Halma Technology (002595) quarterly report comment: Q1’s high growth rate has obvious attributes to resist cyclical changes
Key points of investment: Q1’s operation has increased rapidly, and the cyclical nature of defense is obvious. 1) 2019 Q1 revenue 10.0.6 million yuan, an increase of 36 in ten years.85%, continuing the rapid growth trend, mold and parts processing business has become the main cause of growth; Q1 attributed to the mother net profit1.56 ppm, an increase of 43 in ten years.45%, the first is that in addition to the continuous base, the company’s expenses are properly controlled, and the expense ratio during Q1 dropped by 2.71 units.2) Changes in gross profit / net interest rate in the first quarter 都市夜网 -2.26 / + 0.80 units. It is expected that the increase in raw material prices and the change in product structure will lead to a decline in gross profit margin, and proper control of expenses will result in a reduction in net rate.3) Cash received from sales of goods and labor services in the first quarter6.85 ppm, lower than the same period last year and less than the current revenue, it is expected that it is mainly due to notes and receivables.At the same time, the purchase of goods, the acceptance of cash payments for labor services, and the payment to employees increased the cash payments for employees, which together led to a net operating cash flow of -0 in the current period.7.9 billion. The company benefits from the release of high-quality tire production capacity, and the growth of casting and large parts processing 无锡桑拿网 1) and the opportunity of tire molds are: ① From the perspective of industrial transfer, we believe that the transformation into the continuous improvement of the level of mold processing technology and the internationalization of international tire company mold procurementAs the degree increases, it is expected that the proportion of major international tire companies in purchasing tire molds in advance will continue to increase.② From the perspective of the competition in the automotive industry, competition in the industry has intensified, new cars have been launched, and the pace of retrofitting of old cars has been accelerating. The cycle has become shorter and shorter. As a result, the specifications and models of supporting tires have continued to increase, and the pattern updates have become increasingly alternating.Automobile tire models and patterns are updated passively or actively. Some tire molds are often replaced before the replacement arrives, driving the demand for tire molds.We believe that the increasing car ownership will be a strong support for the rapid growth of the domestic tire mold industry.2) Conversion of giants such as Bridgestone, Goodyear, German horse brand and other companies have successively expanded their production capacity. At the same time, exquisite, Senkilin, Triangle, GM and other tire companies have invested in expansion and actively deployed overseas markets. We believe that in the future these high-qualitySuccessive releases of production capacity will help increase demand for molds. As an industry leader with technology and capacity advantages, the company is expected to fully benefit in the future.3) The release of production capacity, the continuous improvement of customer recognition and the recovery of orders for downstream fan components, the company’s casting and large parts processing business is expected to continue to grow rapidly. Earnings forecast, maintaining “overweight” rating We expect the company’s EPS to be 1 in 2019-2021.06/1.28/1.55 yuan / share, corresponding to 20/16/13 times PE for 2019-2021.Taking into account the company’s global tire mold leader level, profitability allocation, management efficiency continued to improve, maintaining the “overweight” level. Risk warning: the risk of economic and trade friction; the boom in the tire and mold industry surpasses expectations; the rise in raw material prices exceeds expectations; the growth in cost and expenses exceeds expectations; the output exceeds expectations.
Month: April 2020
Xinhuanet (603888)： Optimistic about the growth potential of the company’s TO G business digital new format
Xinhuanet (603888): Optimistic about the growth potential of the company’s TO G business digital new format
The company is the backbone of the “national team” of the central media, giving the G business a clear advantage.
Xinhuanet is a comprehensive news information service portal site hosted by the state news agency Xinhua, and is one of the most influential online media in China.
Xinhuanet has constructed government websites such as China Government Website, China Civilization Website, China Xiong’an Official Website, and China Internet Joint Rumor Dispute Platform. It operates China’s largest government website integration and government WeChat account.
Because the company has the authority and credibility of central media, the company has obvious advantages in developing relevant businesses in various government departments, state-owned enterprises, and public institutions.
The company’s performance after deducting non-profit in 2018 increased by 20%, and the growth rate of new business was obvious.
In 2018, the company achieved operating income of 15.
69 ppm, a ten-year increase4.
50%; Net profit attributable to shareholders of the listed company.
$ 8.5 billion, an annual increase of 0.
40%; non-recurring net profit attributable to shareholders of listed companies was 200 million, an increase of 20.
56%.
The company plans to send a cash dividend of RMB 2 to all shareholders for every 10 shares.
48 yuan (including tax).
Online advertising business is an important basic business of the company.
The company’s online advertising revenue in 20186.
50,000 yuan, an increase of 9 before 2017.
01%.
Affected by macroeconomic indicators, industry customers’ continuous online and offline activity budgets, the company’s information service business income in 20183.杭州夜生活网
7.7 billion, a decrease of 17 from 2017.
85%.
However, the company’s new digital business has grown significantly.
The company’s mobile internet business revenue in 20182.
7.7 billion, an increase of 10 from 2017.
35%.
The company’s network technology service revenue in 20181.
5.9 billion, an increase of 31 over 2017.
97%.
Digital Content Business Revenue in 20181.
3.2 billion, an increase of 58 over 2017.
09%.
In 2019, the company will strengthen its mobile terminal business and accelerate the implementation of the convergence strategy.
Facing the new indicators, the company will strengthen its mobile terminal business, strengthen the content construction of the two micro-ends, accelerate the implementation of the multi-terminal integration platform strategy, improve the level of digital integrated marketing services, and promote the value conversion 武汉夜网论坛 of traffic and user resources.
Focus on digital content business, create high-quality cultural products, and explore multiple profit models.
Establish technology-driven business development to meet the needs of government and enterprise markets, and continue to promote the large-scale development of “Internet + vertical industry” projects.
We are optimistic about the growth potential of the company’s new digital business and the leading advantages of central media. We give a “recommendation” rating. We predict Xinhua’s revenue from 2019-2021 will be 18 respectively.
5.6 billion, 21.
3.8 billion, 24.
2.7 billion, an annual increase of 18.28%, 15.
18%, 13.
53%; net profit attributable to mothers is 3 respectively.
3.6 billion, 3.
8.2 billion, 4.
26 ppm, an increase of 17 in ten years.
75%, 13.
85%, 11.
42%; EPS for 2019-2021 are 0.
65 yuan, 0.
74 yuan, 0.
82 yuan.
The first coverage was given a “Recommended” rating.
Risk reminders: risk of failure to meet advertising standards; intensified market competition; technical risks.
Goodix Technology (603160) 2018 Annual Report and 2019 First Quarter Performance Review： Fingerprint Chips Driven by Optical Screens Showed Significant Growth
Goodix Technology (603160) 2018 Annual Report and 2019 First Quarter Performance Review: Fingerprint Chips Driven by Optical Screens Showed Significant Growth
18Q4 performance began to explode, and the fingerprint recognition chip under the optical screen drove 19Q2 performance to continue high growth.
Starting from 18Q4, Huiding ‘s optical screen fingerprint recognition chips began to increase in volume, and mobile phone terminal manufacturers 深圳桑拿网 began to use a large number of optical screen fingerprint recognition chips exclusively supplied by Huiding, so the company began to enter a new round of high-speed growth.
In the fourth quarter of 2008, Genting’s revenue and profit reached 13.
56 billion, 4.
The revenue and profit reached a record high of 2.4 billion in a single quarter, with growth rates of 64% and 241%.
19Q1 continued the trend of high growth, with annual growth rates of revenue and profits of 114% and 2040%, respectively.
The rapid growth in profits has benefited from the leading position of Genting in the field of fingerprint identification chips under optical screens. Its gross profit margins reached 65% and 61% respectively in 18Q4-19Q1, which is also the highest level in history. The latest mainstream flagship models on the market such as Huawei P30The fingerprint recognition chips used by Vivo X27, OPPO Reno, and Xiaomi Mi 9 are all provided by Genting. The leading technological strength enables Genting to obtain higher profitability in the early stage of the new generation of product outbreaks, thus becoming a terminal productLarge-scale listing, it is expected that 19Q2 Huiding will still maintain rapid growth.
Continued high R & D investment to tap future growth momentum, and a new round of equity incentives to constrain talent.
In 2018, the company’s R & D expenses raised reached 8.
3.8 billion, an increase of 40 every year.
50%, R & D expenditure accounts for 23% of revenue, and the increase in R & D expenses can provide alternative driving force for the company’s continued growth in new technologies and new products.
In addition to investing in the fingerprint recognition chip technology under the optical screen, the company is actively making reserves for future development in the field of 3D face recognition and IoT.
The company launched the equity incentive plan for the first time, and plans to grant a total of 3.14 million shares. It will implement a wide range of employee distribution incentives and share the company’s long-term growth returns to attract and retain outstanding talents.
We are optimistic about the high performance elasticity brought by the rapid volume increase of the under-screen optical fingerprint identification chips, and maintain a “prudent increase in holdings”.
We raise the company’s net profit for 2019/2020 to 13.
25/17.
500,000 yuan, the corresponding EPS is 2.
88/3.
81 yuan (corresponding to the closing price of 2019/4/12) is estimated to be 37 / 28xPE. Genting has 深圳spa会所 established a leading position in the field of fingerprints under the screen. It is expected that the breakthrough will benefit from the positive posture of domestic brand manufacturers in fingerprint identification applications.Maintain the level of “prudent overweight”.
Risk Warning: Mobile Phone Sales Are Less Than Expected, Increased Competition Leads to Lower Gross Margin
China Education (002607) 2019 Third Quarterly Report Review： Q3 maintains high-growth national exam rebound and cross-track to help next year
China Education (002607) 2019 Third Quarterly Report Review: Q3 maintains high-growth national exam rebound and cross-track to help next year
In the first three quarters of 2019, the performance increased by 77%, and Q3 maintained high growth. In the first three quarters, the company realized revenue of 61.
5.9 billion / + 48%, attributed to mother performance 9.
59 ppm / + 77% (deducting non-performance results also increased 74%), which is above the median performance forecast, and EPS is 0.
16 yuan.
Q3 company achieved revenue of 25.
2.2 billion / + 46%, performance 4.
66 ppm / + 42%, deducting non-performance 4.
1.6 billion / + 33%.
It is expected that the public examination training will be good, teachers will maintain high growth, and the relative support of advance receipts will be combined with our continuous tracking and analysis. The main reasons for the high growth in Q3 are: 1) Q3 is the intensive period of the provincial retest results announcement.Combined with the increase of 26% in the first half of the civil servants ‘face-to-face training income, it is expected that the Q3 public examination training income will still grow well; 2) It is 北京夜网 expected that the teacher business will maintain a high growth.During the announcement period, the combined first-half teacher training business income increased by 52% in the first half of the year. It is expected that the Q3 teacher business will continue to maintain high growth.
In addition, Q1-3 investment income (financial income) contributed 1.
2.7 billion.
In Q3, the company’s cash scale paid to employees increased by 29%. It is expected that personnel and channels will continue to expand to support new business development.
As of the end of the third quarter, advance receipts were 3.9 billion (3.3 billion in the same period last year, an increase of 18%). Relatively speaking, subsequent income.
Taken together, Q3’s gross margin decreased by zero.
40pct; the expense ratio increased by 0 during the period.
34pct, which is expected to be related to business expansion, in which R & D / finance / sales expense ratios increase by 1.
69 points 1.
37pct / 0.
96 points, while the overhead rate is reduced by 3.
67 points.
Construction of advanced training bases, short-term public examinations and support for teachers’ business. The center line is concerned with cross-track Q3. Fushun and Shandong Zhonggong Building have entered the renovation and reconstruction. It is expected to replace them in the future, which will help improve the company’s product supply capacity and support the postgraduate studyNew business such as IT broke out.
At the same time, the Group and its wholly-owned subsidiaries bid for a total of 1,321 acres of land in Baiyangdian Village, Jinan City, for a total price of 2.
USD 2.8 billion will be used for the construction of a one-stop learning base and the intelligent warehouse for books, and gradually promote the layout of the base.
In the short term, 66% of the expansion of the national examination in 2020 and the provincial examination may increase the enrollment to promote the official public examination business. At the same time, the scale of teacher training under the favorable policies has continued to increase.
Looking at the mid-line, the company has accelerated the layout of new tracks such as postgraduate entrance examinations, IT, etc., and the expansion can be expected. At the same time, the rapid development of third- and fourth-tier cities and college channels is conducive to gradual growth.
Risk prompts policy risks; new business expansion is less than expected; market competition is intensified; human resources are lost.
Favorable policies, the public examination rebounded, the expansion period was replicated across the track, and the “overweight” rating was maintained to predict that EPS for 19-21 will be 0.
28/0.
38/0.
49 yuan, corresponding to PE68 / 49 / 38x.
The recruitment of short-term public examinations has rebounded, and the teacher business is expected to continue to improve; the centerline is concerned that under the advantages of R & D and channels, the company replicates and expands across the track.
At present, the company is estimated to be relatively low, but the leading advantage is obvious. It is recommended that the mid-line angle be actively deployed to maintain “overweight”.
Haida Group (002311)： Feed Leader Enters New Milestone, Performance Continues Steady Growth
Haida Group (002311): Feed Leader Enters New Milestone, Performance Continues Steady Growth
Event: The company released its 2018 annual report.
The company’s top management realized revenue of 421.
57 trillion, +29 ten years ago.
49%; realized net profit attributable to mother 14.
37 trillion, +19 a year.
06%.
2018Q4 company revenue 113.
23 ppm, +87 a year.
0%; net profit attributable to mother 1.
660,000 yuan, +187 a year.
2%.
The feed business has grown against the trend, and the structure of aquatic feed has continued to optimize.
The company achieved a total feed sales volume of 1070 years, + 26% for the whole year.
1) The sales volume of aquatic feed is 311 tons, an increase of 23% each year. The structure of aquatic feed products has been significantly optimized. The sales volume of specialty aquatic fish feed has increased by nearly 40%, and the growth of crayfish feed has exceeded 100%.
2) The sales volume of pig feed was 232 tons, an increase of at least 53%, which was mainly due to the increase in product power and expansion of market channels. The core regions of Guangdong and Hubei had market growth rates of more than 30%.
3) The sales volume of poultry feed is 527 every year, an increase of 19% per year, the growth of traditional breeds is steady, and the growth of broiler feed is nearly 40%.
The gross profit margin of the company’s feed business is slightly 0.
52%.
Affected by the non-plague situation for a long time, the hog industry continues to be depressed, the gross profit margin of the pig feed business has dropped, and the impact on the overall feed business has broken through; due to the unsatisfactory 厦门夜网 fish prices of major aquatic products, the gross profit margin of ordinary aquatic feed has slightly decreased.
The number of pigs raised in pig farms has increased, and the upward price of pigs has contributed to the elasticity of performance in 2019.
700,000 pigs are slaughtered by the company, + 52% a year, of which 200,000 are self-bred and fattened piglets and piglets, and 500,000 are slaughtered by the company and farmers.
Due to sluggish hog prices, hog breeding operations are expected to decrease in 2018.
Since April 2019, the average national pig price has been above 15 yuan / kg, and it is expected that it will continue to rise rapidly in the second half of the year, and the company’s pig breeding sector will contribute performance gains.
It is estimated that the company will produce 1 million pigs in 2019. Assuming that the average sales price of pigs in 2019 will reach 15-16 yuan / kg, the pig breeding business is expected to contribute 2.
5-3.
600 million profit.
Investment Advice.
The company has perfected research and development and product advantages, and a perfect breeding technical service system. It is expected that the market share of feed business will continue to increase, and the feed growth rate in 2019 will remain around 20%.
The pig breeding sector will contribute performance gains in 2019.
It is estimated that the company’s net profit attributable to the parent in 2019/20/21 will be 18 respectively.
8/27.
2/33.
3 ten percent, an increase of 30 per year.
6% / 44.
8% / 22.
4%, corresponding EPS is 1.
19/1.
72/2.10 yuan, the current market value corresponds to PE 23.
6/16.
3/13.
3x, maintain “Buy” rating.
Risk reminders: abnormal weather, the impact of breeding epidemics, fluctuations in raw material prices, less than expected pig production, and exchange rate fluctuation risks.
Diou Home Furnishing (002798)： High Revenue and Profit, Excellent Cash Flow
Diou Home Furnishing (002798): High Revenue and Profit, Excellent Cash Flow
Highlights of the report The event describes the company’s first quarterly report for 2019 and achieved revenue of 10 in 2019Q1.
410,000 yuan, an increase of 38%, net profit attributable to 0.
6.6 billion, an increase of 49%, net of non-attributable net profit of 0.
6.4 billion, an increase of 47%.
Incident review Engineering and retail are making great efforts, and there is broad space for growth.
The company’s revenue in the first quarter increased by 38%, of which Ossino achieved 9 revenue.
5 ‰, a 47% increase over the past ten years, and the revenue from self-operated project channels contributed to the major increase in revenue.
The company’s operating conditions continue to grow, mainly due to the integration of its first-mover advantages accumulated in the engineering business self-employed model for many years, which is in line with the development trend of real estate new residential hardcover houses. At the same time, the retail model innovation and channel sinking layout have also promoted retailBusiness growth.
Gross profit margin remained stable and net profit margin increased.
Every time the gross profit margin increases by 0.
62pct, attributable net margin extended by 0.
47 points.
The management expense ratio has dropped significantly1.
7pct mainly comes from the savings of equity incentive expenses, and the increase in financial expense ratio mainly comes from the increase in borrowings.
Net operating cash flow 1.
820,000 yuan, far exceeding the net profit attributable to a single quarter.
Cash received from companies selling goods and providing services13.
4.5 billion, a cash ratio of 1.
3. Accounts receivable decreased by 0 from the previous month.
82 million, showing the expected ability to collect money.
Cash paid for the purchase of raw materials and services is higher than operating costs.
On the basis of US $ 3.8 billion (all growing companies will have rules that 佛山桑拿网 pay cash more than operating costs) to achieve net operating cash flow1.
US $ 8.2 billion, far more than the net profit attributable to a single quarter, an increase of 2 over the same period last year.
14 trillion, excellent cash flow.
The completion improvement is expected, and the company is expected to fully benefit.
The current time lag from new construction to completion has been extended to 3 years. We expect limited time for the completion of the transition. Combined with the acceleration of the expected completion area of the top 10 real estate companies in 2019, it may indicate that the completion of large real estate enterprises has a certain degree of certainty.It is expected that there will be a marginal improvement in completion when the funding situation improves.
Taking into account the current major customers and major real estate companies that are expanding customers, the company strives to fully benefit from the completion and improvement.
2019 is crucial for the company, focusing on new customer development on the engineering side and growth on the retail side.
2019 is a very important year for the company. The engineering side relies on the growth and completion logic of the three major customers (Country Garden, Vanke, Evergrande), or it will be transformed into the logic of relying on the B-side advantage to achieve new customer development;It is expected to see a continuous and healthy growth in both the number of dealers and the scale of revenue.
It is expected that the company’s attributable net profit for 2019-2021 will be 5.
5/7.
2/9.
800 million, corresponding to PE is 16, 12, 9 times, maintaining the buying level.
Risk Warning: 1.
New customer development was less than expected; 2.
Deteriorating cash flow.
Valin Steel (000932) 2019 Interim Report Comments： Performance Meets Expected Balance Sheet Continuous Repair
Valin Steel (000932) 2019 Interim Report Comments: Performance Meets Expected Balance Sheet Continuous Repair
Matters: The company issued an interim report and achieved operating income of 483 in the first half of the year.
4 ‰, an increase of 11 in ten years.
17%.
Realized net profit 22.
3.7 billion, a year-on-year 四川耍耍网 decrease of 35%, and a comparable caliber to achieve net profit attributable to mothers25.
5.0 billion, down 27% before.
Among them, the net profit attributable to the mother was 11 in the second quarter.
4.5 billion (+ 5% chain-on-month), comparable caliber to achieve net profit attributable to mothers12.
8.7 billion (+ 6% MoM).
Comment: Production and sales have gradually stabilized, and the growth rate in the past ten years has been relatively high.
In the first half of the year, the company realized the output of iron, steel, and material 770, 939, and 882 inches, which increased by 11%, 12%, and 12% each time.Faster.
In the second quarter, the output of iron, steel, and steel 431, 530, and 496 blades were respectively achieved in the second quarter, which increased by 1%, 2%, and 1% respectively. The 武汉夜网论坛 sales volume of steel reached 497 (-2% from the previous quarter).The change has slowed down, and production and sales have gradually stabilized.
The initial results have improved and the chain performance has improved.
At least last year, the price of steel fell in the first half of this year, the cost rose sharply, and the gross profit per ton of steel narrowed rapidly. Therefore, although the output has achieved a large increase, the profit has declined.
On a month-on-month basis, the prices of various steel products in the second quarter rebounded significantly.
However, the price of iron ore rose by US $ 18 in the second quarter, which seriously eroded profits. Therefore, the growth in the second quarter increased.
In terms of products and subsidiaries, the first half of this year benefited from the energy security strategy to drive the growth in demand for oil pipes. The company ‘s seamless pipe revenue increased by 22%, which was the most significant increase among various products. The gross profit margin rose in the case of various products.0.
05% reached 16.
63%, the only gross profit margin among various varieties rose.
Among the other varieties, the long product decline was the most obvious.
From the perspective of the four core subsidiaries of Hunan Iron & Steel, Lianyuan Iron & Steel, Steel Pipe and Auto Sheet, the performance has changed by 37%, surpassed 12% each time, gradually increased by 23%, and turned into profit at any time.
The main performance of Xiangtan Steel, the main plate of China Plate, is the highest and the most obvious. The performance of Henggang, the main steel pipe company, has gone up, and the auto sheet company has achieved profit for the first time.
Asset interest rates have been reduced and financial expenses have been significantly reduced.
The company’s latest asset-liability ratio is 60.
40%, a decrease of 14 compared with the same period last year.
3%, the capital structure is effectively optimized, the financial expenses in the first half of the year have dropped by nearly 50% each year, and the situation of engaging financial burdens with a high asset-liability ratio has been effectively alleviated.
Increased plasma excess.
The core iron and steel subsidiary of the company has not reinvested in the previous year’s budget for the first half of 2018, and does not need to accrue and pay corporate income. In the semi-annual this year, it has been necessary to accrue and pay corporate income in accordance with regulations. The increase of 400 million yuan in revenue has also affected performanceCertain impact, but because the core subsidiaries have been certified by emerging companies, the company’s return is only 15%, which is still lower than the industry average.
Earnings forecasts, estimates and investment ratings.
The rapid growth of raw materials in the second quarter has a relatively large impact on the company’s performance. We expect the company to achieve revenue of 951 in 2019-2021.
57/968.
96/988.
2.4 billion (previous forecast 951.
41/969.
37/989.
2.2 billion); net profit attributable to mother is 50.
06/51.
40/56.00 100% (previous forecast 56.
82/58.
12/62.
8.6 billion); corresponding EPS is 1.
19/1.
22/1.
33 yuan (previous forecast 1).
35/1.
38/1.
49); The corresponding PE is 3.
5/3.
4/3.
1x; combined with industry assessment and company history to give 5x PE, lower target price to 5.
95 yuan, maintaining the “strong push” level.
Risk warning: Demand deteriorates severely, and Sino-US trade frictions continue to rise.
Qibin Group (601636) 2019 Third Quarterly Report Review： Single Quarter Profit Rising Rapidly and Performance Improved
Qibin Group (601636) 2019 Third Quarterly Report Review: Single Quarter Profit Rising Rapidly, Performance Improved Significantly
Q3 grew rapidly in the single quarter, and the performance improved significantly. The first three quarters of 2019 achieved operating income of 65.
32 ppm, a ten-year increase of 7.
76%, net profit attributable to mother is 9.
2.7 billion, a decrease of 3 per year.
33%, net profit after deduction to return to mother 8.
5.2 billion, a decrease of 1 every year.
94% of which, in the third quarter, achieved operating income of 24 in a single quarter.
66 ppm, a ten-year increase of 7.
6%, net profit attributable to mother 4.
09 billion, a previous sharp increase of 34.
The rapid growth of 6% in Q3 is mainly due to the continuous rebound of glass prices and the increase in sales.
Profitability rebounded rapidly, and cash flow maintained a healthy level. According to our tracking data, the company’s Q3 revenue for a single quarter in the full caliber was about 79 yuan, an increase of at least 4 per year.
1 yuan, an increase of 3 from Q2.
3 yuan, mainly benefited from the concentrated cold repair of the glass industry at the end of the second quarter, factors such as environmental protection in Shahe area and the completion of the warming of the land pushed the glass prices to continue to rise, and the price increase was smooth in the peak season; the container cost reached 54.
5 yuan, lower than the chain.
03 yuan, the cost side remained basically stable; in terms of profitability, Q3 single quarter gross profit and net profit of the box reached 24.
6 yuan and 13.
1 yuan, up by 3 from the previous month.
4 yuan and 2.
6 yuan, an increase of 3 yuan and 2 yuan each year.
The company achieved operating net cash flow in the first three quarters10.
2.3 billion, a decrease of 26 previously.
4%, mainly due to the growth of energy-saving glass business and the increase in working capital requirements of the Luzhou Super White Project, the overall cash flow remains at a healthy level.
The glass industry’s supply is tightly controlled, and demand is picking up. Heat is affected by strict environmental protection. The industry’s supply side shrank in the third quarter. Recently, the Shahe area has further strengthened the prevention and control of air pollution.At present, there are two production suspensions, which are expected to shrink further in the future. On the demand side, the actual completion in the third 淡水桑拿网 quarter showed a warming trend, and the area completed from January to September declined 8.
6%, up 4 from the end of the second quarter.
1 average, the growth rate of completion in a single month from July to September achieved -0.
6% / 2.
8% / 3.
4%, forming a certain support for glass demand.
As a leading glass company in the mid-to-high end, maintaining the “Buy” rating. As a leading company in the glass industry, the company is gradually committed to becoming bigger and stronger, and subsequently released the “Outline of Medium- and Long-Term Development Strategic Planning,” a shareholding plan by business partners, and employeesHeavy documents such as share plans demonstrate confidence in the company’s future long-term development and highlight employees’ understanding.
In addition to the expansion of 深圳桑拿网 float glass in the future, the company will further expand the development of the deep processing field. In the future, the scale of profit is expected to increase, and the transformation will gradually change. At present, the company has high returns, low returns and strong safety.Is 0.
48/0.
53/0.
60 yuan / share, corresponding to PE of 8.
2/7.
5/6.
6x, maintain “Buy” rating.
Risk warning: Real estate sales are less than expected; raw material prices rise more than expected; supply is tightly controlled lower than expected;
Hangmin (600987)： Gold business affects revenue growth and profitability increases once
Hangmin (600987): Gold business affects revenue growth and profitability increases once
From January to September, revenue decreased by 14%, and net profit increased by 10%. Profitability increased. From January to September 2019, the company realized revenue of 50.4.3 billion, an increase of -13.52%, net profit attributable to mother 4.900 million, an increase of 10.11%, deducting non-net profit 4.5.6 billion, an increase of 18.30%, EPS is 0.46 yuan.The growth rate of the company’s deducted non-net profit is higher than the income mainly due to the increase in the company’s gross profit rate, and the higher than the net profit is mainly due to the decrease in the growth of non-recurring profit and loss caused by the decrease in the investment income of the trust. In terms of quarters, 2018Q1-19Q3 company revenues increased by 15.97%, 23.00%, 10.68%, 3.83%, -6.00%, -17.26%, -17.15%, net profit attributable to mother increased by 10.51%, 16.50%, 6.89%, 9.46%, 10.22%, 5.55%, 15.68%.In September 2018, the company issued shares to Hangmin Industrial Group and Huanguan Jewelry to purchase 100% equity of Hangmin Batai. In December 2018, the issuance of shares was completed, and Hangmin Batai consolidated. It belongs to a business combination under the same control, and the company restructuredFinancial data for 2017.From the first quarter to the third quarter of 2019, due to the year-on-year decrease in revenue of Hangmin Baitai, the company’s revenue growth rate has changed, and the revenue from printing and dyeing business has been relatively stable.In terms of net profit, Q1 to Q3 2019 benefited from the adjustment of the gold jewelry business structure and the improvement in gross profit margin. The company’s net profit continued to grow. Printing and dyeing revenue remained basically stable, and gold jewelry revenue exceeded the decline in printing and dyeing business. In 2019H1, the company’s printing and dyeing revenue also fell by 3.4%, the company’s printing and dyeing revenue in the first three quarters of 2019 is expected to be basically flat. Affected by Sino-US trade frictions and sudden changes in downstream clothing demand growth, the overall demand in the textile industry has weakened, and the release of printing and dyeing in Shaoxing has increased market competitionThe company strengthened the service level of printing and dyeing customers, improved printing and dyeing quality, delivery and other standards, and continued to develop internationally renowned brands such as H & M, ZARA, M & S, and Wal-Mart, driving the printing and dyeing revenue to remain basically stable. Regarding the gold jewelry business, the company’s gold jewelry revenue in 2019H1 also fell by 24.32%, the first three quarters of 2019 revenue is expected to decrease by about 20% from the previous year, of which gold jewelry, gold ornaments sales were 45.28 tons, 0.08 tons, an increase of -21.42%, -52.57%.The decline in income was mainly due to: 1) the addition of factors affecting the price of gold, of which the price of gold fell in early September 2019 after reaching a high point, and consumers held a wait-and-see attitude; 2) the economic growth affected consumer confidence, and purchase gold more cautiously;Gold consumption is shifting towards lighter weight and lower gram weight. Demand for high unit price and large gram weight products has decreased, and product structure has changed. Multi-factors promoted the increase in gross profit margin, and the expense ratio increased. From January to September 2019, the company’s gross profit margin increased by 4 as well.81PCT to 21.38%, mainly due to: 1) the coal price further stabilized in the reporting period, the company strengthened cost control, the gross profit margin of the thermal power business is expected to increase and increase; 2) the proportion of low-margin wholesale business revenue in the gold jewelry business declined, in the first three quarters of 2919Wholesale sales accounted for 15.61% (19 in the same period in 2018.(96%); 3) Dyeing costs 深圳SPA会所 have declined steadily. The company has strengthened cost control, and the gross profit margin of printing and dyeing has increased. Taking into account the impact of Hangmin Baxter’s consolidation, the gross profit margins for 2018Q1-19Q3 were 13 respectively.83% (uncomparable), 18.13% (uncomparable), 17.71% (uncomparable), 25.8% (uncomparable), 14.49% (+0.66PCT), 27.03% (+8.90PCT), 23.33% (+5.62PCT), the gross profit growth of Q2 to Q3 2019 was mainly increased by the gross profit margin of thermal power, gold jewelry and other businesses. On January 9, 2019, the company’s period expense ratio increased by 1.71 PCT to 7.05%, of which the sales expense ratio increased by 0.21PCT to 1.31%; the management expense ratio (considering R & D expenses) also increased by 1.63PCT to 5.62%, mainly due to the annual increase in R & D 青岛夜网 staff salaries and R & D expenditures; the financial expense ratio also fell to 0.13PCT to 0.12%, mainly due to the increase in interest income each year. Improved revenue performance and continued improvement in profitability We believe: 1) In the short term, printing and dyeing business is affected by Sino-US trade frictions and economic growth effects.Ability to increase sales of printing and dyeing products, and increase dyeing costs through product structure optimization, and promote the growth of printing and dyeing revenue.2) In terms of gold business, affected by the economic growth rate in 2019, the company’s gold sales volume declined, affecting revenue growth.At the end of 2019, Hangmin Batai Gold Jewelry Industrial Park is expected to be completed. The company will continue to strengthen new product research and development and downstream customer expansion to promote the growth of gold sales and revenue.3) The company strengthened the cost control of the printing and dyeing business, and optimized the gold business structure to drive the growth of gross profit margin. In the future, the company will increase the level of automated production, control cost growth and improve profitability. Due to the company’s lower-than-expected revenue growth and the increase in equity, we lowered our EPS forecast for 2019-21 to 0.67/0.75/0.82 yuan (the original price is 1.02/1.16/1.29 yuan), currently expected to correspond to 19 times PE in 1919, optimistic about the company’s bargaining power and market share as a leader in the background of long-term printing and dyeing capacity reduction, maintain the “Buy” rating. Risk warnings: rising dye prices, sluggish demand for gold, and increased competition in the industry
Yutong Technology (002831)： Net profit in the first half increased by 11.2% new customers continue to expand to help long-term growth
Yutong Technology (002831): Net profit in the first half increased by 11.2% new customers continue to expand to help long-term growth
1H19 results are in line with our 深圳桑拿网 expected 1H19 results: revenue 36.84 ppm, an increase of 12 in ten years.1%; net profit attributable to mother 2.96 ppm, an increase of 10 years.2%, deducting non-net profit 2.34 ppm, an increase of 16 in ten years.2%, in line with our expectations.Among them, Q1 / Q2 revenue increased by 10.5% / 13.6%, net profit attributable to mothers increased by 10.7% / 11.8%. Development trend 1. In the first half of the year, revenue maintained a double-digit growth rate, and new customers continued to develop.In the first half of the year, under the background of the adjustment target of the consumer electronics industry, the company’s revenue reached 12.The rapid growth of 1% was mainly due to the company’s increase in the development speed of new customers in industries such as smart hardware, tobacco and alcohol, health, cosmetics and luxury goods.Customers, meanwhile, Xiaomi, Lenovo, Harman, Goer, OPPO, Guizhou Xijiu, Shuijingfang and other customer orders have grown rapidly.In terms of products, revenue from boutique boxes / cartons / instruction manuals increased by 7.3% / 3.7% / 3.6%, stickers and other products (including environmentally friendly paper and plastic) have a high growth.6% / 99.5%, providing new growth points in the future.By region, domestic / foreign revenue increased by 26 respectively.7% / 1.5%, domestic customer expansion is the main driver of revenue growth. 2. Profitability remains stable.The company’s gross profit margin increased by 3.From 4ppt to 28%, the gross profit margin of boutique boxes / instruction manuals / carton products increased by 5.1/2.1/2.2ppt, mainly due to factors such as falling raw material prices, heavy volume of new customers, and increased production capacity.7/3.9ppt improvement.The sales expense ratio was basically flat in the first half of the year, and the management and R & D expense ratio increased by 2ppt to 12.6%, the financial expense ratio increased by 0 in ten years.7ppt to 2.7%, mainly due to the increase in interest expenses and foreign exchange.Under the comprehensive influence, the company’s net interest rate of 8% was basically flat. 3. In the future, pay attention to the prosperity of the consumer electronics industry and the expansion of new customers to the company’s performance.As a leader in the fine paper packaging industry, the company has an expanded competitive advantage in the consumer electronics industry in terms of production capacity layout, customer development, and R & D promotion. The future update cycle of 5G and other consumer electronics products will gradually come to help drive the company’s performance improvement; newFrom the perspective of customer development, the company has developed packaging businesses in the cosmetics, liquor, tobacco and other industries through its endogenous extension strategy, and continues to pay attention to the implementation of other new customer orders of the company. Earnings Forecasts and Estimates We maintain the company in January 19/20.18/1.The RMB 38 profit forecast remains unchanged.Currently corresponds to 16 of 2019/2020.5 times / 14.1x price-earnings ratio.Maintain Outperform rating and 27.A target price of 00 yuan corresponds to 22.9 times 2019 P / E ratio and 19.5 times 2020 price-earnings ratio, 39 more recently included.0% upside. The prices of risky raw materials fluctuated sharply, and the development of new customers exceeded expectations.