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Lixun Precision (002475) Interim Report Commentary: Multi-domains go hand in hand and performance grows sharply

Lixun Precision (002475) Interim Report Commentary: Multi-domains go hand in hand and performance grows sharply
Event: The company released its semi-annual report for 2019, with revenue (214.410,000 yuan, +78.29%), net profit attributable to mother (15.02 billion, +81.82%). Investment points: Last year, the market acceptance of new products has been continuously improved, and operating cash flow has increased significantly.In terms of products, the company’s consumer electronics accounted for 77 in the first half of the year.71% of revenue (166.6.2 billion, +99.32%), communication interconnection products and precision components accounted for 7.22% of revenue (15.480,000 yuan, +52.21%), computer interconnection products and precision components accounted for 6.69% of revenue (14.340,000 yuan, -12.81%), automotive interconnection products and precision components accounted for 4%.97% of revenue (10.6.6 billion, +46.32%), other connectors and other businesses accounted for 3.42% of revenue (7.3.2 billion, +164.17%).In the total number of reports, the company’s comprehensive gross profit margin is 19.24%, a decrease of 0 compared with the same period last year.46%, net cash flow from operating activities (41.880,000 yuan, +95.51%).The average expectation of performance growth lies in the impact of new product production in the first half of last year. The growth rate of performance is relatively small. In the first half of this year, the products have gradually been recognized by the market and the growth gap has been different.1) The motor belongs to the new product series in 2018. Since entering the mass production stage, indicators such as yield have been highly recognized by core customers.2) There is room for improvement in the transfer of acoustic products in the supply chain in the previous year. Phased improvements in this year’s improvement appear.3) The growth of communication products mainly includes interconnection products (high-speed connectors, high-speed cable assemblies, etc.) and base station radio frequency products (base station antennas, filters, etc.). The company’s base station radio frequency products have completed the conversion from incubation period to growth period. The company continues to improve its operating efficiency, reducing costs and increasing efficiency by improving the overall financial management system and controlling operating costs.Its specific measures include continuous strengthening of internal accounting periods and inventory management, and continuous improvement of automation and IT system capabilities.At the end of the reporting period, the balance of accounts receivable of the company was 88.710,000 yuan, a decrease of 20 from the end of the previous year.30%.For fixed assets, the company expanded its strictly controlled capital expenditure and fully utilized the efficiency of the invested equipment.Operating expenses expense 10.69%, a decrease of 1 from the same period last year.52%.In addition, through the rapid growth of the company’s operating income and profits, the continuous optimization of the accounts receivable period and the timely transfer of taxes and fees, the company reported a ROE of 9.24%, an increase of 3 over the same period last year.05%. The company’s layout of automotive, communications business, and intelligent manufacturing 北京桑拿 extends to wearable products.Luxion Precision has gradually penetrated the automotive electronics business in the past few years, and the communications business has also expanded to RF products, optoelectronic products and Internet products in the field of corporate communications.In terms of wearable devices, the penetration of wearable devices will gradually increase, and the volume of products will continue to increase.The company intends to publicly issue convertible bonds to raise funds of no more than 3 billion U.S. dollars. It is mainly used for the technical transformation and expansion projects of intelligent mobile terminal module product production lines, and the technical transformation and expansion projects for smart wearable device accessories.New equipment projects and supplementary liquidity projects.The 天津夜网 company develops its business from a long-term perspective, actively lays out the industrial chain, and attaches great importance to the company’s long-term cultivation of transition materials and innovative production technologies, including materials, equipment and applications.The company’s R & D investment in 2019H1 (15.78 billion, +69.21%), and the gradual development investment in the past three years reached 49.8.9 billion.The company and core customers have established several advanced technology development laboratories, which mainly develop and research cutting-edge technologies such as dispensing, AOI appearance inspection and welding.The company is gradually becoming a global benchmarking enterprise leading the precision manufacturing industry. Investment suggestion: In the future, the hardware of the communications industry will develop toward integration and miniaturization.In the technological progress from 4G to 5G, base stations are moving towards multi-port and multi-wave number trends. The continuous penetration of connected cars and intelligent driving will also increase the requirements for technology and precision manufacturing of parts.The company’s existing components, modules and system solutions have completed the construction of the overall development framework and the layout of core products, which are the basis for subsequent performance growth.We estimate that the company’s net profit attributable to mothers for 2019-2021 will be 39.89 billion, 53.2.4 billion and 68.3.8 billion, EPS is 0.75 yuan, 1.00 yuan and 1.28 yuan, corresponding to PE is 27, 20, 16 times.According to 29 times PE in 2020, the corresponding target price is 29.00 yuan / share, given a “buy” rating. Risk reminder: The company’s export products account for a large proportion and there is exchange rate risk; the company’s customer concentration is high, and the business conditions of the large customers affect the company’s overall order conflict

Wuliangye (000858): Steady progress in the post-100 billion era. Marketing reforms are steadily and deeply conducive to the return of brand value.

Wuliangye (000858): Steady progress in the post-100 billion era. Marketing reforms are steadily and deeply conducive to the return of brand value.

The event company participated in the 1218 dealer conference, summarized the key work in 2019 and disclosed the 2020 plan.

  In 2019, the group achieved 100 billion goals, and the company’s revenue scale exceeded 50 billion. The company’s marketing reform and digital reform have steadily advanced. In 2019, it will complete organizational structure reform and digital system launch. Digital marketing will be fully implemented in 2020. Data empowerment will promote the marketing process.Management level to support the company’s favorable and sustainable development.

  Brief comment on the successful conclusion of 2019.

Marketing organization, digital reform, and reform of the brand system have achieved good results, and successfully completed the goal of revenue. The group exceeded 100 billion, and the joint-stock company is expected to exceed 50 billion.

  The key reforms of the company in operation are three aspects: 1) In the marketing organization, the main brand has completed organizational changes. The original 7 major theaters have been transformed into 21 marketing theaters, 60 bases, and a brand department has been established for series wines to complete a series of wines and fruit winesThe integration of health wines; 2) The digital initial test, the full-line code scanning system; 3) In the brand system, the eight major generations of Wuliangye have successfully replaced, and the series of wines continue to clean up the product brands.

  These reforms effectively improved the control of the company’s marketing channels, helped the price of core products to increase from the initial 800 to the current 910-930; at the same time, the digital system was implemented, and the company grasped the actual sales and operating capabilities of the channels and distributors from the data scale., The current inventory level is the highest (below 10%), exceeding the industry average of 20?
30% level.

  Deepen reform in 2020.

Digital marketing has gradually come to an end and the brand strategy has continued.

  On the basis of organizational advancement (preliminary) and digital landing (online scanning system) in 2019, the company will promote in-depth operation of data. Through in-depth analysis of channels and terminal data, the company will: 1) strengthen the detailed management capabilities of the theater, and promote marketing and marketing.Reorganize the organizational process, reduce the size of the headquarters and balance, and control the sales data of the merchants in the theater size; 2) Optimize the merchant structure, increase the number of traditional dealers, strengthen the support for group purchase customers, focus on supporting service-oriented dealers, and realize the matching of business quotas and capabilities; 3) The data is linked to the KPIs of employees and channel assessment. In 2019, the company’s rewards to dealers have reflected the trend of digitalization and quantification. The company notified the rewards of 2006 dealers, and disclosed the self-operated for major brands and wine brands in 2020.The corresponding reward clauses for brands and general distribution brands increase quantitative assessment and weaken qualitative assessment.

  In addition, in terms of product brands, the company will further improve the brand system. In 2020, it is expected to launch the ultra-high-end products 501 Mingchi Qingchi, the new 80 version of the classic Wuliang and 39 degrees Wuliangye.

  After the digital marketing is gradually and comprehensively implemented, it will 杭州夜网 help the company to improve the management level of the marketing process, meet the main points of the current approval price management, and support the steady and healthy improvement of product approval prices.

  The growth target of 2020 is rational, and the focus of work is on the quality of growth, which is conducive to the return of brand value and the company’s long-term development.

  The company disclosed that it plans to increase sales of core products in 2020 5?
More than 8%, revenue growth is more than double digits.

It can be seen that the company’s focus in the coming year is to maintain a stable rise in the approval price, relatively rational targets for volume and scale, and the continuous development of a gradual development strategy, which is conducive to the return of medium and long-term brand value 厦门夜网 and the company’s long-term development.

  The structural prosperity of the industry has continued. The company has made steady progress in the post-billion-year era, and the reform dividends are expected to release growth space.

  Driven by consumption upgrades and increased concentration of leading enterprises, the structural prosperity of the liquor industry is expected to continue, the improvement and weakening of high-end liquor leaders, the advantages of high-end liquor leaders continue to expand, and they still face structural development opportunities.

  The company is expected to achieve a group company size of 100 billion in 2019 and a joint-stock company size of more than 50 billion. In the post-100 billion era, the company will continue to deepen reforms, strengthen management and control, and reform dividends to promote sustained release: (1) productsIn terms of the main brand and series of liquor brands, the strategic direction has been established and steadily advanced. In terms of the main brand, the backbone of the eighth generation Wuliangye has been successfully replaced. Next year, it will launch the ultra-high-end products 501 Mingchi and Qingchi. At the same time, it will launch 80 classic Wuliangye and 39 degrees Wuliangye(2) In terms of channels, the price of core products for the fifth batch has risen steadily, and channel confidence has increased significantly. Through digital empowerment, the company’s channel management level is expected to continue to improve. The brand value is expected to stimulate channel vitality, and the reform dividends can be expected.

  Profit forecast and investment recommendations
The revenue in 2021 will be 505.


3, 686.

70,000 yuan, an increase of 26 in ten years.

3%, 18.

9%, 14.

2%; net profit is 179.

1, 2116.

3, 247.

90,000 yuan, an increase of 33 in ten years.

8%, 20.

8%, 14.

6%; corresponding EPS is 4.

61, 5.


39 yuan.

The company’s latest consensus 129.

10 yuan, corresponding to 2019?2021 dynamic PE is 28.

0, 23.

2, 20.

2 times.
  Maintain target price of 166 yuan, corresponding to a dynamic PE of about 29 in 2020.

8 times.

  Risk reminder: The price of high-end wine gradually fluctuates, and the reform progress is less than expected.

Makihara (002714) 2019 Interim Report comment: Costs stabilized, sow has a significant advantage in expanding its leader

Makihara (002714) 2019 Interim Report comment: Costs stabilized, sow has a significant advantage in expanding its leader

Core point of view Pig price rise + cost stabilization, the company achieved profit in 19Q23.

8.5 billion.

Interim reports on the growth of consumable biological assets are expected to be higher in the second half than in the first half.

Productive biological assets have increased rapidly. We expect that the sow size has stabilized and repaired, and the growth rate of slaughter may be ahead of the industry to achieve speed.

Revise the forecast for the number of columns in 2020 and the profit forecast for 2019/20/21, raise the target price to 95 yuan, and maintain the “Buy” rating.

The pig price went up + the cost stabilized, and the profit in 19Q2 was 3.

8.5 billion.

In the first half of 2019, the company realized operating income of 71.

600 million (30% increase), attributable net profit -1.

56 billion (billion dollars).

Among them, 19Q2 achieved 南宁桑拿 operating income of 41.

100 million (the same increase of 49%), attributable net profit of 3.

8.5 billion (same increase of 2.

8 times).

The performance was in line with expectations.

The increase in revenue was mainly driven by the expansion of slaughter volume + pig price increase: 1) slaughter volume: the company sold a total of 5.82 million live pigs in the first half of the year (the same increase of 23%); 2) growth rate: driven by the 19Q2 pig price increase,In the first half of the year, the company’s average hog sales price was about 12.

6 yuan / kg (10% increase); 3) Average weight: Affected by the advancement of the market in 19Q1, the proportion of piglets increased in the first half of the year.

The increase in the average level in the first half of the year was the largest, mainly due to the non-epidemic 失败:重查 situation that caused the company’s epidemic prevention and construction costs to rise, squeezing profit.

The company’s estimated average full cost for the first half of the exploration period was approximately 13.

3 yuan / kg (of which the complete cost of fat pigs is about 13.

1 yuan / kg).

Among them, 19Q2 stabilized due to cost (the total cost of fat pigs is about 13).

2 yuan / kg), the pig price went up, and the supplementary amount increased, the company achieved single quarter profit, and the average profit was about 140 yuan.

Consumable biological assets have grown, and the long-term listing goal has been completed without worry.

Historical data shows that the growth rate of the company’s listing volume is basically the same as the growth rate of consumable biological assets six months ago.

In addition, when the proportion of piglets increases, the growth rate of slaughter volume often exceeds the growth rate of consumable biological assets half a year ago.

In the first half of 2019, the company’s consumable biological assets exceeded 15%. Considering the increase in the proportion of its piglet sales, it is expected that its slaughter volume in the second half of 2019 is expected to reach 6-7.5 million heads.

The scale of sows has expanded, and the growth rate of slaughter may be accelerated.

As of June 2019, the previous breeding sow inventory had a vertical decline of about 27%, an increase of 5 variables from March, which means that the industry’s sow production capacity is still accelerating.

The interim report shows that the company’s productive biological assets have stabilized and increased by 18% and 32% in the same period.

We estimate that it can reproduce the sow stock size or has grown again.

Taking into account the company’s ability to improve its epidemic prevention and control capabilities through equipment remediation and plant remodeling, and its unique breeding system to ensure rapid replenishment of sows, we estimate that the company’s sow size will increase from 19Q3 to the zero upward channel, thereby helping the companyThe growth rate of slaughter pigs has obviously improved since the second half of next year.

The company is expected to grow sow stocks to 1 million heads by the end of the year.

In addition, as the company can flexibly adjust the sales ratio of piglets, it is expected that the growth rate of the company’s pig production will be inflection point or ahead of schedule.

Therefore, we judge that the growth of the company’s hog production volume will be ahead of the industry to achieve an acceleration, and it is expected to fully enjoy the bonus period of double volume and profit in the future.

Industry expansion and reshuffle, leading market share promoted rapid increase.

Affected by the non-plague epidemic, the production of pigs in the south has accelerated and accelerated since 2018, and the production of pigs has continued to shrink since 19Q1. It is expected that it will be difficult to recover in the next 1-2 years.

Correspondingly, pig prices are expected to continue upward or high in 2019/20.As the volume and price increase, the output value of the integrated food hog breeding industry will maintain a growth of about 10% in 2019/2020.

Due to the non-plague situation, the shortage of supplementary columns has been improved. It is expected that the cost control will be poor, and the enterprises / farmers with poor cash flow will be eliminated quickly, and the industry concentration will be accelerated.

In the three consecutive quarters from 18Q4 to 19Q2, the company has demonstrated its scale expansion against the trend and maintained the leading advantage of lower cost than the industry level. It is expected to have a market share (about 1 in 2018.

6%) is expected to improve rapidly.

Risk factors: Livestock and poultry prices rise more than expected; raw material prices fluctuate sharply; livestock and poultry epidemics.

Investment suggestion: Considering that the company’s sow inventory has stabilized and improved, and the company’s epidemic prevention capacity has been improved, we have revised the company’s 2020 production volume to 20 million heads (previously 17 million heads).

At the same time, we have revised up our EPS forecast for 2019/20/21 to 1 as pig prices rise more than expected.



24 yuan (was 1).



28 yuan).

With reference to the company’s average profit level in the previous cycle and the historical forecast level of its peers, it gave a 13x PE valuation for 2020 earnings, raised its target price to 95 yuan, and maintained a “buy” rating.

Jiemei Technology (002859): The low point has been waiting for the downstream demand to recover

Jiemei Technology (002859): The low point has been waiting for the downstream demand to recover

Announcement: The company announced the 2019 annual performance forecast, and realized net profit attributable to mothers 1-1 in 2019.

4 ‰, 49 years ago.

15% -63.

68%; of which, the net profit attributable to the mother in the fourth quarter was 4 to 44 million yuan.

During the adjustment period of the industry, management was strengthened, and expansion was further enhanced.

Due to international trade disputes and destocking in the downstream of the industrial chain in 2019, the company’s order volume was affected and the operating rate was at a relatively high level.

At the same time, the company took advantage of the industry adjustment period to make appropriate adjustments in refined management, and in the fourth quarter, appropriately lowered the prices of some products, and significantly increased the number of customers 北京夜网 in Japan and South Korea. We predict the company’s global market shareThe rate has risen to about 60%.

Raw material costs and expenses affect profitability and are expected to improve in 20 years.

Wood pulp is the company’s main raw material. Due to the impact of the wood pulp procurement cycle, the company’s wood pulp cost has gradually fallen to a relatively low level until the fourth quarter. At the same time, the insufficient operating rate and the price adjustment in the fourth quarter have a certain impact on gross profit margin.

In addition, the company’s equity incentive expenses in 2019 were about 29 million, and there were some exchange losses in the fourth quarter.

As the cost of wood pulp has fallen to a low level and the operating rate has gradually recovered, we judge that the gross profit margin will 北京会所体验网 improve in 2020.

5G is expected to drive the recovery of downstream demand, and release films and plastic carrier tapes open up room for growth.

Since November 2019, the company’s orders and production and sales have returned to normal. With the acceleration of the application of 5G technology, the industry’s prosperity will continue to strengthen, the company’s operating rate will continue to maintain a high level, and the opening of new production lines is expected to drive rapid performance.increase.

In terms of new business, five release film lines have been opened, and two additional South Korean import production lines will also be opened this year. The downstream packaging and testing customers of plastic carrier tapes are also gradually taking risk tips: downstream demand is less than expected, and raw materials are sufficientPrice increases, slow progress in new business.

Broadcom Integration (603068) 2019 Third Quarterly Report Review-Q3 High Growth ETC Welcomes Explosive Explosion

Broadcom Integration (603068) 2019 Third Quarterly Report Review-Q3 High Growth ETC Welcomes 深圳桑拿网 Explosive Explosion

Broadcom Integration is one of the leading domestic wireless communication chip manufacturers. It has benefited from the explosive growth of chip insertion driven by ETC policy in the short term, and its performance has been substantially realized in the second half of the year.To carry out research and development of Beidou positioning chip, rich in categories and high risk resistance.

Maintain “Buy” rating.

The revenue in Q3 2019 increased significantly, and the performance exceeded the consensus forecast in the wind direction, in line with our expectations.

The company’s 2019Q3 operating income4.

800 million, the former and the chain +291.

13% / + 176.

01%, net profit attributable to mother 1.

Ten percent of 09, previously +430.

51% / + 181.


Operating income for the first three quarters of 20197.

8 ‰, +113 a year.

66%, net profit attributable to mother 1.

64 ppm, +123 a year.

59%, in line with our democratic expectations, we maintain a high net profit.

Forecast of about 800 million (the wind is consistent with the expected maximum net profit of 3.

800 million).

Revenue growth and growth lead the completion of this task for the national ETC issue.

18%, driving demand for ETC chips and related Bluetooth chips.

2019Q3 gross profit margin 36.

61%, previous / mom +0 respectively.

77pct / + 1.


Net margin for the third quarter of 201922.

66%, previous / mom +5 respectively.

95 pieces / 0.

46 points.

2019Q3 sales / management / finance / R & D expense ratio increased by +0 respectively.

26pct / + 0.

40 points / + 4.

65% /-9.

91pcts, cost control is good.

Policy-driven penetration accelerated, and ETC chips catered to explosive growth.

Since 2007, the company has followed the national standards of ETC, and the layout has ushered in explosive growth opportunities for many years.

In May 2019, the General Office of the State Council, the National Development and Reform Commission, and the Ministry of Transport issued documents requesting that by the end of 2019, the national automotive ETC installation rate reach more than 80%, and the number of ETC users exceeds 1.

8 billion.

As of October 9, 2019, the total number of ETC users nationwide reached 1.

4.3 billion, the total long-term issuance is 1.9.1 billion units.

It is predicted that the company’s ETC chip market share will be about 70%. Considering the related Bluetooth chip supporting layout, based on the average price of 10 yuan, this business’s Q4 contribution will contribute about 3.

3 trillion incremental income.

Maintain the advantages of the technology platform and diversified and stable downstream development.

The company is one of the leading domestic wireless communication chip manufacturers. About 40% of its revenue comes from Bluetooth audio chips, Bluetooth speakers, headphones, etc. The company actively develops new generation Bluetooth / WiFi chips to promote the growth of the wireless audio market; actively expands automotive ETC, BeidouPositioning, smart home entrance and other emerging application areas, a variety of diversified business risks, the overall stable development.

The company continues to carry out R & D and process upgrades, with R & D staff accounting for 80%. Currently, it is actively expanding R & D of 40nm and 28nm processes. It is expected to further improve profitability and drive long-term performance growth.

Risk factors: product research and development risks, increased competition in the industry, brain drain risks, customer cooperation risks, etc.

Investment suggestion: The company’s ETC chip business benefits from the favorable policies and is expected to achieve explosive growth in 2019 and 2020. Bluetooth audio, which is vigorously developed in the medium and long term, is expected to maintain a high growth rate and a steady increase in gross profit margin.

As the third quarterly report shows that the company’s revenue has grown rapidly and the gross profit margin has been limited, we slightly adjust the company’s EPS forecast for 2019/2020/2021 to 2.



75 yuan (previous forecast 2).



75 yuan), considering the medium and long-term good prospects of the main business to maintain a “buy” rating.

Air China (601111): Stable growth against the market

Air China (601111): Stable growth against the market

Capacity optimization + price increase, Q4 off-season results exceeded expectations.

The company’s operating income in the fourth quarter was 3.39 million yuan, with a growth rate of 19 in ten years.


Capacity optimization: Starting from October 2018, the company replaced most of the Tokyo-related routes with wide-body aircraft, which partially enhanced capacity.

In November, the company reduced some long-haul routes with poor benefits and high costs, and optimized the route structure.

Price increase: In accordance with the Civil Aviation Administration’s policy, the company raised the freight rate of key airlines: the company’s unit RPK operating income in the fourth quarter was zero.

61 yuan / passenger kilometer, an annual increase of 12% in passenger transport: RPK and ASK increase, and fare increases drive passenger revenue improvement.

18 years, the company ASK +10 in advance.

4%; RPK + 9.

7%; passenger kilometers yield 0.

55 yuan (+2.

9%); load factor 80.

6% (-0.


Freight: Profits increased slightly.

For 18 years, the company ATK +6 per second.

9%; RTK +5 per second.

5%, FLF56.

0% (-0.

7 points); ton-kilometer income 1.

43 yuan (+5.

4%), of which domestic 1.

19 yuan (+1.

3%) The double impact of the oil price exchange rate, performance improvement was masked.

In 18 years, the average purchase price of Brent crude oil and Air China crude oil increased on average, and the cost of aviation fuel was 38.5 billion (+35).

5%); RMB depreciation leads to exchange losses23.

800 million.

However, if the external oil exchange disturbance is excluded, the company’s cost side and profit side will improve significantly: the operating cost of the company’s unit ASK oil deduction in 2018 was 0.

28 yuan (-3.

3%); the company’s 18-year deduction of foreign exchange profits totaled 123.

4 ppm, a ten-year increase of 44.

4%, showing the gradual profit potential under the fare reform.

Capacity has been steadily introduced to improve the layout of the quadrangular rhombus.

At the end of 18, the company ‘s fleet size reached 684 (664 passenger aircraft + 15 cargo aircraft + 5 business jets). The company plans to increase its net fleet by 55/46/5 on 19/20/21 and increase its passenger fleet by 8.

3% / 6.

4% / 0.


The company takes Beijing Capital International Airport as the main base. In the future, SkyTeam will relocate to Beijing’s new airport for operation to strengthen the 杭州桑拿 advantages of Air China’s main hub. At the same time, it will continuously improve the quadrangular rhombus network structure with Beijing, Chengdu, Shanghai and Shenzhen as a whole. Investment suggestion: Aviation belongs to the reconstruction industry. It is the result of the overlapping of supply and demand, oil prices and exchange rates. The overlapping of B737MAX suspension of Shihang certification will lead to short-term capacity replacement and replacement. Expense reform will usher in the third flight season.Come and turn up.

We predict that the EPS of Air China in 19/20 will be 0.

86, 1.

06 yuan, corresponding to the current expected PE is 12.

6, 10.

2 times.

The marginal risks have begun to clear, the industry’s prosperity is expected to rebound, Air China’s hub network, cost control performance may exceed 重庆耍耍网 expectations, and it is given a “strong recommendation-A” rating with a target price.

0 yuan.

Renhe Pharmaceutical (000650): Goodwill impairment drags profits, OTC revenue grows rapidly

Renhe Pharmaceutical (000650): Goodwill impairment drags profits, OTC revenue grows rapidly

Event: The company released its 18-year annual report. The income, net profit attributable to mothers and net profit attributable to mothers were 44.

03 billion, 5.

06 billion and 4.

9.3 billion, double +14 respectively.

56%, +33.

20% and +34.

71%, lower than us 5.

The 3.3 billion forecast is mainly due to the impairment of goodwill on pharmacy websites.

The profit distribution plan is RMB 1 for every 10 shares.

Opinions are as follows: 18Q4 impairment of goodwill affects profits, and OTC income has improved.

In 18Q4, the net profit attributable to mothers and the net profit after deductions to mothers were changed to -5.

46%, -6.

61% and -12.


The 18Q4 asset impairment was 4884 million, of which the impairment of goodwill related to pharmacy network was about 42 million, which was the main factor affecting the current period and 18-year profit.

We estimate that the year-on-year decline in 18Q4 revenue was mainly due to the decline in pharmacy network revenue.

However, at the same time, OTC revenue growth has improved (Jiangxi Renhe Pharmaceutical’s 18H2 revenue increased by about + 3%). We estimate that Jiangxi Renhe Pharmaceutical’s high 17Q4 base and 18H1’s completion are better, and 18H2’s appropriate cargo control.

Over 18 years of over-the-counter trading income?
25%, much higher than the growth in the number of OTC industries.

The three largest commercial subsidiaries of the company, Renhe China, Jiangxi Renhe Pharmaceutical and Renhe Zhongjin have increased their revenues by + 24%, + 15% and + 18%, respectively.

Overall we estimate the company’s OTC revenue to increase + 20%?
25%, of which the total growth rate of 17 gold single products increased by + 40%?
+ 50%, the overall scale is close to 10 billion.

We estimate that the revenue of self-produced products will grow 25% -30%, and the revenue of OEM products will grow 15%?

The revenues of the top 5 manufacturing companies increased by 24% each year and their profits increased by + 56%.

The company’s five production subsidiaries, Jiangxi Pharmaceutical, Pharmaceutical Du Renhe, Kangmei Pharmaceutical and Health Products, Yaodu Camphor and Tonggu Renhe, increased their total revenue by + 24%, and their profits increased by + 56%. We estimate that it is mainly the company’s strategy of giving priority to self-productsLater, from the sales of products, the expansion of production volume, the increase in gross profit margin caused by the maximum increase in industrial capacity.

In terms of financial indicators: 18-year overall gross margin growth rate +4.

The 05 single, mainly high-margin 杭州夜网论坛 OTC product sales increased, and low-margin pharmacy business (pharmacy network) decreased; the sales expense ratio was 17.

67%, ten years +1.

56 single, mainly due to the company’s higher sales expense ratio OTC business revenue accounted for an increase in the proportion; management expense ratio6.

50% every year -0.

80 singles are estimated to be due to scale effects; financial expenses were -3156 million US dollars, compared to -14.87 million in the same period last year, mainly due to the increase in index revenue, but considering the company’s 19 years of investment in new camphor plants and the cannabis industry, 19Annual interest income may decline.

R & D expenditure was 51.17 million yuan, +87 in ten years.

11%. In 18 years, the company carried out research work on 16 classic famous recipes and R & D on the consistency evaluation of 6 key varieties.

The asset impairment loss was 48.84 million yuan, of which the goodwill impairment was about 42 million yuan.

Operating net cash flow 5.

6.9 billion, ten years +14.

Diversified in the industrial cannabis industry.

On April 22, the company and the Qiqihar Municipal Government of Heilongjiang and Fengtai Fuqi signed the “Renheyuan Industrial Cannabis Comprehensive Utilization Industry Demonstration Project Cooperation Framework Agreement”.

The company established a joint venture with Fengtai Fuqi with a total project investment of 10.
800 million yuan, of which the first phase investment 1.

0.8 billion yuan.

According to the framework agreement, the joint venture company will start construction of an industrial cannabis plantation demonstration base in May 2019, and agreed with the municipal government that the 2020 plantable land reserve will exceed 20,000 acres.

Maintain “Highly Recommended-A” rating.

We estimate that the company’s net profit growth attributable to mothers will be 26% / 20% / 17% in 2019-2021, and the corresponding EPS will be 0.



72 yuan.

As a leading OTC company, the company has a rich variety and strong brand power. After the formation of the team, we ushered in the era of OTC terminal control and sales, and our sales efforts maintained rapid growth. After the expansion of the product revenue ratio, the profitability has increased significantly. The current corresponding 19 yearspe is estimated to be around 17x, maintaining the “strongly recommended-A” rating.

Risk warning: M & A progress is not up to expectations, product sales are up to expectations, product quality and regulatory risks.

Top Group (601689): New energy catalyzes the start of a new round of growth!

Top Group (601689): New energy catalyzes the start of a new round of growth!

The report reads Tesla’s localization as the core catalyst, and the lightweight chassis business has ushered in high growth.

Key points of investment Top’s core competitiveness?

Encourage continuous technological innovation.

Professional manager model, with 1,081 R & D personnel in 2017 (365 in 2011), and R & D expenditure in 20172.

2.7 billion, accounting for 4.

5% (0 杭州桑拿网 in 2011).

600 million, accounting for 3.


2) Continuously develop new product capabilities.

Following the strategy of the world’s first-class parts and components enterprises, it has continuously launched new products in line with industry trends.

From 1983 to 2000, the focus was on NVH (shock absorption + sound insulation). Since 2000, the focus has been on lightweight and automotive electronics.

3) Binding high-quality customer capabilities.

By 2008, the economic crisis has deepened cooperation with GM, and the output value is expected to be 1.2 billion US dollars in 2017.

Beyond the independent rise and growing with Geely Automobile, the output value is expected to be 1.8 billion US dollars in 2017.

Seize the trend of new energy vehicles and become a designated supplier of Tesla in 2016.

Lightweight chassis: New energy catalyzes high growth. It is expected that global EV + PHV sales will reach 16 million units by 2025, with a compound growth rate of 36% (2018 benchmark). Among them, Tesla’s sales scale is likely to reach the million level (22, 2018.

20,000 vehicles), the first-stage production capacity of the Shanghai Super Factory is 250,000 units, and production is expected to start in 2020.

Model 3 domestic production volume has become the core focus.

Providing aluminum proportion to reduce vehicle weight and alleviate the pressure of cruising range has become the consensus of major new energy vehicle companies.

Top’s lightweight chassis system entered Tesla’s supply system in 2016, and high growth is expected in the future.

NVH business: Deepening the domestic market, accelerating the pace of development The core focus of the shock absorption business is to expand the overseas market with GM (E2XX + GM GEM orders), and the core focus of the sound insulation business is to expand domestic customers to increase the city’s share + the entire industrial chain layout to enhance profitability.
Automotive electronics: EVP is first, and mass production of IBS can last for more than ten years, and continuous high R & D investment in the automotive electronics division.

EVP is the first batch of products with an output value of more than 100 million US dollars, mainly supporting self-owned brands.

IBS is still in the period of consumption, and mass production can be expected.

Investment suggestion: A new round of growth will start. The upgrade to the “Buy” rating is optimistic that the 佛山桑拿网 lightweight chassis business catalyzed by new energy will usher in high growth. The NVH business and automotive electronics business are steadily advancing.

The EPS is expected to be 1 in 2018-2020.



37 yuan, corresponding to 19 for PE.

84X / 18.

12X / 15.


Upgrade to “Buy” rating.

Op Lighting (603515): Revenue growth, pressured lighting new business increase significantly

Op Lighting (603515): Revenue growth, pressured lighting new business increase significantly

[Event]The company released the 2019 semi-annual report and achieved 37 revenue.

78 ppm, a ten-year increase of 7.

10%, net profit attributable to mother 4.

50,000 yuan, an increase of 13 in ten years.

09%, net profit increased by 1 after deducting non-debt.


The company’s performance was in line with expectations.

[Comment]Revenue growth is under pressure and profitability remains stable.

The company’s Q2 revenue increased by 3 in ten years.

4%, a slowdown compared with the previous quarter, mainly due to: 1) changes in home retail channels due to land impact factors, and diversification of consumer purchase channels, changes in home consumption behavior, and severe traffic dispersion; 2) certain difficulties encountered in overseas business development, affecting the tableView income.

Q2 gross profit margin was 35.

94%, net interest rate 15.

08%, basically stable for one year.

Looking at the company’s operating conditions, the inventory turnover days reached 61 days, which gradually deteriorated to a certain degree from the previous quarter, and the operating cash flow was also relatively tight. We believe that due to the development of major customer business, the turnover capacity was affected to a certain extent.

The importance of the company’s moat healing invention: ①Improved production efficiency significantly surpassed the peers, and found that the research and development of Optronics has increased year by year in per capita output value, and significantly surpassed the peers, and the cost structure is also optimized year by year; ② Channel management advantages are obvious, and operational capabilities, The shop furnishings & sales ability is higher than its peers, the dealers have accumulated for many years, and the capacity has declined.

四川耍耍网 New business related to lighting has increased significantly, weakening the dependence on real estate: ①Commercial lighting enhances development certainty, distribution and project direct sales expand simultaneously, profitability will also gradually increase, and at the same time decentralized changes create development opportunities to a certain extent; ② developmentActive layout of lighting-related businesses, including intelligent products, electrical ceiling business, and urban road control.

Earnings forecast: We expect the company’s EPS for 2019-2021 to be 1.



03 yuan, an annual increase of 9.

16% / 25.

2% / 24.

61%, corresponding to PE is 22/18/14 times. We are optimistic about the stable development of the company’s multi-business in the future and give a “strong recommendation” rating.

Risk reminder: Substantial changes in the company, business license business development is less than expected

Xingrong Environment (000598): Three Gorges Group signs up for long-term growth value

Xingrong Environment (000598): Three Gorges Group signs up for long-term growth value

Event: Changjiang Environmental Protection Group increased its shareholding in the company 173.

390,000 shares, accounting for 0 of the company’s total share capital.

06%. After the change in equity, the Yangtze River Environmental Protection Group and its concerted parties Three Gorges Capital increased its shareholding ratio by 5%, and was awarded a license by the Three Gorges Group.

Received a license from Three Gorges Group, optimistic about the company’s long-term development prospects.

The Yangtze River Environmental Protection Group is a wholly-owned subsidiary of the Three Gorges Group. The state-owned assets of the Three Gorges Group have deteriorated, and it is the largest clean energy source in developing countries.

Pioneer Three Gorges Group continues to name large domestic hydropower and environmental protection companies, including Chuantou Energy, SDIC Power, Guoxu Environmental Protection, etc. At present, it has participated in or controlled the merger of environmental protection utilities in the upper and lower reaches of the Yangtze River.

Since the first half of 19, the Three Gorges Group has settled in the company. After the increase in shareholdings, the company has been promoted to the company, showing its confidence in the company’s stable development in the future.The backbone of Yangtze River environmental protection, it is expected that deepening business cooperation with the company in the future, sharing more resources with the company for a long time, and imagining the company’s new business development.

The leading water supply and drainage company in Sichuan Province has strong growth potential in the water supply and drainage business.

The company’s main water supply and drainage business currently has a water supply capacity 杭州夜网论坛 of 302 tons / day and a sewage treatment capacity of 290 tons / day. It is a leading water supply and drainage company in Sichuan Province and the largest water company in the west.

1) In terms of water supply, projects under construction and operation reach 330 tons / day; 2) Sewage treatment, projects under construction and operation exceed 300 tons / day, and the scale of operation, construction and proposed water supply and drainage projects exceeds 7.7 million tons / dayJapan is under construction on a huge scale.

3) Chengdu’s rapid economic growth and continuous population growth support long-term steady growth in water supply and drainage performance.

The pattern of integrated environmental service providers has emerged, and environmental protection operation services have increased significantly.

In addition to the main business of water supply and drainage, the company’s garbage leakage, reclaimed water reuse, sludge treatment, and garbage incineration business have grown well, and the layout of comprehensive environmental protection service providers has now appeared.

At present, two waste incineration power generation facilities have been put into operation 3900 tons / day; one waste infiltration treatment plant 2300 tons / day; one sludge treatment plant 400 tons / day, operating, under construction and planned total waste incineration power generation project scale9,300 tons / day, 2,580 tons / day of sludge disposal projects, 5,630 tons / day of waste seepage treatment projects, 98 daily / days of recycled water projects, the incremental performance of subsequent environmental protection operations is considerable.

Earnings forecasts and investment advice.

The company’s EPS is expected to be 0 in 2019-2021.

37 yuan, 0.

40 yuan, 0.

44 yuan, corresponding to PE of 13X, 12X and 10X, maintaining the “buy” level.

Risk reminder: The project puts into operation less than expected risks, and the slow progress of state-owned enterprise reform.