Wuliangye (000858): Performance forecast in line with expected reform dividends continued to be released

Wuliangye (000858): Performance forecast in line with expected reform dividends continued to be released

The company issued a 19H1 performance forecast, and the company achieved operating income of 271 in 19H1.

50,000 yuan, an increase of 26 in ten years.

At 5%, the net profit attributable to mothers was approximately 9.3 billion yuan, an increase of 31% year-on-year; corresponding to 19Q2 revenue of US $ 9.6 billion, an annual growth rate of 27%, and the net profit attributable to mothers was US $ 2.8 billion, exceeding the growth rate of 32%.

The performance of key investment points was in line with expectations, and the implementation of controlled distribution was smooth: According to the performance forecast, the company expects to achieve revenue of 9.6 billion yuan in 19Q2, an increase of 27%.

Wuliangye raised its price after changing the packaging in May, and the ex-factory price of the eighth-generation Puwu was raised to 889 yuan (+12).

7%), and a small amount is strictly controlled, with only 5250 tons remaining. Q2 visited multiple terminals to show that channel inventory is tight, the company has effective control over volume and price, and the general inventory is less than one month, and the approval price continues to rise.

According to grassroots analysis and feedback, the seventh-generation Wuliangye batch price has stabilized at 930-950 yuan, and the channel profit level has rebounded significantly, and the thrust has accelerated; the eighth-generation general five batch price has been 959 yuan, and the channel also reflects that the thrust is more sufficient after the price.

In addition to the promotion of channel pricing, the distribution of control disks also implements inventory management, cargo flow supervision, and consumer data collection through the scanning system. It delivers goods on a monthly basis and escorts for long-term development.

Reform dividends are promoted, and staff expansion is integrated.

Less than a month after Wuliangye proposed a 北京夜生活网 series of three-in-one wines on June 11, the company’s series of wine integration continued to advance.

At the beginning of July, the management structure of Wuliangye Series Liquor Company was completed. Zou Tao was the chairman of Wuliang Luxiang Series Liquor Company, and the heads of the core regions of Sichuan, Chongqing, Henan, Shandong, Jiangsu and other regions were divided by the series of liquor companies.Director, general manager and deputy general manager are also concurrently appointed. The person in charge of the non-core region is also almost served by the deputy general manager of the original series of liquor, Tetoqu and Wuliangol.

At the same time, the company released a sales staff recruitment plan to build a series of wines.

We believe that the purpose of the Wuliangye series of wine integration is to 夜来香体验网 solve the lack of unified planning for the series of wine plates, backward marketing models, and too many brands.

After the integration, the Wuliangye wine series will ensure that it is different from the main brand in terms of recognition, and further “strengthen the self-owned brand, enlarge the regional brand, and be the best general distribution brand”, creating the Wuliang Luzhou-flavor series wine “4 + 4The brand matrix and the main brand are developed in coordination (Wuliangchun, Wuliangol, Jianzhuang, Wuliang Tetoqu 4 traditional national classic strategic singles, and choose to create “Wuliang people”, “you wine”, “100 feasts”, “hot” 4 personalized key products with channel characteristics).

The number of sales staff, the company’s major recruitment, is expected to continue to strengthen manufacturers’ control over the channel.

Profit forecast and investment grade: It is estimated that the company’s revenue in 19-21 will be 485/582/694 billion, which is longer + 21/20/19%; the net profit attributable to the mother will be 174/213/261 billion, which is longer +30/23/ 22%, PE is 26/21 / 17X, maintain “Buy” rating.

Risk warning: the risk of falling demand, the increased risk of liquor competition, and the macroeconomic growth is not up to expectations.

Zhejiang Meida (002677): Zhejiang Meida maintains steady growth

Zhejiang Meida (002677): Zhejiang Meida maintains steady growth

Event: The company released a semi-annual report with revenue of 700 million US dollars and net profit1.

800 million yuan, an increase of 25%.

Promote high-end product positioning and expand product series The company has developed a variety of cutting-edge high-end, humanized and intelligent integrated stoves, strengthened the high-end of product positioning with product innovation, and promoted coordinated sales 淡水桑拿网 with other kitchen accessory products.

This development strategy is worthy of recognition in the context of the industry’s overall intensified competition. It can pinpoint the company’s position, achieve dislocated competition, and no longer directly compete with new entrants in the low-end volume.

Promote channel diversification, expand distribution network companies. Promote channel sinking and terminal outlet expansion. In the first half of the year, we added 70 first-tier dealers and 300 terminal stores. We opened up to 100 stores in KA channels such as Red Star Macalline.Business team to increase the construction of flagship stores on e-commerce platforms.

These measures lay the foundation for future marketing efforts. The next step is to look forward to the company’s layout in e-commerce channels and KA channels.

苏州夜网论坛 Strengthening brand building in intensified industry competition According to the data from Aowei Cloud, offline hood sales in July fell by 10%.

5%, large-scale manufacturers enter the field of integrated stoves, Martians, YUKIDA, Haier, Senge and other brands have made efforts, the industry competition has intensified, in order to maintain the advantages of the industry, the company continued to CCTV and high-speed rail, new media, large professional exhibitions, etc.Increase investment in brand promotion and advertising to ensure the choice of leading brands in the industry.

The increase in sales expenses is obvious, and the R & D investment is obvious. In the first half of the project, the company ‘s sales expenses increased by 81% and the R & D expenses increased by 58%, which are higher than usual. This reflects the company ‘s huge investment in advertising and product R & D this year;1.1 million sets of kitchen electric production bases are about to be put into production, which will also lay the foundation for future growth.

Based on the company’s operating conditions in the first half of the year, we predict that the company’s annual revenue will increase by 25%, profit will increase by 20%, and EPS0.

7 yuan, 18 times the dynamic estimate, initially recommended rating.

Risks prompt real estate real estate dragging down industry competition

Jinshan Office (A17083) In-depth Report: Autonomous and Controllable Yangfan Intelligent Cloud with Flag

Jinshan Office (A17083) In-depth Report: Autonomous and Controllable Yangfan Intelligent Cloud with Flag
Autonomy and control are imminent, and intelligent cloudification has a bright future.Kingsoft office technology, rich product and customer resource accumulation reserves, troika (authorization + subscription + advertising) synergistically drive C-side + BG-side growth, helping the company to become a domestic software independent controllable flag carrier and pioneer of cloud transformationThe board IPO is worth watching. After thirty years of hardening, Jinshan has become a core domestic brand in the field of basic software.Kingsoft Office’s core product, WPSOffice, provides organizations and individuals with office software functions such as PC + mobile collaborative text, forms, presentations, and PDF reading.After more than 30 years of development, the company has become a leader in domestic office software, and has leveraged localization and genuine Dongfeng to promote the transformation of its business model to cloud-based subscription services.In 2018, the company’s total revenue was 1.1 billion, an increase of over 50%; net profit attributable to mothers was achieved3.10 trillion, ten years + 45%. Genuine controllable trends, cloud-based intelligence becomes the future direction of the office software industry.The China office software market size was 85 in 2018.34 trillion, Ji Shi Information predicts that the market will reach 149 by 2023.04 billion, cloud collaboration, AI empowerment 南宁桑拿 has become a core trend.Global market leader in the market structure, domestic Jinshan dominate.We believe that with the strong demand for value-added office services and the coordination of national legalization and independent controllable policies, the domestic office software market is expected to achieve a new round of development, and the market size and growth of leading companies are also expected to exceed market expectations. The C-end high-quality products achieved massive customer acquisition and initial advertising monetization, and the value-added subscription service met the pain points of demand and opened up the liquidation space.WPS’s five characteristics of easy operation, high compatibility, light weight, integration, and synergy attract the company’s MAU Super 3.1 billion, as an initial realization of the advertising business is expected to maintain a growth rate of about 20%; meanwhile, C-terminal value-added services represented by WPS members and rice hull members, using practical functions, ultra-high cost performance to meet the pain points of demand, membership conversion3)%) + ARPU boost helps C-end subscriptions continue to explode. BG end genuine + domestically driven authorization growth, cloudization subscriptions are ready to go.The company has perfect high-quality functions, high cost performance and high autonomy. In party and government agencies, institutions and large and medium-sized enterprises, a high proportion (80% + in some areas) of initial customer coverage has been achieved, combining genuine and autonomous controllable policiesIt is expected that the actual market share and business scale will continue to increase, and billions of cloud-based office sites will be opened up.At the same time, the WG + cloud office on the BG side has gradually expanded to realize the transformation from an authorization model to a cloud-based subscription service, which helps to improve service quality and customer stickiness. Risk factors: IPO progress, product promotion is less than expected; evaluation rate increases slowly; total government demand. Investment suggestion: The company has abundant customer resources and promotes the penetration of value-added subscription services based on advertising and software licensing business.The company plans to land on the science and technology board and raise funds20.5 billion US dollars, leveraging the capital market to explore a wide range of intelligent cloud potential, and become a flag bearer in autonomous and controllable fields.It is expected that the company’s net profit attributable to its parent in 2019-2021 will be 4.3.3 billion / 5.93 ppm / 7.9.7 billion (comparable companies average 2019 PE 58.85x, PS 11.63x).As the company is still in the initial public offering stage and has no target price and rating, it is recommended to actively pay attention to the progress of the initial public offering.

Youzu Network (002174) 2018 financial report review: the works of the overseas agent Dachang domestic look forward to the Game of Thrones mobile game online

Youzu Network (002174) 2018 financial report review: the works of the overseas agent Dachang domestic look forward to the “Game of Thrones” mobile game online

[Investment Highlights]Youzu Network released the 2018 annual report and the 2019 first quarter report.

In FY2018, the Group’s revenue and profit grew steadily.

Company revenue YOY + 10.

68% reached 35.

810,000 yuan, net profit attributable to mother +53.

85% reached 10.

09 million yuan, deducted non-attributed net profit YOY + 23.

05% reached 7.

3.6 billion, non-recurring gains and losses include non-current assets disposal 苏州夜网论坛 gains1.

5.9 billion yuan, gains and losses on changes in fair value of held-for-trading financial assets and liabilities, and investment income of 92.83 million yuan.

Gross profit YOY + 19.

0% reached 20.

08 ppm, gross margin increased by up to 3.

9pct to 56.

1%; R & D expenses are YOY + 24.

6% reached 3.

70 ppm, R & D expense rate increases by 1 every year.

1pct to 10.

3%; management fee YOY + 18.

3% reached 4.

530,000 yuan, the management expense ratio is maximized to 0.

8pct to 11.

4%; selling expenses YOY + 38.

9% reached 4.

8,000 yuan, the sales expense rate increases by 2 every year.

3pct to 11.

4% because the company increased its investment in game promotion.

FY19Q1 has product gaps and revenue has improved.

The company’s revenue is YOY-4.

03% to 8.

3.2 billion, return 南京桑拿网 to mother’s net profit YOY-22.

20% to 1.

7.3 billion, deducting non-attributed net profit YOY-21.

24% to 1.

7.2 billion; company gross profit YOY-18.

6% to 4.

5.4 billion US dollars, gross margin 9 every ten years.

8pct to 54.6%, because some unavailable products have started to warm up and incurred expenses; R & D expenses YOY-19.

From 6% to 65.64 million yuan, the R & D expense ratio increases by 1 every quarter.

5pct to 7.

9%; management expenses YOY + 22.

6 reaches 1.

100,000 yuan, the management expense rate increases by 2 every year.

9pct to 13.

2%; selling expenses YOY-33.

4% to 87.48 million yuan, the increase in sales expense ratio4.

6pct to 10.


R & D strength has improved, “Game of Thrones” is worth looking forward to.

In terms of self-developed games, the company has games with IP, such as “Game of Thrones-Winter Is Coming”, “Mountain Mirror Flowers”, “Grave Robbery Notes”; the rules of play include SLG, turn-based cards, MMO and other companies that are good atCategory.

Among them, the “Game of Thrones” page game version has been launched on March 26 overseas beta, mobile games may become available in June in China.

In addition to the classic SLG gameplay, the mobile game also added plot levels; the game restores Westero’s continental power and its original distribution, and the hero’s role matches the original drama’s body, and the whole is very friendly to the drama fan.

Judging from the overall CG animation and player evaluation, the level of the game art has improved significantly compared to previous works of the Youzu, and the company’s effectiveness in building the middle stage is beginning to show.

“Quanyou” mobile game will be issued by Tencent in China, or it will strongly promote the company’s 19/20 performance growth.

Acting for head manufacturers, is expected to bring considerable increase to the flow.

Youzu has announced its participation in the domestic release of “Battle in the Wild”. “Brawl Stars” was developed by Supercell and has ranked first in the game’s best-selling list in 44 countries or regions (mainly in the United States, European and American markets within France).

At the same time, the company will release “Soul Hunting Awakening”, “Saint Seiya”, “The Night of the Gods” and other works overseas: “Saint Seiya” was developed by Tianmei Studio. It will be launched in China in August 2018 and will remain in the game for one month.Top 10 Bestsellers; “The Night of the Gods” was developed by Netease. It was launched on September 20, 2018, and has been in the top 5 of the game’s bestsellers until October 18.

Tencent and Netease’s games have a certain quality guarantee and market verification, while Youzu Network has many years of experience in overseas distribution and operation, and the combination of strong and strong has produced a considerable increase in flow.

(Domestic rankings in China and iPhone rankings overseas)[Investment Suggestions]Youzu Network has a large number of large IP works, which will be released in 19/20. The company will strive to bring considerable water to the works among domestic and foreign agency manufacturers.Increment.

We maintain the 19/20 profit forecast and date the 21-year profit forecast. We expect FY19 / 20/21 revenue to be 44.



1.9 billion, net profit attributable to mother 11.



3.5 billion, EPS is 1.



95 yuan, corresponding to 14.



0x PE, maintain “Buy” rating.

Sailun Tire (601058): Significant advantages in overseas bases, new production capacity brings profit growth

Sailun Tire (601058): Significant advantages in overseas bases, new production capacity 四川耍耍网 brings profit growth
The company is in a leading position in the industry, and its net profit increased significantly in the first half of 2019.The company’s main products are all-steel radial tires, semi-steel radial tires, off-road tires and other tire products, retreaded tires, tread rubber, rubber powder, steel wire and other recycled products.In the first half of 2019, the company achieved operating income of 70.92 ppm, a ten-year increase of 8.03%, achieving net profit attributable to shareholders of listed companies.07 million yuan, an increase of 59 in ten years.34%. The concentration and profitability of the tire industry is expected to usher in improvement.1) The country has continued to eliminate backward production capacity, and the tire industry has accelerated its transition and upgrade.Affected by blind low-level 武汉夜生活网 investment and construction, some low-end tire products have structural overcapacity. According to Sina’s Beijing News News statistics, a total of 25 tire companies went bankrupt in 2018.2) The overseas layout of domestic companies can effectively avoid trade frictions and has cost advantages. At least 12 domestic tire companies have established production bases overseas.3) The possibility of preferential tax refund policies in China.Since November 1, 2018, the tax refund rate for tire series products has increased from 9% to 13%. The existing car ownership is steadily rising, and the future demand for replacement tires can be expected to increase.1) In 2016, the number of thousand-person vehicles in China reached 140, which did not reach the global average. Compared with foreign development, the number of domestic thousand-person vehicles was still at a level.With the continuous increase of car ownership, the replacement tire market is expected to usher in rapid growth in the future.2) The expected rapid growth in the use of domestically-branded cars is expected to provide opportunities for local tire brands with the best value advantages to enter the supply chain of vehicle manufacturers. The profitability of Vietnam’s factories has grown significantly, and overseas operations have achieved success.Vietnam’s operating income for the first half of 2019 was 17.610,000 yuan, an increase of 37 in ten years.79%, accounting for 24 of total operating income.8%; net profit is 3.2.5 billion, an annual increase of 50.27%, accounting for 64 of total net profit.1%.The share repurchase also shows the company’s confidence in the future development, and the company plans to set the repurchase price at no more than 5.Under the condition of 3 yuan / share, the number of repurchased shares shall not be less than 10 million shares and not more than 135 million shares. The upper limit of the number of repurchased shares shall be 5% of the company ‘s total share capital. Earnings forecasts and investment advice.We estimate that the net profit of racing tires in 19-21 will be 980, 1275, and 1461 million yuan, and the corresponding EPS will be 0.36 yuan, 0.47 yuan, 0.54 yuan.Considering that the company’s capacity under construction has not been released, through the commissioning of the plant and the release of new capacity, we believe that the company’s profitability will increase.Taken together, we have given the 19-year wheel tires a 16-19 multiple interval, corresponding to a reasonable value interval of 5.76-6.84 yuan.Covered for the first time, giving “Youyou” investment rating. risk warning.Trade frictions have led to continued increases in tariffs; the progress of production capacity under construction has gradually exceeded expectations; the prices of rubber and carbon black raw materials have fluctuated significantly.

Tianjian Group (000090): High sales growth continues to benefit the construction of the Greater Bay Area

Tianjian Group (000090): High sales growth continues to benefit the construction of the Greater Bay Area

Investment highlights: The company announced its 2018 annual report and achieved revenue of 102.

1 billion, an annual increase of 51.

3%, net profit 7.

8 billion, an annual increase of 29.

9%, corresponding to EPS0.

54 yuan, slightly better than our expectations, the company plans to pay a cash dividend of 2 for every 10 shares.

5 yuan (including tax), it is planned to increase 3 shares for every 10 shares of capital reserve.

Ping An’s perspective: Achieving substantial improvement leads to a substantial increase in performance: reaching the company’s revenue 102.

1 billion, an annual increase of 51.

3%; realized net profit of 7.

8 billion, an annual increase of 29.


The main reasons for the increase in performance growth: 1) Due to the large-scale settlement of Shenzhen Tianjian Mansion, Nanning Spanish Town, Shanghai Tianjian Extraction Park, etc., the real estate business achieved revenue 43.

80,000 yuan, an increase of 92 in ten years.

9%; 2) Construction industry revenue increased 44% to 67.

300 million.

Looking ahead to 2019, projects with high gross margins such as Shenzhen Tianjian Tianjiao, Nanning Tianjian City and Changsha Tianjian City will gradually enter the settlement cycle, and performance is expected to continue to grow.

The overall sales were beautiful and the turnover efficiency was improved.

The company’s real estate business focuses on the seven major cities of Shenzhen, Guangzhou, Shanghai, Nanning, Changsha, Suzhou, and Huizhou, with a subscription amount of 59 in 2018.

5 trillion, the contract amount of 57.

800 million, realized sales area of 35.

50,000 square meters, an increase of 32 in ten years.

3%; Changsha Tianjian City and Nanning Tianjian City contributed the main sales force, with a total sales area of 74.


Sales rebate amount 52.

800 million, the sales 深圳桑拿网 recovery rate reached 91.


The company will launch Shenzhen Tianjian Tianjiao and Huizhou Sunshine Garden Phase II projects in 2019, and sales are expected to continue to grow.

The company benchmarked the benchmarking industry to advance the “3-9-12-24” project development cycle target, and the project development was fully accelerated. The Shenzhen Tianjian Mansion took only 6 months from capping to occupation, and the Shanghai Puhui Building was completed and inspected from conditions.It only took more than 20 days to complete the final inspection and acceptance filing, and the turnover significantly accelerated.

The construction structure of the building was upgraded, and property services grew steadily.

The performance of the company’s traditional building construction business door, the market scale is disorderly and fiercely competitive, and in recent years, it has gradually accelerated the transition and upgrade from construction advancement to general engineering contractors (EPC).

Initially undertook more than 40 projects of PPP, EPC, contract construction, general contracting and other categories, with a contract value of 9.1 billion; 67 projects under construction at the end of the period, and a contract cost of 185.

80,000 yuan, an increase of 29 over the same period last year.

8% is the basis for revenue growth.

Pioneer City Services achieved revenue 13.

600 million, accounting for 10% of total revenue.

9%; of which the property business achieved revenue of 5.

9.6 billion, an increase of 13 in ten years.7%, property leasing realized revenue 2.

51 ppm, a 10-year increase2.


Continue to promote shed reform business and contribute stable income to performance growth.

Initially, the company continued to push forward the reconstruction project of the second-line Luohu second-line flower arrangement shantytown, and two areas have entered the stage of comprehensive construction.

In 2018, it has contributed revenue from shed reform project management services4.

900 million, accounting for 4% of total revenue.

The company continues to consolidate the professionalism of shantytown reform services, especially to solve the early-stage hard work of shantytown renovation projects, and provides alternative, replicable, and popularized practical experience for the shantytown transformation of Shenzhen. It is expected to continue to contribute to the future.

Investment suggestion: As the main contribution to the performance of 2019-2020 is Tianjian Tianjiao’s sales and carry-over rhythm, it is expected that the profit forecast for 2019-2020 will be adjusted slightly, and the company’s EPS for 2019 and 2020 is expected to be 0.

83 (+0.

09) Yuan and 1.

07 (-0.

22) yuan, the current sustainable corresponding PE is 8 respectively.

9 times and 6.

9 times.

The company is a rare small-cap market high-performance housing company with high market performance. It is expected to usher in a double explosion in sales performance from 2019 to 2020, and more than 40% of its land reserve is located in the Guangdong-Hong Kong-Macao Greater Bay Area, which is conducive to the construction and maintenance of the Guangdong-Hong Kong-Macao Greater Bay Area. “Recommended “rating.

Risk reminders: 1) At present, the third and fourth tier property markets have entered the adjustment channel. The overshooting of the property market in the first half of 2019 has caused no delay in policy; 2) Low industry barriers in the construction industry, fierce competition and rising raw material pricesThe shortage of labor supply and the rapid rise in labor costs have created pressures for companies to overcome; 3) The planning adjustment and demolition schedules of the company’s urban renewal projects are complicated and uncontrollable, which may cause delays in project development plans or shed improvements, and related costs.Increased risks.

Changan Automobile (000625): Changan Ford’s terminal sales in August continue to be popular

Changan Automobile (000625): Changan Ford’s terminal sales in August continue to be popular
Event: Changan Ford announced August terminal sales data. August sales of the entire series reached 2.10,000 units, an increase of 30% from the previous month. August took the lead in a strong recovery, and dealer channels improved significantly.In August, the overall recovery of the entire industry was still tepid, but Changan Ford took the lead in rebounding strongly and the off-season was not off, reflecting the company’s internal management adjustment effect 成都桑拿网 in the past.Previously, our Changan Ford dealer conference call also noticed the company’s changes, and several dealer managers who participated in the meeting all responded to Changfu NDSD distribution and organized Changan Ford’s marketing to look completely new. The old model has a new vitality, and the Fox has improved significantly from the previous quarter.The main sales model in August is still the old model that has not been modified for several years, so it is even more commendable to obtain such sales results. Fox has increased by more than 60% from the previous month, and has once again become the focus of Changan Ford. The new car cycle is worth looking forward to.Beginning in September, new cars began to truly reflect sales. Changan Ford’s staged strong product cycle began. Ford Focus event was launched to expand 深圳桑拿网 Fox customer coverage and continue to drive Fox up. After that, Lincoln, which is also a wing tiger, is worth looking forward to.Relative to the first half of the sales twists and turns is difficult to reproduce, Changan Ford in the next three quarters of the marginal improvement in sales efforts. Investment suggestion: The bottom of the company’s sales volume and profit has basically improved. A number of new cars have helped the overlapping industries recover huge elasticity. Although Ford has been under pressure for a short time, the century-old brand heritage still exists, and it will be transformed into dealer reform and interest relations.improve.We expect revenue in 2019/2020 to be 659.4.7 billion / 683.87. Net profit attributable to mothers is 2.06 ppm / 40.25 ppm. After the recovery of the industry, the elasticity is huge. The PB is less than 1. The allocation value is prominent. Maintain the “Buy” rating. Risk warning: industry recovery is not up to expectations, Changan Ford’s new car sales are less than expected

Hite High-tech (002023): In-depth layout GAAS and GAN continue to focus on customer expansion and order landing

Hite High-tech (002023): In-depth layout GAAS and GAN continue to focus on customer expansion and order landing

The third-generation compound semiconductor field is in-depth layout. It is expected that the operating situation will be good in 2020. Rotor company Haiwei Huaxin is the first echelon of domestic GaN chip patent technology.

The company’s production line design meets the higher performance indicators required by the shareholders of CLP Tech to a certain extent. The process setting refers to advanced technology. At present, the company has completed the technological development of multiple process routes. RF, optoelectronics, power electronics, etc. belong toThe company focuses on expanding areas.

According to the annual report, the company has reached the peak of depreciation. Through the introduction of customers, product sizing and the rhythm of mass production, it is expected that the capacity utilization rate will increase in 2020 and the operating conditions will substantially improve.

The military leads the people, and the military and civilians advance together. We will achieve billion-level orders in 2019. In the future, we can expect that GaN technology and tactics will mainly replace the military radar field. It is the first choice of high-frequency and high-power microwave devices and gradually extends to the civilian product field.

In the special field, the company is a wafer manufacturer. Its products are mainly used in the radio field and has made major breakthroughs in aviation and other platforms. According to investor relations records, the company has obtained 18 targeted projects for products, which are expected to be completed in 2 years.Achieve mass production and become a finalization project for the equipment department. According to investor relations records, the company has received 20% of orders for designated tasks in January 2020.

In addition, according to the announcement, the company has signed contracts with relevant units in the satellite field to provide radio frequency chips and foundry services. With the continuous advancement of satellite Internet construction, it is expected to become the company’s new growth pole in the future. In the civilian business, the company’s 5G macro base station radio frequency GaN Major technological breakthroughs have been made in products, and they have passed reliability tests and 重庆耍耍网 passed the ability to provide foundry services for base station radio frequency products. In power electronics, silicon-based gallium nitride power device chips have achieved small-volume mass production, which is the leading domesticAccording to investor relations records, the company will realize the first domestic 6-inch VCSEL production line in the field of optoelectronics in 2019.

2020 is the first year of GaN. Continue to pay attention to downstream civilian applications. GaN is often detected by transmitter radar, communication substrates, and power devices.

On February 13, Xiaomi released a GaN technology TypeC 65W charger. In the future, GaN power electronic devices or more brands will be sold. According to Yole’s prediction, the GaN power business may reach about 4 by 2023.

USD 2.3 billion, with a CAGR of 93% in 2017-2023.

In addition, the construction of 5G base stations will be one of the core driving forces for the growth rate of gallium nitride. According to the research of Cyrus, the GaN RF device market size in 2018 will be less than 2 billion US dollars, and maintain a CAGR of 23%. It is expected that the market size in 2023 will beAmounted to $ 1.3 billion.

Investment suggestion: The company’s business conversion has entered a comprehensive upward channel. Other high-end equipment manufacturing businesses follow the model list and the volume is fast. After years of layout of the microelectronics business, the production capacity continues to increase, which will become an important growth point for the company’s future performance.
We expect the company’s net profit for 2019-2021 to be 0 respectively.

67, 1.

52, 2.

41 trillion, corresponding estimates are 237, 104, 66 times respectively, maintaining the “Buy-B” level.

Risk warning: military products orders are less than expected; microelectronics market expansion exceeds expectations.

Jianyou Co., Ltd. (603707): The rapid growth of performance is in line with expectations, opening up the international industrial chain of injections

Jianyou Co., Ltd. (603707): The rapid growth of performance is in line with expectations, opening up the international industrial chain of injections

Event: The company achieved operating income in the first half of 2019, net profit attributable to mothers, and non-net profit attributable to mothers were 11, respectively.

7.7 billion, 2.

8.9 billion, 2.

80 ppm, an increase of 38 in ten years.

44%, 27.

34%, 30.

13%; Realized 青岛夜网 operating income in the second quarter of 2019, net profit attributable to mothers, and non-net profit attributable to mothers were 5, respectively.

6.7 billion, 1.

40 billion, 1.

350,000 yuan, an increase of 36 in ten years.

78%, 33.

05%, 35.

74%; the company announced that it is planned that the wholly-owned subsidiary of Hong Kong Jianyou will obtain Meistereal Pharmaceuticals, Inc., an American sterile injections operating company, through capital increase in cash and intangible assets and debt-to-equity swaps.


33% equity.

Viewpoints: The company achieved operating income in the first half of 2019, net profit attributable to mothers, and non-net profit attributable to mothers were 11, respectively.

7.7 billion, 2.

8.9 billion, 2.

80 ppm, an increase of 38 in ten years.

44%, 27.

34%, 30.


Among them, heparin raw material revenue is expected to be about 8 million, with an annual increase of more than 20%. The domestic sales of low-molecular-weight heparin preparations are about 8 million, an increase of about 60%; the company’s injection exports and CDMO business continue to maintain rapid growth;Interest rate 50.

08%, continued to increase, the second quarter of the single-quarter growth accelerated, the overall performance in line with expectations . the logic of internationalization of injections gradually realized, starting from 2019, the export of injections entered an explosive period.

The company is an international leader in injectables. In 2019, U.S. and European exports will usher in an outbreak: Jianyou Co., Ltd., as one of the rare domestic high-end FDA-certified injectable manufacturers, has an early layout of injectable exports. At present, 11 injectable ANDA have been approved./ Announcement of more than 30 ANDA injection products, and gradually build the core product Enoxaparin / standard heparin + small molecule anti-tumor injection + other heavy injection injection high-end injection export full product chain, in the future will benefit from the high gross profit US sterile injection market,The export of injections has entered an outbreak.
Heparin raw material + preparation integration, the properties of heparin resource products are prominent, Jianyou shares benefit from strategic crude stocks, and will continue to exert strength on heparin raw materials and low-molecular heparin preparations in the future: the heparin crude / raw material supply end has reached the upper limit in Europe and the United States, China has become the largestIncremental, due to the stable production of pigs in the main heparin raw material production areas (the number of pigs in the Chinese market will decline in 2019 due to the African swine fever epidemic), the unfavorable factors of the increase in the supply of crude heparin / raw materials, and the demand for downstream heparin preparationsStill strong, the inventory level of heparin preparation enterprises, the price of heparin raw materials will further increase in the future.

In the early stage, Jianyou Co., Ltd. has an accurate and accurate judgment on the supply of crude heparin upstream and the inventory of downstream preparation manufacturers / production of heparin injection. Since 2015, it has gradually established a crude heparin inventory.

After Enoxaparin injections are successively approved in Europe and the United States, the company will enjoy the bargaining power and raw material preparation integration advantages brought by its crude heparin inventory based on the advantages of raw materials and the European and American preparation market.

Profit forecast: We expect the company’s net profit attributable to its parent to be 5-20 in 2019-2021.

97, 7.

98, 10.

3.5 billion US dollars, an annual increase of 40.

7%, 33.

7%, 29.

7%, the current sustainable corresponding PE is 31x, 23x, 18x, maintaining the “Buy” rating.

Risk warning: The overseas approval of injectables is less than expected; the sales of heparin raw materials are less than expected; the pressure on medical insurance control costs continues to increase; the calculation may be inaccurate from the actual; the acquisition is uncertain.

Jiu Muwang (601566): Expenses dragged down profit during the third quarter, major brands resumed net openings

Jiu Muwang (601566): Expenses dragged down profit during the third quarter, major brands resumed net openings

Core point of view The company’s operating income and net profit increased by 5 in the first three quarters of 19 respectively.

37% and 8.

88%, profit growth was mainly due to the increase in investment income contributed by the sale of equity in Caitong Securities (the equity of Caitong Securities has been completely sold).

28%; in the third quarter, the company’s operating income 杭州夜网increased by 1 every year.

64%, net profit drops by 35 every year.

81%, revenue and profit growth twice replaced in the first half of the month.

In terms of brands, in the first three quarters, the revenue of the Jiumuwang brand increased slightly by half a year.

53%, the gross profit margin was reduced relative to 0.

40pct, net opening of 45 stores (54 direct sales increased, 9 franchises decreased); thanks to terminal and product upgrades, FUN brand revenue increased in the first three quarters.

74%, gross margin decreased by 4.

67pct, net opening of 11 stores (3 decrease in direct sales, 14 increase in franchise); other brands at the end of the third quarter totaled 161 stores, of which ZIOZIA brand growth rate reached 327%, the number of stores reached 119

In the first three quarters, the company’s online sales increased by 7.

38%, sales accounted for 9.

86%, online sales growth has improved.

In the first three quarters, the company’s comprehensive gross profit margin fell by zero.

23pct, the cost rate increased by 3.

84pct, in which the sales expense ratio and management R & D expense ratio increased by 3 respectively.

51pct and 0.

17pct, mainly due to the increase in new product development expenses; due to the increase in cash paid for purchasing goods and receiving labor services, the net cash flow from operating activities in the first three quarters decreased earlier 68.

93%, the company’s accounts receivable at the end of the quarter decreased by 23 compared with the beginning of the year.

98%, inventory increased earlier13.


In the future, the company will continue to promote terminal retail transformation and structural optimization, strengthen store operations and single store profitability, and increase the proportion of shopping malls. The main brand channel has resumed net opening, and revenue will show steady growth.Growth is expected to become one of the new highlights.

The company’s current total market value is about 6.4 billion, with ample book capital and a high historical dividend ratio. The current corresponding 18-year dividend yield has reached 8.

9%, which is attractive to stable investors.

However, subject to the overall sluggish environment of optional consumption, short- and medium-term performance is expected to be under pressure.

Financial Forecast and Investment Recommendations According to the three quarterly report, we slightly reduced the company’s revenue forecast for the next three years, and the company’s 2019-2021 earnings are expected to be 0.

96 yuan, 0.

84 yuan and 0.

94 yuan (the original forecast for 19-21 is 0.

99 yuan, 0.

89 yuan and 0.

98 yuan), maintaining the company’s 14 times PE in 19 years, corresponding to a target price of 13.

44 yuan, maintaining the company’s “overweight” rating.

Risk warning: the impact of the continued economic slowdown on the company’s terminal retail, and the cultivation of new brands surpassing expectations.