How Tianying, a major customer and the largest supplier, ensures fair prices

How Tianying, a major customer and the largest supplier, ensures fair prices

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  No. 1 customer and No. 1 supplier, how Tianying shares ensure fair prices Source: IPO Daily Original Deng Haotian Recently, Beijing Xinya Tianying Film Technology Co., Ltd. (hereinafter referred to as “tianying shares”) submitted a prospectus, Intending to list on the GEM, public offering of no more than 13.36 million shares, accounting for 合肥夜网 no less than 25% of the total share capital after issuance.

  The IPO Daily found that Tianying may experience a decline in its performance and rely on China Film Barco and its affiliates.

  Performance may be understood. Tianying Co., Ltd. is a service provider that provides a one-stop overall solution for the film projection industry. It provides theaters with theater system integration (including cinema hall planning and design, optimization of projection equipment configuration, supply, circuit layout).And installation, etc.), light source supply and guarantee services, theater equipment operation and maintenance services, etc.

  Public information shows that from 2016 to 2018 and from January to June 2019, Tianying shares achieved operating income of 24,176.

0.94 million yuan, 32042.

360,000, 39234.

390,000 yuan, the net profit attributable to mother is 1169.

190,000 yuan, 4119.

60,000 yuan, 4596.

630,000 yuan.

  It can be polished. From 2016 to 2018, Tianying shares showed a continuous upward trend in both revenue and net profit.

But the IPO Daily found that the company’s performance in 2019 is likely to happen.

  Tianying shares stated in the prospectus that the company’s performance has obvious substitution characteristics. The Spring Festival file in the first quarter and the National Day file in the fourth quarter are usually the peaks in the income of theater equipment technology services.

In this regard, a previous person told the IPO Daily that from the above situation, Tianying shares have peak seasons in the first half and the second half, so the performance in the first half and the second half may not be much different.

  From January to June 2019, Tianying’s operating income was 16,942.

330,000 yuan, net profit attributable to mother is 1823.

30,000 yuan.
According to preliminary calculations, the initial possible operating income of Tianying in 2019 is 3.

4 trillion yuan, net profit attributable to mother is about 40 million yuan, which is not a small gap compared with the same period in 2018.

  In addition, some of the above-mentioned persons also pointed out that the recent new crown pneumonia incident has brought a penetrating impact on offline theaters and will inevitably have a certain impact on the performance of Tianying.

  In fact, the growth rate of the previous movie market has started to decrease significantly, which may also affect the Tianying shares that provide cinema services.

  Data show that from 2016 to 2018, the total box office of national movies was 45.7 billion, 55.9 billion and 609.

76 trillion, only 9 in 2018.

06%, the growth rate has been all the way down.

In general, 2016-2018 has been negative growth for three consecutive years, with a decrease of 14 respectively.

1%, 8% and 8.

3%; the average attendance rate for theaters was 17 in 2015.

37% dropped to 12 in 2018.

49%, single seat returns from 0.

RMB 960,000

670,000 yuan.

  The Dependence IPO Daily also found that Tianying shares relied on China Film Barco and its related parties.

  It is understood that according to the reported amount, the amount of purchase by Tianying Co., Ltd. from China Film Barco and its related parties was 12,942, respectively.

580,000 yuan, 13153.

09 million yuan, 10491.

630,000 yuan, 5045.

09 million yuan, respectively accounting for 57 of the total purchase amount of the current period.81%, 52.

63%, 44.

42%, 47.

74%, China Film Barco and its affiliates always accompany the title of the largest supplier of Tianying Shares.

  In progress, Tianying said that if the main supplier’s product is insufficient, reducing or even canceling business cooperation with the company or the quality of projection equipment and light sources will affect the stability of the company’s related business and adversely affect its profitabilityinfluences.

  In addition to being the largest supplier of Tianying, China Film Barco and its affiliates are also important customers of the company.

  The prospectus shows that according to the reported amount, the sales revenue generated by Tianying Co., Ltd. to China Film Barco and its related parties was 3603, respectively.

470,000 yuan, 4165.

560 thousand yuan, 4516.

610,000 yuan, 2287.

920,000 yuan.

  It can be polished. China Film Barco and its affiliates were the second largest customers of Sky Film in 2018. During the rest of the period, China Film Barco and its affiliates have been occupying the title of the largest customer of Sky Film.

  In other words, in most time periods, China Film Barco and its affiliates were both the largest customer and the largest supplier of Tianying.

  Therefore, a chief person told the IPO Daily that, in general, the company’s 杭州夜生活网 largest customer and the largest supplier are the same company, then it is easy to cause whether the price of its transaction is fair.

  Then, is the transaction price of Tianying shares with China Film Barco and its related parties fair?

Lin Yang Energy (601222) In-depth Report: Quality Operator Assets in the Great Parity Era

Lin Yang Energy (601222) In-depth Report: Quality Operator Assets in the Great Parity Era

Photovoltaic parity is gradually approaching, and private enterprise new energy operators will usher in the spring. The operator industry is currently 苏州夜网论坛 in the era of supplementation and transition to parity.

After photovoltaic operators achieve parity on-line access to electricity, electricity sales will simultaneously replace supplementary replacement issues. At the same time, as there is no arrears in bid compensation in 19-20 years, the estimation problem of long-term suppression of operating trademarks will be gradually resolved.

In addition, after the improvement of cash flow quality of power plant assets, the characteristics of its natural expected return rate will be changed to the property of holding financial assets. If photovoltaic financial products are generated in cooperation with the business of financial institutions, the financing issue will be resolved and the long-term holding value will beIt is further highlighted that the pricing and estimation system of photovoltaic operators will be further reshaped.

Photovoltaic business: The cash flow in the era of large parity is expected to improve further. In the first half of 2019, the company’s photovoltaic reserve projects reached 1.


In order to further consolidate the leading position in distributed photovoltaic power generation, while independently developing, constructing and operating generators, the company actively reserves various types of distributed power generation resources, and has 1 projects on hand.

And through the advantages of project development, power station design, efficient products, construction management, power station operation and maintenance, etc., it has successively cooperated with state-owned enterprises such as CGNPC, China Power Construction, China Energy Construction, China Tongjian, Datang, Huawei and State Grid E-commerceForm strategic partnerships, promote close cooperation between domestic photovoltaic EPC and overseas photovoltaic businesses, and create new growth points in the performance of the new energy sector.

Electricity meter business: The domestic replacement cycle is nearing, and overseas smart meter penetration is accelerating. Based on the 8-year operating cycle calculation, the demand for the replacement of the two network electricity meters will be re-released. The flooding of electricity in the construction of the electric power Internet of things, the domestic electricity meter industry is picking up.

As the replacement cycle will gradually start and overseas electric meter business penetration accelerates, the company, as a leading company in the electric meter industry, will benefit from a new boom cycle that began in 19 years.

Risks suggest that national photovoltaic policies are negative, decentralized, leading, photovoltaic poverty alleviation, and other support efforts are generally changing; domestic photovoltaic supplementary decline is higher than expected, and the rate of abandoned power cuts remains high; the decline in national economic growth has driven the downturn in the downstream power industry;The newly installed capacity of the company was less than expected, and the EPC project could not be implemented in time.

The company’s reasonable estimate is at 5.


30 yuan / share, maintain “Buy” rating. Considering that Linyang Energy is a photovoltaic operator + EPC advantage enterprise, and the industry is in the transition of bidding and parity, power cuts have improved, and the cost reduction has tripled. The industry and companies are expected to be resolved.Further fixes.

Combining absolute and relative estimates, we think the company’s reasonable estimate is 5.


56 yuan / share, maintain “Buy” rating.

Zhongshun Jierou (002511): Net profit growth exceeds expected performance elasticity is now available

Zhongshun Jierou (002511): Net profit growth exceeds expected performance elasticity is now available

Event 1: Zhongshun Jierou released the first quarter report of 2019, and the company achieved revenue of 15 in Q1 2019.

410,000 yuan, an increase of 25 in ten years.

78%; net profit attributable to mothers1.

23 ppm, an increase of 25 in ten years.

18%, surpassing market expectations; net profit attributable to non-attributed mothers1.

22 ppm, an increase of 33 in ten years.

13%; basic profit return is 0.

0973 yuan / share.

Event 2: Zhongshun Jierou intends to repurchase part of the company’s shares in a centralized bidding transaction, which will be used as an employee stock ownership plan.

Repurchase funds budget 2?
400 million, the repurchase price does not exceed 13.

69 yuan / share, the number of repurchased shares does not exceed 2921.

80,000 shares, not less than 1460.


The turning point of raw materials is verified, and the cost flexibility is gradually reflected.

The company’s gross profit margin in Q1 2019 was 34.

01%, more than ten years 4.

83 points.

Affected by the decline in pulp prices and the ton-price increase from the previous month, the gross profit margin increased by 3 in Q1 2019.


However, in Q1 2019, the average price of coniferous / broadleaf pulp was 5033/5159 yuan / ton, down 16 from the previous month.

19% / 7.

59%, we think the pulp price will continue to decline in 2019, and the gross profit per ton of paper price will continue to improve.

Significant cost control benefits, and net profit margin increased sequentially.

In the first quarter of 2019, the company’s sales expenses, management expenses 淡水桑拿网 (including research and development expenses) and financial expenses accounted for 17 of the revenue.

24%, 5.

89% and 0.

38%, a decline of 3 per year.

73 points, 0

86pct and 0.

84 points.

The effective management and control of sales expenses indicates that the company’s channel expenditures have increased the improvement effect; if the equity incentive expenses are excluded, the management expense ratio has decreased by 1.

25pct; the decrease in financial expenses was mainly due to the reduction of interest expenses in the current period due to the repayment of corporate bonds in Q1 of 2018.

In terms of net profit margin, the company’s net profit margin in the first quarter of 2019 was 8.

01%, 0 years ago.

04pct, an increase of 2 from the previous month.

11pct, the logical turning point of the raw material turning point.

E-commerce channels continued to grow rapidly, and the proportion of high-end products continued to increase.

In Q1 2019, e-commerce and commercial sales increased by 50% each year, GT increased by nearly 12% each year, and KA increased by about 30%.The dealer channel has continued to expand. The company added 65 dealers in Q1 2019, covering 13 counties and cities over the end of 2018.

Due to the low base, 2019Q1Lotion increased by 100%, face increased by 45%, and natural wood increased by 35%, accounting for more than 65%. It is expected that the proportion of high gross profit products will increase by 10% each year.

The industry concentration is expected to increase, and the idea of leading high-end products will remain unchanged.

The tissue paper market size is nearly 100 billion yuan, and the market size growth rate from 2011 to 2016 is stable at 6.

More than 6%.

However, there are about 1,500 companies in the industry. The top four brands, Hengan / Vida / Jierou / Qingfeng, only account for about 35% of the market share, CR15 is about 60%, and there is room for penetration in the industry.

Bringing along with consumption upgrade factors, brand value is becoming increasingly important.

In addition, the high price of pulp has significantly increased the shortcomings of small and medium-sized production capacity. Due to the increasingly fierce competition for channel resources and end consumers, the cost pressure of small brands is not easy to change, which has led to the accelerated withdrawal of small and medium-sized production capacity, and the concentration of large factories has increased.

Zhongshun Jierou increased investment in research and development to build high-end products in the context of consumption upgrades, in order to achieve double growth in revenue and profits. The company’s research and development expenses in the first quarter of 2019 could reach 34.1 million yuan.

Equity incentive unlock conditions were fulfilled, and share repurchases showed confidence.

Following the launch of the first round of equity incentives in 2015, the performance targets have been well achieved.

The stock budget and budget stock incentive plan were announced for the first time in 2018. By binding the interests of employees and the company, they will increase employee motivation, aiming to impact revenue to $ 9 billion in 2021, and further seize the tissue paper market share.

Investment suggestion: We predict that the company will realize net profit attributable to mothers in 2019-2021.



20,000 yuan, an increase of 37 in ten years.

65%, 22.

05%, 19.

57%, corresponding to EPS.

43, 0.

52, 0.

63 yuan, maintain “Buy” rating.

Risk Warning: Channel Expansion Is Less Than Expected, Industry Competition Intensifies Risk, Raw Material Price Rise Risk

Hongxu Zhou in Three or Six: Seven Letters to Solve the Internet of Things

Hongxu Zhou in Three or Six: Seven Letters to Solve the Internet of Things

360 Group Chairman Zhou Hongying Reporter Shao Hao ○ How does editor Liu Xianghong guard the great security of the Internet of Everything?

  Member of the National Committee of the Chinese People’s Political Consultative Conference and Chairman of the 360 Group Zhou Hongzhang specially compiled a “letter song” during the National Two Sessions this year, but the melody was not heard, and the lyrics were only seven letters-IMABCDE.

  As soon as the group discussion ended on the morning of March 7th, the reporter from the Shanghai Securities News met Zhou Hongxuan outside the door. His iconic “red suit” was particularly well-recognised among people in suits and shoes.

As he greeted reporters, he talked about the most important task of the last time: attending the National Two Conferences this year, proposed three steps, and once again focused on his most familiar field-cyber security, “although small, each (step by step)) There are results.

Zhou Hongyi, who is known for his dare to tell the truth, this year’s three copies are still “problems first,” pointing to the current hot cyber defense, artificial intelligence, and smart cars. There are hidden dangers that require the concerted efforts of all parties in society to solve them together.

And this song with only one phrase “IMABCDE” is his solution to the problem.

  It is innovation that determines the life and death of an enterprise. In this year’s government work report, two keywords made me feel particularly strong, one is confidence and the other is innovation.

Zhou Hongyi told reporters that the government work report has increased the length of the business work environment and provided space for entrepreneurs, including tax and fee reductions. It specifically mentioned the establishment of a new type of political and business relationship that will make entrepreneurs feel comfortable in doing businessEstablish an enterprise to stimulate the vitality of market players.

“For all of our entrepreneurs, this is particularly great confidence and encouragement.

“With confidence, innovation points to what entrepreneurs should work for.

Zhou Hongyi told reporters that the government provides a big environment, and entrepreneurs should not refuse. What entrepreneurs can do is one word-innovation.

Through innovation, companies can tap user needs, create new products for users, and gain opportunities in the market.

  ”It is not the government’s policies, but the users and the market that really determine the survival of an enterprise.

If there is no innovation in the product, then only a price war can be fought. Naturally, low-cost sales feel that various expenses are very high, and it will be difficult for the company to continue.

Zhou Hongyi told reporters.

  In 2017, three or sixty still maintained huge expenditures on security technology research and development, ranking among the top global security companies.

In Zhou Hongyi’s view, as long as there are innovative ideas, the crisis can be turned into an opportunity.

For example, the pension industry has a huge market space, and 360 video doorbells were launched against it shortly before three or sixty.

  A “letter song” broke the future. This year’s government work report proposes to comprehensively promote “Internet +” and use new technologies and models to transform traditional industries.

Zhou Hongyi bluntly said, “I take it very seriously!

There are huge opportunities in it.

“Honghong Zhou told reporters that the Internet entered the second half. The owner of the digital economy is no longer an Internet company, but a traditional industry, especially a high-end manufacturing company and a modern service company.

  ”The digitization mentioned at the beginning was computerization and networking to improve the efficiency of information transmission. Later, the Internet thought emerged, that is, the traditional industry began to learn the user experience and business model of the Internet. In recent years, the Internet technology has matured.These core technologies need to be integrated to empower traditional industries, like alphabet songs.

“Zhou Hongyi casually” sang “to reporters. There was only one” lyric “, and the melody was the same as” read “.

  ”Each letter of IMABCDE is referred to, namely IoT, mobile communications, artificial intelligence, blockchain, cloud computing, big data, edge computing.

Zhou Hongzheng told reporters the meaning of each letter very seriously.

  ”I” is IoT, the Internet of Things.

Only when everything is connected, can the production processes and business processes of traditional enterprises be truly digitized, thereby collecting big data, namely “B” and “D”.

“This kind of data is updated every hour and every second. Live data is called big data. Manually organized data can only be called databases.

5G has established the foundation for the interconnection of all things, and the popularity of massive IoT devices and the transmission of data have become possible.

Everything is connected. 5G brings a new generation of the Internet.

The collected big data is placed in “C”, which is the cloud.

With these, there is “A” -AI (Artificial Intelligence).

  According to Zhou Hongyi’s prediction, “IMABCDE” will establish a new network structure and reshape traditional industries, which contains huge business opportunities and innovation opportunities.

  Three preliminary “defenses” for unknown risks “Although this is the second time to participate in the National Two Sessions this year, I still feel a lot of pressure and responsibility.

Eight preliminary copies were originally prepared, which were subsequently reduced to three.

Similar to last year, the three copies submitted by Zhou Hongyi this year are also “problem-oriented”-adopting professional ability to predict possible risks and proposing effective solutions.

  In the preliminary “Unified Security Big Data and Building a National Cyber Security Brain”, Zhou Hongyi believed that the transformation of the Internet of Things will rapidly increase the number of Internet devices and the scale will be 10 billion.It’s not realistic to attack and build defenses at every point.In particular, the virtual space and the physical space have been opened up. Any attack on the virtual space will become physical damage and even cause chaos in the social order.

In addition, the offense and defense of network security are not symmetrical. Attacks use unknown vulnerabilities, and defense cannot be prevented.

  ”After years of research, three or sixty have mastered methods to deal with unknown attacks, using big data of network traffic, knowing what is happening on the Internet every moment, aware of the occurrence of attacks, and further blocking and tracing the sourceCountermeasure.

Zhou Hongyi said.

  It is reported that three or sixty have built a “cyber security brain”, this system has played an important role in the past few years, and even helped foreign law enforcement agencies crack the “botnet incident”, and has been recognized by the global security 佛山桑拿网 community.

“I hope to establish a data unified, national cyberspace homeland defense system-a national cybersecurity brain, and a national, network-wide cyber attack early warning system, which will substantially improve national security defense.

“The second and third preliminary are more forward-looking.

Among them, “Network Security Should Be Standard for Smart Cars” proposes to adopt a variety of measures to make networked cars no longer “streaking.”

  Zhou Hongyi believes that through technological transformation, the car is fully networked. If the car has no secure chips and software, once it is attacked, hijacked, and the consequences are unthinkable, it is necessary to formulate mandatory production standards and list network security as a standard for smart cars.

It is reported that three or sixty are carrying out such work and cooperating with automobile manufacturers. It is estimated that by 2020, one million vehicles will be connected to the automotive safety brain, replacing the accelerated technology research and development to meet the latest requirements.

  In “Developing Artificial Intelligence, Both IQ and Security”, Zhou Hongyi mentioned that artificial intelligence has many security “soft ribs”. Front-end sensors can be disturbed, training data may be contaminated, internal algorithms can be deceived, and the system may be deceived.There are numerous unknown crimes.

Artificial intelligence is undoubtedly the focus of the next round of technological revolution. While the technology is developing rapidly, how to keep this technology more secure is the top priority.

  ”The country attaches great importance to the construction of a new generation of artificial intelligence open innovation platform, but it is still blank in the field of artificial intelligence network security.

It is recommended that the state support the rapid establishment of a national cybersecurity artificial intelligence open innovation platform to ensure the healthy and orderly development of artificial intelligence.

Zhou Hongyi said.
  The three new “brains” strategies, as the leading companies in the field of network security in the capital market, have attracted much attention from every move.

During the two sessions of the National Congress, Zhou Hongzheng passed the latest news on the company’s development to the market through the Shanghai Securities News. In summary, they are three “brains”.

  The first is the “national cybersecurity brain” mentioned in the preliminary.

Zhou Hongyi explained that he introduced the concept of “big security” two years ago. Cyber security has become the basis of the entire security, and it can be extended to national security, social security, infrastructure security, public security, and personal security.

The “national-level cybersecurity brain” is the most macroscopic. As the largest cybersecurity company, XXX hopes to contribute to the country and society and provide long-term value.

  Second, use “IMABCDE” to empower various industries.

At present, the entry point for the three or sixty choices is urban security and social security. The company has communicated with many cities, using the Internet of Things to obtain big data, cloud it, and then intelligentize it through “big data + machine learning”, Bring great changes to the safety of the whole city and the social safety of ordinary people’s daily life.

This is the “urban safety brain.”

  Third, combine “IMABCDE” with consumer life.

According to reports, the “Three Sixties” will establish a “family safety brain”, using a 360 family security product matrix to ensure people’s living safety and Internet safety.

At the same time, the company will soon establish a connected car security company to provide security for hundreds of millions of connected cars in the future.

  ”Three security brains, with artificial intelligence and big data as the core and IoT technology as the terminal, we will provide users with new and unique products and services.

“Looking forward to the future, Zhou Hongyi is very confident.

Depth-Company-Guanglian (002410): How to understand the current forecast after 19H1 exceeds expectations?

Depth * Company * Guanglianda (002410): How to understand the current forecast after 19H1 exceeds expectations?

The company released its 2019 Interim Report and achieved revenue of 13.

800 million, an increase of 28.

7%; net profit was 89.54 million, down 39.

1%; deducting non-net profit of 61.31 million, down 53.


After the restoration of cloud pre-receipt, revenues increased rapidly and the revenue side exceeded expectations, and the construction business potential was realized.

Maintain BUY rating.

Key points of the support level After reducing the cloud factor, the revenue growth rate was nearly 40%, and the net profit was over 20%.

After the cloud pre-reduction, the revenue is about 16.

4 billion (+36.

7%), net profit 3天津夜网.

200 million (+23.

5%), both achieved rapid growth.

Considering the high market share of the cost business, the construction business’ Q1 growth rate was less than 30%, and the overall revenue growth rate of nearly 40% in the first half of the year exceeded market expectations.

After the typical cost has been clouded, existing customers have been activated and incremental customers have been discovered. At the same time, the growth rate of construction business has accelerated as we expected.

Launch the 2020 evaluation system.

In our previous company depth, according to the company’s planned transformation progress assumptions, we gave 2019 359?
37.7 billion market cap.

Considering the incremental market (such as piracy conversion) and high revenue growth that were not included in the cost business at that time, the current market value of about 40 billion is still reasonable.

At the same time, according to the assumption that the two businesses will advance smoothly in the future, it will be given 446 after 2020?
The market value of 61.2 billion (median 52.9 billion) is converted into the H2 and cloud conversion indicators for 2019. The construction business growth indicators have been matched. We believe that the market value of 50 billion billion yuan has been opened.

Cloud transformation is smooth, construction investment is large, but the prospect is gradually clear.

New cloud contracts signed in the first half of the year 6.

3 billion (+ 151%), conversion rates of 72% (converted) and 31% (new conversion pricing), 45% (new conversion calculation), renewal rate of 80% (converted), healthy indicators and new regional conversionThe rate was slightly higher than expected.

The construction business is still in the input stage, and the impact of the intensity of research and development costs is expected to be prolonged. The original assumption that the 300 million net profit corresponding to 1.5 billion construction income by 2020 can be reduced to 200 million (13% net interest rate), which will affect a reasonable market value of 4 billionSegment PE is 40X), which is 48.9 billion by the median.

Estimated to adjust for 2019 based on two factors: high revenue growth and R & D expenses?
Net profit forecast for 2021 is 4.


3 and 8.

70,000 yuan, EPS is 0.

43, 0.

55 and 0.

77 yuan (change -7?
14%), based on the segment assessment method and 48.9 billion reasonable market value in 2020, there is still more than 20% of room.

Maintain BUY rating.
The main risks faced by the rating are the continuity of construction demand is less than expected; the renewal rate changes.

Sany Heavy Industry (600031): The semi-annual report is in line with expectations. Profitability continues to increase. Cash flow reaches record highs.

Sany Heavy Industry (600031): The semi-annual report is in line with expectations. Profitability continues to increase. Cash flow reaches record highs.

SANY Heavy Industry released the semi-annual report for 2019: 1) H1 revenue 433.

86 billion, a year-on-year increase of +54.

27%; net profit attributable to mother 67.

48 billion, a year-on-year increase of +99.

14%; gross profit margin 32.

36%, net interest rate 15.

99% (30 in 2018.

62% and 11.

29%); 2) Q2 single-year revenue of 220.

92 billion, a year-on-year increase of +38.

38%; return to mother 35.

27 billion, a year-on-year increase of +86.

77%; gross margin 33.

94%, net interest rate 16.

35% (19Q1 is 30.

72% and 15.

61%); 3) H1 received merchandise for sale 419 in cash.

700 million, a year-on-year increase of +38.

73%; operating cash flow 75.

950,000 yuan, +22.

1%; accounts receivable + notes receivable at the end of December / end of March / end of June were 20.8 billion / 261.

300 million / 262.

700 million.

Changes in sales structure and intensified competition for expansion have dragged down the gross profit margin of the boring machine, and the profit of concrete machinery has recovered more than expected: from the perspective of the sharing business, 2019H1 excavator, concrete machinery and crane revenue were 159.

100 million, 129.

200 million and 8.5 billion, with annual growth rates of 42.

56%, 29.

55% and 107.

24%, gross profit margins were 36.

84%, 29.

55% and 25.

83%, three years -3.

92pct, 5.

76pct and 1.

27pct. The essence of the increase and decrease of the excavator’s gross profit margin is the increase in the proportion of small and medium-sized excavations in the sales structure and the adjustment of the terminal price under the environment of intensified market competition. The reason for the increase in the gross profit margin of concrete machinery is the continuous high growth of high gross profit pump truck sales.And sustained growth rates.

Under the influence of preferential domestic supply + reduction of elephants, the growth rate of overseas income is low, but profitability is improved: by region, the company’s domestic and overseas income is 354.

6.9 billion and 70.

2.6 billion, the previous growth rate was 64.87% and 15.

34%, gross margin is 34.

01% and 26.

8%, double +0 respectively.

17pct, +1.


In the first half of the year, overseas revenue grew the fastest. The expected results are: 1) strong domestic demand in Q1, and production capacity is preferred to meet the domestic market; 2) the substitution effect of high income and low growth of elephants is expected to India, Indonesia, Europe and the United StatesAnd other overseas market revenue growth rate of more than 20%.

The expense ratio hit a record low, and the financial structure is welcoming positive improvements: the sales expense ratio, management expense ratio, research and development expense ratio and financial expense ratio of the 2019H1 companies are 6 respectively.

94%, 2.

09%, 2.

74% and 0.

03%, two years -2.

16pct, -0.

93 points, +1.

25 points and -0.

79pct, gradually decreased by 2.

At 63pct, the decrease in management expense ratio and sales expense ratio was originally due to the scale effect brought by the increase in revenue, while the increase in financial expense ratio gradually decreased due to the increase in exchange income and the long-term decrease in rear income.深圳桑拿网

Asset quality continued to improve, and operating net cash flow set a record high: the company’s accounts receivable turnover rate and inventory turnover rate in 2019H1 were 1.

89 times and 2.

74 times, compared with 1 in the same period last year.

46 times and 2.

24 times, at the same time, the company’s overdue income decreased, and the value-added sales overdue rate was controlled at the lowest level in history; until the end of June, the company’s assets and liabilities made up 53.

31%, financial structure is very stable; net cash flow from operating activities is 75.

95 ppm, an increase of 22 in ten years.

1%, another record high.

The future prospects of the construction machinery industry and the company mainly include: 1) The demand of the excavator industry is relatively stable in the second 四川耍耍网 half of the year. It is expected that the sales growth rate of the excavator industry will be 5?
10%, the structure of small and large digging continues to grow, and middle digging may shrink to some extent; 2) Q3?
The Q4 excavator industry experienced a small replenishment cycle; 3) It is expected that land construction will remain unchanged in the second half of the year, supporting the demand for concrete machinery and lifting machinery, and the proportion of long boom pump trucks is expected to continue to increase, driving concrete machinery stress recovery; 4)The increase in market share of Sany ‘s core products and the elasticity of profit brought about by the scale effect are expected to continue to exceed expectations; 5) Sany continues to advance its internationalization and digitalization strategy, promote thickened product added value, and increase its estimated level.

Earnings forecast and investment rating: The company’s 2019-2020 net profit is expected to be 11.2 billion and 13.4 billion respectively, corresponding to 10 times the PE of 2019. It will continue to be recommended and maintain the “Buy” rating.

Risk warning: infrastructure investment is less than expected, industry competition is intensified, and raw material prices fluctuate.

China Shenhua (601088): 1H19 performance is in line with the forecast; comprehensive performance is steadily rising

China Shenhua (601088): 1H19 performance is in line with the forecast; comprehensive performance is steadily rising

1H19 results 四川耍耍网 are consistent with the announcement of the company’s 1H19 results: revenue of $ 116.4 billion, a decrease of 8.

6%, net profit attributable to mothers was 242 trillion, exceeding +5.

5%, profit 1.

22 yuan, net profit after deduction is 2.27 million yuan, one year less.

5%, H shares return to the mother’s net profit of 2.42 million yuan, a year reduction of 1.

1%, performance is consistent with the notice.

In the second quarter of 19, the company’s revenue was 593 billion US dollars, a decrease of 7 per year.

8%, the stock returns to the mother net profit of 117 trillion, +2 a year.

8%, a decrease of 7 from the previous quarter.

4%, H shares return to the parent net profit of $ 11.4 billion, -7 per year.

6%, compared with -11.


Comments: 1) Production and sales are stable.

1H19 commercial coal production1.

4.5 billion tons, a reduction of 0 every year.

3%, 2Q19 yield 0.

7.4 billion tons, a reduction of 0 every year.

3%, +3 from the previous quarter.


1H19 self-produced coal sales 1.

4.2 billion tons, a decrease of 2 each year.


2) Prices rebounded month-on-month.

The average selling price of coal in 1H19 was 420 yuan / ton, a year-on-year decrease of 28%, and the price in 2Q19 was 429 yuan / ton, a year-on-year decrease of 0.

3%, +4 from the previous quarter.


3) The unit cost of self-produced coal in 1H19 was reduced by more than 2.

5 yuan / ton to 110.

9 yuan / ton, raw materials, fuel and power +3 yuan / ton, labor +2.

6 yuan / ton, depreciation and amortization decreased by 2.

6 yuan / ton, other costs are reduced by 5.

5 yuan / ton (mainly reduction of maintenance fee).

4) According to comparable caliber, 1H19 power generation / sale power +1 per second.

3% / + 1.


1H19 own railway transportation turnover / continuous freight / continuous turnover every +3.

1% / + 6.
2% /-0.

5) 1H19 financial expenses are reduced by 46% or 8 per year.

50,000 yuan, mainly due to the decrease in net interest expenses and financial expenses in the second quarter of 1919.

200 million, + 10% MoM.

1H19 management costs are reduced by 5 per year.

600 million, mainly due to the decline in labor costs.

6) 1H19 cash flow from operating activities for two years +28.

5% to 4.1 million yuan, 34.2 billion yuan after excluding finance companies, a decrease of 2 a year.


Trends in balance sheet and cash flow are strong.

At the end of June, the company’s net cash was 811 trillion, accounting for 20% of net assets, and net cash increased by 13.2 billion compared with the end of the first quarter.

1H19 capital expenditure was 72 trillion, exceeding the planned 271 trillion, and we expect free cash flow of scale to remain strong.

Earnings forecasts and estimates We maintain our 2019/20 A-share earnings forecast2.


32 yuan, H shares 2.


37 yuan.

The current A-share contradiction corresponds to August 2019/2020.

2x / 8.

1x price-earnings ratio.

The current contradiction between H shares corresponds to 6/2019/2020.

0 times / 5.

8 times price-earnings ratio.

The stock maintains a neutral rating and 20.

A target price of 00 yuan corresponds to 8.

7 times 2019 P / E ratio and 8.

6 times 2020 price-earnings ratio, 6 compared with the same period last year.

5% upside.

H shares maintain a neutral rating and 19.

00 updates the target price, corresponding to 7.

3x 2019 P / E ratio and 7.

2 times 2020 price-earnings ratio, compared with 22 previously included.

6% upside.

In the current market environment, Shenhua’s stable profitability and cash flow still bring unique allocation value to the company.

Risk coal prices fell more than expected.

Halma Technology (002595) Third Quarterly Report Review: Q3 Revenue, Net Profit Increases Over 20%

Halma Technology (002595) Third Quarterly Report Review: Q3 Revenue, Net Profit Increases Over 20%
Q3 revenue / net profit growth exceeded 20% 1) The company achieved revenue 31 in the first three quarters.36 ppm, an increase of 18 in ten years.11%, of which Q3 is 11.US $ 6.6 billion, a new quarterly revenue, and a quarter-on-quarter growth of 25.42% / 21.02%.We expect that the mold business will grow rapidly, and the foundry and large parts processing business will maintain rapid growth.Driven by Q1, the company’s gross profit margin rose in the first three quarters and dropped by zero.For 87 units, changes in the cost of raw materials and adjustment of the product structure are the starting points for changes in gross profit margin. Among them, Q3 gross profit margin change / moment change -0.13 / -0.11 units. 2) Net profit attributable to mothers in the first three quarters6.50 ppm, an increase of 12 in ten years.78%, the growth rate in the first half of the year accelerated, of which Q3 was 2.76 ppm, an increase of 22 in ten years.89%.Expenses during the first three quarters8.43%, down quarter by quarter, and rose by 0 in ten years.For 3 units, sales / administration expenses are still growing rapidly.3) Net operating cash flow in the first three quarters -1.65 trillion, down 180 a year.64%, which is the reason for the repayment, the termination of the third quarter bill receivables and accounts receivable reached 18.180,000 yuan, an increase of 9 at the beginning of the review.72%, an increase of 20 per year.77%, leading to an increase of only 4 in the first three quarters of operating cash inflows.03%; long-term operating cash growth has grown rapidly, and it has grown in the first three quarters of the year.47%. The company benefits from the release of high-quality tire production capacity, and the growth of casting and large parts processing 1) and the opportunity of tire molds are: ① From the perspective of industrial transfer, we believe that the transformation into the continuous improvement of the level of mold processing technology and the internationalization of international tire company mold procurementAs the degree increases, it is expected that the proportion of major international tire companies in purchasing tire molds in advance will continue to increase.② From the perspective of the competition in the automotive industry, competition in the industry has intensified, new cars have been launched, and the pace of retrofitting of old cars has been accelerating. The cycle has become shorter and shorter. As a result, the specifications and models of supporting tires have continued to increase, and the pattern updates have become increasingly alternating.Automobile tire models and patterns are updated passively or actively. Some tire molds are often replaced before the replacement arrives, driving the demand for tire molds.We believe that the increasing car ownership will be a strong support for the rapid growth of the domestic tire mold industry.2) Conversion of giants such as Bridgestone, Goodyear, German horse brand and other companies have successively expanded their production capacity. At the same time, exquisite, Senkilin, Triangle, GM and other tire companies have invested in expansion and actively deployed overseas markets. We believe that in the future these high-qualitySuccessive releases of production capacity will help increase demand for molds.As an industry leader with technology and capacity advantages, the company is expected to fully benefit in the future.3) The release of production capacity, the continuous improvement of customer recognition and the recovery of orders for downstream fan components, the company’s casting and large parts processing business is expected to continue to grow rapidly. Earnings forecast, maintain “overweight” rating We maintain earnings forecast unchanged: the company’s EPS is expected to be 1 in 2019-2021.04/1.28/1.58 yuan / share, corresponding to 18/15/12 times PE for 2019-2021.Taking into account the company’s global tire mold leader scale, profitability expansion, management efficiency continued to improve, maintaining the “overweight” level. Risk warning: the risk of economic and trade friction; the boom in the tire and mold industry surpasses expectations;天津夜网 the rise in raw material prices exceeds expectations; the growth in cost and expenses exceeds expectations; the output (internal) exceeds expectations.

Haitong Jiang Chao: The growth rate of social financing is picking up

Haitong Jiang Chao: The growth rate of social financing is picking up

Source: Jiang Chao Macro Bond Research Co., Ltd.’s financial growth has picked up, and interest rate decline has been hindered (Haitong Bond Weekly Exchange and Thinking No. 313, Jiang Chao, etc.)Interest rates on corporate bonds and urban investment bonds increased by 6, 4, and 4bp, respectively, and convertible bonds fell by 2.


  The economy remained stable in April and inflation continued to pick up.

  In March of 19, the economy showed a marked improvement. The growth rate of exports, which represented external demand, rebounded rapidly, while the growth rate of real estate and automobile sales, which represented domestic demand, also improved.

However, considering that the spring festival is late this year, the economic recovery in March cannot be ruled out due to the later factors of returning to work after the festival this year.

  However, since April, the growth rate of downstream demand such as real estate and automobiles has continued to improve, and although the growth rate of coal consumption in power plants has fallen, it is still much higher than the negative growth in the first two months of the year, indicating that the overall economy has remained stable.

  In March, there was a short-term rise in inflation, of which the CPI rose sharply to 2.

3%, while the PPI rose slightly to zero.


As food prices and prices of means of production continue to increase since April, we predict that the CPI will rise to 2 in April.

At 6%, the PPI rose back to zero.

6%, short-term inflation will continue to rebound.

  Social financing has picked up, and currency loosening has weakened.

  The total amount of new social financing increased sharply to 2 in March.

86 trillion, an increase of more than ten years.

28 trillion.

The growth rate of social financing rose to 10 in March.

7%, once again confirms that the growth rate of financial integration has bottomed out at the end of 18 years.

According to the historical law that the growth rate of social finance is about half a year ahead of the economic growth rate, this indicates that the Chinese economy is hopeful to bottom out in the second quarter of 19 and stabilize.

  The obvious pick-up in the growth rate of social finance, coupled with a significant rebound, means that the need for gradual monetary policy easing has dropped significantly.

The gradual continuation of the reverse repurchase operation last week also showed that the expansion or the reduction of the speed of capital injection, indicating that the probability of a short-term reduction in standards is significantly reduced.

  The decline in interest rates has been blocked and remains supported for a long time.

  Since entering April, the bond market has fallen sharply for two consecutive weeks, until the current 10-year government bond rate has risen to 3.

33%, an increase of 10bp from the end of last year.

  In the short term, the bond market is still threatened by many factors: First, the rebound in economic fundamentals is not good for the bond market; second, the high rise in social integration means that the strength of broad credit is increased, which has diverted the bond market.The increase in the supply of local debts has also increased the supply of bond markets. Third, the returns on risky assets such as the stock market have increased the flow of funds into the bond market.

  However, in the medium to long term, we believe that this round of policies has re-taken the old path of borrowing and stimulating debt. The current recovery of social financing is still mainly based on short-term loans, but there is no possibility of continued soaring thereafter.

In addition, the pick-up in infrastructure investment growth is due to the early issuance of local special bonds, but the regulation of local hidden debt is still in the space for infrastructure investment to rise.

Coupled with the substantial downsizing of the shed reform target, real estate sales in cities below the third tier have been adjusted, and the current rebound in real estate sales is also difficult to sustain.

In general, whether it is currency growth or economic growth, there will be more L-shaped reversals than V-shaped reversals in the future. As a result, the transition of the low-interest rate era is over, and interest rate opportunities may be brought after the overshoot.

  Risk assets are still good, and credit-to-debt allocations are deployed.

  Looking ahead, the gradual landing of reduced tax and fee reductions, and the steady recovery of the economy and growth, the debt risk of the corporate sector will improve expectations, and corporate earnings growth is expected to bottom out, which is beneficial to both credit and convertible bonds.

  Last week, CDB and Zunyi City reached a consensus to use Zunyi as a pilot for CDB to participate in local development and debt resolution.

The governor of the Air China Development Bank has stated that practical measures need to be taken to assist local governments in handling debt problems in a safe manner.

We believe the use of low-interest CDB loans to replace high-interest local government hidden debt, thereby reducing the debt risk of local governments, which is beneficial to the stock of urban investment debt.

  Taken together, we still recommend 成都桑拿网 that credit bonds and convertible bonds be the first choice for asset allocation in the bond market, while interest rate bonds need to wait patiently for opportunities after overshoot.

  I. Monetary interest rate: Increased disturbance of funds 1) Monetary interest rate first decreases and then rises.

Last week, the fund faced a gradual contraction from affluence to gradual change. The interest rate on the funds dropped first and then rose, and the overnight and seven-day interest rates reversed.

Last week, the average net return was 0 trillion.R007 average goes up 17BP to 2.

59%, R001 average goes up 35BP to 2.

twenty four%.

The average value of DR007 is 20BP to 2.

54%, with an average DR001 up 34BP to 2.


  2) The policy lag is coming to an end.

Sheng Songcheng published an article a few days ago saying 北京SPA会所 that this round of policy lag is nearing completion, and the economy strives to stabilize in the second quarter.

The main reasons are: China-US negotiations have achieved phased results, and trade tensions have tended to ease; the financial industry ‘s comprehensive and strong supervision has made breakthroughs, and the existing easing has been eased; the reform dividends for the optimization and upgrading of the economic structure have been gradually released.

The reform dividends in key areas such as state-owned and state-owned enterprises, finance and taxation, land, market access, and social management will stimulate market vitality, increase endogenous momentum, increase the potential for domestic demand, and promote the continued development of the economy. The development of private enterprises has received policy support.
The economy is stabilizing the gradual growth of the uplink, and loose monetary policy will temporarily warn of this phase.

The rebound of monetary and social data in March indicates that the future economic achievements will stabilize and the probability of lowering the probability will decline again.

  3) MLF terminates as a disturbance.

In mid-April, 367.5 billion MLFs expired. There is uncertainty about the replacement of quasi-reductions or sequels. Basically, centralized tax payment and accelerated issuance of local debts will disturb the fund.

We expect that the volatility of capital will increase next week, and the transition or restart of reverse repurchase will ease the volatility.

  2. Interest rate debt: The bond market adjustment is not complete. 1) The bond market continues to decrease.

Last week the one-year Treasury note closed at 2.

52%, up 4BP from the previous week; 10-year government bonds closed at 3.

33%, up 7BP from the previous week.

The one-year CDB bond closed at 2.

66%, up 6BP from the previous week; 10-year CDB bonds closed at 3.

81%, up 5BP from last week.

  2) Supply is reduced and demand is weak.

Last week, book-entry government bonds were issued 102 billion US dollars, due 46 billion US dollars; policy financial debt was 89 billion US dollars, due 90 billion US dollars; local government bonds were issued 55.1 billion US dollars, 39.4 billion US dollars due.

Last week, the net supply of interest rate debt was 264.1 billion, an increase of 180.8 billion from the previous month. Credit debt wassuance was 187.6 billion, maturity was 124.6 billion, and net supply was 63 billion.

  3) Production rebounded and demand improved.

Industrial production rebounded steadily. In March, coal consumption for power generation increased, and crude steel output growth rates both rebounded. The operating rates of major industries generally increased. However, since April, the growth rate of coal consumption for power generation has declined, and the operating rates have also turned up and down.Demand may have begun to build a bottom. Since April, although the growth rate of real estate sales is still differentiated, it continues the upward trend, and the zero growth rate of passenger car approvals has also changed from a mixed trend to a synchronous upward trend.

  4) Adjustments are still in progress.

The growth rate of the company’s financial stock rebounded to 10 in March.

At 7%, M2 previously recovered to 8.

6%, the stability of the currency society indicates that the economy is expected to stabilize and improve in the future, reducing the probability of continued monetary policy easing; fiscal efforts to support the economy, and therefore, personal resistance has been introduced, small and micro enterprises inclusive tax reduction, reducing manufacturingTax reduction policies such as growth rate, social security contribution rate, etc., total tax reduction1.

7 trillion, the speed of policy sanctions is unprecedented.

In addition, the issuance of local bonds in the first quarter has advanced, infrastructure investment has picked up, and the economy has bottomed out. Active finance has reduced the burden of steady growth in monetary policy. CPI and PPI have risen more than three months. Pork and vegetable prices have remained high for four months.Prices, steel prices are rising, it is expected to continue to rise in April, the currency will be difficult to relax, interest rate declines are blocked; the current one-year Treasury bond yields and China Treasury bond yields have fallen to 0, and the United States has sometimes suspendedRaising interest rates, but the time to leave interest rates is too early, which means that there is limited room for further decline in the domestic short-term.

From a long-term perspective, the spread between China and the United States is currently around 70 BP, while the spread center has been around 110 BP over the past decade, which means that it is impossible and not too large for the spread to continue to expand and shrink.

Taken together, the short-term negative factors in the future will worsen, and the adjustment of the bond market is still in progress.

  Third, credit bonds: urban investment risks tend to decline 1) Credit bond yields have increased.

The yield on credit and debt followed the rise of interest rate debt last week, and the credit spread widened slightly.

The average yield of AAA corporate bonds increased by 4BP, the average yield of AA corporate bonds increased by 4BP, and the average yield of urban investment bonds increased by 4BP.

  2) Risk appetite picks up.

Since March, the net financing amount of low-level entities in the primary market has decreased, but the situation of private enterprise issuance has improved, the number of replacements or cancellations has decreased, the transaction activity in the secondary market has increased, and the spread of high- and low-level credit bonds has fallen.Overall, the market credit risk has improved, mainly due to the continued development of the broad credit policy and improved macroeconomic expectations.

  3) Urban investment risks tend to decrease.

Recently, Zunyi and the China Development Bank Guizhou Branch reached a consensus on piloting Zunyi for the China Development Bank to participate in local debt resolution.

CDB’s participation in debt resolution is conducive to increasing the value of market risk and reducing the risk of existing urban investment debt.

The current round of debt will be composed of provinces. CDB pilots or prefecture-level cities. It is recommended to focus on provinces with higher debt ratios and their subordinate prefecture-level cities, such as Guizhou, Hubei, Hunan, Jiangxi and other provinces.Zunyi, Yichang, Xiangyang, Zhuzhou, Yueyang, Ganzhou, Shangrao and other cities.

Wolong Electric Drive (600580) 2019 Third Quarterly Report Review-Performance Exceeds Expectation Product Structure Optimization Promotes Both Profit and Quality

Wolong Electric Drive (60058杭州桑拿 0) 2019 Third Quarterly Report Review-Performance Exceeds Expectation Product Structure Optimization Promotes Both Profit and Quality

The company’s 20193Q performance exceeded expectations, the product structure was optimized to improve gross profit, and the cost control during the period increased steadily and increased profits.

We believe that the company’s traditional motor business has consolidated its bottom line and the emerging EV motor business has contributed to high growth.

Considering that the improvement of the company’s profitability will boost performance, we raise the company’s EPS forecast for 2019-2021 to 0.



93 yuan (formerly 0.



93 yuan), corresponding to 11/11/9 times the PE, raise the target price to 12.

16 yuan, corresponding to 16 times the PE in 2019, the current value is still undervalued, maintain “Buy” rating.

The third-quarter performance in 2019 exceeded expectations, and revenue / deductions were not attributable to the mother92.


4.7 billion (+12.

48% / + 24.


The company’s 2019 3Q revenue was 92.

51 ‰ (+12.

48%, the same below), net profit attributable to mother 8.

1.1 billion (+81.

94%), net of non-attributed net profit5.

4.7 billion (+24.

36%), exceeding market expectations.

Non-recurring profit or loss is the adjustment of accounting policies for 2019H1. Changes in the fair value of some financial assets are included in the current profit and loss.

5.5 billion.

Among them, the company’s 2019 Q3 revenue / net profit attributable to mothers / net profit attributable to non-mothers 32.



9.9 billion (+14.

13% / + 19.

11% / + 16.

59%), the net profit growth rate is higher than the revenue growth rate, profitability, and quality enhancement.

Gross profit margin continued to increase, and cost control was stable during the period.

Company 3Q 2019 gross profit margin 26.

65% (+1.

50pcts), the company’s R & D investment value is realized, the proportion of high value-added products such as BLDC motors has increased, and the main product structure has continued to optimize.

The cost rate during the period was 19.

48% (+1.

91 items), unchanged from 2019H1.The sales / management / financial expense ratios are 6 respectively.

51% / 11.

03% / 1.

93% (+0.

04 / + 0.

87 / + 0.


Among them, the increase in the financial expense ratio was due to the increase in loans for the purchase of general low-voltage electrical assets and the decrease in exchange losses.

According to the company’s business plan, in the future, the company ‘s development momentum will be restructured, and the extension of M & A will be shifted to endogenous R & D. We expect the expense ratio to decline steadily during the period and increase profits.

The traditional motor business bottomed out, and the EV motor business brought high growth.

The company’s main business includes four major sectors of industrial high voltage / low voltage / micro special / EV motors, of which high voltage, low voltage and micro special motors are the company’s traditional motor products, accounting for about 95% of total revenue.

The company is a leader in the motor industry. According to his latest report, the company’s high-voltage / low-voltage motor revenue ranks 2nd / 3rd in the world; the quality of micro-motor customers is good for the concentration of the home appliance industry.

We expect the traditional motor business to increase steadily and slightly, which will lay a solid foundation for the company’s performance.

The company’s EV motor was awarded ZF 22.

Orders for fixed supply of 6 trillion-inch motors entered the Mercedes-Benz supply chain, and international competition was verified.

In the future, in the context of supplementary declines and the rapid release of new models from overseas auto giants, the new energy vehicle market is expected to shift to global competition.

We are optimistic that the company will continue to broaden its supporting scope with the brand effect and capture the prospect of high-quality long-term contracts. It is expected that by 2025, it will achieve a revenue scale of 3 billion to 4 billion and a CAGR of about 30% to 36%, achieving high growth.

Risk factors: Downstream prosperity is down, sales of new energy vehicles are lower than expected, and raw material prices of the company fluctuate.

无锡夜网 Investment suggestion: The company’s third-quarter performance in 2019 exceeded expectations, the product structure was optimized to increase gross profit, and the cost control during the period increased steadily and increased profits.

We believe that the company’s traditional motor business has consolidated its bottom line and the emerging EV motor business has contributed to high growth.

Considering that the improvement of the company’s profitability will boost performance, we raise the company’s EPS forecast for 2019-2021 to 0.



93 yuan (previous forecast was 0.



93 yuan), corresponding to 11/11/9 times the PE, raise the target price to 12.

16 yuan, corresponding to 16 times the PE in 2019, the current value is still undervalued, maintain “Buy” rating.