Aerospace Development (000547) Company’s Third Quarterly Comment: The third quarter’s performance slightly exceeds market expectations and continues to be optimistic about the company’s performance

Aerospace Development (000547) Company’s Third Quarterly Comment: The third quarter’s performance slightly exceeds market expectations and continues to be optimistic about the company’s performance
Event: 2019Q1-Q3, the company achieved operating income23.5.2 billion, an increase of 44 per year.07%; net profit attributable to mother 3.08 million yuan, an increase of 39 in ten years.31%; net profit after deducting non-attribution to mother 2.850,000 yuan, an increase of 39 in ten years.45%; EPS is 0.19 yuan, an annual increase of 26.67%.Q3, the company realized operating income 8.60 ppm, an increase of 43 in ten years.14%; net profit attributable to mother 0.850,000 yuan, an increase of 43 in ten years.08%, slightly exceeding market expectations. Opinion: The company’s high performance growth trend does not change, and the market slightly exceeded market expectations in the third quarter.The company is a pure electronic informatization listing platform affiliated to the Science and Industry Group. Under the background of leapfrog development of national defense informatization construction, the company is suitable defense equipment represented by electronic blue army equipment, target ships, network security, military communications equipment and other products.Usher in huge demand.In the first three quarters of 2019, the company’s performance continued the rapid growth trend since last year, with revenue and profit growth rates reaching 44.07% and 39.31%. Looking at Q3 alone, the average growth rate of the company’s operating income and net profit attributable to mothers increased faster than in the first half of the year, increasing by 4 respectively.9 points and 5.16pct, slightly exceeding market expectations. Forward-looking indicators continue to improve, and continue to be optimistic about the company’s performance.From the forward-looking indicators, the company’s inventory increased by 43 compared with the beginning of the period.61%, an increase of 11 from the Interim Report.43pct, the degree of prosperity reflecting the downstream demand continues to rise, and the company’s in-products increase.Accounts 北京养生会所 receivable 27.1.1 billion (93.QoQ increase.73%), which shows that the company’s delivery is in good condition, and the recognized revenue in the future will significantly improve the performance level.Prepayment account body 7.1.1 billion, an increase of 203 over the beginning of the period.07%, reflecting the company’s full confidence in downstream demand to accelerate the procurement of raw materials.Based on the above-mentioned forward-looking indicators of the balance sheet, we judge that downstream demand is in a state of rapid growth, the company’s product delivery is in good condition, and it is expected. Earnings forecasts and ratings.The company is the leader of the domestic electronic blue army, and actual combat training drives the rapid outbreak of electronic blue army demand.Network security has risen to the height of national strategy. In the next few years, the industry will reach a multi-billion dollar market scale. Based on the party, government, and military markets, the company will build a national team for network information security. It is expected to fully enjoy industry dividends in the future.At the same time, the company, as an electronic information platform planned by the Science and Industry Group, is expected to take on more group assets in the future.We continue to be optimistic about the company’s future development prospects.The net profit attributable to the parent company will be 6 in 2021.4 billion, 8.48 ppm and 11.10,000 yuan, EPS is 0.40 yuan, 0.53 yuan, 0.69 yuan, corresponding to the current continuous PE of 25 times, 19 times, and 15 times. Maintaining a “buy” investment rating. Risk reminder: orders are less than expected; acquisition progress is not smooth.

Shanxi Fenjiu (600809) 2018 Annual Report and 2019 First Quarterly Report Review: Reforms Continue to Promote Steady Growth in Performance

Shanxi Fenjiu (600809) 2018 Annual Report and 2019 First Quarterly Report Review: Reforms Continue to Promote Steady Growth in Performance

Event: The company released the 2018 annual report and achieved operating income of 93.

82 trillion, an increase of 47.

48%, achieving a net profit of 15.

59 trillion, with an increase of 54.

21%, basic income 1.

69 trillion, it is planned to pay dividends for every 10 shares7.

5 yuan.

The company released the first quarter report of 2019, and achieved an annual operating income of 40.

5.8 billion, an increase of 20.

12%, achieving a net profit of 8.

7.7 billion, an increase of 22.


The consolidation of investment points affects Q1 growth data, but the actual growth is quite impressive.

1) The readjustment of consolidation affects the growth rate, but the actual growth is still considerable.

The reported company integrated part of the group’s alcohol business, resulting in a Q1 revenue growth rate of 20%, but if the company’s actual growth rate is still above 25% excluding the consolidation factor, the main products will still grow very well.

2) More than 20% of the planned income for 19 years.

We expect that the achievement of the target will not be a major problem, mainly due to the rapid growth of the company’s Fenjiu series products, and the increase in the alcohol business, which can also contribute part of the increase.

In terms of the company’s main products, 18 years of blue and white, gold award, Laobaifen series of high-speed heavy volume, high-priced wine revenue growth of 47.

44%, of which the growth rate of blue and white sales caliber exceeded 60%, and the growth rate of Laobaifen series was above 25%.

In the past 18 years, the growth rate outside the province has been rapid, and the income growth rate has reached 64.

1%, 19 years will continue to develop the blank market, becoming another important growth pole of the company.

4) Financial indicators are remarkable.

Book cash was plentiful and advance receipts remained high.

The company’s book cash at the end of 19Q1 was 37.

2.1 billion, an increase of 24 from the previous month.

250,000 yuan, 12 advance receipts in 19Q1.

03 billion, still maintained at a high level.

19Q1 cash flow improved significantly.

The company has achieved sales of 40 in 18 years.

3.2 billion, an increase of 37 per year.

26%; 19Q1 achieved sales receipts of 56.

53 trillion, with an increase of 153.

98%, mainly due to increased income and discounted bills.

In 18 years, the company’s operating net cash flow inserted 0 alternately.

96%, mainly due to the increase in cash expenditure caused by the increase in original purchases; 19Q1 company cash expenditure was relatively stable, operating cash flow increased by 842.

99% of the cracks in the data are related to the consolidation.

During the market development period, the expense ratio is expected to remain stable, and it is only a matter of time before the profit margin rises.

Gross profit margin is relatively stable.The gross profit margin dropped due to the partial consolidation of alcoholic beverages, and the company’s gross profit margin reached 66 in 18 years.

23% down 1.

23pct (adjusted).

Initially, low-price liquor such as Bofen was affected by the integration of Xinghuacun and personalized products, and the gross profit margin dropped by 9%.

78 points to 50.

72%; medium and high-priced wines benefit from product structure optimization and increase gross profit margin2.

84pct to 75.


1Q1 gross profit margin 71.

94%, a year to raise 0.

99pct, the gross profit margin improvement of high-end products is still gradually promoted.

The sales expense ratio is expected to remain stable.

In general, the company actively promotes the process of nationalization, and market expenses are inevitable. The company’s sales expense ratio has been steadily high for 16 years, and the company’s sales were 17 in 18 years.

34% is slightly lower than that in the past 17 years. In Q1 19, sales expenses were reset by 20.

74%, which is expected to be related to the pace of expense recognition, and the expected sales expenses remain stable.

The company’s management expense ratio has declined steadily, and it was 6 in 18 years.

70% compared to the same period last year2.

34pc, management efficiency is constantly improving.

To sum up, the company’s net profit margin remains stable, and its 18-year net profit margin is 16.

63%, 19Q1 net margin 23.

25%, which are basically the same as the same period of last year, but we expect that the scale effect will continue to expand, the company’s strong brand advantage will once again stand out, and the increase in net profit margin is only a matter of time.

Visible reform, predictable growth.

A series of alternatives, such as joint incentives and group liquor injections, have been continuously implemented in 18 years, and the company’s reform progress has been firmly implemented.

At the same time, the implementation of the company’s sales policy has continued to improve, such as the company’s problem of channeling goods has been further improved, 无锡夜网 the assessment of sales companies has gradually strengthened and the epilogue system has been gradually phased out.

We believe that Shanxi Fenjiu has strong brand strength, strong product strength, and strong sales scale. Famous wine distribution rights are sufficiently attractive to dealers. We can optimistically expect that the company will continue to expand in a large blank market.

Firmly optimistic about the long-term development of Fenjiu.

Earnings forecast and investment advice: We have updated and raised our earnings forecast, and we expect EPS to be 2 in 2019-21.



48 yuan, maintain the “prudent overweight” rating.

Risk reminder: The economic growth in the province affects the market in Fenjiu, the expansion outside the province is not up to expectations, and the expenditure is higher than expected.

Changshu Bank (601128): Advantages of small and micro businesses continue to increase

Changshu Bank (601128): Advantages of small and micro businesses continue to increase

Event On January 10, Changshu Bank released a quick report on 2019 performance, in which operating income increased for ten years.

81%, net profit attributable to mothers increased by 20 per year.


  Brief comment 1, the growth rate of the fourth quarter performance dropped from the operating income of 64 in 2019.

530,000 yuan, an increase of 10 in ten years.

81%; net profit attributable to mother 17.

930,000 yuan, an increase of 20 in ten years.


From a single quarter point of view, 4Q revenue grows by 7 per year.

88%, an increase of 0 over the previous quarter.

81 averages; 4Q net profit increased by 15.

37%, an increase of 10 from the previous quarter.

92 units.

  EPS for 2019 is 0.

69 yuan / share, an increase of 0 over the same period last year.

02 yuan; BVPS is 6.

09 yuan / share, an increase of 0 over the same period last year.

42 yuan; increase the annualized ROE by 11.

71%, compared with the same period last year.

91 averages; ROA is 1.

09%, an increase of 0 earlier.

08 averages.

  Among them, the village bank sector’s profitability continued to exceed that of the parent bank. The ROE of the village bank sector in 2019 was 13.

49%, super full line level 1.

78 averages, ROA is 1.

26%, super full level 0.

17 units.

  2. The non-performing ratio was flat month-on-month, and the provision coverage ratio continued to increase at the end of 2019. Changshu Bank’s non-performing ratio was 0.

96%, an earlier decline of 3bp, which was flat at the end of the third quarter. It has been at the lowest level in rural commercial banks, and it is only higher than Ningbo Bank and Nanjing Bank in the entire listed bank.

Considering that most of Changshu’s bank loan business is operating loans, and business loans generally have higher NPL ratios in retail loans, the low NPL ratio of Changshu Bank also fully reflects the rich experience of Changshu Bank in small and micro loan business and itsOutstanding advantages in risk management and control.

In 2020, we expect Changshu Bank’s NPL ratio to remain at zero.

Between 9% and 1%.

  At the end of the fourth quarter, Changshu Bank’s provision coverage ratio reached 481.

26%, an increase of 36 earlier.

24 digits, far exceeding the 300% regulatory red line.

Net profit data from the fourth quarter can be grounded. With low non-performing and high provisions, Changshu Bank will be able to continue to maintain a high net profit growth rate in the future and maintain the first-ranked ratio in the industry.

  3. The growth rate of deposits and loans significantly exceeded the growth rate of assets and debts. The structure continued to be optimized until the end of 2019. The total assets of Changshu Bank were 1844.

950,000 yuan, an increase of 10 earlier.67%, with a total loan of 1099.

44 trillion, an earlier increase of 18.

48%, a growth rate exceeding the total asset growth rate of 7.

81 per share; the ratio of loans to total assets reached 59.

59%, an increase of 3 earlier.

93 units.

After the conversion of convertible bonds into stocks, the capital adequacy ratio of Changshu Bank increased rapidly. In the last 4 quarters, the loan growth rate increased significantly from the earlier 3Q.Continue to significantly increase loan issuance, especially small and micro loan business with unique advantages.

  Total debt in 2019 was 1668.

4 billion, a growth rate of 8.


The total deposit is 1347.

02 trillion, a growth rate of 19.

10%, the growth rate exceeds the growth rate of total assets by 10.

17 accumulations; strong deposit growth has brought a large amount of compensation debts, and has been able to hedge to a certain extent the spread loss caused by the decline in interest rates in 2020.

  4. The proportion of advantageous businesses continued to increase In the fourth quarter, Changshu Bank continued to expand its small and micro loan business with significant advantages.

In 19Q4, the ratio of personal loans to total loans was 53.

79%, an increase of 2 from last year.

77 first-level, personal business loans accounted for 34 of total loans.

62%, an increase of 1 from last year.

83 units.

By stabilizing the advantages of small and micro loan business, Changshu Bank’s net interest margin and interest-earning asset yield continue to lead other rural commercial banks, while 杭州桑拿网 maintaining high-quality asset quality, and reducing marginal costs through scale effects to further increase net interest margin.

  5. Investment suggestions Changshu Bank has always been an absolute leader in rural commercial banks’ profitability and risk control levels. High growth, high net interest margin, and low non-performing ratio have made Changshu Bank significantly ahead of its peers in fundamental indicators. WeIt is believed that the advantages of Changshu Bank can be further consolidated and strengthened.

  First, the fundamentals are the strongest in the industry. The growth rate, profitability, and asset quality are among the highest in the industry. Second, the future development will focus on small and micro loans, and continue to open branches and outlets in different branches.Sinking customer groups, 杭州夜网论坛 while taking advantage of the first new type of license to set up outside the province, and acquiring village and town banks with high ROE, there is a lot of room for development. Third, currently it is still underestimated. Changshu Bank has mature and replicable small and micro models, Small market capitalization premium, and small and medium-sized banks’ targeted policy dividends should deserve higher PB estimates.

  Changshu Bank continued to increase its advantages in small and micro businesses in the fourth quarter, and the core tier 1 capital that overlapped after the conversion of convertible bonds gave effective support to scale expansion.

At the same time, Changshu Bank is significantly ahead of comparable peers in overall fundamental indicators, with multiple indicators remaining at the forefront of listed banks.

It is unique in retail loans, especially in operating loan business. It maintains the highest retail loan returns of listed banks while continuously reducing the already low NPL ratio, highlighting its operation and risk control capabilities.

Continuously recommended.

We forecast a 10-year increase in operating income in 202013.

14%, net profit grows by 20 per year.

45%, EPS and BVPS are expected to be 0 respectively.

79 and 6.

74, PE and PB are 11 respectively.

14 and 1.

30, maintain Buy rating, 6-month target price of 12 yuan, corresponding to 1.

78 times PB.

Fed chairman says patience with tightening monetary policy

Fed chairman says patience with tightening monetary policy
Xinhua News Agency, Washington, January 4th (Reporter Yang Chenglin Gao Pan) US Federal Reserve Chairman Powell said on the 4th that the Fed will closely monitor the trend of the US economy and changes in financial markets, and remain patient for tightening monetary policy.  Powell said at the meeting of the American Economic Association in Atlanta that day that the overall performance of the US economy was better in 2018. Macroeconomic data showed that the job market continued to perform strongly and gradually stabilized at the level. It is expected that the US economic growth momentum will continue into 2019.However, he also pointed out that the Fed also noticed that the financial market has reduced the downside risks to the economy.  Powell said that the Fed does not have a pre-set policy path and has passed the current short-term level of stability in the United States. The Fed will continue to observe the trend of the US economy and remain patient in changing its tightening monetary policy.He also said that the Fed is ready to adjust monetary policy if necessary, including the process of adjusting the balance sheet to achieve its dual goals of price stability and full employment.  According to recent media reports that the US president is gradually intending to ask Powell to resign, Powell responded that if requested, he will not resign, highlighting the Fed’s 北京桑拿洗浴保健 long-standing tradition of maintaining independence.  After Powell’s comments, the three major stock indexes in the New York stock market have grown sharply after many days of declines.Analysts believe that Powell’s remarks suggest that the Fed will be patient with subsequent rate hikes.J.P. Morgan Chief U.S. Economist Michael Ferroli said Powell’s speech suggested that the Fed’s rate hike in 2019 will be more gentle.  The Federal Reserve announced in December last year that it would raise the federal funds rate target range by 25 basis points to two.25% to 2.At the same time, it is expected to raise interest rates 2 times in 2019 and 3 times in the budget forecast. Original Title: Fed Chairman Says Patience for Tightening Monetary Policy

China Merchants Bank (600036): Chenghe protects the king’s power from a new level

China Merchants Bank (600036): Chenghe protects the king’s power from a new level

Core Views China Merchants Bank’s retail development strategy is an important way to form its competitive advantage, and its strategic capabilities constitute core competitiveness and are sustainable.

In 2004, China Merchants Bank first determined the retail development strategy, expanded the first-mover advantage of the retail business, and transformed its execution power to continuously accumulate its first-mover advantage, eventually forming a wider moat.

CMB’s retail strategy is highly forward-looking, and it always adheres to the fundamentals of retail strategy.

The three transition themes of China Merchants Bank in 2004, 2010, and 2014 were “Keeping the business straight”, and did not sway in high-yield, fast-recruiting interbank and off-balance-sheet businesses, and adjusted specific retail tactics in a timely manner according to different era backgrounds.Doing the right thing has brought outstanding performance to China Merchants Bank.

The moat of China Merchants Bank comes from opposition, assets and capital.

In terms of debt, high-viscous demand deposits contributed significantly 杭州龙凤夜网 less than the cost of losses to peers, which is also the fundamental reason why their net interest margin aggravates peers.

Its asset end adheres to a sound business philosophy, continuously invests in non-standard assets with high returns and high risks, and at the same time tilts retail loans with higher yields. Accordingly, the yield of China Merchants Bank is not much different from that of its peers, but retail loans have contributed better.Asset quality.

Due to the excessive consumption of capital in the retail and non-interest-bearing businesses, China Merchants Bank’s lightweight conversion effect is significant, and its capital adequacy ratio is relatively high. RoRWA far exceeds its peers.

Fintech is expected to break through the ceiling of the core development elements of retail business, “capability of customer acquisition” and “customer stickiness.”

Fintech has resolved the restrictions on outlets for banks, opened digital services, established user portraits, and cooperated with third-party platforms to achieve comprehensive, multi-scenario services to promote new possibilities for user experience.

When the user’s portrait reconstruction is completed, cross-platform cooperation can improve the bank’s ability to reach customers from multiple perspectives and increase banking service scenarios.

When service friction is distorted and user experience improves, bank customer stickiness will further increase.

In 2018, China Merchants Bank’s “Fintech Bank” made significant progress. China Merchants Bank is on the right path, and its core competitiveness has continued to strengthen.

Financial Forecast and Investment Suggestions We use DDM to estimate China Merchants Bank and get a target price of 38.

31 yuan, 2019-2021 earnings per share forecast 3.

61, 4.

14, 4.

53 yuan, BVPS predictor 22.

76, 25.

85, 29.

19 yuan.

The target price corresponds to 1 for 2019 PB.

68 times, corresponding to 10 PE in 2019.

61 times.

The first coverage was given an “overweight” rating.

Risks suggest that competition in the industry is intensifying, fintech results are not as good as expected, downward pressure on the economy is increasing, and interest rates are gradually reduced.

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.