Chiyou Co., Ltd. (603429) Company Comment: Cooperate with Jiangsu Tobacco to promote the development and industrialization of heating non-combustion flakes and upgrade to Buy rating

Chiyou Co., Ltd. (603429) Company Comment: Cooperate with Jiangsu Tobacco to promote the development and industrialization of heating non-combustion flakes and upgrade 天津夜网 to “Buy” rating
Event: The company joined hands with Jiangsu Tobacco to promote the development and industrialization of heating non-combustion flakes.Guangyou, a holding subsidiary of the company, and Nantong Tobacco Filter Co., Ltd., a wholly-owned subsidiary of Jiangsu Tobacco, signed a Memorandum of Understanding on Research and Development of New-type Tobacco Homogenization Sheets.Cooperate with Jiangsu Tobacco to promote the research and development and industrialization of heating non-combustion products, and the company’s layout of heating non-combustion has taken the lead in landing! The company’s heating non-combustion sheet technology is extremely scarce, and cooperates with the China Tobacco System to promote the development of the Chinese version of HNB.The company has a leading position in the field of 云尚丽体验网 heating and non-combustion. In October 17th, it signed a cooperation agreement with Anhui Tobacco Smoke to establish a joint engineering center to promote the development of related industries such as new tobacco products and supporting materials for cigarettes.In November 18, a joint venture was established with Kunming Xuguang, which is mainly engaged in the development and design of new tobacco; the conditions of formula screening and small batch setting out of homogenized tobacco flakes have been carried out. The cooperation with Jiangsu Tobacco this time is an important step for the company to cooperate with the China Tobacco System to promote R & D and industrialization of achievements in heating non-combustion. The industrial advantages and future prospects are worth looking forward to! Tobacco label business has entered a heavy-duty period in 19 years, and it is determined to increase the production capacity.The scale of the cigarette label market is 10 times that of the company’s traditional business tobacco tipping paper, and the market concentration is low.With the huge base of smokers and the steady recovery of the cigarette industry, according to our calculations, the current tobacco tipping paper market size is about 35 trillion, and the cigarette label market size is about 40 billion, but the concentration is the lowest.The company’s entry into the tobacco label industry will bring increased revenue. At the same time, the tobacco label and the company’s traditional tobacco tipping paper business can share customer resources and raw materials, which is conducive to digesting the company’s self-produced aluminum.The tipping paper business is expected to reduce customer search costs for suppliers, achieve common development, and achieve the effect of “1 + 1> 2”.The cigarette label business has entered the heavy volume period in 19 years to contribute to the increase in performance. Since June 2017, the company has changed the fundraising projects to build cigarette label production capacity and started to enter the cigarette label industry.Dafeng Technology was acquired in February 2018 to integrate its customers.At present, the bidding products of Anhui Tobacco, Yunnan Tobacco, and Shaanxi Tobacco have been awarded. The number of customers has continued to increase. It is planned to increase the production capacity of 1.95 million boxes of tobacco labels. It is expected to start production by the end of 2020, when the company’s total tobacco label capacity will reach2.45 million boxes. The Chinese version has broad prospects for heating and non-combustion, and the company’s new tobacco layout is leading.The development of new types of tobacco is in full swing in the world. At present, the global market for heated non-combustible products reaches 5 billion US dollars (up 138%), and is expected to reach 15 billion US dollars in 2021, which will account for 45% of the total new type tobacco products. Domestic policies actively promote the development of new tobacco products. Yunnan, Sichuan, Guangdong, and Hubei China Tobacco currently sells non-burning tobacco products overseas. Many provincial tobacco companies actively research and develop and store non-burning technology.The company’s leading R & D and layout of heating non-combustion sheet technology in China lays a foundation for becoming a core service provider of China Tobacco System in the future! The traditional tobacco tipping paper business has stable customers, serving 9 of the 18 China Tobacco companies, and continues to develop new customers. In 18, it acquired Kirin Fu to integrate its tobacco tipping paper production capacity, eliminating maximum production capacity.The company’s industrial chain is expanding. 85% of anodized aluminum in raw materials is self-produced, and the ink self-provisioning ratio is 98%. Compared to outsourcing, it saves 48% of costs. The gross profit margin of cigarette tipping paper business has steadily increased. The company’s 19-year tobacco label entered a period of rapid volume reduction, heating and non-combustion and the first cooperation landing with China Tobacco. The traditional tobacco adapter paper reduced costs and improved efficiency steadily.It was originally expected that the company’s net profit attributable to its parent for 2019-2021 would be 2 respectively.02/2.62/3.19 trillion, raised earnings forecast, the company is expected to achieve net profit attributable to mothers in 2019-2021 respectively.33/4.97/7.66 trillion, corresponding to a growth rate of 101.9% / 113.2% / 54.3%, corresponding to PE estimates are 27.8X / 13.1X / 8.5X, upgrade to “Buy” rating. Risk warning: New business expansion is less than expected, new tobacco policy is less than expected, etc.

Jingxin Pharmaceutical (002020) Annual Report Comment: Rapid Growth of Main Business, Increased Investment Income and Thicker Performance

Jingxin Pharmaceutical (002020) Annual Report Comment: Rapid Growth of Main Business, Increased Investment Income and Thicker Performance

Event: The company released its 208 annual report: Realized revenue29.

$ 4.4 billion, an annual increase of 32.

66%; net profit attributable to mother is 3.

7 billion, an annual increase of 39.

97%; EPS per share is 0.

51 yuan.

For every 10 shares proposed to be found 3 dividends.

00 yuan (including tax).

At the same time, the first quarter report of 2019 was released: revenue 8 was realized.

9.3 billion, an annual increase of 38.

81%; net profit attributable to mother is 1.

310,000 yuan, an annual increase of 49.

25%; EPS per share is 0.

19 yuan.

It is expected that the net profit attributable to mothers will increase by 45% -65% annually from January to June 2019.

Key points of investment: Featured APIs grow by 60% per year, and the formulation business grows by 46.


In Q4 2018, revenue was 7.

11 ppm, an increase of 5 per year.

69%. Compared with the first three quarters, the growth rate is obvious. We believe that this may be mainly related to the elimination of the impact of high opening to low opening. From an absolute point of view, the revenue scale is relatively stable.

In terms of categories, the annual sales revenue of APIs in 20188.

48ppm, an increase of 31 per year.

10%, of which traditional quinolone APIs are sold 5.

$ 4.4 billion, an increase of 19% annually; sales of specialty drug substances3.

4.0 billion, an annual increase of 60%.

In terms of preparations, sales revenue was realized in 2018.

7.8 billion, an annual increase of 46.

95% of which rosuvastatin sold 6.

9.3 billion, pitavastatin calcium sales1.

11 trillion yuan, the most complete statin line, high-speed growth, an annual increase of 55%; rehabilitation rehabilitation liquid sales2.

$ 5.9 billion in Bacillus licheniformis sales1.

At 05 ppm, the digestive sector is growing steadily, growing 34% annually; Sertraline Chloride sales1.

At 24 ppm, levetiracetam tablets sold 35.5 million yuan, and the neuropsychological plate grew strongly, with an annual increase of 71%.

In terms of medical devices, it achieved revenue in 20183.

9.4 billion, down by 1 every year.

95%, of which ODM (custom) business sales of 315 billion, an annual increase of 7%.

The increase in gross profit margin led to performance, and the selling expense ratio showed an upward trend.
The overall gross profit margin for 2018 was 64.
85%, up from the previous month and up by 5.

95 and 1.

95, of which pharmaceutical manufacturing gross margin was 68.

26%, an increase of 5 per year.

98%, mainly due to the rapid growth of the preparation business; medical equipment gross margin was 41.

16%, a decline of 0 every year.

71 inches.

In terms of period expenses, the sales expense ratio, management expense ratio and financial expense ratio were 37.

39%, 14.

24% and 0.

03%, of which the sales expense ratio increases by 6 every 杭州桑拿 year.

76 is the highest, mainly due to the 74% increase in sales and operating expenses per year.

82% related; while the management expense ratio and financial expense ratio decreased by 0.

67 and 0.

1 reflects the company’s control over office expenses.

Company R & D funding in 2018 2.

4.2 billion, an annual increase of 47.

30%, accounting for 8% of revenue.

22%, Carbalatine Bitartrate Capsules (the first in the country), pramipexole chloride (the first), Cefmetazole Sodium for Injection has been approved for registration, and 3 main products + Amlodipine Besylate have beenAccording to the consistency evaluation, the phase II enrollment of EVT201, a new class 1 chemical drug, was completed, and the overall research and development progressed smoothly.

Q1 2019 continues its rapid growth momentum.

杭州龙凤夜网 Q1 2019 revenues have grown by 38 each year.

81%. It is expected that APIs and preparations will continue to grow rapidly in 2018. However, due to the increase in raw material prices and the pressure of “4 + 7” procurement on terminal prices, the overall gross profit margin for Q1 2019 is 59.

23%, down from the previous month and 2.

29 and 5.

62 inches.

In terms of performance, Q1 2019 increased by 49.

25%, mainly an increase of 3609.

The financial income of 590,000 yuan, after deducting non-return to the mother’s net profit increases by 20 per year.


Maintain the “Recommended” level.

Taking into account that the “4 + 7” procurement is mainly implemented in phases from mid to late March, plus investment income, we raised our previous forecast and expected the company’s EPS for 2019-2021 to be 0.

64 yuan, 0.

77 yuan and 0.

97 yuan, PE is 17 times, 14 times and 11 times, the estimated level is reduced, maintaining the “recommended” level.

Risk warning: the price of raw materials continues to rise; the price has fallen more than expected; the cost has risen too quickly.

Anhui Water Conservancy (600502): Marketization of debt-to-equity swaps dropped a bit, capital structure continued to be optimized

Anhui Water Conservancy (600502): Marketization of debt-to-equity swaps dropped a bit, capital structure continued to be optimized

Event: The company issued an announcement that its subsidiary, Anhui Provincial Highway and Bridge Engineering Co., Ltd. (hereinafter referred to as “Anhui Road and Bridge”) intends to introduce the investor CCB Financial Assets Investment Co., Ltd. (hereinafter referred to as “CCB Investment”) to increase capital and implement the marketConverting debt into equity, the total capital increase was 10 trillion, of which CCB invested 7 trillion and the company increased 3 trillion.

The CCB investment is planned to be converted into a market-oriented debt, and the capital structure is expected to continue to be optimized: In December 2018, the company adopted the strategic investor-Anhui Zhongan Financial Asset Management Co., Ltd. to its wholly-owned subsidiary Anhui Sanjian Engineering Co., Ltd.Anhui Road and Bridge Engineering Group Co., Ltd. and Anhui Construction Engineering Construction Materials Co., Ltd. carried out market-oriented debt-to-equity swaps and obtained capital increases4.

900 million, 4.

0 ppm and 2.

0 million yuan, totaling 10.

900 million, helping to optimize the company’s capital structure.

In July 2019, the company plans to increase the investment of Jianxin Investment in Anhui Roads and Bridges and implement market-oriented debt-to-equity swaps. It is estimated that the capital increase will be US $ 1 billion, of which CCB Investment will increase its capital by US $ 700 million. The company’s capital structure is expected to continue to optimize.

At the same time, the company is a wholly-owned subsidiary that also owns Anhui Road and Port Engineering Co., Ltd. and Anhui Transportation and Navigation Engineering Co., Ltd., etc. It is expected that market-oriented debt-to-equity swaps will still be possible in the future, thereby further optimizing the company’s capital structure.

The company’s debt ratio is expected to fall again, excluding the company’s debt ratio, which is in advance of accounts received, is at a reasonable level: the company is expected to consider other factors, and the company’s 2018 asset-liability ratio will be 84 after the debt-to-equity swap is completed.

30% dropped to 83.

38%, this market-oriented debt-to-equity swap resulted in the company’s debt ratio falling by zero.

92 units.

The company’s debt is mainly composed of bank borrowings, accounts payable and advance receipts, of which 80% -90% of advance receipts are pre-acquisition housing payments. If the advance receipts are eliminated from the offset, the company’s asset-liability ratio will replace 70Within%.

As of the end of 2018, the 成都桑拿网 company received advance accounts 117.

1.8 billion, including 97 pre-acquisition housing.

3.7 billion, after excluding advance accounts, the asset-liability ratio (announcement caliber) is 68.

79%, further reduced to 66 in the first quarter of 2019.

65%, it is expected that after the completion of this market-oriented debt-to-equity swap, the company’s asset-liability ratio after excluding advances will increase and decrease, and the company’s debt ratio after excluding advances will become a reasonable level.

After the debt-to-equity swap, Anhui Luqiao ‘s capital strength increased greatly, and Anhui Luqiao ‘s performance continued to be released: Until the end of 2018, Anhui Luqiao ‘s total assets were 69.

59 trillion, net assets 11.

1.4 billion, registered capitalist 10.

One million yuan.

Anhui Luqiao achieved operating income of 54 in 2018.

100,000 yuan, net profit 1.

5.1 billion yuan.

It is expected that after the market-oriented debt-to-equity swap, the registered capital of Anhui Luqiao will increase to 17.

1.2 billion US dollars, net assets increased by 1 billion US dollars, because this capital increase is all used to repay Anhui Luqiao’s interest-bearing liabilities, it is expected that after the completion of the debt-to-equity swap, Anhui Luqiao’s 2018 consolidated asset-liability ratio will replace 69.


At the same time, Anhui Road and Bridge promises that the net profit realized in 2019-2024 will not be less than 1.

700 million, 1.

900 million, 2.

0 billion, 2.

200 million, 2.

400 million and 2.

600 million, Anhui Luqiao performance is expected to continue to release.

Estimate and investment suggestion: The company is expected to achieve operating income of 427 from 2019-2021.

110,000 yuan, 465.

55 ppm and 502.79 trillion, an increase of 10.

00%, 9.

00% and 8.

00%; expected net profit attributable to mothers is 10.

4 billion, 13.

02 ppm and 15.

67 trillion, an increase of 30 each year.

04%, 25.

19% and 20.

33%; budget benefit is 0.

60 yuan, 0.

76 yuan and 0.

91 yuan; company dynamic PE is 7 respectively.

1 times, 5.

6 times and 4.

7 times, dynamic PB is 1.

0 times, 0.

9 times and 0.

8 times, the estimated advantage is obvious.

The capital structure of the company’s market-oriented debt-for-equity swap has been continuously optimized, and the yield has shown a downward trend, laying a solid foundation for the company’s future growth.

The company’s engineering business structure continued to optimize, the real estate business entered a peak period of carry-over, and the company’s performance was released and accelerated.

Maintain the company’s “Buy-A” rating with a target price of 7 yuan, corresponding to November 2019.

6 times PE.

Risk Warning: Debt-to-equity swaps have not met expectations, debt ratios remain high, and performance releases have fallen short of expectations.

Huayou Cobalt (603799) Quarterly Report Review: Cobalt Prices Rebound and Performance Improvement Trend Continues to Be Confirmed

Huayou Cobalt (603799) Quarterly Report Review: Cobalt Prices Rebound and Performance Improvement Trend Continues to Be Confirmed

The company released the third quarter report of 2019, reporting a series of 140 realized revenue.

23 trillion, with an increase of 39.

20%; net profit attributable to mother 0.

9.3 billion, down 95.


Among them, Q3 quarter revenue was 49.

19 trillion, with an increase of 49.

49%; net profit attributable to mother 0.

600,000 yuan, the same reduction of 85.

17% QoQ in a single quarter.

The growth of 2 billion US dollars, the performance basically in line with expectations.

At the same time, the company intends to revise the proposed increase plan and intends to issue shares to Cinda Assets to purchase the Huayou Luzhou15 it holds.

68% equity at a transaction price of 8.

US $ 0.5 billion; at the same time raised no more than US $ 800 million for three battery-grade nickel sulfate projects.

Cobalt prices rebounded, and single-quarter results increased significantly. The reported cobalt prices bottomed out. Since the end of July, domestic and foreign cobalt prices have rebounded rapidly, and electric cobalt prices have risen from 22.

90,000 yuan / ton rose to 29.

4 million / ton, an increase of 28.

38%; MB lower cobalt by 12.

$ 43 / lb 北京体验网 rose to 17.

$ 85 / lb, an increase of 43.


From the perspective of revenue, Q3 quarterly revenue increased by 4 from the previous quarter.

59%, think that the average product prices in Q2 and Q3 quarters are basically the same, that the company’s product sales have increased slightly; from the perspective of profit, the company’s Q1-Q3 net profit margins are -0.

19%, 0.

74% and 1.

51%, the continued recovery of converted cobalt prices, asset impairment pressures weakened, and product profitability continued to improve, driving the company’s performance to improve significantly.

Establishing an industrial ecosystem to help the company transform and upgrade. The company ‘s MIKAS in Africa expanded 15,000 tons of electroplated copper. The 9,000 tons of crude cobalt hydroxide project has reached production and standards.Promote; the preliminary work of Indonesia ‘s annual production of 6 nickel (nickel metal amount) nickel-cobalt hydroxide wet smelting project has been fully launched, and it is proposed to invest in the construction of a thermal power generation project as a complement.

The domestic ternary precursors and segmented materials projects with POSCO and LG Chemical Joint have been advanced in an orderly manner. The first phase of the Huahai New Energy project has entered the trial production stage, and the second phase of the project has been put into trial operation.

In addition, the company plans to invest in the construction of 3 to battery-grade nickel sulfate projects, which can give full play to the company’s cost advantages in the upstream mining resource end, and the company’s channel advantages in the downstream minerals field, give full play to synergies and enhance profitability.

Cobalt prices are at the bottom of history. It is worth looking forward to the impact of the two-year shutdown of 2020-2021 expected by Glencore as the world’s largest cobalt mine, and the impact of reduced production by artisanal mining companies, and supply has begun to shrink.

At the same time, the demand side is driven by 5G + new energy vehicles, the recovery of cobalt prices is expected to continue.

With the current price of cobalt at the bottom of history, it is worth looking forward to in the medium and long term.

Profit forecast and rating maintain the company’s net profit attributable to the parent for 2019-2021.

80, 5.

05 and 6.

71 ppm, corresponding to the closing price of PE on October 28 is 150X, 53X and 40X, maintaining the “overweight” level.

Risk reminder: the demand recovers less than expected, and the decline in cobalt prices brings the risk of asset impairment

Hubei Energy (000883): Hydropower bottoms out, thermal power gains more profitable, Jingzhou Coal Terminal relies on Haoji Railway for outbreak

Hubei Energy (000883): Hydropower bottoms out, thermal power gains more profitable, Jingzhou Coal Terminal relies on Haoji Railway 杭州桑拿 for outbreak

Summary: There are four major factors that will drive the company’s performance to improve over the next two years.

The first factor is the income. The first three quarters of 2019 are the low water consumption in Hubei Province. We assume that the water supply in Hubei Province will improve slightly next year, and the company’s hydropower utilization hours will therefore increase.

  Because of the two factors, we also assume that the company ‘s Ezhou Phase III unit will contribute to the increase in power generation in the future.

As a result of the income, we expect that the Jingzhou Coal Terminal, which will be commissioned in June next year, will immediately generate net profit in the second half of 2020.

Because of the cost, we are bearish that the price of thermal coal in the whole society has fallen to the “green range”, and the extra expenditure in Hubei Province has benefited from the coal cost savings brought by the Haoji Railway.

On the basis of stable hydropower profit, the company’s Ezhou Phase 2 2 * 1 million kilowatt thermal power project, which has reached the state of use in 2019, will be an important increase in the company’s performance and will increase the company’s thermal power installed capacity, thereby increasing the company’s performance and benefiting from coal transportationThe width of the main line of the Haoji Railway.

  The Jingzhou Coal Terminal is the transfer throat of the Haoji Railway. We judge that the opening of the Jingzhou Coal Terminal will be the future “inland Qinhuangdao Port”. Hubei Energy holds 50% of the shares.

Unlike Qingang, there is no other port competition in Jingzhou Coal Terminal.

We estimate that the total investment of 2 billion tons of Jingzhou Coal Terminal in Hubei Energy will be recovered in less than ten years.

We assume that the charge of Jingzhou Coal Terminal is calculated at 25 yuan / ton.

Assume that the first phase of the transitional migration capacity in 2000 will be full in 2021 and contribute 1 in that year.

2.5 billion net profit, equivalent to EPS0.

19 yuan.

The 5000-ton transition capacity designed in the future will bring 3.

$ 1.5 billion / year net profit and $ 400 million / year net operating cash flow.

  We predict that the company’s net profit attributable to the parent will be 17 in 2019-21.



1 ppm, the annual growth rate is -2% / + 35% / + 9%, and the EPS is 0.



40 yuan per share, given 13 times PE in 2020 (average valuation of comparable companies), the company’s stock price target is 4.

81 yuan, covered for the first time, given a “buy” rating.

  Risk reminders: 1) The electricity price goes down; 2) The incoming water in the Qingjiang River Basin continues to be dry; 3) The volume on the Haoji Railway is not as expected; 4) The volume or charges on the Jingzhou Coal Terminal are not as expected; 5) Macroeconomic systemic risks.

Aijian Group (600643): Trust-Driven Growth Leasing Improves Territory

Aijian Group (600643): Trust-Driven Growth Leasing Improves Territory

Key points of investment: Junyao takes over, and established financial groups rejuvenate: Aijian Group started as the first private enterprise in mainland China and has a rich history.

Relatively speaking, the average annual compound growth rates of total operating income and net profit attributable to mothers during 2015-2018 were 24.

37% and 22.

61% were significantly pre-existing.

At present, the company has gradually developed into a comprehensive financial service platform covering trust, leasing, securities, asset management and other businesses.

The strength of major shareholders has been strengthened, and continuous holdings have shown confidence: Junyao Group has broken through its strengths and has five major business sectors: finance, aviation, consumer, education and science and technology.Form industry-finance integration and start joint development.

In addition, Junyao Group has increased its holdings in the secondary market in the past two years, and its shareholding in the company has increased to 28.

34%, showing business confidence.

Trusts “pay by volume” to drive high growth performance: Aijian Trust is the core driving force for the company’s performance growth, and its profit contribution rate in 2018 has increased to more than 90%.

Its development strategy can be summarized as “replenishing price with quantity”, and the scale of reorganized trust assets has continued to grow rapidly, from 267 in 2013.

Ten billion surged to 2776 in 2017.杭州桑拿

US $ 3.5 billion, showing industry-leading expansion capabilities; the return on consolidated trusts has also fallen accordingly, from 1 in 2013.

85% recognize 0 in 2017.


The “price-for-quantity” model has still brought high performance growth in recent years, but under the general trend of industry active management reform, the “de-channelization” of the business structure will determine the continuity of the company ‘s high performance growth rate.

Divided into Huarui Leasing, the leasing layout is gradually improved: Aijian Leasing has achieved rapid development through the expansion of the industry in 2014-2016. During the period, the average annual compounding of operating income and net profit was 120.

62% and 127.

54%, but under the influence of stricter regulations and rising credit risk in the real economy in 2017-2018, performance began to show negative growth.

However, in 2018, the company was transferred to Huarui Leasing to complete the first resource integration with major shareholders. It is expected that the company will develop synergistically and improve its profit contribution after improving the leasing landscape.

Profit forecast and investment advice: The company’s operating income is expected to be 32 in 2019-2021.

2.7 billion, 39.

8 billion, 50.

73 megabytes, with a growth rate of 21 each year.

59%, 23.

33%, 27.

47%; net profit attributable to mothers is 13.

2 billion, 15.

2.7 billion, 17.

USD 9.1 billion, with annual growth rates of 14.

02%, 15.

67%, 17.

29%; corresponding EPS are 0.

81 yuan, 0.

94 yuan, 1.

10 yuan.

Get the first target price of 2019 by PB estimation method13.

82 yuan, covering for the first time, give “overweight” rating.

Risk factors: The growth rate of trust loans is lower than expected; the progress of active management transformation is lower than expected

Ruyi Group (002193): Significant increase in profitability and synergy in the industrial chain is worth looking forward to

Ruyi Group (002193): Significant increase in profitability and synergy in the industrial chain is worth looking forward to

Guide to this report: steady revenue growth, scientific research assistance + high-end positioning, product profitability significantly improved, high performance growth, and maintain a prudent overweight rating.

Investment points: Maintain a cautious overweight rating: Revenue has grown steadily, 南京桑拿网 and the gross profit margin of the product has improved significantly. Maintain 2019 EPS to 0.



72 yuan, with reference to peer companies, given 17 times PE in 2019, with a target price of 9.

69 yuan, maintaining a prudent overweight rating.

The gross profit margin improved significantly and the net profit increased rapidly.

The company achieved operating income in 2019H1 5.

9.8 billion, an annual increase of 2.

14%, net profit attributable to mother is 5055.

140,000 yuan, an increase of 74 in ten years.

95%, net profit after deduction is 3648.

760,000 yuan, an annual increase of 215.

20%, after deducting non-performance is slightly higher than expected.

The high profit growth is mainly due to the improvement of product profitability. The gross profit margin of the company in 2019H1 is 27.

48%, an increase of 7.

22pct, significant improvement.

Adhere to the high-end positioning boutique strategy, strictly control products to improve quality.

The company adheres to long-term plans, technological innovation forms core competitiveness, builds competition barriers, and improves product added value and overall profitability.

In terms of products, clothing sales revenue reached 4 in the first half of 2019.

2.4 billion, an increase of 26 in ten years.

26%, while the expansion of revenue scale, gross profit margin increased4.

73pct to 26.


Worsted woolen cloth sales reached 34.

61% to 1.

5.7 billion, and its profitability increased by 4.

85pct to 22.


In addition, the company vigorously explores the best customers, intelligently upgrades production transformation, realizes flexible production, and meets individual needs.

The clothing layout is becoming more and more perfect, and the industrial chain coordination is worth looking forward to.

The company gradually formed an upstream and downstream industry chain layout.

Recently, it has increased its downstream apparel, acquired well-known overseas apparel brands, optimized its business layout, and brought into full play the industrial synergy of textile and fashion brands.

Relying on its own advantages and integrating fashion resources, the future can be expected.

Risk warning: clothing consumption is less than expected, new brand operation, overseas sales are less than expected.

Goldwind Technology (002202) 19Q3 Quarterly Report Review: Fan Profit Turning Point Has Been Confirmed

Goldwind Technology (002202) 19Q3 Quarterly Report Review: Fan Profit Turning Point Has Been Confirmed
Event: The company released its third quarter results announcement, stating that net profit for the first three quarters.91 trillion, a decrease of 34 a year.24%; operating income 247.350,000 yuan, an increase of 38 in ten years.84%; basic profit income is 0.3713 yuan, a decrease of 40 every year.05%. Investment summary: Lower power plant transfer incomes lower Q3 profits.The company achieved net profit attributable to its mother in 19Q34.06 billion, 9 of the earlier 19Q2.The increase of US $ 5.5 billion was initially a decrease in the increase in investment income, only 19Q3.2.4 billion, and 19Q2 investment income from the sale of generators mainly reached 8.200000000.The company expects to transfer 300 turbines in 2019?500MW, announced on October 25 that it will transfer Tianshi Wind Power in Pinglu District, Shuozhou City, and Tianrun Wind Power will allocate 49% of the total 349MW project, resulting in a profit or loss of approximately 8.30,000 yuan, is expected to reflect 19Q4 performance.After this, under the influence of transfer income, it is expected that the profit in 19Q4 will achieve a substantial increase from the previous quarter. The turning point of the profitability of wind turbine manufacturing has reached, and the volume and price will rise.Due to the rush installation effect brought about by policy adjustments, the wind power industry has entered a period of rapid development, and both volume and price have risen.19Q3 gross profit margin 19.In the second quarter, it was up 12% 1.17 pct, profitability has begun to rebound.From a price perspective, since the 2018Q3 wind turbine price reached a low of 3196 yuan / kW, the bidding price has continued to rise. In September 19, 3MW wind turbines have risen to 3900 yuan / kW, an increase of over 20%.Fan delivery cycle is generally 1深圳桑拿网2?In 18 months, 18Q3 low-price orders have been gradually digested and completed, and subsequent high-price orders will continue to increase the gross profit margin of fans.From a volume perspective, the number of open tenders for Q1-Q3 in 2019 has reached 49.9GW, far higher than the 33 in early 2018.5GW bidding volume.The company has external orders in hand22.8GW, an increase of 25 per year.1%.According to Bloomberg New Energy data, China has approved the start of 58GW, and has announced a development plan of 59GW. A large number of project reserves will keep the wind power industry in a long-term economic channel and boost the company’s fan performance. Lead the trend of large-scale fans and maintain the leading position in the industry.In order to reduce the investment cost of wind power and the cost of electricity, large-scale wind turbines have become the industry’s development trend. As the leading company in market share, the company has led the large-scale wind turbines.Company 1 in 2018.5MW / 2MW / 2.5 MW / 3 MW / 6 MW wind turbine sales accounted for 6% / 74% / 13% / 6% / 1% respectively in 2019Q1?3 sales share converted to 1% / 65% / 22% / 10% / 2%, 2.The proportion of 5MW and 6MW wind turbines has increased significantly.In the current orders, the proportion of fans is 2% / 26% / 42% / 26% / 5%, respectively.5MW accounts for 42% and the capacity is 9.7GW has become the main platform prototype. The proportion of 6S scheduled orders has also increased to 5%, and the capacity has reached 1.1GW, the average stand-alone power of the company will increase significantly in the future. A breakthrough was made in the “Two Seas Strategy”, and offshore wind power is an important future increase.The “Two Seas Strategy” is the company’s key development plan, which is intended to actively explore overseas markets and offshore businesses.At present, the localization rate of onshore wind power has exceeded 90%, while offshore wind power is still in its infancy in China. Technical advantages and quality of operation and maintenance services are the keys to seizing future markets. In terms of offshore wind power, the cost of repairing and replacing parts and equipment of offshore units is high, and direct-drive and semi-direct-drive are the main technical routes.The company’s 6S series direct-drive permanent magnet units sold 123MW, accounting for 2%.4%.According to the “Thirteenth Five-Year Plan” for wind power development, by the end of 2020, offshore wind power grid-connected installed capacity will reach more than 5GW, and the start-up capacity will exceed 10GW. In terms of overseas business, the company adopts a market classification method and develops them one by one, focusing on markets in Europe, South America, Southeast Asia, and Australia.The company has 1 overseas orders in hand.2GW, an increase of 62 per year.5%, mainly distributed in Canada, the Philippines, Pakistan, South Africa, Australia and other countries. The total equity capacity of overseas construction and development projects reaches 1.535GW, projects under construction are concentrated in Argentina and Australia. Investment suggestion: The company is a domestic leader in the wind power industry. The industry has ushered in a rush installation cycle, and the sales of wind turbines have achieved both volume and price increases.In 19Q3, the profit turning point of the wind turbine business has been confirmed, and subsequent growth is worth looking forward to.What do we expect the company 2019?The operating income in 2021 will be 389.2 ppm, 467 ppm and 535.700 million, net profit attributable to shareholders of listed companies was 31.100 million, 45.8 ppm and 53.40,000 yuan, the budget income is 0.74 yuan, 1.08 yuan and 1.26 yuan, corresponding to PE are 16.9, 11.5, 9.8.Give “Buy” rating. Risk reminder: policy risks, rising raw material prices, wind power installed capacity is less than expected, “two seas” market expansion is less than expected risk

Estun (002747): The acquisition synergy effect is basically in line with expectations

Estun (002747): The acquisition synergy effect is basically in line with expectations

Event 1: The company achieved revenue 14 in 2018.

61 trillion, +35 ten years ago.

72%; net profit attributable to mothers1.

1.0 billion, +8 per year.

79%, deducting non-attribution net profit 0.

650,000 yuan, at least -9.


A cash dividend of 0 is proposed for every 10 shares.

72 yuan.

Event 2: The company achieved revenue 3 in 2019Q1.

21 trillion, ten years +6.

21%; net profit attributable to mother is 0.

1.9 billion, +4 a year.

78%, deducting non-mother net profit 0.

1.3 billion, around -18.


Investment highlights The acquisition of synergies has begun to emerge, and the core business continues to grow: In 2018, the company’s core business achieved average continuous growth.

Revenue from automation core components and motion control system products7.

26 ppm, +23 a year.

60%, the business scale is further expanded. Among them, the growth of motion control and AC servo system products has increased by about 50%. Based on the advantages of TRIO motion control technology, synergistic Estun AC servo systems have formed a complete control solution to replace 3C electronics, packaging machinery andEnergy lithium batteries and other industries have gradually expanded into high-end operation control solution providers, and successfully obtained bulk orders for key customers in the industry for the company.

Industrial robot and intelligent manufacturing system business revenue 7.

35 ppm, an increase of 50 in ten years.

28%, maintaining rapid growth.

The first phase of the company’s intelligent production base for industrial robots has been officially put into production in 2018. The throughput of industrial robots can reach 9,000 sets / year. After full completion, the production capacity can reach 15,000 sets / year, which is expected to increase future performance.

In 2019, the photovoltaic, lithium battery and domestic mobile phone industries are expected to pick up, and performance is expected to maintain a good development trend.

The growth rate of the industrial robot business in the first quarter was close to 20%, driving the overall performance growth.

We look forward to the performance of Q2 motion control and AC servo products. The new product ultra-thin and thin driver is expected to become the next performance growth point.

The effect of scale appears, and profitability is further improved: the comprehensive gross profit margin in 2018 was 35.

99%, ten years +2.

55 points, scale effect and profitability are further reflected.

The core business: the gross profit margin of core automation components and motion control systems is 41.

65%, ten years +5.

05pct; gross profit margin of industrial robots and intelligent manufacturing systems is 30.

39%, ten years +0.

76pct, after the industrial robot production capacity is fully increased, it will further reduce costs and increase profits.

Period expenses cost 30.

79%, +3 per year.

29pct, of which the sales expense ratio is 7.27%, overhead rate (including R & D expense rate) 20.

82%, financial expense ratio 2.

70%, respectively +0.

19 points, +1.

8 points, +1.

3pct, in which the increase in management expenses was mainly due to the expansion of business scale, the expansion of talents and the increase in the scope of consolidated statements; financial expenses increased due to the impact of the economic environment, and the current quarter fell sharply.

The company’s net operating cash flow was 0.

1.4 billion, from negative to positive, cash flow in the first quarter of 0.

1.3 billion US dollars, maintaining a good posture, customer credit control and sales repayment efforts are significant; accounts receivable turnover days increased by 6 days to 126 days, inventory turnover rate from 2.

94 expected 2.

78. Operating conditions contracted slightly.

Complete the overall layout and enjoy the competitive advantages of the entire industrial chain of core components + ontology + robot integration applications: At present, the industry is in the process of releasing industrial transformation and upgrading requirements, supported by national policy dividends, and boosted by the capital market. We expect to 四川逍遥网 reach annual sales of industrial robots by 2022The volume is more than 270,000 units. The upstream parts and components of the robot industry chain, midstream body manufacturing and system integration, and downstream application areas have great market potential.

The company has successively acquired the British TRIO, holding the German M.



The company and its shares in the United States BARRETT, Italy EUCLID and other companies have effectively merged and integrated global resources. The market positioning has completed the transformation from a core component manufacturer to a high-end motion control solution provider.Rehabilitation robots and industry 4.

The development prospects of 0 and other aspects have laid the foundation for suffering.

The company’s R & D expansion has remained at about 10%杭州桑拿 of sales revenue for many years, and the report has expanded its R & D scale to 11.

49%, the basis of the advantages of high-resolution technological innovation, and the integration of synergy and extension, the advantages are further reflected.

It has covered the entire industrial chain from automation core components and motion control systems, industrial robots, and intelligent manufacturing systems for robot integrated applications. It has formed multiple competitive advantages with core technologies and core components, and stands out in the market competition.

Earnings forecast and investment rating: We estimate the company’s net profit for 2019-2021 will be 1.

2, 1.

4, 1.

600 million, corresponding to PE is 68, 59, 52 times, maintaining the “overweight” level.

Risk warning: the competition in the robotics industry is intensifying, and market demand is less than expected.

Wanrun Co. (002643): Built-in to boost growth, optimistic about continued heavy volume in the next ten years

Wanrun Co. (002643): Built-in to boost growth, optimistic about continued heavy volume in the next ten years

This report reads: The company ‘s high performance in the first half of the year 19, with breakthroughs in OLED materials, benefiting from the volume of alternative environmentally friendly materials driven by the advancement of “National Six” emission standards in the future, the company ‘s performance is expected to continue to maintain high growth and maintain an overweight rating.

  Investment Highlights: Maintain Overweight rating.

The company’s overall material volume continues to increase, and we maintain the EPS for 2019-2021 to 0.



88 yuan, as the extra bond project can ensure long-term growth and maintain a target price of 15.

91 yuan is unchanged, corresponding to PE of 27 in 2019.

5 times, maintaining the overweight level.

  Net profit in the first half of the year increased by 20%: the company achieved operating income in the first half of 201912.

9.3 billion (+ YoY1.

18%), net profit attributable to mother 2.

310,000 yuan (+ year-on-year).

63%), basically in line with market expectations.

Among them, the second quarter achieved revenue of 6.

3.1 billion (+ YoY1.

78%), net profit 1.

2.9 billion (+ YoY0.


In terms of expense ratios, H1 sales, management (including R & D), and financial expense ratios are 5.

35% / 15.

97% /-0.

20%, respectively changed by -0.

34%, +1.

78%, +1.


The increase in management fee rate was mainly due to the increase in R & D expense rate. The increase in financial fee rate was caused by the exchange rate gain exceeding the decrease under the change of exchange rate.

The main sources of the company’s performance growth in the first half of 2019 are: (1) continuous heavy volume of raw materials; (2) depreciation gains of the RMB exchange rate.

  2500 tons of tonnage finally opened for growth: The company expanded its environmentally friendly pollutant molecular sieve production capacity from 2,350 tons to 3,350 tons in the second half of 2017, all using the Euro 6 emission standard diesel heavy truck tail gas catalytic device in the European and American markets.

At the same time, the company expanded its production by 2,500 tons and is expected to start production at the end of December 2019.

In addition, the company plans to increase its production capacity by another 7,000 tons of tons from its own funds. With July 1, 2020, the domestic “National Six” emission standards will be realized, and the market has huge potential.

  OLED materials are expected to make breakthroughs: The company’s OLED material revenue has increased in recent years, and it has continued to increase with the increase in OLED 淡水桑拿网 screen penetration.

At present, the OLED finished materials with independent intellectual property rights have been verified by downstream manufacturers, and they are currently progressing smoothly.

  Risk warning: Carbon dioxide molecular sieve demand is less than expected, and OLED screen penetration is less than expected.