Eddy Precision (603638): Annual performance of two-wheel drive of breaker and hydraulic parts is obviously increasing

Eddy Precision (603638): Annual performance of two-wheel drive of breaker and hydraulic parts is obviously increasing
Event: The company released the 2019 annual report notice. The internal net profit increased by about 12,000 million compared with the same period of the previous year, and increased by about 53% each year.  The hammer and hydraulic parts are driven by two wheels, and the annual report performance is significantly increased: in 2019, the company is expected to realize net profit.About 4.5 billion yuan, an annual increase of about 53%. The growth in performance is mainly due to the continuous high boom of the excavator industry, two-wheel drive of the breaker and hydraulic parts.The company’s heavy-duty breakers have higher competitiveness and market brands, and have continued to develop more OEMs, enterprises, and product supply and demand on the basis of customers, and their revenue has increased significantly. At the same time, the company’s high-end hydraulic components have realized and expanded excavators.Front-loader cooperation with OEMs to achieve mass 四川耍耍网 sales.  The advantages of the crusher’s own OEM’s channel have been increasing, and hydraulic components have been imported into the OEM’s pre-installation market. The company has increased its R & D investment in heavy-duty hammers on the basis of consolidating medium- and light-duty breakers.Manufacturers, through the supply and demand of products that continue to grow, pay attention to the OEM channel in the selection of sales channels, and have developed international and domestic well-known excavator mainframe enterprises, which have continued to grow.The company’s hydraulic parts business began to achieve strategic cooperation with well-known domestic excavator OEMs in the front-loading market in 2018.In 2019, the hydraulic motor realized cooperation with domestic expansion excavator OEMs in the front-loading market, and high-end hydraulic parts were sold in large quantities.And 杭州桑拿网 through the expansion of production capacity, the speed of import substitution has accelerated.  Optimistic about the construction demand of the excavator during the peak season, the company is expected to benefit significantly: On January 13, the State Council meeting deployed the first quarter of work, requiring the issuance and use of special bonds of local government to accelerate the construction of projects under construction and the early start of projects with conditions, drivingExpand effective investment.At least last year, a large proportion was invested in land storage and shed reform projects. This year’s newly issued special bonds will be mainly invested in the infrastructure sector, and allow special debt project capital to gradually advance infrastructure investment.We are optimistic about the construction demand of the excavator in the peak season after the spring, and the company is expected to benefit significantly.  Profit forecast and investment advice: We expect the company’s net profit for 2019-2021 to be 3 respectively.46 billion, 4.5.1 billion and 5.7.9 billion, corresponding to 36 times, 28 times and 22 times the corresponding PE, maintaining the “buy” level.  Risk warning: excursion of the boom of the excavator industry, etc.

Ping An Bank (000001) Annual Report Performance Review: Retail Loan-Driven Performance Net Interest Margin is Better than Month

Ping An Bank (000001) Annual Report Performance Review: Retail Loan-Driven Performance Net Interest Margin is Better than Month

I. Event Overview Ping An Bank released its 2018 annual report.

Net profit attributable to mothers in 2018 was 2.48 million yuan, an increase of 7 in ten years.

0%; operating income of 116.7 billion yuan, an increase of 10 in ten years.

3%; Yield 1.

39 yuan.

Second, analyze and judge loan-driven performance. The high growth of personal loans proves that the transformation effect is significant. The growth of corporate loans (year-on-year: 17%) is the main reason for the expansion of interest-generating assets.

In the loan structure, the growth of personal loans was strong (year-on-year: 36%), the proportion of which increased from 54% in 2Q18 to 58%, which is the main force of loan growth, proving that the company’s retail strategy has achieved staged results.

Approximately, the reduction in public loans decreased by 38.6 billion.

Non-interest income boosted revenue growth. The trend of net interest margin changes in the fourth quarter. Non-interest income was the second factor that boosted performance and also contributed to the company’s revenue growth.

3% make a major contribution.

The increase in non-interest income was mainly due to bank card handling fees, which increased by 6.8 billion per year (year-on-year: 37%).

In terms of interest income, the initial net interest margin for 2018 was 2.

35%, a year down 2BP, mainly due to the tight funding in the first half of 2018.

However, in the more lenient environment in the second half of the year, the cost of interest payment denied was controlled, and the company continued to optimize its business structure to achieve a net interest margin of 2 in the fourth quarter.

5%, distorted the gradual trend, and the net interest margin rose month-on-month.

Affected by the external environment, the non-performing rate increased, and the company increased its collection and disposal efforts. The non-performing rate of the company1.

75%, higher than 1 in the second quarter.

68%, mainly affected by external financial and economic budgets.

The company also adjusted the industry and scale of corporate loans.

For the bad stocks, the company strengthened the collection and disposal efforts and improved the bad recognition standards (the ratio of “bad and overdue for more than 90 days” is 1.)

03, compared with 0 in the middle of the year.

8), the suspicious loans that meet the write-off 青岛夜网 conditions are reduced to the loss category in a timely manner.

At the same time, the company’s previous write-off of 45.8 billion, an increase of 6.2 billion, and the write-off progress in the second half of the year accelerated.

The coverage ratio of loan provisions overdue for more than 90 days has increased by 54 substitutions compared with the end of the previous year, and the replacement ratio of non-performing loans has been replaced by less than 1. The risk resistance ability has been significantly enhanced.

Third, the investment proposal is optimistic about Ping An Bank’s group financial ecological advantages and provides comprehensive solutions around customer needs.

The retail strategy is expected to further improve performance.

The company’s valuation is at the historical average, but it is slightly higher than 武汉夜生活网 the average level of the banking sector. It is recommended with caution.

The BVPS is expected to be 13 in 19-21.



3 yuan, corresponding to PB are 1.




4. Risk warnings: The unexpected downturn in the economy has caused serious deterioration in asset quality; major policy changes have taken place.

CITIC Bank (601998): Two-pronged approach to replenish capital to open up space for asset expansion

CITIC Bank (601998): Two-pronged approach to replenish capital to open up space for asset expansion

Event: CITIC Bank announced on the evening of February 27, 2019 that it will publicly issue 40 billion convertible corporate bonds.

Investment suggestion: CITIC Bank’s transformation strategy is to advance from two wings to three driving forces. While maintaining the company’s advantage, the retail business’s short board has been optimized and improved; asset quality has continued to improve from the previous quarter, and bad generation has also performed well. After the issuance of 100 billion convertible bonds and the subsequent issuance of 40 billion preferred shares, capital will no longer be a constraint on asset expansion. It is estimated that the company’s net profit attributable to mothers in 2018/19 will grow at a rate of 4 respectively.

6% and 4.

0%, EPS is 0.


92 yuan / share, the current sustainable corresponding 18/19 PE is 7 respectively.

3 times / 7.

1X and PB are 0.

80X / 0.


The company has been dynamically evaluating 杭州夜网论坛 Hub 0 for 16 years.

9 times PB (we press 0 in 19 years.

The 9x PB estimated reasonable value is about 7.

95 yuan / share), considering the company’s solid fundamentals and better asset quality, we think it can improve the space and maintain the BUY rating.

Risk reminders: 1. The international economic and financial risks exceeded expectations; 2. The implementation of financial supervision exceeded expectations; 3. Economic growth exceeded expectations; 4. Asset quality deteriorated severely; 5. Trade friction escalated beyond expectations.

Core point of view: Continue to strengthen and enhance the retail business; the fundamentals are stable, and the asset quality continues to improve.1 In recent years, the company has vigorously developed the retail business while maintaining the advantages of the business.”One Body and Two Wings” gradually changed to “Three Driving Together” and achieved good results.

2. The 18-year performance express report The company achieved revenue of 1,648.

500 million, a five-year growth of 5.

20%, basically the same as 18Q3; realized net profit attributable to shareholders of the parent company of 44.5 billion US dollars, a long-term growth of 4.

57%, down slightly in the early 18Q3; total assets increased by 6 for many years.

83%, a slight increase from the previous month; the asset quality continued to improve from the previous month, and the non-performing loan ratio decreased by 2bps to 1.


It is estimated that if all convertible bonds are converted into shares, the core tier one capital adequacy ratio will increase from 89bps to 9.

54% 1, as of the third quarter of 2018, the company’s core Tier 1 capital adequacy ratio / capital adequacy ratio were 8 respectively.

65% / 12.

23%, it is statically estimated that if all the 40 billion convertible bonds issued this time are converted into shares, it is expected to increase 89bps / 88bps to 9 respectively.

54% / 13.

11%, reaching a higher level for joint-stock banks.

2. If the plan for the issuance of the 40 billion preferred shares announced by the company is considered again, if completed, it will effectively supplement and improve the Tier 1 capital adequacy ratio and capital adequacy ratio to 11bps.

22% / 14.


After the completion of the issuance, the company’s capital pressure will be effectively relieved, which will provide effective support for the expansion of the company’s asset scale.

CITIC Convertible Bonds have sufficient debt base value1. From the coupon terms, the coupon rates of CITIC Convertible Bonds for six years are: 0.

3%, 0.

8%, 1.

5%, 2.

3%, 3.
2% and 4.
0%, the overdue redemption price is 111% of the face value (including the last year’s annual interest), relative to other banks’ convertible debt in 17-18, giving investors higher coupon compensation, according to February 27, 2019The discount rate of Japan-China Bond AAA corporate bonds calculates the net bond value of CITIC Convertible Bonds to be 94.

5 yuan, the debt base is thick.

2. The initial conversion price of CITIC Convertible Bonds is 7.

45 yuan / share, the main stock of CITIC Bank on February 27, 2019 closing price of 6.

45 yuan / share, corresponding to the initial conversion value of 86.

57 yuan, with an initial premium of 15.


1. CITIC Convertible Bonds will be given a full priority to old shareholders, and CITIC Convertible Bonds will be given a full priority to old shareholders. If old shareholders need to prevent their shares from being diluted, they will participate in the listing and placement.The probability of a sell-off is estimated to have a small impact on the price of convertible bonds.

2. CITIC Convertible Bonds have the expected certainty of conversion.

At present, the banking sector of a stock market is fully recovering, but it is expected to continue, with high security. At the same time, the net assets of the bank will maintain a steady growth of more than 10%.Proportionate index distribution, the conversion price will be reduced year by year, triggering the possibility of an early conversion.

Hikvision (002415): Integrated Material-Integration Platform to Plan IOT

Hikvision (002415): Integrated Material-Integration Platform to Plan IOT

More than just seeing, building a big platform for the integration of things and information in the era of the Internet of Things, maintaining a buy rating. Haikang was established in 2001. It started with security monitoring cards and DVR business.Upgrading to “understand”, the company gradually transformed into a video-centric intelligent IoT solution and big data service provider.

We believe that because video surveillance is a natural Internet of Things system, perception is the means, and application is the soul, the company has completed the intelligent upgrade of hardware in 15-19 years, and the establishment of the AI Cloud architecture has changed from “two pools, one library and fourThe advancement from “platform” to “material information fusion data platform” is expected to show the platform effect in the 5G Internet of Things era and become an ecological grower for multiple downstream applications. We expect the company’s EPS to be 1 in 19-21.



03 yuan with a target price of 46.


09 yuan, maintain BUY rating.

The inflection point of single-quarter revenue growth in the second quarter of 1919 has arrived. The net interest rate in 1Q19-3Q19 continued to improve over the past 18 years. The company ‘s initiative to promote channel destocking has gradually completed under the background of deleveraging.Now that the turning point has been reached, we believe that the company is expected to return to high growth driven by intelligent and IoT applications.

At the same time, the company changed the structure of the seven industry divisions launched in 2009, reorganized and integrated resources, and integrated the internal business into three business groups: PBG / EBG / SMBG, which can better meet customer needs and improve internal operationseffectiveness.

Based on the release of internal synergies, the company’s net profit continued to improve in the first three quarters of 19, and it rose by 4 in 3Q19.

97 points.

In the process of intelligent video surveillance, the company’s products have moved from AI center products to AI front-ends. For entry products, we believe that based on the advancement of AI chip computing power and software algorithms, the video surveillance industry has transformed from analog to digital → networked → high-definition → intelligentThe development of the trend can also present stronger consumer electronics and Internet features for civil security.

Hikvision began to deploy deep learning in 13 years, officially established Hikvision Research Institute in 14 years, launched AI center products based on GPU and deep learning technology in 15 years, and launched AI based on GPU / VPU and deep learning technology in 16 years. Front-end and entry products. Based on its own “fluorite” platform in 18 years, it has been focusing on packaging a variety of SaaS common components around application scenarios for customers. It has comprehensively enriched product lines in the AI era and has continuously enhanced product added value.

Haikang comprehensively plans the Internet of Things through the AI Cloud computing architecture + the material information fusion data platform. With the expansion of the Internet of Things, if the massive amount of alternative data generated by various terminals is converged to a cloud computing center for centralized processing, it cannot meet the rapid business developmentThe demand for response is limited to network scale, storage resources, and computing power.

Therefore, after completing various AI hardware layouts, Hikvision proposed an AI cloud computing architecture composed of edge routers, edge domains and cloud centers for IoT applications in 17 years. In 18 years, it strongly unified the software technology architecture, which can be efficient.Quickly responded to the needs of various industries; in 19, it released a data fusion data platform that supports cross-intelligent IoT and information networks.

We believe that in the past 4 years, Haikang has completed the comprehensive layout from hardware, software to system platform, and is expected to fully benefit the all-round rise of the Internet of Things industry in the 5G era.

Platform companies that have fully benefited from the 5G Internet of Things and maintain a BUY rating. We expect the company’s EPS to be 1 in 19-21.



03 yuan, reference industry average of 25 years.

02 times PE estimation, considering Haikang’s comprehensive layout of the Internet of Things from hardware, software to system platform, we give the company 28-30 times PE for 20 years, with a target price of 46.


09 yuan, maintain BUY rating.

Risk warning: internal macro risks; intensified overseas competition; the advancement of intelligent 天津夜网 products is less than expected.

Jiuyang Co. (002242): Continuous high income growth, innovation and upgrading drive profit improvement

Jiuyang Co. (002242): Continuous high income growth, innovation and upgrading drive profit improvement

The company released its financial report for the third quarter of 2019.

The company achieved operating income in the first three quarters of 62.

55 ppm, an increase of 15 in ten years.

02%, achieving net profit attributable to mother 6.

18 ppm, a ten-year increase of 8.

54%; of which, the operating income in the third and third quarters was 20.

68 ppm, an increase of 14 in ten years.

98%, net profit attributable to mothers2.

12 ppm, a six-year increase of 6.


  The cooking machine performed well, and the shark brand grew rapidly.

In terms of categories, the growth rate 返回码: 500 网站打不开?重查of wall-cooking cooking machines reached more than 20% in the first three quarters, soymilk machines achieved positive growth for the fourth consecutive quarter, rice cookers and nutrition cookers achieved nearly 10% growth, and the three major categories contributed more than 60% of their revenue.

Following the initial launch of the Y88 cooking machine, the company introduced the highest-priced Y1 cooking machine, and the audience is expected to increase significantly after lowering the price.

Shark brand domestic sales contributed 70 million yuan in the first three quarters of the year, an increase from the end of last year (20 million yuan in the last year). Currently, a 200-ton Shark brand flagship store has been built.The steam mop, hand suction and vacuum cleaner introduced by Chinese consumers are expected to achieve volume.

In terms of different channels, online channels have grown by more than 20% and offline has achieved positive growth. The company will develop new retail channels that are directly operated, deepen interaction and communication with users, and improve user experience and transaction conversion rates.

  Product structure was upgraded and gross profit margin increased.

Thanks to the decrease in raw material costs and the improvement of the company’s product structure, the gross profit margin of Q3 increased by 1.

23pct to 32.

35%; sales expense ratio drops by 0 every year.

91pct to 13.

32%; increase in management expense ratio by 1.

18 points to 4.

60%, mainly due to the increase in labor costs and amortization of equity incentive expenses; the rate of research and development expenses fell to 0.

82 points to 3.

28%; financial expense ratio increased by 0 in ten years.

66 points to -0.

13%; net interest rate has decreased by 0 every year.

71pct to 10.

04% Q3 sales repayments improved month-on-month, and inventory and receivables had a long turnover.

Q3 Net cash flow from operating activities increased by 5 per year.

5 billion to 7.

US $ 4.5 billion, an improvement from the previous two quarters, mainly due to good sales receipts, including cash received for selling goods and providing services.

45 ppm to 33.

7 billion.

Third quarter inventory balance 7.

08 million yuan, the inventory turnover days exceeded 6 increase.

09 days to 46.

41 days, the balance of accounts receivable4.81 trillion, accounts receivable turnover days increased several times 5.

31 days to 14.

06 days.

Turnover of inventories and receivables has improved compared to the same period last year, mainly due to the drag in the first half of the year, and Q3 has improved.

  Investment suggestion: The company continues to develop R & D and innovation, and constantly introduces new products. While adhering to the ascent of value, it will launch more mid-to-low price segments to broaden the consumer population.

In overseas markets, the collaboration with sharkninja is expected to bring the company’s revenue and profit expansion.

Maintain EPS forecast for 19-21.



38 yuan, currently expected to correspond to 19-21 year earnings 20/18 / 16X, maintain “Buy” rating.

 无锡桑拿网  Risk warning: New product sales are less than expected, raw material prices fluctuate, and industry competition is intensifying

Antu Bio (603658): Continued High R & D Investment Expects Pipeline Volume

Antu Bio (603658): Continued High R & D Investment Expects Pipeline Volume

2019H1 results are in line with our expectations Antu Bio announced its 2019H1 results: operating income11.

79 trillion, a 39-year increase of 39.

03%; net profit attributable to parent company 3.

20 ppm, an increase of 29 in ten years.

85%, corresponding profit 0.

76 yuan.

The performance basically met our expectations.

The development trend maintained rapid growth, and cash flow was under pressure in the short term.

The company still maintains a rapid growth trend in 2019H1, and realized non-net profit 重庆耍耍网 deduction from January to June3.

50,000 yuan, an increase of 30 in ten years.


We expect chemiluminescence to remain the company’s main source of growth.

Accounts receivable of the company in 2019H1 4.

410,000 yuan, an increase of 72 in ten years.

After 51% and 15% of the hospital system ‘s drug mark-up has been cancelled, there will be a certain degree of substitution for upstream funding pressure.

Net operating cash flow 3.

50,000 yuan, an increase of 11 in ten years.


We expect that funding pressure from hospitals and dealers will improve, and the company’s cash flow situation will gradually ease.

R & D continued to be spent, and gross profit margin declined slightly.

The company maintained high R & D investment in the first half of 2019, and R & D expenses from January to June1.

3.9 billion yuan, accounting for 11.

81%, R & D and management costs increase by 0 every year.

95ppt, driving up the rate during the period.

89ppt to 33.

46%; product structural adjustment and price impact, comprehensive gross profit margin 65.

35%, down by 1 every year.


The product line is constantly enriching, and we look forward to 100-speed light and assembly line.

The company has now realized the full layout of the IVD segmentation field, and the pipeline is expected to break through in the future.

The Autof MS1000 mass spectrometer has grown steadily.

After the approval of 100-speed chemiluminescence, it is currently active in the grass-roots market, and we expect that there will be a performance elasticity of conversion in 2020.

IVD’s upstream raw materials continue to advance, and the company’s cost advantage will be initially realized in the future.

Earnings forecasts and estimates Taking into account factors such as product structure and prices leading to a decline in gross profit margin, we slightly lower our 2019/2020 earnings forecast2.

63% / 2.

78% to 1.

73 yuan, 2.

25 yuan, an annual increase of 28.99%, 30.

00%, currently corresponding P / E is 40X / 31X.

Considering the company’s 100-speed product grassroots market growth potential, we still maintain 78.

The target price of 00 yuan corresponds to 13 currently.

84% space, corresponding to P / E of 45X / 35X in 2019/2020, maintaining the recommended level.

Government control of risk inspection products, R & D risks.

CITIC Securities (600030) 2019 Third Quarterly Report Review: Investment Bank Performance Boosts Comprehensively Launching Wealth Management Transformation

CITIC Securities (600030) 2019 Third Quarterly Report Review: Investment Bank Performance Boosts Comprehensively Launching Wealth Management Transformation

Event: CITIC Securities disclosed the third quarter report of 2019, and the company realized operating income of 327 from January to September.

74 trillion, +20 for ten years.

45%; net profit attributable to mother 105.

22 trillion, +43 a year.


The best average ROE is 6.

68%, an increase of 1 over the same period last year.

87 units.

Comment: Ready to transform into wealth management.

The average daily trading volume of the Shanghai and Shenzhen stock exchanges in 2019Q3 was 50.28 million yuan, a year-on-year increase of 47%.

Net income from brokerage fees of CITIC Securities in the third quarter of 201919.

40,000 yuan, an annual increase of 10%, an increase of 3%.

The brokerage business has shrunk significantly, and the annual growth rate far exceeds the average transaction volume of the industry as a whole. It is expected that the market share of the brokerage business will fall somewhat, which is in line with the company’s development strategy of comprehensive transformation 杭州桑拿 to wealth management in the second half of this year.

CITIC Securities has a higher percentage of institutional customers than its peers and has a significant advantage in changing trends.

Science and technology projects have abundant reserves, and investment banking business has grown significantly and steadily.

Net income of the company’s securities underwriting business in Q3 201911.

7.7 billion, a year-on-year increase of 73%, and a quarter-on-quarter increase of 44%.

Since the beginning of this year, CITIC Securities has completed 22 IPOs (10 in the same period last year) and 21 additional IPOs (24 in the same period last year). The number of IPOs ranks first in the industry.

In terms of amount, the IPO gradually raised 276.

US $ 3.8 billion, a sharp increase of 140% previously; underwriting of corporate bonds + corporate bonds was 1,637.

04 trillion, an increase of 54% in ten years.

CITIC Securities has participated in 5 IPOs of the science and technology board, and has served as the sponsor of 11 science and technology board companies, ranking fourth among all securities firms. At present, the science and technology board and the floating profit total 2.

5 billion, ranking first.

Investment income has steadily increased.

The company achieved net income from asset management business in Q3 201914.

34 trillion, a year-on-year increase of 17%, a month-on-month increase of 5%.

The company reports overall net investment income (including changes in fair value) 46.

US $ 5.3 billion, with an annual growth rate of 227% and a 95% increase from the previous quarter, which includes the investment surplus of direct investment subsidiaries in the science and technology board.

The company is still shrinking the property rights pledge business, cleaning up the existing business to prevent risks, and continued to accrue credit impairment in the third quarter.

03 trillion, accumulatively accumulate 7 from January to September.

2.5 billion.

At the end of the reporting period, the scale of the company’s financial investment assets reached 338.5 billion yuan, an increase of 13% over the beginning of the year, of which transactional financial assets accounted for 86% of the total scale, mainly due to the increase in the scale of bond investment, an increase of 18% over the beginning of the year.

At the end of the first half of 2019, the company’s asset management scale was 12,969.

1.3 billion, a decrease of 3% compared with the end of last year, of which the scale of active management was 5,631.

1.1 billion, an increase of 1 over the end of last year.


The company reduced the scale of its channel business in an orderly manner and enhanced its proactive management capabilities.

Investment suggestion: Despite the weak growth of the brokerage business, it still maintains the inherent advantages of each business sector. The transformation of wealth management is an inevitable trend. Leading securities firms will benefit first, and the transformation is in line with the business structure of CITIC Securities. On October 30, 2019, the China Securities Regulatory Commission unconditionally merged and reorganized 100% of Guangzhou Securities through CITIC Securities by issuing shares to purchase assets.

The merger will improve CITIC Securities’ weakness in regional network layout, and more importantly, benefit from the financial policies of the Greater Bay Area to help develop.

We expect the CITIC Securities EPS to be 1 in 2019-2021.



63 yuan (the original predictor 1).



56 yuan), BPS is 13.



05 yuan, the corresponding PB is 1.



36, ROE is 8.

54% / 9.

52% / 10.


We maintain a PB estimate of 2x 2019 results, with a target price of 28 yuan, and maintain a “recommended” rating.

Risk warning: Sino-US trade frictions are repeated, downward economic pressure is increasing, and financial supervision is becoming stricter.

Haitian Flavor (603288): Revenue growth remains stable, net interest rate hits new record high

Haitian Flavor (603288): Revenue growth remains stable, net interest rate hits new record high

Event: Haitian Flavor released its 2019 Interim Report, and achieved operating income of 101 in 2019H1.

60 trillion, ten years +16.

51%; realized net profit of 27.

51 ppm, +22 for ten years.

35%; operating income of 46 in the second quarter of 2019.

7 billion, previously +16.

00%; realized net profit of 12.

74 ppm, +21 for ten years.


Revenue growth remained stable, and adjustments to sauce products improved significantly.

2019H1 revenue growth rate of 16.

51%, of which Q2 is 16.

00% compared to the first quarter of 16.

95% small amplitude 0.


The advance payment for 2019H1 is 12.

80 ppm, an increase of 41 per year.

12%, considering the channel status and inventory are reasonable, the company’s delivery rhythm is stable, and Q2 single season interest rate is not 南宁桑拿 scary.

In terms of products, the three core products of 2019H1, soy sauce / soy sauce / oyster sauce, increased by +13 respectively.

61% / 21.

13% / 7.

48%, compared with the annual growth rate of -2 in 2018.

24 / -4.


93 items, of which the adjustment effect of sauce products was obvious. Among them, sauces achieved a growth rate of 6% in the first quarter of 2019. Through a series of adjustment plans such as channels, product announcements, product specifications, and quality, it is estimated thatImprovement is expected to continue.
The decline in expense ratios has continued to increase the net interest rate.

2019H1 company net profit is 27.

08% for one year.

29pcts; of which the net interest rate for 2019Q2 is 27.

28%, ten years +1.

31 cases, single quarter profitability has improved.

(1) Gross profit margin for sales in H1 201944.

86% every year -2.

25pcts, of which 2019Q2 sales gross margin was 43.

78% per year -3.


The Sino-U.S. Trade friction has caused the company’s soybean purchase price to increase by nearly 10% as a major factor in the decline in gross profit margin.

In addition, the capital expansion entry cost brought by technological transformation has dragged down gross margin performance. The capital expansion of technological transformation is expected to be 700 million yuan.2) The sales expense ratio / administrative expenses (including R & D) ratio of 2019H1 are 11 respectively.

00% / 3.

97% -2 per year.

49 / -0.

19pcts; of which the sales expense ratio of 2019Q2 is 4.

57% a year -1.


The decrease in sales expense ratio was mainly due to the company’s separation of freight from a small amount of products at the beginning of this year. Some distributors adopted a self-collection method to reduce the company’s transportation costs. In addition, the release of the Jiangsu factory ‘s production capacity and expansion of the company ‘s sales scale reduced the sales costspositive effects.

In an operating environment where overall demand continues to be weak and costs are rising, the company has once again demonstrated its ability to traverse cycles through active marketing changes and excellent cost management capabilities.

The cost side continues to rise or start a new round of price increase cycle. The company aims to achieve the goal successfully.

In the long term, deep channel cultivation and category expansion will continue to promote the company’s transformation into a condiment platform company.

Profit forecast and investment rating.

We maintain the company’s EPS forecast for 2019-21 to 1.



75 yuan, the current sustainable corresponding PE is 51/43 / 36X, maintain the “Buy” rating.

Risk reminder: food safety issues, macroeconomic growth, category expansion is less than expected.

Lin Yang Energy (601222) 2018 Annual Report Comments: Photovoltaic Continued Growth, Smart Turning Point Visible

Lin Yang Energy (601222) 2018 Annual Report Comments: Photovoltaic Continued Growth, Smart Turning Point Visible

Investment 西安耍耍网 Highlights The company released its 18-year annual report and 19-year quarterly report: The company realized operating income of 40 in 18 years.

2 ten percent, an increase of 11 per year.

9%, realizing net profit attributable to parent company7.

600 million, an increase of 10 in ten years.

9%, net profit of non-attributed mothers was realized7.

4 ‰, an increase of 9 in ten years.

6%, performance was slightly higher than expected.

A cash bonus of 1 is paid for every 10 shares.

75 yuan (including tax).

In Q1 19, the company realized operating income6.

90,000 yuan, an increase of 19 in ten years.

1%, realizing net profit attributable to the parent company1.

6 ppm, an increase of 5 in ten years.

6%, the net profit of deducting non-attributed mothers1.

500 million, a five-year growth of 5.

3%, performance was in line with expectations.

The turning point of the smart sector is imminent, benefiting from the ubiquitous layout of the Internet of Things: the company’s smart sector has achieved revenue for 14 years.

300 million, through domestic market breakthroughs, to suppress domestic demand fluctuations.

In 2018, the company achieved overseas sales of US $ 38.05 million and orders in hand amounted to US $ 48 million.

At the same time, the company, as a global meter leader, is expected to benefit significantly from the ubiquitous power IoT construction bonus, and the construction of the “three types and two networks” terminal layer opens up a new blue ocean of smart terminal demand.

High-quality power station projects are in hand, and the trend of parity is worry-free: the scale of the company’s holding of power stations has been reduced to 1 since the end of 18 years.

45GW, power generation exceeded 7.

500 million to realize power generation revenue1.

33 ppm, an increase of 21% per year.

The company reserves item 1 in hand.

Above 6GW, and actively distribute distributed projects after parity.

The recent implementation of the parity policy is conducive to the orderly expansion of the company’s power station scale.

N-type battery efficiency breakthrough, EPC first year victory: the company’s high-efficiency N-type battery mass production conversion efficiency exceeded 21.

8%, and started the TopCon technology upgrade.

At the same time, with N-type high-efficiency products, EPC’s first year revenue exceeded 1 billion, and established cooperative relationships with core operators at home and abroad.

The company plans to realize the development and construction of 300-500MW power stations in 2019, including the deployment of overseas business of 100-200MW, to achieve the basis of continuous growth in performance, and to promote the application and penetration of N-type high-efficiency products.

Investment suggestion: We have adjusted our profit forecast. It is expected that the company’s EPS for 2019-2021 will be 0.

53 yuan, 0.

64 yuan, 0.

77 yuan, corresponding (included on April 25) PE is 10.

3 times, 8.

5 times, 7.

1x, initial prudent increase in rating. Risk warning: The installed capacity of distributed photovoltaics does not meet expectations; the expansion of overseas business does not meet expectations; domestic competition is intensifying.

Blue Flame Holdings (000968) Quarterly Report Comment: The first three quarters of performance growth and cash flow improved significantly

Blue Flame Holdings (000968) Quarterly Report Comment: The first three quarters of performance growth and cash flow improved significantly
The company’s profit in the first three quarters increased by ten years.9%, the cash flow has improved significantly. The company released three quarterly reports. The company achieved net profit attributable to its mother in the first three quarters of 20195.06 ppm, an increase of 5 in ten years.9%, EPS is 0.52 yuan.The company’s increase in profit in the first three quarters was mainly due to the company’s continued promotion of the old wells in the old blockchain and the transformation of old wells to achieve stable production and increase production.At the same time, the company strengthened its operation and management, and strived to increase revenues, reduce costs, and reduce costs and efficiency.The company’s other revenues recognized in the first three quarters of 2019 (mainly including subsidies for CBM sales and alternative tax refunds) were 2.24 ppm, a reduction of 0 per year.1.1 billion.The company’s net operating cash flow for the first three quarters of 2019 was 4.50,000 yuan, an increase of 61 in ten years.5%. In terms of quarters, the company achieved a single quarter net profit attributable to its parent in 19Q1-31.2.6 billion, 2.08 ppm and 1.7.3 billion, an increase of 16 in the first half of 19Q3.0%, down 16 from the previous month.9%. In the first half of the year, the company’s coalbed methane sales and tonnage increased by 5.7% and 13.4% coalbed methane sales business: CBM extraction in the first half of the year7.400 million cubic meters (previously +2.6%), sales of coalbed methane3.700 million cubic meters (decade +5.7%), the number of units is calculated according to the sales volume1.74 yuan / square (ten years +13.4%), unit cost is 0.95 yuan / square (ten years +15.5%), the unit gross profit is 0.79 yuan / square (ten years +11.1%).In addition, in the first half of the year, the company has temporarily confirmed the compensation for the development and utilization of coalbed methane based on the previous year’s standard1.3.9 billion, an increase of 0 every year.1.6 billion or 12.7%. Gas well construction engineering business: revenue in the first half of the year 1.81 ppm, a decrease of 1 per year.11 ppm or 38.0%, mainly due to the decline in the demand for gas well construction engineering construction business of related coal enterprises in the first half of the year, resulting in excessive reduction in engineering construction business volume. The subsidiary newly won the bidding of the Heshun Mafang East exploration block, and the commitment of the coal mining methane right of Jinmei Group has been completed. According to the interim report, the company won the bids of Liulin Shixi, Wuxiang South, Heshun Hengling and Heshun West in November 2017. 4Blockchains.As of July 31, 2019, geological mapping of 610 square millimeters and two-dimensional earthquakes of 369 were completed in four blocks.At 31 inches, 122 holes were drilled, 53 were fractured, and 19 wells were tested. According to the announcement of the Natural Resources Department of Shanxi Province, in the first half of this year, Shanxi Province conducted public tenders for 10 new exploration blockchain projects. 合肥夜网 Hongdong West Blockchain, Hongdong Blockchain, Linfen Blockchain, Linfen West Blockchain, LinfenThe South Blockchain and other five blockchain bidding units are less than three and do not meet the requirements of the Bidding and Bidding Law. The above five blockchain tenders will be reorganized in a timely manner, and the subsidiary Lanyan CBM has won the remaining five districts.Heshun Mafang East Blockchain (block area 253.82 square inches).According to the company’s announcement, on August 15th, the subsidiary Lanyan Coalbed Methane has gradually contracted with the Shanxi Provincial Department of Natural Resources for the exploration right.In addition, the controlling shareholder Jin Coal Group’s coalbed methane mining rights commitments have been completed, and Lanyan Coalbed Methane has obtained the Chengzhuang Coal Mine, Sihe Coal Mine (East District), Zhengzhuang Minefield’s coalbed methane mining rights, and Hudi Minefield’s coalbed methane exploration.Rights and resources security capabilities have been further enhanced. Profit forecast and investment advice The company has good internal epitaxy growth, reintegration of low-production wells, redevelopment of old wells to increase production, further improvement of gas pipelines, clear coalbed gas mining rights, etc. The company’s subjective and objective emptying rate will decline, and the sales gas volume is expected to gradually increase; Reorganization, the new successful bidding for blockchain exploration and development is progressing smoothly. As a state-owned enterprise in Shanxi Province, the company’s ability to acquire resources has been transferred, and its expansion can be expected.The company’s EPS for 2019-2021 is expected to be 0.78, 0.84 and 0.94 yuan / share, taking into account the company’s historical estimation of the hub and the company’s performance growth rate, given 19 times 18 times PE, corresponding to a reasonable value of 14.1 yuan / share, maintain “Buy” rating. Risk warning: the price of natural gas and coalbed methane will decrease; the preferential treatment will be reduced and the sales compensation policy will be changed;