Month: March 2020

Guotai Junan (601211): Significant improvement in performance driven by growth in investment business and reversal of asset impairment

Guotai Junan (601211): Significant improvement in performance driven by growth in investment business and reversal of asset impairment

The 1Q19 results were in line with expectations. Guotai Junan announced the 1Q19 results: operating income.

杭州夜网论坛 Billion, a ten-year increase of 7.

2%; net profit attributable to mother 30.

100 million, an annual increase of 33% (excluding the 18-year transfer of Guolian’an equity gains, an annual increase of 69%).

The average ROE during the reporting period +0.

5ppt to 2.


In addition, total assets increased by 13 compared with the beginning of the year.

8% to 49.69 million yuan, the net assets attributable to mothers increased earlier3.

2% to 1,274 trillion, own leverage +0.

15x to 3.

15 times.

Development Trends Significant growth in investment business and significant writeback of asset impairment are the main reasons for the improvement in performance; however, as the brokerage business improves with the market, asset management and investment banks are still down.

Investment income increased by 15% per annum / 7.

2 times to 23.

US $ 300 million, excluding the income from the transfer of Guolian Security during the same period of the year, an actual annual increase of 72%; the annualized return on investment of corresponding financial assets is 6.


In addition, the size of financial assets increased by 9 compared with the beginning of the year.

5%, or mainly due to the increase in the size and value of equity.

Brokerage income increased by 10% per year / 74% from the previous quarter to 15.

300 million (vs.

The market transaction volume has increased by 21% per year / 70% from the previous quarter.) It can be seen that the commission rate and market share show a trend of marginal stabilization.

Net interest income was basically flat at 14.

500 million (money-on-month or mainly due to the change in the accounting confirmation of interest income at the end of last year).

Among them: 1) Interest rate income decreased by 9% to 29.

800 million, of which the parent company represented by Liangrong raised funds for two years -29% / mom + 25% to 51.9 billion

6%), repurchase financial assets represented by stock quality for ten years -53% / money chain-21% to 48.3 billion US dollars.

2) Interest rate expenditure is reduced by 16% to 15 per year.

300 million, the cost of capital fell significantly.

In addition, the stock market picked up in 1Q19 and the combined company prudently accrued the two financial and stock impairments for 18 years. The current impairment was reversed by 3.

700 million, accounting for the total profit?

Investment banks and asset management continued to be under pressure.

Investment bank income is -15% per annum / -34% to 3%.

800 million, the stock and bond underwriting market share was 3 respectively.

1% / 2.

9%; asset management revenue was previously -21% / QoQ-3% to 3.
300 million.

The profit forecast remains unchanged at 101 trillion / 110 trillion in 2019 / 20e.
Estimates 上海夜网论坛and recommendations Guotai Junan-A / H meets 1/19.


0x P / B.

Maintain A-share recommended rating and target price of 24.

4 yuan, corresponding to 1 in 19 years.

6x P / B and 26% upside; maintain H-share neutral rating but lower target price by 12% to 19.

1 Hong Kong dollar, mainly considering the completion of the H share placement and its issue price on the estimated hub, corresponding to 19 years 1.

1x P / B and 15% space.

Risk stock market activity decreased; stock and bond markets increased significantly; market reform progress exceeded expectations.

Yunnan Baiyao (000538): New Board Announcement List Announces Amendment to Articles of Association Reveals Internationalization

Yunnan Baiyao (000538): New Board Announcement List Announces Amendment to Articles of Association Reveals Internationalization

The event elected candidates for the ninth session of the board of directors and amended the articles of association. On the evening of August 5, the company issued an announcement of the resolutions of the fourth meeting of the eighth board of directors. The meeting passed the resolution: 1) “Proposal on Amending the Articles of Association” and agreed to submit to shareholdersThe General Assembly; 2) “Election of Non-Independent Director Candidates for the Election of the Ninth Board of Directors”, agreed to submit to the shareholders’ general meeting for resolutions; 3) “On the Voting of the Independent Director Candidates for the Ninth Board of Directors’ general elections,” agreed to be submitted to the shareholders’ general meetingAchieved; 4) “Practice on Requesting to Join the Second Extraordinary General Meeting of Shareholders in 2019”.

A brief comment on the reasonable composition of the new board of directors, and the nomination candidates for the ninth board of directors of the company ‘s long-term healthy development baseline are: 1) Non-independent directors: Chen Fashu, Chen Yihui, Wang Rong, Na Pengjie, Li Shuangyou, Wang Minghui, Yang Changhong; 2)Independent directors: Yin Xiaobing, Dai Yang, Zhang Yongliang.

We believe that according to the background of the candidate, the non-independent directors of the board of directors are composed of 2 Xinhuadu, 2 from SASAC of Yunnan Province, 2 from Yunnan Baiyao, and 1 from Hehe Group. The members of the board have a strong background and a reasonable composition.Laid a good foundation for healthy development.

Amend the company’s articles of association to highlight the internationalization. The company’s revised articles of association are as follows: The board of directors consists of 11 directors, with 1 chairman, 1 co-chairman, and 1 vice chairman.

In the setting of senior officials, the new articles of association stipulate that the company establishes the chief executive officer as the core senior management personnel. Other senior management personnel include senior vice presidents, vice presidents, chief chief officers, and secretary to the board of directors.

We believe that: 1) The establishment of co-chairs, chief executive officers, and chief function officers, the merger reflects the company ‘s mixed reform, the Yunnan State-owned Assets Supervision and Administration Commission and Xinhua Capital tied for the first largest shareholder, without the actual controller of the governance structure, the other side reflectsThe new governance mechanism is more international; 2) The company has amended the title of the articles of association, with 1 abstention, without any defects, and it is expected to have no significant impact on future progress.

We are optimistic about the company’s long-term healthy development. In the first half of 2019, we expect: 1) the pharmaceutical business unit is still working on channel adjustments, with short-term pressure, and is expected to usher in recoverable growth in the long term; 2) the health product business unit is operating healthy and is expected to achieveSteady growth; 3) The Chinese Medicine Resources Division may be slightly affected by changes in the prices of Chinese medicinal materials; 4) Provincial pharmaceutical companies continue to deeply cultivate the market in Yunnan Province to increase the city’s market share and achieve sustained growth.

In the short term, the company’s merger plan has been implemented, and the share repurchase (used for subsequent employee shareholding plans) is steadily advancing. It is gradually embarking on a new path. In the future, after the channel adjustment of the Pharmaceutical Business Department is expected to usher in a resumed growth;Judging from the implementation of major asset reorganizations, the company has injected new vitality, brought about continuous improvement of the incentive mechanism and the possibility of outsourcing M & A, and opened a new chapter in the development of the company.

Earnings forecast and investment rating We expect the company to achieve operating income of 298 in 2019-2021.

4.4 billion, 333.

59 ppm and 373.

06 billion, net profit attributable to mothers was 36.

5.6 billion, 40.

3.7 billion and 44.

520,000 yuan, an increase of 10 each year.

6%, 10.

4% and 10.

3%, equivalent to 3 respectively.

51 yuan / share, 3.

88 yuan / share and 4.

27 yuan / share, corresponding PE is 24.

5X, 22.

2X and 20.

1x, maintain BUY rating.

Risks prompt fierce competition in the consumer goods industry; new shareholders and management team run in 杭州夜网论坛 longer than market expectations; outbound M & A progress and intensity are difficult to predict;

Kelemechanical (603960): Issuance of convertible bonds is set to break through high-end production capacity

Kelemechanical (603960): Issuance of convertible bonds is set to break through high-end production capacity

Event: The company issued a convertible bond issuance announcement on November 27, and the company issued a total of 1 convertible bond.

800 million, 6-year period, the initial conversion price is 27.

86 yuan / share.

  The convertible bond issuance is settled, and the subscription will begin on December 2.

The company released the convertible bond plan as early as November 27, 2018. The total amount of funds raised from the issuance of convertible bonds was 1.

80 trillion, with a circulation of 180,000 hands.

The registration date of the cocoa bonds is November 29, and the purchase date is December 2.

The issuance of convertible bonds is 6 years, that is, from December 2, 2019 to December 1, 2025, the initial conversion price is 27.

86 yuan / share.

  Breakthrough in intelligent manufacturing capacity growth is expected to increase performance orders.

All proceeds raised from the convertible bonds will be used for total investment1.

The $ 9.9 billion smart manufacturing production line expansion project is mainly aimed at the new energy vehicle market, adding five new types of flexible automated production 淡水桑拿网 lines (BRM production line, IB2 production line, 48DCDC production line, 3U driver production line and eAxle bridge production line), and fatigue of new energy vehicle drive motorAging test system complete equipment capacity.

  According to the announcement, this project is expected to realize an actual sales income of 2 trillion and an internal after-tax internal rate of return (IRR) of 16 after the completion of production.

60%, dynamic payback period after tax is 6.

In 1994 (including the construction period), the first to three years of production compliance are 60%, 80%, and 100%, which will significantly increase the company’s order performance.

  Layout of automated production lines and aging test systems, high-end product orders can be expected.

Among them, in terms of intelligent final assembly of on-board energy feedback controllers and on-line detection production 南京夜网 lines, the company has accumulated existing technology and sufficient engineering application experience, and has obtained global supply from Bosch IPB (Parking Brake) and BRM (Energy Recovery Acceleration Assist Controller).framework contract.

At present, the layout of the production line structure has been determined. Through the continuous expansion of the company’s production capacity, it will support the company’s product orders to continue to land.

  As for the assembly of the new energy vehicle drive motor fatigue and fatigue test system, the company’s system is mainly for its own use and passes the cost of external enterprise testing services. According to this announcement, the company has had the first six-year contract with customers for the first test service.

With rich production capacity and mature market demand, it is expected to assemble and sell production lines.

  Investment suggestion: As a leader in the field of automotive electronic equipment, the company has a thriving downstream market and an excellent competitive structure. It enjoys the bonus of engineers, gradually erodes the market share of foreign rivals, and continues to grow steadily.

From the consolidation caliber, the company’s net profit for 2019-2021 is expected to be 1.

19, 1.

66, 2.

34 trillion, the corresponding EPS is 0.

68, 0.

94, 1.

33 yuan.

Maintain Buy-A rating and give 6-month target price of 35.

6 yuan, equivalent to 38 times the price-earnings ratio in 2020.

  Risk warning: car sales are less than expected, downstream demand is growing, and new business expansion is less than expected.

Zhongke Sanhuan (000970): Shangtuo Resources, deep cultivation of rare earth magnetic materials leading into a new cycle of new energy growth

Zhongke Sanhuan (000970): Shangtuo Resources, deep cultivation of rare earth magnetic materials leading into a new cycle of new energy growth

The main points of the report are to expand resources, deepen manufacturing, and lead the rare earth magnetic materials into a new cycle of new energy growth. Zhongke Sanhuan is the pioneer and leader of the rare earth magnetic materials industry in China.Grow into the top supplier of global rare earth magnetic material industry.

There are three core investment logics: (1) The company adheres to “endogenous” development and gradually realizes product breakthroughs in high-end fields such as VCM, EPS, and new energy vehicle drive motors. The production scale has expanded from about 1,000 tons at the time of listing to about 1 at present.

6, ranking first in the world, the company’s sintered NdFeB production capacity will increase to about 2 in the next three years.

8 tons.

(2) New energy vehicle drive motors have a high level of customization of magnetic materials and strong customer stickiness after mass production. The company has strong R & D and production 深圳spa会所 capabilities, and is the first to merge Tesla and other world-class new energy vehicle supply chains with customer reserves.First mover advantage is obvious.

(3) The company plans to hold a 5% share of Nanfang Rare Earth in the form of capital increase and share expansion, and both parties plan to jointly invest in Ganzhou to establish a high-temperature sintered NdFeB project with an annual capacity of 5000 tons.

We believe that through cooperation with Southern Rare Earth Group, the company’s ability to acquire rare earth raw materials, especially heavy rare earth raw materials, will be further enhanced, leading to a qualitative leap in the company’s stable supply capacity.

China’s supply has reshaped the global supply chain, global electrification has given rise to a new round of development and changes, and the rapid growth of demand in new energy vehicles, smart manufacturing, and energy-saving appliances. The high-end rare earth magnetic material industry is ushering in a new round of development possibilities:1) It is estimated that by 2020, the global demand for high-end rare earth magnetic materials will be about 8.

8Each year, the compound growth rate of 2018-2020 is about 13%; especially in the field of new energy vehicles, the compound growth rate is expected to be about 45% in 2018-2020.

(2) Recently, Japanese manufacturers have actively deployed new energy magnetic materials business. Based on the traditional and stable strategy of “effective demand for capacity expansion” by Japanese companies, their strategic layout has also increasingly demonstrated the certainty of demand.

On the supply side, benefiting from its unique rare earth resource advantage and support from industrial policies, China has become a global rare earth magnetic material manufacturing center.

We believe that the Chinese magnetic materials companies rooted in the “rare earth fertile soil” have both cost advantages and raw material guarantee advantages. Leading magnetic material manufacturers will strive to harvest higher high-end orders and gradually grow into a global high-end rare earth magnetic material industry leader.By.
New energy magnetic materials orders are heavy, and the product structure is continuously optimized. The “Buy” rating is given from 2019 to 2020. The global “Electricization Wave” is committed to embracing substantial breakthroughs. The company is developing customers, raw material layout, high-end capacity reserves, and technology research, Patent layout and other aspects have been prepared, is expected to benefit from the release of new energy demand into a new round of growth cycle.

In the first quarter of 2019, the company’s gross profit margin increased by about 1.

Nine averages, the net interest rate increased by about 0.

1 unit, the net operating cash flow increased by about 1 month.

900 million.

The company’s production and operation have significantly improved margins. It is estimated that the company’s operating income will be 45 in 2019, 2020 and 2021.

500 million, 54.

800 million, 66.

200 million, net profit attributable to mothers are 2 respectively.

900 million, 3.

700 million, 4.

800 million, eps are 0.

27 yuan, 0.

34 yuan, 0.

45 yuan.

Corresponding PE is 41X, 33X, 25X, which gives the company a “Buy” rating.

Risk Warning: 1.

Global electrification progress is less than expected, global macro fundamental risk, etc .; 2.

The risk that rare earth permanent magnet motor technology will be replaced by new materials and technologies.

Jacques Technology (002409) 2019 Results Express Report and 2020 First Quarter Report Preview Comment: Performance Meets Expectations New Materials Platform Continues to Power

Jacques Technology (002409) 2019 Results Express Report and 2020 First Quarter Report Preview Comment: Performance Meets Expectations New Materials Platform Continues to Power
Event: The company released a report on 2019 performance and achieved revenue of 18.35 trillion, +18 a year.62%, net profit attributable to mothers2.53 trillion, ten years +90.64%.Among them, Q4 achieved net profit of RMB 67.54 million. Event: The company released the first quarter 2020 performance forecast, realizing net profit attributable to the parent of 70-85 million yuan, +69 in the first quarter of 2019 each year.49% -105.81%.The company’s performance was in line with expectations. The company’s 2019 performance report is in line with expectations.In 2019, 1) the company’s business is improving and its revenue has increased; 2) the high gross profit of the electronic materials business has continued to increase, and its revenue share has increased from 40% to 50%, increasing the company’s profits;The exchange rate has risen, the export price of RMB in export sales has risen, and the gross profit margin of export sales has increased; 4) The dividend investment income of participating funds increased by 255 in 2019 compared with the same period in 2018.93%; 5) Income from asset disposal -131.610,000 yuan, a decrease of 853 compared with the same period last year.79%. The company’s first quarter report for 2020 is in line with expectations.In the first quarter of 2020, 1) the company ‘s semiconductor precursor materials saw a significant increase in demand due to the expansion of the capacity of downstream integrated circuit manufacturers.After the technology and process of semiconductor shallow trench isolation and insulation materials are improved, some of the new specifications of the products will begin mass sales in the first quarter of 2020, which will increase the company’s revenue; 2) Mass production will be successively carried out through the supplementary production lines of internal integrated circuit manufacturers.In the trial production stage, the company ‘s supporting demand for liquid crystal transportation equipment for semiconductors, LCDS, continues to increase, and the company ‘s operating income for the above products is expected 武汉夜网论坛 to increase by 3%.The order was released in 2020, and the revenue of electronic special gas increased once. 4) The investment income of Huatai Ruilian Fund invested by the company increased during the same period. Acquired LG Chemical Color Adhesives Division and entered the photoresist field.The company announced the acquisition of LG Chemical Color Plastics Business Unit, with operating income of 8 in 2019.6.5 billion yuan, profit before tax 73.22 million yuan.Through this acquisition, the company will acquire key technologies for color photoresist, reduce dependence on foreign companies, and introduce gaps in domestic related technologies.In 2019, the company has a 10% equity interest in Jiangsu Ketemei New Materials. The company’s operating entity is South Korea Cotem Company. Its main products are TFT-PR and photoresist auxiliary materials, BM resin, etc.The company will simultaneously master the technology, production process and global well-known major customer resources of color photoresist and TFT-PR photoresist, and become a long-term supplier of LG Display, and become one of the mainstream suppliers of panel photoresist in the world. The new material development platform has already taken shape.As a leading domestic semiconductor new material company, the company covers multiple electronic manufacturing fields such as wafer manufacturing and panel manufacturing. Specific products include semiconductor precursor materials, semiconductor shallow trench isolation and insulation materials, electronic special gases, spherical silicon powder and other electronic materials andIn the field of consumables such as semiconductor and panel liquid chemical transportation equipment.With the acquisition of LG photoresist business, the company will further improve the layout of the electronic materials business, and develop in coordination with internal business to create a new material platform. “Buy” investment rating.It is predicted that the company’s net profit for 2020-2021 will be 3 respectively.4.7 billion and 4.5.3 billion yuan, EPS is 0.75 yuan and 0.98 yuan, corresponding to 55/42 times the PE.As a domestic new material development platform, the company is optimistic that its business in various aspects continues to improve, and its performance continues to improve, maintaining a “Buy” rating. Risk warning: the release of capacity exceeds expectations, and the risk of fluctuations in raw material prices.

Anjie Technology (002635) Interim Report Review: Non-net profit has improved for many years due to pressure on the structural component and hard disk business.

Anjie Technology (002635) Interim Report Review: Non-net profit has improved for many years due to pressure on the structural component and hard disk business.

Investment highlights: Interim report: operating income in the first half of 201913.

8.6 billion, down 5 from the same period last year.

50%; realize net profit attributable to shareholders of listed companies.

780,000 yuan, a decrease of 25 over the same period last year.


1H2019 revenue fell by 5 in ten years.

5%, functional component revenue 都市夜网 growth gradually reduced the downward pressure on other products.

Revenue from consumer computer and communication products 5.

USD 2.5 billion, an annual increase of 18%, accounting for 38% of revenue; information storage and automotive electronics revenue3.

9.3 billion, accounting for 28% of revenue, down 18% year-on-year; revenue from consumer products and communications products metal structural parts4.

3.3 billion, a year-on-year decrease of 14%, accounting for 31% of revenue.

Comprehensive gross profit margin 24.

6%, accumulating 7 points in a year.

Functional products maintained high gross margins33.

2%, an increase of 4 per year.

6pct, better than expected; gross margin of information storage and automotive electronics products20.

4%, a significant decrease of 12.

5pct; gross profit margin of metal structure 13.

1% for more than ten years.

5 points.

Expense rate during 1H2019 is 18.

1%, an increase of 3 per year.

Benefiting from the quality of receivables, operating cash flow is better than profit performance.

Net cash flow from operating activities in the first half of the year.

US $ 2.9 billion, a significant increase of 69% each year, mainly due to the substantial decrease of US $ 4 billion in bills and accounts receivable in the interim report.

The impact of non-recurring gains and losses has decreased each year, and non-net profit has improved significantly.

The factor company failed to complete its performance commitments in 2018 and needed to compensate the shares of listed companies for repurchase and reorganization during the reporting period, and recognized 1H2019 non-operating income5.

83 ppm, gain or loss on changes in fair value -5.

1.5 billion.

The amount of other non-recurring subjects such as investment income, asset impairment, non-operating expenses, other income, etc. is relatively small.

850,000 yuan, compared with the same period last year 2.

A substantial decrease of 3.7 billion yuan.

1H2019 net profit after deduction is 0.

930,000 yuan, a substantial improvement each year.

Anjie Technology focuses on structural parts, functional parts, expanding 3C, automotive and other leading customers in the industry.

Anjie Technology specializes in the R & D and production of precision functional devices and precision metal structural parts for high-end consumer electronics products. At present, it has been used in smart phones, desktop and laptop computers, tablet computers, smart wearable devices and smart homes, and new energy automotive products.Such as precision functional devices and precision metal structural parts overlap industry leadership.

Follow the business strategy of “industry micro and regional level”, strengthen wireless charging, and develop in the field of 5G communications to promote the company’s continued growth. Maintain profit forecast and maintain overweight rating.

As the volume of the iPhone is expected to decrease in 2019, and Weibo Precision’s 2019 performance promises5.

The US $ 300 million forecast is difficult to complete, and the 2019/2020 revenue forecast is lowered to 40/48 trillion from US $ 3.94 billion, which will return the parent’s net profit forecast from 6.


7 trillion is reduced to 4.


6 trillion, plus 2021 revenue and net profit attributable to mothers 49 trillion / 7.


Anjie Technology currently estimates that the corresponding value of PE in 2019/2020 is 21 / 18X, maintaining the level of overweight.

Shuanghui Development (000895): High Index Bright and Stable Growth Expected

Shuanghui Development (000895): High Index Bright and Stable Growth Expected

Against the background of the effects of African swine fever in the second half of 2018, the company’s dual-main business remained stable, the inter-provincial embargo restrictions on slaughtered beneficiary pigs reached a new high, and the expenditure on meat products expanded to promote transformation.

The 18-year high dividend policy has continued, with two dividend payout ratios up to 5 during the year.


In response to the upward pressure on the pig cycle, the company has increased its raw material reserves and gradually raised its price. 19 years of steady growth is still expected.

We adjusted the EPS forecast for 19-20 to 1.

57 and 1.

70 yuan, 19 times 19 years of PE, target price of 30 yuan, maintaining “strongly recommended-A” rating 18Q4 Although African swine fever has affected, the profit margin has improved, and the year’s yield is as 四川耍耍网 high as 5.


The company’s 18-year revenue was 489.

30,000 yuan, the average ten years -3.

3%, net profit attributable to mother 49.

100 million, an increase of 13 in ten years.

8%, of which the single quarter income of 18Q4 was 122.

80,000 yuan, ten years average -7.

3%, net profit attributable to mother 12.

6 ppm, a ten-year increase of 8.

0%, African swine fever is still affected in the short term, and the profit margin has improved.

18Q4 single quarter gross profit margin 21.

8%, Zhengzhou and Shenyang slaughter plants were lifted in the third quarter due to the impact of the suspension of the epidemic.

3 pcts, the cost advantage at the bottom of the pig price is obvious.

Initial selling expense ratio 5.

4%, an increase of 0.

7pct, meat products business increased expenses and slaughtering continued to develop channels, management expense ratio2.

3% (reduction of R & D expense account adjustments), a slight increase of 0 several times.


The company’s inventory increased sharply to 42 at the end of 18 years.

US $ 300 million, which has gradually increased the original reserves in response to the growth of the pig cycle, gradually operating cash flow51.

9 trillion, the overall cash flow remained stable.

The company’s annual report disclosed that it plans to pay 5 for every 10 shares.

A cash dividend of 5 yuan (including tax), plus a dividend of 9 yuan (including tax) for every 10 shares in the three quarterly dividend, the dividend distribution rate in 1997 is 97%, and the dividend rate is 5.


Slaughtering business: The slaughter volume is still suppressed by the epidemic situation, but under the hog embargo decree, the advantage of inter-provincial deployment of cold fresh meat is obvious, and the single season heads have reached new highs.

The company slaughtered 16.31 million heads in 18 years, an increase of more than 14.

3%, sales of 153 budget, a slight increase of 0.

8%, of which 4.28 million were slaughtered in 18Q4, a two-year low increase of 2.

2%, single season fresh frozen meat sales decreased by 38, -10.

The growth rate in the second half of the year was significantly lower than that in the first half of the year. African swine fever has been suppressed in the short term, and the impact of the shutdown of Q4 has been lifted.

At the same time, due to the short-term sharp reduction in pig prices, the slaughtering business had an external income of 289 for 18 years.200 million, down -4 a year.

9%, of which external income in the single quarter of 18Q4 was 74.

60,000 yuan, the average ten years is -6.


Operating profit from preliminary slaughter10.

5 ppm, a significant increase of 70 per year.

2%, usually a head average of 64.

For 4 yuan, single Q4 was restricted by the inter-provincial embargo of live pigs under the benefit of the epidemic. The advantage of Shuanghui’s inter-provincial transportation and allocation of cold fresh meat is obvious, and the average profit per season is as high as 84.

7 yuan, a sharp increase of 85 previously.

2%, a new high.

Meat products business: Revenue remains stable, expenses increase and expansion promotes transformation.

The meat product business sold 160 tons in 18 years, increasing slightly by 1 several times.

1%, income 232.

10,000 yuan, an increase of 2.

4%, of which 18-inch single season meat products sold 39 inches, a slight decrease of -2.

0%, is expected to be mainly due to the termination of control channel inventory, single quarter revenue of 55.

400 million, a slight increase of 0 previously.

6%, operating profit 10.

9 trillion, down -3 a year.

3%, the average operating profit per ton of meat products was 2822 yuan, a year-on-year decrease of -1.

3%, due to the company’s overall sales expense ratio increased by 1.

2pcs to 5.

5%, which indicates that the increase in expenses for the transition of the meat products business has been confirmed.

Multi-programme to cope with rising costs, stable growth is still expected, and we look forward to the price increase window period to stimulate channel vitality.

Facing the pressure of the 19th year of the pig cycle to enter the rapid growth channel, the company’s low-cost raw material inventory reserve has increased. It is also a plan to increase the import of US pork through Rotex. In addition, the company has raised the price of supplementary products at the end of last yearThe impact on income has reached 2.

5-3%, it is expected that in 19 years, further price increases will still be needed. Therefore, we believe that the company’s operating scale has the ability to hedge the pressure of pig price cost growth, and gradually stable growth is still expected.

However, we also hope that during the price increase window period, the company will further expand the channel profit under the reasonable adjustment to the terminal replacement, so as to adjust the dealer structure and stimulate channel vitality.

Investment suggestion: Adjust the target price to 30 yuan, and the allocation value is outstanding.

The company’s stable operating capacity is expected to hedge against cost pressure, and a multi-pronged approach will escort a steady increase in 19 years.

We adjusted the EPS forecast for 19-20 to 1.

57 and 1.

70 yuan plus 21 EPS forecast1.

87 yuan, giving 19 times 19 times PE, adjusting target price to 30 yuan, incorporating high dividend policy, outstanding allocation value, maintaining “strongly recommended-A” rating.

Risk reminder: drop in demand, impact of the epidemic, less-than-expected conversion of meat products, and substantial increase in costs

Depth-Company-Hager Communications (002465): Military business continues to grow, 5G opens up the future

Deepin * Company * Hager Communications (002465): Military products business continues to grow and lay out 5G development future

In 2018, the company achieved operating income of 40.

70 ppm, an increase of 21 in ten years.

41%, net profit attributable to mother 4.

30 ppm, an increase of 46 in ten years.


  Key points of support levels Military orders have been fully restored, helping high-speed growth.

In 2018, the company’s operating conditions were significantly improved, and net profit attributable to mothers reached 4.

30 ppm, a significant increase of 46 per year.


With the potential for the implementation of the military reform, the company achieved new military contracts during the year.

52 ppm, an increase of 51 in ten years.

At 26%, orders for military products increased significantly, bringing significant recovery growth to the company’s performance.

In addition, the company’s management efficiency has improved significantly, and sales expenses, management expenses and financial expenses have decreased by 7 杭州夜网 respectively.

98%, 15.

19%, 86.

56%, more efficient cost control, the company is expected to resume the trend of continued growth in performance.

  Focus on four core businesses and build the company’s competitiveness.

The company continues to focus on four core businesses. In the field of wireless communications, satellite communications is committed to winning bids for new military services and opening new military markets. In the field of civilian Beidou, the subsidiary Xingyu Technology has deployed to build Beidou high-precision location service platforms.The high-precision map coverage of the core cities of the Pearl River Delta has been completed, covering the whole country within the year; in the field of pan-aerospace, aiming to capture the military training simulator market; in the field of communications services, the newly signed contract exceeded 2 billion yuan, 天津夜网 and orders reached a record high.

The company’s competitiveness in the industry has been strengthened.

  Continued research and development with high investment and 5G layout will help the company’s future growth.

The company is highly aware of technological innovation, and its R & D investment in 2018 was 6.

5.8 billion, accounting for 16.


With the expansion of 5G business, the company continues to increase the development of 5G products and technologies, laying the foundation for 5G operation and maintenance optimization business.

Recently, the company and the three major operators jointly signed the Guangzhou 5G Demonstration Zone Construction Project, creating the country’s first 5G technology-oriented IoT and smart city application demonstration zone, which is the cornerstone of developing future market potential.

  Based on the 2018 results, we estimate that the company’s EPS for 2019-2021 will be 0.



40 yuan (previous forecast was 0.


30 / -yuan), corresponding to P / E ratios of 41.



2x, maintain BUY rating.

  The main risks faced by the rating are that the growth of military orders has fallen short of expectations, and Beidou’s application promotion has fallen short of expectations.

New Dairy (002946): Management empowers Bian Dean Food to grow at high speed through innovation and mergers and acquisitions

New Dairy (002946): Management empowers Bian Dean Food to grow at high speed through innovation and mergers and acquisitions

With the structural growth of the dairy industry, under the shape of a duopoly, regional dairy companies are innovating and competing with low-temperature milk. The overall growth rate of the dairy industry is overall, and the merger and expansion of mature companies is an important skill.

Low-temperature dairy products and yogurt are structural growth points of the dairy industry. The rapid development of cold chain logistics is conducive to the low-temperature process of dairy products.

The dairy industry as a whole has a duopoly structure, and the market concentration has continued to increase.

There are four major trends in the dairy industry: product innovation, industry concentration, internationalization, and prolonged insurance coverage.

Regional dairy companies are at a competitive disadvantage, but there are also opportunities for overtaking.

Regional dairy companies compete mainly through low-temperature products and continuous innovation.

The main growth points: nationalization and mergers and acquisitions, differentiated fresh products, cost optimization growth point 1: the company to achieve capacity expansion through mergers and acquisitions and self-built, and complete regional distribution through mergers and acquisitions.

Anhui Baidi Project is expected to bring 25.

With a 4% increase, mergers and acquisitions and further capacity expansion ensure long-term potential.

The compound growth rate of income in three years may reach 25%, and the income is nearly 10 billion yuan.

Growth point 2: New Hope Dairy is guided by differentiation and implements a fresh strategy.

Low-temperature products have fast growth, high gross profit, and solid research and development support.

The increase in the gross profit of low-temperature products also increased the proportion, driving the company’s growth and increasing gross profit margin.

Differentiated marketing, increase consumer viscosity, increase repurchase rate, and gain growth.

Growth point 3: Transportation costs are expected to decrease due to the development of the cold chain, and management costs are expected to decrease due to the expansion of the scale. Within three years, the company’s net interest rate will increase to 7%. Core competitive advantages: post-investment management capabilities, major shareholder empowerment, and private enterprise competitionAdvantage 1: The company’s choice of strategic targets in mergers and acquisitions, bargaining and reorganization, post-investment management integration and target performance improvement all have excellent historical performance.

The company’s post-investment management capabilities are particularly excellent, forming a complete framework in all aspects of mergers and acquisitions integration, and its management empowerment capabilities are similar to 3G capital.

The profitability of the acquisition target has reached the industry-leading level after integration, and the company’s overall ROE has steadily increased.

Competitive advantage 2: New Hope Group is strong. New Hope Dairy is the Group’s only non-cyclical 深圳桑拿网 core profit point. It will be supported by the Group to foster more FMCG companies.

The group is in the whole industrial chain layout of the agricultural and animal husbandry industry. It is hoped that the dairy industry can obtain certain synergy in the cold chain and procurement.

Competitive advantage 3: The private management mechanism is advanced, the group decentralizes its subsidiaries, and the incentive mechanism is fully covered from top to bottom.

The company’s managers have grown in the field, are experienced, good at management, and have excellent performance.

Stone of other mountains: For Dean Food, New Hope Dairy may achieve high-speed growth through mergers and acquisitions.

Dean Foods has expanded through mergers and acquisitions for 10 years and 10 times.

Low temperature milk is subject 杭州桑拿 to milk sources, and M & A expansion is a better solution.

Dean Foods has grown from a non-dairy company to the No. 1 dairy company in the United States through mergers and acquisitions.


The success of Dean Foods comes from the expansion of mergers and acquisitions under high leverage, which is behind the integration of mergers and acquisitions integration capabilities and financial operation capabilities.

During the M & A process, profitability increased steadily.

After 2007, the shareholders of Dean Food seem to be reduced due to the decrease. The actual reason is that the profit growth department of WhiteWave is divested, and the overall shareholder income has increased.


New Hope Dairy’s fundamentals are better classified, and it is expected to follow Dean Foods’ M & A to achieve high-speed growth profit forecast: consider New Hope Dairy1.

M & A integration capacity budget, with room for breakthrough epitaxial growth; 2.

The differentiated competition strategy is effective. Focusing on low-temperature milk, further construction and production through production capacity can achieve rapid growth beyond the industry in the low-temperature milk field.

Considering mergers and acquisitions, it is expected that revenue will be 61-2019.



600 million, net profit 3.


810,000 yuan, EPS 0.



80 yuan, with reference to comparable companies, giving 30 times PE in 2020 with a target price of 17.

1 yuan, giving an overweight rating.

Risk warning: industry competition intensifies, ROE declines, M & A expansion is blocked, violation of preferential policy changes

China Heavy Industry (601989): Pay attention to the progress of construction of military ships and high value-added ships and look forward to the improvement of profit quality

China Heavy Industry 厦门夜网(601989): Pay attention to the progress of construction of military ships and high value-added ships and look forward to the improvement of profit quality

2018 results are worse than expected The company’s 2018 results announced: revenue of 44.5 billion yuan, YoY + 14.

72% (after adjustment, the same below); net profit attributable to mother 6.

7 ppm, YoY-19.

68%; net profit after deduction is -1.

7 trillion, expected to narrow; performance exceeded expectations, mainly due to lower gross profit margins and asset impairment losses exceeded expectations.

The company announced 1Q19 results: revenue 60.

6.5 billion, YoY-0.

82%; net profit attributable to mother 5.

300 million, YoY + 92.

9%, the annual increase is mainly due to the increase in investment income by 9.

900 million; net profit after deduction is -5.

300 million, YoY-309%.

Revenue increased but gross margin decreased.

The revenue growth in 2018 was 15%, mainly due to the low base last year (the termination of offshore contracts in 2017 to offset the income); the comprehensive gross profit margin was 10%, a decrease of 2 percentage points.

In terms of business: 1) Revenue from marine defense and marine development equipment was 15.9 billion (YoY + 74%), and gross profit margin was 2% (YoY + 4ppt), mainly due to the termination of offshore engineering contracts in the same period last year to offset the reduction of income and costs; 2018The annual new order is 1.07 million yuan (YoY-47%).

2) Marine transportation equipment revenue was 11.1 billion (YoY-14%) and gross profit margin was 15% (YoY-1.

54ppt); 11.8 billion new orders in 2018 (YoY + 16%).

3) Revenue from deep sea equipment and ship repair and modification is 6.3 billion (YoY + 31%), gross margin is 15% (YoY-6ppt); new orders in 2018 are 4 billion (YoY + 18%).

4) Ships supporting equipment and electromechanical equipment revenue of 7.2 billion yuan (YoY-13%), gross profit margin of 10% (YoY-1 ppt); 2018 new orders 12.2 billion yuan (YoY-41%).

5) Military-civilian integration strategy Emerging industry revenue is 3.5 billion (YoY + 5%), and gross profit margin is 19% (basic flat).

As of the end of December 2018, new orders totaled 421 trillion, YoY-26%; handheld orders totaled 124.5 billion yuan, YoY-14%.

The development trend focuses on the military industry, military trade, and the progress of high-value-added ship business. We look forward to the turning point in operating performance.

In 2018, China’s first domestically-made aircraft carrier completed several sea trials, and the new destroyer steadily advanced; the company’s projects for Thailand, Bangladesh and other countries proceeded on schedule; in terms of civilian ships, it actively expanded the construction of high-value-added ships, and high-value-added ships accounted for profittwenty three.


西安耍耍网 We are optimistic about the growth prospects of naval equipment and high value-added ships, and look forward to the turning point in operating performance.

The profit forecast adjusts the forecast of income, gross profit margin, investment income and other items, maintaining the 19-year profit forecast unchanged, and the 2020 net profit forecast of 15.

900 million.

Estimates and recommendations currently correspond to 19 / 20e 1.


52x P / B.

Maintain the recommendation. Considering the recent upward adjustment of the ship’s estimated hub, the target price is raised by 13% to 6.

75 yuan, corresponding to 19 / 20e1.


78 times P / B, with a potential increase of 17%.

Risk steel price, uncertainty of exchange rate changes; uncertainty of military orders and delivery.