Month: April 2020

Qiaqia Food (002557): Shouzheng is surprisingly driven internally and externally into the fast track of growth

Qiaqia Food (002557): Shouzheng is surprisingly driven internally and externally into the fast track of growth

Investment advice: Qiaqiu Food is a leading brand in the peanut and nut roasting industry. It is the largest producer of edible sunflower seeds / melon seeds 杭州桑拿网 in developing countries. It has also become a market-leading daily nut brand.

The company restructured through BU. The internal PK and employee stock ownership plan stimulated internal vitality. We are optimistic about the continuous optimization of the company’s management system, which will help strengthen the company’s core competitiveness. We believe that future category expansion, product upgrades, and channel sinking will drive long-term performance.Steady growth.

Reasons The consumption of sunflower seeds / sunflower seeds has a clear pattern, and we are in a position to be the only one.

According to our calculations, the size of Chinese sunflower seeds terminals in 2019 is about 19 billion U.S. dollars, of which the size of packaging products terminals is about 9.7 billion U.S. dollars. The industry is basically stable, and the average price is expected to gradually increase driven by consumption upgrades.

We estimate that the compound growth rate of the packaged melon seeds market in 2019-2023 is about a number.

The packaging melon seed industry has a stable and clear pattern. In 2019, Qiaqia will account for about 40% of the packaged products. We will open up the gap with Jinge and Zhenglin. We expect that Qiaqia will continue to achieve brand influence, product innovation, and national competitive advantages such as channel layout.Realize growth.

The 100 billion nut track is wide, and mixed nuts are in a period of high growth.

We estimate the annual nut market to be 100 billion yuan. Euromonitor estimates that packaging nuts will be about 31.5 billion in 2019, with a compound growth rate of about 8% in the next 5 years.

Among them, mixed nuts are mainly based on scientific theory, nutrition matching concepts, and the market is rapidly expanding tolerances. We estimate that the size of mixed nut terminals in 2019 will be about US $ 12 billion, with a 50% increase each time, and it is expected to reach 29.5 billion euros in 2023 (CAGR is about 25%).).

At present, small-package daily nuts are big products in the industry, and there are many competitions in the market. The products are more homogeneous, and the competition improves the online and offline channels.

Major brands have begun to focus on differentiated development, such as Qiaqia’s main focus on “mastering key fresh-keeping technologies” and direct global raw material harvesting.

Negotiate comprehensive category extension capabilities, and internal and external repairs will help performance enter the fast track of growth.

The company has successfully entered the nut track through the daily large nut single product, reflecting the category extension ability.

From this cash cow business, product upgrades and the introduction of blue bags will help accelerate overall growth and increase penetration of vulnerable markets.

We expect that the company’s revenue will continue to grow rapidly under the heavy volume of dual-type single products, product structure upgrades, and improved production efficiency will all contribute to the steady increase in gross profit margin.

We expect that the profit side will achieve steady growth, the 重庆耍耍网 promotion of new product promotion costs will not decrease, and the expense rate is expected to increase slightly, but it is still within a reasonable range.

Earnings forecasts and projections maintain 2019/2020 earnings forecasts and EPS forecasts for 2021.

47 yuan.

The current price corresponds to 25/22 times P / E in 2020/2021, and the target price is maintained at RMB 41.

3 yuan, corresponding to 32/28 times P / E in 2020/2021, the current price has 28% upside.

Risks Fluctuations in raw material costs, changes in demand for categories, food safety risks, and increased competition in the industry.

Fangbang shares (688020) new shares report: The world’s leading electromagnetic shielding film manufacturer enjoys an excessive premium on product profits

Fangbang shares (688020) new shares report: The world’s leading electromagnetic shielding film manufacturer enjoys an excessive premium on product profits

It is the first manufacturer of electromagnetic shielding film in China and the second in the world.

At present, Fangbang is the first manufacturer of electromagnetic shielding film in China and the second 淡水桑拿网 in the world, second only to Japan’s Tazda. The performance of electromagnetic shielding film has reached the international leading level.

The electromagnetic shielding film business is the company’s main business. This business revenue accounts for more than 98% of the company’s total revenue. The company’s self-developed products successfully broke the monopoly of Japanese companies in the field of high-end electromagnetic shielding films and improved the FPC industry chain.

The growth rate of net profit exceeded the growth rate of revenue, and the profitability was remarkable.

The company has been growing steadily since 2013, with operating income from 0 in 2013.

89 trillion growth was 2 in 2018.

7.5 billion, with a CAGR of 25.

31% of the company’s net profit attributable to its parent from 0 in 2013.

3.4 billion by 2018 1.

1.7 billion, CAGR 28.

04%, exceeding the company’s operating income growth level.

In the past three years, the company’s gross profit margin has remained above 70%, and its net profit margin has been above 40%.

The gross profit margins for 2016 to 2018 were 72% and 73, respectively.

04% and 72.

12%, the net profit margin is stable at about 44%, and the gross profit margin of up to 70% is mainly from the excess premium brought by the company’s leading in the field of electromagnetic shielding film, and the profitability is significant.

The fundraising and investment layout of the FCCL field has opened new business growth points.

The company’s FCCL (flexible copper clad laminate) production base construction project has a total investment of 6.

USD 1.1 billion, with a construction period of 2 years, and production will begin in the beginning of the third year.

After the project reaches capacity, it will produce 600,000 square meters of copper clad laminates per month.

The company will accelerate the layout of the FCCL field by raising funds, fully enrich the company’s product structure, and resolve the single risk of the company’s products; it will help improve the company’s customer resource conversion, generate overcoming synergies, and provide electromagnetic shielding films for existing customers;It provides a new business growth point for the company, and improves the company’s revenue scale, market competitiveness and profitability.

Many areas of FPC application blossom, consumer electronics & automotive electronics shine.

FPC has benefited from the continuous update and iteration of consumer electronics products, and has continued to shift toward small, thin, and multifunctional. The amount of FPC has increased significantly, and the industry threshold has continued to break.

In the context of the global smart phone volume reduction in 2018, the growth rate of FPC single machine consumption has been weak, and the overall value of FPC will usher in a further increase under the circumstances that it is less than its strength.

In addition, the advent of the 5G replacement wave will drive the allocation of smartphones, adding fuel to the use of FPCs. Trends in automotive electronics and intelligence have become a battleground for car companies in the future.

According to the statistics of China Industry Information Network, the proportion of auto electronics in total vehicle cost in 2010 reached 29.

6%, and is expected to reach 34 in 2020.

3%, by 2030 the cost of the whole vehicle may account for nearly 50%.

Existing automotive electronics account for more than 50% of the total vehicle 南京桑拿网 cost of new energy vehicles. In the future, FPC usage and value are expected to continue to increase. It is expected that FPCs for vehicles will reach more than 100 pieces.

In the future, the company’s development will fully benefit from the strong demand in the FPC terminal field, and consolidate the company’s leading position in the high-end FPC material industry.

Risk reminder: single risk of product structure; increased competition in the industry.

China Metallurgical (601618) 2019 Semi-annual Report Review: Speeding Up Revenue and Orders Prompts Future Profit Elasticity of Nickel and Cobalt Resources

China Metallurgical (601618) 2019 Semi-annual Report Review: Speeding Up Revenue and Orders Prompts Future Profit Elasticity of Nickel and Cobalt Resources

Event: China Metallurgical Corporation released the 19th half-year report.

1H19 company revenue was 1,590.

2 billion, a year-on-year increase of +26.

1%, net profit to mother 31.

6 billion, a year-on-year increase of +8.

6%; 2Q19 company revenue was 959.

1 billion, a year-on-year increase of +35.

2%, net profit attributable to mother 13.

9 billion, a year-on-year increase of +11.

5%.

Opinion: Project contracting income, single-speed growth in the new decade: 1H19 company revenue +26 year-on-year.

1%, growth rate +2 for ten years.

7pcts; single 2Q19 revenue +35.

2%, ten years growth rate +10.

6pcts, the margin of revenue growth is upward, and the speed is obvious.

In terms of business, YoY for project contracting / real estate development / assembly manufacturing / resource development business in 1H19 was 30.

4% /-1.

0% / 14.

3% / 29.

4%, the growth rate is +2 per second.

3 / -4.

4 / -14.

7 / -57.

6pcts, the main business contracting business maintained strong growth.

Metallurgical / house building / infrastructure / other projects achieved an average double-digit growth in 1H19, of which house construction income increased by 55 year-on-year.

9%.

On January 7, 19, the company’s unit amount for the new millennium was 4,228.

9 billion, +18.

9%, ten years growth rate +10.

1pcts, strong growth.

In the past 12 months, the company’s new unit amount in the new decade totaled 7,329.

100 million, 2 of the company’s 18 years of revenue.

Five times, there are abundant orders on hand, which provides sufficient support 杭州桑拿 for maintaining rapid growth in revenue.

From the perspective of order structure, the newly-signed contract value of 1H19 project contract increased by 22.

3% to 366.5 billion, an increase of 4% of the total contract amount.

0% to 96.

1%, the newly signed project contract in 2Q19 +41.

9%, speeding up significantly.Among the new high-temperature orders for projects with a value of more than 50 million, the YoY of the new through-units for 1H19 metallurgy / house construction / infrastructure / other projects were 52 respectively.

9% / 49.

4% /-31.

0% / 22.

9%, accounting for 16.

1% / 53.

7% / 17.

9% / 12.

3%, metallurgical engineering, housing construction projects, the single-year growth rate in the new years is eye-catching, infrastructure construction affected by the macro environment caused the order growth rate to be weak, 2H19 helps to improve.

Profitability declines, 2H19 is expected to improve: 1H19 company’s comprehensive gross profit margin11.

0%, down by 1 every year.

3 items, including 2Q19 gross margin of 9.

9pcts, down 2 every year.

One.

The decrease in gross profit margin in 1H19 was mainly due to: 1) the percentage of project contracting business revenue with a reduced gross profit margin increased significantly3.

0% to 91.

2%; 2) The percentage of housing construction business revenue with the lowest gross margin in the engineering contract business increased significantly7.

6 pieces to 46.

5%, driving the gross profit growth of engineering contracting business down by 0%.

2 points to 9.

4%; 3) The gross profit margin of real estate development and resource development business decreased by 1.

9/17.

8 pieces to 27.

6%, 19.

2%.

Taking into account that the percentage of project contracting revenue exceeds historical highs, and there is little room for further improvement, the improvement of the contracting structure of the project promotes the reduction of its gross profit margin, and has led to the continuous increase in nickel prices since the beginning of this year.Judging that the 2H19 company’s comprehensive gross profit margin has a high probability margin.

In 1H19 and 2Q19, the net profit attributable to the parent companies decreased by 0 year-on-year respectively.

3, 0.

1pct to 2.

0%, 1.

9%, mainly due to: 1) Expansion during the R & D expansion period led to an increase of 0 to 1H19 and 2Q19 respectively.

7pct, 1.

4 pieces to 6.

7%, 6.

7%; 2) Changes in the provision for bad debts of accounts receivable caused changes in impairment losses as a percentage of revenue, respectively.

1.

4 pieces to 0.

5%, 0.

2%; 3) Changes in comprehensive gross profit margin.

Considering that the R & D investment is at a historically high level, the R & D expense rate has little room for upwards, and the impairment loss affects the marginal attenuation, and the net interest rate is expected to gradually improve with the margin of the gross profit margin. Resistivity continued to decline and cash flow was good: at the end of 1H19, the company’s debt ratio and interest-bearing debt ratio were 76.

8%, 13.

9%, a year-on-year decrease of 0.

2pct, 1.

At 4pcts, the resistivity continued to decline, and it continued to move towards the SASAC’s assessment target. The interest resistance level was at a low level.

The 1H19 company’s cash-to-cash ratio was 97.

3%, 96.

3%, a year-on-year decrease of 2%.

9, 5.

4pcts, good cash flow.

Revenue from 2H19 resource development business, profit is expected to increase significantly: The core asset of the company ‘s resource development business is the Pamunea Guinea Nickel Cobalt Project, which is a world-class laterite nickel ore benchmarking project. 1H19 produced nickel hydroxide containing 16,429 tons of nickel and 1,497 tons of cobalt.Other major projects include the Pakistan Lead-Zinc Project and the Sundak Copper-Gold Project.

The average price of 1H19 copper, nickel, cobalt, lead, and zinc all decreased significantly compared with the same period in 18 years, resulting in a significant decline in the gross profit margin of this sector.

After July 19, LME nickel prices started to increase rapidly, cobalt prices initially reached a bottom and stabilized, and revenue from resource development business in 2H19 increased significantly.

Maintain the company’s A-level and H-level “Buy” ratings: As a world-class metallurgical engineering leader, the company has obvious industry advantages and significant expansion of project contracting business. At the same time, it has vigorously deployed emerging industries such as underground pipe corridors, and its performance stability has improved significantly compared with the past.The 2H19 resource development sector helps to contribute to marginal elasticity.

Maintain the company’s 19-21 year return to net profit forecast 72.

8/82.

3/90.

500 million, the current price of the company’s A shares / H shares 19 years of PB were 0.

6x / 0.

4x, underestimation is obvious, A shares, H shares maintain “Buy” rating.

Risk reminder: Engineering project progress is less than expected, infrastructure investment is less than expected, exchange rate risk

Further strengthen Xinpi’s continuous deterrent effect on company executives’ empty talk

Further strengthen Xinpi’s continuous deterrent effect on company executives’ empty talk
Source: Securities Daily Our trainee reporter Li Zhengxin Securities Law came 杭州桑拿 into effect on March 1.As the fundamental law of the annual capital market, the new securities law has been revised for many years, and a new chapter on information disclosure is a highlight of this revision.  In terms of specific content, the new securities law has undergone a series of changes from the old securities law in terms of strengthening information disclosure requirements and clarifying the responsibilities of directors and supervisors.  Article 78 of the new securities law stipulates that issuers and other information disclosure obligors required by laws, administrative regulations and the securities regulatory authority under the State Council shall promptly disclose information disclosure obligations in accordance with law.The difference from the previous version is that the new securities law redefines the subject of 无锡桑拿网 information disclosure, changing the old “issuer” and “listed company” to “information disclosure obligors”.  Yuan Huaming, the general manager of Huahui Chuangfu Investment, said in an interview with the Securities Daily that the reference to “information disclosure obligors” in the new securities law has expanded the scope of information disclosure entities and changed the issuer and listed companies.In addition, the major shareholders, acquirers, and other relevant entities have unclear information disclosure responsibilities, and the shortcomings of inadequate supervision are conducive to the realization of supervision throughout the letter.  At the same time, this move will promote the listed companies in the information disclosure work, all responsible parties better return to their responsibilities and improve the quality of the letter.Escort the registration system through “timely, truthful, accurate, and complete” information disclosure.  With regard to the division of responsibilities of directors and supervisors of listed companies, with the old version of the index and the new provisions of Article 82 of the New Securities Law, the supervisors signed a written confirmation.Directors, supervisors and senior management personnel who cannot guarantee the authenticity, correctness, correctness of the contents of securities issuance documents and periodic reports, or have objections, shall express their opinions and state the reasons in written confirmation opinions, and the issuer shall disclose them.If the issuer does not disclose, the directors, supervisors and senior management may directly apply for disclosure.  Yang Delong, chief economist of Qianhai Open Source Fund, analyzed in an interview with a reporter from the Securities Daily that the regulations strengthened and regulated Dong Jiangao’s behavior and obligations in the letter while strengthening the requirements for information disclosure of listed companies.And responsibility.  Yuan Huaming believes that this move will help Dong Jiangao, a listed company, play a role in information disclosure, play a more active role, especially check and balance, and provide a legal basis for supervision.  ”These adjustments, supplemented by Article 82 of the new Securities Law, will guide listed company directors and supervisors to participate in information disclosure more extensively, check and reduce possible violations of laws and regulations, and promote the information of listed companies in combination with a marked increase in strength.Reveal the improvement of work quality.”Yuan Huaming said.  In addition, for the information disclosure of listed companies, Article 84 of the new Securities Law additionally stipulates that the issuer and its controlling shareholders, actual controllers, directors, supervisors and senior management personnel make explicit commitments to disclose.If the non-merger commitment causes losses to investors, it shall appropriately bear the liability for compensation in accordance with the law.  In progress, Yuan Huaming said that the supplementary rules for empty talks to the executives of listed companies, the issue of speculation going forward will form a stronger deterrent.  ”The complexity of the capital market determines that it is unrealistic to rely solely on laws and regulations to counteract laws and regulations.”Including more trustees’ participation and substitution supervision within Dong Jiangao will check and balance some illegal trusteeships and reduce the probability of their occurrence. At the same time, combined with supporting laws and regulations, the relevant laws and regulations will be implemented and implemented.It is expected to reduce and effectively improve the market environment.Yuan Huaming article.  Regarding the adjustment of the new securities law in the disclosure of listed companies, Hu Bo, a private equity fund manager, said in an interview with a reporter from the Securities Daily that the new securities law clarifies the supervision of listed companies’ directors and supervisors.The division of rights and responsibilities, the optimization of the governance structure of listed companies, and the integration of information transparency of listed companies are the major trends in the future development of the securities market.At the same time, the transparency of listed company information will also effectively reduce credit risk and improve the quality and efficiency of investment decisions.

Hexing Packaging (002228): Volume and Price Rise, Promote Growth and Profits Continue to Repair

Hexing Packaging (002228): Volume and Price Rise, Promote Growth and Profits Continue to Repair

The scope of consolidation has changed, and the net profit attributable to mothers increased by 64 in 2018 after the statement was restated.

49% of the total packaging released the annual report. According to the requirements of accounting standards, the company changed the scope of the merger and acquisition fund at the time of initial establishment to the 2016/2017 financial statements for restatement, which resulted in mergers and acquisitions in 20182.

96 trillion non-operating income restatement adjusted to 2016.

After restatement, the company realized operating income of 121 in 2018.

660,000 yuan, an increase of 39 in ten years.

08%; net profit attributable to mother 2.

33 ppm, a 64-year increase of 64.

49%, net profit after deduction is slightly lower than our expectation.

In terms of quarters, the company’s 18Q1 / Q2 / Q3 / Q4 single-quarter revenue was 北京桑拿洗浴保健 26.

57/31.

87/32.

92/30.

300,000 yuan, the net profit attributable to the mother in each quarter is 0.

58/0.

62/0.

62/0.

5.1 billion.

We expect the company’s EPS to be 0 in 2018-2020.

32, 0.

41, 0.

46 yuan to maintain the “overweight” level.

Based on the division of labor, the largest increase in net operating cash flow, driven by rising volume and price, the company’s packaging manufacturing business achieved revenue of 93.

27 ppm, an increase of 22 in ten years.

54%, due to the upward impact of raw material prices, the gross profit margin fell slightly.

1 point to 15.

0%; the company’s supply chain business realized revenue in 201828.

40 ‰, 150% increase in ten years, the gross profit margin increased by 1.

68 points to 4.

48%.

In 2018, due to the company’s expansion of centralized 西安耍耍网 procurement scale and increase in bill settlement, customers’ repayments were better affected, and net operating cash flow turned to 5.

5.8 billion; Account receivable turnover rate in 2018 was 4.

60 increased to 4.

78.

The price of raw materials and waste paper dropped downward, which is beneficial to the recovery of packaging business. In 2018, the company actively expanded new customers while increasing its penetration rate among existing customers, and the sales volume of packaging manufacturing business increased.

97%; In terms of price, under the background of stricter foreign waste import policies and the continuous increase in the prices of major raw materials and waste paper in the first three quarters of 18, the company eliminated costs downstream in a timely manner through price increases.
According to Wind data, since 2019, the average price of domestic waste yellow board has been ranked 14th compared to the average annual price of 2018.

4%, the decline in the price of raw materials will help the company’s packaging business gross margin to further repair.

The merger and acquisition of Hezhong Chuangya, the synergy effect can be expected, the supply chain service business is maturing. In the first half of 2018, the company completed the acquisition of 100% shares of Hezhong Chuangya (Asia). After the acquisition, the company will be in the Yangtze River Delta, the western region, and the Beijing-Tianjin-Hebei region.Supply capacity has been strengthened, and regional capacity gaps in Liaoshen Shen, Hohhot and other regions have been corrected; how, the merger of Hezhong Chuangya helps to enrich the company’s customer structure and enhance the company’s comprehensive strength in the packaging field.After two years of operation, the company’s supply chain cloud platform has gradually matured. As of the end of 2018, the company’s industrial chain operation business cooperation number reached more than 1,300 customers, with a transaction value of over 2.8 billion U.S. dollars.The supply chain service business is expected to maintain a high growth rate.

The profit is expected to continue to be repaired. Maintaining the “overweight” rating of the raw material price center will help the company’s profit repair. Considering the weak downstream demand for packaging, we slightly lower our profit forecast.
Net profit attributable to mothers in 2021.

7, 4.

7, 5.

3 ppm (2019?
It will be 4 before 2020.

8, 5.

7 ‰), the corresponding EPS is 0.

32, 0.

41, 0.

46 yuan.

With reference to the average PE of 18 times in 2019 for a comparable company, taking into account the company’s leading advantage level, give the company 19 in 2019?
20 times PE estimate, corresponding to the target price of 6.

08?
6.

40 yuan, maintaining the “overweight” level.

Risk reminder: the risk of raw material price fluctuations, downstream demand is less than expected.

Shangfeng Cement (000672) Semi-annual Report Comment: Volume and Price Rise, Peak Season Comes with Better Performance

Shangfeng Cement (000672) Semi-annual Report Comment: Volume and Price Rise, Peak Season Comes with Better Performance

Event: The company released a semi-annual report and realized operating income of 28 in 2019H1.

880,000 yuan, an increase of 38 in ten years.

74%; realized net profit attributable to mother 9.

500,000 yuan, an increase of 86 in ten years.

42%, net profit after deduction to return to mother 8.

670,000 yuan, an increase of 71 in ten years.

78%; comprehensive gross profit margin, net profit margin are 48.

86%, 33.

43%.

Among them, the company’s total revenue in the second quarter was 17.

48 ppm, a 39-year increase of 39.

69%, net profit attributable to mother 5.

910,000 yuan, an increase of 72 in ten years.

08%.

Opinion: Both volume and price have risen, and the company’s performance has grown significantly.

The output of low-base effectors increased. Due to the suspension of production in the second quarter of 2018, the company’s cement and cement clinker sales changed 617 in the first half of last year, while the company’s sales of cement clinker 268 decreased and sales of 455 tons of cement in the first half of 2019.The total sales volume of cement and cement clinker was 718 tons, a total increase of 101 tons over the same period last year.

In the first half of this year, the company’s core East China cement market demand remained unchanged, 杭州夜网 and the overall price rose. Digital Cement Network data showed that the average price of high-standard cement in Hangzhou in Zhejiang reached 503 yuan / ton in the first half of this year, a cumulative increase of 31 yuan / ton; The average price of high-standard cement with tax in Hefei, Anhui in the first half of the year was 485 yuan / ton, and it will increase by 77 yuan / ton in the future.

At the same time, the company’s expense ratio continued to decrease, reducing by 2 every year.

27 in total, and further strengthened the ability to control costs.

The rainy season has passed and the peak season is coming.

From July to August, East China continued to receive the effects of high temperature, transformation and typhoons, overlapping environmental inspections, declining operating rates, phased decline in cement demand, and price adjustments.

With the end of the rainy season, the demand in the East China market has picked up recently. According to the Digital Cement Network, the price of various types of cement in northern Hangzhou and Shaoxing has been raised by 20-30 yuan / ton recently.With the advent of the traditional “Golden Nine Silver Ten” peak season, demand has resumed, and cement prices have continued to increase.

Infrastructure real estate + multi-level layout, long-term performance can be expected.

In the first half of 2019, ten years of growth in fixed asset investment5.

8%.

Real estate investment is growing by 10 per year.

9%, infrastructure investment is growing by 4 per year.

1%, investment growth is basically stable, infrastructure, people’s livelihood and other short-board areas investment has steadily increased.

Benefiting from the acceleration of the integration of the Yangtze River Delta and the promotion of the NDRC to relax restrictions on the settlement of large and medium-sized cities, the infrastructure and real estate markets in East China are expected to maintain growth in 2019.

In addition to the cement business, the company actively promotes multi-level layout: First, the company plans to invest 70 million yuan to break through the general contract with Kaisheng Construction Engineering to jointly expand the cement building materials business in overseas regions, especially the “Belt and Road” region.

Shangfeng Jiexia, the controlling subsidiary of the merged company, intends to acquire a 40% equity interest in Ningxia Mengsheng held by Kyushu Qingyuan to promote the development of a co-processing environmental protection industry for cement kilns.

Benefiting from the stability of the demand side and the gradual possible benefits of various projects, the company’s long-term performance is expected to maintain steady growth.

Investment suggestion: Gradually the second half of the season comes, the cement market is expected to usher in growth at the end of the third quarter, and the company’s performance is expected to continue to improve. The company’s net profit attributable to its mother in 2019-20 is expected to be 20.

06, 22.

64 ppm, EPS is 2 respectively.

47, 2.

78 yuan, the corresponding PE is 5 X, 4.

43X, maintain “Buy” rating. Risk warning: real estate, infrastructure needs increase significantly; new projects are less than expected.

Zhejiang Dingli (603338) Quarterly Review: Product structure is expected to optimize profitability and continue to improve

Zhejiang Dingli (603338) Quarterly Review: Product structure is expected to optimize profitability and continue to improve

Core point of view: Quarterly changes in demand and significant improvement in gross profit margin. The company released a quarterly report and achieved operating income in 19Q1.

84 ppm, an increase of 23 in ten years.

44%, showing a certain fluctuation; net profit attributable to mothers1.

10,000 yuan, an increase of 44 in ten years.

13%; net profit after deduction of 10,000 yuan, an annual increase of 48.

73%.

The operating net cash flow in the first quarter improved by at least 16.24 million yuan, mainly due 青岛夜网 to the increase in cash received from sales of commodities; the comprehensive gross profit margin was 42.

89%, an increase of 5 a year.

4.

In the first quarter, due to the exchange loss caused by changes in exchange rates, the company’s financial expense ratio was 1.

61%, an increase of 0 every year in the same period last year.

71.

At present, the Sino-US trade contradiction has continued to ease, and the subsequent overseas sales growth has returned to the foundation. Considering the procyclical nature of the company’s products and downstream investment, it is expected that domestic sales will remain relatively strong in 19 years, driven by the strong domestic infrastructure and start-up.High growth.

In the future, the product structure is expected to be optimized. The product structure of the company that is worth looking forward to for investment projects is still based on the scissor type. As the industry develops and the construction scene changes, the demand for high-value-added arm products is gradually increasing.

According to the annual report, the company’s sales of arm-type products in 20182.

07 million yuan, an increase of 98 in ten years.

55% will become the company’s main force in the future.

According to the annual report, the company ‘s fund-raising project “Large Intelligent Aerial Work Platform Construction Project” has completed the main plant construction work, and is currently in the middle and late stages of construction and equipment procurement. After completion, the company will greatly enhance its high-end intelligent manufacturing capabilities.

Profit forecast and investment advice: We forecast the company’s EPS to be 2 in 19-21.

81/3.

82/5.

03 yuan / share, the current sustainable corresponding PE is 27/20/15 times.

Driven by the recovery of domestic industrial and infrastructure investment in 19 years, the company’s performance has continued to increase under the background of an improving overseas export environment. The company’s products are internationally competitive, and new product mass production and overseas expansion will continue to exert momentum.

It is expected that the company’s net profit attributable to the mother will increase at a compound growth rate of 37% in the next three years. Based on this, we give the company a 33-year reasonable PE valuation of 33 times, and the corresponding reasonable value is 92.

73 yuan / share, maintain “Buy” rating.

Risk reminders: the risk of fluctuating demand in the downstream market; the environmental risk of international trade; the risk of fluctuating raw material prices; the risk of increased market competition.

Lier Chemical (002258): Release of production capacity to improve performance, second-phase planning to create a high-quality platform

Lier Chemical (002258): Release of production capacity to improve performance, second-phase planning to create a high-quality platform

Incident Lier Chemical released its 2018 annual report and achieved operating income of 40 in 2018.

2.7 billion, an annual increase of 30.

60%; net profit attributable to shareholders of the parent company is 5.

7.8 billion, an annual increase of 43.

75%, net profit attributable to shareholders of the parent company after deduction is 5.

9.7 billion, an annual increase of 50.

93%.

Q4 quarter achieved operating income of 12.

5.4 billion, an annual increase of 9.

96%; Net profit attributable to shareholders of the parent company1.

5.9 billion, a decrease of 8 per year.

06%; net profit attributable to shareholders of the parent company after deduction is 1.

6.3 billion yuan, a decrease of 0 a year.

91%.

The company issued a notice for the first quarter of 2019, which is expected to achieve a net profit of 5780 attributable to shareholders of the parent company from January to March 2019.

35-9248.

550,000, a decrease of 50 a year.

00% -20.

00%.

First of all, the price of glufosinate dropped and the construction progress of the Guang’an base exceeded expectations.

Company reviews Leading companies in pesticide raw materials, glufosinate production capacity The largest domestic company is one of the leading domestic companies in pesticides. The main products are chlorinated nitrates, organic phosphorus, sulfonylureas, and urea replacements. The products cover herbicides., More than 40 kinds of original medicines, fungicides and pesticides, more than 100 kinds of preparations and some intermediates.

The company’s chloroformaldehyde products are leading the country in technology. The production and sales of bixo grass and toxidine are the first in the country and the second in the world. At the same time, the company has comprehensively mastered the key technologies for glufosinate synthesis.maximum.

Jiangsu Kuida, a holding subsidiary, is a domestic company that initially produced and sold urea / sulfonylurea herbicides and allocarbazone fungicides.

The release of production capacity boosted the performance, and the internal and external consolidation of the industry chain company’s 2018 performance showed an increase. Basically, the release of production capacity of primary drugs such as glufosinate and the substantial increase in the preparation business.

In 18 years, the company fully promoted the construction of the Guang’an original pharmaceutical production line, of which the propoxyflumizone production line was put into operation in October 18, and the glufosinate production line entered trial production at the end of 18 years, but was affected by safety accidents and resumed trial production in early 19.
At the same time, the company actively expanded overseas markets and achieved large-scale sales in Australia and the European Union.

In addition, it increased its capital to acquire Secco Chemicals, and established a joint venture with Jingzhou Sancaitang, a joint venture with upstream raw material supplier shareholders, to implement a controlling acquisition of the participating company, Star Star Chlor-Alkali.

The second phase of the Guang’an plan was announced, and new and dynamic companies providing intermediate and downstream products for growth plan1.

5 Formaldehyde / year methyl phosphorous dichloride, phosphorus-containing flame retardant, L-glyphosate production line and ancillary projects. The planned investment of the project is 100,000 yuan, and the construction investment is 9.

500 million, 50 million liquidity.

Of which 1.

The 5 fluorinated methyl phosphorus dichloride production line is expected to reach production by June 2020, and the 2000-ton phosphorus-containing flame retardant phase I and 3,000-ton L-glyphosate production line are expected to reach production in January 2022.

The company has successfully developed the supply of methyl dichloride intermediates, increased the supply of methyl dichloride intermediates, and used methyl phosphorous dichloride to promote the production and sales of flame retardants and L-glyphosate.Incident Lier Chemical released its 2018 annual report and achieved operating income of 40 in 2018.

2.7 billion, an annual increase of 30.

60%; net profit attributable to shareholders of the parent company is 5.

7.8 billion, an annual increase of 43.

75%, net profit attributable to shareholders of the parent company after deduction is 5.

9.7 billion, an annual increase of 50.93%.

Q4 quarter achieved operating income of 12.

5.4 billion, an annual increase of 9.

96%; Net profit attributable to shareholders of the parent company1.

5.9 billion, a decrease of 8 per year.

06%; net profit attributable to shareholders of the parent company after deduction is 1.

6.佛山桑拿网3 billion yuan, a decrease of 0 a year.

91%.

The company issued a notice for the first quarter of 2019, which is expected to achieve a net profit of 5780 attributable to shareholders of the parent company from January to March 2019.

35-9248.

550,000, a decrease of 50 a year.

00% -20.

00%.

First of all, the price of glufosinate dropped and the construction progress of the Guang’an base exceeded expectations.

Company reviews Leading companies in pesticide raw materials, glufosinate production capacity The largest domestic company is one of the leading domestic companies in pesticides. The main products are chlorinated nitrates, organic phosphorus, sulfonylureas, and urea replacements. The products cover herbicides., More than 40 kinds of original medicines, fungicides and pesticides, more than 100 kinds of preparations and some intermediates.

The company’s chloroformaldehyde products are leading the country in technology. The production and sales of bixo grass and toxidine are the first in the country and the second in the world. At the same time, the company has comprehensively mastered the key technologies for glufosinate synthesis.maximum.
Jiangsu Kuida, a holding subsidiary, is a domestic company that initially produced and sold urea / sulfonylurea herbicides and allocarbazone fungicides.

The release of production capacity boosted the performance, and the internal and external consolidation of the industry chain company’s 2018 performance showed an increase. Basically, the release of production capacity of primary drugs such as glufosinate and the substantial increase in the preparation business.

In 18 years, the company fully promoted the construction of the Guang’an original pharmaceutical production line, of which the propoxyflumizone production line was put into operation in October 18, and the glufosinate production line entered trial production at the end of 18 years, but was affected by safety accidents and resumed trial production in early 19.
At the same time, the company actively expanded overseas markets and achieved large-scale sales in Australia and the European Union.
In addition, it increased its capital to acquire Secco Chemicals, and established a joint venture with Jingzhou Sancaitang, a joint venture with upstream raw material supplier shareholders, to implement a controlling acquisition of the participating company, Star Star Chlor-Alkali.

The second phase of the Guang’an plan was announced, and new and dynamic companies providing intermediate and downstream products for growth plan1.

5 Formaldehyde / year methyl phosphorous dichloride, phosphorus-containing flame retardant, L-glyphosate production line and ancillary projects. The planned investment of the project is 100,000 yuan, and the construction investment is 9.

500 million, 50 million liquidity.

Of which 1.

The 5 fluorinated methyl phosphorus dichloride production line is expected to reach production by June 2020, and the 2000-ton phosphorus-containing flame retardant phase I and 3,000-ton L-glyphosate production line are expected to reach production in January 2022.

The company has successfully developed the supply of methyl dichloride intermediates, increased the supply of methyl dichloride intermediates, and used methyl phosphorus dichloride to promote the production and sales of flame retardants and L-glyphosate,Agrochemical technology platform.

Earnings forecast and estimation We expect the company’s operating income in 2019, 2020 and 2021 to be 48.

04 billion, 57.

3.5 billion and 65.

8.6 billion yuan, with growth rates of 19.

29%, 19.

38% and 14.

84%; net profit attributable to shareholders of the parent company is 6, respectively.

7.8 billion, 8.

4.7 billion and 10.

13 trillion, the growth rate was 17.

38%, 24.

95% and 19.

50%; Fully diluted earnings per share are 1.29, 1.

62 and 1.

93 yuan, corresponding to PE is 11.

9,9.

5 and 8.

0 times, covering for the first time, giving a “cautious increase” rating within the next six months.

Risks suggest that the price of pesticides fluctuates sharply; safety accidents occur in enterprises; new product sales promotion is less than expected;

Desai Battery (000049) Company Research: 5G Enables New Growth in the Battery Industry

Desai Battery (000049) Company Research: 5G Enables New Growth in the Battery Industry

Specific events.

Desay Battery announced the 19Q3 quarterly report and achieved revenue of 52.

110,000 yuan, an increase of -3 in ten years.

12%; net profit attributable to mothers1.

69 ppm, an increase of 19 in ten years.

5%.

  From the beginning to the present, Desai has achieved a total revenue of 125.

400,000 yuan, an increase of 7 in ten years.

25%; net profit attributable to mother 3.

390,000 yuan, an increase of 23 in ten years.

49%.

  Actively improve the expense ratio, and exchange gains and losses optimization gives the company higher growth.

According to the company’s 19Q3 quarterly report, the company’s 2019?
Total financial expenses for September were 1.

750,000 yuan, compared with 8.
.

28 trillion, the fluctuation range is as high as -78.

82%, which was mainly due to exchange gains and losses caused by changes in exchange rates and changes in the structure of foreign currency assets.

We calculated that the exchange loss profit and loss for the company in the single quarter of 2019Q3 is 武汉夜网论坛 contributing 20 million to 30 million yuan.

  The demand for battery capacity continues to rise. As the subsequent driving force for 5G, the battery industry is growing again.

With the iteration of mobile phone updates and gradual function, the demand for mobile phones has gradually increased.

This time we can see that the battery capacity of the iPhone 11 (and Pro series) has increased compared to the previous generation. The iPhone 11 ProMax has an increase of about 25% over the iPhone Xs Max battery capacity.

If Apple releases a 5G mobile phone next year, 5G’s battery capacity requirements may further increase, and for the corresponding Pack business, the increase in battery capacity is positively related to ASP, so we believe that the battery pack industry in the smartphone sector will continue to grow in the future.
  The share of the Android camp may continue to grow, while benefiting from the hot selling trend of Android phones, and the expectation that next year may be a consumer electronics year, we believe that the growth of the battery industry and Desai may be visible.

Part of the company’s high growth in 19H1 was due to changes in the customer’s share. At the same time, the downstream Desai, which is the upstream customer, has seen its sales rise.

This time the company’s revenue and profit growth we believe that the expansion of its customer market share also contributed to this.

At the same time, next year will be the first wave of replacements after the 5G attack, and it is not only a simple capacity increase, but also a small increase brought by the replacement wave (compared to 2017 and 2018)).

  In summary, we believe that from the industry perspective, the increasing demand for battery capacity is an inevitable trend. At the same time, the renewed investment in the replacement wave driven by 5G will give the battery industry a greater growth momentum;From the perspective of the company, it constantly controls the expense side, while focusing more on the power battery business.

We believe that the development of Desai in the later stages will continue to be beautiful.

  Risk Warning: Downstream demand is less than expected.

Carrier segment enters strategic allocation period

Carrier segment enters strategic allocation period
Under the national strategic goal of building a maritime power, the demand for naval equipment will continue to grow rapidly.Market participants generally believe that the initial development of aircraft carrier battle groups will further open up huge market space.In addition, the Chinese Navy’s Army Building Festival is coming soon, and domestic aircraft carriers will pay more attention to it.  As the domestic aircraft carrier industry-related listed companies enter a high-speed growth period, driving the industry’s prosperity, the expectation of a low forecast leader with performance support ushers in the layout opportunity. Yesterday, the domestic aircraft carrier sector has risen strongly.Win the market (the Shanghai index rose 0 on the day.23%), accounting for over 70%.Specifically, yesterday, 4 stocks including Jianglong Boat, Zhenxin Technology, North Navigation, and Big Dipper had strong daily limit. Tianhai Defense, China Satellite, China Shipbuilding Technology, and Hailanxin also rose sharply.5%, reaching 8 respectively.05%, 7.16%, 5.60%, 5.07%.  In terms of capital flow, the Securities Daily Market Research Center found that according to the flush flush statistics, yesterday, a total of 11 concept stocks in the domestic aircraft carrier sector were favored by large single funds, and the total net inflow of large single funds reached 8.2.7 billion.Specifically, the average net inflow of funds from four large stocks, including Big Dipper, China National Heavy Industries, North Navigation, and Zhenxin Technology, was more than a single digit, which were 21,143.120,000 yuan, 18945.490,000 yuan, 15987.260,000 yuan, 13,102.410,000 yuan.Other concept stocks that realized a large net inflow of funds yesterday: Tianhai Defense (4429.09 million yuan), China Satellite (4157.870,000 yuan), Bao titanium shares (1368.240,000 yuan), CSSC Technology (1325.680,000 yuan), AVIC Heavy Machinery (1146.810,000 yuan), AVIC Mechanical and Electrical (930.640,000 yuan) and Optoelectronics (119.710,000 yuan).  In fact, the profitability of domestic listed companies related to the aircraft carrier industry has also improved significantly. Up to now, 18 related listed companies have disclosed their 2017 annual report results, and 13 companies have reported net profit growth, accounting for more than 70%.Among them, Hongdu Aviation, Baosteel Co., Ltd., Tellhow Technology and other three companies’ performance growth growth in 2017 more than doubled.In addition, 9 companies disclosed the results of the 2017 annual report.  It is worth mentioning that as of yesterday, 10 companies have disclosed the results of the first quarter of 2018. 6 companies such as Jiuli Special Materials, Hailanxin, Dongfang Zirconium, AVIC Mechanical, Zhenxin Technology, and Big Dipper are expectedThe average net profit in the first quarter of 2018 achieved growth, demonstrating that the industry’s prosperity continued to rise.  Regarding the market outlook of the sector, CITIC Securities said that the aircraft carrier sector has entered the strategic allocation period, and it is preferred to select the company participating in the military and pay attention to the opportunities for mixed reform.In the selection of the target, the relevant leading companies are the first to be promoted, especially the more market-oriented and 杭州桑拿网 the core assets of listed companies account for a high proportion, benefiting from the release of the performance of the industrial chain of AVIC listed companies.The basic recommendation technology is relatively high in biology, large in market space, and has a core competitiveness and first-mover advantage, and a reasonable estimate for the company.At the same time, you can also pay attention to the staged opportunities brought by the mixed reforms, mainly small ship value companies in China Shipbuilding, Weapons and Aerospace Group.Recommended targets: Zhongzhi, AVIC, AVIC, China Power, Guorui Technology, Tianyin Electromechanical, Hangxin Technology, Hailanxin, etc.