Month: March 2020

Depth-Company-Aerospace Information (600271)： Deducting non-growth, both main business growth and gross profit hit record highs

Depth * Company * Aerospace Information (600271): Deducting non-growth, both main business growth and gross profit hit record highs

On March 29, the company released its 2018 annual report: 279 in revenue.

4
00 million, a decrease of 6 previously.

1%, net profit of 16.

200 million, an increase of 4 every year.

0%.

The company’s overall business gross margin improved, the main business under pressure resumed high growth, and the value-added service potential of the company has not yet been released. Maintain the BUY rating.

The key points of the support level are the second highest growth rate in the past eight years, and the income structure has improved.

Net 杭州桑拿 profit growth earlier in 2016?
It improved slightly in 2017, and its performance was in line with expectations.

The fair value of the restricted shares held by PetroChina Capital decreased by nearly 4 over the same period.

900 million, significantly affected the company’s apparent net profit.

The deducted non-net profit is 15.

90,000 yuan, an increase of 16 in ten years.

0%, the new highest since 2016 and the second highest of 8 (just below the 38 in 2015).

9% level).

In terms of revenue structure, the channel sales segmented by gross profit level, the volume of IC cards and other types of business contracted, and the proportion of channel sales revenue blocked by the volume started from the same period.

0% decreased to 45.

1%.

The gross profit margin of the entire line of business decreased.

The gross profit margin of each business increased by 1.

3?
4
The 8 grades vary, which drives the overall gross profit margin up by 4.

4 units.

This shows that the downstream market environment has improved, and the company’s competitiveness and bargaining power have improved.

The main business under pressure has ushered in a significant recovery.

The tax control system and equipment business under pressure due to policy price cuts ushered in 16 years in 2018.

4% accelerated growth in the past three years, gross profit margin increased by 2.

3 points.

During the year, 3 million sets of gold tax disks were sold, and 13.3 million corporate customers were accumulated. The market share of new households increased by 2 percentage points.

Corporate members and loan assistance business have good potential indicators and are poised for growth.

In 2018, the cumulative number of members exceeded 2.3 million, and the membership business income was nearly 7 trillion, and the work plan was exceeded. The fiscal and tax training in the institutional market achieved $ 100 billion in revenue.

The loan lending business realized a scale of 17 billion yuan, which has doubled before.

If calculated at market rates, it is expected to achieve high profit margins of about 200 million yuan.

With the successive introduction of support policies for SMEs, the growth rate of related businesses in 2019 may increase significantly.

Estimated for 2019?
Net profit in 2021 is 20.

3 billion, 23.

600 million and 27.
900 million, EPS is 1.

09, 1.
27 and 1.

50 yuan (fine adjustment 1?
3%), corresponding to PE, 26, 22 and 19 times.

We are optimistic about the main business boost and membership / loan assistance business entering an explosive period. The company estimates that the growth rate is relatively low 杭州桑拿网 and maintains a BUY rating.

The main risks faced by ratings were lower than expected; the growth rate of member income was lower than expected.

ZTE (000063)： Operational improvement prepares for 5G and waits for operator demand to be released

ZTE (000063): Operational improvement prepares for 5G and waits for operator demand to be released

The company released the 2019 first quarter report, which was in line with market expectations.

The company’s Q1 2019 revenue reached 22.2 billion yuan, a decrease of more than 19%, and its net profit was attributed to its mother 8.

600 million, an increase of 116% in ten years.

The operating net cash flow in Q1 2019 was 12.

60,000 yuan, an increase of 25% compared to Q4 2018.

At the same time, the company forecasted the operating conditions in the first half of the year, and the net profit attributable to the mother in the first half of 19 was 1.2 to 1.8 billion US dollars, an annual increase of 115% to 123%.

The impact of China-US trade sanctions has gradually subsided, and various business lines are in a state of recovery.

In the first quarter of 2019, the company’s revenue decreased by 19%, mainly because the terminal business was significantly affected by trade sanctions. Sales in North America decreased significantly compared with the same period last year. We believe that the market has expected changes in the revenue side.

At the same time, due to the low gross profit margin of the terminal business, the overall gross profit margin of the company Q1 has increased by about 12 percentage points compared to the same period of the previous year, reaching 40%, indicating that the operator business is still its main source of profit.

In addition, the only “sequelae” of trade sanctions last year: the cost was a 93% increase in administrative expenses, mainly related to the increase in legal affairs costs and personnel expenditures; expenditures, financial costs increased significantly, and index expenditures increased by 2 compared with the same period last year.

1000000000.

In our opinion, the impact of trade sanctions is expected to gradually diminish with the gradual follow-up of incremental increases . Highlights: Operating cash flow has increased significantly.

In Q1 2019, the company’s operating net cash flow reached 12.

Six ten percent, an annual increase of 836%, a significant increase.

The non-recurring profit and loss of the company Q1 was 7.

US $ 300 million, mainly including gains and losses from changes in fair value and other income. At the same time, the company’s financial expenses increased by 5 in the first quarter through exchange rate 淡水桑拿网 conversion and increased income.

900 million.

In view of these effects, the company’s actual first-quarter operating conditions are in line with market expectations, and its operating quality is gradually recovering.

4G equipment revenue is expected to exceed expectations in 2019, and 5G has entered the construction cycle.

The market believes that according to the median forecast of the mid-term report, Q2 performance release is slow.

However, we believe that the demand for 4G expansion by the three major operators in 2019 is obvious, and more orders for 4G equipment will be settled in the second half of the year.

At the same time, 5G equipment orders will also come to land in the second half of the year, and the company’s performance release will take time.

From another perspective, the recent acceleration of 5G in the US, Japan, and South Korea will also promote domestic progress, and ZTE is still the world’s main player in 5G.

Recently, the company signed a strategic cooperation with Sany Heavy Industry, indicating that in the 5G era, it will no longer be simple equipment sales, but digital empowerment of the system. ZTE’s end-to-end solution provisioning capabilities will play a greater role.

Profit forecast: We expect the company’s net profit attributable to mothers to be 48-20 in 2019-2021.

1 ppm / 63.

200 million / 82.

800 million.

The corresponding estimates are 30, 23, and 17 times, maintaining the “Buy” level.

Risk reminder: the risk of the impact of the subsequent progress of trade sanctions on the company’s business; the 5G construction progress is less than expected, affecting the risks of the company’s related business; the internal changes of the company may affect more than expected; the company’s 5G R & D progress is less than expected.

Haohua Technology (600378)： Launch of Equity Incentive Plan to Stimulate the Internal Vitality of Central Enterprises

Haohua Technology (600378): Launch of Equity Incentive Plan to Stimulate the Internal Vitality of Central Enterprises

Event: The company released its annual incentive plan for 2019 (supplementary), and proposed to add 22.8 million shares, of which 20.8 million shares were granted for the first time, replacing 2 million shares.

The initial grant price of the benefit stock is 11.

44 yuan / share, the grant price of the pre-granted supplementary shares is determined in a prescribed manner at each grant.

　　Key investment points The company is a rare leading technology company in the chemical industry: the company ‘s predecessor, Tianke Co., Ltd., specializes in pressure swing adsorption gas separation technology and complete equipment, catalyst products, carbon-chemical and engineering design. The company acquired the parent company in December 2018.The company’s 11 research institutes under the company China Haohua, restructured the target to replace high-quality chemical technology companies, scientific research force replacement, after the reorganization, the company added fluorine materials, electronic chemicals, rubber sealing products, aviation tires, special coatings and other products, and officially became China.Capital operation platform for the technology sector of Chemical Group.

　　The equity incentive plan introduced for the first time in history helps the company’s medium- and long-term development: The incentive object granted by this equity incentive plan does not exceed 812 people, including company directors, senior managers, core employees, etc.

The extended stocks granted to the incentive objects will be lifted in three batches within the next 36 months, and the performance evaluation goal of lifting the sales restrictions is: based on the average base of operating income in 2016-2018, and the composite assets of operating income in 2020-2022Not less than 17%, 17%, and 17%, respectively, and return on equity is not less than 9.

1%, 9.

2%, 9.

4%, and the above two indicators are not lower than the benchmark score of 75, and the proportion of R & D investment is not lower than 7.

0%.

The launch of this emerging incentive plan is conducive to deepening the potential of the company, multiple incentives for internal development momentum, and further promoting the company’s medium- and long-term stable development.

　　The competitive advantage of high-end PTFE products is expected to expand step by step: PTFE production capacity reached 12 in 2018.

9 is the largest, accounting for more than 40% of global production capacity, but mainly low-end products, 厦门夜网 high-end PTFE products have higher technical barriers, and are still in the process of import substitution.

The fluororesin production capacity of the company’s Chenguang Institute ranks second in the country, with strong research and development capabilities, excellent product structure, and higher R & D expense ratio and gross profit margin than peers.

With the rapid increase in demand for high-end PTFE in the fields of 5G construction, environmental protection, and medical treatment, and the addition of 5,000 tons / year of high-quality PTFE production capacity in Chenguangyuan, the fluororesin business is expected to become an important engine for the company’s development.

　　Profit forecast and investment grade: We expect the company’s operating income for 2019-2021 to be 43.

8.6 billion, 49.

9.5 billion and 56.

4杭州桑拿网.3 billion, net profit attributable to mothers was 5.

8.4 billion, 6.

8.4 billion and 7.

55 trillion, EPS is 0.

65 yuan, 0.

76 yuan and 0.

84 yuan, the current expected corresponding PE is 30X, 25X, 23X.

Maintain “Buy” rating.

　　Risk reminder: the risk of military dependence, uncertainty in the integrated management of subsidiaries, and increased industry competition leading to product price declines.

Collis (603808) Annual Report 2018 Review： Mature Brands and Direct Channels Perform Better than Main Brand Stores

Collis (603808) Annual Report 2018 Review: Mature Brands and Direct Channels Perform Better than Main Brand Stores

Report Highlights The event describes the company’s release of the 2018 annual report.

In 2018, the company’s revenue and net profit attributable to its mother were 24.

36 and 3.

6.5 billion, + 18.

7% / + 20.

7%, of which, in 18Q4, revenue and net profit attributable to mothers were 7.

00 and 0.

9.7 billion, +3 per year.

89% /-3.

31%, the revenue side continued to decrease, Q4 distribution channels continued to subdivide and the growth rate of Baiqiu under the background of high bases was the main factor caused by the drag on revenue, and the direct sales side remained relatively stable; Q4 new extension stores accelerated the expense increaseLarge, resulting in a slight decrease in net profit in a single quarter.

The company plans to take the total share 四川耍耍网 capital3.

3.2 billion shares are the base number, and a cash dividend of 5 is distributed for every 10 shares.

25 yuan, the dividend rate is 48%, the dividend rate has increased significantly.

　　Event reviews The direct sales performed better, and the store adjustment was nearing completion.

In 18 years, the company achieved revenue of 24.

36 trillion, ten years +18.

7%.

1) Revenue by brand, Colix, Laurel, ED, and IRO are 10 respectively.

04, 1.

11, 4.

98 and 5.

67 trillion, each year +4.

3% / + 14.

1% / + 14.

2% / + 43.

At the end of the period, the growth rate overlapped with the same period last year. At the end of the period, the number of company stores reached 592 and the net opening was 59. Among them, the main brand and other brands opened -10 and 69 respectively, and the main brand opened 3 stores in 18Q4. The store was adjusted.Towards the 成都桑拿网 end.
2) By channel, the company’s direct sales and franchise revenue are 12 respectively.

61, 9.

29 ppm, +18 a year.

1% / + 13.

0%, 18Q4, direct management / joining more than +12% /-16% respectively, refined operation guarantees stable growth of direct management, and franchise reorganization growth rate replacement is the main factor dragging down the acceleration of revenue growth.

　　In 18 years, the company’s sales / management (including R & D) / financial expense ratios were 29.

98% / 13.

09% / 0.

02%, respectively +1.

10 / -1.

27 / + 1.

22 points.Increase in sales expense ratio The development of the company’s expanded marketing network, increased terminal sales staff incentives and direct sales promotion; the decline in management expense ratio benefited from the emergence of multi-brand synergy and the reduction of distribution incentive expenses.

Interest rate expenses were 25 from the same period last year.

8% dropped to 21.

3%, driving the growth of the profit side and the income side.

Net cash flow from operating activities of the company.

10 billion US dollars, down ten years ago.

9%, mainly due to the increase in cash expenses brought by the increase in stocking and staff expenses; inventory turnover and accounts receivable turnover rate also declined to some extent.

　　Weak market background The direct sales end maintained steady growth, demonstrating that the company’s refined management capabilities are remarkable. The main brand has been ranked in the top ten in the comprehensive high-end women’s clothing market for eight consecutive years, and it has won the first place in 18 years.In the future, with the development of the People-Friendly Line and the increase in the number of channels, the main brand still has room for improvement; the multi-brands acquired externally are excellent, and it is expected to become an important driving force for future growth with the company’s refined operation and blessing.

The company is expected to achieve a net profit of 4, respectively, from 2019 to 2020.

31 and 5.

04 ‰, at least + 18% and + 17%, respectively, and the current price of 19PE is only 13X. Maintain “Buy” rating.

Risk Warning: 1.

The terminal retail was sluggish; 2. The merger and acquisition was lower than expected; 3. The store opening was lower than expected.

Li Tailai (603659) investment value analysis report： industry-oriented strategy for the rise of lithium power platform

Li Tailai (603659) investment value analysis report: industry-oriented strategy for the rise of lithium power platform

Core point of view The company was established in 2012. Based on the endogenous extension of industry and capital advantages, it has rapidly grown into a platform-type lithium battery material and equipment supplier. Its businesses are at the leading level in the industry and it is an absolute leader in the field of artificial graphite doping.

The company’s technology and products have global competitiveness, domestic supply of ATL, CATL, etc., overseas supply of Samsung SDI, LGC Chemical and other battery leaders, is a high-quality enterprise in the global lithium battery supply chain.

Demand for the company’s orders is strong. Beginning in the second half of the year, expansion will benefit from the release of production capacity, and the initial integration of the industrial chain will form a high cost barrier, which is expected to drive the company’s performance to continue to grow.

　　Yi Tailai: High-growth platform-type integrated lithium battery supplier.

The company was established in 2012. The core team has rich experience in the lithium battery industry and the capital market. The company started from short-term materials business, continued to expand by integrating industrial resources, combining technology and capital advantages, and has formed repeating materials, lithium battery equipment, fillers, aluminumFour major business segments of plastic film, of which long-term business revenue accounted for the highest proportion, reaching 60%.

In recent years, the company’s performance has maintained high growth, with 2018 revenue of 33.

1 ‰, +47 per year.

2%, net profit attributable to mother 5.

9 trillion, +31 a year.

8%.

The 2014 and 2018 CAGR of revenue and net profit attributable to mothers were 60% and 117%, respectively.

　　Permanent materials business: It is estimated that the industry space will be 500 million US dollars in 2025, and the artificial graphite leader will gain global competitiveness.

The global new energy automobile industry is rapidly emerging, and the demand for lithium-ion interconnect materials is growing rapidly. It is expected that the industry scale will exceed 20 billion and 50 billion US dollars in 2021 and 2025, of which the penetration rate of artificial graphite is over 80%.

The company is the leader of artificial graphite, with the following advantages: 1) the world’s leading technology, with unique secondary granulation technology; 2) high-quality customers, high-end products, customers include ATL, Samsung SDI, LG Chemical, BYD and 苏州夜网论坛 other battery giants,Unit profit in 20181.

40,000 yuan / ton, far higher than the industry average (4000-6000 yuan / ton); 3) The axial layout of the industrial chain is graphitized, carbonized, and needle-shaped focal length, creating cost barriers.

　　Long-term materials business: Sales volume has reached a new high, and gross profit margin has stabilized and rebounded.

The market believes that the company’s upstream supply is mainly for consumer batteries. The future volume increase is not obvious, and profitability is declining. We believe that: 1) Capacity release promotes growth: the company’s 2018 capacity / replacement is 3 substitutes / 2.

93 predicts that the throughput will be difficult to meet the demand for orders. It is expected that the production projects will be gradually raised and put into operation 都市夜网 in 2019/2020. The throughput is expected to reach 5 inches and 8 tons, which will promote the company to gradually reduce to a new high.A major customer is the consumer battery leader ATL. This year is expected to bring breakthrough growth and transformation in power batteries. Overseas customers Samsung SDI, especially LG Chem, have significantly increased long-term demand; 3) Industry chain integration and integration will begin in: The rise in raw material and graphitization prices at the beginning of 2019 led to the decline in final gross profit margin. The company’s 5 // year graphitization capacity was put into production in the second half of the year. It is expected to bring down costs by 6,000 yuan / ton. Continuous gross margin is expected to stabilize and rise.
　　Industry-oriented, strategy as the trend, around the lithium battery, many points bloom.

The company focuses on lithium battery supply services, relying on the core team’s industrial resources and capital market experience, and has successively expanded a number of businesses, among other things, and is at the industry-leading level: 1) lithium battery equipment: the subsidiary Xinjiatuo is the leader in replacement machines.It is estimated that the global market space for equipment in the first half of 2020 will reach 14.9 billion U.S. dollars, and the company’s high-speed replacement equipment performance will be comparable to overseas, which will increase the price advantage and achieve sustained growth.

2) Merger: The company is the largest third-party merger company in China. It is deeply bound to the Ningde era and is subject to capacity constraints. In 2019, it will accumulate about 200 million flats. The release of transportation capacity and the demand of the Ningde era will be expected to release more than 5 goods in 2019.Yiping.

In addition, the company acquired Yuequan in 2018 to expand into the wet-based base film business.

3) Aluminum-plastic film: The company switched from trade to independent R & D and production, and basically realized the ability to replace imported aluminum-plastic film. Its revenue in 2018 was 59.25 million yuan (+ 75% year-on-year), which is expected to become a potential growth point for the company in the future.

　　Risk factors: New energy vehicle market demand is less than expected; rising raw material prices lead to a decline in gross profit margin; acceleration of long-term industry capacity expansion leads to increased competition, and price rises fall.

　　Investment suggestion: The company deeply constrains downstream upstream lithium battery leading customers, transforms power, especially the rapid growth of overseas customer demand, and the release of production capacity drives growth. The cost brought by the integration of the industrial chain is reduced, and the company’s performance growth is highly certain.

We expect the company’s EPS for 2019/2020/2021 to be 1, respectively.

76/2.

37/3.

15 yuan, considering that the company is the leader of artificial graphite, gaining global competitiveness, is the high-quality target of overseas lithium power supply chains, and enjoys a certain estimated premium, giving the company 35 times PE valuation in 2019, corresponding to a target price of 62 yuan, the first coverage given”Buy” rating.

Gree Electric (000651)： Waiting for mixed reforms to land and steady growth in performance can be expected

Gree Electric (000651): Waiting for mixed reforms to land and steady growth in performance can be expected

This report reads: As Gree promotes modest promotions, the company’s market share and performance growth rate have significantly improved.

If the mixed reform is successfully implemented, it will further improve corporate governance and improve the quality of operations. It is also expected that the system will be restructured to maintain an overweight rating.

Investment points: Maintain profit forecast and target price, and maintain overweight rating.

With the promotion of moderate sales by Gree, the company’s market share and performance growth have further improved.

If the mixed reform is successfully implemented, it will further improve corporate governance and operation quality, and it is expected that the system will be reorganized.

The EPS for 2019-2021 is maintained at 4.

86/5.

47/6.

23 yuan, maintaining a target price of 70.

84 yuan, corresponding to 14 in 19 years.

6xPE, maintaining the overweight rating.

19H1 results basically met expectations.

19H1 company operating income 972.

9.7 billion (+6.

9%), net profit attributable to mother 137.

500 million (+7.

4%), gross margin 31.

0% (+1.

0pct), net interest rate 14.

1% (+0.

06pct).

2Q19 company operating income 567.

4.9 billion (+10.

4%), net profit attributable to mother 80.

7.8 billion (+11.

8%), gross margin 31.

3% (+1.

95pct), net interest rate 14.

2% (+0.

18pct).

The air-conditioning business grew steadily, and domestic appliances grew rapidly.

In 19H1, under the competition of other 南京桑拿网 air-conditioning brand’s cost-effective strategies, the company’s air-conditioning revenue increased by +4.

6%.

Channel control remains the same, with two years of advance receipts +49.

0%, accounts payable and notes ten years +73.

5%.

Benefiting from raw material dividends and product structure upgrades, the gross profit margin of the air-conditioning business is +1.

65 points.Household appliances were boosted by high-quality products such as Jinghong refrigerator and Dasong passion pot, and their income increased by +63.

6%, gross margin constant +11.

16 points.

The increase in the initial income consolidation exchange rate increased the financial expense rate of -0.

79 points to -1.

1%.

Waiting for the successful implementation of mixed reforms, stable growth performance can be expected.

Along with Gree’s continued promotion of modest promotions, the use of strong brands and manufacturing barriers, the company’s market share and performance growth are expected to pick up.

If the mixed reform is successfully implemented, it will further improve corporate governance and improve the quality of operations.

The company’s expected revenue in 2019 is expected to improve quarter by quarter, and the dividend rate is expected to increase again after the equity transfer is completed.

Core risks: Intensified competition in the industry and termination of the company’s equity transfer.

Vantage Co. (002035)： Real estate completion warms up and drives demand to improve channel diversification + category expansion leads contrarian expansion

Vantage Co. (002035): Real estate completion warms up and drives demand to improve channel diversification + category expansion leads contrarian expansion

Key points for investment: The kitchen appliance industry still has room to double in the long run, and the improvement in short-term real estate completion has driven demand to improve.

In the long run, there is still room for doubling the smoke stove industry, and the market penetration rate is not saturated: regional development is uneven, and new urbanization policies are expected to drive the rapid growth of smoke stoves in the central and western regions; guided by consumption upgrades and policy subsidies, low-tier citiesAnd rural volume and price still have room to improve.

In the short term, the gap between the new construction and completion of real estate in 2019 is expected to narrow, and the transaction rate of first- and second-tier commercial houses will pick up first. Attempts to sell kitchen appliances with a high dependence on real estate in the second half of the year will drive terminal demand to improve.

The optimization of the shareholding structure has promoted the improvement of operations, and high-end transformation has improved the competitiveness of the main business.

After the company’s annual change in 2015, the optimization of the equity structure effectively improved corporate governance, clearly changed high-end smart kitchen appliances, channel optimization and cost savings effectively enhanced the company’s profitability: 1) Brand upgrade: build high-end fashion brands, through flagship store construction and exclusive store renovationTo promote the upgrade of terminal image and innovative marketing methods; 2) product power: positioning high-end intelligence, driving product structure and price increase through technological innovation and new product transformation, narrowing the price difference with the right brand;Rectify dealers’ special sales policies, promote channel segmentation and refined management, and optimize channel relationships to drive the company’s gross sales gap.

Channel upgrade / sink will help the company maintain its channel advantage.

1) Channel upgrade: The effect of the second-tier channel upgrade is significant, and the market share has steadily increased. The first-tier continues to expand the size of KA. At present, the revenue share of first-tier and second-tier cities has increased from less than 40% to 50% in 2015.

2) Channel sinking: The company’s low-tier cities have a high channel coverage and a significant increase in market share. Among them, Black & Decker has a first-mover advantage, and its revenue in 18 years has increased by 13%.

3%, profitability and 北京夜生活网 single store efficiency have a comparative advantage.

3) Emerging channels: Online channels are growing faster than industry levels, accounting for 27% of revenue, which corresponds to industry levels and room for improvement; engineering channels ‘revenue in 2018 increased by 54.

5%, the proportion is rising rapidly. The trend of fine decoration of real estate on the third and fourth tiers in the future will help the company to leverage its channel advantages.

Expansion of categories to develop at a high speed and open up new space for growth.

Vantage Clear Gas Water Heater is the second major development category. The long-term development potential of the combustion category, the growth trend of natural gas production and supply is stable, and the third- and fourth-tier markets have become demand growth points.Large space, the advantages of the third- and fourth-line channels and the core advantages of the reorganized category of gas technology accumulation, and the rapid growth of revenue after the independence of the combustion sales system.

In addition, the company established Vantage Home brand to enter the whole house customization, the cabinet business revenue in 2018 increased by 61%, combined with multi-category layout to create an overall solution, is expected to contribute new growth in the future.

Profit forecast and investment rating.

We expect the company’s expected earnings for 2019-2021 to be zero.

90, 1.

05 and 1.

22 yuan, corresponding to dynamic P / E ratios of 14 times, 12 times and 10 times. Driven by the company’s high-end conversion process and new category increments, we believe that the company’s reasonable valuation PE in 2019 is 17 times-20 times, and the corresponding target is ahead of time.15.

3-18.

0 yuan, compared with the current expected increase of 22% -44%, the first coverage given a “buy” investment rating.

risk warning.

The recovery of real estate completion was worse than expected; industry demand continued to be sluggish, triggering an overall price war.

Meiya Optoelectronics (002690)： Broad prospects for oral CT, coordinated development and growth

Meiya Optoelectronics (002690): Broad prospects for oral CT, coordinated development and growth
2018 revenue 12.4 billion / year +13.33%, net profit attributable to mother 4.48 ppm / year +22.82% of companies released annual report: 2018 revenue 12.4 billion / year +13.33%, net profit attributable to mother 4.48 ppm / year +22.82%, slightly exceeding market expectations.Q1-Q4 revenue was 1.55 billion / year +0.65%, 3.36 billion +14 per year.29%, 3.69 billion yuan / + 12.84%, 3.7.9 billion +19 per year.18%, net profit attributable to mother 0.43 billion / year +4.88%, 1.26 billion / year +24.75%, 1.50 billion / + 25.00%, 1.28 billion / + 24.27%, with an average gross profit margin of 54.94%, net interest rate 36.11%, of which the gross margin of oral CT products is 59.65%.The company’s EPS for 2019-2021 is expected to be 0.80, 0.98, 1.20 yuan. The medical device industry has broad development space, and the oral CBCT market has great potential. According to wind data, from 2001 to 2017, the domestic medical device industry market has grown from US $ 179 to 445 billion.86% (50% of global budget).Dental CBCT uses dental implants. The annual number of dental implants from 2011 to 2017 increased from 130,000 to nearly 2 million, with a compound growth rate of 57.71%, but the CBCT penetration rate in mainland 西安耍耍网 China in 2017 was only 7-15%, and downstream demand was strong.In the field of oral CT, the company mainly competes with foreign manufacturers. In the future, it will expand its products in orthopedics, otolaryngology and other fields, and open up room for growth in high-end medical imaging equipment. In 2018, the company’s color sorter products, oral CBCT products, and X-ray industrial inspection machines achieved revenue and leapfrogging growth of 8 respectively.100,000 yuan / year +5.94%, 3.7.1 billion + 42 per year.65%, 0.46 ‰ / yo-17.93%.The net cash flow from operating activities of the company in 2018 was 4.2.3 billion -4 per year.14%, too much cash flow.R & D funding is 0.6.6 billion + 22 per year.17%, R & D projects focus on core technologies for optoelectronic identification; selling expenses1.70 ppm / year +18.12%. The 重庆夜生活网 reason for the increase in selling expenses was market expansion. In 2018, the proportion of sales at home and abroad was 81.49%, 18.51%. Pre-heating of chair-side equipment is listed. The overseas market of color sorters is expected to warm up. CAD / CAM in the chair-side repair system is ready. Currently, market preparation and pre-heating publicity are being carried out. It is expected that it will bring more revenue growth in 2020.The color sorter business accounted for 65% of total revenue in 2018.37% is the company’s core revenue source, but affected by the pressure of price cuts to seize the vicious competition in the market, the expansion rate of overseas markets has improved.In view of the unsustainable mode of price competition, overseas markets are still the main driving force for growth, and market conditions are expected to improve in the future. Leading companies in the field of optoelectronic identification maintain their “overweight” rating. In 2018, the company ‘s oral CT product gross profit margin increased. Through the increase in oral CT product revenue share and scale effect, its gross profit margin remained unchanged, so it raised its profit forecast.It is estimated that the company’s net profit attributable to its parent in 2019-2021 will be 5.4.4 billion / 6.6 billion / 8.13 ppm (previous value was 5 for 2019-2020).10/6.580,000 yuan), the previous budget was 21.39%, 21.34%, 23.20%.The corresponding EPS is 0.80/0.98/1.20 yuan (previous value was 0 for 2019-2020).75/0.97 yuan).Taking into account the company’s leading parts and the business layout of the dental field, refer to the 2019 average PE change of comparable companies.51, giving the 2019 PE35?40x, corresponding to a target price of 28.00?32.00 yuan, maintaining the “overweight” level. Risk warning: there is pressure in overseas markets, expansion is less than expected, and industry demand growth is lower than expected.

Alcoholic Beverage (000799)： The initial change in revenue due to stock suspension still needs to be more thorough

Alcoholic Beverage (000799): The initial change in revenue due to stock suspension still needs to be more thorough
The company’s third quarter was affected by the suspension of the sub-high-end 合肥夜网 alcoholics series, and its revenue was significantly reduced. Under the background of intensified sub-high-end competition, expenses increased, and online brand construction continued to expand. The sales expense rate increased and profits were maximized.The core of the future profit improvement will still determine its management team’s ability to execute. Against the background of the current industry’s positive squeeze, it is recommended to adhere to brand expenses, strengthen the protection of channel interests, and expect changes. We adjusted the EPS forecast for 19-21 to 0.82, 1.02 and 1.25 yuan, temporarily maintain the “prudent recommendation-A” investment rating. The revenue from the second high-end stock suspension increased significantly month-on-month, and single-quarter profit increased significantly.The company’s revenue in the first three quarters was 9.6.8 billion yuan, net profit attributable to mothers1.8.4 billion, net of non-net profit1.8.3 billion, an increase of 27 each year.3%, 14.3%, 28.2%.Of which 19Q3 single quarter income2.590,000 yuan, an increase of 9.5%, net profit attributable to mother is 2817.70,000 yuan, deducting non-net profit of 2856.30,000 yuan, a decrease of 39.5% and 27.8%.The revenue end of the chain increased significantly, mainly because the sub-high-end alcoholic series is to digest high inventory, and it will be discontinued in the third quarter.To more than 2 months.The substantial fluctuation of the profit end of a single quarter is mainly affected by the increase in expenses, causing the profit volume to decrease the next fluctuation.In terms of cash flow, 19Q3 repayments increased by 50.2%, which is considered to be the contribution of internal reference franchise companies. Under the high-end remodeling, the gross profit margin increased slightly, and the sales expense ratio increased significantly.2%, significantly suppressing profitability.Q3 gross margin slightly increased by 0.9pct to 77.6%, high-end internal reference volume drives gross profit margin.Although the high-end internal reference has expanded offline expenses under the brand franchise model, it is expected that the sub-high-end alcoholic series will face increased price competition and increased expenses. At the same time, the online release continues every year, exceeding the growth, and the single-quarter sales expense ratioSignificantly improved 10.2 pieces to 37.5%, suppressing profitability, net interest rate fell 8.8 pieces to 10.9%. Strategy execution capability is still the core to determine the sustainability and magnitude of future improvements. We should insist on brand expense and safeguard channel benefits.We have objectively analyzed the advantages and disadvantages of the current reform ideas and solutions of Jiujii Jiu in the review report “High-end reshaping to promote high growth in the future”, which is to restore the advantages of rapid volume in the early stage and internal brand strength.It is easy to drive short-term growth, but the severity of management will inevitably increase after the increase in the number of franchised institutions. In addition, the reform will be deepened to the sub-high-end alcoholics series. To be clarified, the problem will be more complicated.It also tests the team’s ability to execute.In the context of the current intensified competition in the second high-end price band, the result of the positive squeeze is naturally an increase in the expense ratio. We believe that the company must continue to put in expenses and expand consumer brand reputation.In addition, the channel budget must gradually increase the actual mode of operation of pressing the goods-stop the goods and replace the goods with different products, and effectively protect the interests of the dealers, and gradually improve the reputation of the channel. This is the basis for solidifying the market in the province.This port, Xu Tu national breakthrough. We lower our profit forecast and expect growth, and temporarily maintain the level of “Prudent Recommendation-A”.In the third quarter, due to the suspension of the sub-high-end alcoholics series, the company’s revenue decreased significantly. Under the background of intensified sub-high-end competition, expenses increased. At the same time, online brand building continued to expand, and the sales expense ratio increased, suppressing 四川耍耍网 profitability.The core of future profit improvement will still determine the management team’s ability to adapt and execute, and how to expect changes.Based on the company’s current development stage and the background of intensified price band competition, we lowered our EPS forecast for 19-21 to 0.82, 1.02 and 1.25 yuan (last time 0.90, 1.16 and 1.44 yuan), temporarily maintain the “prudent recommendation-A” investment rating. Risk reminder: overdrafts will be oversold after the internal reference volume is rapidly increased, competition in the next high-end price band will intensify, and channel reform will be less than expected

Baoxin Software (600845)： The acquisition of Wuhan Iron and Steel’s industrial technology software continues to increase

Baoxin Software (600845): The acquisition of Wuhan Iron and Steel’s industrial technology software continues to increase

Investment Highlights Announcement Summary: The company’s board of directors approved the “Acquisition of WISCO Industrial Technology Group Equity and Related Party Associated Transactions”.
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Acquired 100% equity of Wuhan Iron & Steel Engineering Technology Group Co., Ltd. held by Wuhan Iron and Steel Group Co., Ltd. for $ 9.2 billion.

WISCO Group is a related company of the company, and this transaction constitutes a related party transaction.

　　Acquisition of Wuhan Iron and Steel Information Technology Subsidiary to supplement human resources and increase regional market share.

WISCO Industrial Technology is a wholly-owned information technology subsidiary of WISCO Group. Its main business is software development, information services, software extension projects and system integration projects.

As of December 31, 2018, the total assets of WISCO Industrial Technology12.

24 trillion, total debt 8.

9.3 billion, net assets 2.

830,000 yuan; 2018 operating income3.

8.4 billion, net profit -2.

2.9 billion.

After the merger of Baowu Group, WISCO’s integrated information system must be unified with Baosteel, and its system upgrade has increased the scale of Baoxin’s software business.

The issue effectively solved the problem of competition in the industry. By integrating with WISCO Industrial Technology in business and personnel, it reduced the cost of Baoxin Software’s related business in Wuhan and helped Baoxin Software increase its regional market share.Strengthen 夜来香体验网 regional markets and improve customer experience.

By improving the overall technical capabilities and management level of WISCO’s industrial and technical team, we expect its initial business unit to turn a profit this year.

　　Baowu Group continued to integrate acquisitions, and Baoxin Software became a leader in smart manufacturing.

After Baowu’s merger, it recently acquired Magang for the first time.

According to the data of the China Iron and Steel Association, the crude steel output of Baowu and Maanshan Iron and Steel Group in 2018 were 6,743 meters and 1964 meters, respectively, with a total of 8707 joints.The gap has further narrowed.

According to the Baowu Group’s capacity planning roadmap, a steel boutique and intelligent manufacturing service provider with a production capacity of nearly 100 million tons built 佛山桑拿网 in 2021 will be expected to become the world’s largest steel group.

Baoxin Software focuses on promoting the optimization and upgrading of manufacturing of iron and steel enterprises. It has the largest market share in the steel field in products and services such as MES, EMS, cold rolling, operation and maintenance services.

The company’s steel informatization market share will be transformed into the promotion of Baowu Group, and will be radiated to other industries.

　　R & D funding in 2018 5.

5.1 billion, with R & D revenue accounting for 10.

07%, through increased research and development, actively explore the construction of a smart manufacturing system that integrates smart equipment, smart factories, and smart operations to help China’s manufacturing companies transform and upgrade and continue to maintain the leading system of smart manufacturing.

The annual report business plan clearly proposes that by seeking opportunities for mergers and acquisitions of leading enterprises in the industry, expand the scope of existing smart manufacturing businesses, benchmark the world’s advanced counterparts, and improve overall competitiveness.

　　The data center business is distributed to the national market.

The Shanghai Data Center planning guidelines were issued. In principle, the existing industrial areas outside the outer ring were selected. The scale of each project reached 3000-5000 and the PUE was less than 1.
.

3. The number of new racks will be controlled at 60,000 by 2020.

The reporting entity is required to have large-scale operation experience and long-term stable operation and service capabilities in Shanghai.

The fourth phase of the company’s Shanghai Baozhiyun IDC was gradually delivered as planned, and the total of the three phases of 300 million + standard cabinets will be successively delivered and operated, forming an output value of about 2 billion.

　　Baoxin Wuhan IDC Central District plans to build 18,000 20A cabinets in three phases. After completion, it will become the largest single-data and cloud computing center in Central China.

In 2019/2021/2023, we plan to invest about 2,000 / 6,000 / 10,000 standard cabinets.

Wuhan is the first step of the company’s IDC business out of Shanghai and into the country.

Core city data center customers have strong demand, but the indicators are strictly controlled. Core cities have sustainable and stable load conditions, land consumption costs, large-scale, and centralized data center location will become scarce resources.

We expect that the company will combine Baowu Group’s resource advantages and its own technology operation capabilities to conduct business expansion around Shanghai and other core cities.

　　Investment suggestion: Baoxin Software is a leader in steel informatization and a leading manufacturer of smart manufacturing to help China’s manufacturing industry transform and upgrade.

Break through the advantage of scarce resources of Baowu Group and its own informatization capabilities, rapidly develop IDC business, and become the leader of third-party data centers in East China and even the country.
As a pioneer in the reform of Shanghai’s state-owned enterprises, implement a long-term equity incentive mechanism to stimulate corporate vitality.

We expect the company’s net profit for 2019-2021 to be 8.
5.1 billion / 11.

2.7 billion / 14.

2.4 billion, EPS is 0.

97 yuan / 1.

28 yuan / 1.

62 yuan, maintain “buy” investment rating.

　　Risk reminder events: Risks that exceed the expected risks in the construction of information technology investment in the steel industry.