Midea Group (000333) 2019 Interim Report Review: Interim Report Performance Exceeds Expectations, Strategic Escort Starts New Journey
Key points of investment: The company’s interim report revenue was in line with expectations and its performance exceeded expectations.In the first half of the year, the company realized operating income of 1,543.33 ppm, a ten-year increase of 7.37%, achieving net profit of 151.870,000 yuan, an increase of 17 in ten years.39%; corresponding benefit 2.19 yuan / share, an increase of 17 in ten years.77%; of which 788 achieved operating income in the second quarter.32 ppm, an increase of 7 per year.33%,杭州桑拿 net profit attributable to mother is 90.580,000 yuan, an increase of 17 in ten years.93%. The heavy volume of air conditioners drove revenue growth, and the online market share increased across the board.1) In terms of products, the promotion of HVAC on the background of the flat domestic industry demand has led to profit growth.84%, according to the industry online disclosure, sales volume is expected to increase by 15%, the average price decreased slightly by 3%; consumer electronics business income increased by 5 per year.56%, of which the ice washing business sales increased by 9 respectively.37% and 4.8%, it is expected that the corresponding revenue growth rate is about 10% and 5%, the income of kitchen appliances in small appliances is expected to increase by about 10%, the main destocking to resume growth, other small appliances increased 0% -5%.Affected by the downturn in the downstream automotive industry, KUKA’s revenue in the first half of the year was slightly downgraded.83%.2) In terms of domestic and foreign sales, domestic income is increasing by 9 per year.05%, the overall product share increased significantly, air-conditioning online / offline market share increased by 6 compared to the earlier period.2 and 2.2 points, the online / offline share of ice washing has also increased by nearly 1 pct; from the perspective of channels, online growth and growth have been extremely successful. In the first half of the year, the company’s e-commerce network exceeded 320 trillion, an increase of more than 30%.Continue to introduce channel levels, strengthen category marketing collaboration, build 30 regional operation centers in the first half of the year, and take advantage of all categories, multi-brands, and systemization; overseas revenue increased year by year in the first half.04%, excluding the KUKA business, the home appliance business will grow by 9 per year.At 5%, the Toshiba project is accelerating synergy. It is expected that through the integration of manufacturing research and development platforms, product structure adjustment, business processes will be opened, costs will be reduced and improvements will be achieved. Depreciation of the exchange rate + cost dividends promote the increase in gross profit margin for export.The company’s gross profit margin increased significantly in the first half of the year2.3 pcs up to 29.48%, a record high, in which the gross profit margin of domestic business was flat and slightly increased, mainly due to the increase in gross profit margin of overseas business.58 pcts; it is expected that the reduction of the domestic budget tax rate will give more benefits to end consumers, and the substantial improvement in overseas profitability will benefit from the decline in raw material costs and the depreciation of the RMB exchange rate.The company’s period expense ratio is maximized by 1.For 16 pcts, in addition to financial expenses, the sales, management, and R & D expense ratios increased slightly by 0.86/0.33/0.22 pct, the overall result is a slight increase in net interest rate by 0.81 pct to 9.88%.Other liquidity factors have increased, indicating that sufficient rebates have been withdrawn, cash flow companies have improved significantly compared to the same period last year, sales repayments are good, and the future performance of continuous growth is highly certain. The absorption and merger of Little Swan was completed, and the strategic escort started a new journey.We lowered the company’s profit forecast for 2019-2020 to 23.5 billion, 27 billion (previously measured 25.7 billion, 29.9 billion), and the new 2021 forecast is 30.2 billion, an increase of 16%, 15% and 12%, corresponding to an EPS of 3.38 yuan, 3.90 yuan and 4.35 yuan, corresponding to PE 16 times, 14 times and 12 times, continue to give a “buy” investment rating.
Midea Group (000333) 2019 Interim Report Review: Interim Report Performance Exceeds Expectations, Strategic Escort Starts New Journey
Annual report series of special analysis of TMT company (15): Tektronix (839448): Significant growth in performance + net operating cash flow growth Actively lay out 3D AOI field
The annual report series (15) of the special analysis of TMT company: The company released the 2018 annual report and realized operating income1.
96 ppm, a 75-year increase.
08%; net profit attributable to mother 5447.
0.6 million yuan, an increase of 71 in ten years.
In 2018, the company’s technology continued to innovate. Two new products occupied the market and the market share increased significantly. Therefore, the performance increased significantly.
Net cash flow from operating activities was 4,070.
30,000 yuan, an increase of 1643 in ten years.
37%, the reason is that the company’s revenue has increased significantly, and the repayment situation is better.
A cash dividend of 4 yuan (including tax) will be distributed to all shareholders for 10 shares based on undistributed profits.
(Company Annual Report) Based on aviation, aerospace, automotive electronics, smart phones, tablet computers, home appliances, industrial control and LED and other industries: the main business is the development and production of 3D non-destructive optical visual inspection system software and hardware in the manufacturing of electronic assembly industry, Sales and value-added services, the main products are used in automotive electronics, consumer electronics, industrial control, communication terminal equipment, household appliances, computers and peripheral equipment manufacturing and other electronic assembly manufacturing fields.
The company generates 北京桑拿洗浴保健 revenue by distributing and selling high-speed 3D solder paste inspection systems and providing services directly.
Due to increased R & D efforts this year, new product orders continued to increase.
At present, the company’s customers include large-scale customers in industries such as Skyworth, BYD, Hang Sheng and multiple electronic assembly manufacturers, covering South China, East China, North China, Fujian, Southwest, and Northwest China; products are exported to Europe, Taiwan, Vietnam, India, MalaysiaAnd so on.
With a complete product line, a broad customer base, and stable product performance, Sytec has won praises from many customers.
(Company annual report, the company’s official website) Domestic first-class SPI suppliers will continue to focus on SPI products in the future: As the SPI supplier with the highest 杭州桑拿网 production and sales volume in China, Sitech has basically reached the international first-class equipment in terms of basic product performanceThe level of specific performance has exceeded the performance of imported product companies.
Beginning in 2015, Sitech SPI products have entered Super Foxconn, BYD and other super SMT plants.
At present, the company is still actively expanding sales areas, adjusting the layout of the Chinese route, effectively grasping the benefits of SMT manufacturers relocating to the Mainland, transforming the expansion of the sales landscape, and communicating and cooperating with customers in Europe and Southeast Asia.
In the future, the company will also actively deploy, from equipment suppliers to solution providers, and strive to maintain a leading position in the domestic SPI equipment industry.
Committed to the development of new products and entering the 3D AOI field: the company’s market positioning, based on 3D SPI products, expands and consolidates the existing and potential markets for surface-mount production lines in the electronics assembly industry.
There is no doubt that foreign manufacturers have introduced 3D AOI technology which surpasses the 2D AOI widely used in the domestic market and also occupies a certain market share.
Therefore, the company is committed to research and development of new products 3D AOI. With the rapid development of related industries and the increasing demand for visual inspection equipment in electronic assembly production lines, the company will rely on its own product and sales channel advantages to actively create 3D AOI products and strive to make 3D The commissioning of AOI products has brought growth to the company’s operating income.
Actively participate in various electronic assembly exhibitions and expand the global market layout: Since 2011, the company has participated in the Shanghai NEPCON exhibition, Shenzhen NEPCON exhibition and industry annual conferences, and actively participated in a series of related exhibitions and industry conferences.
In 2018, the company’s marketing plan plans to establish a dealer channel in Southeast Asia (Malaysia) and a dealer channel in North China.
As of December 2018, the company’s cooperation with distributors in India, Vietnam and Malaysia has been actively launched and is continuously progressing.
In addition to continuing the layout of the existing market, the company has entered the American market.
In the future, the company will continue to move forward with the goal of global deployment.
Revenue is based on equipment and system sales, and demand for customized production and maintenance increases.
In the profit model, through continuous research and development of equipment to meet customer specific process and technical characteristics requirements, use its own brand, technology and service advantages to obtain orders, and then produce and sell high-speed 3D solder paste detection system to direct customers and distributors.
According to the different needs of customers, the company develops, designs and produces high-speed three-dimensional solder paste detection system platforms with specific parameters, and obtains product sales revenue on a platform basis.
For large electronics manufacturers with existing military assembly of electronic assembly production lines, the company uses direct sales to sell products; for other customers, the company uses sales distributors to sell products.
With the increase of the actual production equipment and the accumulation of time, the customer’s demand for equipment maintenance has gradually increased, and the technical service of equipment will also become an important aspect of the company’s gains.
Investment suggestion: As of the latest company market size is 9 trillion, PE is 16.
5X, it is recommended to pay attention.
Risk reminder: risk of policy change, risk of new product development, risk of customer concentration
Dongfang Cable (603606) 2019 Third Quarterly Report Review: Performance Exceeds Expectations Submarine Cable Leader Continues High Boom
Core point of view The company’s third-quarter performance exceeded expectations, the proportion of submarine cable products continued to increase, the supply of tighter industries and the improvement of competitive advantages benefited from both volume and price.
Considering that the company has sufficient production schedule in the fourth quarter and entered the revenue recognition cycle, the fourth-quarter performance is expected to be flat on a sequential basis and gradually achieve a beautiful performance.
Increase the company’s EPS forecast for 2019-2021 to 0.
96 yuan (originally 0.
96 yuan), corresponding to 18/13/12 times PE.
Raise target price to 14.
49 yuan, corresponding to 23 times PE in 2019, maintain “Buy” rating.
Revenue / Attributable Net Profit for the Third Quarter of 201925.
2 billion (+17.
32% / + 162.
The company’s 20193Q revenue is 25.
680,000 yuan (ten years +17.
32%, the same below), net profit attributable to mother 3.
2 billion (+162.
31%), gross margin of 24.
Among them, the Q3 2019 revenue / attributable net profit was 10.
39% / + 107.
22%), gross margin of 23.
86% (+ 6.
The growth momentum of the company ‘s performance benefit shifted to the promotion of submarine cables, showing a sustained high increase.
The proportion of submarine cable revenue continues to increase, and it is expected that the expected performance of the fourth quarter revenue confirmation will continue to be beautiful.
The company’s 2019Q3 submarine cable revenue10.
1.5 billion (+44.
00%), accounting for 39.
Among them, 2019Q3 submarine cable revenue4.0.4 billion (+63.
34%), accounting for 37.
63pcts), the revenue and proportion of submarine cable products continued to increase.
In terms of gross profit margin, the gross profit of submarine cable products was approximately 45% in the third quarter of 2019 and 43% in the third quarter of 2019. The gross profit margin is expected to remain under tight supply.
The company has sufficient production schedule in the fourth quarter and entered the revenue recognition cycle. Neutral expects that the fourth quarter performance will be flat month-on-month, so that the performance will continue to be beautiful.
The submarine cable faucet is generally stable and has a competitive advantage to enjoy the industry’s heavy dividends.
The domestic sea breeze has accelerated its rise and entered the rush installation cycle. It is expected that the new installed capacity in 2019-2021 will reach 2/3.
5 / 5GW, corresponding to the submarine cable market space of 34/58/72 ppm, CAGR of about 46%, the industry is showing rapid growth.
The submarine cable industry has a concentrated biological market structure due to capital, regional location, technology, and qualifications.
The company is a leader in the submarine cable industry, with key technologies and general contracting capabilities leading the industry.
We continue to be optimistic that 厦门夜网 the company will benefit from tighter industry supply and enhanced competitive advantages in the next two years, enjoying both volume and price increases, and strong growth momentum.
Risk factors: The installed capacity of offshore wind power is less than expected, the submarine cable wins the bid less than expected, the price of raw materials changes, and the cost of offshore wind power drops less than expected.
Investment suggestion: The company’s third-quarter performance exceeded expectations, the proportion of submarine cable products continued to increase, the supply of tighter industries and the improvement of competitive advantages benefited from the increase in both volume and price.
Considering that the company has sufficient production schedule in the fourth quarter and entered the revenue recognition cycle, the fourth-quarter performance is expected to be flat month-on-month, and the expected performance is beautiful.
Increase the company’s EPS forecast for 2019-2021 to 0.
96 yuan (originally 0.
96 yuan), corresponding to 18/14/12 times PE.
Raise target price to 14.
49 yuan, corresponding to 23 times PE in 2019, maintain “Buy” rating.
Everest Tibet’s over 10 billion restricted shares will be listed, and shareholders will increase by nearly 78 billion
Tibet’s Everest has a market value of more than tens of billions of shares, and the listed shareholders will increase their earnings by nearly 7.8 billion. Tibet’s Everest-related shareholders’ earnings have reached 2.47 times, the book floated 77.7.6 billion yuan. Zhang Yi Picture Source: Visual China According to wind data statistics, from August 20 to August 24, a total of 50 companies with restricted sales shares have been lifted, a total of 44 lifted.7 billion shares, calculated based on the closing price on August 17 (the same below), the lifting of the ban on the city to convert 539.1.4 billion. There were 13 listed companies with more than 100 million shares lifted this week, and Wentou Holdings (600715).SH), Everest, Tibet (600338.SH), English and Tang Zhikong (300131.Shenzhen), SF Holdings (002352.SZ), Innova (000795).SZ) 5 companies lifted more than 200 million shares. This week, 12 companies lifted the ban with a market value of more than $ 1 billion, and the top three were Mount Everest, Tibet (109).22 billion), SF Holdings (93.8.9 billion), Wentou Holdings (50.06 billion). There are five companies that have more than double the number of shares in circulation before lifting the ban. These are start-up shares (603557).SH), Everest, Tibet, Central Environmental Protection (300692.SZ), Wentou Holdings and China Pet Holdings (002891).SZ).Due to the large increase in circulating shares, the lifting of the ban on the sale of shares of such companies has had a relatively continuous impact on themselves. In terms of the types of shares that have been lifted, there are 13 bans on the initial sale of restricted shares, 31 placements of private placement institutions, 2 bans on restricted 杭州桑拿 stocks for equity incentives, 1 incentive general share allocation, and 3 additional commitments for restricted sales.Listing and circulation. After this week, Everest, Tibet, Central Environmental Protection, Qianjin Pharmaceutical (600479.SH), Shanying Paper (600567.SH) Achieve full circulation. Mount Everest, a non-ferrous metal stock, is the largest company to lift the restricted shares this week.According to the announcement, the company had 4 on August 20.9.5 billion restricted shares were in circulation, accounting for 75% of total equity.75%, three times the current outstanding shares. This is an additional share issued by Tibet Everest three years ago.The issue price was 6.37 yuan / share, Tibet’s latest sustainable peak is 22.08 yuan, the relevant shareholder income has reached 2.47 times, the book floated 77.7.6 billion yuan. There are five shareholders involved in the lifting of the ban, including Tacheng International, Zhonghuan Technology, Geshi Xiangjin, Kyushu Securities, and Liu Meibao. These five shareholders are based on their confidence and value recognition for the company’s future development.Promise not to reduce your holdings each month.This is equivalent to extending the sales restriction period for another half a year. The semi-annual report disclosed by Tibet Everest recently showed that the first half of the year realized operating income.06 trillion, sixth grade 5.52%; net profit attributable to shareholders of listed companies was 5.30ppm, ten-year average of 7.01%.The company plans to pay 6 yuan (including tax) in cash for every 10 shares. The growth in the first half of the year was mainly due to the decline in concentrate output.Tibet Everest’s main operating asset is Tazhong Mining, a wholly-owned subsidiary of Tajikistan.In the first quarter, Tajikistan occasionally suffered a serious illness that had not been encountered for 60 years, and the adverse effects of severe lack of production water. From the second quarter, the company’s production gradually returned to normal. Yinhe Securities believes that the company’s lead-zinc concentrate production has returned to normal and its performance release will stabilize.In addition, the company’s lithium resource project is advancing steadily, and its transformation strategy to new energy and new materials is gradually being realized. Tibet Everest’s details of the lifting of the ban on the sale of shares are scheduled to be released this week.One year ago, SF Holdings took 35.The price of 19 yuan / share was issued to 8 institutions2.2.7 billion shares, raising a total of 8 billion yuan.These shares have a restricted sale period of 12 months.However, the company has not disclosed the announcement of lifting the ban. The specific date for lifting the ban is subject to the announcement. The latest sustainable value of SF Holdings is 41.30 yuan, 8 institutions floating profit of about 18% a year.However, the company has been in the shareholder reduction plan period.At the end of July, the supervisors Liu Jilu and Jiaqiang Shunfeng, Yuanhe Shunfeng, Shunda Fengrun and Shunxin Fenghe shareholders’ reduction plans have just expired. On August 8, Jiaqiang Shunfeng, Yuanhe Shunfeng, Shunda Fengrun, and Liu Jilu put forward again.New reduction plans.The reduction price is not less than 45 yuan / share.The sustainable upward trend of SF Holdings will continue to be under pressure in the future. SF Holdings decided to increase its issuance one year ago
Shengnong Development (002299): The biggest beneficiary of demand replacement in the entire industry chain
Report Summary 1. Breeding has achieved breakthroughs, and the advantages of the entire industry chain have been strengthened.
In May 2019, the company announced the establishment of a breeding company, marking the company’s breakthrough in the transformation of ancestor breeder breeding and the integrated industrial chain from breeding to broiler slaughter and processing.
Low-cost breeders will reduce costs and increase efficiency for the company, and the gross profit margin is expected to increase further.
With the completion of breeding shortcomings, as the largest white feather broiler whole industry chain enterprise, the company’s strongest food safety control capabilities and the most complete industry chain advantages have been strengthened.
2. In the short term, prices of chicken and frozen products are expected to accelerate in eight months, and the company’s performance is expected to exceed expectations.
In June, the prices of chicken fry and hairy chickens dropped sharply. The downstream chicken meat benefited from the stability of demand, and the price fell slightly.
We expect that the price of chicken seedlings will reach or even exceed 10 yuan / bill again in August. The price of chickens is expected to approach 6 yuan / kg, and the price of frozen products will exceed 14,000 yuan / ton.
3. In the long run, the biggest beneficiaries of demand growth.
As an important supplier of fast food industry, the company benefited from the strong recovery of fast food industry demand. In 2017, McDonald’s and KFC’s store opening speed and same-store growth returned to the rising channel. Chinese fast food and takeaways rose and sank to third- and fourth-tier cities, driving BaiyuGrowing broiler consumption.
In addition, if the swine output caused by African swine fever is 30%?
40%, the meat supply gap is 1,200 tons?
2000 tons, if half to white feather broiler, add 600 to white feather broiler
10 million tons of market demand, and the annual output of Shengnong accounts for about 10% of China, so for Shengnong means an increase of 60?
With a market demand of 100 Euros, there is also room for doubling the company’s current output.
Profit forecast The alternative demand brought by African swine fever will affect the sector for a long time, and the doubling of market space and high performance will provide the company with strong support gradually.
It is expected that the net profit attributable to mothers for 2019/2020/2021 will be 35.
2.9 billion, corresponding to 2 EPS.杭州桑拿网
65, giving 15 times PE in 2020, with a target price of 52.
20 yuan, effective 28 July 29.
02 yuan as the benchmark, upside 86.
30%, give a buy rating.
Risk Tips 1. Feed material supply and price risks. Increasing raw material prices may adversely affect the company’s cost control; 2. Listing of non-pespicious vaccines: Effective listing of non-pessial vaccines can fundamentally eliminate the spread of non-epidemic diseases and generate dechemicalization progressWill be affected, and alternative demand growth may be less than expected.
3. Epidemic risk: If there is an epidemic such as bird flu in the company’s farm, the company’s profit may be less than expected.
Shanghai Electric Power Co., Ltd. (002463): Deep Plowing High-Multilayer PCB for 30 Years, 5G Era Returns
Shanghai Electric Power reported a high growth rate and forecasted the first three quarter results of 8-9 megabytes, followed by a growth of 109% -135% and then exceeding expectations.
Driven by downstream demand, the company’s accumulation of high-level board technology and customer resources ushers in a period of heavy harvesting. In the long run, the barriers to communication and automobile board rise and will continue to benefit from the high-end upgrade of customer products.12/16/2 billion, corresponding to 0 EPS.
17 yuan, corresponding to the current expected PE of 28/21/17 times, is still underestimated, the first coverage is given a “strong recommendation-A” rating, target price of 25 yuan.
Thirty years of deep multi-layer printed circuit boards, focusing on communications and automotive dual tracks.
The company was established in 1992 in Kunshan, Jiangsu. It is one of the first Taiwan-funded enterprises established in Kunshan and went public in 2010. Its products are mainly communications, automotive, industrial equipment PCBs, etc. 2019H1 communication boards account for about 65%.It accounts for about 20%, and office equipment and industrial equipment boards account for about 8%.
There are three major characteristics in reviewing the company’s development history: 1) before certain fame and deep accumulation of technology and customer resources; 2) the performance of the relocation plant was affected, but the growth constraints were lifted;The consumer market is gradually fading out; the demand for the communications board business is driven, and the profit elasticity is expected to continue to be released.
The communication board business is the backbone of the company’s profit. The top five customers include three global mainstream communication equipment vendors (H customers, etc.), and a leading server and switch supplier (S customer).
Under the trend of the 5G accelerated enabling PCB industry, the replacement of wireless devices in the early stage 杭州夜网 will drive the demand in the first stage, the expansion of medium- and long-term supporting network capacity and the expansion of terminal equipment such as CPE will drive the demand in the second stage.The technology upgrade trend drives demand for high-level PCBs.
The company’s long-term card high-frequency, high-speed multi-layer circuit, good market structure brings profit margins, and considering that the company has a first-mover advantage in overseas markets with better profitability, we believe that the company’s communications board business will continue to be profitable.Release; automotive board positions high-end customers to build a second growth engine.
Although the demand for short-term automotive panels is under pressure, the mid-to-long-term demand will gradually expand and upgrade under the trend of intelligentization and electrification.
Although the mid-to-low-end automotive PCB market is fiercely competitive, the mid-to-high-end market has high certification barriers and a long period of time, and the cost of quality and control in production is very high. It is not suitable for new entrants to make quick profits in the short term, and it is more suitable for core suppliers who have already enteredThe companies in the circle gradually replace the leading companies whose competitiveness has declined due to poor investment and other factors. The company is already a core high-end automotive board supplier such as China. The long-term goal is to enter the top three global automotive PCB markets. The automotive board business will becomeThe second engine of growth; investment advice.
We are optimistic that the profit elasticity of the company’s communications board business continues to be driven by downstream demand. The automotive board business ranks among the top in the industry in the medium and long term. We estimate that the net profit of the company will be 12/16/2 billion in 2019-2021, corresponding to 0 EPS.
17 yuan, corresponding to the current expected PE of 28/21/17 times, which is still underestimated. It is optimistic about the continued elasticity beyond expectations. For the first time, it is given a “strong recommendation-A” rating with a target price of 25 yuan. Risk warning: 5G gradually exceeds expectations, macroRisks of economic fluctuations and increased competition risks.
Vanke A (000002): Strong growth performance and high ROE can be maintained
Company Dynamics Maintains Outperform of Companies in the Industry We update company fundamentals and perspectives.
Commenting on the steady increase in feed stability in 2020, the proportion of sales equity rebounded.
The company’s contract budget / sale area in 2019 was 631.2 billion US dollars / 406.3 million square meters (Kerui caliber), an increase of 4% / 1%.
We expect the company to reach 6600 ppm per year in 2020, corresponding to a 5% increase over the ten-year period.
Considering that the company’s 成都桑拿网 high equity ratio land acquired this year is gradually entering the market, we expect the company’s sales equity ratio to increase significantly in 2020 (72% / 70% / 65%, respectively, in 2017/2018/2019, Kerer caliber).
The proportion of land acquisition rights has increased, and the coverage ratio of saleable value has remained stable.
In November, the land acquisition area decreased by 18% to 37.42 million square meters, and the land acquisition amount continued to fall by 17% to 2179 million US dollars, which is equivalent to 38%. The proportion of corresponding equity increased to 73% (60% in 2018, construction areacaliber).
As of the end of November, we forecast that the company can sell land reserves1.
100 million square meters, corresponding to a saleable value of 1.
7 trillion, equivalent to 2 in the 佛山桑拿网 2020 preliminary estimate (CICC expectation).
5 times, unchanged from the beginning of the year.
Earnings have grown steadily and with high certainty.
We expect the company’s profit growth to be 25% / 19% in 2019/2020.
At the end of the third quarter of 2019, the company’s unsold balance was 6,362 trillion, which was 1 of its 2019 revenue (CICC expectation).
Our conservative measurement company 2017?
The gradual performance of the contract in 2019 can achieve a net profit of 140 billion yuan, which is basically locked in 2019?
2021 results (we expect 20% compound earnings growth over the past three years).
High operating leverage is expected to support ROE to maintain a high level.
We expect the company’s ROE to maintain a high level of more than 20% in the industry in the next two years. The main considerations are: 1) The equity multiplier remains high mainly due to the industry’s repayment cycle (clients) and the ability to occupy the upstream and downstream of the industry chain.(1H19 final advances account for 36% of total assets, industry chain upstream and downstream payables account for 17% of total assets, interest-free resistance accounts for 83% of total debt, marginal upward and higher than other companies in the industry)The interest rate margin slightly declined, but the decline was small, mainly due to the company’s replacement of interest capitalization rate and strong expense management ability; 3) The asset turnover rate has been at a historically low level, and the downward decline is limitedAt a high level).
Baoneng has gradually released pressure to gradually reduce its holdings.
As of December 19, 2019, Baoneng’s shareholding in Vanke was replaced by 10% at the end of November with less than 5% (the highest shareholding ratio in history was 25).
04%), pressure on transaction budgets is gradually released.
It is recommended to keep the 2019/2020 estimated profit forecast unchanged, and the 2021 estimated profit forecast5.
12 yuan / share.
The company is currently trading ahead of 7.
2x 2020 forecast P / E ratio.
We maintain our Outperform rating and raise our target price by 9% to 37.
73 yuan (mainly due to the reduction of Baoneng’s suppression of the merger of the company and the increase in market risk), corresponding to 8.
5 times the target city’s surplus rate in 2020, 17 compared with the same period last year.
The risk has been eliminated, and the progress of the launch has fallen short of expectations; the advancement of diversified businesses has fallen short of expectations.
Hytera (002583): Performance forecast is slightly lower than expected litigation may still affect non-recurring gains and losses in the short term
The company forecasts a profit growth of 0 per year.
64% of Hytera’s results announcement, the company is expected to achieve net profit attributable to mothers in 20194.
800 million, an annual increase of 0.
64%, the median forecast interval is lower than the expected 6.
4.4 billion 18%.
Our expectation of performance expectations is that domestic demand is picking up less than expected and administrative expenses caused by lawsuits exceed expectations.
Points of Attention Domestic demand is expected to rebound more than expected.
We analyze that the domestic government procurement in 2H19 did not pick up as scheduled, and the pressure of the macro economy on the company’s business is still there, which may affect the performance of the domestic private network business in 2019.
We expect that the introduction of new products such as broadband in 2020 will further expand and partially benefit from the delay in demand in 2019.
Motorola lawsuits may lead to higher management expense rates during the year.
The company’s lawsuit with Motorola opened in U.S. courts in November 2019 and is currently at trial.
We expect this lawsuit will cause the company’s management expenses to exceed expectations in 2019.
Moreover, the contingency effect of the judgment result has not been considered in this performance forecast, and the possibility that the result will further affect the company’s non-recurring profit and loss in 2019 is not ruled out.
The equity incentive plan further binds core employees.
Hytera announced the revised draft of the equity incentive plan in December 2019, and intends to issue no more than 3631 shares to the incentive objects.
460,000 shares (2% of the total share capital before the issue).
In the revised draft, the performance appraisal target for the three phases of fair incentives to lift sales restrictions is set in indicator 1 of the original budget (the net profit for 19/20/21 is not less than 7).
Index 2 was added on the basis of 500 million US dollars (the revenue growth rate for the base period of 19/20/21 in 2018 is not less than 15% / 30% / 45%, and the non-net profit growth rate is not less than 30% / 60% / 90%), you can complete either of the two indicators
We believe that this revision enhances the certainty of the company’s target fulfillment, and the increase in the deduction of non-net profit indicators reflects the steady development of the company’s core business.
Incentives reorganize the company’s middle and senior management personnel and core technical backbones, which will help further bundle core employees and help long-term development.
Estimates and recommendations Taking into 苏州夜网论坛 account that the company’s performance forecast is less than expected and the domestic private network market is picking up slowly, we lower the company’s 19 / 20e profit forecast by 19% / 24% to 5.
68 ppm, with a profit forecast of 7 for 2021.
The company’s current consensus corresponds to 19/20 / 21e29.
4x P / E.
We maintain our Outperform rating and lower our target price by 23% to 10.
16 yuan, corresponding to 19/20 / 21e 35.
0x P / E and 24% upside. Risks The domestic private network market has grown less than expected; judgments in litigation cases have further dragged non-recurring gains and losses.
Hesheng Silicon Industry (603260) Interim Report Comments: Interim Report Performance Slightly Lower Expected PV Demand Drives Silicon Metal Prices to Promote Continuous Recovery
Investment highlights: 2019 net profit attributable to mothers6.
54 ppm, ten years -54.
Interim operating income for 2019 is 46.
600 million a year -14.
85%, net profit attributable to mother 6.
54 ppm, ten years -54.
76%, the performance was mainly due to the metal silicon in the first half of the year, the price of organic silicon fell sharply, the metal silicon in the first half of the average excluding tax rate of 10254 yuan / ton, each -12.
4%, the average price of silicone ring silane is 19697 yuan / ton, about -30.
52%. At the same time, due to the increase in Xinjiang ‘s silica mining in the second quarter, the sales volume of metal silicon in the second quarter was more or less than that in the first quarter and the third quarter.
Net cash flow from operating activities was 6.
43 trillion, good cash flow.
The utilization rate of new metal silicon and organic silicon production capacity will gradually increase and contribute to performance.
Restrictions on the supply of silica in the first half of the year led to an increase in the company’s metal silicon output. After the problem of silica supply was gradually resolved in the third quarter, the operating rate was expected to gradually increase.
Shanshan’s annual production of 10 crystalline silicon and downstream deep processing investment projects is expected to start production in the third quarter of 2019.
Shihezi has an annual output of 20 anchor chain projects and is expected to be put into production in 2021.
After the completion of the expansion project, the company will have a capacity of 90 tons of metal silicon (including 10 tons of Jinsong Silicon) and 93 tons of organic silicon monomer.
In 2019-2021, the supply and demand of metal silicon will gradually meet the tight pattern. The continued sluggish demand for exports and aluminum alloys will cause the price of metal silicon to continue to decline in the first half of the year.Restrictions, and the recovery of demand from the demand side into photovoltaic demand will gradually repair the growth of metal silicon demand in the future, the improvement of supply and demand relations will promote the price of metal silicon continues to rise from September, adjusting the average price of metal silicon 441 from 2019 to 2021 will be 11400/ Ton, 12500 yuan / ton, 12500 yuan / ton (12,000 yuan / ton, 12600 yuan / ton, 13,000 yuan / ton).
Although there is a slight surplus in the supply and demand of the silicone industry, the price is still in the historical bottom area. At the same time, the supply company is easy to generate a coordinated future. The price of the silicone is difficult to continue to fall below the cost line. It is expected that the price of the silicone D4 will be 1.
30,000 / ton.
Revise down earnings forecast and maintain BUY rating.
We adjusted the company’s metal silicon sales volume to 56 in 2019-2021.
9 early, 71.
8 Bulletin, 83.
4 Forecasts (The original forecast was 68 for 2019-2021.
(7 budget, 77 budget, 87 budget). It is estimated that the sales volume of organic silicon products in 2019-2021 will be 23 respectively.
7 early, 30.
1 initial, 41.
7 benchmarks, product price adjustments. The average selling prices of metal silicon products for 2019-2021 will be 11,250 yuan / ton, 12,350 yuan / ton, and 12,350 yuan / ton (the original forecasts were 11,850 yuan / ton, 12,450佛山桑拿网 yuan / ton, and 12850 respectively).Yuan / ton), it is estimated that the average price of cyclic silanes in 2019-2021 will be 21,000 yuan / ton, 19,000 yuan / ton, and 19,000 yuan / ton, due to the substantial reduction in the metal silicon sales assumption and a slight price reduction assumption.Net profit attributable to mothers was 16.
55 billion, 24.
14 billion, 35.
3.2 billion (the original forecast was 2.5 billion and 33 respectively.
6 billion, 45.
6.5 billion), corresponding to PE of 17 times, 12 times, and 8 times. Although the profit forecast has been lowered, the company has always been at the bottom. It is expected that Q3 will start to gradually improve its profit. In the long term, the company’s continued expansion of cost-effectiveness advantages will drive the company’s profitability to continue to increase, Maintain BUY rating.
Risk warning: PV demand exceeds expectations; Xinjiang has introduced self-provided cross-substitution.
Shanmei International (600546): Profits are improving, asset optimization is expected, and photovoltaic projects are expected to land
Event: The company released its semi-annual performance report for 2019.
In the first half of 2019, the company achieved operating income of 198.
200 million, a decrease of 3 per year.
9%, realizing net profit attributable to mother 5.
0.6 million yuan, an increase of 53% in ten years.
Continue to strictly control the scale of trade and gradually absorb the historical burden.
Implementation, the company continued to optimize business strategies and reduce the scale of high-risk trade.
Reported that first-class companies achieved operating income of 198.
2 ‰, a decrease of 3 per year.
9%, mainly due to a year-on-year decrease in trading business income of 9%.
At the same time, in order to absorb the historical bad debt risk, the company continued to accrue credit impairment, which brought 2 to the company’s statements.
7 megabit impact.
At the core of the report, the company achieved net profit attributable to its mother5.
0.6 million yuan, an increase of 53% in ten years.
In terms of quarters, the company achieved net profit attributable to its parent Q2.
8.6 billion, an increase of 29.
4%, an increase of 15% per year.
The coal sector continued to create the best profit level in history.
In the first half of 2019, the company’s coal segment achieved revenue of 196.
600 million, down 4 a year.
2%, of which coal mining business realized operating income of 63 million US dollars, an annual increase of 9.
9% of the coal trading business realized revenue of 135.
200 million, down 9 a year.
Achieved operating costs of 156.
4 ‰, a decline of 8 per year.
5%, mainly due to the decrease in trade volume and further reduction in coal production costs.
Reported gross profit 35 for the carbonized coal sector.
3 ‰, an increase of 9 in ten years.
4%, the best level in history.
In terms of production and sales, the company achieved raw coal output of 1830 per year in the first half of the year, an increase of 8 per year.
5% is expected to achieve 5879 coal sales, a fall of more than 5%.
Seen by quarter, the company’s Q2 coal production reached 997, an increase of 19 from the previous month.
7%, an increase of 3 per year.
In terms of price, the company’s comprehensive coal content (including trade) per ton of coal in the first half of the year was 334.
4 yuan / ton, an increase of 1% in the past; 南宁桑拿 comprehensive cost per ton of coal is 266.1 yuan / ton, down 3 before.
5%; gross profit per ton of coal 68.
3 yuan / ton, an increase of 23 in ten years.
Spin-off trading companies to optimize asset quality.
Since 2016, the company’s subsidiaries have been focusing on clearing up issues left over from history, continuously shortening alternative trading subsidiaries, and constantly optimizing asset quality.
Year to date, the company has transferred part of the equity of 11 holding trading companies, and completed the asset delivery procedures on July 1.
The total net assets of the aforementioned 11 trading subsidiaries in 2018 were -41.
4 trillion, net profit totaled 14 trillion, after the completion of the transfer of distribution, although the aforementioned 11 trading companies are still the company’s holding subsidiaries, the company’s trade performance burden has gradually improved, asset quality and profitability can continue to improve.
Enter the photovoltaic industry, transforming into a new chapter in the gradual spectrum.
The company issued an announcement on July 26, saying that it had signed a “strategic cooperation framework agreement” with Junshi Energy, intending to use the equipment and technical advantages of Junshi Energy to lay out the photovoltaic heterojunction cell industry.
We believe that this move is in line with the company’s strategic development direction and Shanxi Province’s policy guidance. It is not only a strategic act for the company to further expand the industrial chain layout in the energy field and broaden the product structure, but also to respond to the current coal market fluctuations and future energy supply pattern adjustments.The forward-looking considerations carried out will help the company to resist the cyclical changes in the royal coal industry and enhance its comprehensive competitiveness.
Earnings forecasts and investment advice.
What do we expect the company to do in 2019?
The net profit attributable to mothers will be 11 in 2021.
200 million, 12.
600 million, 13.
500 million, EPS is 0.
68 yuan, the corresponding PE is 12.
The company actively responds to the reform of Shanxi’s state-owned enterprises and vigorously develops the non-coal industry. It plans to cooperate with Junshi Energy to deploy the photovoltaic industry and jointly develop and research heterojunction battery projects.
Considering that if the project is successfully put into operation in the future, the revenue of the photovoltaic sector is expected to surpass that of the coal sector and become the company’s first main business. The company’s PE should be closer to mainstream photovoltaic companies, so maintain the company’s “overweight” rating.
Risk reminder: coal prices have fallen sharply, bad debt risks have erupted, litigation results have been unsatisfactory, and entry into the photovoltaic industry has been blocked.