Zhonghuan (002129): Competition for large-scale silicon wafers in line with Shen Wanhongyuan’s expectations improved overall

Zhonghuan (002129): Competition for large-scale silicon wafers in line with Shen Wanhongyuan’s expectations improved overall

Event: The company released its semi-annual report for 2019 on August 21, 2019.

Report the core company’s operating income 79.

42 ppm, an increase of 22 in ten years.

91%; net profit attributable to mothers4.

52 ppm, an increase of 50 in ten years.

69%.

  Investment Highlights: The performance is in line with Shen Wanhongyuan’s expectations, and the operating net cash flow has improved significantly.

Benefiting from the company’s advanced production capacity growth and tighter demand for monocrystalline silicon wafers, the company’s performance growth in the first half of the year increased significantly.

At the core of the report, the company achieved total operating income of 79.

42 trillion, an increase of 22 over the same period last year.

91%, net operating cash flow 8.

52 trillion, an increase of 57 over the same period last year.

67%, net profit attributable to shareholders of listed companies.

52 ppm, an increase of 50 over the same period last year.

69%.

With the company’s photovoltaic and semiconductor wafer new production capacity continued to be released, future performance is expected to continue to grow.

  The first M12 photovoltaic large silicon wafer was launched, and the technical advantages of the single crystal faucet were prominent.

On August 16, 2019, the company released the “QuaFather” series of photovoltaic large silicon wafers, in which the M12 specification is a 12-inch ultra-large diamond wire-cut solar monocrystalline silicon square wafer with an area of 44,096mm2, a diagonal of 295mm, and a side length of 210mm.Compared with M2 area increased by 80.

5%.

Large silicon wafers not only increase the production capacity of silicon wafers, reduce the cost of growing crystals, but also greatly improve the production efficiency of cell wafers and modules.

The theoretical calculation of the new large silicon wafer will reduce the non-silicon cost of the cell by more than 20%, and reduce the cost of photovoltaic power by more than 6%, which will accelerate the process of photovoltaic parity on-line access.

The new large silicon wafer involves more than 100 declared patents (partially replaced) and its own intellectual property technology, which further 厦门夜网 enriches the company’s technology and intellectual property reserves and enhances the company’s competitive advantage.

  The capacity of photovoltaic wafers has steadily expanded, and its market share has continued to increase.

In 2018, the company’s monocrystalline silicon wafer output exceeded 3 billion, with a market share of more than 30%, ranking first in the industry.

As of July 2019, the company’s photovoltaic wafer production capacity has exceeded 30GW. It is expected that the total production capacity will exceed 55GW after the fifth phase of the project is put into operation, which will continue to increase market share.

The company plans to build an industry through intelligent manufacturing concepts, digital production management, and informatization of manufacturing.

0 Smart factories, achieve product consistency, and more efficient photovoltaic efficient manufacturing, helping monocrystalline silicon wafers continue to reduce costs and increase efficiency.

At the same time, the company actively deploys synchronization of downstream components, holdings Dongfang Huansheng, a leading domestic manufacturer of shingle components, and gradually strengthening the synergy of the industrial chain.

  Large semiconductor wafers are progressing well, and the 12-inch project is expected to be put into production in 2020.

In the first quarter of 2019, the company’s first 12-inch semiconductor polishing wafer production line was put into production.

In the first half of 2019, the Tianjin plant’s 8-inch silicon wafer expansion project has achieved the designed capacity; the 12-inch test line project was produced in February and continued research and development work; the Yixing plant is expected to put into operation an 8-inch production line in the second half of the year, with a 12-inchThe project is expected to move in equipment in the fourth quarter of 2019, and start production in the first quarter of 2020, and continue to advance according to the project design progress.

After all the semiconductor large silicon wafer projects are put into production, the company will achieve an 8-inch production capacity of 1.05 million wafers / month and a 12-inch production capacity of 170,000 wafers / month.

  Maintain profit forecast and maintain “overweight” rating: the company is a national team of semiconductor materials, shouldering the historical responsibility of large wafer domestication, and the leader in photovoltaic monocrystalline silicon is fixed.

We estimate that the company’s net profit attributable to mothers will be 11 in 2019-2021.

53, 15.

01, 19.

95 ppm, corresponding EPS is 0.

41, 0.54 and 0.

72 yuan / share.

At present, the corresponding PE is 29, 22 and 17 times, respectively, maintaining the “overweight” level.

Beijing New Building Materials (000786): Transformation of operating conditions into promising and promising results

Beijing New Building Materials (000786): Transformation of operating conditions into promising and promising results

Investment Highlights Event: The company disclosed the 2019 third quarter report: the first three quarters achieved operating income of 98.

17 ppm, a 10-year increase3.

20%, net profit attributable to mother-0.

11 ‰, a decrease of 100 per year.

53%, basic profit return -0.

006 yuan / share, net of non-attribution net profit 18.

42 trillion, a decrease of 7 a year.

46%.

Opinion: Revenue growth has steadily increased, and the decline in operating profit has continued to narrow.

The company achieved operating income of 98 in the first three quarters of 2019.

1.7 billion, an annual increase of 3.

2%.

In terms of quarters, Q1 / Q2 / Q3 operating revenue growth rates were -2.

8% / + 3.

5% / + 7.

2%, revenue growth turned positive in Q2 and Q3, and continued to increase.

We exclude the impact of litigation costs, etc., the company achieved operating profit in the first three quarters of 201921.

21 trillion, down 10 a year.

72%, quarterly, Q1 / Q2 / Q3 operating profit growth rates were -31.

32% /-5.

59% /-2.

At 75%, the decline in operating profit narrowed significantly.

Sales volume and single-ping profitability rebounded month-on-month, verifying the trend of high-end.

We estimate that the average flat income and gross profit of gypsum board in 2019Q3 are 5 respectively.

5 yuan and 2.

1 yuan, a slight decrease of 0 each year.

25 yuan and 0.

15 yuan, stable compared with the previous quarter.

The fee for a single square meter in 2019Q3 is 0.

97 yuan, an increase of 0 every year.

18 yuan, mainly due to the company and its subsidiaries’ transportation costs, advertising and exhibition costs increased, single square meter sales costs increased by 0.

24 yuan.

2019Q3 single flat net profit 1.

23 yuan, down about 0 a year.

2 yuan, mainly due to the impact of litigation costs in the US gypsum board; if the impact of related litigation costs is excluded, Q3 Shanping net profit1.

37 yuan, down by 0 every year.

08 yuan, basically unchanged.

Major lawsuit settlements affected current profits.We believe that 杭州夜网论坛 this settlement will resolve the risks of major lawsuits, which will help Beijing New Building Materials and Taishan to significantly reduce the cost of litigation (the average annual cost in the past three years is about US $ 100 million) and release performance; at the same time, clear the obstacles in the company’s internationalization, Is conducive to the development of subsequent international business.

Profit forecast and investment advice: The company is a typical undervaluation leader.

The gypsum board industry can achieve substantial growth under the support of renewed demand. The company has consolidated 60% of the market share. The cost advantage has formed a strong competitive barrier, and the company has a low loss rate and good cash flow.

The gypsum board use phase is gradually completed, so the growth 四川耍耍网 rate of demand lags behind the growth rate of the sales area of commercial buildings by about three quarters, and it is in the bottom-seeking phase in 18 years.

We expect the stable demand to pick up along with the expansion of production capacity, environmental protection and gradual environmental protection. The company’s market share will bring further pricing power, and the company’s gypsum board is expected to increase in both volume and price.

We adjust the company’s profit forecast and expect the company’s net profit attributable to its parent to be 4 in 2019-2021.

4.5 billion, 26.

5 billion and 30.

980,000 yuan, closing prices on October 25 corresponding to PE were 71.

9 times, 12.

1x and 10.

3 times, maintaining the level of “prudent increase”.

Risk Warning: Real Estate Investment Exceeds Expectations, Completion Recovery Is Less Than Expected

Liuyao Co., Ltd. (603368): Semi-annual results forecast for steady growth of beautiful regional leaders

Liuyao Co., Ltd. (603368): Semi-annual results forecast for steady growth of beautiful regional leaders

The semi-annual forecast for 2019 is gratifying, and the sales scale continues to expand. The company releases the 2019 semi-annual performance report. The company expects 南宁桑拿 to achieve 71 in 2019H1.

97 ppm, an increase of 30 in ten years.

47%; net profit attributable to mother 3.

560,000 yuan, an increase of 39 in ten years.

36%; net profit deducted from non-return to mother 3.

50,000 yuan, an increase of 37 in ten years.

22%; Estimated increase in average net asset income by 8.

97%, increase by 1 every year.

87 units.

On the whole, the company’s sales scale has continued to expand, and its performance has achieved rapid growth.

According to the company’s 2018 annual report data, as a leading company in the distribution field in Guangxi Province, more than 90% of its business is pharmaceutical wholesale.

Under the policy environment such as the “two-vote system”, the company’s low-margin transfer business decreased, and its pure sales business continued to increase. In 2018, 夜来香体验网 the hospital’s net sales ratio was 75.

79%.

The increase in the scale of pure-sale business will drive the company’s overall gross profit margin.

  The hospital sales business is used as the driving core to achieve a wide coverage. The company uses the hospital sales business as the core to promote the company’s development. Through the hospital supply chain value-added services, intelligent management of equipment and consumables, intensive management of inspection reagents, Internet medical services, etc.Cooperation with high-end medical institutions.

In 2018, the company established a good business relationship with 100% of tertiary hospitals in Guangxi region and more than 90% of secondary hospitals, and achieved extensive coverage of mid- to high-end hospitals in the autonomous region.

  The upstream and downstream synergy effects are obvious, expanding new market space From the perspective of the industrial chain, the company’s upstream and downstream synergy effects are obvious, which is conducive to expanding new market space.

In 2018, the company has more than 4,200 upstream suppliers, and has basically reached cooperation with domestic mainstream drug suppliers in the Guangxi region.

At the same time, the company’s operating variety structure has been continuously optimized to expand new market space.

At present, the company has more than 40,000 regulations on operating products, which basically cover the commonly used drugs and new special drugs in hospitals.

The continuous increase in the number of suppliers and the variety of pharmaceutical products provided excellent guarantee for more comprehensive coverage of end customers.

  The logistics distribution system is sound and the information management system is perfect. The company is far ahead in the local logistics distribution system. In Nanning, the modern logistics base built in Liuzhou has officially started.

At present, the company takes two core cities of Liuzhou and Nanning as logistics distribution centers, and uses Yulin, Guilin, Baise and other major cities as distribution distribution centers to form an efficient logistics distribution network that fully radiates 14 prefecture-level cities in the autonomous region.

At the same time, the company’s information management system is perfect, and it has a dedicated research and development team that can develop characteristic indicators that meet the needs of individual needs.

The existing information system covers all aspects of the company’s procurement, logistics, sales, end customers, quality control, etc., and achieves a unified drug information flow, physical logistics, and capital flow.

  Estimates and ratings The company’s net profit for 2019-2021 is 6, respectively.

9/9.

2/12.

0 ppm, corresponding to PE is 12/9/7 times, optimistic about the company’s value as a regional leader in Guangxi Province, and the steady growth of pure sales business, the steady advancement of the retail and industrial sectors, maintaining a “buy rating”.

  Risk reminders: policy risks, weaker-than-expected integration of supply chain management projects, less-than-expected market transfer of DTP pharmacies in the retail sector, and capital turnover caused by receivables and other risks

Angel Yeast (600298): High growth rate leads to flat growth rate, low trend, high trend

Angel Yeast (600298): High growth rate leads to flat growth rate, low trend, high trend

1Q19 results were in line with expectations. Angel Yeast announced.
1Q19 results: operating income 18.

200 million, +11 a year.

6%; net profit attributable to parent company 2.

370,000 yuan, at least -14.

6%, in line with expectations.

The development trend keeps the income budget target of 15% of the minimum budget unchanged.

In the first quarter of 19, the company’s revenue increased by 11.

The target of 6%, lower than the annual budget of 15%, basically lies in the low sugar price of the white sugar business. The company also adopted a reluctant sales strategy in 4Q18, and waited until the sugar price increased in the later period before selling, which affected the domestic revenue growth of 2-3%.If this factor is excluded, the growth rate of domestic income is above 15%.

The export business grew 13% in 1Q19, higher than the same period last year. The company’s exports improved due to the depreciated exchange rate advantage of the company. The company expects that Dublin will benefit from the positive contribution of the exchange rate in 19 years; YE revenue growth rate will reach 20% or more, animal nutrition and health careThe growth rate of product revenue has exceeded 30%, and the revenue of the brewing business has exceeded 40%.

Leaders said the company’s budget target of 15% annual revenue growth remains 北京夜生活网 unchanged.

The declining trend of molasses raw material prices in 19 years was confirmed.

In the 2018/19 season, the company’s molasses procurement costs have shown a downward trend from a global perspective, with a drop of approximately 7%, exceeding the company’s initial estimates. Actually, China’s internal north and south and Egypt have experienced a decrease of more than 10%. Russia last year was the lowest price in history.This year has increased, but prices are still lower than in other regions.

At the same time, because of the expected average calculation method for molasses purchases, molasses prices will decrease every quarter in 2019, and each quarter will be reduced by about 1-2%, thereby reducing cost pressure.

Profit growth in 19 is expected to exceed income growth.

The decrease in profit in the 四川耍耍网 first quarter of 19 was mainly due to a higher base in the same period last year. We expect long-term company profit growth to increase and exceed expected earnings. The company said that in the first quarter of 19, Yili’s production capacity has recovered, and it has now increased from 60% utilization to nearly80%, coupled with the completion of Chifeng’s relocation, this year’s full production, Egyptian company’s YE project this month, and other factors, so the company’s tight production situation will improve.

In addition, this year’s annual exchange rate advantage is also expected to increase the foreign exchange loss benefits of overseas companies, and increase the benefits of cost reductions and the effect of price increases at the end of last year. Our expected profit growth rate is expected to exceed revenue.

The profit forecast takes into account the decline in costs, the ease of production restrictions, the favorable exchange rate, etc., and raised the 19-year gross profit forecast, and correspondingly raised the 19/20 EPS forecast 4

0% / 3.

8% to 1.

23/1.

48 yuan.

The estimated and recommended current prices correspond to 22/19 times P / E in 19/20. Taking into account the upward revision of profit forecasts and the upward movement of the estimated hub, the target price is raised by 19% to 30 at 25 times P / E in 1919.

8 yuan, maintain a neutral rating, the current price still has 12% of room, the target price corresponds to 19/20 25/21 times P / E.

Risks Yili factory has limited production, changes in the RMB exchange rate, increased environmental protection costs, and changes in raw material prices.

East China Computer (600850): Domestic shares transferred to Denko Information Sub-Group to position autonomous controllable capital operation platform

East China Computer (600850): Domestic shares transferred to Denko Information Sub-Group to position autonomous controllable capital operation platform

Event: The company announced on September 4, 2019 that it received a notice from the controlling shareholder of the East China Institute of Computing Technology, and received the “China Electronics Technology Group’s Information Technology Sub-Group and”Responses to Equity Adjustments of Related Companies”, after research by China Electronics Technology Group, agreed in principle the implementation plan for the establishment of the Information Technology Sub-Group: the establishment of positioning “to create independent and controllable key software and hardware products, advanced computing platforms, to achieveSecurity and control “of the information technology sub-group, at the same time the 32 listed companies held by East China Computer Holdings 19.

26% of the original shares (total of 82,100,658 shares) were transferred to Denko Information Subgroup for free.

The newly formed Dianke Information Sub-Group focuses on building an independent and controllable infrastructure.

According to the announcement, China Electronics Technology Group agreed to establish the China Electronics Information Information Sub-Group based on the thirty-two institutes and China Electronics Technology Software Information Service Co., Ltd. and China Electronics Technology Soft letter as the platform company.

The registered office of Dianke Information Sub-Group is Shanghai, with a tentative registered capital of 1.5 billion yuan.

After the establishment of the Dianke Information Sub-Group, as a wholly-owned one-member limited liability company of China Dianke Group, it managed in accordance with the second-tier member units and entrusted the management of thirty-two offices, which coordinated the implementation of the ownership, operating rights andThe management and control model of separation of revenue and rights, and the organization and 厦门夜网 integration of related business assets and resources.

The Information Technology Sub-Group should take the opportunity to build a modern state-owned enterprise system and take “leading the computing innovation, creating independent controllable key software and hardware products, advanced computing platforms, and realizing the safe, controllable and innovative development of a new generation of critical information infrastructure” asThe main responsibility is to focus on the independent controllable, safe and reliable key software and hardware products and platforms, the new generation of information infrastructure construction and operation services, and work hard to develop the core competitiveness of the industry, expand the market, and promote the preservation and appreciation of domestic assets.

It is clear that 深圳丝袜会所 East China Computer has become the listing platform for the Denke Information Sub-Group’s future operation and development capital operation.

According to the announcement, China Electronics Technology Group agreed to affiliate 32 listed companies held by it19.

26% of joint-stock companies (total of 82,100,658 shares) were transferred to Dianke Information Sub-Group for free, and the company was clearly adjusted to be a listing platform for Dianke Information Sub-group’s future operation and development capital operation.The core capital operation platform of the control business faces huge potential while improving its positioning.

Investment suggestion: The company, as a platform of the rare listed company in Shanghai, which belongs to CPIC, is expected to fully benefit from the group’s deepening reform process, that is, the transfer of major shareholders’ shares to the newly-formed Denko Information Sub-Group and clearly identified as an autonomous and controllable infrastructureThe company is facing huge potential while improving its positioning. It is expected that the EPS for 2019-2020 will be 0.

77 yuan, 0.

82 yuan, maintain Buy-A rating, 6-month target price of 28 yuan.

Risk warning: New business expansion is less than expected.

Qianjin Pharmaceutical (600479): Performance was slightly better than expected

Qianjin Pharmaceutical (600479): Performance was slightly better than expected

In the first half of the year, the company’s net profit attributable to mothers and net profit attributable to non-mothers were 16 respectively.

9.1 billion, 84.77 million and 85.26 million, respectively, ten years + 14%, + 26% and + 53%, the performance slightly exceeded our mid-term forward-looking expectations.

The company’s 19H1 brand Chinese patent medicine revenue growth rate has returned to double digits. Chain drug stores have continued to release profits after dating the Qianjin business method. They look forward to the subsequent improvement of the chemical medicine and sanitary napkin business and maintain the “strongly recommended-A” rating.

The reasons for the 19H1 deduction of non-net profit growth that is significantly higher than that of parent net profit are: 1. The wealth management income has changed from investment income to income, and has changed from non-recurring profit and loss to recurring profit and loss;The fair value change of the “tradable equity instrument investment” in the “financial assets sold” was adjusted to “other non-current financial assets” during the period, which affected non-recurring gains and losses.

Excluding the impact of the above factors, the growth rate of non-profit deduction and the return of return to motherhood are basically the same.

19Q2 revenue was mainly affected by the chemicals and sanitary napkins business.

In 19Q2, the company’s net profit attributable to mothers and net profit attributable to non-mothers were + 11%, + 19% and + 61%, respectively.

The revenue growth rate has improved month-on-month, mainly due to fluctuations in the growth rate of chemical medicine and sanitary napkins.

The revenue growth of proprietary Chinese medicines has double-digit growth, and the proprietary Chinese medicine business has performed well.

In 19H1, the parent company (branded proprietary Chinese medicine business) increased its revenue by + 11% and its gross profit margin increased by 0.

45 units.

We estimate Qianjin tablets income + 16% per year, spring milk gel + 17%, and blood tonic tablets + 25%.

We analyze the reasons for the increase in the growth rate of the parent company’s product revenue: 1. The specifications of thousands of gold tablets and other products changed in 17-17-18, and they were new and fixed specifications for sales in 19; 2. The refined management and “three 深圳SPA会所 developments” of the parent companyImprovement achieved: The reported parent company temporary agreement chain of 2966, newly developed grade hospitals, 569 new grade hospitals, 2079 primary medical care, 3388 development doctors.

At the same time, the insertion of Qianjin’s operating method in the parent company also continued to show results: 19H1 sales expense ratio and management expense ratio were -0 respectively.

74 and 0.

04 averages.

In terms of products, except for Chinese medicines (Chinese medicines in the report include decoction pieces, branded proprietary Chinese medicines are based on the decoction pieces of the parent company): 19H1 income of chemical medicines3.

3.8 billion, previously + 4%, mainly due to channel inventory needs to be digested, affecting shipments.

Pharmaceutical business 19H1 revenue 8.

2.1 billion, + 25% per year, we 重庆耍耍网 estimate that the chain pharmacy revenue growth rate is about 15-20%.

Revenue from sanitary napkin business 19H1 1.

2.6 billion, previously + 5%.

The company’s sanitary napkin business is undergoing adjustments in sales strategy and looks forward to the improvement of subsequent operations.

From the perspective of the molecular company, since the implementation of the Qianjin operation method in the chemical medicine subsidiary and the big drug house company began in 18 years, it can be seen that the effect is obvious: the profit of Xieli and big drug house company increased by + 74% and 40% respectively.

Due to changes in R & D expenses and revenue growth, Xiangyao’s profit increased by + 4%.

Research and development are progressing smoothly.

The company has implemented 8 consistency evaluation projects for chemical drugs, completed 6 applications, and promoted products such as montmorillonite for approval in the second half of the year; launched 12 new product projects and completed 7 applications.

Upgrade earnings forecast and maintain “Strongly Recommend-A” rating.

We expect the company’s attributable net profit growth rate to be 15% / 13% / 10% in 2019-2021, and the corresponding EPS will be 0.

70/0.

79/0.

87 yuan (0.

68/0.

75/0.

83 yuan), the current sustainable corresponding 19 years pe is estimated to be about 14x.

The company’s 19H1 Chinese patent medicine revenue growth rate returned to double digits. Chain drug stores continued to release profits after dating Qianjin’s operating method. They look forward to the subsequent improvement of the chemical medicine and sanitary napkin business and maintain the “strongly recommended-A” rating.

Risk warning: product sales are not up to expectations, research and development progress is not up to expectations, commercial bribery risks, production operations and product quality risks.

Aikedi (600933) 2019 Third Quarterly Report Review: 3Q19 Operating Performance Enhancement Exchange Rate Affects Single Quarter Profit

Aikedi (600933) 2019 Third Quarterly Report Review: 3Q19 Operating Performance Enhancement Exchange Rate Affects Single Quarter Profit

Matters: The company released three quarterly reports, with revenue of 19 in the first three quarters of 2019.

300 million, previously + 3%, net profit attributable to mother 2.

9 trillion, a year -20%; of which the single quarter revenue in the third quarter was 6.

7 trillion, ten years + 6%, net profit attributable to mother 0.

900 million, previously -30%.

  Comment: Revenue and gross profit margin maintained the same month-on-month growth.

The company’s 3Q19 single-quarter revenue was 6.

7 ‰, previously + 6%, chained + 8%, deferred income at the end of 3Q19 was 4.

4 megabytes, + 16% a year, + 3% MoM, showing continued order growth.

Gross profit margin was 36% in the third quarter of 19, +2 for the whole year.

6PP, +4 MoM.

1PP, the benefit improvement is still obvious.

The total cost ratio excluding finance is 15.

5%, up 2 every year.

5PP, +0 chain.

4PP, which eroded the increase in profits brought by the improvement in gross profit margin.

  Single-quarter net profit was mainly affected by exchange rates.

The company’s 3Q19 single quarter net profit was 0.

900 million US dollars, -30% before, -17% month-on-month, all decreased, mainly due to the impact of the exchange rate on financial costs and financial instruments such as settlement and exchange budgets: 1) In terms of financial costs, 3Q19 was -0.

2 ‰, +0 for one year.

400 million, +0.

10,000 yuan, the change mainly comes from the decrease in exchange gains.

  2) In terms of financial instruments, changes in exchange rates resulted in the company’s unsettled forward settlement and sale of foreign exchange, and the unrealized increase in foreign exchange subsidies was reflected in the fair value reduction of zero on the income statement.

400 million, the same chain than 0.

300 million.

  After adding back about 70 million impacts, the net profit returned to 1.

500 million, corresponding year + 12%, chain growth + 33%, the growth rate reached 42PP and 50PP respectively.

  Plenty of orders and continuous management efficiency.

As a leading company in small-sized aluminum alloy die castings, the company has achieved global matching, and has continuously obtained new orders as its category continues to expand.

In addition, the company promotes digital factories, focusing on lean production, improving internal energy efficiency, reducing costs, gradually increasing cost advantages and increasing return on assets.

  Investment suggestion: Although the company’s net profit has decreased in the third quarter, it is mainly affected by the exchange rate. The company’s operating conditions are still improving. We still believe that with the release of new orders, the company will usher in a double rise in revenue and gross profit margin.

Considering the impact of the exchange rate in the third quarter on this year’s performance and operational improvement, we expect the company’s net profit for 2019-2020 to be 4%.

600 million, 5.

300 million adjusted to 4.

4 billion, 5.

6 ppm, the growth rate is -6%, + 27%, corresponding to 21 times and 16 times of PE. Considering the expected 淡水桑拿网 recovery of the domestic automotive industry, the company’s gross profit margin will rise faster than expected. The company will be given 20 times PE in 2020, and the target price will be raised13.

1 yuan, maintaining the “strong push” level.

  Risk Warning: The impact of exchange rate is greater than expected, and the trade war has led customers to choose overseas suppliers.

Evergreen (002391) 2019 First Quarterly Report Review: The first quarter of 2019 results have maintained a steady growth and convertible bond investment projects have been steadily advanced

Evergreen (002391) 2019 First Quarterly Report Review: The first quarter of 2019 results have maintained a steady growth and convertible bond investment projects have been steadily progressing
Investment highlights: Evergreen shares the first quarter report of 2019, reporting that it has actually achieved operating income7.43 ppm, an increase of 14 in ten years.75%; realized operating profit of 0.89 ppm, a ten-year increase4.94%; Net profit attributable to shareholders of listed companies was 0.71 ppm, a ten-year increase of 7.24%, press latest 3.Based on the total equity of 5.9 billion shares, it achieved single-quarter earnings.20 yuan, single quarter budget operating cash flow of 0.18 yuan. We maintain our investment rating of “Prudent Overweight”.The average market price of the company’s products in the first quarter of 2019 varied from the same period of the previous year, and Evergreen’s 2019Q1 yield and performance maintained steady growth.The company’s 南宁桑拿 Nantong base convertible bond fund-raising project is advancing steadily, and it is expected to contribute a considerable increase in performance after it is gradually put into operation.  The company is a leading domestic manufacturer of pesticide raw materials. Its products cover more than 30 kinds of raw materials, such as herbicides, pesticides and fungicides, and more than 100 kinds of preparations. It has a rich product structure, complete research and development system, and outstanding safety and environmental protection comprehensive advantages.Since the second half of 2016, the prosperity of the pesticide industry has gradually picked up, with domestic safety built in, environmental protection regulations tending to become more severe, the supply and demand structure of the pesticide industry has improved, and the prices of pesticide raw materials have increased significantly.Looking ahead, the company’s business will gradually increase and the new product capacity of Nantong base and convertible bond projects will be released. The company’s performance is expected to increase steadily.We maintain the company’s EPS for 2019-2021 to be 1.03, 1.27 and 1.The 48 yuan forecast maintains the investment rating of “prudent increase in holdings”.Risk reminder: the risk that the product boom will be reduced, and the risk that the construction progress of the new project will not meet expectations

Crack Group (603203): Industrial robots grow faster, focusing on soldering automation

Crack Group (603203): Industrial robots grow faster, focusing on soldering automation

Crack Group announced its 2018 annual report and 2019 quarterly report, with operating income4.

3.2 billion, an annual increase of 19.

50%, achieving net profit attributable to shareholders of listed companies1.

5.7 billion, an annual increase of 19.

33%.

Operating income for the first quarter of 19

02 trillion, an annual increase of 2.

63%; net profit attributable to shareholders of the listed company was 3436.

490,000 yuan, an annual increase of 18.

78%.

The growth rate of industrial robots and automation equipment.

18 years of special industrial robot and automation equipment revenue 2.

One million yuan, an annual increase of 33.

78%, the highest growth rate of various products; revenue from small soldering stations and other small equipment1.

4.2 billion, an annual increase of 9.

61%; accessories and fixtures revenue 0.

8.8 billion, an annual increase of 15.

95%.

The revenue of special industrial robots and automated intelligent equipment increased to 46% of the total revenue.

23%, through soldering products are more automated and integrated, it is expected that the revenue of industrial robots and automation sector will continue to increase.

The advanced customer base complements the rich product line, bringing the specialized industrial robots and automated intelligent equipment business to the rapid growth.

The company’s main business is oriented towards 3C consumer electronics, automotive electronics, communications electronics and other electronics in the manufacturing field, expanding well-known downstream and downstream precision electronics manufacturing customers, including Foxconn, Flextronics, and Unisys, AAC Technologies, GoerTek, BYD, Delta Group, Logitech, Panasonic, Dendec, Stanley Black & Decker, Luxun Group, etc.

Since 18 years, the prosperity of the downstream industry has been under pressure. The distribution of mobile phones has continued to slump, and the inventory of automobiles has remained at a high level. The growth rate of 3C and fixed assets investment in the automobile manufacturing industry in 18 years replaced the growth rate.

5%, 16.

6%, a decline of 6 per year.

7pct, 8.

7 points.

Despite the sluggish investment in the downstream industry, the company has a rich product line and a deep customer base. Its operating income has grown against the trend, highlighting the company’s competition in electronic assembly products among downstream manufacturers, and is optimistic about the company’s long-term market share.

Five customers accounted for 23% in the first 18 years, an increase of 4 over the previous 17 years.

11 points.

Gross profit margin has declined and net interest rate remains high.

Affected by the overall industry downturn and market competition, the 18-year comprehensive gross profit margin was 55.

02%, a decrease of 5.

57 points.

In terms of products, the gross profit margin of special industrial robots is 57.

99%, a decrease of 8.

71pct, its unit average growth rate increased by 51%, while costs rose by 74%.

Smart soldering station and other gross profit margins 46.89%, a decrease of 4.

65 points.

Accessories and fixtures gross margin 61.

43%, a decrease of 2.

85 points.

After excluding equity incentive factors, sales and management expenses accounted for a stable proportion, and exchange rate gains caused by changes in the US dollar exchange rate led to a decline in financial expenses.

Operating margin 42.

53%, net interest rate 36.

33%, continue to maintain quality, high-level profitability, 20 years of industry experience + continuous R & D investment, and enhance the core competitiveness of products.

The company focuses on continuous R & D investment. In 18 years, 19Q1 R & D expenses accounted for 6 respectively.

01%, 7.

65%, 41 patents were granted in 18 years, and 21 software copyrights were obtained.

In the future, the company will increase the market penetration speed of laser welding equipment, selective wave soldering and other series products, and upgrade related products such as dispensing replacement and screw lock payment in accordance with market demand to ensure the company’s core competitiveness through continuous research and development.

The fundraising projects are progressing smoothly, which will bring about capacity 上海夜网论坛 expansion and upgrading, and strengthen research and development capabilities.

The construction period of the intelligent precision soldering equipment project in the company’s fund-raising project is about 24 months, and the construction period of the R & D center is about 18 months.

As of April 16, the construction of the R & D center project has basically been completed and reached the intended use status. After replacement, the company’s technical engineering capabilities will be enhanced.

According to the plan, the construction of the intelligent precision soldering project is expected to be completed in 2019. After completion, it is expected that the high-end intelligent soldering combined tools and equipment will increase the production capacity of robot products by 30% and 184%, respectively.

Performance 北京夜网 forecast and investment advice.

The company’s revenue in the first quarter of 19 increased by 2.

63%, the growth rate of highways, automobiles, 3C investment continued to gradually drag down the company’s performance.

However, in the second quarter, general equipment orders have shown a marginal improvement. At the same time, due to the benefit of scale effects and effective control of management and sales expenses, we expect that profit margins in 2019 will also improve.

It is predicted that the company will be able to face the pressure of industry competition in the future and gradually expand its market share in the transition of downstream front-end manufacturers to expand production and process updates. It is expected that net profit for 2019-20201.

9/2.

2 ppm, corresponding to 19/17 times of PE, is recommended with caution.

Risk reminder: investment growth in downstream industries is accelerating, industry competition is intensifying, new product development is less than expected, and investment projects are gradually reaching production

Syntec (603086): Annual report growth exceeds expectations and optimistic about the future

Syntec (603086): Annual report growth exceeds expectations and optimistic about the future

Performance summary: The company achieved operating income in 201816.

40,000 yuan, an increase of 46 in ten years.

2%, net profit attributable to mother 2.
.

50,000 yuan, an increase of 128 in ten years.

0%, net profit after deduction to mother 2.

40,000 yuan, an increase of 135 in ten years.

5%, ROE20.

3%, earnings per share 2.

24 yuan.

The improvement in performance came from the increase in product prices and sales, and the fourth-quarter performance exceeded expectations.

In 2018, due to environmental inspections, the industry as a whole was very grim, and the company’s production and operations were normal. The company’s main products, dimethoxone, clomazone, and allylmorpholine, had a market price that was increasing compared to the same period last year.At the same time, it is estimated that the production and sales volume has increased by different degrees from the same period 杭州夜网 last year.

In addition, the company achieved breakthrough progress in product export. In 2018, the company achieved export 1 in overseas sales.

2 ‰, an increase of 59 per year.

86%.

The company’s fourth quarter performance was 7174.

70,000 yuan, exceeding our previous expectations.

Construction of the Huludao base started, and it is expected to contribute performance in 2019.

In June 2018, the company changed some of its fund-raising projects to include the “1,000-tonne mesotrione project” in the “1,000-tonne clomazone project and the 1,500-ton clomazone project” and the “9,000-ton-year comprehensiveThe preparation workshop and R & D center project was “changed to” an annual output of 6000 tons of original medicine and 10,000 tons of preparation project ”. This project has obtained the environmental assessment approval of[Human Environment Review][2018]No. 14 on May 21, 2018, and is currently entering the project construction andIn the equipment procurement phase, it is expected that the project construction will be completed in June 2019, at which time it will begin to contribute to the company’s performance.

R & D expenses have increased significantly and are optimistic about the future.

In 2018, the company’s R & D expenses were 87.34 million yuan, a year-on-year increase of 58.

38%, the growth rate of the company’s R & D expenses is not very common within the pesticide industry. We are optimistic about the company’s continued attention on the R & D side, optimistic about the company’s efforts in new product technology reserves, existing product technology optimization, and automatic transformation to reduce labor costs.
Profit forecast and rating.

The company’s EPS for 2019-2021 is expected to be 2.

59 yuan, 2.

86 yuan, 3.

10 yuan, because the company’s current estimated level is lower than the industry average (currently, the market surplus of the Shenwan Pesticide Industry Index changes by 20).

0 times), considering the company’s future growth, we raise the level to “buy”.

Risk reminders: risks of raw material prices or potential changes; risks of project progress being less than expected; risks of exchange rate changes; risks of safety and environmental protection.