Foster (603806): Three quarterly reports of single-season film sales and average unit prices continue to grow

Foster (603806): Three quarterly reports of single-season film sales and average unit prices continue to grow
Investment Highlights: Company Announcement: From January to September 2019, operating income of 45 was achieved.900 million, an increase of 34 over the same period last year.6%; net profit attributable to shareholders of listed companies.92 ppm, an increase of 70 over the same period last year.8%; net profit attributable to shareholders of listed companies in place of non-recurring gains and losses4.920,000 yuan, an increase of 63 over the same period last year.73%.Net cash flow from operating activities1.7.5 billion, which was negative in the same period last year.Among them, the third quarter achieved revenue of 16 in a single quarter.12 ‰, an increase of 32% in ten years, net profit attributed to the mother1.0.94 million yuan, an increase of 59% in ten years.In line with expectations. Single-season sales and average unit prices of EVA film products continued to grow.From the perspective of the company’s main business development, the company provided and sold photovoltaic films in the first three quarters.4.7 billion square meters, an increase of 30% in ten years, the film business achieved revenue of 40.8.3 billion, of which single quarter sales1.9.2 billion square meters, sales in Q3 2019 increased by 30.2%; sales of backplanes in the first three quarters were 36.99 million 南宁桑拿 square meters, achieving revenue of 3.96 trillion, of which sales in the third quarter of 12.3 million square meters, flat for one year, slightly inserted chain.The company’s profitability is stable, and its gross profit margin and expense ratio are stable.Gross profit margin for the first three quarters of 19.72%, 0 compared with the same period last year.04pct, period expense ratio 6.91%, a decrease of 0 compared with the same period last year.33 points. Income from other businesses1.1.1 billion, mainly related to new materials.In addition, the company has used the convertible bonds to issue funds to expand its production. At present, the company has obtained the approval of the CSRC for raising 1.1 billion yuan of funds for expansion2.500 million square meters of white EVA film technical transformation, 200 million square meters of POE packaging film and 2.With 1.6 billion square meters of photosensitive dry film project, we believe that after the fundraising is in place, the company will further expand the high-end EVA film products and continue to expand the business layout of new materials, including photosensitive dry films, aluminum-plastic composite films, FCCL products, etc.It is expected that the follow-up will become a new profit growth point. Leading EVA companies, white EVA and POE film can help improve the structure, and the layout of new materials business has gradually increased.Maintain profit forecast. It is estimated that the net profit attributable to shareholders of the parent company in 2019-2021 will be 7 respectively.93, 9.15, 11.10,000 yuan, the full diluted earnings per share were 1.52, 1.75 and 2.11 yuan, corresponding to PE of 27, 23 and 19 times, maintaining the “overweight” level. Risk warning: PV installation planning and policies are not up to expectations, and the progress of new materials business is slow

Mingtai Aluminum (601677): Significant increase in profits from high value-added projects

Mingtai Aluminum (601677): Significant increase in profits from high value-added projects

Event: The company released a 2019 performance forecast, and it is estimated that the annual profit for the mother will be about 9 in 2019.

US $ 3.9 billion, an increase of approximately 4 from the same period last year.

44 trillion, an increase of about 90%.

  Non-recurring gains and losses increase profits by about 2.

2.2 billion.

The report summarizes that the company sold the R & D office building, received the sales budget and included it in non-recurring gains and losses, increasing the net profit for the period by approximately 1.

50 ppm; government subsidies, wealth management and other matters increase the profit by about 0.

7.2 billion.

After subverting 武汉夜生活网 non-recurring gains and losses, the company’s 2019 net profit attributable to shareholders of listed companies replacing non-recurring gains and losses is about 6.

160,000 yuan, an increase of about 2 from the same period last year.

22 trillion, an increase of about 56%.

  The product structure was upgraded and the production capacity was released, and the company’s performance increased rapidly.

In terms of production and sales, the company’s major projects continued to advance during the year, and more advanced equipment was put into operation. In the first half of the year, the company’s aluminum production and sales reached a record high, reaching 41 inches. We expect the company to produce and sell nearly 90 inches.

In terms of product structure, the extrusion production line 82MN, 60MN and 125MN extruder imported by SMS Germany have been installed and started trial production.Zhengzhou CRRC’s rail transit profiles can be approved to supply aluminum alloy rail car bodies to improve the profitability of rail car bodies.

In the first half of the year alone, the aluminum alloy rail car body delivered 94 knots. We expect the company to deliver 200 knots this year, contributing 0 gross profit.

600 million.

  The successful issue of convertible bonds helped the company’s next stage of development.

During the reporting period, the company successfully issued convertible bonds to raise funds18.

400 million, to save the company’s next stage of development.

According to the company’s plan, the raised funds will be used for “aluminum sheet production line upgrade project”, with a total production scale of 25 units / year, of which medium and heavy plate products2.

5 days / year, hot rolled coil products 10 days / year, cold rolled strip products 8.

5 years / year, cold-rolled sheet products 4 years / year, including: aluminum alloy pre-stretched plates, medium and heavy plates with higher requirements for production technology; aluminum plates for containers, aluminum plates for carriages, and tank trucksAluminum alloy sheets and strips for transportation, such as rolled coils; aluminum alloy building envelopes, tank cover ring materials, and aluminum alloy sheet and strip for mobile phone battery shells.

Among them, the medium and thick plate products are built-in ordinary medium and thick plate products.

The construction period of this project is 2 years. After the project is in production, it is expected to achieve revenue of 40.

800 million, net profit 3.

400000000.

  Profit forecast and rating.

Maintain the company’s “overweight” rating, the company’s EPS for 2019-2021 is expected to be 1.

53 yuan, 1.

13 yuan and 1.

25 yuan, corresponding to the current sustainable PE is 7 respectively.

5 times, 10.

2 times and 9.

2 times.

  Risk warning: The profit of the investment project is less than expected, and economic growth causes changes in processing fees.

Chint Electric (601877) Quarterly Comment: The low-voltage growth rate has obvious advantages over the leading faucet

Chint Electric (601877) Quarterly Comment: The low-voltage growth rate has obvious advantages over the leading faucet

Core point of view: The performance is in line with expectations, and the cash flow has improved significantly.

77 ppm, an increase of 17 in ten years.

62%, of which Q3 income is 80.

50 ppm, an increase of ten years.

67%.

Net profit attributable to mothers was achieved in the first three quarters of 28.

64 ppm, a ten-year increase2.

65%, it is estimated that the impact of the sale of generating units in the same period last year, an annual increase of 20.

46%.

In the first three quarters, the company achieved net operating cash flow of 29.

5.5 billion yuan, an annual increase of 99%.

The gross profit margin improved significantly in a single quarter, and the company’s gross profit margin for the first three quarters was 29.

41%, a decline of 0 every year.

36pct was mainly caused by the growth of photovoltaic module sales business with relatively high gross margin, but the gross margin of Q3 has reached 31.

71%, an increase of 1 per year.

At 40%, we expect that the growth rate of low-voltage electrical appliances will increase and related raw material prices will decrease.

Company expenses in the first three quarters16.

28%, a decline of 0 per year.

31 points, excellent rate management.

Generally, the potential for low-voltage growth is brought about. The photovoltaic operation is steadily affected by the recovery of grid investment and the improvement of real estate completion. It is expected that the company’s low-voltage electrical appliances growth rate will pick up in the third quarter.

The construction of the ubiquitous electric power Internet of Things focuses on the client’s 杭州评茶阁 personalization, size, needs, and improvement of the demand for low-voltage electrical appliances on the switch side. At the same time, it requires low-voltage electrical appliances for communication and intelligent monitoring.

At the end of the third quarter, the company’s operating photovoltaic power plant installed capacity was 3.

18GW, a year increase by 1.

25GW, the first three quarters of electricity revenue17.

96 trillion US dollars, an annual increase of 14.

50%, the scale and efficiency of photovoltaic operations have been effectively improved.

Investment suggestion The company’s domestic low-voltage electrical industry leader is stable and the new energy business is developing steadily.

It is estimated that the company’s net profit attributable to its parent in 2019-2021 will be 42.

03, 49.

70 and 59.

10,000 yuan, an increase of 17% in ten years, 18.

2% and 18.

7%, corresponding to 11, 9 and 8 times the current expected PE.

Maintain the company’s reasonable value35.

1 yuan / share, maintain “Buy” rating.

Risks suggest macroeconomic downturn; market demand is less than expected; product prices fall;

Hang Seng Electronics (600570): Third quarter meets expectations and China-Taiwan strategy continues to advance

Hang Seng Electronics (600570): Third quarter meets expectations and China-Taiwan strategy continues to advance

Event: The company released the third quarter report of 2019 and achieved revenue of 22.

97 ppm, an increase of 17 in ten years.

02%.

Attributable net profit is 8.

40,000 yuan, an increase of 122 in ten years.

86%.

Deduct non-net profit is 3.

170,000 yuan, an increase of 36 in ten years.

12%.

The overall performance is in line with market expectations.

The growth rate of asset management business was obvious, driving the rapid growth of Hang Seng Q3.

Benefiting from the new rules on asset management and the continued implementation of bank subsidiaries, the company’s third-quarter revenue accelerated in the third quarter of 2019, driven by its asset management business, and Q3 single-quarter revenue reached 7.

73 ppm, an increase of 28 in ten years.

42%.

By industry, the growth rate of capital market business in the first three quarters reached 18.

9%, 无锡夜网 of which the growth rate of asset management business reached 26.

38%; banking growth was 10.

23%; Internet business growth rate was 14.

33%.

The company’s expense rate remained stable, including sales expense rate, management expense rate, and research and development expense rate each increased.

9%, 11.

5%, 18.

8%.

The new financial policy in 2019 has continued, and financial IT has shown a high state of prosperity. In addition to the new rules on asset management, we believe that the science and technology board will gradually recognize revenue in the second half of the year and make a significant contribution to it.

The China-Taiwan strategy continued to advance, and the productization capability was upgraded again.

At the Hang Seng Artificial Intelligence Product Launch Conference in 2019, the company 杭州桑拿网 released Hang Seng Data Center, and 4 artificial intelligence products based on data center: Zhimou Kechuangtong, intelligent algorithm trading, intelligent public opinion warning and super intelligent customer service.

This platform integrates Alibaba Cloud’s next-generation automated data asset integration and management platform, providing financial institutions with integrated platform construction, data governance, and big data AI applications.

For the IT needs of the financial industry, it must be stable, the front end is relatively rich and personalized, and the construction of the middle stage is actually in response to the rapidly changing and differentiated needs of customers.

The company actively promotes the China-Taiwan strategy and once again improves its overall service capabilities.

Cooperate with IHS Markit to expand the primary bond market.

Hang Seng and MarkitSERV, a wholly-owned subsidiary of IHS Markit, jointly invested in the registration and establishment of Hang Mai Technology, with a registered capital of RMB 70 million, of which Hang Seng has a 67% stake in the joint venture.

At present, China has become the second largest bond issuer in the world, and the pace of opening up the bond market has continued to accelerate. Until August 2019, the number of foreign investors participating in the Chinese bond market has exceeded 2,000.

The joint venture will focus on the fixed income market in Mainland China and is committed to forming a bookkeeping solution for the Chinese bond market.

This is also the first Sino-foreign joint venture established by Hang Seng, which helps to explore the international development of the company’s business.

There are a variety of information asymmetry pain points in the process of bond bookkeeping. Hang Seng is trying to build an automated bond underwriting and issuance platform and start new business.

Earnings forecast and investment rating: Based on the company’s non-recurring earnings growth in the first three quarters and the assumption that the China-Taiwan strategy continues to advance, we maintain our earnings forecast at 1.

16.1.

42,1.74 yuan, corresponding to 64 for PE.

6, 52.

8, 43.

1 times.

Considering that Hang Seng is a financial IT leader and has the strongest pricing power in the market, we believe that the company’s reasonable estimation level is 56-58 times corresponding to 2020 and the corresponding range is 80-82 yuan, maintaining the “overweight” rating.

Increased risks: The slow implementation of the new financial policy; less-than-expected IT investment by financial institutions; and the trend of China-Taiwan strategy.

Antu Bio (603658) 2019 Third Quarterly Report Review: Chemiluminescence Imports Replace Responsible Tasks and Long Road Performance Maintains High Growth Rate

Antu Bio (603658) 2019 Third Quarterly Report Review: Chemiluminescence Imports Replace Responsible Tasks and Long Road Performance Maintains High Growth Rate

I. Event Overview On October 28, 2019, the company released the third quarter of 2019 report: operating income for the first three quarters, net profit attributable to mothers, net profit attributable to mothers after deductions were 18 respectively.

9.4 billion, 5.

3.8 billion, 5.

20 ppm, a 39-year increase of 39.

22%, 30.

87%, 31.

32%.

Among them, the operating income in the third quarter was attributed to the net profit of the mother, and the net profit attributed to the mother after deduction was 7, respectively.

14 billion, 2.

18 billion, 2.

120,000 yuan, an increase of 39 in ten years.

53%, 32.

42%, 32.

36%.

Cash flow from operating activities 5.

34 ppm, an increase of 23 per year.

02%.

Second, analysis and judgment 2019Q3 continued the trend of the second quarter, showing a high growth rate, focusing on the progress of product approval under the focus of high R & D 1) Affected by the high base of 2018Q1, the significant growth rate of 2019Q1-Q3 performance improved quarter by quarter.

① The revenue side is accelerating due to the high growth of reagents and co-construction business.

In the first three quarters of 2019, revenues increased by 39 in ten years.

22%, of which the third quarter revenue increased by 39 in ten years.

53%, basically the same as the growth rate in the first three quarters, and the revenue growth rate in several years has shown a significant acceleration in 2018 (excluding the high base of Q1 growth in 2018). We estimate that the chemiluminescence reagents remain relatively fast.The growth rate and the incremental income contribution of the co-construction business; ② Profit-side analysis, multiple growth levels match the revenue growth rate.

In the single quarter, the growth rate of net profit after deducting non-returning mothers showed that the growth rate of 18Q4-19Q3 showed a quarterly speed increase (the multiple growth rates were 23 respectively.

64%, 30.

14%, 30.

92%, 32.

36%), mainly due to the high base in 2018Q1 (2018Q1 revenue, net profit or growth rate were 71.

87%, 42.

(43%, much higher than the growth rate in the first three quarters). Overall, we believe that the trend of net profit growth and revenue growth are matching and are also affected by the high growth of reagents and co-construction.

2) The increase in the proportion of co-construction business income and the increase in the rate of research and development expenses have led to a slight shift in net interest rate.

Analysis of gross profit margin, affected by agency and co-construction business, the gross profit margin fell in the first three quarters.

14pct to 66.

64%.

The company’s continuous technological innovation comes from high R & D expenditures: the company generated R & D expenses in the first three quarters.

26 ppm, a 56-year increase of 56.

83%, much higher than revenue growth; R & D expenditures11.

92%, an increase of 1 over the same period last year.

34pct is mainly the investment in the research and development of new kit products.Selling expenses in the first three quarters15.

84%, an increase of 0 a year.

07 points; management expense ratio 4.

54%, a decrease of 0 per year.

27 points.

The net interest rate is 28.

95%, a decrease of 1 per year.

75pct; we expect the subsequent gross profit margin to remain stable, the overall revenue scale to expand and dilute costs and expenses (period expense ratio decreased), so that the net interest rate is gradually reduced, especially R & D investment (higher proportion), we will continue to track itsProduct approval and volume rhythm.

3) Affected by agency and co-construction business, the operating cash flow growth rate is lower than the profit growth rate.

With the increase of agency and co-construction business income, the receivables turnover rate decreased by 0.

90pct to 4.

21%, we expect the account receivables turnover rate will still slowly decline; due to the company’s enhanced upstream bargaining power, the accounts payables turnover rate continues to decrease1.

54 points to 5.

01.

As a result, the operating cash flow in the first three quarters of 2019 increased by 23% per year, which was slightly lower than the growth rate of profits, and the overall quality still showed higher growth.

The import of chemiluminescence has a long way to go. Product and technological innovation are the foundation of life. 1) Innovative research and development continue. Luminous products are still the main force for development.

In terms of testing reagents, six new product registration certificates were obtained in the third quarter (five of which were kit products), and a total of 26 new product registration certificates were terminated on September 30, further enriching the company’s product line and continuously satisfying the marketdemand.

Initially, 1,000 new units are expected to be completed, and we expect the final inventory to exceed 4,000 units, which will drive the volume of supporting reagents.

2) Strategic layout of laboratory automation lines, a step further in high-end manufacturing.

The laboratory automation assembly line is one of the company’s strategic product layouts. At present, the product marketing value positioning, pricing, team building and sales process establishment have been initially completed.

The new product “Autolas B-1 series of automatic biochemical immune line” was released, which 杭州桑拿网 adopted the same configuration of the traditional line to save 60% -80% of space.

3) In the direction of microbial detection, nucleic acid POCT, biochemistry, etc.

The company’s microbiological testing products have a variety of varieties and grow rapidly. Among them, the microbial flat plate series products are larger in the predetermined market, and the listing of automated blood culture systems and supporting culture bottles has replaced the company’s market size in the domestic bacterial culture field.

In the direction of nucleic acid POCT, the company signed a share subscription agreement and a joint venture agreement with Mobidiag of Finland. In May this year, Zhengzhou Antu Mobi Molecular Diagnostic Technology Co., Ltd. was established. It is responsible for respiratory, fixation and meningitis based on 重庆耍耍网 Novodig nucleic acid POCT technology platformDevelopment, production and sales of target nucleic acid fully automatic POCT products.

In the direction of biochemical products, Antu Bio, Beijing Antu Bio, and Canon’s three-party concepts are gradually consistent, and the fusion effect is significant.

Third, investment recommendations We believe that chemiluminescence is a high-quality track in the early stage of import substitution. The company’s luminous products rank among the top in China, with rich growth momentum, and are expected to continue to achieve high growth.

We expect EPS to be 1 in 2019-2021.

77, 2.

48, 3.

41 yuan, according to the closing price on October 28, 2019 corresponding to PE is 57, 40, 29 times.

For the first time, refer to the assessment of comparable companies and industry division, and give a “cautious recommendation” rating.

4. Risk warning: product quality risk; market competition risk; policy change risk.

Hytera (002583): Public-private integration is the first to break through overseas business and expand smoothly

Hytera (002583): Public-private integration is the first to break through overseas business and expand smoothly

Event description: The framework agreement between the company and an integrator from a certain country in Asia provides professional wireless communication broadband multi-mode smart terminals for public safety customers in a certain country. The total amount of this framework agreement is approximately 24 million US dollars (equivalent to approximately RMB 1).

6.9 billion US dollars), purchased from the company in batches over three years, and the end users are the country’s public safety customers and the country’s large-scale integrators.

Public-private integration achieved a breakthrough for the first time, and both market and product development: the contract amount is equivalent to RMB exchange rate1.

690,000 yuan, accounting for 2 of the company’s audited operating income in 2018.

44% can bring positive effects to the company’s revenue, and it is also the first overseas breakthrough of the company’s public exclusive integration of new business.

The public convergence market is the company’s focus on the expansion of smart terminal products beyond the traditional private network market. This project uses the company’s self-developed broadband multi-mode smart terminal, and for the first time achieves large-scale commercial use in the public safety field in this region of Asia.The groundbreaking iconic significance confirms the company’s broadband, intelligent product maturity and technological leadership, and is conducive to the company’s promotion in other local industry markets, and has a good demonstration effect for the follow-up company’s global expansion.

Overseas business expands smoothly and orders for large projects hit record highs: Since the beginning of this year, the company’s overseas business has further expanded, especially in market 南京夜网论坛 development. It has benefited from mergers and acquisitions with British Cypress, German HMF, overseas headquarters, and the Americas region.The “Belt and Road” market, Southeast Asia, Asia, Africa, etc. are the company’s advantageous markets, and due to the demand from many countries, once they enter the project, the sustainability of the project is very strong. For example, the Uzbek project has hundreds of millions of contributions last year.contribution.

Although the domestic traditional business may decline slightly, new businesses such as modified cars and special communication products are growing rapidly.

At the end of the last three quarters, the total amount of contracts announced for large projects was over US $ 1 billion, and the newly-acquired agreement was almost 1.2 billion, far exceeding the level of the same period last year.

In the first three quarters of the company, due to the increase in the proportion of modified cars and EMS business, while driving the increase in the scale of revenue, the overall gross profit margin declined, and the improvement in the proportion of new business was promoted.

Profit forecast: It is expected that the company’s net profit attributable to its mother in 2019-2021 will be 6 respectively.

2.3 billion, 8.

89 ppm and 11.

37 trillion, EPS is 0.

34/0.

48/0.

62 yuan, corresponding PE is 26/19/15 times, maintaining the company’s “recommended” level.

Risk reminder: The company’s orders are less than expected, the revenue from order confirmation is less than expected, the gross profit shifts, and the risk of trade war.

Antu Bio (603658) 2019 First Quarterly Report Review: Luminescence Maintains Higher Growth R & D Development Continues

Antu Bio (603658) 2019 First Quarterly Report Review: Luminescence Maintains Higher Growth R & D Development Continues

The company’s rapid growth in the first quarter of 2019 continued in line with market expectations. Among them, the chemiluminescence business continued to maintain high growth, the pipeline and mass spectrometry business steadily advanced, and the long-term development prospects are broad.

Maintain the company’s EPS forecast for 2019-2021 to 1.

73/2.

22/2.

84 yuan, corresponding to PE 37/29/22 times, maintain “Buy” rating.

The rapid growth of performance continued, in line with market expectations.

The company announced the results for the first quarter of 2019, with operating income of 5.

48 ppm, an increase of 31 in ten years.

85%, net profit attributable to mother 1.

21 ppm, an increase of 26 in ten years.

10%, deducting non-net profit 1.

180,000 yuan, an increase of 30 in ten years.

14%, achieving a basic income of 0.

29 yuan, an annual increase of 26.

09%.

Benefiting from the rapid growth of chemiluminescence reagents, the company’s overall performance has achieved rapid growth, which is in line with market expectations.

Chemiluminescence continues to maintain a high growth rate of over 45%.

It is expected that the growth of the company’s chemiluminescence reagents will still exceed 45% in the first quarter of 2019, and continue to maintain a high growth. The installed capacity will be more than 200 units, and the goal of gradually increasing the number of 1,000 newly installed units will not change.Instrument revenue exceeded 60 million; plate and enzyme-free business continued to insert.

At present, the company’s 100-speed small-sized light-emitting instruments have been approved, which is conducive to further sinking channels and seizing the grassroots market.

Pipelines and mass specs guarantee long-term potential.

Autolas A-1 is the first domestically-made full-automatic biochemical immune assembly line in the true sense of the country, and the signing is currently going smoothly. There is no new assembly line installed in 2019Q1. Considering the company’s product technology and cost advantages, the company is expected to work hard in 201910-20 pipeline projects, greatly increasing market share and individual replacement.

The microbial mass spectrometer is another major strategic product of the company. This product has enriched the company’s microbial detection product line, and promoted integrated solutions for microbial culture, identification, and drug sensitivity. The mass spectrometer has begun to sell in the second half of 2018.Completed several sales.

On the whole, the company’s assembly line and microbial mass spectrometry sales promotion is smooth, and the long-term growth prospects are good.

R & D funding continues.

2019Q1 company R & D expenses 0.

64 ppm, an increase of 33 in ten years.

90%, accounting for 11.

72%, the increase in wages and materials of R & D personnel in the current period increased significantly.

The overall period expense rate of the company in Q1 2019 increased by 10,000 yuan.

27 units, of which the sales, management and financial expense ratios were increased by 0.

48, 0.

69 and 0.

10 units.

In addition, the company’s net cash flow from operating activities in Q1 2019 was 1.

Ten percent of 09, slightly 3 per year.

64%, the overall cash flow is still benign.

Risk factors: R & D progress exceeds expectations, IVD product tenders and price cuts, and market competition intensifies.

Investment suggestion: 深圳桑拿网 The company’s rapid growth in the first quarter of 2019 will continue to meet market expectations, of which the chemiluminescence business will continue to grow, the pipeline and mass spectrometry business will be steadily advanced, and the long-term development prospects are broad.Maintain the company’s EPS forecast for 2019-2021 to 1.

73/2.

22/2.

84 yuan, corresponding to PE 37/29/22 times, maintain “Buy” rating.

Evergrande High-tech (002591): 19Q1 performance exceeded expectations, optimistic about downstream recovery brings performance inflection point

Evergrande High-tech (002591): 19Q1 performance exceeded expectations, optimistic about downstream recovery brings performance inflection point

The event company announced the announcement of the 2019 performance pre-increasing announcement. The company expects to achieve net profit attributable to its parent of RMB 20 million to RMB 30 million in the first quarter of 19, an increase of 180 over the same period last year.

95% to 321.

43%, exceeding the original estimate of 11 million yuan to 14.5 million yuan (a few dozen increase by 54.

52% -103.

69%).

The short-scored performance was higher than expected, and the repayment effort increased to increase the company’s profits. The company’s 18-year performance bulletin disclosed and realized operating income3.

29 ppm, an increase of 26 per year.

85%; the net profit attributable to the parent company is 41.8 million yuan, an annual increase of 183.

48%.

In Q1, the company expects to realize a net profit of RMB 20 million to RMB 30 million, an increase of 180 from the same period of the previous year.

95% -321.

43% (originally revealed that net profit attributable to mothers was 1,100 times to 14.5 million, an increase of 54 over the same period last year.

52% -103.

69%.

), Performance growth exceeded expectations.

In addition, the company began to increase the receivables receivables in 18 years, and reduced the provision for bad debts under accounting policies to increase the company’s profits.

The newly acquired target Wuhan Feiyou in 2017, Changsha Jufeng, a subsidiary of the company’s Internet marketing business, has continued to develop. It has overfulfilled its performance commitments for two consecutive years to provide the company with stable operating income.

Since 18 years, the digestion of production capacity in the upstream industry has come to an end, and the demand for equipment investment has recovered. The company’s traditional anti-wear through business has stabilized and rebounded.

The company, as the only listed entity in the wear-resistant cutting-edge field and the developer of industry benchmarks, is expected to enjoy leading advantages when the industry recovers.

In addition, the company took the lead in the deployment of the acoustic environmental protection industry chain 杭州桑拿 in 2006. The independently developed cold welding technology for garbage furnace protection is leading in the country. With the increase of incinerator parameters, the demand for protection is increasing.

After 18 years, the company’s acoustic noise reduction and waste incinerator protection business have achieved rapid growth in orders and performance in 19 years.

The parallel operation pattern of the two main business sectors reduces the company’s environmental protection and energy-saving business risks. Adequate operating funds have promoted the company’s performance to progress steadily and continue to improve.

The growth of internal sources is strong, and the number of orders has increased rapidly. The company’s supplementary environmental protection business includes two areas of acoustic noise reduction and garbage stove protection. A large amount of R & D investment in the early stage has significantly benefited since last year.

The number of new orders in 2018 has grown explosively, and the cumulative bid amount from January to November has exceeded 70 million yuan.

In addition, the company has started technology research and development in the field of corrosion resistance of garbage furnaces since 2009. It has gradually become one of the few domestic companies that have core technology and is capable of large-scale construction. It has an alternative first-mover advantage. This technology can effectively improve incineration equipment.The heat and accurate engineering construction ensure that the company’s orders in hand continue to increase.

The orders obtained in 2017 exceeded 15 million yuan, and the new orders from January to September 2018 exceeded 30 million yuan. We have provided anti-wear and wear services for large enterprises for a long time and established a good customer relationship.

The company’s processable waste incinerator has an anticorrosive area of about two.

60-30,000 square meters / year, and it is planned to expand production to 4 according to the advancement of orders.

50-50,000 square meters / year.

Accelerating the release of policy dividends, optimistic about the company’s long-term development of the “13th Five-Year Plan,” the general requirements for the construction of ecological civilization have been gradually gradual, environmental protection policy dividends accelerated release.

The scale is the largest, the waste incineration treatment gradually expands the mainstream of the industry, and the market capacity of waste furnace protection needs is rapidly increasing. It is estimated that the market capacity will reach 7.8 billion in 2020.

At the same time, noise pollution has become increasingly serious, and policies have been intensively introduced to continuously establish a standard system for noise pollution correction. The amount of taxes is clearly stipulated for industrial noise exceeding the standard, and companies are forced to strengthen their control of noise pollution by themselves. The market for noise pollution control in the future is broad.

We expect that the company’s downstream customer relationships will be stable and orders will increase significantly under the support of existing technology and experience. In the future, it is expected that the market share of multiple business areas will increase rapidly, and there is great room for environmental protection business to increase.

In addition, the performance commitments of Internet companies have been well completed. They have established long-term in-depth cooperation relationships with upstream Internet giants such as upstream Baidu, Ali, Tencent, and Sun and Moon peers. They have gathered a wealth of high-quality media resources.Improve the company’s industry level.

We are optimistic about the company’s long-term development and maintain the previous profit forecast. It is expected that the company will achieve revenue 3 in 2018-2020.

29, 6.

05, 8.

3.5 billion; net profit attributable to mother42,1.

17.1.

64 ppm; EPS 0.

14, 0.

38, 0.

53 yuan

OP Lighting (603515) Review of 2019 Third Quarterly Report: Management Adjustments Cause Operating Pressure to Gradually Bottom and Improve

OP Lighting (603515) Review of 2019 Third Quarterly Report: Management Adjustments Cause Operating Pressure to Gradually Bottom and Improve

Event: OP Lighting released the third quarter report of 2019, and the company achieved revenue 57 in the first three quarters.

700 million, +3 a year.

3%, net profit attributable to mother 6.

0 million yuan, ten years +5.

6%, net of non-attributed net profit4.

200 million, +4 a year.

1%.

  Among them, 19Q3 achieved revenue of 19 in a single quarter.

9 ‰, at least -3.

3%, net profit attributable to mother 2.

0 million yuan, at least -7.

0%, deducting non-attributed net profit to achieve 7.
.

9% growth, due to the higher base received 35.4 million government subsidies in the same period last year, resulting in a decrease in overall profits.

  Opinion: Revenue analysis: The single-season transition is affected by industry pressure and its own operating adjustments, and the growth rate is expected to have bottomed out.

  The decrease in the company’s single quarter revenue is still mainly affected by the offline home business. It is estimated that the previous two figures of the offline home business in the single quarter.

In terms of different channels: 1) Offline retail: The personnel of the previous team has been adjusted. In order to promote the gradual operation reform, it has taken the initiative to destock, and the inventory has decreased by -15%.

In the future, SKU will be further optimized, the new speed and turnover efficiency of store openings will be strengthened, and new business formats such as assembly will be developed to promote retail transformation.

  The company’s offline retail has been adjusted for nearly two years, and it is expected to resume double positive growth next year.

  2) Offline circulation: There was a certain diversion and channel conflict between the early stage and retail business. After the policy was re-divided, it focused on the expansion of township channels, forming a distinction between store form and products.

At present, the problem has been basically solved, and double-digit growth is expected to resume from Q4.

  3) Commercial photo: It is still the highlight of current growth. It is estimated that Q3 has maintained a rapid growth of nearly 30%.

The company’s commercial license business has built a leading domestic R & D and industry promotion platform. Through the gradual expansion of revenue, the effect of scale has begun to appear, and the profit margin has continued to increase.

  4) E-commerce: The growth rate is expected to fluctuate slightly, but it is mainly dragged down by weak industry demand. The company’s share in major online platforms remains first and gradually increases.

  Taken together, although the company’s single-quarter revenue has increased, considering the impact of personnel adjustments and active destocking, it is expected that the growth rate will bottom out during the year and gradually transform into a positive growth in the home business business. Revenue is expected to improve quarter by quarter.

  Profitability: Home price competition has slowed, and the increase in the scale effect of commercial lighting has helped boost the company’s single-quarter gross profit margin37.

0%, ten years +0.

9pct, which is also 1.

1pct boost.

In addition to the improvement in the competitive situation of the household business (especially online), through the expansion of business license business income, the scale effect has become apparent, and the estimated profitability has also improved significantly, driving the gross profit margin upward.

The expense ratio is generally stable, and the sales expense ratio is -1 per year.

3pct, financial expense ratio increased slightly.

  The company’s operating quality is still stable, with net cash flow from operations in the first three quarters.

10,000 yuan, compared with the same period last year 1.

7 billion improvement is obvious.

The net cash at the end of the period (plus wealth management) was nearly 4 billion, with abundant reserves.

  Earnings forecasts, estimates and ratings and ratings are affected by industry pressures and their own business adjustments, as well as the high base of government subsidies during the same period last year, and the company’s single-quarter revenue and profit replaced by the amount.

However, considering that personnel adjustments and voluntary destocking are nearing 淡水桑拿网 their end, it is expected that the growth rate will bottom out during the year, and then transfer to the home business business growth will turn positive, and revenue is expected to improve quarter by quarter.
  In the long run, the concentration of the lighting industry will still improve. After the company completes its products and further reforms of the channel, it is still expected to usher in a new round of growth.
Considering that Q4 last year had a higher non-recurring profit and loss base, we slightly reduced 2019?
The 21-year EPS forecast is 1.

23/1.

45/1.

69 yuan (previous forecast 1).

33/1.

59/1.

85 yuan), corresponding to PE21 / 18/15 times, combined with subsequent improvement expectations at the bottom, maintain the “Buy” rating.

  Risk reminders: Demand improvement is not up to expectations; weak changes in specialty stores; increased competition.

China Shenhua (601088): Integration advantage highlights cash cows with stable net profit attributable to mothers

China Shenhua (601088): Integration advantage highlights cash cows with stable net profit attributable to mothers

Event: Net profit attributable to mothers is expected to increase by approximately 5% annually in the first half of the year.

The company released the forecast of the first half of the year. It is estimated that the net profit attributable to the mother in the first half of 2019 will be about $ 24.2 billion, + 5% per year, and the non-net profit will be about $ 22.7 billion, which will be changed to -1%.

According to the first quarterly report, non-recurring gains and losses are mainly investment gains confirmed by the completion of a joint venture with Guodian.

2.1 billion.

Operating data: Q2 crops increased by nearly 5% from the previous month, and monthly average power generation increased by nearly 17% from the previous month.

In the first 失败:重查 half of the year, the company’s commercial coal production was 1.

4.5 billion tons, previously -0.

3% of coal sales 2.

1.7 billion tons, before -3.

6%, the company’s output in Q2 single quarter increased by nearly 3.

4%, we think that the impact of the Yulin Mine Difficulty on the company’s coal production gradually weakened.

The company issued / sold 335/313 in Q2.

500 million kWh, with an average monthly rate of 111.

7/104.

500 million kilowatt-hours, an increase in the average monthly generation / sale power after the divestment of the underlying assets in the previous quarter.

2% / 12.

6%.

In the first half of the year, the average price of Qingang 5500 kcal thermal coal was 605 yuan / ton, many times -8.

8%, against the background of the potential decline in port coal prices, the company’s first half performance is still solid, coal-electricity integration advantages are prominent.

The chairman of the group serves as the company’s chairman, and the company’s long-term stable development is expected.

The former chairman of the company, Dr. Ling Wen, resigned on April 26 this year. The company has elected the chairman of National Energy Investment Group Wang Xiangxi as the chairman of China Shenhua in late June.Holding the position of the company in the group, the new chairman has rich experience in coal industry management, which helps to grasp the position of the company after the merger of the group and is conducive to the company’s long-term stable development.

Cash in hand, long-term and stable high dividends can be expected.

At the end of the first quarter, the company’s book cash was 891 trillion, and undistributed profit reached 2198 trillion.

According to the company’s Q2 operation, consider the 2018 annual dividend payment (0 per year.

88 yuan, a total of about 175 million, the exchange rate of 4.

9%), we estimate that cash will still be close to 90 billion yuan.

Following the growth of net profit of $ 420 million attributable to mothers, maintaining a 40% dividend ratio, it is gradually lowering (A / H closing prices on August 9, 2019 were 18 respectively.

06/13.

218 yuan), the company’s A-share / H-share dividend yields can reach 4 respectively.

7% / 6.

4%.

We believe that the company has a stable operation and has a long and stable high dividend payout capability.

Profit forecast and estimation.

The company’s performance is solid, with abundant cash flow, and its integration advantage is obvious under the background of falling coal prices.

We expected 19?
The company’s EPS is 2 in 21 years.

11/2.

01/1.
87 yuan, with reference to comparable coal and thermal power companies, given the company 11 November 2019?
13 times PE, corresponding to a reasonable value range of 23.
twenty one?
27.

43 yuan, maintaining the “primary market” rating.

risk warning.

The price of thermal coal has dropped sharply, and the price of electricity has been significantly reduced.