Angie Yeast (600298) Third Quarterly Report Review: Gradually Improved Management Expects Performance to Continue to Rise

Angie Yeast (600298) Third Quarterly Report Review: Gradually Improved Management Expects Performance to Continue to Rise

Investment Highlights Event: 2019Q1-3 The company achieved operating income of 55.

60 ppm, an increase of 13 in ten years.

49%; net profit attributable to mother 6.

6.6 billion, down 1 year.

21%; net profit after deducting non-return to mother 6.

27 ppm, a decrease of 1 per year.


Among them, 2019Q3 achieved operating income of 18.

460,000 yuan, an increase of 17 in ten years.

43%; realized net profit attributable to mother 2.

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

76%; net profit after deduction of non-return to mother1.

91 ppm, an increase of 21 in ten years.


In the third quarter, the company’s operating situation gradually improved. The combination of the third quarter of 2018 with the production restriction and relocation stopped production led to a low base. The profit growth in the third quarter of 2019 significantly improved.

  The business units grew steadily, and the revenue from the sugar business accelerated.

The average growth rate of the company’s major business units exceeded 10%, of which the growth rate of health products, brewing business, and YE was 杭州桑拿网 above 20%.

Wind shows that the annual growth rate of spot sugar contract prices will increase to about 10% since 2019Q3. Benefiting from the rebound in sugar prices, the company’s sugar business sales accelerated.

The proportion of the company’s sugar business income in 2019H1 is 4.

6%, 2019Q3 revenue share increased by 4.

Four to nine.


By region, the proportion of foreign income in the first three quarters was 29.

1% means that the growth rate of yeast export income of products is slightly faster than domestic, reaching 12%, which is mainly due to the depreciation of the RMB to promote the growth of export income.

The gross profit margin of 2019Q3 decreased slightly by 0 in the short term.

11 pct to 33.

72%, mainly due to the increase in the proportion of low-margin sugar business revenue in the third quarter alone.

  During the period, the cost rate was under pressure and the retina expanded.

2019Q1-3 The company’s sales / management / R & D / financial expense ratio is half a year +0.

82 / -0.

05 / + 0.

86 / -1.

17 to 11.

48% / 3.

31% / 4.

34% / 0.


  The increase in the sales expense ratio was mainly due to the increase in sales staff due to the two-ticket system for drugs; the management expense ratio was flat but the amount increased, mainly due to the increase in management personnel and the increase in operating costs of overseas companies; the increase in the R & D expense ratio was due to the increase in R & D investment and the increase in intermediate trial trial production costs; The decline in the financial expense ratio was mainly due to the appreciation of the US dollar and the appreciation of the Egyptian pound and the ruble to generate exchange gains.In addition, the company expects growth in Q1 201952.

94%, mainly due to the increase in earnings of joint-stock companies and Russian companies.

  The chairman will not change the target of 10 billion, and actively promote the relocation and expansion of production capacity.

The new chairman, Mr. Xiong, officially took office, and the company still maintains its goal of 10 billion yuan in 2021.

The company plans to relocate the Yili factory to fundamentally solve environmental protection issues and is expected to be completed within 2 years.

Russia’s second-phase expansion project, as an important project in the company’s internationalization strategy, is gradually accelerated.

The company’s long-term development takes efficiency as the first priority, and pursues progressive development, which will further strengthen cost rate control.

The new employee shareholding and incentive directions remain unchanged. The new chairman is recommended by major shareholders, and communication with the SASAC level is promoted more smoothly.

  Profit forecast: The company’s revenue for 2019-2021 is expected to be 76.

16, 87.

60, 100.

610,000 yuan, the net profit attributable to mother is 9 respectively.

29, 10.

82, 12.

7 billion, with EPS of 1.

13, 1.

31, 1.

54 yuan, corresponding to PE is 25 times, 21 times, 18 times, maintaining the “buy” level.

  Risk reminder: food safety risks; channels sink below expectations; new product promotion fails to meet expectations

Gujia Home (603816): Extension and consolidation leads to high income growth, focus on efficiency

Gujia Home (603816): Extension and consolidation leads to high income growth, focus on efficiency
Event: Gujia Household released the 2019 first quarter report, and the company achieved revenue of 24 in Q1 2019.60 ppm, an increase of 32 in ten years.79%; net profit attributable to mother 2.95 ppm, an increase of 10 in ten years.04%, net profit after deducting non-return to mother’s1.96 ppm, a ten-year increase of -0.93%.Non-recurring income increased by 41%, mainly due to an increase in government subsidies of 60.54 million yuan compared with 2018. The subsidies were affected by government allocations and changed quarterly, and the amount of change was stable. The consolidation resulted in high 厦门夜网 revenue growth in 19Q1, and the endogenous growth rate of 19Q1 slowed down compared with the high base in the same period.In 2018, six companies including ROLF BENZ, Priority Home Furnishing, and Xibao Home Furnishing Co., Ltd. only contributed a small amount of revenue in 18Q1, corresponding to the impact of the 19Q1 extended consolidation on the statement.We expect to eliminate the impact of consolidation. The company’s internal growth in 19Q1 was less than 10%, of which domestic sales growth accelerated external and external growth.Affected by the high base in the same period last year, the overall growth rate in the first quarter was relatively flat. Gross profit margin declined slightly, and operating capacity continued to be optimized.1) The gross profit margin was slightly affected by the consolidation and product 杭州夜生活网 structure changes.Gross profit margin for Q1 of 2019 was 34.73% (-1.72 points.), Which is caused by the rapid growth of the extension of consolidated tables and export-oriented functional sofas.2) The deferred consolidation temporarily drags down profitability.2019Q1 company net profit 12.01% (-2.97 points.), Selling expense ratio 18.75% (+2.44 points.), Mainly due to the extension of consolidation factors; management expense ratio 5.04% (+0.87 points.), Due to increased R & D investment; financial expense ratio 1.08% (-0.13 points.);Net cash flow from operating activities.48 ppm, an increase of 1154 in ten years.85% is due to the increase in sales scale, which is due to the increase in cash flow from operating activities due to the arrears due; accounts received in advance7.120,000 yuan, a decrease of 29 from the end of last year.34% was due to the interruption of pre-payments by the dealers at the end of the Spring Festival. The pre-payments declined in the first quarter after successive shipments.3) Continuous optimization of operating capabilities.The company’s inventory turnover days were 62 in 2018.94 days fell to 59 in Q1 2019.In 16 days, the operating capacity continued to be optimized. Channel expansion continued to advance, and store openings are expected to improve quarter by quarter.1) In terms of channels, there will be about 140 net openings in Q1 2019, and the company’s stores will have a net increase of about 1,000 in 2018. It is expected that the opening in 2019 will improve quarter by quarter.2) In terms of production capacity, projects under construction at the end of 19Q15.40,000 yuan, an increase of 38 from the end of the previous year.57% is due to the increased investment in the East China Base II, Central China Base and Jiangdong Phase II Expansion Project.The 800,000 standard sets of software furniture project in Wangxing, Jiaxing has been steadily advancing. The 600,000 sets of software and 400 general-purpose custom home projects in the Huazhong (Huanggang) base are expected to be put into production by the end of 2019. The initial layout of the production capacity in the southeast and northwest is emerging. Practice software home, focusing on gradually improving efficiency.At the bottom of the 2018 series, a multi-brand, multi-category big home strategy blueprint for the merger and acquisition company is emerging. From the perspective of internal governance, the chairman’s decades of devotion to the professional manager team brings all-round innovation to the company.Changes have taken place in production design, informatization construction, channel inventory control, overseas business carding, and sales strategies.In 2019, the company will still take the initiative to innovate, promote channel informationization and conduct lean management.Launch a “wide and thin” product strategy; build brand, product, and store integration to ensure a given profit to maximize scale and lead the competitive advantage of the main channel. Investment suggestion: The company has excellent corporate governance and stable development of multiple categories of internal business. If the company can integrate and acquire the company, it will contribute to the company’s development. We continue to be optimistic about the company’s future development.We predict that the company will achieve sales revenues of US $ 11.9,143.16 billion in 2019-21, a year-on-year increase of 30.09%, 20.13%, 17.15%, achieving net profit attributable to the parent company12.78, 15.42, 18.24 ppm, an increase of 29 in ten years.1%, 20.75%, 18.29%, corresponding to an EPS of 2.97, 3.59, 4.24 yuan, maintain “Buy” rating. Risk reminder: The risk of real estate boom is reduced, and the increased competition leads to the risk that the industry’s average profit rate will decline.

Western Mining (601168): Star of Western Copper Ore Rising_1

Western Mining (601168): Rising Star of Western Copper Ore
Large-scale resource-based state-owned enterprises in the western region of the country have three businesses: copper, lead and zinc.The company’s main business is lead, zinc, copper, iron and other metals mining, smelting and trading.In 2018, the company’s main revenue was 28.7 billion, of which copper, zinc and lead products accounted for 62.46%, 25.19%, 5.45%; The company achieved gross profit in 2018 of 34.300 million, of which copper, zinc and lead products accounted for 31.3%, 36.26%, 21.twenty two%. Deeply cultivate high-quality resources in the western region with abundant resource reserves.According to the company’s announcement, the company’s main mine, Xitieshan Lead-Zinc Mine, 杭州夜网论坛 has a mining and dressing scale of 150 years / year, which is one of the largest annual lead-zinc mines in China.The mining and dressing scale of Geqi Copper Mine was 270 kg / year, which is the sixth largest copper mine in China. The mining scale of Tibet Yulong Copper Mine is 230 mm, which is the largest single copper mine.As of the end of 2018, the company has a total of 181 lead in nonferrous metal mineral resources.20 cobalt, zinc 338.19 Cobalt, Copper 661.82 molybdenum, molybdenum 36.22 ounces, 29,452 iron.47, Silver 2,624.58 tons, gold 15.09 tons, there is still potential for further reserves in the future. The output of major minerals is stable, the smelting capacity has expanded, and the profitability of the main business is stable.First, the company currently has copper, lead, and zinc concentrate production capacity of about 5, 6 grids, 13 sockets, and large output stability.According to the company announcement, in terms of mineral copper, 2016?Copper concentrate output in 20184.34 average, 4.97 for the first time, 4.In the 1970s, the average grade of each copper mine was 0.99%, ore processing capacity of 270 pounds / year, the average annual contribution of about 3 tons; the company’s first phase of construction of the Yulong copper mine began in 2005, completed in September 2016 and acceptance, the average grade of Yulong Phase I is 0.69%, the ore treatment volume is 230 per year / year, and the average annual contribution is about 2.5 short-term; currently the second phase is under construction, and the company’s copper mine output will continue to increase after it is put into production.In terms of mineral lead and zinc, 2016?Zinc concentrate production in 2018 was 6.69 average, 7.91 for the first time, 13.37 cobalt and lead concentrate production is 4.45 brackets, 5.50 ounces, 5.46 inches.The output of zinc concentrates increased significantly in 2018, which was mainly merged into the mature mine Huidongliang Lead-Zinc Mine, which has a lead-zinc grade of 10.65%, with 66 initial annual / annual selection scale.  Second, the company currently has electrolytic copper, electrolytic zinc, and electrolytic lead capacities of 16, 10 pins and 10 pins, and the smelting capacity has been expanded.It is said that the company announced that, as of the end of 2018, the company’s electrolytic copper production capacity expanded from the original 6 to 16 contacts, mainly due to the new Qinghai Copper 10 replacing the cathode copper production line in September 2018 for trial production.2016?The output in 2018 was 4.64 crowns, 5.98 for the first time, 7.97 for the first time.For electrolytic zinc.As of the end of 2018, the company’s electrolytic zinc production capacity has been increased from the original 6 additives / year to 10 pins / year.The output in 2018 was 4.26 samples, 5.69 plasma and 9.05.In 2016, the company shut down the 6 replacement electrolytic zinc production capacity that did not comply with the latest environmental protection policy, and the latest 10 production capacity began production. 2017?The utilization of production capacity will gradually increase in 2018.In terms of electrolytic lead, as of the end of 2018, the company’s electrolytic lead production capacity has changed from the original 5.5 lowest exchange rate / year to 10 highest exchange rate / year, 2016?In 2018, the output is 0 and 4 respectively.26 initial and 7.44 It is expected that the zero output in 2016 is mainly due to the sluggish market conditions in the first half of 2015 and the layout of processing profit margins. The company upgraded and integrated its production capacity. The transformation project was completed at the end of 2016. After the completion, the company formed a production capacity of 10 electrolytic lead. The second phase of the Yulong Copper Mine is expected to be completed and put into operation in October 2020. The company’s copper mine equity income is estimated after the production is reached.72 positive electrode increased to 10.04 growth rate, a significant increase of 170%.According to the company’s announcement, Yulong’s second-stage designed ore dressing capacity is 1,800 tons / year, and it is expected to produce 10 ore of copper metal and 5,800 tons of molybdenum each year.At present, all the approval procedures for the second-phase reconstruction and expansion of the Yulong Copper Mine have been completed. According to the company’s disclosure, the construction of the project is smooth. It is expected to be completed and put into operation in October 2020, 3 months ahead of the original plan.It can reach a minimum of 13 and will become the largest profitable mine in the western mining industry.At present, the company holds 58% equity of Yulong Copper Mine. After reaching the production capacity, the company’s equity income has reached 1 from the original.22 was promoted to 7.54 ounces.Considering Geqi Copper Mine 2.50,000 output (100% equity), the company’s overall copper mine equity output is expected to be essentially 3.72 elections were increased to 10.04 budget, equity output is expected to increase by 170%. 2019?In 2021, the global supply of copper ore is tight overall. Considering the solid cost support, the inventory consumption ratio is at an extremely low historical level, the margin of demand is picking up, and the copper price has reached a significant rebound.Our estimates indicate that 2019?The global copper supply and demand balance will be 10 in 2021.8, -10.In terms of 2, 16.2Baseline, showing a tight balance overall, especially 2019?In 2020, the copper supply and demand gap will continue to expand.The current copper price has fallen to the 90th line of the global marginal cost curve, and the cost support is solid. The inventory consumption ratio of global copper exchanges has changed to a historically low position. Domestic bonded areas and social stocks have replaced lows in recent four years.Sexuality has been systematically enhanced.On this basis, taking into account the current general trend of global monetary easing, the China-US trade agreement has been reached gradually, and the internal counter-cyclical easing policy has gradually come into effect. The short-term economic panic and the gradual escape from substantial relief will be added, and the next spring will be supplemented.Ushered in a significant rebound. Investment suggestion: Give “Buy-A” rating with a 6-month target price of 8 yuan.Our estimates indicate that 2019?In 2021, the price of copper is 4.80,000 / ton, 5.20,000 / ton, 5.20,000 / ton; lead price 1.60,000 / ton, 1.60,000 / ton, 1.60,000 / ton; zinc price 20,000 / ton, 1.80,000 / ton, 1.Under the assumption of 80,000 / ton, the company is expected to realize a net profit of 10%.700 million, 11.0 billion, 15.700 million, the corresponding EPS is 0.45 yuan, 0.46 yuan, 0.66 yuan.At present, the company’s dynamic PE in 2019 is less than 13x, which is far lower than the current copper stock. Lead-zinc copper companies are close to the level of about 20x, and PB1.41x is also at a very low level in history; considering that the second phase of the conversion of the Yulong Copper Mine is gradually reaching production, the company’s main business will gradually change from lead-zinc to copper-based from 2020-2021, and the company’s equity copper output will usher in 170%The rapid growth, coupled with the early release of the company’s impairment pressure, is expected to usher in a significant rise in performance, and it is estimated that the hub will promote a systematic improvement.Give the company a “Buy-A” rating with a 6-month target price of 8 yuan, which is equivalent to a dynamic price-earnings ratio of 17.4 times. Risk reminders: 1) The global economic growth rate exceeds expectations; 2) Global copper mine output exceeds expectations, and the copper supply disruption rate exceeds expectations; 3) The company’s product output is lower than expected, and subsequent mine injections are lower than expected.

Asahi shares (603305): deeply bound Tesla’s stable growth in performance

Asahi shares (603305): deeply bound Tesla’s stable growth in performance

Event: The company released the 2018 annual report, the report was consolidated, and the company achieved operating income10.

9.6 billion, an annual increase of 48.

27%; realized net profit attributable to mother 2.

0.94 million yuan, an increase of 32 in ten years.

twenty three%.

Tesla, a major customer, is deeply bound, and the company’s performance has achieved rapid growth.

At the core of the report, the company achieved operating income10.

96 ppm, an increase of 48 in ten years.

27%; realized net profit attributable to mother 2.

0.94 million yuan, an increase of 32 in ten years.

twenty three%.

The main reason for the rapid growth of the company’s reported revenue and profits is that the company deeply restrained Tesla, a major downstream customer, fully benefiting from the rapid growth of Tesla’s vehicle sales.

In terms of sales volume, Tesla delivered a total of 24 vehicles throughout 2018.

50,000 vehicles, an increase of 137 in ten years.

89%, of which Model S and Model X delivered a total of 9.

90,000, Model 3 delivered 14.

60,000, and Model 3 vehicles in the early stages of production capacity problems have gradually been resolved, and successfully achieved 6,000 weekly production.

Benefiting from the significant increase in Model 3 production capacity, the company’s sales revenue to Tesla has achieved rapid growth, and in 2018 Tesla achieved growth.

69 ppm, an increase of 60 in ten years.

43%, the subsequent gradual commissioning 青岛夜网 of the Tesla Shanghai plant and the launch of the new model Model Y, the company’s revenue scale is expected to further increase.

Short-term pressure on gross profit margin and effective cost control.

In the total reported, the company’s main business gross margin was 39.

22%, 4 less than the previous year.

77 levels, of which the gross profit margin of the automotive business was 41.

59%, a decrease of 7 from the previous year.

39 units.

The increase and decrease in gross profit margin were initially reported by the consolidated company to supplement the plant, increase the depreciation expenses for equipment, and change the structure of automotive products.

In the future, the scale of Tesla’s production and sales will gradually expand. In order to control the cost of the supply chain, the price of the products supplied by the company still has downside risks, and the gross profit margin may continue to be under pressure.

In terms of expenses, the company injected 8 expenses in 2018.

12%, a decrease of 1 from the previous year.

89 units, the cost control effect is obvious.

Customer expansion + product category expansion, opening up the company’s medium and long-term development space.

In addition to binding Tesla, the company has officially cooperated with Ningde Times, Great Wall, Eaton, Polaris and other customers, and the expansion of new energy vehicle customers has continued to accelerate.

In addition, the company successfully issued 4.

200 million convertible bonds, and is planning to issue non-public stock in 2019 to lay out the high-end casting and forging market in the automotive suspension system, which will help enrich the company’s product structure and improve the company’s overall profitability.

Earnings forecast and rating: It is expected that the company’s net profit attributable to its parent in 2019-2021 will be 3 respectively.

9.8 billion, 5.

20 billion, 6.4.7 billion, EPS is 0.

99 yuan, 1.

30 yuan, 1.

61 yuan, the price-earnings ratio of 32.

33 times, 24.

75 times, 19.

89 times, maintaining the “overweight” level.

Risk warning: Tesla’s sales are less than expected, and new projects are progressing less than expected

Mingyang Intelligent (601615) released a comment: the success of offshore wind power is on track and the company’s future performance is expected

Mingyang Intelligent (601615) released a comment: the success of offshore wind power is on track and the company’s future performance is expected

Successfully won the 500MW offshore wind power project, consolidating its leading position at sea.

The company won the bid for Phase III and Phase V of the Three Gorges New Energy Yangxi Shaba Offshore Wind Power Project. This project will install 78 MySE6 units.

45-180 semi-direct-drive fans with a total bid of 32.

9.5 billion, accounting for 47 of the company’s 2018 operating income.

74% will have a positive impact on the company’s operating performance.

The company has a sustainable competitive advantage in offshore wind power. On December 18, 2019, Guangdong Zhanjiang Wailuo Offshore Wind Power Project had 36 Mingyang Smart MySE 5s.

The completion of the installation of 5MW units is the first domestic scale application of domestic wind turbines above 5MW, which has realized the market leadership of large-scale offshore wind power. This successful bid will further consolidate the company’s leading position in offshore wind power.

  200MW wind farm project transfer, which will increase 2020 performance.

The company will sell 85% equity of 4 wind power project companies located in Heilongjiang, with a total capacity of 200MW. The transaction is expected to be completed in 2020 and it will realize a profit before tax of 52 million yuan.

The company’s “rolling development” strategy adopted by the wind direction operator has achieved obvious gains. In Q2 2019, the company has successively sold the shares of Datang Gongcheng and Dachaidan Mingyang Subsidiary, resulting in 2.

Investment income of 9.2 billion US dollars; the company transferred four wind farms this time, thereby making the high growth performance of 2020 more certain.

  The smooth conversion of convertible bonds helped the company’s development.

The company issued an announcement on the listing of convertible bonds. The convertible bonds will be listed on January 7, 2020, and the total amount of funds raised will be USD 1.7 billion.

The three wind farm projects launched with the convertible bond raised this time have good wind energy resources in Inner Mongolia, which is expected to further increase the company’s wind energy operation scale and increase revenue from power generation business.

In addition, the raised investment will invest 1,000,000 to MySE10MW offshore wind power plant and key component development projects to further strengthen the company’s research and development capabilities.

  Investment suggestion: Considering that there has been no substantial transaction for the time being, we maintain our 2019-2021 profit forecast and expect the net profit attributable to the mother to be 6.



8.4 billion, with EPS of 0.



86 yuan, maintain “Buy” rating.

  Risk reminders: 1. Policy risk 2. Wind 四川耍耍网 turbine sales volume is less than expected 3. Wind turbine delivery is delayed

Yuyue Medical (002223): Participated in Jiangsu Shiquan 20.95% equity adds visual health product line

Yuyue Medical (002223): Participated in Jiangsu Shiquan 20.95% equity adds visual health product line
Yuyue Medical invested 42 million yuan in foreign investment and invested 20% in Jiangsu Shiquan.95% equity, entered the field of visual health products: the company announced that it plans to subscribe Jiangsu Shizhun Medical Devices Co., Ltd. (Jiangsu Shizhun) for an additional 21 million registered capital with its own cash of 42 million yuan, of which 21 million yuan is includedJiangsu Shizhun’s registered capital, more than that will be included in Jiangsu Shizhun’s capital reserve. After the completion of this investment, listed companies will hold Jiangsu Shizhun 20.96% equity. The target company Jiangsu Shizhun Medical Equipment mainly produces and sells disposable soft contact lenses.Jiangsu Shizhun products use hydrophilic soft materials and are produced by injection mode (mold). The products include daily and monthly lenses, which are mainly divided into 2 categories: (1) monochrome blue for correcting myopiaLenses (Tint lenses), (2) Cosmetic lenses (Sandwich Color lenses) 北京夜网 with makeup effects. The company’s development history shows that it is very correct to extend its product line to the outside world. At the same time, it can improve the profitability of the target of mergers and acquisitions through the company’s operational integration capabilities. Examples include the domestic developments of Chinachem, Shanghai Machinery Group, Shanghai Zhongyou.The company plans to invest 42 million yuan to subscribe for Jiangsu Vision 20.96% equity will gradually enter the field of contact lens as a visual health product, adding star products to the company at the OTC end. Earnings forecast and investment rating: Based on market analysis, competition pattern analysis, and company competition and channel sales capability analysis of the company’s existing household and hospital medical device products, we believe that the company will usher in a stable period of gold growth, and it is expected that the next three yearsThe growth rate of income and profit are both at the level of about 20%.We expect the company’s revenue to be 48 in 2019-2021.5.2 billion, 57.1.3 billion and 67.61 ppm, an increase of 15 in ten years.98%, 17.76% and 18.34%; net profit attributable to mother is 8.6.6 billion, 10.46 ppm and 12.67 trillion, an increase of 19 in ten years.0%, 20.8% and 21.1%; corresponding EPS are 0.86 yuan, 1.04 yuan and 1.26 yuan.Therefore, we maintain the company’s “Buy” rating. Risk reminders: industry policy risks; product R & D registration risks; merger and acquisition integration risks.

Collision (603808) Company Research: Inventory Accumulation Delays Q3 Results

Collision (603808) Company Research: Inventory Accumulation Delays Q3 Results

Income / net profit attributable to mothers / deductions were increased by 8 respectively.

57% / 2.

62% /-7.


From January to September, income increased by 8.

57% to 18.

8.5 billion, net profit attributable to mothers increased by 2.

63% to 2.

7.5 billion; of which Q3 revenue fell by 5.

5% to 6.

1.9 billion, net profit attributable to mothers also fell by 20% to 0.

850,000 yuan.

Gross profit margin decreased by 3.

21PCT to 66.

07%, mainly due to inventory processing; sales expense ratio increased by 0.

82PCT to 31%, the management expense rate was the same as the previous year, about 13.

44%; comprehensive economic net interest rate fell by 1.

63PCT to 16.


The main brand is operating steadily, and IRO’s growth in China is quite rapid.

Main brand revenue 7.

4 trillion, the same increase of 4.

22%, of which Q3 revenue was the same as last year, reaching 2.

At 6.4 billion, the same store of directly operated stores maintained unit growth.

The Q3 terminal store net increased by 11 to 307 (directly operated / joined 165/142).

EdHardy earned 3.

USD 1.5 billion, a year-on-year decrease of 17%, and Q3 terminal stores decreased by 1 to 173.

Laurel revenue increased by 4.

53% to 7.

99 ppm, Q3 added 7 to 47 new stores.

IRO China revenue increased by 181.

53% to 0.

6.2 billion, IRO overseas (excluding China) also increased 11% to 4.

2.5 billion.

VT revenue increased by 153% to 15.56 million yuan, and currently has 14 stores.

EdHardy’s dealer return policy has a short-term impact on changes in performance, and it has acquired IRO to advance its global layout.

At present, the company already has 7 sub-brands such as Colossi / EdHardy / Laurel / IRO / VIVIENNETAM / JPK / self-portrait, with similar positioning, complementary styles, and channel expansion can form a synergy effect.

The average value is reported. The EdHardy terminal is optimized. At the same time, the adjustment of the dealer’s return policy affects the inventory price loss and short-term profit level.The company’s acquisition of IRO’s global business represents important progress in the integration progress of Goris: 1) further integration of IRO’s overseas business and optimization of brand operations; 2) significant overseas expansion of the company’s other brands, which can be used in distribution networks, brand promotionSomething synergistic.

The overall operation is healthy.

The company’s inventory turnover days also fell by 4 days to 233 days; the accounts receivable turnover days also fell by 4 days to 48 days.

Asset impairment loss is 0.

3.4 billion, we judge that it was caused by the impairment of EdHardy inventory.

Q3’s single-quarter operating cash flow was unchanged from the 成都桑拿网 same period last year, about 0.

8.2 billion.

profit prediction.

The company’s endogenous extension, solid performance improvement, multi-brands began to work, high-quality brand echelon coupled with innovative group management mode, optimistic about subsequent growth.

Taking into account the short-term performance impact, adjust the net profit for 2019/2020/2021 to 4.



59 trillion, corresponding to EPS1.



68 yuan, corresponding to an estimated 13/11/9 times. Maintain “Buy” rating.

Risk warning: weak consumption due to macroeconomic downturn; weaker than expected franchise performance; low expansion of new brand store expansion.

Shenneng Shares (600642) Semi-annual Report Comment: Both Power and Oil and Gas Are Good

Shenneng Shares (600642) Semi-annual Report Comment: Both Power and Oil and Gas Are Good

Investment highlights: The company released its semi-annual report for 2019, which reported operating income of 195.

8.2 billion, an annual increase of 8.

83%; Net profit attributable to shareholders of listed companies.

9.6 billion, an annual increase of 41.


Ping An’s view: Q2’s power generation decreased, and the overall performance in Shanghai expanded. Regional average: 1H19 Shanghai’s electricity consumption exceeded 0 and fell.

2%; the reduction in electricity demand and the increase in 杭州桑拿 external hydropower led to a decrease in the output of local units by 10.


Every 1H19 of the company’s power generation decreases.

7%, of which the decline in the second quarter of 19 was 7.

5%; in the first half of the year, the generating capacity of Shanghai-based units decreased by 4% year-on-year.

8%, a drop of less than half of the Shanghai average; even excluding the increase brought by some supplementary components, power generation can only fall by about 6.

9%, the same constant Shanghai average.

Revenues from the two major power and oil and gas sectors continued to increase gross margins: In the first half of the year, the company’s power and oil and gas main business revenues increased by 10.

1%, 23.

7%, gross profit margin increased by 2.

73, 0.

11 averages.

Taking into account the first 南京桑拿网 half of the year, the amount of online electricity fell 2.

At 0%, the on-grid tariff including tax is basically the same. The increase in the revenue of the power sector is mainly due to the increase in gas capacity tariff revenue and the 3% reduction in the on-grid tariff retained earnings.

Pingshan, Wu Zhong turned losses into profits, investment income steadily increased: due to the downward pressure on coal prices to improve the cost side pressure, the company in Anhui’s Pingshan Phase I achieved a net profit of 17.02 million yuan in the first half of the year, successfully turned losses into profit;Thermoelectricity has basically achieved breakeven.

Most of the other coal-fired power companies that have participated in the company also realized profit growth, which increased the company’s investment income.

Investment suggestion: Although the company contributed to the division of the Shanghai unit in the first half of the year, it still needs the average level in some areas.

Improving adjustments and the decline in the price of electricity and coal have helped to increase the profitability of the company’s two main businesses, electricity and oil and gas.

Based on the results of the fixed increase, adjust the company’s EPS forecast variable for the year 19/20/21 to zero.



67 yuan (previous value was 0.



72 yuan), corresponding to the closing price of PE on August 23 were 11 respectively.



5 times, maintaining the “recommended” level.

Risk reminders: 1) Use hours decrease.

As one of the pillars of the operation of the national economy, the power industry is subject to changes in the relationship between supply and demand over a longer range, which will affect the macroeconomic operating state, which will directly affect the utilization hours of power generation equipment.

2) Reduced on-grid electricity prices.

The policy of lowering the sales price of electricity by the downstream users may shift to the upstream generating side, resulting in a reduction in on-grid electricity prices; through the advancement of electricity reform, the scale of electricity marketization transactions is continuously expanding, which may lower the average on-grid electricity prices.3) Coal prices have risen.

Progress in the release of high-quality coal production capacity is lagging behind, and safety supervision and environmental protection and production restriction have further suppressed coal production and supply, making it difficult to effectively control the price of thermal coal

Bo Shi (002698) in-depth report: strategic new products are about to explode and successfully diversify into a diversified growth driver

Bo Shi (002698) in-depth report: strategic new products are about to explode and successfully diversify into a diversified growth driver

In 2018, the proportion of product and service revenue rose to 38%, and non-traditional petrochemicals accounted for about 25%. In 2019, high-temperature robots showed a geometric growth, environmental protection equipment contributed considerable revenue and profits, and intelligent freight transfer equipment may become the next explosive product.The growth momentum has been successfully transitioned from the petrochemical automation equipment with periodic attributes to multiple growth drivers. The periodic attributes have been attenuated and the growth sustainability has been strengthened.

We estimate that the company’s net profit attributable to mothers will be 3-20.

16, 4.

05 and 5.

01% 10%, compound 南宁桑拿 growth rate of about 40%; combined with PE, PB and PB-ROE assessment, the first coverage given a “recommended” level.

  Gross profit margin and net profit margins have resumed the upward trend. It is expected that the performance in 2019 will increase by 50% -80%. In 2018, the company’s gross profit margins will be 39%, net profit margins will be 18%, and 2019Q1 will be 45% and 24%.40% and 20% or more.

In 2018, the company received 1.5 billion yuan in cash for merchandise sales, which is 64% higher than revenue; the company received an advance receipt of 11 in the first quarter of 2019.

8 billion (+ 64%), inventory 11.

200 million (+ 105%), much higher than the equipment category revenue in 20185.

700 million, the company expects the net profit attributable to mothers to increase by 50% -80% in 2019.

  Strategic new products will soon or gradually erupt, and process environmental protection equipment contributes considerable profits. The company’s strategic high-temperature robots have become the world’s leading level. From 2017 to 2018, it has received orders from more than a dozen home appliances and stone enterprises such as Xinjiang, Inner Mongolia, and Ningxia.increase.

We estimate that the demand for high-temperature robots from Chinese calcium carbide companies is 4.5 billion, and the conservative estimate is that the demand for high-temperature robots in the field of mining furnaces exceeds 10 billion.

We estimate that the company’s process environmental protection equipment advance payment in 2019Q1 is about 5.

200 million (+ 188%), and the inventory is about 2.

700 million (+ 86%), the business is expected to contribute considerable revenue and profits in 2019.

In 2018, another strategic product, intelligent freight transfer equipment, has completed the design, commissioning, and finalization of various models, and has completed several tens of millions of contracts. It is expected to become an explosive product for high-temperature robots in the future.

  From 2015 to 2018, the company upgraded and enriched the complete set of intelligent equipment for powder and granular equipment. Intelligent freight transfer equipment extended the company’s products to storage, replacement of storage and out of storage, and integrated custody operation services improved the company’s processing in the later stages of petrochemicals.With comprehensive service capabilities and continuity, the company is expected to become a modern service provider for petrochemical post-processing transformation.

In 2018, the company’s integrated custody service revenue accounted for about 38%, and non-traditional petrochemical revenue accounted for about 25%. It is expected that the compound service revenue of products and services will increase by more than 15% in 2019-2021. It can accelerate the application of smart devices to food, building materials and other industries.New grade products are about to occur or gradually erupt one by one. Process environmental protection equipment contributes considerable revenue and profits, showing that multiple power drives continuous growth in performance and cyclical attributes decay.

  Risk Warning: Downstream Demand Growth Is Less Than Expected; New Products and New Areas Expand Less Than Expected

Shennan Circuit (002916) 2019 Interim Report Comments: 5G continues to benefit from near-upcoming results

Shennan Circuit (002916) 2019 Interim Report Comments: 5G continues to benefit from near-upcoming results

The company is a leader in the PCB industry, benefiting from the explosive growth of 5G demand and domestic substitutes for substrates, and its performance in the first half of the year slightly exceeded expectations.

The high-speed board and IC carrier board generate a rhythmic release of performance growth base, maintaining the “Buy” rating.

The rapid growth of 2019H1 performance slightly exceeded market expectations.

The company realized in the first half of the year: operating income 47.

9.1 billion (47.7%).

90%), net profit attributable to mother4.

7.1 billion (68.

02%), the net profit is close to the upper limit of the notice.

The Q2 chain increased significantly: operating income was 26.

2.9 billion (compared with 21.

54%), net profit attributable to mother 2.

8.4 billion (52.


The company’s continued growth in performance is mainly due to three reasons: (1) strong demand for large-scale PCB boards from domestic 5G and Datacom; (2) company’s expansion of production capacity to drive revenue growth; (3) the industry’s environmental protection requirements improve the competitive landscape.

Printed circuit board business: Leading in 5G share, it is expected to continue volume in the second half of the year.

The company’s revenue in the first half of the year was 35.

2.8 billion (53.

44%), communication, server demand pulling significantly.

The company is the leader in the equipment PCB industry. It has the largest share in Huawei and the top three allocations by Ericsson and Nokia. Capacity reserve, process accumulation and business cooperation constitute barriers to competition. In the first half of the year, 5G communication products gradually entered the batch stage, and capacity occupied a relatively high level.
Gross profit margin in the first half of the year was 24.

48% (approximately 0 in 2018H1.

57 pct), contributing slightly to the increase in the proportion of high-value products.

Looking into the future: 5G continues to advance in China, and public information shows that Huawei issued 150,000 5G in the first half of the year, and plans to issue more than 500,000 shipments.
The number of 5G stations will climb rapidly in 2022, and the company will benefit a lot.

The company plans to start the second phase of Nantong project mainly for high-speed and high-density multilayer printed circuit boards. We estimate that the planned production capacity is 50?
600,000 square meters, is expected to grow long-term basis.

Package substrate business: Wuxi plant started production and production capacity continued to climb in the second half of the year.

The company’s annual income in the first half of the year 5.

01 billion (29% year-on-year.

70%), the company maintains the technology and yield advantages of MEMS packaging substrates. In addition, fingerprints, RF modules, and storage products have grown rapidly.

The company’s Wuxi plant connected to 佛山桑拿网 trial production in June and is currently in the climbing phase (expected climbing period 1?
2 years), with a full production capacity of 600,000 square meters, we expect to double the revenue of the substrate business. We expect the business to achieve a break-even in the second half of 2020.

Electronic assembly business: Operational capabilities continued to improve.

Company revenue for the first half of the year 5.

7 billion (42.

96%), mainly due to increased demand in the communications field, and the gross margin level of this business has decreased. It is expected that the scale will be controlled in the future.

Risk factors: 5G base station construction is less than expected; new capacity climbs higher than expected; package substrate prices fluctuate.
Profit forecast and estimation.

The company 杭州夜网 is a leader in the equipment PCB industry, benefiting from the outbreak of 5G demand and domestic substitutes for substrates, generating a rhythmically released productivity growth foundation.

Considering that the maximum production capacity exceeds expectations, the increase in 2019?
Net profit forecast for 2021 is 10.

1.3 billion / 13.
20 billion / 15.

85 ppm (previous forecast was 9.



29 trillion, change 6.

4% / 4.

twenty three.

7%), corresponding to an EPS prediction of 2.



68 yuan, maintain “Buy” rating.