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.

Sany Heavy Industry Co., Ltd. (600031): 1H19 high growth in line with expectations. Multiple operating indicators set a new record and a new high

Sany Heavy Industry Co., Ltd. (600031): 1H19 high growth in line with expectations. Multiple operating indicators set a new record and a new high

1H19 results are in line with our expectations. Sany Heavy Industry announced 1H19 results: operating income of 433.

90,000 yuan, an increase of 54 in ten years.

3%; net profit attributable to mother 67.

50,000 yuan, an increase of 99 in ten years.

1%, corresponding to a profit of 0.

81 yuan, all reached a historical high in the same period, in line with expectations.

In a single quarter, 2Q19 operating income / net profit attributable to mothers were 220.

9 ppm / 35.

30,000 yuan, an annual increase of 38.

4% / 86.


All businesses achieved rapid growth and profitability continued to improve.

1H19’s excavator / concrete / lifting / pile / pavement machinery business revenues were US $ 159/129/85/30 / 1.3 billion, respectively, with annual growth of 43% / 51% / 107% / 37% / 44%; grossInterest rates have changed -3.





1ppt to 36.

8% / 29.

6% / 25.

8% / 44.

4% / 36.


1H19’s consolidated gross profit margin was 32.

4%, increase by 0 every year.


The expense ratio decreased during the period, and cash flow from operating activities improved.

1H19 company period expenses11.

8%, a decrease of 2 per year.

6ppt, in which the sales / management / financial expense ratio is reduced by 2.



8ppt, R & D expense rate increases by 1 every year.

2ppt, mainly because the company increased the research and development and promotion of construction machinery products and parts.

1H19 company’s net profit margin increased by 3 every year.

5ppt to 15.


Net cash inflow from operating activities was 76 trillion, a year-on-year increase of 22%, which was also the highest level in history over the same period, indicating that the company’s operating quality continued to improve. Development Trend The boom of construction machinery rebounded in the third quarter.

The sales volume of the excavator industry in developing countries increased by 7 in June each year.

0% /-2.

2% / 6.

The overall growth rate is 6%, which is flat, which has attracted investors ‘attention. 天津夜网 However, the sales growth rate of the excavator industry recovered to 11% growth in July.
Industry sales in September will still maintain double growth, and the sales growth rate of the excavator industry is expected to reach more than 10%.

At the same time, we expect that the sales growth rate of the truck crane industry will return to double-digit growth in August, and the boom of the construction machinery industry will rebound in the third quarter.

The outlook for overseas business is good, and it is expected to become a long-term growth point.

1H19 company’s overseas revenue increased by 15 in half a year.

3% to 70.

3 ‰, gross profit margin increased by 1 per second.


With the steady improvement of the company’s product quality, further improvement of its overseas layout, and a more complete marketing system, the company’s overseas market expansion is expected to form a long-term growth point.

Earnings forecasts and estimates We maintain the company’s 2019/20 earnings forecasts unchanged.

The company’s current consensus corresponds to October 2019/20.


9x P / E, maintain “Outperform” rating.

We maintain our target price of 16.

20 yuan is unchanged, corresponding to 12/11 times P / E in 2019/20, compared with the current consensus, there is 20% upside.

Risks Lower-than-expected downstream demand and intensified price competition in the industry.

Changhong, Sichuan (600839): Strategic transformation of smart home military-civilian integration enhances estimated space

Changhong, Sichuan (600839): Strategic transformation of smart home military-civilian integration enhances estimated space

Changhong has a diversified layout and urgently needs to improve its profitability.

Changhong Color TV’s five price standpoints from 1990 to 2003 led to the company’s poor operating performance, and the label of the main business of color TV gradually blurred. Since then, Changhong has taken the initiative to switch to IT, battery and real estate businesses, and embarked on a road of diversified operations.
At present, the company’s income structure is diversified. In 2018, the traditional household appliance industry (including black electricity, white electricity, refrigerator compressors and other components) accounted for about 65% of the total revenue; IT, real estate, transportation and military industry revenue accounted for respectivelyIt is 23%, 2%, 2%, 1% and 1%.

The estimated overall revenue of the company is steadily increasing, and its performance bottomed out in 2015, and its profitability needs to be improved urgently: The company has increased its revenue on the road of diversified development but has not increased its profits. Since 2001, the net sales margin has been below 1% for 18 consecutive years.

The three factors of cost, technology and channels have led to poor profitability of black power companies.

In the cost structure, the high proportion of upstream core panels and the highly competitive oligopoly in the panel industry have resulted in low added value for black power companies.

From a technical point of view, due to the rapid change of color TV technology, since the 1990s, it has undergone technological changes such as CRT picture tube TVs, rear projection TVs, plasma TVs, LED LCD TVs, and OLED TVs. Rapid technological changes have made it difficult for black power companies to stand on the technological frontForm core product advantages.

Judging from the change history of the downstream retail channel, during the migration to LCD TVs, the rapid decline in the prices of upstream panels has brought end-products to passive price cuts at all times. Black power companies ‘self-built channels have been threatened by severe inventory price reductions and forced to adapt.Downstream KA stores dominate the situation, thereby further eliminating pricing 厦门夜网 power.

Black electricity industry development trend: 4k / 8k technology innovation drive + consumption upgrade large size + content value-added services lead.

The “4K first and 8K” policy was introduced to accelerate the consumption of ultra-high-definition video products. At present, the number of 4K TVs in various provinces and cities is not high, and space penetration will be improved in the future. At the retail end, the size of TVs is constantly being refreshed.Has been opened, the proportion of high-end 4K TVs and other high-end products will gradually increase, and the trend of consumption upgrade will not change.

On the scale of the competition pattern, traditional black power vendors have insufficient hardware differentiation. As content value-added services break through and become the way to break the Internet brand, Internet TV, represented by Xiaomi, strives to differentiate content and compete for traffic entry.

“Military-civilian integration” + “intelligence” may open up room for growth.

The future development of the company mainly focuses on the two major strategic expansions of military-civilian integration and intelligent home appliances. In the strategic context of military-civilian integration, the company integrates high-quality military assets and acquires the controlling shareholder Sichuan Changhong Electronics Holdings Group Co., Ltd.100% equity of 081 Electronics Group Co., Ltd. held by the responsible company.

At the same time, the company began to transform the Internet from 2013, and promoted the intelligent strategy of home appliances based on “intelligence, networking, and collaboration.” Sichuan Changhong currently has the largest R & D and intelligent manufacturing base for IoT modules and sensing applications in mainland China.The five-in-one intelligent ecosystem of “hardware + software + content + operation + service” of networking has made the transformation strategy of smart home appliance business based on the Internet of Things bigger and stronger.

Profit forecast and investment rating.

We estimate the company’s net profit for 2019-2021.

7.8 billion, 4.

9.5 billion and 6.

USD 2.8 billion, with annual growth of 17%, 31% and 27%, corresponding to dynamic P / E ratios of 39 times, 30 times and 23 times; the company’s military and civilians simultaneously increase the scale, and the veteran state-owned enterprises have been restructured to speed up and improve the governance structure.

Risk reminder: The price war in the black power industry continues, and the competitive landscape is deteriorating; the reform of state-owned enterprises has fallen short of expectations.

Sunlord Electronics (002138): Global competitiveness of high-end inductors awaits 5G volume

Sunlord Electronics (002138): Global competitiveness of high-end inductors awaits 5G volume
The domestic substitution of basic inductors continues, and the high-end products 5G release flexibility.  The company’s inductive products are widely integrated with electronic equipment, and mainly smart phones.At present, the company has become an inductor supplier for mobile phone customers such as Huawei, OPPO,重庆耍耍网 vivo, and Xiaomi. It is in the process of continuously increasing its supply share, mainly replacing Japan’s Murata and TDK.The upgrading direction of the smart phone inductor industry is miniaturization and precision, 0805, 0603, 0402, 0201, 01005, smaller and smaller, higher and higher accuracy, more and more difficult, and more capable manufacturers worldwideless.The company has formed two stacking and winding technology platforms, and the international competitiveness of its products. The high-end 01005 has begun mass production, mainly in Murata, Japan. The use of mobile phone inductors is in the early stages of the industry’s miniaturization upgrade and the release of 5G demand. The scope of application of basic components has expanded and grown steadily.  Through more than ten years of hard work, the company has continued 深圳桑拿按摩网 to increase its automotive electronics orders.Currently available power inductors, various types of transformers, wireless charging coils, common-mode lead current transformers, etc., have become the official suppliers of BOSCH, VALEO, Denso, Tesla and many other global and domestic automotive electronics companies.In the first half of 2019, automotive electronics achieved stable and large-scale delivery.Ceramic microwave devices have entered the certification codes of major customers such as Huawei, and 5G base station services have attempted to ramp up.  Investment advice do we expect the company 2019?In 2021, the net profit attributable to mothers will be 5.5.2 billion, 7.4.4 billion, 8.9.3 billion, the previous growth rate was 15.25%, 34.84%, 20.05%; corresponding EPS are 0.68 yuan, 0.92 yuan, 1.11 yuan.For the company’s leading division in the high-end inductor field, we give the company 32 times PE in 2020 with a target price of 29.44 yuan, covering for the first time, given a “buy” rating.  Risks suggest that the macro economy is down, downstream demand is sluggish, and traditional business growth is slower than expected; high-end 01005 inductor customer certification is less than expected risk; 5G mobile phone volume exceeds expected risk.

Guangming Dairy (600597) Interim Review: Distributors significantly increase new injections to inject new vitality

Guangming Dairy (600597) Interim Review: Distributors significantly increase new injections to inject new vitality

Commentary event: Bright Dairy released its 2019 Interim Report and achieved revenue of 110 in the first half of the year.

90ppm, net profit attributed to mother 3.

6.7 billion, attributable to non-net profit3.

9.8 billion, with annual growth of 4%.

91%, 9.

70%, 14.

90%, net interest rate 3.

31%, a year up 0.

14 points; single quarter revenue 56.

3.8 billion, net profit attributable to mother 2.

2.6 billion, attributable to non-net profit2.

2.7 billion, an increase of 3 each year.

04%, 12.

38%, 8.

60%, net interest rate 4.

03%, rising by 0 every year.

21 points.

Domestic dealers increased, and overseas new Wright steadily developed. In the first half of 2019, the company achieved revenue of 110.

90 ppm, a ten-year increase4.

91% (first quarter: 6.

92%; Q2: 3.


1) By product: Liquid milk sales64.

92 ppm, other dairy products 32.

1 billion yuan, animal husbandry products 9.

5.3 billion, others 3.

5.7 billion, an increase of 4.

36%, 18.

35%, -35.

10%, 24.

54%, revenue growth was mainly contributed by the dairy products business. The decrease in animal product income 北京桑拿 was mainly due to the decrease in trade revenue.

2) By region: Shanghai revenue 28.

2.4 billion, field 58.

02 billion, overseas 23.

8.7 billion, an annual increase of 6.

22%, -3.

48%, 18.

22%, the amount of new Wright led to overseas sales growth.3) Sales method: direct sales revenue29.

8 billion, 77 dealers.

1.7 billion, others 3.

1.5 billion, an increase of 3 each year.

94%, 7%, -48.

20%, dealers are selling well. In the first half of the year, the number of dealers increased by 794, Shanghai increased by 145, and overseas increased by 649.

Looking into the future, we believe that the company’s room temperature milk business is growing at a stable rate, the low temperature milk business is trying to develop its strength, overseas business is developing steadily, and revenue is slowly increasing.

Rising raw milk prices have lowered gross profit margins, and the net profit margins of supplementary expenses have increased by the company’s gross profit margins in 2019H132.

80%, zero for ten years.

68pct (Q1: 32.

24% /-2 per second.

07pct, Q2: 33.

34% / decade +0.

63pct), the decline in gross profit margin was mainly affected by rising raw milk prices.

The cost rate during the period is 25.

83%, down by 1 every year.

15pct, of which the sales expense ratio is 21.

82%, down by 1 every year.

12pct, mainly due to the decline in advertising costs, marketing and sales service costs.

Net interest rate 3.

31%, a year up 0.

14pct. In the case of a decline in gross profit margin, the increase in net profit margin was mainly due to the decrease in expense ratio.

The latest performance of the company’s board of directors on July 6 agreed to increase by no more than one.

$ 500 million in marketing expenses for the company’s 2019 Everbright brand marketing project.

Looking ahead, we believe that the company’s sales expense ratio will remain at the historical average level, and increased marketing expenses will contribute more increments to the company’s revenue.

The new leadership brings new vitality. After the acquisition, the old tree does not insert new flowers. In June 2019, the company hired Mr. Huang Liming as the deputy general manager of the company, and his colleagues served as the general manager of the normal temperature marketing center.

Mr. Huang Liming has successively served as the manager of the company’s low-temperature products area and the head of Guangming Animal Husbandry. He is familiar with the company’s business and is expected to drive the development of the room temperature sector.

The company acquired milk shed food 66 at the end of 2018.

27% equity and 100% equity of Yimin Food Factory No. 1, after the acquisition, the integration of various sectors accelerated, and the synergy effect was obvious.

As soon as the synergistic products Mossian yogurt ice cream and ice cream flavored milk were launched, they quickly became popular on the Internet. We expect that the introduction of more fusion products in the future will effectively drive the company’s revenue growth.

Earnings forecast and rating: Maintain “Overweight” rating The company’s domestic dealers increased in the first half of the year, the overseas new Wright developed steadily, and the company increased by 1 in the second half.

500 million US dollars in marketing expenses and increased brand marketing are expected to contribute more incremental revenue to the company.

The new bright leaders brought new vitality to the company. After the acquisition of Milk Shed and Yimin Food Factory, the company’s new products continued, and the old trees did not line up new flowers.

We expect the company’s EPS for 2019-2021 to be 0.

39 yuan, 0.

443 yuan, 0.

50 yuan, according to the 2019 performance of 30 times the estimate, a year target price of 13 yuan, give the company “overweight” rating.

Risk reminders: food safety issues; increased competition in the industry; less-than-expected channel layout.

Tianshun Wind Energy (002531): Gross profit per ton steadily picks up

Tianshun Wind Energy (002531): Gross profit per ton steadily picks up

In the industry that has released capacity, it has snapped up and maintained a “Buy” rating. The company achieved revenue of 38 in the first three quarters of 2019.

04 billion (+51 percent).

55%), deducting non-net profit3.

1.6 billion yuan (+29 a year).

97%), and performance was in line with expectations.

We believe that the company will directly benefit from the 19-year rush-loading market. Considering the continuous increase in gross profit per ton, we raised the EPS in 19-21 to 0.



66 yuan with a target price of 8.


24 yuan, maintain “Buy” rating.

  Benefiting from the drop in plate prices, the gross profit per ton of wind towers was steadily driven by the wind power market rushing to install wind power, and the first three quarters of 2019 were wind power tenders49.

9GW (previously +108.

5%), the demand for wind towers has grown rapidly, and the company has full orders on hand.

From a cost perspective, the price of plate continues to fall, driving the gross profit per ton to continue to rise.

In the axial direction of the report, the company continued to advance the “dual sea strategy”, acquired the wind tower plant Ambau, and officially entered the European offshore wind power industry.

The industry is rushing to merge and release the combined production capacity. We expect the replacement volume to be 53-56 in 19 years.

The current plate price is still in the falling range. Under the assumption that the plate price has stabilized or slightly declined, the net profit per ton of the wind tower will be in the rising range. We estimate that the net profit per ton of the wind tower in 2019Q3 will be 950-1000 yuan / ton.
  Zhencheng’s 150MW wind farm was connected to the grid for 8 months. The release of blade capacity coincided with the industry’s rush installation companies to promote the construction of wind farms. According to the report, the city’s 150MW wind farm was selected to complete the grid connection. The company’s wind power equity installed capacity reached 680MW, which continued to contribute stable profits.

Affected by the wind in Q3, the wind power utilization hours in the first three quarters of the country were 1,519 hours, a continuous decline of 135 hours.

The company’s Changshu blade production base was completed in 18H2. In the first three quarters, 145 blades were flipped and 22 molds were turned.

The ramp-up of production capacity has led to a steady increase in the gross profit margin of the blade business. The accelerated release of production capacity coincides with the industry’s rush to install, and 杭州品茶夜网 the blade reshapes the company’s new growth pole at the manufacturing end.

  The operating cash flow improved substantially, and the improvement in sales expenses benefited from the industry snap-ups and the company’s leading position. The sales proceeds of wind towers and other products improved, and the production expenses were properly controlled. The company’s operating cash flow in 19H16.

20,000 yuan (ten years +93.


The gross profit margin for the first three quarters was 27.

63% (ten years +1.

58pct), we believe that it is mainly driven by the decline in the price of plate at the manufacturing end and the grid connection of high-quality wind farms at the operating end.

Rush installation of wind power drives up transportation costs, and the company’s sales expenses in the first three quarters decreased 杭州桑拿 by 4.

5% (decade +0.


With the increase in profits and the end of the tax-free period of the Hamil Wind Power Plant, the company’s subsidy expenses in the first three quarters increased compared with the same period of the previous year.

  The high economic cycle accelerates overseas expansion, capacity releases overlap industries to rescue loading, maintains a “buy” rating. The company adheres to the “dual sea strategy”, strengthens its layout in the field of wind power blades, molds, operation and maintenance, and moves from a single product provider to the entire wind power industry.Lifecycle product and solution provider transformation.

The gross profit per ton rebounded steadily, and the capacity release overlapped with the industry’s rush to install. We expect the company to EPS0 in 2019-2021.



66 yuan, comparable company average PE17 in 2019.

06 times, based on the wind tower faucet attachment, giving the company 20-22 times PE in 19 years, with a target price of 8.4-9.

24 yuan, maintain “Buy” rating.

  Risk reminders: 1) Wind power industry’s rush-installation is less than expected; 2) Wind power projects under construction are delayed when connected to the grid; 3) Expansion and reconstruction and blade project schedules are less than expected.

Gujia Household (603816) 2019 First Quarterly Report Review: Subject to industry and consolidation factors 19Q1 temporarily under pressure for long-term bullish growth logic

Gujia Household (603816) 2019 First Quarterly Report Review: Subject to industry and consolidation factors 19Q1 temporarily under pressure for long-term bullish growth logic
Investment Highlights: The company announced the 2019 first quarter report: 19Q1 revenue 24.60 ppm, an increase of 32 in ten years.8%, realizing net profit attributable to mother 2.95 ppm, an increase of 10 in ten years.0%, deducting non-net profit 1.96 ‰, a decrease of 0 per year.9%, the total revenue exceeded us, and the profit basically met our expectations (looking forward 12%).The company’s national channel expansion has been continuously strengthened, marketing efforts have continued, and various categories of the company have continued to expand and exert synergies.The pressure on the overall income end of 19Q1 is mainly due to the impact of the real estate industry’s post-cycle, the advance of the Spring Festival, and the high base in the same period of 2018. We believe that 18Q4-19Q1 is the overall industry low, resulting in the gradual recovery of first- and second-tier real estate sales.The company’s revenue for the first half of the year strives for improvement. Revenue side: continued to implement multi-category expansion and development, and each business segment achieved steady growth.In 19Q1, we estimated that the company’s internal sales exceeded the growth rate of about 6%, and the external sales due to factors caused by 18Q4 orders caused a gradual decline in 19Q1 sales. We estimated that the gradual growth rate was about 4%. The net new stores in 19Q1 were estimated to be about 140, and the stores continued to expand.1) Multi-category development: The sofa business, as the company’s traditional main business, has been engaged in the industry for many years. The stickiness of consumer groups and brand attributes have been prominent, maintaining steady growth, and increasing the concentration while having a better growth rate.In accordance with the company’s multi-brand development strategy, the company continued to expand its categories and form a growth map for the large home.Among them, functional sofas and bedding categories have maintained rapid growth.2) Channel sinking continues to accelerate: The company conducts situational sales, big data marketing, and channel development. The remaining 19Q1 eventually has more than 4,800 stores. We believe that the company’s software home channel expansion is still in the space. We expect that in the next 3 years400-500 stores are opened every year. Currently, the first and second-tier cities have basically completed the coverage of at least one store. The third- and fourth-tier cities have encrypted stores, and the growth of single stores and new stores has consolidated the long-term growth logic.3) Optimization of management structure: The company’s management team keeps improving and meets the needs of market development. The talent reserve and organizational execution are leading, and corporate governance is getting better.In the second half of 2018, the company gradually changed from the original business unit system to a regional marketing center model, with clear team building ideas and a good team foundation for the company’s long-term strategic development.With the team building and running in 19 years gradually mature, it is expected to gradually bring out the advantages of regional marketing centers. Profit side: dragged by the quality of consolidated earnings, the gross profit margin is temporarily under pressure, and there is room for increase in single quarter earnings.19Q1 gross margin fell short-term 1.7pct, mainly due to the increase in the gross profit margin of the consolidated business.Profit highlights: 1) Higher ROE level: Home companies that maintain rapid growth.The company’s ROE (deduction) in 19Q1 was 6.1%, which ranks higher in the light industry and home furnishing industry, shows that the company has extremely strong profitability.2) Ongoing marketing and R & D expenses: 18 years of sales / management / R & D / financial expenses are: 52 every other time.7% / 19.8% / 236.5% / 18.3%. The sales expenses were mainly due to the company’s increased marketing support for distributors. The R & D expenses were mainly due to the company’s increased product R & D efforts.3) Stable operation quality: The company’s total assets turnover in 19Q1 was reset to 0.24 and 18 have basically remained stable through continuous improvement of the company’s supply chain and operating system. 成都桑拿网 Therefore, we believe that the company’s turnover rate is expected to continue to increase. Actively develop categories, steadily increase production capacity, and lead the software home furnishing business in a significant way. The company has the foundation to steadily contribute to the large home furnishing market.The company’s flagship product sofa benefits from the improvement of industry concentration; gradually promotes the gradual expansion of category expansion to create an advantageous product matrix; the expansion of channels continues to strengthen, and the store’s net opening data hits a new high; the company will continue to promote O2O integration by trying to expand the store modelAchieve new retail channel layout.The initial incentive was granted for the first time, and the convertible bonds successfully 夜来香体验网 raised funds to promote the sustainable development of the company’s business.The expansion of production capacity has been gradual and gradual, and the energy storage large home strategy module.According to the consolidation business in 2019, which is still in the integration stage, it is expected that it will still have a periodical impact on the profit side. We maintain the company’s EPS for 2019-2021 to 2.88 yuan, 3.55 yuan, 4.A profit forecast of $ 14 is currently sustainable (54.(21 yuan) The corresponding PE for 2019-2021 is 19, 15, 13 times, and the profit growth rate for 2019-2021 is 25.4% / 23.2% / 16.5%, benefiting from the improvement of the concentration of the leading household industry leaders, the company’s incentive mechanism in place, and the endogenous growth logic is improving.We are optimistic about the company’s medium and long-term growth and development prospects, and look forward to the company’s various categories in the home sector to build a beautiful layout and maintain the increase in holdings!

Taiji Co. (002368) Company Research: Multi-Core Needs Quality Change Long Cycle Starts Welcome Encore Accelerated Opportunities

Taiji Co. (002368) Company Research: Multi-Core Needs Quality Change Long Cycle Starts Welcome Encore Accelerated Opportunities

The company is a top domestic IT service company.

Tai Chi Co., Ltd. was created by CLP Power in 1987 and is a national team for upstream IT services.

At present, the 15 companies are controlling shareholders, and China Electric Power is the actual controller.

  The company’s traditional business is IT system integration and services. It has top-level integrators to understand customer needs and landing service capabilities. It has become a service provider with Ali, Huawei, and Tencent in the construction of the national Internet + regulatory platform.

  The connotation of integration has changed. Cloudization, dataization and service have promoted the moat and space of the industry.

Traditional system integrators have complete hardware integration. Through cloud computing, big data and customer needs deepening, service-oriented and software capabilities have become the key to competition, and the industry concentration of the integration industry is trying to continuously improve.

The company transformed from “IT service provider” in the main industry of system integration to “cloudization, dataization, and service” in 2015.

Relying on the strong resources of the party, government, military and public utilities, cloud computing and big data services have been launched in Beijing, Hainan, Haikou, Shanxi, and Tianjin.

Online business systems have been increasing year by year, and the product system has been continuously enriched.

  The company and CETC resources are further integrated, and the forces work together to accelerate the implementation of Encore.

Historically, the business content of the 15 branches of CLP has overlapped with Taiji Co., Ltd., and its R & D and industrial linkage actions are also limited.

In 2018, CLP Power plans to form the CLP Taiji Group with 15 entities as the main body. The establishment of CLP Taiji 青岛夜网 will further promote the coordinated development of resource integration and military-civilian integration between the 15th and Taiji.

The 15 institutes will become the research and development and innovation platform of CLP Power Taiji Group, and Taiji shares will become the industry development and capital platform of CLP Power Taiji Group.

At the same time, Liu Xuelin is also the director of the 15th Institute, the chairman of Taiji shares, and the chairman of Taijizi Group.

The positioning of the Group, the 15th Institute and Tai Chi is completely clear, and subsequent resource integration is expected to gradually emerge.

  The Encore industry is driving development opportunities, with revenue and profit margins accelerating.

Relying on China Electronics Technology Group, the company has continuously improved its independent and controllable industrial system through capital means. Since 2013, it has successively acquired Huidian Technology, Kingdee Middleware, and NPC Jincang. Equity Software Industry was placed under CLP Taichi in early 2019Architecture, the existing company has initially completed the industrial layout from operating system, database, middleware to management software and safe and reliable system integration. The accelerated landing of the Encore industry will bring development opportunities to the company, and revenue and profit margins will be promoted.accelerate.

  The first coverage was given a “Buy” rating, with a target market value of 22.3 billion and a corresponding PEG of 1.

5 times.

It is estimated that the net profit attributable to the mother for 2019-2021 will be 3.

8 billion, 5.

7.6 billion, 8.

5.3 billion, with a compound annual growth rate of 39.


Comparable companies have an average PE of 43 times in 2020 and an average PEG of 2.

33 times.

Considering that Taiji’s numerous resources and capabilities are expected to achieve significant growth and that Enco’s growth rate may exceed expectations, Taiji shares 1 are granted.

5 times PEG, corresponding to 59 times PE in 2019, and the target city size is 22.3 billion.

  Risk reminder: The integration of CLP and Taiji did not meet expectations, the system integration business grew faster, and the innovation business did not meet expectations.