Weichai Power (000338) Semi-annual Report Comment: Technology Leads the Company’s Growth Performance and Continues High Growth

Weichai Power (000338) Semi-annual Report Comment: Technology Leads the Company’s Growth Performance and Continues High Growth

Incident Description The company released its semi-annual report for 2019, and the company achieved operating income of approximately 908.

62 ppm, an increase of 10 in ten years.

5%, net profit attributable to mother is about 52.

870,000 yuan, an increase of 20 in ten years.

4%, the basic income is 0.

67 yuan, an increase of 21 a year.

3%.

Event commentary performance continued to grow, and profitability further improved.

In the first half of 2019, benefiting from the continued high prosperity operation of the heavy truck industry and the company’s powertrain continued to exert its comprehensive advantages, the company’s performance continued to grow, and the company’s operating income increased during the period.

At 45%, net profit attributable to mothers increases by 20 per year.

37%.

In addition, in the first half of 2019, the company’s gross profit margin was 21.

75%, a slight decrease of 0 compared with the same 南宁桑拿 period in 2018.

04pct, net interest rate 7.

59%, an increase of 0 from the same period in 2018.

44pct, selling expense ratio 5.

91%, a decrease of 0 from the same period last year.

74pct, net interest rate continued to improve, and profitability further improved.

In Q2 2019, the company’s gross profit margin and net profit margin were 21 respectively.

84%, 7.

71%, an increase of 0 from the first quarter of 2019.

18 pieces, 0 pieces

25pct, profitability has also improved.

A number of sub-sectors maintained the leading level with strong performance stability.

1) The company’s heavy truck engine sales have grown rapidly, and its market share has maintained its leading position in the industry, and has further improved. It will sell heavy truck engines 21 in the first half of 2019.

80,000 units, ten years +10.

85%, with a market share of 33.

3% (31 in 杭州桑拿网 2018.

6%).

2) The company relies on its holding subsidiaries to maintain its leading position in the heavy truck and heavy truck transfer market. First, Shaanxi Heavy Duty Trucks sold heavy trucks in the first half of the year8.

70,000 vehicles, +3 per year.

1%, market share is 13.

2% (13 in 2018.

3%). Secondly, Shaanxi Fast Gear Co., Ltd. accounted for 80% of the heavy truck transfer market in the first half of the year.

About 5% (about 75 in 2018.

7%).

According to the overall operation of the heavy truck industry in the first half of the year, the heavy truck industry will likely maintain a high level of operation in 2019. As a leader in multiple sub-sectors, the company’s overall performance stability has deteriorated.

The technological strength continues to improve, leading the company to continue to expand its competitive advantage.
Strength, the company itself has high technical strength.
First, the company relies on the company’s main industry engine to build a full range of high-end product competitiveness in the entire field. Under the environment where the national VI emission standards are gradually implemented, the industry has ushered in technological upgrades, and the company’s own national six engine supporting capabilities have been further improvedEnhance the competitiveness; Second, the company closely follows the development direction of the automotive industry, based on the major strategic layout of new and old kinetic energy conversion in Shandong Province, and promotes the construction of high-speed high-end engines such as large cylinders, fuel cell engines, and Linde Hydraulics., Car networking, hydrogen fuel cells and other aspects; the third is the company’s holding subsidiary Shaanxi Fast Gear Co., Ltd. to achieve breakthrough breakthroughs in mechanical high-end platform development, AT, AMT capabilities.

At the same time, the company continued to invest heavily in research and development, and the company invested 36 in the first half of 2019.

4.0 billion, an increase of 25 over the same period in 2018.

85%, accounting for 3% of operating income.

97%, an increase of 0 compared with the same period in 2018.

49%, the gradual development results are gradually transformed, the company gradually improves its technological advantages, optimizes its product structure, increases the average value of products, and consolidates its leading position.

Investment recommendations The heavy truck industry maintains a high level of prosperity. The company, as a conversion truck leader in heavy truck engines and heavy trucks, can help to obtain, replacing the company’s technological advantages, leading the company’s solid leadership, continuous high investment in research and development, gradually optimizing the product structure, increasing the average product price, and increasing profitability.ability.
Therefore, the company’s EPS is expected to be 1 in 2019 and 2020, respectively.

18, 1.

29, corresponding to the company’s closing price of 11 on August 29.

28 yuan, 2019 and 9 respectively in 2020 PE.

60, 8.

74. Maintain “Buy” rating.

Risky heavy-duty truck sales were lower than expected; overseas business progress was lower than expected; macroeconomic continued to decline.

Shengong Co., Ltd. (688233): China’s leading silicon material for etching is promising

Shengong Co., Ltd. (688233): China’s leading silicon material for etching is promising
Shengong Co., Ltd .: China’s leading supplier of monocrystalline silicon materials for integrated circuit etching is one of the very few companies in China that can achieve large-scale and highly integrated monocrystalline silicon materials for integrated circuit etching.About 13% -15%, it is the leading enterprise in the subdivided field.The company’s technological level is leading internationally, with products larger than 14 inches accounting for more than 90% of total revenue.The products are mainly sold in Japan, South Korea, the United States and other countries. Customers include Mitsubishi Materials, SK Chemicals, CoorsTek and other internationally renowned silicon electrode manufacturing companies.From 2016 to 2018, benefiting from the high prosperity of the semiconductor industry, the company’s performance was dazzling, and its operating income reached 0.44/1.26/2.8.3 billion, CAGR is 153%; net profit attributable to mothers is 0.11/0.46/1.07 billion, CAGR is 216%.Since 2019, the industry’s prosperity has declined, and the company’s performance has improved. However, considering the sustainable demand for silicon materials for etching, the transfer of terminals will pick up, and new markets and new businesses 深圳丝袜会所 will be actively explored. The company’s long-term performance will be effectively supported. The expansion of downstream demand brings opportunities for investment in silicon materials. The space for the localization of semiconductor materials has been large since June 19, and the global semiconductor transistor has turned from a loss to a ring.The scale of the silicon material industry accounts for more than 30% of semiconductor manufacturing materials, and it is the most important raw material in semiconductor manufacturing. The transformation industry is improving. In 2020, the amount of silicon wafers transferred will bottom out and rise.Silicon materials for etching are the core consumables for wafer manufacturing etching, and the demand for silicon materials for etching is expected to recover in 2020. At present, the domestic level of domestic semiconductor materials is still low, and the localization rate in 2018 is only 22%.With the increase in policy, the rapid development of the domestic semiconductor industry, the global semiconductor industry’s transfer to the country, and technological progress have driven more etching needs. God’s work as a leader in segmented fields can benefit. Technical advantages + high customer viscosity creates a moat and raises money to enter the field of silicon materials for chips. The company has two core advantages: (1) outstanding research and development capabilities.Through independent research and development, the company has mastered many world-leading core technologies such as non-magnetic large-diameter single-crystal silicon manufacturing technology and solid-liquid coexistence interface control technology, and has established high-tech barriers.The product index reaches the global leading level, and the maximum production size can reach 19 inches, which has effectively replaced foreign production capacity.(2) Rich customer resources.The silicon material supply industry certification cycle is as long as 3-6 months, and the cost of supplier replacement is high. The company has accumulated abundant high-quality customer resources, has strong customer stickiness, and strong performance sustainability.The company plans to raise US $ 11 million to enter the broader field of silicon materials for chips. Considering the technical linkage between new and potential businesses, the company’s independent research and development capabilities are outstanding, and future performance growth can be expected. Profit forecast and estimation: The company’s operating income for 19-21 is expected to be 1.89/2.57/3.540,000 yuan, a ten-year increase of -33% / 36% / 38%, and the net profit attributable to the mother is zero.77/1.11/1.USD 5.9 billion, a year-on-year increase of -27% / 43% / 44%.The company issued a total of 40 million shares at an issue price of 21.67 yuan / share, we expect the company’s EPS in 2020, 2021 will be 0.69, 1.00 yuan, the PE corresponding to the issue price is 31 times, 22 times, compared with the industry average budget level there is room for improvement. Risk Warning: Core technology risks, industry risks, new business expansion is less than expected

Wuliangye (000858): The first quarter to achieve the start of the upgraded version of the five popular is worth looking forward to

Wuliangye (000858): The first quarter to achieve the start of the upgraded version of the five popular is worth looking forward to

Brief comment on performance Wuliangye released the first quarter report of 2019 on the evening of April 28, reporting that it achieved serial operating income of 175.

900,000 yuan, an annual increase of 26.

57%; net profit attributable to mother 64.

75 ppm, an increase of 30 in ten years.

26%, equivalent to EPS1.

67 yuan.

Accounts received in advance in the first quarter decreased by 18 from the end of 2018.

5.3 billion.

Business analysis The first quarter revenue growth rate exceeded the long-term goal and achieved a good start.

1Q1 company achieved revenue of 175.

900,000 yuan, an increase of 26 in ten years.

57%, exceeding market expectations, and exceeding the company’s expected target growth rate (+ 25%), achieving a good start.

We believe that the income level that exceeded expectations in the first quarter mainly comes from the following aspects: Revenue level.

(2) At the end of 2017, Wuliangye raised the ex-factory price of the F5 from 739 yuan / bottle to 789 yuan / bottle, and the 18Q1 statement fully reflected the price increase effect.

All payments in the Q1 statement form in 19 were confirmed in accordance with 789 yuan, and the ton price is expected to increase slightly compared with the same period last year.

(3) The demand for Q1 terminals is strong. According to channel feedback, some dealers have implemented Q2 payment in advance, and at the same time Q1 accounts received in advance have been released, contributing to the increase in revenue in the first quarter.

Expenses are well controlled, and higher gross margins lead to an increase in net margins1.

21 points.

The company achieved a gross profit margin of 75 in 1Q1.

78%, an increase of 2 a year.

59pct, mainly from the increase in product tonnage prices and the optimization of product structure.

From the cost side, the fee is 9 during 19Q1.

78%, a slight increase of 0 a year.

18pct, if the impact of business tax and additional / operating income ratio is added, the overall expense end will only increase slightly.

06pct, which reflects the expected cost control capabilities.

The performance of the profit side outperformed the income side in 19Q1, mainly due to the increase in gross profit margin, which promoted the increase in Q1 net profit margin by 1.

21pct to 38.

72%.

The upgraded version of Puwu will be launched soon, and the 19-year reform is worth looking forward to.

The upgraded version of Pu’er is expected to be available around June this year, and the old Pu’er will be discontinued in the second and second quarters.

Wuliangye continued to promote product upgrades and continuously improve the core product texture, thereby continuously enhancing its brand value.

At the same time, the new version of Puwu will use the code-scoring system to realize digital transformation of channels, and the quality of technological innovation and transformation will also improve.

In 2019, Wuliangye will continue to “stretch the board” in terms of “quality” and “brand”, and further expand Wuliangye ‘s competitive advantage through the long-board correlation effect and spillover effect.

At the same time, with digital transformation as the starting point for reform, the company will continue to promote the company’s comprehensive reform and innovation.

We expect that in 2019, Wuliangye Group will take the opportunity to start the “post-100 billion” era and lead Wuliangye’s new journey of “second venture”.

Earnings forecast is expected to be 493 in 19-21.

1 ppm / 601.

0 ppm / 726.3 ‰, +23 a year.

2% / 21.

9% / 20.

8%, net profit attributable to mothers was 168.

8 ppm / 211.

0 ppm / 261.

4 ‰, +26 a year.

1% / 25.

0% / 23.

9%, corresponding EPS is 4 respectively.

35 yuan / 5.

44 yuan / 6.

73 yuan, currently corresponding to 19-21 years PE respectively 24X / 19X / 15X, maintain “Buy” rating.

Risks 四川耍耍网 prompt downward pressure on the macro economy / intensified market competition / poor reforms

Tongce Medical (600763) 2019 Third Quarterly Report Review: Dandelion plans to advance hospital profitability in an orderly manner

Tongce Medical (600763) 2019 Third Quarterly Report Review: Dandelion plans to advance hospital profitability in an orderly manner
[Key points of investment]The company’s net profit attributable to mothers increases by 45 per year.13%.On January 9, 2019, the company achieved operating income of 14.21 ppm, an increase of 22 in ten years.11%; net profit attributable to mother 3.99 ppm, an increase of 45 in ten years.13%; net profit deducted from non-return to mother 3.9.3 billion, previously + 45%.For the third quarter, the company achieved revenue of 5.73 trillion, +20 ten years ago.01%; net profit attributable to mother 1.9.2 billion yuan, +36 per year.55%.The company’s “General Hospital + Branch” model can be replicated. The General Hospital is built as a platform to play the role of “reservoir” to attract and cultivate a large number of doctor and client resources, and then proactively transfer to the Branch to support the development of the Branch, and ultimately achieve common growth of the General and Branch. Dandelion plans to proceed in an orderly manner.As of the end of the reporting period, 11 dandelion branches of Keqiao, Deqing, Fuyang, Xiasha, Linping, Lishui, Fenghua, Zhenhai, Jiaxing, Taizhou, 武汉夜网论坛 Putuo Branch have obtained business licenses. Hospital profitability continued to improve.In Q3 2019, the company’s gross profit margin was 47.93%, an increase of 2.17pct, an increase of 2 from the previous month.33 points; net sales margin 31.42%, a substantial increase of 5 per year.57 points, up 4 from the previous quarter.03pct.From the perspective of expenses, the company’s 2019Q3 sales expenses totaled 0.57% (2018Q3 and 2019H1 are 0 respectively.68%, 0.60%), management costs and expenses 9.84% (2018Q3 and 2019H1 are 11 respectively.52%, 10.93%), financial expenses1.32% (2018Q3 and 2019H1 are 1 respectively.61%, 1.49%).Through fine management and budget control, the company promoted hospitals to reduce costs; through supply chain management and centralized procurement negotiations, the cost of material procurement 南京桑拿网 decreased.With the increase in the company’s revenue scale, the hospital’s marginal contribution increased, while fixed costs (including rent, renovation, depreciation and amortization) increased relatively small, and the proportion of fixed costs to revenue decreased accordingly.The company’s gross profit margin and net profit margin remain stable and are gradually increasing.  [Investment suggestion]The company’s “general hospital + branch hospital” model is highly reproducible. Dandelion plans to open new hospitals in an orderly manner and the profitability of the hospital continues to improve. We are optimistic about the company’s good development trend.We maintain the company’s 19/20/21 operating income of 19 respectively.85/25.39/33.30,000 yuan, the net profit attributable to the mother is 4 respectively.98/6.42/8.48 ppm, EPS is 1.55/2.00/2.65 yuan, corresponding to 71/55/42 times PE.Maintain “Buy” rating.  [Risk warning]The growth of the general hospital’s performance is slow; the overall growth of the industry is not up to expectations;

Huayou Cobalt (603799): Global cobalt industry leader in lithium battery new energy diversified business goes hand in hand

Huayou Cobalt (603799): Global cobalt industry leader in lithium battery new energy diversified business goes hand in hand

Leading company in the global cobalt industry.

Huayou Cobalt is the largest supplier of cobalt products in China, and its scale of production and sales also ranks among the top in the world.

In 2018, the company produced 24,354 tons of cobalt products (including 375 tons of entrusted processing and 1,726 tons of entrusted processing). According to SMM data, the company will continue to maintain a higher share of the domestic market for categories of cobalt salts in 2019: the output of cobalt sulfate is about 0.

61 Trace metals accounted for 14% of domestic shares in second place (second only to GEM); cobalt chloride production was about 1.

30 accounted for 37% of the domestic market, ranking first; the output of cobalt tetroxide was about 1.

57 ranks first with at least 28% of the domestic market share.

The overall layout of the cobalt industry chain and the diversified business of lithium power new energy go hand 苏州夜网论坛 in hand.

The company focuses on “upholding resources, expanding the market, and upgrading capabilities” to form the entire industrial chain layout of the cobalt industry.

The resource side currently has its own cobalt-containing reserves5.

50 cobalt (metal amount), mainly distributed in the DRC.

Mineral production reached 4,300 tons in 2018.

At the same time, the company actively cooperates with the new energy lithium battery material industry and cooperates with LG, POSCO and other enterprises to extend its business to ternary precursors and nickel sulfate to realize the diversified business of new energy materials.

We believe that the company is expected to take the wind of the new energy industry into the fast track of capacity release.

Both copper and cobalt are expected to benefit from the demand side and the economy will rise.

As the price of cobalt metal experienced a round of rise in 2016-2017, high prices stimulated the supply side to release continuously.

According to U.S. Geological Survey data, global cobalt ore production in 2018 was 14 with a continuous increase of 16.

67%, the supply side has grown rapidly.

Antaike expects cobalt production in 201914.

4 Initially, it grows by 6 every year.

0%, growth rate.

We believe that 5G and new energy vehicles will drive growth in cobalt demand.

“Dr. Copper” is highly correlated with global economic growth.

It is said that Antaike cited the IMF’s forecast that the world economic growth rate will be 3 in 2019.

0%, the lowest level since the financial crisis broke out in 2008.

Looking forward to 2020, the IMF predicts that the world economic growth rate is expected to boost to 3.

4%.

The improvement of the global economy is mainly due to the development of emerging markets and developing economies, which are expected to gradually rise to 4.

6%.

We believe that through the recovery of global demand, copper prices may welcome upside opportunities.

Profit forecast and estimation.

First of all, we believe that 5G and new energy vehicles will drive growth in cobalt demand.

As the price of cobalt metal experienced a round of rise in 2016-2017, high prices stimulated the supply side to release continuously.

After 2020, the operating environment of companies in the cobalt industry will be improved by adopting the supplementary demand brought by new energy vehicles and 5G commercial use.

Prior to this, companies in the cobalt industry may usher in a round of reshuffle. We expect that the ore raw materials in the industry will have a high self-sufficiency rate, capacity allocation will be determined, and leading companies with excessive operating cash flows will have comparative advantages.

In fact, we believe that while consolidating the leading level of the cobalt industry, the company is actively deploying to the upstream and downstream of the industrial chain, the company’s resource self-sufficiency rate is further improved, and the lithium battery new energy business is diversified and gradually promoted.The Tao has the greatest benefit.

What do we expect the company 2019?
2021 EPS0.

24 yuan, 1.
05 yuan, 1.
67 yuan, with reference to comparable companies estimated to give companies 58 in 2020?
60 times PE, corresponding to a reasonable value range of 60.

91-63.

01 yuan, given a “preliminary market” rating.

risk warning.

Downstream 5G and new energy demand was less than expected.

Qianhe Flavor Industry (603027) Quarterly Report Review: High Revenue and Profit, Strategic Capacity and Category Expansion

Qianhe Flavor Industry (603027) Quarterly Report Review: High Revenue and Profit, Strategic Capacity and Category Expansion

Event: The company announced three quarterly reports and achieved operating income9.

30,000 yuan, an annual increase of 24.

62%; net profit attributable to mothers1.

37 trillion, down 21 a year.

36%, net of non-attributed net profit1.

28 ppm, an increase of 36 in ten years.

65%.

Achieve operating income in the third quarter alone3.

360,000 yuan, an increase of 25 in ten years.

61%, achieving net profit attributable to mother 0.

49 ppm, a 28-year increase of 28.

64%.

Revenue and profit maintained high growth.

In terms of business, soy sauce achieved revenue 5 in the first three quarters.

6.4 billion, a previous growth rate of 35.

86%, vinegar products achieved revenue1.

51 ppm, a 15-year growth rate of 15.

89%, the caramel business continued to shrink, achieving revenue1.

1.9 billion, down 12 a year.

6%.

The company’s high revenue growth is accompanied by a substantial increase in the number of dealers. This year, it plans to replenish the number of dealers by 200, an increase of 24%. The target has been exceeded in the third quarter.

The company’s gross profit margin and net profit margin improved in the third quarter alone.

Affected by the high growth rate of high-margin soy sauce business, the gross profit margin increased structurally.

Net profit margin decreased due to a slight increase in sales expense ratio and research and development expense ratio.

However, from a long-term perspective, the company’s strategy of holding high and upswings will cause the sales expense ratio to remain high, and the management expense ratio benefiting from improved management may have a downward trend.

Strategic expansion and expansion of categories.

The company announced plans to increase production capacity of 30 injections of brewed soy sauce, 3 injections of oyster sauce, and 3 inserts of soybean sauce. The construction period is from June 2020 to June 2022.

This means that the company will have a 60-digit soy sauce production capacity by the end of 2022, which is 4 times the sales volume in 19 years.

The company’s current plan is to increase the average annual sales volume of soy sauce by 25%. Based on the wholesale sales volume on 15th, 19th, the capacity gap of soy sauce will appear in 2023, and new capacity is urgently needed.

The category expansion of oyster sauce and soy sauce is mainly based on a rich product matrix. Oyster sauce will be mainly targeted at catering channels, and soy sauce will be mainly sold to high-end consumers.

The 南宁桑拿 capacity expansion itself involves vinegar products, but the acquisition of Hengkang Vinegar Factory has increased the vinegar production capacity and added a new vinegar category on the basis of the company becoming a Sichuan vinegar vinegar, which is beneficial to the company’s national development in the field of vinegar.

Against the background of high production capacity, the company has gradually concentrated on the condiment industry, achieving omni-channel and full-product coverage across the country.

Profit forecast: The company’s EPS for 2019-2021 is expected to be 0.

41 yuan, 0.

53 yuan and 0.

66 yuan; P / E ratios are 53 times, 41 times, and 33 times, maintaining the “overweight” level.

Risk warning: food safety issues, sales are less than expected

Chuantou Energy (600674): Yalongjiang investment income affects first-quarter performance and future growth is still expected

Chuantou Energy (600674): Yalongjiang investment income affects first-quarter performance and future growth is still expected

Event Chuantou Energy releases 2018 annual report Chuantou Energy releases 2018 annual report, and the company achieved operating income in 20188.

64 ppm, a ten-year increase of 8.

15%; realize net profit attributable to shareholders of listed companies.

7 ‰, an increase of 9 in ten years.

35%; net profit after deduction is 31.

79 trillion, down 1 year.

92%; expected average ROE is 15.

16%, a reduction of 0 per year.

18 units.

The company released the first quarter report of 2019 at the same time, and the company achieved revenue in the first quarter2.

21 ppm, an increase of ten years.

58%; net profit attributable to mother 7.

4 trillion, down 10 a year.

89%.

A brief comment on 西安耍耍网 the rise in volume and price of Tianwan River promotes the company’s revenue growth. Yalongjiang contributed steady investment income. The company’s revenue increased in 2018, mainly due to the increase in volume and price of Tianwan River Company.

Benefiting from the better water supply in Sichuan Province and the increase in power demand within the region, Tianwanhe Company achieved power generation of 31.

5.4 billion kWh, an increase of 11 in ten years.

96%; In the past, the average settlement electricity price was 0.

213 yuan / kWh, an increase of 0 from 17 years.

6 cents.

The revenue of Tianwanhe Power Generation business has improved, which is the initial stage for the company’s revenue growth.

Absolutely, the main source of the company’s profits is investment income from the Yalong River Hydropower, a 48% -owned joint venture.

The investment income contributed by the Yalong River Hydropower in 2018 was 34.

93 ppm, a five-year increase of 5.

72%, accounting for 96 of the company’s total profits.

5%.

In addition, the company’s holder of Guodian Daduhe Company’s 10% equity has changed long-term equity investments since November 18 and increased non-operating income4.

2.1 billion, to some extent hedged 2 of Avis, a subsidiary of Shiraz.

5 million assets impairment loss.

The proposed issuance of convertible bonds to increase the capital of the Yalong River Hydropower may bring sustainable economic benefits. The Yalong River Hydropower enjoys the exclusive development right of the Yalong River basin, and the entire basin can develop a scale of nearly 30 million kilowatts.

Currently the Lianghekou and Yangfanggou hydropower stations (total 450 kWh) located in the middle reaches of the Yalong River are under construction and are expected to be commissioned in 2021-2023.

The company plans to issue convertible bonds and raise no more than 4 billion US dollars to increase the capital of Yalong River Hydropower for the construction of Yangfanggou Hydropower Station project.

In addition, the Yazhong DC (transmission capacity of 8 million kilowatts) of the midstream generator transmission channel is determined to land in Jiangxi. The current power supply and demand form in Jiangxi Province is tight, which guarantees the energy consumption after the midstream power station is put into operation.

With the successive start-up of midstream generators, the company’s growth space is expected to further expand.

The first-quarter results were dragged down by the decline in the investment income of the Yalong River Hydropower. It has long been optimistic about the company’s value and maintained an “overweight” rating.

04 million, down 13 each year.

96% is the main factor for the company’s performance decline.

Yalong River Hydropower completed 172 in the first quarter.100 million kWh, an increase of 7 in ten years.

4%; On-grid electricity price is 0.

258 yuan / kWh, a decrease of 14 per year.

14%, we judge that the price of electricity may be caused by the impact of the market-oriented profit settlement settlement cycle.

Yalong River Hydropower was affected by factors such as electricity price changes and the expansion of the cancellation of tax rebates.

8%, which dragged down company performance.

Considering the stable operation of the Yalong River Hydropower, it can contribute to the company’s stable investment income, and at the same time, the future endogenous growth is more certain.

75, 0.

77, 0.

83 yuan, the company’s current dynamic market surplus of 11.

3x, reasonable estimate, maintain overweight rating.

Huaxin Cement (600801) in-depth update: The value of the positive externalities of the industry chain’s profit extension environment needs to be re-evaluated

Huaxin Cement (600801) in-depth update: The value of the positive externalities of the industry chain’s profit extension environment needs to be re-evaluated

The investment points benefited from the high indicators of cement supply side tightening and demand. Huaxin Cement achieved extremely high profitability in 2018.

In the context of profit tending to be high and traditional demand will gradually weaken in the future, as a pioneer of industry innovation, Huaxin Cement still has contradictions in its development in the medium term.

Here we will briefly look at the supply and demand situation of the company’s core areas in 2019 and related progress in new business exploration: the main cement industry: the supply and demand is transformed into a more prominent than expected, extending the cement boom cycle.

From the perspective of the supply side, in the core business area of Huaxin Cement, the peak shift production policy is continuous; the rapid concentration of the Yangtze River cement industry in recent years has led to an increase in the industry’s spontaneous capacity expansion capabilities, although administrative peak shift production has gradually moved from “one size fits all””Steering” to adapt to local conditions “, but the strong supply of the cement industry itself will promote the realization of capacity constraints to maintain a high level; on the demand side, Huaxin’s main sales regions have substantial potential inventory replacement, and in 2018 there are generally higher new start-up levels, betterDe-stocking and a high proportion of off-plan property sales to the actual value of cement demand from 2019 to 2020 must be reduced, forming a certain hedge with the drop in new construction; at the same time, the government’s efforts to expand credit are expected to bring infrastructure recovery.Support for cement demand.

Looking at the situation from January to February, the overall sales of Huaxin Cement have fluctuated again, which has also formed some evidence of short-term demand growth.

From the perspective of cost, due to the lack of coal in the region, the overall cost of coal relying on external transportation in the history of Huaxin is relatively high, and the new core coal transportation channel, the Menghua Railway, is expected to open to traffic in 2019-2020. Crossing Hubei is expected to serve the company.Bring improvements in fuel costs.

Collaborative disposal of cement kilns: In the long term, the government will not change the trend of increasing the weight of environmental protection and sustainable development, the company’s layout is long-term, and the positive externalities of the environment are expected to be gradually reassessed.

At present, Huaxin’s collaborative disposal of domestic waste is at a slight loss. The core reason is that the government subsidy is still at the replacement level. From the perspective of the structure of alternative products disposed by the company, the proportion of hazardous waste will gradually increase in the future.

For the standard waste incineration power generation, the cement kiln co-processing alternative function is more complete, the treatment effect is better, and the conversion is higher. However, the cement enterprises have not been properly supplemented because of this. We believe that the future government will consider environmental protection and sustainable development in its development ideas.The weight of the company continues to increase, and companies that co-process through cement kilns have upward policy budgets and are expected to gradually increase their profits.

Aggregate and brick-making business: The value of raw 杭州桑拿网 material resources continues to increase, and the industrial chain is extended to create new profit points.

As the government gradually re-evaluates the value of resources in recent years, the company’s aggregate production capacity continues to expand, and aggregate products with high gross margins will contribute more profits to the company.

The company also explores the use of aggregate sintering to make bricks, turning waste into treasure, forming a good synergy with aggregates, and optimizing resource utilization efficiency.

We believe that the overall performance of Huaxin Cement in 2019 will remain stable, and the company’s medium and long-term sustainable development will still have sustainable momentum.

We expect the company’s attributable net profit in 2019 to be 50 in 2020.

6 billion, 44.

60,000 yuan, 深圳桑拿网 given an “overweight” rating.

Risk reminder: Macroeconomic growth significantly, supply-side reforms fall short of expectations

Meiya Optoelectronics (002690): A model of technological innovation company breaks through the growth ceiling

Meiya Optoelectronics (002690): A model of technological innovation company breaks through the growth ceiling
Core point of view: As a model of advanced enterprises, the company always adheres to scientific and technological innovation, continuously breakthroughs from color sorting machines to CBCT, leading the import of alternatives to related products, while achieving sustained and steady growth in performance for decades and improving profitability.In the medium and long term, benefiting from the opening of the private dental clinic to drive the domestic CBCT 佛山桑拿网 market, the company’s growth foundation has been consolidated and has better investment value. A model of scientific and technological innovation enterprises, casting decades of success.As a professional engineer emerging company specializing in photoelectric detection and classification equipment, the company always adheres to scientific and technological innovation, continuously breakthroughs from color sorting machines to CBCT, leading the import and substitution of photoelectric identification products, while achieving steady growth in performance for decades and improving profitability: ① 2018The company realized operating income12.40 ppm, an increase of 13 in ten years.33%, normal growth for 10 consecutive years; ② Profitability has increased, and the company’s comprehensive gross profit margin has exceeded 50% for 9 consecutive years, reaching 54 in 2018.94%; ③ The continuous increase in revenue and high gross profit margin resonance directly driven the company’s rapid increase in net profit. In 2018, the company achieved net profit attributable to mothers4.48 ppm, an increase of 22 in ten years.83%, the CAGR of net income attributable to mothers in 2009-2018 is as high as 18.67%, showing expected operating income. Color sorter: Domestic demand has stabilized, and there is broad room for growth overseas.① The color sorter is the cornerstone of the company’s decades of performance growth. In 2018, the color sorter achieved operating income8.10 ppm, a five-year increase of 5.94%, through CBCT volume, the proportion has declined, still the company’s largest source of income.In addition, the color sorter has outstanding profitability, and its gross profit margin has remained above 50% for nine consecutive years since 2010.② Upgrading of existing equipment drives the steady growth of domestic color sorter demand. As the industry leader, the company still has room for growth in the domestic color sorter business.③ The current overseas market for color sorting machine demand accounts for 72%, which is more than double that in China. In 2018, the company’s export revenue of color sorting machine was still less than 300 million.In 2019, the company released new products in India and set up its first overseas office, which has a clear demonstration effect. The company replaced the agencies that have successively promoted other overseas offices to speed up the global market layout. We judge that the company’s color sorting machine export has controversial room for improvement. CBCT: The foundation for medium and long-term growth is solid, and the certainty of sustained high growth is strong.① The company’s CBCT revenue in 20183.71 ppm, an increase of 42 in ten years.65%, with a compound annual growth rate of 75% in 2013-2018.From the perspective of profitability, the gross profit margin in 2013-2018 exceeded 55%, which was higher than the color sorter business, and the value created by technology was further verified.② With this market view, we believe that CBCT will inevitably undergo three stages of development in the country. In the short term, it will mainly supplement the demand growth driven by private dental clinics. In the medium and long term, it will be the demand for CBCT brought by the increase in penetration and the upgrading of existing equipment.Ample space.As the leader of the domestic CBCT market, the company has always been at the forefront of import substitution, with a market share of more than 30%. Based on the continuous breakthrough of product performance and the opening of sales channels such as group purchase, we judge that the company’s CBCT business has achieved the potential of rapid growth. Investment suggestion: We expect the company’s net profit for 2019-2021 to be 5, respectively.42, 6.527.7.7 billion, the previous growth rate was 20.97%, 20.31% and 19.12%; corresponding EPS are 0.80, 0.96, 1.15 yuan, corresponding to 39 for PE.18, 32.56, 27.34 times.Horizontal comparison. The industry characteristics of high barriers to medical devices have led to the performance of medical device companies to maintain steady growth and increased profitability. Therefore, they have a higher estimated premium and maintain a “strongly recommended” investment rating. Risk Warning: The demand for color sorter is lower than expected, the growth of overseas business is lower than expected, the discrete amount of CBCT is lower than expected, and the product price is significantly reduced

Yunnan Baiyao (000538) Semi-annual Report Comment: Results Growth in the First Half of the Year Relative to Expected Forecasts

Yunnan Baiyao (000538) Semi-annual Report Comment: Results Growth in the First Half of the Year Relative to Expected Forecasts

Revenue growth in the first half of the year 5.

72%, the growth rate of net profit attributable to mother 8.

59% of the companies released the 2019 semi-annual report: 138 in the first half of the year.

9.7 billion (+5.

72%); total profit 24.

7.4 billion (+3.

30%); net profit attributable to mother 22.

4.7 billion (+8.

59%).

  The company’s financial indicators are basically normal. Operating cash flow has decreased substantially. Operating cash flow in the 天津夜网 first half of the year was -4.

51 ppm, a decrease of 111 per year.

86%.

Revenue and net profit were in line with expectations, net profit attributable to mothers, and cash flow was lower than market expectations.

  Commercial segment revenue increased by 12.

86%, the performance of the second half is expected to pick up by sector, industrial sales income 49.

09 thousand yuan (-3.

16%), gross profit margin is 65.

96% (-0.

16pp), of which the health sector (health products subsidiary) revenue 24.

7.4 billion (+5.

3%), net profit 9.

5.6 billion (-0.

7%).

  As of May this year, the company’s toothpaste market share was 20.

1%, has leapt to the domestic market share of toothpaste.

The total revenue of the pharmaceutical and Chinese medicine resources sectors was 24.

3.5 billion (-9.

0%).

Revenue from the pharmaceutical business sector (Provincial Pharmaceutical Subsidiary) was 89.

5 billion (+12.

86%), gross profit margin 8.

69% (+1.

54pp).

  In the first half of the year, the company reversed the merger of Baiyao Holdings, coupled with the change of the board of directors, and stock repurchases. We speculate that the first half of the year is still in the period of operational adjustment. It is expected that the company will resume normal operations in the second half of the year and its performance is expected to rebound.

  The reorganization proceeded smoothly and the preliminary level was further optimized. According to the semi-annual report, all the assets, liabilities, business, contracts and all other rights and obligations, the average value of risks and returns of Baiyao have been transferred to Yunnan Baiyao.It is expected that the suction will be fully prepared for the final stage of work.

The reorganization is conducive to simplifying the company’s level effectively, promoting marketization and scientific decision-making, improving resource utilization efficiency, injecting huge amounts of capital and high-quality assets for the company, expanding the product structure and industrial chain, and consolidating the company’s development foundation while continuing to increase profitabilityAbility to share reform dividends with shareholders.

  R & D and innovation continued to grow, and the number of employees was improved. The company’s R & D expenses in the first half of the year were 65.08 million yuan, an increase of 22 per year.

5%, mainly due to the significant increase in employee compensation to 13.05 million yuan, an annual increase of 116.5%.

  Selling expenses in the first half of the year 19.

3.9 billion, a slight increase of 1 previously.

6%, management expenses 3.

16 ppm, a previous sharp increase of 78.

6%, of which the service fee of intermediary agencies, hydropower and property management fees increased by a breakthrough rate, and the annual re-allocation costs, delivery period costs, and equity costs were about 31.05 million yuan.

  We are optimistic about the future development of the company after reorganization, and maintain a “buy” rating. Due to the reorganization and reorganization adjustments in the first half of the year, the performance was lower than expected. We will predict a net profit of 37-20 in 2019-2021.

79/42.

59/47.

17 trillion was slightly reduced to 37.

76/42.

55/47.

1.2 billion, corresponding to PE, 26, 23, 21 times.

The company belongs to the industry leader. Although the short-term performance is under pressure, the formation of the company’s layout, reorganization and reelection elections are completed. The company’s prospects are worth looking forward to. We 武汉夜生活网 are optimistic about the company’s future development and maintain a “buy” rating.

  Risk Warning: The progress of reorganization and integration is lower than expected, and product sales promotion is lower than expected.