mothers.


80 ppm / + 30%?
50%, in line with our expectations.

We believe that the reasons for the rapid growth of the performance include: 1) the realization of the optimization of the competitive landscape, the company’s market share in the field of hand tools and smart products continues to increase; 2) the company completed the acquisition of European Lista in June 18During the same period of the year, LISTA contributed part of the increase.

3) The continuous depreciation of the RMB since April 19, which is beneficial to the company’s operations.

We believe that the company is in the strategic adjustment period of branding and transformation. Some of the manufacturing capacity is expected to relocate to a certain extent to avoid the impact of tariff levies. Subsequently, it will gradually achieve steady growth and sustainable profit forecast.Is 0.



92 yuan, maintain “Buy” rating.

  During the orderly construction of overseas manufacturing bases, the overall impact of trade frictions is controllable. According to investigations, since more than 90% of the company’s export products are converted by FOB, that is, the actual tariffs and freight are borne by company customers, so the short-term impact on the company’s statements is limited.

The company started construction of a manufacturing base in Vietnam in 2018, and the base is expected to achieve production and supply in 2019Q4.

Taking into account the maintenance of long-term cooperative relationships, the company intends to achieve Vietnamese supply to some core customers.

Due to supporting facilities and transshipment, Vietnam ‘s comprehensive production cost is about 10% higher than the local level, but it is about 10% lower than the comprehensive local manufacturing cost under the 25% tariff. It also uses supporting facilities and the corresponding industry chain to further improve the cost.Expected to gradually decrease.

At the same time, the company is expected to start construction of a Thai factory this year to expand overseas production capacity.

In summary, the impact of trade frictions on the company is overall controllable.

  By the 2018 annual report, the company had basically completed the industrial integration of Arrow in the United States and completed the acquisition of Lista.

According to the company’s major asset purchase and related-party transaction report in June 2019, the company successively acquired Swiss Prexiso AG, which specializes in laser measurement tools, and Eudura Holding Limited, which specializes in hardware tools, in 2018;American Prime-Line for camp door and window hardware.

The company’s merger and 杭州桑拿网 acquisition of these five companies is expected to bring breakthrough synergies, which can strengthen the superstar’s production capacity in North America and Europe, the dealer system and logistics service network, and expand the company’s business categories.

We believe that the company’s feasible and powerful layout can quickly adjust the production and sales system to reduce the impact in the context of international fluctuations.

  It is estimated that there is room for repair and we maintain the “Buy” rating. We maintain our profit forecast. It is expected that Juxing Technology will return to its parent net profit for 2019-2021.



9.3 billion, an annual increase of 16.

2%, 9.

5%, 8.

9%, three-year compound strength 11.

48%, earnings per share are 0.

78, 0.

85, 0.

92 yuan, corresponding to PE is 13.



92 times.

The average PE value of similar companies in the industry will increase 14 times in 2019. Taking into account that the company’s competitiveness and profitability will help to benefit from branding and transformation strategies, the growth potential will reach the industry level. We maintain the company’s PE estimates for 16-18 times in 2019.The corresponding target price is 12.

04 yuan, maintain “Buy” rating.

  Risk reminders: economic growth in major overseas markets; exchange rate risk; progress in Vietnam’s plant production is less than expected; trade frictions intensify; acquisition and integration progress is less than expected.

Vantage (002035): Industry demand awaits recovery and profitability improves

Vantage (002035): Industry demand awaits recovery and profitability improves

Income base pressure eased and inventory pressure reduced.

In terms of revenue, the company’s single quarter revenue has turned negative growth since 2018Q4, and the single quarter revenue growth rates of 18Q4 to 19Q3 were -12.

04% /-6.

54% /-8.

61% /-8.


Therefore, from the base point of view, 19Q4 began to ease the pressure on the income base.

Inventory pressures have also decreased.

According to the company’s record of investment activities on December 10, the existing company’s omni-channel average inventory was 3.

About 5 months, the secondary dealers have gradually eliminated the inventory.

In the future, the company will continue to promote inventory adjustment, optimize the age structure of the inventory, and adjust the reasonable ratio of new and old products.

We believe that the inventory level is gradually gradually recovering from the demand side of the post-cycle segment brought about by reasonable merger completion and delivery, and the company’s revenue side must be upwardly flexible.

Profitability of profit side is expected to continue to improve.

On the profit side, the company’s profitability continues to improve.

  This year, driven by the decline in original prices and the gradual correction of dividends, the industry as a whole has benefited from the cost side, and added that the company’s product structure optimization and management side continue to reduce costs and increase efficiency. Although the average price of products has declined, the company’s profitability is still realizedSteadily improved.

As of the first three quarters of 2019, the company achieved net profit attributable to mothers5.

17 ppm, an increase of 16 in ten years.

87%; net interest rate is 12.

1%, an annual increase of 2.

6 points.

We believe that the product price tends to be stable and the product structure is optimized. The internal cost reduction and efficiency improvement continue, and the company’s future net profit margin is also expected to continue to increase.

Channel reforms continue to advance and are expected to bring new growth points.

In terms of retail channels, the restructuring of the company’s dealer system is gradually integrated, advocating the adjustment of the wholesale relationship between first- and second-tier dealers to be retail-oriented, and the second-tier dealers transforming the distribution model of flagship store retailers to strengthen terminal sales.

At the same time, new retail channels are being developed. At present, new retail channels have been stationed in JD.com stores, following the development of new retail channels to cover the fourth and fifth-tier markets.

In terms of engineering channels, planning has also begun.

At present, the company’s sales ratio of engineering channels is still low, only 6%. This year, in the context of the continued weakness of the retail market and the rapid increase in engineering penetration, the company began to restructure and reform the engineering sector.Under the company’s guidance, the agent was developed into a local engineering contractor.

We believe that in the long run, as the industry’s overall channels are becoming more diversified, the expansion of new retail channels and the layout of the engineering end are expected to bring new growth points for the company.

Investment Advice.

Looking at the industry as a whole, the completion data from 19Q3 has the goal of improving month by month and increasing the growth rate. Considering that the demand for home appliances can be generated after the 都市夜网 completion of house delivery, we believe that the recovery of demand in subsequent industries is expected to benefit from the gradual release of land delivery, which will leadThe overall fundamentals and estimated repairs of the kitchen appliance sector are expected after the real estate.

From the perspective of the company itself, we believe that the company’s overall profitability can be improved and the logic can continue to be realized, driven by the high-end brand and the trend of reducing costs and increasing efficiency.

We expect the company’s EPS in 19-21 to be 0.

91 yuan, 1.

04 yuan and 1.

18 yuan, an increase of 17 in ten years.

2%, 14.

6% and 13.

1%, giving the company 15-18xPE for 19 years, corresponding to a reasonable value range of 13.

65-16.38 yuan, maintaining the “primary market” rating.

淡水桑拿网 risk warning.

Terminal demand recovered less than expected, channel inventory risk.

Guoxuan Hi-Tech (002074): Performance in line with expectations Expected to continue to benefit Benefits Increased iron-lithium penetration for passenger cars

Guoxuan Hi-Tech (002074): Performance in line with expectations Expected to continue to benefit Benefits Increased iron-lithium penetration for passenger cars

Event On August 29, the company released the 2019 semi-annual report, which reported and realized operating income36.

07 billion, an annual increase of 32.

86%; net profit attributable to mothers3.

52 ppm, with a ten-year average of 24.

49%; net profit after deduction of non-return to mother 2.

92 ppm, an increase of 10 in ten years.

34%; Realize basic profit income of 0.

31 yuan, down 24.

39%; net cash flow from operating activities -2.

6.1 billion.

A brief review of the large increase in installed capacity in the first half of the year led to rapid revenue growth and better cost control is the leading domestic lithium iron phosphate power battery. In the first half of the year, the total installed capacity in the domestic new energy vehicle market was approximately 1.

77GWh, a big increase of 92 a year.


Benefiting from this, the company’s battery pack revenue was 32.

79 trillion, a 48-year increase.

71%; battery pack gross margin is 30.

35%, a slight decrease of 2.

12 units, an increase of 5 units from the second half of 2018; gross profit margin of transmission and distribution products 14.

34%, above average budget.

In terms of expense control, the sales expense ratio and management expense ratio decreased by 1.

10, 1.

57 units, the financial expense ratio increased by 2.

54 averages, during which the expense ratio decreased by one.

1 unit.

The strength of lithium iron phosphate is outstanding, and the ternary battery energy storage company is ready. Through the optimization of the material system, the improvement of the cell structure design, and the improvement of equipment control capabilities, it is currently the only company that has developed a single-cell battery with an energy density exceeding 190Wh / kgAnd it has successfully industrialized and merged into passenger car users such as JAC, Chery New Energy, etc. According to the statistics of the high-tech lithium battery company, the installed capacity of lithium iron phosphate batteries for passenger cars accounted for nearly 40% of the company’s overall.

As the replenishment continues to decline, lithium iron phosphate batteries are expected to rely on its cost-effective advantages to continue to increase the penetration rate in the passenger car field. As the leader of lithium iron phosphate, the company is the first to benefit from the lithium iron phosphate batteries for passenger cars, which is the core benefit.Subject.

On ternary battery products, the company has completed design verification and mass production, and is currently supplying ternary battery products in batches for Chery Little Ant and other models.

The company’s ternary battery has achieved a single cell energy density of more than 210Wh / kg and a cycle life of more than 1500 weeks.

With the upgrade and transformation of the ternary production line completed, the annual output of 4GWh ternary is expected to achieve iron and lithium, and the ternary will go hand in hand.

The whole industry chain layout can effectively respond to the company’s existing capacity of 13,000 tons of ferric phosphate silicate conversion materials affected by the decline of the slope, Sanyuan 622 has a capacity of 6,000 tons, and 16,000 tons of lithium iron phosphate are being constructed, and 10,000 tons of high nickel ternary replacementMaterials and 5,000 tons of silicon carbon nanomaterials, and through the joint venture with Xingyuan Materials, has a wet diffusion capacity of 80 million square meters, and will continue to expand to an annual production capacity of 500 million square meters.

The company’s layout of midstream battery materials can basically ensure that the materials are self-sufficient, can effectively reduce 苏州夜网论坛 production costs, and stabilize the gross profit margin level against the backdrop of supplementary decline.

The blue ocean market for energy storage is actively deployed. Overseas overseas is expected to bring more lithium iron phosphate batteries. Earlier ternary batteries have advantages such as good safety, long cycle life, and low cost. In markets other than power, such as energy storage and electricTools and other fields have broad application prospects.

Recently, the company’s wholly-owned subsidiary Hefei Guoxuan High-tech Power Energy Co., Ltd. and Huawei have long-term “lithium battery supplier procurement cooperation agreement”, which has agreed to expand in-depth cooperation in the field of lithium battery energy storage applications.

In addition, the company has signed a purchase agreement with Bosch to provide 佛山桑拿网 lithium-ion batteries, modules and battery pack products to Bosch as its qualified supplier.

In terms of overseas markets, the company recently announced that it intends to establish a joint venture with India’s Tata Group in India. The Indian new energy industry started late, the penetration rate of electric vehicles is extremely low, and the potential for new energy vehicles in the future is huge. The company has advanced into the Indian power battery market.Enjoy dividends from overseas markets.

Profit forecast we expect 2019?Revenue in 2020 was 81.

9.5 billion, 119.

68 ppm, 164.
8.8 billion; net profit attributable to mothers was 7, respectively.

3.8 billion, 8.

7.8 billion, 10.

79 trillion; current sustainable corresponding PE is 19 respectively.


34, 13.

29 times.

Maintain “Buy” rating.

Zhenhua Technology (000733) Annual Report 2018 Review: Focus on the Rapid Increase of Military Electronics Profitability

Zhenhua Technology (000733) Annual Report 2018 Review: Focus on the Rapid Increase of Military Electronics Profitability

Investment Highlights The company released its 2018 annual report: revenue 53.

38 trillion, a reduction of 33 a year.

43%; net profit attributable to mother 2.

590,000 yuan, an increase of 27 in ten years.

17%; net profit after deduction to mother 1.

80,000 yuan, an increase of 17 in ten years.


According to the number of reports, the company’s revenue scale has decreased, but the profit level has increased significantly, mainly due to the company’s low gross profit margin of the expansion of the entire machine business expansion, high gross profit margin of the 苏州桑拿网 new electronic components business revenue growth ratio increased.

In 2018, the new electronic component business achieved revenue29.

76 ppm, a ten-year increase4.

84%, accounting for 55% of revenue.

76%, an increase of 16 per year.

75 averages, gross margin 42.

36%, an annual increase of 8.

24 singles; the profitability of the whole machine and system business increased, and the scale of revenue expanded and contracted to achieve revenue of 23.

3.1 billion, a year-on-year decrease of 51.

77%, accounting for 43% of revenue.

68%, a decrease of 16 per year.

61 units.

The company’s net profit attributable to mothers increased faster than the net profit attributable to mothers.

In the reporting year, although the company’s asset impairment loss increased from 8088 million last year to 1.

15 billion U.S. dollars, but the company received government subsidies from 55.94 million last year; non-current asset disposal income was 15.14 million yuan, and last year was -2.08 million yuan, mainly because the company will allocate Zhenhua Tiantong’s equity and exceed previous expectationsCredited to investment income.

In 2019, the company will gather advantageous resources, realize asset securitization and merger and reorganization through the capital market resource allocation function, and promote the extension of the industrial chain from the middle and lower reaches to the upper and middle reaches, and the asset securitization will continue to advance.

According to the latest financial report, we adjust our profit forecast and expect the company’s EPS for 2019-2021 to be 0.



91 yuan / share, corresponding to PE is 26/21/18 (2019/04/17) times, maintaining the level of “prudent increase”.

Risk warning: The compression and replacement of the whole machine and integrated circuit business are less than expected; the profit improvement of the new energy battery business is better than expected; and the injection of external assets is uncertain.