Yifeng Pharmacy (603939): a pharmacy leader specializing in refined management and high growth certainty
Core points: 1. Regional chain pharmacy leader, gaining a leading position in many regions.Starting from Hunan, the company has continuously innovated its business model, capital assistance from strategic investors, and around the middle-level equity incentive plan, it has gradually formed its brand, scale, and refined management advantages, and has obtained leading advantages in many places in East China and North China.The company has ranked fifth in the comprehensive competitiveness ranking of Chinese pharmaceutical retail enterprises for five consecutive years, and won the profitability champion of the Chinese pharmaceutical retail enterprises competitiveness ranking in 2018. 2. The prosperity of the pharmacy sector continues to improve, and head pharmacies such as Yifeng will fully enjoy the industry’s growth dividend.It is mainly supported by two logics: one is that under the short-term tight supervision and the promotion of capital, the concentration of the industry is accelerating and the acceleration trend is obvious; the second is that long-term prescription outflows will bring at least double the incremental market space, and pharmacies are expected to become the largest drug sales terminals.Based on the current situation of pharmacies and the experience of Japanese pharmaceutical divisions, head pharmacies with more financial strength and a more appropriate layout of professional pharmacies (DTP, hospital side stores) will fully benefit. 3. With outstanding fine management advantages to accelerate expansion, same-store, new stores and M & A stores will drive future growth.Based on the mainstream profit model of pharmacies, Yifeng takes excellent fine management capabilities as its core competitiveness, overlaps excellent mergers and acquisitions integration capabilities, and successfully embarks on the road of high-quality, efficient “endogenous extension” and focusing on expansion, with constant scale and operating advantages.Enhancement highlights.In the future, the company’s growth will 无锡夜网 still be driven by three rounds of old stores, new stores and mergers and acquisitions. From the perspective of passenger flow, number of customers, unit price and profit margin, the company continues to optimize the operating system of the three new and old stores, and finally achieves a sustained high performance.The purpose of growth (same store optimization, improved M & A stores and rapid profitability of new stores). 4. Profit forecast and investment rating.The EPS is expected to be 1 in 2019-2021.52/2.04/2.62 yuan, corresponding to a 46/34/27 reduction in dynamic market surplus.As the leader of regional chain pharmacies, the company is expected to enjoy the maximum industry dividends during the golden development period. Based on its outstanding fine management capabilities and M & A integration capabilities, the company’s operation and operation system is continuously optimized to enable old, newly opened and M & A stores.Sustained growth drives growth, and the fair incentive appraisal scheme further strengthens its performance certainty on average, and the company deserves a certain premium on ownership.Give “Overweight” rating for the first time. 5. Risk warning.Industry policy risk, human resources risk, goodwill impairment risk, etc.
Semir Apparel (002563) Quarterly Report Review: Increasing the frequency of releases will affect leisure business growth in the short term but marginal quality of statements will improve
Event: The company announced results for the first three quarters of 19, and the company achieved revenue of 132.
6.1 billion (+35.
82%), achieving net profit attributable to mother 13.
07 billion (+2.
79%) and realized deduction of non-net profit12.
5 billion (+3.
53%), with solid performance growth, slightly below our expectations.
19Q3 single quarter revenue of 50.
4.2 billion (+19.
14%), achieving net profit attributable to mother 5.
8.5 billion (-3.
18%) and realized deduction of non-net profit 5.
8.1 billion (-1.
Among them, the growth rate of children’s clothing and e-commerce channels maintained rapid growth.
Budget for the first three quarters of 19: We estimate that KIDILIZ will achieve revenue of about 2.1 billion in the third quarter of 19; excluding KIDILIZ consolidation, the company’s headquarters business is expected to achieve revenue of about 11 billion (+ 13%) in the first three quarters of 19.
Among them, Semir leisure business is expected to grow at a low number; children’s clothing business (excluding K) is expected to achieve a growth of about 20%; e-commerce business will grow by about 30%.
19Q3 single quarter budget: KIDILIZ is expected to contribute about 15% of the revenue growth rate, and the revenue scale is 6 billion-6.
The company’s headquarters in the single quarter of 19Q3 is expected to achieve revenue of about 4.4 billion (+ 4%) after excluding the KIDILIZ consolidation.
Among them, Semir leisure business is expected to be in place, the offline business is expected to reach about 10%, and the online is expected to achieve growth of 15% to 20%; the children’s clothing business (excluding K) is expected to achieve 12-13% in the single quarter of 19Q3Growth around.
Semir leisure business was affected in the short term due to the issue of frequency of launch, but it is conducive to long-term development.
1) Short-term impact on the adjustment of the release frequency: The growth rate of Semir 无锡桑拿网 leisure business is expected to increase slightly in the first three quarters of 19 years. We believe that the main reason is that the company’s release frequency has increased due to the difference in the launch time window, which confirms that the income timing is different.
We believe that this factor is a short-term impact. In the long run, the adjustment of release frequency and products are more in line with the market, the front-end production control is more flexible, and the company’s order is more scientific, which is conducive to improving the company’s operating efficiency.
2) After the brand refresh, the cost side has improved, but it is conducive to the long-term development of the brand: the company’s leisure business has begun to cultivate internal strength in recent years, refresh its brand positioning, and hope to create the second growth of Semir leisure business.
Semir has broadened the crowd and categories, from the past “owning fashion clothes at low prices” as the brand value; the positioning of youth casual fashion clothing brands centered on the personalized clothing needs of 16-24 years old has changed to “quality in”Daily” is the value consensus of the brand. The mass daily lifestyle brand centered on the 18-35-year-old quality improvement of life.
As a result, Semir has invested more in products, research and development, design innovation, etc. In the short term, the cost end is expected to improve, but it is beneficial to the future development of the Semir brand.
3) Build seed stores, increase brand marketing and enhance brand image.
The company establishes an ideal store model through seed stores, strengthens the sense of life scene of the store, and enhances the image of the store; at the same time, the company co-brands with the well-known IP to promote brand promotion.Engineering Achievements Exhibition.
In addition, the company continued to advance in brand marketing, participating in the Milan Fashion Week and simultaneously releasing the Shuangchengji series.
Children’s clothing business continues to grow rapidly, leading advantages continue to increase and consolidate 1) The company’s children’s clothing (excluding KIDILIZ) business maintained rapid growth in the first three quarters of 19, which is expected to be around 20%, a faster growth rate compared with other comparable listed companies in the industry.Advantages were further consolidated.
2) The company’s children’s clothing brand has been further optimized, and each brand has been developed through differentiation to meet the different needs of the market. The report reports that the company’s children’s clothing business continues to carry out brand promotion and publicity.
Barabara, Makale, and The Children’s Place participated in the China Maternal and Child Show; the Barabara brand appeared at China International Children’s Fashion Week to further enhance the brand image and visibility.
The KIDILIZ Group focuses on high-end market segments and is still in the incubation period.
1) In the high-end market segment, the company creates an omni-channel retail business portfolio based on the KIDILIZ Group under the CATIMINI brand and the ABSORBA brand.
As the brand is still in the incubation period and is currently improving, it is expected to exceed 50 million yuan by 19Q3, and the expansion scale is expected to be more than 200 million US dollars, which is expected to improve in the future.
2) Semir and KIDILIZ cooperate in research and development, supply chain and other aspects: In terms of research and development, Semir Group has established a research and development center in France to transfer European fashion and technology to the domestic market; in terms of supply chain, Shuangfa can cooperate and cooperate. France hasInternational procurement center, most of the products are produced in Southeast Asia, with the resource advantages of Southeast Asia’s supply chain, Semir will also benefit in the process of procurement; In addition, Barabara’s domestic supply chain resources can also be shared with KIDILIZ, which is beneficial to the long-term futuredevelopment of.
The gross profit margin increased, and the net profit margin decreased slightly.
Gross profit margin: In the first three quarters of 19, the company achieved a gross profit margin of 44.37% (+5.
The Q3 single quarter gross margin was 43.
The company’s gross profit margin has increased significantly. We believe that the final result is the consolidation of the KIDILIZ Group, which has a higher gross profit margin.
Expense ratio: The company’s expense ratio increased significantly in the first three quarters of 19, among which the sales / management + R & D / financial expense ratio were 22 respectively.
82 points), 5.
86 points), -0.
The increase in the company’s sales expense ratio was mainly due to the increase in sales employees’ salaries, leasing fees and advertising expenses as business grew, and the merger of the KIDILIZ Group.
The increase in management expense rate was due to an increase in the budget for attracting outstanding talents, an increase in R & D supplementation and the merger of the KIDILIZ Group.
In terms of quarters, the sales / management + R & D / financial expense ratios of the companies in 19Q3 were 20 respectively.
Asset impairment loss: In the first three quarters of 19, the company’s asset impairment loss was 3.
9.7 billion (+32.
53%), we believe that it is mainly due to the increase in inventory accrual after the scale of inventory has increased; meanwhile, the consolidation of French KIDILIZ also has a certain impact on the project.
Net profit margin: As the increase in gross profit margin does not resist the increase in expense ratio, the company’s net profit margin has decreased.
In the first three quarters of 19, net profit attributable to mothers was achieved9.
Among them, the net interest rate attributable to the mother in 19Q3 was 11.
In 19Q3, the company’s inventory and net operating cash flow improved significantly, and the quality of operations improved significantly: the company’s inventory in the first three quarters of 19 was 52.
900,000 yuan (+27.
03%), an increase of about 19 in the initial period.
76%, mainly due to the company’s third quarter stocking and merger of KIDILIZ Group.
We estimate that the KIDILIZ Group’s inventory scale is 8-9 trillion, excluding the impact of consolidation factors. It is expected that the stock scale of the Senma headquarters is about 45 trillion, an increase of 8%, which is lower than the revenue growth rate.
From the perspective of the increase in inventory in the single quarter of 19Q3, 19Q3 reduced at least 28% from 18Q3, and the inventory improved significantly.
Accounts receivable: The company’s account receivables in the first three quarters of 19 were 22.
810,000 yuan (+44.36%), there is a significant increase, an increase of about 16 at the beginning of 19 years.
We believe that it is mainly due to the merger of the KIDILIZ Group, which is expected to account for about 20% of the account receivables.
Excluding the receivables of K Group, the receivables of the company’s headquarters increased by 15.
Net operating cash flow for the first three quarters of 19 companies.
88 ppm, an improvement over 19H1; 19Q3 single quarter was 1.
3 billion (+246.
23%), the company’s cash flow improved significantly, mainly due to the company’s sales of goods, services provided by the cash received increased by 29%, at the same time due to the increase in bank deposit income and KIDILIZ consolidation by the company received cash from other operating activities by 49%.
Maintain “Buy” rating and slightly lower earnings forecast.
Taking into account the company’s lower-than-expected 19Q3 and the impact of changes brought about by KIDILIZ’s consolidation, we slightly lower our profit forecast.
It is estimated that the company’s net profit attributable to the parent in 2019-2021 will be 18.
35 ppm, an increase of 10 in ten years.
09%; EPS is expected to be 0 in 19-21.
90 yuan (Original price 0.
96 yuan), the corresponding PE is 16.
Risk warning: KIDILIZ may drag down the company’s business, significantly increase the inventory and asset impairment, and weaken consumption.
Zheng Yanpan: GEM earthquake still replaces technology stocks
Source: Daily Economic News Every time Zheng Buchun, a reporter, on Tuesday, A shares fell, but eventually rose stubbornly.At the close, the Shanghai Composite Index fell slightly.60% to 3013.At 05 o’clock, the Shenzhen Composite Index rose 0.51% to 1943.At 17 o’clock, the small and medium-sized companies rose, and the small and medium-sized board KLCI rose 0.86%, the ChiNext Composite Index rose 0.72%. Overnight, European and American stocks fell terribly. The Dow actually fell by more than a thousand points, down as much as 3.56%, the price of gold and US debt rose sharply, showing that the panic related to the epidemic was related.In this case, the A-shares habitually opened low, but eventually completely withstood the pressure. Personally, I feel that the A-shares cannot be compensated because the liquidity is redundant; the reorganization is because the external disk sales are actually “virtual.” As you know, the South Korean stock market fell 3 on Monday.57%, closing at 14:00 Beijing time. The mainstream A-share institutions or experienced large households actually knew all the bearishness. As for the subsequent European stock market killings and the evening US stock market killings, they actually reflected the same kind of bearishness.In other words, the negative situation of the epidemic has already been reflected, and at best we can only say that the negative situation has not been fully digested. Judging by the situation of Korean stocks on Tuesday, things are even more obvious. Korean stocks opened much lower on Tuesday, and closed higher.In addition, Hong Kong stocks are almost the same.The epidemic data of surrounding countries or regions is indeed not good, but as long as the newly released data on Tuesday morning does not further intensify and some additional cases are growing rapidly, then it can be regarded as “lucky luck.”Judging from the situation in South Korea or other countries and regions, it may be due to the fact that, with a large number of cases, the growth rate has improved. The GEM, which has always been strong in the previous period, made some mistakes on Tuesday, but it was not a “flash waist.”On Tuesday, the major high-tech stocks on the GEM had a large drop in the market, but there were still many daily limits at the close. Basically, there were no significant declines in the varieties at the close. For example, Jingfang Technology, Shanghai Xinyang, Forming Technology, Zhongkechuang.Tak, Chengmai Technology, etc. Recently, the purchase amount of science and technology funds is huge. The huge amount of funds does not give too many opportunities to the short-sellers. The market seems to only be able to tolerate the adjustment of certain types of technology stocks for a day.Today, most of the related types of lithium batteries and new energy vehicles on Monday were reduced. Such stocks were yanked first on Tuesday because of “one day’s gain,” including the Ningde era, the first heavyweight of GEM.When the weighted stocks move, the GEM index is generally more obvious. The boots caused more technology stocks to follow suit, and eventually the bulls took the upper hand, which eventually caused the 4th index that fell 4% to eventually become popular. After-hours data showed that Beijing’s net capital 北京夜网 reached US $ 4.8 billion, an improvement over previous levels.Foreign countries have a hierarchical perspective, and usually the strength of long A shares will decline when US stocks decline.Obviously, the main driving force in the current market is not foreign, and our huge private funds (mainly flow into the stock market through funds or wealth management). Many investors have a trillion-dollar transaction volume for a long time, and it is easy to form a tragedy like “5.30”, but personally think that this worry is likely to be unnecessary.First of all, the management level does not have the mentality of wishing to adjust the stock market at the time of “5 · 30” (this is quite important); secondly, in addition to technology stocks, the current low-value stocks are reduced, and the performance of poor stocks continues to increase.At 30 “, the ascension of chickens and dogs is completely different. In addition, at present, super white horses such as banks, real estate, and large consumption are disgraced. Once technology or stocks change, these heavy stocks can hedge stock indexes with a little movement, which will definitely cause panicEmotions are extremely difficult to sustain. Personally, I think A shares will rise after the shock. In terms of operation, investors are advised to still hold or increase the number of technology stocks. They should be able to follow the mainstream hot spots and not have to worry too much about overshooting.Considering the relatively low relative position of high-performance blue chips recently, investors are advised to consider some allocations so that the market value of total positions will not fluctuate too much. Any wave of market will fall sooner or later, or it will turn around, but usually occurs when the loose margin of liquidity weakens or the policy implies short selling, and turning around for no reason rarely occurs.Judging from the current actual situation, I feel that the broader market has turned around again, and the high probability will only occur after the “outbreak crisis has generally resisted”.
Bank of Shanghai (601229): Widening interest margins, bad declines, slight ROE pick-ups, showing increasing profitability
Event: Bank of Shanghai disclosed its semi-annual report for 2019.
1H19 achieved operating income of 25.2 billion yuan, a year-on-year increase of 27.
3%; net profit attributable to mothers was 1.07 million yuan, a year-on-year increase of 14.
3%, in line with our expectations.
In the second quarter of 19, the NPL ratio decreased by 1bp to 1 quarter-on-quarter.
18%, provision coverage ratio increased by 5 quarter-on-quarter.
3 up to 334.
Revenue, PPOP growth was strong, and ROE continued to pick up, highlighting the core trend of increasing profitability.
In 1H19, the operating income and profit before provision (PPOP) of Shanghai Bank increased by 27 respectively.
6%, compared with 1Q19, but it is not hurt, it is expected to be in a faster growth rate among listed banks.
Judging from the breakdown of performance drivers, the increase in net interest income from non-interest income and non-interest income has contributed significantly to the increase in performance. Considering the impact of the switch of IFRS9 by Bank of Shanghai in 19, it is actually not comparable.
However, we can see that 1Q19 and 1H19 net fee income has achieved continuous positive growth, which no longer drags down performance.
More importantly, from the point of view of the reorganization to the ROE, which is the core indicator of bank profitability, the average ROE of the Bank of Shanghai in 1Q19 and 1H19 has continued to increase in 18 years, fully demonstrating the continued improvement of core profitability.
The inter-industrial debt easing pattern eases the pressure on the cost of the coefficient, and the interest rate spread shows a positive trend of the same quarter.
1H19 Shanghai Bank’s net interest margin widened by 14bps to 1 per second.
69%. At the same time, we estimate that the net interest margin of the single quarter in 2Q19 will increase by 5bps to 1.
From the perspective of the two major factors of volume and price: 1) From a high-level perspective, the 1H19 loan yield has increased significantly by 30bps, thereby driving the interest-earning asset yield to increase by 11bps to 4.
However, compared with the half-yearly ratio in the second half of 2018, the wide currency and wide credit environment caused a decline in the interest rate of interest-generating asset returns in 1H19, and the loose substitution of resistance-side interbank interest rates formed an effective hedging: 1H19 interbank liabilities, should respond to the bond cost ratio2H18 decreased significantly by 17bps and 42bps, respectively, helping the cost of interest payment resistance continue to fall to 2.
The cost of deposits is in line with our long-standing judgment. In the short term, the cost of deposits tends to be difficult to rise. Since the second half of 2017, the cost of deposits has continued to rise, and 1H19 is 11bps higher than 2H18.
2) From a structural perspective, credit growth has slowed, debt-side deposits have grown faster, and interbank debt has been increased.
The short-term growth rate of 1H19 loans was 23 in 1Q19.
5% fell to 18.
6%, the extended loan growth rate since 1Q18 fell for the first time to less than 20%.
We believe that the long-term is related to the high base effect of last year’s loan growth (1H18 loan extension growth 29.
9%); and, since 18 years of bad risks on the retail side, such as consumer credit, may be exposed, the initiative to moderately reduce credit placement is also a reflection of the prudent risk control of the Bank of Shanghai.
It is not difficult to find that the personal consumption loans of the Bank of Shanghai maintained a doubling in 17-18, while the vertical growth rate in 1H19 stood out to 41%, and it only increased by 3 at the end of 18 years earlier.
In contrast, the annual growth rate of personal housing mortgage loans hit a new high of 18 in 17 years.
From the debt side, the growth rate of deposits has further increased to 15.
6%, its proportion still remains above 57%.
It is worth noting that, in the context of loose liquidity in the interbank market in 19 years, Bank of Shanghai grasped the market window to increase the allocation of interbank resistance. In 1H19, the increase in interbank resistance accounted for 50% of the increase in total liabilities.
We believe that under the pattern of “asset tightening-debt loosening”, a market-oriented debt structure with a relatively high debt structure is more favorable to Shanghai Banks’ interest margin.
The quality of assets remained stable, and the level of provisions hit a new high since listing.
1) NPL ratio remains low: In 2Q19, Bank of Shanghai’s NPL ratio decreased by 1bp to 1 from the previous month.
At 18%, we estimate that the 1H19 plus write-off write-off bad production rate dropped 5bps to 98bps month-on-month. The write-off in the first half of the year was mainly concentrated in the first quarter.
2) NPLs in the first half of the year are mainly concentrated on the retail side: Specifically, the 1H19 NPL ratio on public debt decreased by 2bps from the end of 18 years, and the consumer loan and personal business loan NPL ratios increased significantly.The personal consumption loan non-performing ratio still remained below 1%.
3) The NPL indicator has improved: 1H19 concerns that the loan ratio is unchanged from 1 at the end of 18 years.
86%, while the overdue loan rate dropped 8bps to 1.
Overdue loans increased slightly compared to the end of 18% 4.
1%, but within 90 days overdue, the proportion of total loans fell significantly, from 0 at the end of 18 years.
78% dropped to zero.
4) Continue to strictly identify non-performing, and once again strengthen the provision basis: 1H19 “more than 90 days overdue / non-performing loans” from 79 at the end of 18 years.
0% increased to 92.
4%, still below 100%.
At the same time, provision coverage increased by 5 from the previous quarter.
3 up to 334.
14%, the highest level since listing.
It can be seen that the Bank of Shanghai’s stable improvement in the quality of public debt assets, coupled with the moderate control of the current concentration of consumer loans and the growth of operating loans, its prudent operating style and the credit layout of the developed economic circle will provide effective and effective asset qualityProtection.
Investment suggestion: In the short term, under the current loose environment of the industry, the interest rate differential of Shanghai Bank will continue to benefit from the relatively high resistance structure of market-oriented liabilities, thereby driving the revenue side to continue to maintain rapid growth.
In fact, the early stage of adverse risks has been gradually eliminated, and the active pressure control of consumer loan placements has demonstrated a prudent style and asset quality has become more stable.
In the long run, the Bank of Shanghai enjoys innate regional advantages and a well-developed regional resource layout. This is a solid foundation for achieving continued growth in the future, and the core trend of continued recovery of ROE cannot be ignored.
The current Bank of Shanghai only corresponds to 0 in 19 years.
77 times PB, the net profit attributable to mothers is expected to increase by 17-20 in 2019-2021.
5% and 18% (maintaining the original forecast), maintain Buy rating and long-term portfolio.
Risk Warning: The severe economic downturn has caused bad risks for the industry.
Yuntianhua (600096): 1H19 performance is in line with notice
1H2019 results in line with the forecast Yuntianhua announced 1H2019 results: revenue of 28.4 billion US dollars, a long-term growth of 22.
6%, net profit attributable to mother 1.
27 ppm, an annual increase of 92%, corresponding to a profit of 0.
09 yuan, in line with performance forecast.
In 1H19, non-net profit was 45.19 million yuan, an increase of 43.28 million yuan a year.
The growth of the company’s revenue was mainly due to the increase in trading business revenue. Revenue from 1H19 commodity grains and commercial fertilizers increased by 35% / 89% to 97% annually.
1H19 company’s gross profit increased by 0 in ten years.
69 ppm, due to the increase in period expenses, the company’s operating profit and net profit before tax decreased by 0.
28 trillion, but hypertension and minority shareholders’ profits and losses fell, and net profit attributable to mothers increased by 0.
1H19 company’s gross profit margin fell 2.
4pct to 11.
8%, mainly due to the increase in the proportion of low-margin trading business income.
Development trend The increase in sales volume has led to the growth of 杭州桑拿网 phosphate fertilizer revenue, and the gross profit margin has increased significantly.
1H19’s sales of diammonium phosphate and monoammonium phosphate were 157/58 per year, which increased by 3 per year.
8% / 12.
2%, the price fell by 0.
5% / 3.
5% to 2,446 / 2,149 yuan / ton, the increase in sales led to a 10-year increase in revenue3.
2% / 8.
3% to 38.
The prices of beneficiary raw materials fell, and the gross margins of diammonium phosphate and monoammonium phosphate increased.
07pct to 31.
1% / 29.
The profit limit of excess compound fertilizer supply, urea profit remained stable.
Due to the tightening demand for compound fertilizers, sales of compound fertilizers in 1H19 decreased by 5 year-on-year.
With a target of 5% to 77%, the price rose by 8.
2% to 2,285 yuan / ton, driving revenue to grow by 2 per year.
2% to 17.
53 ppm; due to fierce market competition and tighter demand, the gross profit margin of compound fertilizers decreased by 3%.
73pct to 13.1%.
1H19 urea income increased by 5 per year.
8% to 1.5 billion US dollars, of which sales and average price increase by 3 each year.
6% / 2%, gross margin of 39.
6% remained basically stable.
The increase in sales of phosphate ore led to the growth of revenue, and the decline in both volume and price of polyacetal led to a decline in revenue and profit.
1H19’s phosphate rock production and sales were 632/155 tons, an increase of 18% / 52% year-on-year.
5% to 3.
Affected by the decline in downstream demand for polyoxymethylene, sales and prices of polyoxymethylene in 1H19 dropped by 17 respectively.
5% / 13.
9%, resulting in a 29% year-on-year drop in revenue to 4.
73 ppm, gross margin temporarily reduced6.
64pct to 32.
Earnings forecasts and projections maintain 2019/20 net profit forecasts2.
650,000 yuan, the company currently corresponds to the 2019/20 P / E ratio of 30 / 21x.
Maintain target price of 6.
8 yuan, corresponding to 25% growth space and 37 in 2019/20.
6x price-earnings ratio, maintain neutral rating.
The price of risky fertilizers rose sharply.
Top Group (601689): Starting a new stage of growth
The decline in the third quarter narrowed, and Top Group achieved revenue in the first three 重庆耍耍网 quarters.
RMB 660,000, down 15 previously.
Among them, Q3 revenue was 13.
28 ppm, a decrease of 3 per year.
90%, an increase of 11.
30%, which is 25% higher than the upper limit of the second quarter, and the decline has narrowed significantly.
The net profit attributable to the parent company was 3 in the first three quarters.
400 million, exceeding 45% of the real interest rate.
One in the third quarter.
3 billion, 30% in the previous decade, an increase of 30% from the previous quarter.
A year ago, gross margins and net profit margins dropped by one each.
55 and 3.
Five are single, the industry’s prosperity is down, and the increase in depreciation is preliminary.
The rebound in sales of major customers led to the cumulative improvement in production capacity in the third quarter. The improvement in the third quarter was mainly due to the improvement in downstream customer demand.
The company’s main customer Geely / SAIC-GM’s output in the third quarter increased by 9 sequentially.
3% / 3.
At 8%, SAIC Auto and Changan Ford crops also improved month-on-month, driving the company’s production capacity to recover and the gross profit margin to increase by 0% in the second quarter.
6 up to 26.
4%, net profit margin also increased by 1 from the previous quarter.
4 up to 9.
We expect that through the further improvement of sales volume of major customers in the fourth quarter, the company’s profitability will continue to rebound, and the growth rate of net profit will promote normalization.
The company continued to reduce costs and increase efficiency in the face of adversity. In the third quarter, the total sales + management + research and development expenses accounted for 14 of the total revenue.
76%, a decrease of 0 from the second quarter.
The company has good cash flow and a net inflow of operating activities2.
Inventories fall by 12 every year.
9% to 11.
Lightweight and automotive electronics business ushers in potential for development Tesla’s Shanghai plant is faster than expected. Trial production will begin in October, and production of nearly 20,000 vehicles will be completed by the end of the year.
As production capacity gradually climbs, production will reach 150,000 units in 2020 and is expected to exceed 250,000 units in 2021.
The total amount of bicycles supplied by Top for Tesla exceeds 5,000 yuan. It is expected that the Model 3 models will bring 9,300 and 1 to the company in the next two years.
The net profit increase of 8 million accounts for approximately 12% and 24% of the company’s 2018 net profit.
In the field of automotive electronics EVP and IBS, the company’s forward-looking layout puts it in a leading position among domestic manufacturers, and it is expected to break through the technological monopoly of foreign giants and achieve domestic substitution.
The company’s lightweight chassis and automotive electronics business are in line with the industry’s upgrading trend and will inject momentum into the company’s new round of development.
Estimates and investment recommendations We expect the company’s net profit for 2019/2020/2021 to be 5.13/7.
690,000 yuan, corresponding to 0 EPS.
92 yuan, although the performance in 2019 is under pressure, the company’s performance will usher in an inflection point under the acceleration of Tesla’s localization, and we are optimistic about the company’s lightweight business and the development prospects of automotive electronics.39/28/21 times PE estimate for 2020/2021, maintaining “overweight” rating.
(Current price as of December 19) Risk new business progress progress gradually expected product price decline raw material growth
The first batch of QDIIs who have been scolded for 12 years: Huaxia South’s net worth is still a loss on 1 Jiashi investment
After being scolded for 12 years, the first batch of QDII funds finally has two sources of net worth. Although the past 12 years have passed in Kilmos, the glory of the first batch of QDII funds is still vivid. On September 12, 2007, Southern Global Select was issued and became the first domestic stock QDII fund.The issue was far more popular than expected. In one day, the scale of fundraising was close to 50 billion yuan, far exceeding the predetermined limit of 15 billion US dollars.Selected for a placement of about 62%, it was formally established at a scale of 30 billion yuan. Since then, the issuance of several QDII funds has continued the issuance of the global selection of the South, Huaxia Global Selection, Castrol Overseas China, and Shanghai Investment Morgan Asia Pacific Advantage. The three QDII funds have begun to raise funds in the following month, all in the initial launch.The amount of funds raised on the day exceeded the predetermined amount, and the amount of funds raised on the first day continued to rise, reaching 60 billion, 70 billion, and 110 billion, respectively.The superiority of Shanghai Ventures Morgan Asia Pacific is sought after by hundreds of billions of funds, bringing the enthusiasm of QDII fund issuance. However, 杭州桑拿网 after the arrival of the financial crisis in 2008, Southern Global Select, Huaxia Global Select, Castrol Overseas China, and Shanghai Investment Bank Morgan ‘s Asia-Pacific Advantage four QDII funds collapsed across the board, and their net worth fell below the face value of 1 yuan. Today, for 12 yearsTime passed, there were 2 of them, Southern Global Select, and Huaxia Global Select ‘s net worth returned to more than 1. As of December 13, Southern Global Select Units had a net worth of 1.0480, the return rate since the establishment of 4.80%; Huaxia Global Equity Unit Net Worth 1.0540, the return rate since the establishment of 5.40%. On the investment mix of Morgan’s Asia-Pacific advantages, Castrol Overseas Chinese stocks are still below 1, so far this year, until December 13, the two funds rose by 22.22%, 16.64%. In terms of the role of fund managers, the four QDII funds have experienced multiple changes since the establishment of their respective fund managers. Huang Liang, selected by Southern Global, and Zhang Jun, who has invested in Morgan ‘s Asia-Pacific advantage, have managed for more than 10 years. Huang Liang and Zhang Jun are the two fund managers in Southern Fund and Shanghai Investment Morgan Fund. They are responsible for the main investment of their respective QDII funds. They have relatively rich overseas investment experience. Although Southern Global Select and Huaxia Global Select ‘s net value returned to more than 1, customers who bought during the solicitation period took 12 years to return to their original costs. The suffering and distress in this are not one or two words. I do n’t know when to invest in Morgan ‘s Asia-Pacific advantage mix, when will Castrol Overseas Chinese stocks return to net worth 1
Shenghe Resources (600392) increased revenue and gross profit was restrained by product prices
Event: The company achieved operating income 62.27 ppm, an increase of 1深圳桑拿网9 years.67%; net profit attributable to shareholders of listed companies2.86 ppm, a decrease of 14 per year.89%. Investment points: Rare earth prices fluctuate, and corporate gross profit is contained: Rare earth metals and rare earth oxides account for 48% of main business income.18%, 20.92%, gross margin decreased by 18.73%, 15.36%.At the beginning of 2018, market demand increased and prices rose. Later, due to the impact of Sino-US trade frictions and new standards for electric bicycles, terminal demand shrank, and prices fell.Rising raw material prices and boots that raise production costs lower product gross margins, and corporate profits are contained. Technology upgrades and production lines continue to increase: In 2018, the company produced 8,928 tons of rare earth metals and sold 8,428 tons. The operating income of this part was 3 billion yuan, an increase of 26.49%.Chenguang Rare Earth invested in the construction of the “12,000 tons of rare earth metals and alloys intelligent technology engineering reform project”. This project is based on the original 8,000 tons of rare earth metal production facilities, with an annual output of 4,000 tons.Production capacity of tons of rare earth metals and alloys. The industrial chain is divided and extended, and the domestic and foreign development is common: At present, the company has fully integrated the post-investment management of the Mountain Pass mine; it is expected to increase the power in the crown; the Thai Xinyuan rare equity acquisition agreement is signed.Fully complement the company’s shortcomings and improve production capacity. Profit forecast and investment advice: Considering that the company is operating well and the scale of operations is expanding year by year, we expect the net profit attributable to the mother to be 3 in 19-21.68, 4.83, 6.0.5 billion; EPS are 0.22, 0.29, 0.36 yuan; corresponding closing price of 12.The 19 yuan PE is 55.08, 41.91, 33.47 times, maintaining the overweight rating. Risk factors: Rare earth prices fluctuate more than expected; insufficient demand in downstream industries; industry policy adjustments; rising mining costs.
Photovoltaic glass will maintain high business climate
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!
Original title: Photovoltaic glass will maintain a high degree of prosperity and expand the company’s equipment competitive advantage⊙Reporter Teng Fei ○ Editor Qiujiang Photovoltaic glass with high value-added attributes will be a “heterogeneous” of the entire photovoltaic industry chain in 2019, and the overall price will rise by 20%.
At 83%, the supply of products was on a tight scale.
After entering 2020, the industry giants expand and upgrade, and the agency expects that photovoltaic glass will still maintain a high degree of prosperity.
Photovoltaic glass is used as the upstream raw material for photovoltaic modules. Its strength and light transmittance directly determine the life and power generation efficiency of photovoltaic modules. It is an essential material for the production of crystalline silicon photovoltaic modules.
With the rise of dual glass modules in the future, the performance requirements for photovoltaic glass will be even higher.
According to the Dongxing Securities Research Report, as of the end of 2019, Hong Kong-listed company Xinyi Solar Energy and A-share company Follett have about 50% of the photovoltaic glass production capacity.
Follett expects to achieve a net profit attributable to shareholders of listed companies of 6 in 2019.
8 billion to 7.
3 billion, an increase of 67 per year.
08% to 79.
The company said that the main product of photovoltaic glass benefited from the company’s capacity expansion and the recovery of demand in the photovoltaic industry, and sales and sales prices both increased.
The rapid production capacity of Follett has obvious comprehensive advantages.
At the end of 2019, the company’s photovoltaic glass production capacity reached 5,290 tons / day, making it the second largest photovoltaic glass manufacturer in the world.
The two 1,000-ton / day photovoltaic glass production lines of the company’s Vietnam project are expected to be put into operation in June and September 2020, respectively, and the 1,200-ton / day project of the fourth and fifth phases of the Anhui Fengyang project is expected to start in 2021.
It is expected that the company’s production capacity will reach 7,290 tons per day by the end of 2020 and 9690 tons per day by the end of 2021.
The company’s customer list is full of leading companies in photovoltaic modules, such as Jinko Energy, Hanwha Group, Sunpower, Showa Shell Petroleum, etc.
The company also confidently stated on the interactive platform: “At present, the component manufacturers with global scale and technology leadership are basically our customers.
“In other industries in the industry chain, photovoltaic glass is an asset-heavy industry, with production lines plugged in, and it is capital-intensive and has certain technical barriers.
According to the executives of a certain photovoltaic glass manufacturing company: “When a component manufacturer selects photovoltaic glass, the first inspection index is the stability of performance.
Basically, photovoltaic glass must be equipped with modules to obtain technical certification before it can be sold. This process is like a pharmaceutical company applying for GMP certification, which takes a long time and costs a lot.
Therefore, once a photovoltaic glass company successfully enters the list of qualified suppliers of large-scale photovoltaic modules, its customers are extremely sticky.
“The two new photovoltaic glass deep-processing intelligent production lines newly built by AVIC 武汉夜网论坛 Sanxin in Bengbu are standard demonstration production lines with high levels of internal intelligence and reduced unit products in the regional industry. They participated in the formulation of five national and industry standards.”
Benefiting from the increase in the production and sales of photovoltaic glass after the ignition of Sanxin Solar Line 2 has been put into operation, the company expects to achieve a net profit of 40 million to 55 million yuan in 2019, which will increase by 22%.
52% to 68.
As the earliest domestic manufacturer of ultra-white glass production and the pioneer of China’s ultra-white glass products, the continuous development of Jinjing (Jin Qilin analyst) technology has also increased its layout on photovoltaic glass.
The company stated in its semi-annual report for 2019 that it has established a business relationship with domestic thin-film solar cell manufacturers, and has passed the sample delivery test phase of products such as white glass and ultra-white, and will then cooperate with its new product development progress to achieve batch supply.
In August 2019, the company threw a fixed increase plan. One of the fundraising projects was the Malaysian photovoltaic backplane and front plate glass production line project.
Taiji shares (002368): the third upgrade transformation is gradually entering the good environment Xinchuang
Investment points The third business upgrade has been gradually realized, and traditional integrators have become increasingly reborn: Tai Chi is an overall construction unit of major information systems in key areas of the country and many important industries.
Against the background of new technology development, the company started its third business transformation with “data-driven, cloud-led future, and cyber security world” as its core strategic guidance.
Since 2016, the company’s comprehensive gross profit margin has increased from 19.
6% excellence improvement 4.
3pct to 23.
9%; R & D expenditure growth rate (maintained above 20%) far exceeded revenue growth while profits still increased; excluding the impact of system integration business, the company’s R & D expenditure accounted for 14% in 2018, which is close to that of software product companiesR & D ratio; In the semi-annual report for 2019, the company’s traditional system integration business accounted for 73% of revenue in 2016.
59% fell to less than 50%.
Integration of the company’s layout of cloud services, network security and letter creation, smart services and other business development is gradually improving, and several financial indicators indicate that the company is gradually expanding the role of traditional integrators.
System layout Xinchuang software industry chain, the value remains to be understood: Taiji is the overall unit of China Electronics Technology’s Xinchuang industry. In addition to the integrated business, the database (NPC Jincang) and middleware (Kingdee) are systematically distributed from the basic layer to the application layer)), OA (Smart Point Technology), plus Puhua Software (operating system) controlled by the sub-group, to achieve 武汉夜生活网 a complete layout of the three basic software.
People’s Congress Jincang and Kingdee Tianyan are leading technologies and products in their respective fields, and their market share is expected to reach 30% and 15% respectively.
Huidian Technology has a coverage of more than 50% in the state-owned enterprise market, and has nearly one hundred Chinese top 100 corporate customers.
Reference to the respective benchmark listed companies can bring room for revaluation.
The traditional integration business has ushered in the spring breeze of letter creation, which has driven the growth of performance: For the new IT ecosystem, various software and hardware products are still in the running-in phase. The complexity and specialization of technology push integrators to be at the core of ecological builders.Absolutely controls the pricing power of upstream products, and the 四川耍耍网 profitability will far exceed the realities of a mature IT ecosystem. The net interest rate is expected to reach more than 5%, and it will also be concentrated in large integrators.
As a system integration central enterprise, Taiji has complete qualifications and leading technologies, rich experience in government affairs projects, and business resources. It is expected to have a market share of more than 10% in Xinchuang integration.
After the industry application is rolled out in the future, the internal basic information technology innovation market can reach more than one trillion yuan. This year, the party and government tenders will be the first to be launched soon.
Earnings forecast and investment grade: The net profit for 2019-2021 is raised to 3 respectively.
34 trillion, the corresponding EPS is 0.
50 yuan, the current price corresponds to 46/25/17 times PE.
The company is budgeting for the traditional integrator role, and segment estimates are more reasonable.
We expect the net profit of the integrated business to be about 3 in 2020.
3.4 billion, giving a market value of 10 billion; cloud services, network security and smart services (excluding Huidian Technology) total net profit of about 2.
24 trillion, giving a market value of 112 trillion; NPC Jincang, Kingdee Tianyan consolidated net profit of about 0.
8.7 billion, giving a market value of 6.1 billion; Huidian Technology’s net profit is zero.
45 ‰, giving a market value of 30 ‰, a total market value of 300 ‰, corresponding to a target price of 72.
This year’s Xinchuang market will usher in heavy volume. We are optimistic about Taiji’s development prospects as an overall unit of China Electronics Technology and Innovation Industry. The company’s value needs to be re-evaluated and we maintain a “Buy” rating.
Risk warning: the advancement of basic information technology innovation has not met expectations; the market share in various segments has fallen short of expectations; the development of information security and smart service businesses has encountered obstacles.