SF Holdings (002352): Deducting non-net profit in 2019 increased by 20.78% profit margin expected to rise month by month as the epidemic eases

SF Holdings (002352): Deducting non-net profit in 2019 increased by 20.78% profit margin expected to rise month by month as the epidemic eases
The company announced its 2019 results.19FY revenue, net profit attributable to mothers, net profit attributable to non-mothers was 1121 respectively.93, 57.97, 42.08 million yuan, an increase of 23 respectively.37%, 27.24%, 20.78%; 19Q4 revenue, net profit attributable to mothers, net profit attributable to non-mothers was 334 respectively.2, 14.9, 7.0 trillion, respectively, +10 change over ten years.7%, -2.8%, + 52%. 19Q4 business volume increased by 49%, with an average daily volume of 11.88 million pieces from November to December.SF’s business volume increased by 26 in 2019.13% to 48.400 million pieces, market share in ten years 7.62%, unchanged from 2018.By quarter, Q1-Q4’s single-quarter business volume growth rates were about 7.32%, 10.9%, 29.5%, 49.0%, Q4 business volume growth growth is expected to be mainly driven by the peak season e-commerce capacity. The non-net interest rate increased in 19Q4, which is expected to be mainly due to the increase in additional capacity in the peak season.In terms of quarters, SF’s Q1-Q4 single-quarter operating margins were 6 respectively.48%, 8.99%, 6.06%, 5.30%, deducting non-net interest rates are 3 respectively.48%, 5.74%, 4.12%, 2.08%.The quarter-on-quarter increase in profitability is due to the rapid rise in e-commerce parts in the peak season, and the increase in additional capacity drives up operating costs. The average daily quantity in January 2020 was 18.26 million pieces, which was comparable to the level in November last year.Express delivery volume increased by 40 in January.45% to 5.6.6 billion pieces, the unit price of courier drops by 21 every year.23% to 19.7 yuan, express delivery income increased by 10.64% to 111.500 million, equivalent to the level of November 2019.Overall, SF’s 杭州夜网 business volume was less affected by the impact of the epidemic, and revenue growth remained at a relatively high level. Profit forecast and investment suggestions: SF’s direct marketing advantage is outstanding, and the income end is less affected by the new crown epidemic.Considering the existence of labor costs during the epidemic and the possibility of increasing transportation costs, Q1 cost estimates will also increase.With the easing of the epidemic situation and the orderly release of additional production capacity, the company’s profit margin is expected to gradually rise.It is expected that the net profit attributable to the mother in 19-21 will be 57.97, 67.22, 80.72 trillion, an increase of 27.23%, 15.96%, 20.09%, 19-21 EPS are 1 respectively.31, 1.52, 1.83 yuan / share, PE is 35 based on the latest closing price.04x, 30.21x, 25.16 times.Taking comprehensive consideration of comparable companies’ estimates and SF’s direct sales advantages, SF is given 32 times a reasonable PE in 2020, corresponding to a reasonable value of 48.68 yuan / share, maintain “overweight” rating. Risk Warning: The epidemic eased and fell short of expectations, the price of express delivery was wary, and the cost growth exceeded expectations.

Sunsea Intelligent (002313): Continue to deepen the layout of the initial results of the Internet of Things

Sunsea Intelligent (002313): Continue to deepen the layout of the initial results of the Internet of Things

Event: The company released its semi-annual report for 2019, with revenue of 2018H123.

68 ppm, an increase of 29 in ten years.

51%, net profit attributable to mother 0.

430,000 yuan, an average of 12 years.


Opinions: 1. Rapid revenue growth in the Internet 杭州桑拿网 of Things segment + gross margin rebounded into a bright spot.

19H1, in terms of business segments, revenue from IoT products and services13.

5.6 billion (+127 year-on-year.

41%), communications engineering services revenue 6.

3.3 billion (YoY -8.

97%), sales of communications products3.

7.9 billion (YoY-29.


Among them, the rapid growth of IoT product and service revenue mainly benefited from the company’s merger of “cloud + end” IoT development strategy, continued to deepen the three major product lines, and focused on the layout of the four tracks.

In terms of gross profit margin, the gross profit margin of IoT products and services14.

80% (+2 compared to the same period last year).

94pp), communication engineering services 14.

96% (-1% year-on-year.

42pp), sales of communications products26.

95% (0% YoY).


Among them, the increased gross profit margin of IoT products and services is expected to launch mid-to-high-end products with higher gross profit margins for the company, expanding the company’s continued advancement of R & D sharing between Longsun Technology and SIMCom, and enhancing supply chain synergy.

We expect the gross profit margin of this sector to continue to increase in the future.

2. The short-term growth of financial costs dragged by profit is not obvious. It is expected that the pressure of financial costs to complete the restructuring and issuance will help release pressure, and profit growth will increase in line with revenue.

Although the company’s revenue has continued to grow, as the company mainly uses debt financing to supplement operating funds, the expansion of its business has brought about an increase in bank expenditure refunds and financial expenses have increased significantly (financial expenses in 2019H1 0.

690,000 yuan, a sharp increase of 132 previously.

63%), we expect to complete a new phase of private placement (through the shareholders’ meeting on May 6, 2019), and gradually adjust and redistribute the financial pressure caused by expenditures. It is estimated that by 2020, net profit and revenue will be realized.Synchronous growth.
3. The three product lines + four tracks, the continued deepening of the layout of the Internet of Things segment is worth looking forward to.

The company continues to strategically position itself as a leader in the domestic artificial intelligence Internet of Things (AIoT). Based on the advantages of “cloud + terminal”, the company has laid out three product lines: large, medium and large platforms, AIOT smart devices and widely cooperated smart terminals.On this basis, the company’s four major tracks are extended, including the 5G IoT module application ecology, the enabling ecology based on the IoT cloud platform, the smart IoT solution application ecology, and the intelligent IoT device application ecology.

With a clear direction and rapid landing, the company has introduced a large number of AIoT software R & D and sales talents, and successively launched 5G modules, AI neural hub platforms, and various types of smart terminals, smart devices and other innovative products, and in smart cities, smart suites, smart logistics, etc.Multi-collar cities have made applications.

In the coming era of the Internet of Everything, the Internet of Things market has a bright future, and the company’s layout is worth looking forward to.

Profit forecast and investment advice: By adjusting the layout, the company’s Internet of Things segment will further clarify the layout of the “three product lines + four racetracks” on the basis of “cloud + terminal”, and has achieved 19H1 revenue and gross profit marginsThe initial benefits have returned to the fast-growing channel. It is worth looking forward to in the coming tide of Internet of Everything. We continue to be optimistic about the company’s business model and long-term development.

Taking into account the 杭州桑拿 financial pressure brought by business expansion in 19 years, our net profit for the company from 19-20 years will be 3.

03, 4.

3.1 billion is reduced to 0.

9 and 1.

9 trillion, maintaining the overweight rating.

Risk warning: Operators ‘capital expenditures are reduced, new business expansion is less than expected, merger and acquisition asset integration risks are not smooth, financial cost pressures remain high, and risks remain high

Tongkun shares (601233) quarterly report comments: performance in line with expectations PTA-polyester replaces earnings to continue to improve

Tongkun shares (601233) quarterly report comments: performance in line with expectations PTA-polyester replaces earnings to continue to improve

Core point of view: Filament sales increase by 49 per year.

67%, operating income increased 49.


The company released the first quarter report. In Q1 of 19, the company realized revenue of 116.

78 ppm, an increase of 49 in ten years.

10%, realizing net profit attributable to mother 5.

21 ppm, a ten-year increase4.


The rapid growth in revenue growth was mainly due to the company’s sales 南京桑拿网 growth. According to the company’s sales data, the company’s 19Q1 polyester POY sales were 93 instead of +44.

91%, +20.

03%), polyester FDY sales 26 revenue (previously +87.

61%, +4 from the previous quarter.

70%), polyester DTY sells 18 prefixes (twice +32.

69%, +0.

11%), the total sales of the three filament products 137 per year (+49.


The production and sales rate of 19Q1 filament exceeded the same period last year, and the company’s destocking effect was obvious.

PTA-polyester supply and demand improved, and raw material price cuts strengthened the profitability of the downstream industry chain.

According to China Fiber Network Information, 2018-19 is a period of slowing production capacity of the PTA industry. With the steady growth of demand, the industry’s supply and demand layout has further improved.

2019 is the peak period for the country’武汉夜生活网s PX to be put into production. We expect costs to fall. Given the tight supply and demand situation, the profitability of the PTA industry is trying to continue to improve.

Based on the price data released by Treasure Island, today (20190425) the PTA-PX spread has widened to 1232 yuan / ton, and the average spread in Q2 19 has reached 1035 so far.

6 yuan / ton, an average price difference of 783 compared with Q1.

7 yuan / ton, an increase of 251.

9 yuan / ton.

Zhejiang Petrochemical expected to contribute 20% of its equity, and the integration layout continued to improve.

According to the company’s 18-year annual report, the company has a 20% stake in ZPEC, which is expected to reach production this year. At that time, the company will realize the cross-cutting of the entire industrial chain of crude oil-PXPTA-polyester filament, and its profitability will be improved compared with the current one.

At the same time, the production of refining and chemical projects will bring investment income to the company.

It is expected that the results for 19-21 will be 1.

44 yuan / share, 1.

89 yuan / share, 2.

11 yuan / share.

We expect the company’s EPS to be 1 in 2019-21.


89 and 2.

11 yuan / share, corresponding to the current price PE is estimated to be 11.

0, 8.

6 times.
If the company’s 19 years of convertible bonds are considered, the company’s pro forma EPS for the years 19-21 will be 1.

24, 1.

63, 1.

82 yuan / share, corresponding to the current price of PE 12.


8, 8.

7 times.

Reference comparable companies’ consensus consensus for 19 years averages 13.

3x PE estimate. Considering the company’s polyester filament industry leader and matching upstream and downstream production capacity matching, we give 2019 performance a 13x PE estimate, which is equivalent to a reasonable value of 18.

72 yuan / share, maintain the company’s “Buy” rating.

Risk warning: A sharp drop in international oil prices will cause the company to lose inventory; reduced filament demand will affect the company’s performance; Zhejiang Petrochemical’s low production schedule is expected to affect the company’s performance.

Gaode Infrared (002414) Annual Report Comment: Net profit increases by 1 every year.The 26 times decrease in asset impairment losses is the main reason

Gaode Infrared (002414) Annual Report Comment: Net profit increases by 1 every year.The 26 times decrease in asset impairment losses is the main reason
Investment Highlights: Net profit grows by 1 each year.26 times.The company achieved operating income in 201810.8.4 billion, an annual increase of 6.61%; Net profit attributable to shareholders of listed companies.32 ppm, an increase of 1 per year.26 times; non-net profit attributable to shareholders of listed companies is 0.8.8 billion, an annual increase of 1.11 times; budget benefit 0.21 yuan.The expected increase in net profit growth is the best return on receivables recovery. The asset impairment loss was -31.53 million, while the asset impairment loss of 62.55 million yuan was accrued in 2017.Net cash flow from operating activities at the company level is zero.47 yuan, far higher than expected earnings, and healthy cash flow.The company plans to increase 5 shares for every 10 shares and assign 0.3 yuan (including tax).  High R & D investment ratio, optimistic about the company’s sustainable innovation capabilities.The company’s R & D distribution in 2015, 2016, 2017, and 2018 were 1, respectively.6.8 billion yuan, 2.2.3 billion, 2.4.8 billion yuan, 2.68ppm, accounting for 26% of operating income.55%, 27.51%, 24.39%, 24.72%.The company’s continuous large-scale R & D investment provides worthy support for the company’s future product innovation and performance growth.  Infrared thermal imager and integrated optoelectronic system: strategic layout advantage of the entire industrial chain, core components are autonomous.The company has the “China Infrared Core” with completely independent intellectual property rights, and has created three 夜来香体验网 infrared focal plane detector production lines for non-refrigerant, refrigerant mercury sulfide and “type II superlattice” detectors, breaking the blockade in the West for many yearsThere are many types of detectors such as medium wave, medium and short wave, and medium and long wave dual color detectors, which have successfully developed wafer-level packaging technology.The company’s core device technology level has been the same as that of the first echelon in Western countries, and it has successfully achieved the comprehensive advanced core device, which has replaced the foundation for the replacement of core devices for large-scale follow-up.  The company actively expands the application of infrared technology in the civilian field.The civil market applications include personal vision, industrial inspection, inspection and quarantine, smart home, consumer electronics, police enforcement, traffic night vision, environmental protection, etc.The company has successively established subsidiaries such as Zhigan Technology, Xuanyuan Zhijia, Anxin Technology, etc. to expand the civilian sector. Although these subsidiaries have been replaced at present, it has a certain drag on the performance of existing companies, but the civilian market has a very broad space for the company.Increasing basis for future performance growth.In 2017, the company announced the opening of its existing technology platform to build an infrared ecosystem.In the field of smart home, the company and Midea set up a “Thermal Infrared Sensor Joint Laboratory”.  Benefit from military-civilian integration and maintain the company’s “cautious recommendation” investment rating.The company successfully built a complete industrial layout of weapon equipment systems with infrared technology as the core. The company has formed a weapon sub-system ranging from upstream infrared core devices to infrared thermal imaging, laser, fire control, guidance, and finally the entire missile weapon system as a whole.The entire industrial chain of infrared weapons and equipment systems.With the implementation of the military reform plan measures, the company’s existing military product research and production tasks are expected to be fully resumed. In December 2018, the company won 3.9.5 billion military orders.We expect the company’s EPS to be 0 in 2019 and 2020 respectively.34 yuan, 0.43 yuan, the current sustainable corresponding PE is 85 times and 68 times respectively.  Risk warning: Product demand is lower than expected, policy risks.

Baosteel (600019) 2019 Third Quarterly Report Review: Continue to Promote Cost Reduction and Efficiency Enhancement, Q4 Profits Improve MoM

Baosteel (600019) 2019 Third Quarterly Report Review: Continue to Promote Cost Reduction and Efficiency Enhancement, Q4 Profits Improve MoM

Baosteel released the third quarter report for 2019, and its net profit gradually decreased by 44% from January to September.

The company’s operating income from January to September 2019 was 21.69 million yuan, a year-on-year decrease of 3.

7%; net profit attributable to mother is 88.

7.4 billion, down 43 each year.

The net profit per ton of steel was 253 yuan, a decrease of 43% year-on-year; the operating net cash flow was 19.6 billion US dollars, a continuous decline of 47%; the capital expenditure was 10.9 billion US dollars, an increase of 26% year-on-year.

The steel industry boom has dragged down the company’s plan to make a profit, and the cost of raw materials has increased significantly.

The prosperity of the steel industry in 2019 is down, and the downstream automotive and other industries are sluggish. From January to September 2019, the company’s average steel sales price was 4,255 yuan / ton, which gradually decreased by 6.

At the same time, iron ore prices have risen significantly, driving up the company’s costs. The company ‘s gross profit margin for January to September 2019 was 10.

72%, down 4 each year.

83 points.

Production labor efficiency has been improved, and cost reduction and efficiency improvement have continued.

On January 9, 2019, the company’s steel output was 3535 tons, an increase of 25 inches per year; according to the company’s three quarterly report, the official employees’ labor efficiency increased by 5.

3%, of which management promotion by 7.

1%; cost reductions of 47.

The annual target exceeded 700 million US dollars; the period expenses exceeded the decrease of 2.1 billion U.S. dollars, of which the reduction of financial expenses decreased by 1.8 billion U.S. dollars (reduction of exchange losses and indexing costs);

In the third quarter of 2019, net profit attributable to mothers decreased by 22% from the previous quarter.

In Q3 2019, the company’s single-quarter operating income was 7天津夜网6 billion yuan, an increase of 0 from the previous quarter.

66%; net profit attributable to mother 26.

RMB 870,000, down 22% month-on-month; the average sales price of steel products was RMB 4,285 / t, down 1 month-on-month.

85%; gross margin is 10.

1%, down 1 from the previous month.

7 points.

The ex-factory price of 2019Q4 has steadily increased, the cost has fallen, and the profit may have improved month-on-month.

The company has disclosed the ex-factory prices in October and November 2019. Based on the third quarter, the prices of hot-rolled heavy plate dropped slightly, and the prices of cold-rolled products increased significantly.

In terms of cost, iron ore prices have significantly landed since August 2019, and we expect the company’s profit to rebound in Q4 2019.

Maintain the “overweight” rating.

深圳丝袜会所We maintain the company’s profit forecast. It is expected that the EPS for 2019-2021 will be 0.

54 yuan, 0.

46 yuan, 0.

47 yuan.

As the leader of the steel industry, the company has comprehensive competitive advantages, continues to reduce costs and increase efficiency, and its profit is expected to rebound in the later period.

We maintain the company’s “overweight” rating.

Risk reminders: The downstream automotive industry’s demand continues to be sluggish; excessive steel supply increases; steel price fluctuation risks; company production safety risks.