Haier Zhijia (600690) Semi-annual Report Review: Market Share Steadily Improves High Growth of Overseas Business
Event: The company achieved operating income of 989 in 2019H1.
80 ppm, an increase of 9 in ten years.
38%, net profit attributable to mother 51.
51 ppm, a ten-year increase of 7.
58%; of which, Q2 earned 509.
37 ppm, a ten-year increase of 8.
66%, net profit attributable to mother 30.
15 ppm, a six-year increase of 6.
The overall market share has increased and overseas business has grown rapidly. The company’s product market share has further increased: according to data from Zhongyikang, in the first half of 2019, the company’s offline retail shares of refrigerators, washing machines, home air conditioners, water heaters and kitchen appliances in the Chinese market wereImprove by 1.
2 and 1.
In the first half of 2019, the company’s overseas revenue reached 46.7 billion US dollars, an increase of 24% year-on-year (a year-on-year increase of 13% after excluding Candy). The company’s overseas revenue accounted for 47%, and its share of the company’s global revenue increased by 5 percentage points.
The gross profit margin remained stable, and the expense ratio was well controlled. The company’s gross profit margin was 19H1, and the net profit margin was 29.
29%, +0 each year.
The gross profit margin of domestic appliance business increased by 0.
Nine units, the company ‘s overseas revenue increased rapidly in the first half of the year, the gross profit margin of overseas operations fell, the domestic gross profit margin, and structurally affected the overall gross profit margin performance.
In terms of expense ratio, the company’s sales, management, R & D, and financial expense ratios in 19H1 were 14 respectively.
77% and 0.
51% each year -0.
11 points, +0.
28 points, -0.
02pct, the company’s expense ratio remained stable in the first half of the year.
Cash assets in hand were sufficient, and the turnover rate improved significantly. From the balance sheet, cash at the end of 19H1 + other current assets 409.
09 billion, -2 chain.
27%, inventory is 238.
6.8 billion, an increase of 9 from the previous month.
61 trillion, bills receivable and accounts totaled 289.
4.1 billion, +10.35%.
Judging 四川耍耍网 from the turnover situation, at the end of the 19H1 period, the receivables and payables turnover days were 59.
59 and 74.
85 days, at least -3.
23 and -2.
In 18 days, the company’s turnover efficiency improved, and the company’s operating efficiency improved significantly.
From the cash flow statement, the net cash flow from operating activities in 19H1 was 36.
34 trillion, -35 a year.
09%, of which 962 was cash inflows from sales of goods and services.
68 megabytes, the annual growth rate is slightly lower than the revenue growth rate.
The core employee shareholding plan will fully mobilize employees’ enthusiasm. By July 16, 2019, the company’s employee shareholding plan has gradually purchased 16.66 million shares of the company’s stock through a secondary market purchase method, with 北京桑拿洗浴保健 an average transaction price of RMB16.
23 yuan / share, the shareholding plan will further stimulate the enthusiasm of employees and help the company’s performance growth.
Investment suggestion: The growth rate of the company’s profit side is slightly lower than the income side. We slightly adjust the company’s profit forecast. We will increase the company’s net profit growth rate from 10 to 19 years.
61% and 9.
18% is adjusted to 9.
71% and 10.
42%, corresponding to a dynamic assessment of 12.
2 and 10.
Doubled, the company formed global brand operations, accelerated internationalization of R & D and manufacturing, and domestic high-end brands in the competitive landscape have taken the lead, maintaining a “buy” investment rating.
Risk Warning: Downturn in Real Estate Drives Downturn in Home Appliances Business, Raw Material Costs Exceed Expectation
Xinhecheng (002001): Changes in performance caused by changes in product prices Under construction and planning projects contain huge growth momentum
The event company released the 2018 annual report and the 2019 quarterly report on the evening of April 28, 2019.
Annual Report 2018: Reports that sustainable companies achieved revenue 86.
8 ‰, a 39% increase in ten years; net profit attributable to mothers to be achieved 30.
8 ‰, an increase of 81% in ten years; net profit after deduction to non-returned mother 28.
9 ‰, an increase of 75% in ten years; net cash flow from operating activities was 36.
6 trillion, an increase of 177% in ten years; the expected average ROE of 20 was achieved.
5%, rising by 0 every year.
2019 first quarter report: 2019Q1 company achieved revenue of 18.
4 ‰, an average of 40% over ten years; net profit attributable to mothers was achieved5.
1 ‰, with a ten-year average growth rate of 66%; net profit after deduction for non-returning mothers4.
USD 800 million, an average of 68% over ten years; net cash flow from operating activities2.
$ 500 million, compared to a previous budget of 35%; achieving expected average return on net assets3.
11%, more than ten years.
Dividend: 10 shares of the company’s proposed enzyme will be paid out 7.
00 yuan, a total of about 1.5 billion yuan in dividends.
A brief comment on the increase in product prices led to a significant increase in 18 performance, and a higher base caused the company’s performance growth from 19Q1 to 2018, mainly due to the impact of the BASF accident at the end of 2017 leading to the increase in VA, VE and flavor and fragrance prices, VA, VE The average prices in 2018 were 701 and 59 yuan / kg, which increased by 100% and 6% over 2017, 四川耍耍网 respectively.
The increase was especially the highest in the first quarter of 2018. The average price of VA and VE in 2018Q1 was as high as 1,348 yuan and 108 yuan / kg, all at historical highs.
The company’s Q1-4 single-quarter results were 14 respectively.
At 4 ppm, Q1 contributed nearly half of its annual performance in a single quarter.
Affected by rising product prices, the company’s comprehensive gross profit margin in 2018 was 53.
4%, an increase of 2 per year.
9 units; gross profit 46.
4 ‰, an increase of 14 in ten years.
In terms of period expenses, the reported scale company sales, management + R & D, and financial expenses are 2 respectively.
200 million, change 19%, 35%, -84% each year.
The reported company’s R & D expenses increased by 36%, and 佛山桑拿网 the number of R & D personnel increased by 52%, indicating that the company’s R & D efforts have continued to increase.
In terms of cash flow, the company’s current net ratio of reported performance is 118% and 95% respectively, and it has increased by 44 and 15 ratios at the same time. The significant increase in current net ratio is mainly due to the significant increase in accounts payable:Account balance 13.
80,000 yuan, an increase of 39% in ten years.
The company’s performance in the first quarter of 2019 deviated, mainly due to the high base in Q1 of 2018. From the point of view of 19Q1 and 18Q4, the changes in revenue, net profit attributable to non-net profit, and deducted non-net profit were -7%,6%, + 3%, the change is basically stable.
The projects under construction and planning contain huge growth momentum, and the projects under construction have begun to show huge profits from 2017 to 2018, which has enabled the company to accumulate substantial capital. The company’s book cash at the end of the 2019Q1 reporting period was approximately 26.0 million yuan, other current assets of about 46.
600 million, a total of 72.
The rich cash reserves and the company’s estimated annual net cash flow of more than US $ 2 billion enable the company to invest in a large number of new projects. According to our statistics, since the beginning of 2018, the company’s total investment in new EIA projects has exceeded 20 billion.The US dollar, huge growth momentum is brewing.
At the end of the 2019Q1 reporting period, the company had 48 projects under construction.
700 million, the ratio of construction in progress / fixed assets reached 92%, which is considerable for Xinhecheng with a market value of 41.1 billion.
The structure of VA oligomeric urethane dandruff is gradually stabilized, the bargaining power is increased, and the price has entered a new era. Due to the complex process of vitamin A synthesis, high technical barriers, difficult to enter machinery, and alternate supply side reforms, the oligopoly scalp in the industry has gradually increased and stabilized.CR4 is currently as high as 78%.
We judge that vitamin A prices have entered a new era, and around 300 yuan has become a new bottom area.
VA prices continued to decrease at the end of 2018. It is expected that dealers’ inventory is low, and the increase in the concentration of more industries has significantly improved the bargaining power of oligarchs. On April 9, the price replaced 285 yuan / kg on April 10.VA manufacturers collectively stopped reporting, prices rebounded rapidly, and eventually stabilized at around 365 yuan / kg before DSM stopped production.
We believe that the VA industry has entered a new era after undergoing supply-side reforms and BASF accidents. Around 300 yuan has become a new price bottom area. In fact, after the BASF accident, the time when the VA price was below 300 yuan has never exceeded 1 Months.
On April 25th, market news said that DSM’s Swiss factory suspended production for 2-3 months due to contaminated strains of wastewater treatment. During this period, VA products were suspended from reporting.
Affected by this news, the VA quote increased from 360-390 yuan / kg to 370-400 yuan / kg.
DSM has a total capacity of about 7,500 tons of vitamin A. There are two production bases in Switzerland and Shanghai. The production of vitamin A oil in the Shanghai base is 600 tons, and the production capacity of vitamin A powder is 1,560 tons. It can be estimated that the production of vitamin A in the Swiss base is about 4,000 tons, accounting for global vitaminA total capacity is about 10%.
Although the swine fever has affected the demand side to some extent, according to our calculations, about 34% of downstream Virginia is used for pig feed, and the domestic pig inventory has been reduced by 19%, which has an impact on the domestic VA demand side of about 6.
5%, the global impact is expected to be less than 4%, the distance between the demand side is far less than the impact of DSM production suspension on the supply side, the DSM production suspension will bring further increase in VA prices.
The Ministry of Commerce launched an anti-dumping investigation on methionine, and the price bottomed out. On April 10, 2019, the Ministry of Commerce announced an anti-dumping investigation on methionine (methionine) originating in Singapore, Malaysia and Japan.
Almost all methionine capacity in Asia is concentrated in China, Japan, Singapore and Malaysia.
According to our calculations, the current maximum internal methionine output is about 34 euros. Japan, Singapore, and Malaysia have 23, 15, and 8 substitutions respectively. The current capacity of anti-dumping regions for methionine is 46 substitutions, accounting for 59% in Asia and 24% in the world.
In terms of new production capacity, in 2018, Sumitomo Japan for 10 years, Evonik Singapore for 15-2019 and 2020, and Citi Malaysia 8 in 2020 were in the anti-dumping investigation area.
Since February 2017, the price of solid methionine has basically remained below the bottom of 25 yuan / kg. After April 2018, it fell below the 20 yuan / kg mark and once fell to 17 yuan / kg.On April 9, solid methionine dropped to 16.
9 yuan / kg, a record low.
Such prices have approached the cost red line of some manufacturers. Under the circumstances that the price is in a downward channel for a long time, the probability of dealers’ inventory is also at a high level. Therefore, as soon as the anti-dumping news comes out, the price will immediately bottom out. The current price of solid eggs and liquid eggs is 19.
0 yuan / kg, an increase of 2 compared with before anti-dumping.
5 yuan / kg.
The first phase of the company’s 5-crystal methionine project was successfully trial-produced in January 2017. In July 2017, the second phase was fully achieved. 10 Phase 10 is expected to start construction in 2018 and is expected to start production in 2019-2020. Phase 3 15 is expected to start production in 2021.
By then, the company’s production capacity of methionine will reach 30.
It is estimated that the company’s net profit attributable to its parent in 2019 and 2020 will be 26 respectively.
4 ‰, corresponding to 15, 12 times of PE, maintaining the overweight rating.
Nanxing Equipment (002757) In-depth Report: Panel Furniture Machinery Steadily Increases IDC Operation Sets Off
Key points of investment: High-quality enterprises of panel furniture machinery, the layout of IDC operations is poised for development.
The company is the first domestic furniture and equipment manufacturing company to enter the A-share market. In March 2018, it acquired the only network to form a dual-main business business layout: the parent company has 248 inventions, utility models and design patents, and has a wide range of products.It mainly includes CNC series machining centers 杭州夜网 for panel furniture, computer panel saws, automatic edge banding machines, CNC drilling, automation and other series of equipment. The only network of the subsidiary has 39 software copyrights and 2 patent applications. The main business includes server hosting andInternet infrastructure integrated services such as lease, bandwidth lease, cabinet and space lease, cloud computing, network security, etc.
In the second quarter of 2018, the company will consolidate the only network division consolidated report to achieve real revenue11.
29 ppm, a 44-year increase of 44.
53%, net profit attributable to mothers1.
64 ppm, an increase of 51 in ten years.
Edge computing helps, and the only network development is entering a period of possibility.
From the perspective of market space, the global and domestic data center market sizes were USD 46.6 billion and USD 65 billion in 2017, of which medium and large-scale data centers grew rapidly.
However, after the development of the “cloud + end” industry model in the 5G and IoT era, the demand for Internet infrastructure resources at the edge interconnection will increase.Ushering in good development opportunities.
The unique network has formed a differentiated competitive advantage in the domestic IDC professional service field, leading in the layout of small and medium-sized data centers and bandwidth resources. With the help of edge computing, the unique network is entering a period of development possibility.
At the same time, the company’s traditional furniture machinery business is fully coordinated with the sole network business. Furniture machinery manufacturing can combine the big data support of the sole network to enhance the first-mover advantage in the field of intelligent manufacturing. At the same time, the sole network can use the cloud platform as the entrance to the furniture industry customersProvide exclusive services.
The short-term growth rate of the furniture manufacturing industry, and the demand for intelligent equipment drive investment in fixed assets.
The annual growth rate of the furniture manufacturing industry in 2018 is forecast to achieve 7,081 operating income.
70 ppm, a ten-year increase4.
50%, the growth rate drops by 5 every year.
70pct; realized profit increase of 425.
90 ppm, a ten-year increase4.
30%, the growth rate drops by 5 per year.
Affected by the rapid development of the custom industry, furniture companies’ demand for flexible furniture production lines for custom furniture has increased; the demand for furniture manufacturing automation has increased due to the increase in labor costs; the need for intelligent equipment has driven fixed asset investment in the furniture manufacturing industry.The asset investment quota has increased by 23% annually.
The company’s continued growth in high-end CNC equipment sales has driven performance growth. In the first three quarters of 2018, the company’s panel furniture machinery business achieved revenue6.
68 ppm, an increase of 24% per year.
With the further increase of the demand for intelligent equipment in the furniture industry, the company’s furniture machinery revenue is expected to further increase.
Upgrade the company to Buy rating.
Combined with the company’s performance report for 2018, the company’s 2018-2020 net profit is expected to be 1.
6.4 billion, 2.
3.3 billion, 3.
50,000 yuan, the corresponding EPS is 1.
25 yuan / share, 1.
77 yuan / share, 2.
32 yuan / share, calculated according to the latest closing price, the corresponding PE is 27, 19, 14 times.
The company’s panel furniture machinery business is expected to achieve steady growth. At the same time, the unique network business model fully benefits from the rise of edge computing. Future development is expected to enter a potential period, and the company is upgraded to a buy rating.
Risk warning: The growth of the downstream furniture industry is less than expected; the growth of the panel furniture machinery industry is less than expected; the data center industry is less than 南京夜网 expected; the company’s performance is less than expected; the performance of the acquired company is less than expected; the synergy between the furniture machinery business and the sole network business is less than expected.
More than 3,000 companies’ interim report results settled
Interim report closes Jiucheng company’s performance is popular Source: Beijing Commercial Daily A-share Interim Report disclosed the official close. Except for ST Changsheng (right protection), the interim results of more than 3,000 companies have been settled.
According to statistics, nearly 90% of listed companies achieved profit in the first half of this year.
The so-called several rejoicing and several worries, as well as the improvement of the performance of 363 listed companies in the first half of this year, of which ZTE is the most bearish stock.
Under the weak market, poor performance stocks, problem stocks encountered investors vote with their feet.
The original people believed that performance is still an important idea for stock selection.
Nearly 90% of the company’s first half profit According to wind statistics, in the end, 3,539 listed companies have announced their first half of this year’s report card.
In terms of net profit, 3,176 listed companies have net profits attributable to owners of the parent company in the first half of this year, accounting for about 89 of the listed companies’ disclosed performance.
According to statistics, of the 3,176 listed companies that achieved net profit attributable, 1441 listed companies made more than US $ 100 million in profits, and there were 216 listed companies with net profit attributable to more than 1 billion, including Saronda A, Zhongtian Technology, etc.
In the first half of this year, there were 26 listed companies with attributable net profits exceeding 10 billion yuan, and four companies achieved net attributable net profits of more than 100 billion yuan in the first half of this year.
From the perspective of the industry, bank stocks have an outstanding ability to make money. Among the top 20 profitable listed companies, bank stocks have won 12 places, and Ping An Bank, CITIC Bank, and Everbright Bank have all been shortlisted.
ICBC to 1604.
Net profit of US $ 4.2 billion won the crown of A-share profit in the first half of the year. China Construction Bank and Agricultural Bank ranked second and third respectively.
According to the growth rate of net profit, according to wind statistics, among the 3,176 listed companies that achieved net profit in the first half of this year, there were 532 companies whose net profit gradually exceeded 100%, and the net profit of 42 listed companies achieved at least10 times more growth.
Yulong shares, Haiyue Energy, Qixingxingchen, and Sinopec’s attributable net profit in the first half of this year have gradually increased over 100 times.
According to the semi-annual report disclosed by Yulong, the company achieved a net profit of approximately 7945 in the first half of this year.
240,000 yuan, in the past apparently turned losses into profits.
Yulong’s attributable net profit in the first half of this year exceeded 30326.
78%, becoming a listed company with accelerated profit growth in the first half of 2018.
Even the net profit remains profitable, but there are also too many listed companies in the first half of this year, the net profit attributable to more alternatives.
According to Wind statistics, among these profitable companies, 937 listed companies have achieved a decline in their attributable net profits in the first half of this year.
The decline in the attributable net profit of 248 listed companies exceeded 50%, and the decrease in the attributable net profit of more than 26 listed companies exceeded 90% in the first half of this year, including Xuanya International, Yinji Media, and Soochow Securities.
Where ZTE has the worst performance, and many of them have the worst performance in the first half of this year.
According to Wind statistics, in the first half of this year, a total of 363 listed companies had varying degrees of attributable net profits.
From the highest expectations, the net profit attributable to 88 listed companies in the first half of this year may exceed billions.
In the first half of this year, there were 38 companies with the lowest attributable net profit coefficient between 1 billion and 200 million, including Storm Group, Pacific Securities, * ST Huaze (right protection), Shenwu Environmental Protection, etc., Pacific Securities was the only oneReplacement of listed securities stocks only.
According to statistics, in the first half of this year, there were 19 listed companies with a decrease in attributable net profit of more than 500 million US dollars, accounting for about 5 of the number of enlarged enterprises.
LeTV, Zhonghong, Nanjing Xinbai, Jianrui Woeng and other eight companies in the first half of this year’s expected average net profit of more than 1 billion points.
Comparative data can be polished, ZTE is the worst performing company.
The semi-annual report for 2018 disclosed by ZTE Corporation shows that the company achieved a net profit replacement of approximately 78 in the first half of this year.
2.4 billion, down 441 every year.
ZTE is the replacement king of A-share listed companies in the first half of this year.
Among the top three companies, in addition to ZTE, the other two companies are Ningbo Dongli and Jianrui Woneng.
The great loss of Ningbo Dongli and Jianrui Woneng in the first half of this year was due to the hidden danger brought by mergers and acquisitions.
Due to contract fraud and scam, Ningbo Dongli made a huge asset depreciation on the subsidiary’s annual wealth supply chain, resulting in Ningbo Dongli’s huge net loss in the first half of this year exceeding 3.1 billion.
Affected by the subsidiary Waterma’s “Blasting Thunder”, Jianrui Woneng achieved a net profit replacement of approximately 16 in the first half of this year.700 million.
Whether it is the Nianfu supply chain or Watma, they once intended to play the role of “performance cow”, but have become the “hot potato” of listed companies.
Shanghai Rice is also a typical example of outstanding companies.
Shanghai Rice’s semi-annual report for 2018 shows that the reported net profit attributable to the merged company replaces about 8.
4.7 billion yuan.
In terms of performance reasons, Shanghai Rice has boiled down to the fact that the securities investment business is affected by market changes, and that the gains and losses from changes in fair value resulting from holding and disposing of trading financial assets and investment income total approximately 13.
7.9 billion yuan, a decrease of about 17 over the same period last year.
6.9 billion yuan, resulting in improved semi-annual performance in 2018.
In other words, Shanghai Rice is dragging down the company’s performance due to huge losses in “stock speculation”.
If we follow the decline in net profit, 13 of these increase companies saw a decrease in net profit of more than 10 times in the first half of this year. Ningbo Dongli and Zhuye Group had a decrease in net profit of more than 100 times in the first half of this year.
According to wind statistics, from January 1st to August 31st this year, the top ten A-share listed companies have fallen * ST Bao Qian (rights) and * ST Fukong (rights)., Jinya Technology (rights), Xingyuan Environment, * ST Baxter (rights), Sunway, * ST Watson, Moen Electric, Orid (rights) and * ST Longli (rights).
Except for Jinya Technology, the remaining 9 companies’ net profit attributable to deviation or even replacement in the first half of this year.
Taking * ST Bao Qian as an example, according to statistics, from January 1st to August 31 this year, the cumulative decline of * ST Bao Qian is about 87.
23%, the most bear stocks in the two cities.
Since the second half of 2017, * ST Baoqian has faced major risks such as tight capital chains and insufficient liquidity, which has severely affected the company’s production and operations.
Because * ST Bao Qian Capital has been unable to continue to maintain the original business scale, causing most of its business to shrink, resulting in * ST Bao Qian achieving net attributable net profit of more than US $ 200 million in the first half of the year.
In stark contrast, from January 1st to August 31st this year, among the top ten listed companies with an increase in increase rate, eight listed companies reported an increase in the net profit attributable to their interim reports.
Taking China Stone Technology, which ranked first in the year, as an example, the net profit attributable to it in the first half of this year was approximately 4320.
290,000 yuan, a year-on-year increase of 10284%.
Qian Delong, chief economist at Qianhai Open Source, said, “In the past two years, the A-share market has come out of a structural market, and the performance 苏州桑拿网 of superior stocks has been relatively strong, rather than leading stocks and some poorly performing stocks, and earnings stocks have fallen back.”
Yang Delong boots said that “performance is king” is still the best idea for stock selection.
In addition, ST Changsheng was originally scheduled to disclose the company’s 2018 semi-annual report on August 31, 2018. The wholly-owned subsidiary Changchun Changsheng Biotechnology Co., Ltd. was investigated due to the rabies vaccine incident, resulting in the company’s semi-annual report preparation work being closed and the company unable toThe 2018 semi-annual report is disclosed at the scheduled time.
On the evening of September 2, ST Changsheng issued an announcement saying that the company could not disclose the semi-annual report for 2018 at the scheduled time. According to the “Shenzhen Stock Exchange Stock Listing Rules”, the company’s shares were suspended from September 3.
Beijing Business Daily reporter Liu Fengru / Wen Wangfei / Watchmaking
Linglong Tire (601966): Increasing holding by controlling shareholders demonstrates confidence in the company’s long-term development
Event: On February 4, the company received a notice from the controlling shareholder Linglong Group, 厦门夜网 intending to increase the company’s shares within 3 months from the date of the announcement. The scale of the increase plan is no more than RMB 1 million and no more than RMB 400 million.
Investment Highlights The company issued a plan to increase its holdings, demonstrating long-term development confidence: Linglong Group was the company’s controlling shareholder. Before the implementation of this increase, Linglong Group held 604,200,000 shares, accounting for 50 of the company’s total shares.
Based on the recognition of the company’s future development confidence and value, and in order to maintain continued stability and shareholders’ interests, Linglong Group intends to increase the company’s shares within 3 months from the date of the announcement, and the scale of the increase plan is RMB 100 million?
4 million 武汉夜生活网 US dollars, and there is no fixed price for the price of the shares to be increased this time, and the price range may gradually decrease.
At the same time, Linglong Group promised not to reduce its holdings of the company’s shares during the increase and within 6 months after the completion of the increase.
Helping to prevent and control the epidemic and bear social responsibilities: Since the epidemic was released, Linglong Tire has donated 5 million yuan to the Red Cross Society of Wuhan, Jingmen and other places through its subsidiaries in Hubei to fully support the epidemic prevention and control work.
At the same time, the Wuhan sales network of Linglong Tires was urgently deployed to provide tire services free of charge for vehicles built by Vulcan Mountain Hospital and other rescue vehicles.
The new factory in Hubei has been put into production, and the “5 + 3” strategy has been further improved: Linglong Hubei Factory is Linglong’s fourth factory in China. It took one and a half years to complete the construction of truck and bus tires. After it is fully completed, it can achieve an annual output of 12 million setsSemi-steel radial tires, 2.4 million sets of all-steel radial tires and 60,000 sets of engineering radial tires.
The commissioning of the Hubei plant means that Linglong Tire’s “5 + 3” strategy is a big step forward. The commissioning of more production capacity is expected to continue to accelerate the release of the company’s performance.
Supply-side reforms are not over yet, and companies at the top of the tires are expected to grow from strength to strength: Looking at the global market, Bridgestone, Michelin and Goodyear have been among the top three in the tire industry for a long time. The three market share totals.
At present, there is a structural surplus in the domestic tire industry. Through the advancement of supply-side reforms, small and medium-sized production capacity is gradually cleared out. The domestic market is in the process of concentrating on the right tire companies.
Focus on building the four core driving forces of strategic power, product power, innovation power and brand power: the company is a global supplier of world-class car factories such as Audi, Volkswagen, GM, Ford, Renault Nissan, and its products are sold to more than 180 countries and regionsIt ranks among the top 20 tires in the world, steadily ranks among the top 3 tires in China, and ranks among the top 500 Asian brands. It has replaced the foundation for achieving the strategic goal of becoming a world-class tire company.
Earnings forecast and investment grade: We estimate that the company’s net profit attributable to its parent in 2019-2021 will be 15 respectively.
9.9 billion, 19.
08 thousand yuan, 22.
55 ppm and EPS are 1.
33 yuan, 1.
59 yuan, 1.
88 yuan, the current sustainable corresponding PE is 16X, 13X and 11X.
Maintain “Buy” rating.
Risk reminder: the new production capacity is less than expected; the price of raw materials fluctuates greatly; the load rate of production facilities affected by the epidemic declines
Long Mang Baili (002601): Acquiring the equity of Oriental Zirconium to perfect the layout of the zirconium industry
Recent situation of the company The company intends to use its own funds and bank loans to acquire Eastern Zirconium held by China Nuclear Group through an agreement transfer15.66% equity, transfer price 8.73 trillion, corresponding to the expected 8.98 yuan / share, the acquisition of early Eastern Zirconium currently continues to premium 26%.After the transaction is completed, the company will become the largest shareholder of Oriental Zirconium. Comment Dongfang Zirconium is a leading zirconium industry enterprise with complete industrial chain.The owner of Dongfang Zirconium is engaged in the research and development, production and sales of zirconium series products. The industrial chain is complete. It has independent intellectual property rights in core zirconia powders, zirconia ceramics, nuclear-grade sponge zirconium and other fields.The subsidiary 南京桑拿网 cooperated with Image in Australia to develop a number of mining area projects with abundant ore resources. At present, it is focusing on mining high-grade and replacing the bunalen project of zircon sand.Eastern Zirconium actively develops high-value-added emerging zirconium products on the basis of consolidating the basic product line. Its fund-raising projects include 18 million zirconia ceramic mobile phone back plates, an annual output of 1,000 tons of zirconia ceramic microbeads, and surgical implants.Industrialization project of zirconia ceramic powder for import.We expect that the construction of new projects will further increase the profitability of Oriental Zirconium and create a complete upstream and downstream industrial chain of zirconium products. The acquisition completes the company’s zirconium industry layout.南京桑拿论坛Although the purchase price has reached a 26% premium over Eastern Zirconium, the company will become the largest shareholder of Eastern Zirconium after the equity acquisition. We believe it will be the basis for the coordinated development of Eastern Zirconium and the company’s zirconium industry. At the same time, the acquisition improves the company’s zirconium industry layout and relies on the advantages of Eastern Zirconium Composite Zirconia Powder to expand to the downstream emerging zirconium products field, enhance the company’s core zirconium industry competitiveness, and promote the implementation and expansion of the company’s zirconium industry-related strategies. The expansion of the production capacity of the chlorination method contributed to the growth, and the integrated layout enhanced profitability.At present, the company’s 20 chlorinated chloride production capacity is under commissioning operation. We expect that the total production capacity of the company’s first and second phase chlorinated titanium dioxide will reach 30 in 2020. At the same time, the company’s acquisition and integration of Xinli Titanium Industry is expected to continue to increase titanium chloride.Production capacity of white powder, sponge titanium and high titanium slag, etc. We expect that the expansion of titanium dioxide production capacity will help the company continue to grow.At the same time, the company will use the titanium concentrate resources in Panxi area to build a 30 titanium chloride slag project. We expect to be able to fully meet the second phase 20 production of chlorinated titanium dioxide production, which will further improve the company’s industrial chain and enhance profitability. It is estimated to maintain the 2019/20 profit forecast26.At USD 2 / 3.1 billion, the current company merger corresponds to a price / earnings ratio of 19/20.6/8.1x.Maintain the target price of 17 yuan, which has 37% growth space compared with the previous one. The target price corresponds to 19/20 13 / 11x price-earnings ratio and maintain an outperform industry rating. Risk Titanium dioxide price changes, acquisition and integration exceeded expectations.
Guo Rui Technology (600562): Expect radar and microwave devices to resume growth in 2019 and focus on asset restructuring progress
2018 results are in line with expectations The company’s 2018 results announced: operating income10.
4.3 billion, down 9 every year.
63%; net profit attributable to parent company is 0.
38 ‰, a decrease of 77 per year.
68%, corresponding to a profit of 0.
06 yuan, net of non-attributed net profit 0.
28 ppm, a decrease of 82 per year.
The company plans to pay 0 for every 10 shares.
The proportion of rail transit business with a higher gross profit margin 西安耍耍网 increased even more.
The company’s revenue in 2018 fluctuated slightly, YoY-9.
6%; comprehensive gross profit margin decreased by 12ppt to 18%.
In terms of business, 1) the total revenue of the radar YoY-41.
45%, gross profit margin YoY-11ppt (the inventory contract is insufficient, the newly signed contract has not improved significantly); 2) Rail transit revenue YoY + 53.
77%, accounting for 44% of revenue (YoY + 18ppt), gross margin slightly increased slightly; 3) Microwave device revenue YoY-22.
97%, gross margin YoY-25ppt (insufficient customer demand and the impact of ZTE incident); 4) Special power source revenue YoY-17.
14%, gross margin slightly increased by 1.
The subsidiary Nanjing Enruite realized a net profit of 2.16 million yuan, -98% year-on-year; Guorui Microwave Devices realized a net profit of 3.4 million yuan, -90 year-on-year.
52%; Guo Rui Megavolt Electronics achieved a net profit of 31.1 million yuan, YoY-7.
Net operating cash flow remained stable.
Net cash flow from operating activities of the company in 20181.
3.8 billion, higher than the net profit of about 100 million, mainly due to the increase in accounts receivable and bills receivable of 0 in 2018.
30,000 yuan, and the increase in bills payable and accounts payable1.
Development Trend Radar and microwave devices are expected to resume growth, and asset restructuring progress is worth looking forward to.
The company’s radar products are in a leading position in the market (with obvious advantages in secondary radar). In terms of microwave devices, 5G base station filters, MIMO antenna technology and 5G communication circulator technology have been implemented. We look forward to the growth of radar and microwave devices in 2019.
In addition, the company announced the acquisition of 100% equity in Guorui Defense and other assets. We expect to significantly increase EPS (127/99% in 2019/2020), focusing on relevant progress.
Earnings forecasts remain unchanged.
Estimates and recommendations Companies currently sustainably correspond to 19 / 20e 112.
8x P / E.
Maintain the recommendation level, taking into account the recent upward movement of the military sector’s estimated hub, and raise the target price by 23% to 21.
5 yuan, corresponding to 19 / 20e 57 / 50x pro forma price-earnings ratio, potential increase 北京桑拿洗浴保健 of 15%.
The restructuring of risk assets fell short of expectations, the air traffic control radar bidding fell short of expectations, and the delivery of military orders fell short of expectations.
Long Mang Baili (002601): maintains good growth momentum under high base, three-year plan solid industry leader
Event: The company released the 2018 annual report and the 2019 first quarter report, and achieved operating income of 104 in 2018.41 trillion, +1 a year.78%, net profit attributable to mothers22.860,000 yuan, at least -8.66%, and at the same time, it is planned to pay 1 yuan (including tax) for every 10 shares; the first quarter of 2019 will achieve revenue of 27.780,000 yuan, ten years +9.02%, achieving net profit attributable to mother 6.23 ppm, +4 a year.19%. 2019Q1 maintained a good growth momentum under a high base.In 2018, the company’s titanium dioxide output was 62.66 南京夜网 seconds, sales 58.56 samples, all of which have made steady progress, and their performance remains stable.Entering 2019, the company raised the amount of titanium dioxide twice on February 13 and March 7, respectively. At the same time, the company sold 73,546 tons of titanium dioxide in March 2019, setting a new historical high. In the first quarter of 2019, the company’s cumulative sales of titanium dioxide 160596Tons, an increase of 10 in ten years.11%.The increase in volume and price of titanium dioxide in Q1 2019 brought operating income of 78 ppm, the highest in a single quarter, and achieved net profit attributable to mothers6.23 ppm, the highest in the first quarter of the calendar year. The industry leaders have significant competitive advantages.In the next three years, the company determines the development goal of the production and sales scale of titanium dioxide from 70 to 85 inches to 100 inches. At the same time, it has resources upstream (the acquisition of Longmang Titanium Industry and Ruierxin), and the midstream has chlorination technology (Phase 1)The operation is stable every year, the second phase is 20 seconds per year, and the trial production will be carried out. The downstream market and pricing power (export ratio exceeds 50%, leading the industry’s price increase rhythm after the Spring Festival). The industry leaders are configured to transition the moat of the entire industry chainSignificant competitive advantage. The introduction of new production capacity of the chloride method helped the company to go global.Against the backdrop of global supply-side contraction and optimistic export performance, the company ‘s chlorination method Phase II 20 years / year capacity will be trial-produced in the second quarter. With the support of technology and experience accumulation in Phase I, it is expected to be successfully put into production.Strong, will lead the mainstream development direction of China’s titanium dioxide, and help the company’s performance to a higher level. Continued high dividend returns to shareholders.The company’s cash dividends accounted for 91% of the net profit attributable to the parent in 2016-2018.93% / 84.58% / 66.58%, the company expects to maintain a dividend rate of about 80% in the future, and continue to pay shareholders with high dividend returns. Maintain “Buy” rating.It is expected that the company’s net profit attributable to its parent from 2019 to 2020 will be 32.43/40.330,000 yuan, corresponding to EPS 1.6/1.98 yuan, PE 11/9 times, 北京spa会所 maintain “Buy” rating. Risk reminder: the risk of falling titanium dioxide prices, the risk of new production capacity is less than expected.
Hongdou shares (600400) 2019 first quarterly report comments: clothing revenue growth pressures pressure on gross profit margin to promote growth in net profit
In 19Q1, revenue increased by 9%, net profit increased by 7%, and net profit resumed growth. In the first quarter of 2019, the company 天津夜网 realized revenue7.6.1 billion, an increase of 9.14%, net profit attributable to mother 5097.660,000 yuan, an increase of 6.60%, deducting non-net profit 4224.410,000 yuan, down 8.79%, EPS is 0.02 yuan. The growth rate of deducting non-net profit is lower than income mainly due to sales, increase in management expense ratio and increase in asset impairment losses, while net profit mainly comes from entrusted wealth management income, and government subsidies included in the current profit and loss increase. In terms of quarters, 18Q1-19Q1 company revenue increased by 20.88%, -48.43%, 17.05%, 8.32%, 9.14%, net profit attributable to mother increased by 51.30%, -87.04%, -10.38%, -18.74%, 6.60%. After 18Q2, the impact of the divestiture of the real estate business was eliminated. 18Q4-19Q1 was affected by the severe weakness in clothing consumption, and its income grew rapidly. In 19Q1, gross profit margin increased, investment income increased, and net profit resumed growth. Offline channel expansion drives revenue growth, growth in store efficiency, and distribution of segmented businesses: 2019Q1 company Hodo Menswear, OEM apparel, and other businesses achieved revenue6.55 ppm, 7644.190,000 yuan, 2908.480,000 yuan, an increase of 6.55%, 26.53%, 65.68%. The company’s own brand of red bean men’s clothing stores continued to expand, driving the growth of Hodo’s men’s clothing revenue, OEM processing business, and other businesses (including yarn printing and dyeing) grew rapidly. In terms of channels: 2019Q1 company’s online (private brand), offline (including private brand direct sales, franchise and professional wear group purchase business, OEM processing clothing sales, etc.) revenue was 1.2.3 billion, 6.0.9 billion yuan, an increase of 1.01%, 9.95%.Online, affected by the growth rate of the e-commerce industry, the relative growth rate of revenue growth.In terms of offline channels, Hodo Menswear is directly operated by the company in Q1 2019, and its franchise income is 4,609.930,000 yuan, 4.6.3 billion, an increase of 2.19%, 10.39%, channel expansion led to revenue growth, and store efficiency was replaced by the weak clothing consumption environment and a high base in 18Q1; until the end of March 2019, the company had a total of 62 direct-operated stores, extending its value-added12.At 73%, the efficiency of directly-operated stores decreased by 9.34% to 74.350,000 yuan; joined 1,278 affiliated stores, increasing 21 times.14%, franchise stores decreased by 8.88% to 36.240,000 yuan. The gross profit margin increased significantly, the expense ratio increased, and the inventory fell earlier. The gross profit margin increased by 5 in 2019Q1.50PCT to 30.00%, mainly due to the company’s increased strategic cooperation with suppliers, improving supply chain management capabilities and supplier bargaining power.In terms of business, the gross profit margins of Hodo Menswear for OEM in 2019Q1 were 31.80% (+5.54PCT), 15.96% (+6.26PCT), of which Hodo Menswear is directly managed, with a gross profit margin of 48.34% (+8.53PCT), 27.91% (+7.89PCT), the increase was mainly due to the improvement of the company’s upstream bargaining power. Expense rate: Expense rate increased by 4 during Q1 2019.79PCT to 21.80%, of which the sales expense ratio increased by 1.40PCT to 12.08%, mainly due to the increase in the number of stores, the increase in sales staff expenditures and the increase in amortization costs of smart projects; the management expense ratio (considering research and development costs) increased by 291PCT to 8.96%, mainly due to the increase in research and development expenditure; the financial expense ratio increased by zero.47PCT to 0.75%, mainly due to the increase in short-term working capital borrowing interest. Other financial indicators: 1) The company’s inventory at the end of March 2019 was 2.37 trillion, down 13 earlier.19%, mainly due to the company’s winter clothing products digestion, inventory value decreased.In 1Q1, the company’s inventory turnover ratio was 2.09, 31.14%, 2 in the same period in 18 years.35, 33.91%, the inventory turnover rate is slightly incidental. 2) The accounts receivable of the company at the end of March 2019 is 3.43 trillion, an increase of 2 earlier.69%, mainly due to the expansion of franchise channels, increased support for franchisees, 19Q1 accounts receivable turnover investment 225, compared with 4.74 has improved. 3) Investment income increased by 94 in the first quarter of 2019.10% to 2029.220,000 yuan, mainly due to increased proceeds from idle funds raised to purchase wealth management products. 4) Assets impairment losses in Q1 2019 increased by 27,206.74% to 1409.640,000 yuan, mainly due to the increase in inventory depreciation provisions for inventory goods. 5) The net operating cash flow in Q1 2019 was -9698.940,000 yuan, -8608 in the same period of 18 years.480,000 yuan, mainly due to the increase in the payment of electronic bank acceptance margin. The growth rate of clothing revenue in 19Q1, and cooperation with Perception Group to promote the application of the Internet of Things. We believe that: 1) In terms of clothing revenue, due to the weak overall consumption in 2019Q1, the company’s clothing revenue growth rate was only 2 at the end of March 19, Lower than expected, the growth rate of online income narrowed.In the future, the company will continue to develop offline stores, sink to lower-tier cities, strengthen product management and digital supply chain capabilities, increase single store revenue, and drive clothing revenue growth.2) In 2019, the company strengthened the control of terminal prices, enhanced the bargaining power of suppliers, and promoted the recovery of gross profit margin. The rapid expansion of the number of stores led to the continuous increase in sales expense ratio.3) On April 3, 2019, the company announced that it has signed a strategic cooperation framework agreement with Perception Group to jointly cooperate in smart stores, smart storage, smart manufacturing model factories, etc., and promote the Internet of Things and other technologies in the production, storage, and sales of clothing retail enterprises.In terms of applications, Perception Group is the earliest domestic institution to conduct research and industrialization of the Internet of Things, and achieved revenue of 53 in 2018.90,000 yuan, net profit 2.3.6 billion. As the company’s revenue growth rate in 2019Q1 is relatively relative, we slightly lower the EPS forecast for 2019-21 to 0.09/0.11/0.13 yuan (previous average 0.10/0.12/0.14 yuan), currently expected to correspond to 42 times PE in 19 years, higher short-term increase, we are optimistic about the company’s focus on the main business, clothing performance continues to grow, and the Group’s clothing resources are rich, the future home furnishings, underwear and other clothing-related businesses are expected to inject listed companiesTo maintain the “overweight” rating. Risk warning: The store opening speed is slower than expected, terminal sales continue to be weak, and expenses have increased significantly.
Wanrun Co., Ltd. (002643): Steady growth in performance and internal volume put into production trying to open up growth space
The company released its 2019 Interim Report and achieved operating income in the first half of the year12.
9.3 billion, previously +1.
18%; net profit attributable to mother 2.
3.1 billion, previously +19.
63%; net profit after deducting non-attribution to mother 2.
2.3 billion, previously +17.
37%; budget benefit is 0.
Q2 achieved revenue of 6 in a single quarter.
3.1 billion, previously +1.
58%; net profit attributable to mother 1.
2.9 billion, +0 in ten years.
The company’s overseas revenue accounted for 88 in the first half of the year.
52%, product sales are mostly settled in U.S. dollars, benefiting from the depreciation of Renminbi and lower costs, the comprehensive gross profit margin in the first half of the year was 42.
14%, ten years +5.
The three fee ratio (including R & D expenses) is 20.
39%, ten years +2.
53pct, of which financial costs +1394.
370,000, which is due to the reduction in the impact of exchange gains each year; R & D expenses1.
4.0 billion, accounting for 8% of revenue.
08%, a certain improvement in one year.
In the first half of the year, the appreciation of RMB Q1 and the deduction of Q2, Q2’s single-quarter profitability increased significantly, and the gross profit margin was 45.
10%, ten years +4.
30pct, +5 chain.
79 points; net margin is 20.
48% every year -0.
27pct, +5 chain.
The budget project is progressing as scheduled and is about to enter a period of heavy growth.
The company’s existing carbon dioxide production capacity is 3350 tons / year.
The second-phase project 武汉夜网论坛 of the budget is expected to be completed and put into operation at the end of 2019, and it is estimated that the production capacity will be 2,500 tons / year.
At the same time, the construction of environmental protection materials projects with a maximum emission of 7,000 tons / year (4000 tons of Euro 6 and above diesel exhaust emission control ZB series), 3000 tons of flue gas denitration, and MA toluene for refining catalysts, construction is progressing as scheduled, and it is expected to continue in 2021Put into production.
Gradually increase production and overcome gradually, it is expected to seize the possibility of rapid growth in demand driven by the implementation of the National Sixth Standard.
The company has deep cooperation with Zhuangzi Wanfeng, a global leader in exhaust gas treatment catalysts. The 都市夜网 interactive molecular sieve has achieved stable and smooth sales. After the new project is put into production, it will become a major contribution point for performance growth. Deeply plowing into the field of OLED materials, it is expected to replace liquid crystal monomers as a new growth point.
The company’s monocrystalline global sales share is about 15%. It has integrated and stable cooperation with major mixed crystal manufacturers Merck, JNC, and DIC. In the past two years, it has still been intensive production period for high-generation LCD panel production lines. We expect domestic LCD demand in 2019-2021.The average annual growth rate is about 20%, and the single crystal business can still achieve stable growth by supplementing the price.
The company has cultivated in the field of OLED materials for many years. It is roughly estimated that there are more than 500 related patents for OLED materials (including Jiumu Chemical and March Optoelectronics). The parent company and Jiumu Chemical focus on intermediates and materials before sublimation., Especially focusing on the development of the third generation TADF light-emitting materials.
At present, the existing OLED finished materials with independent intellectual property rights are verified by downstream manufacturers. How to quickly put the OLED panel production line into production in the future, the OLED material business is expected to usher in a period of rapid growth.
[Investment suggestion]It is estimated that the company’s operating income for 19/20/21 will be 32.
00 ppm, net profit attributable to mothers is 5.
99 ppm, EPS is 0.
88 yuan, corresponding to PE is 18/15/12 times, maintaining the “overweight” level.
[Risk reminder]The project’s production progress is less than expected; downstream demand growth is less than expected; uncertainty in batch supply of OLED materials; raw material price changes.