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Jiuyang Co., Ltd. (002242): Soymilk machine share price increased sharply in mid-term dividends, showing confidence

Jiuyang Co., Ltd. (002242): Soymilk machine share price increased sharply in mid-term dividends, showing confidence

Jiuyang Co., Ltd. released its semi-annual report for 19 years. In 19H1, revenue and net profit attributable to mothers increased by 15% and 10%.

The company achieved operating income of 41 in 19H1.

87 ppm, an increase of 15 in ten years.

04%, achieving net profit attributable to mother 4.

0.6 million yuan, an increase of 9 in ten years.

72%; of which 19Q2 achieved operating income of 23.

88 ppm, an increase of 15 in ten years.

30%, net profit attributable to mother 2.

43 ppm, a ten-year increase of 8.

94%.

The company paid 5 yuan for every 10 shares in the half year of 19, a total of 3 yuan.

8.4 billion, cash dividends accounted for 94% of net profit attributable to mothers in 19H1.

5%.

The performance of each product line is excellent, the recovery of food processing machines has increased, and the average price of soybean milk machines has increased significantly.

In terms of products, the food processor series achieved revenue of 18.

00 ppm, an increase of 16 in ten years.

57%, nutrition pot series 14.

35 ppm, an increase of 18 years.

90%, Western-style small household appliances series 5.

31 ppm, an increase of 16 in ten years.

54% of the induction cooker series achieved revenue 2.

8.3 billion, down 11 a year.

7%.

In addition, the company’s export sales developed rapidly, and in 19H1 it achieved export sales3.

2.1 billion with a revenue share of 7.

7%.

In the first half of the year, the company’s food processing machine series revenue increased by more than 15% and realized restorative growth. The company released the K-series soymilk washing machine in the first half of the year to solve consumer pain points and reverse the poor growth rate of soymilk machines in the past few yearsIn the situation, according to the data of Zhongyikang, Jiuyang Soymilk increased by 10pct to 79% in the first half of 2019, and the distribution increased significantly.

In terms of different channels, the company’s online channels have become the company’s main sales channels. According to this, the company’s online channels are growing faster than offline channels.

In the first half of the year, the company opened a new direct-operated store “Joyungung Jiuyang Official Flagship Store” on Tmall platform to shorten the distance between the company and users, and to connect, communicate, guide and interact with offline brand stores to achieve O2O integration and development.

New retail channels are gradually being deployed, value ascent continues to advance, and average price increases are evident.

The company constantly improves and optimizes its sales network, actively explores new retail business, and has opened various new stores such as “Jiuyang House” stores, brand flagship stores, brand experience stores, brand specialty stores and other stores to strive for value.

According to the data of Yikang in 18H1, the average price of soybean milk maker, mixer and rice cooker increased by 15%, 11%, and 10%, respectively.

02pct to 34.

14%.

In terms of profit, short-term companies continue to invest resources in channel 无锡夜网 layout, brand promotion, product research and development. The growth rate of the company’s profit side is lower than that of the income side, but the rapid growth of the company’s income side is gradually verifying that the company’s “products” and “channels” are improving.

Profit forecast and investment advice.

In the long run, we continue to be optimistic about the growth and scalability of the small home appliance industry, and we are optimistic about the company’s brand transformation from soymilk machines to quality small home appliances.

The company develops SharkNinja’s business in China and develops in multiple categories. We estimate that the company’s net profit attributable to mothers will increase by 11%, 13%, 13%, and EPS will be 1 in 2019-21.10, 1.

24, 1.

40 yuan, the current closing price corresponds 淡水桑拿网 to 19 times PE in 19 years, referring to comparable companies, giving companies 20-25 times PE in 19 years, corresponding to a reasonable value range of 22-27.

5 yuan, given the “preliminary market” rating.

risk warning.

The price of raw materials fluctuated, and downstream competition was fierce.

Yanghe Co. (002304): Successfully closed in 18 years and steadily progressed in 19 years

Yanghe Co. (002304): Successfully closed in 18 years and steadily progressed in 19 years

Event: The company released an annual report of its 18 annual results today, and realized revenue of 241 in 18 years.

22 ppm, an increase of 21 in ten years.

1%, net profit attributable to mother 81.

500,000 yuan, an increase of 22 in ten years.

3%.

Of which 18Q4 income 31.

56 ppm, a 10-year increase3.

8%, net profit attributable to mother 10.

66 ppm, an increase of ten years.

96%.

Basically in line with our expectations.

Comments: 1, 18Q4 revenue performance increased by 3.

8%, 2%, 18.
4 Revenue performance increased by 3.

8% / 2%, the average growth rate increased sequentially, mainly because the company completed its tasks in October, in order to promote more benign channel inventory and further improve channel profit, Q4 took the initiative to stop stocks and inventory, waiting for 19 young to enter the battle.

Grassroots research understands that the company’s inventory digestion is good in the fourth quarter. During the Spring Festival of 19 years, the growth rate in the province improved after the base growth, and the growth rate outside the province maintained a high growth rate. The overall Spring Festival sales maintained a steady and positive growth.

2. The product structure continues to upgrade. Dream Blue continues to maintain a high growth rate in terms of products. Dream Blue continues to maintain a high growth rate, increasing by more than 50% in 18 years, and it is expected to account for 27% -28% of total revenue; HaitianThe growth rate is relatively slow, and the growth rate in 18 years was in the small double digits.

According to grassroots analysis and feedback, during the Spring Festival of 19 years, the growth rate of Dream Blue was more than 30%, of which Dream 6 and Dream 9 increased faster, Dream 3 was relatively stable, and the product structure was significantly upgraded.

In 19 years, the company will continue to focus on making the dream series. In addition to continuously improving the quality of the wine, the company will continue to expand the marketing efforts of high-end products and continuously improve the brand height.

In addition, in order to better optimize the product structure and 厦门夜网 high-end card position, the company will launch a new line of wine this year. The current trademark has been registered, and the price is expected to be between Dream 6 and Dream 9, replacing the blank price band of Dream 6 and Dream 9.

3. In terms of regions, the growth rate in the province has improved, and the rapid growth outside the province has continued to grow. 1) The company’s growth rate has improved in the province. The main reasons are: 1) the province has a large base;Some liquor companies have expanded their layout and given channels more profit margins.

In view of the above, the company has mapped out the inventory situation in the province’s market this year, and adopted corresponding countermeasures according to the different conditions in various regions. We are optimistic about the company’s strong internal management and adjustment capabilities and wait for the province’s growth to improve;With rapid growth, the income ratio in 18 years has exceeded 50%.

In the past 18 years, Henan / Shandong / Anhui / Zhejiang / Hebei, the major markets outside the province, have performed well, and still have the potential for continuous growth. The product structure has been continuously optimized, and the proportion of dream series has gradually increased.

We believe that as a sub-high-end national brand, the company’s core market outside the province is stable, and some new markets are gradually entering the harvest period, which is expected to continue to maintain rapid growth.

4. Ten-year outlook, 18 years of successful closure, 19 years of steady progress, and looking forward to 19 years, the company will adhere to the development goals of steady progress and maintain steady growth.

In terms of expenses, the company will increase in 19 years, but the expense rate will remain relatively stable. There will be adjustments in the structure and area of the expense release. One is to spend more expenses to the terminal, and the other is toThe growing market is growing.

We believe that the continuous upgrade of the product structure of the conversion company, the expense ratio remains relatively stable, and the profit growth rate is expected to be faster than the revenue growth rate.

5. Investment proposal: Adjust EPS 5 for 18-19 years.

38, 5.

96 yuan, maintaining the “strongly recommended-A” rating company successfully closed in 18 years, looking forward to 19 years, the company is still a company with industry-leading capabilities, benefit from the continuous upgrading of product structure, the rapid growth of markets outside the province, we believe that the companyDouble-digit growth is still expected.

Taking into account the intensified competition in the province, the EPS of 18-19 was slightly adjusted to 5.

38 and 5.

96 yuan, giving 20 times PE in 19 years, adjusting the target price for the year 119 yuan, maintaining the “strong recommendation -A” grade.

Risk reminder: demand falls, competition within the province intensifies, and development outside the province is less than expected.

Tongkun (601233): Significant integration advantages continue to improve

Tongkun (601233): Significant integration advantages continue to improve

The company released three quarterly reports, the first three quarters of profit substitution.

1%.

The company’s revenue in the first three quarters increased by 20 per year.

66% to 372.

4 billion US dollars, the first three quarters attributable to mother net profit replacement.

10% to 24.

5.1 billion yuan, achieving net cash flow from operations57.

160,000 yuan, a significant increase of 166 every year.

41%.

3Q single quarter revenue 126.

07 million yuan, 2Q2Q2.

69%, an increase of 3 a year.

43%; 3Q returns to mother’s net profit 10.

6 billion, up 21 from 2Q.

98%, with a ten-year average of 7.

19%.

The price of raw materials fell, and the price of filament increased.

On January 9, 2019, the company’s main products POY / FDY / DTY excluding tax prices were 7306/7779/8893 yuan / ton, respectively, subject to change -13.

74% /-13.

05% /-10.

91%, the company’s filament sales from January to September is about 420 inches, an increase of 28 a year.

89%, the price difference of POY products from January to September is every ten years.

87%.

Into the third quarter, the POY price was broken down 3 in the third quarter.

37%, the price of raw materials PTA / MEG is -10.

20% / + 3.

21%, Q3 company’s filament sales fell 8 month-on-month.

93%, the production and sales rate decreased 北京夜网 compared with the second quarter, the company’s inventory has improved.

New projects were actively promoted, and the company’s medium- and long-term performance growth was guaranteed.

In the future, the new capacity of the polyester filament industry will be mainly released by leading companies, and the company’s remaining filament projects are being actively promoted. The optimization of the industry’s competitive landscape will help maintain the product price gap.

The company’s participation in the Zhejiang Petrochemical Project can continue to develop the upstream industrial chain, which is conducive to ensuring the stability of the supply of raw materials. After the refining and petrochemical project is put into operation, it will continue to contribute to investment income, and the company’s performance is expected to reach another level.

Profit forecast: We expect the company’s revenue to be 45.6 billion, 49.8 billion, and 52.9 billion in 2019-2021, and the net profit attributable to the mother will be 27.

5.1 billion, 34.

9.7 billion, 39.

4.6 billion yuan, corresponding to an EPS of 1.

51 yuan, 1.

92 yuan, 2.

17 yuan, corresponding to the current PE8.5 times, 6 times.

7X, 5.

9X.

As the company is a leading polyester filament company and has a well-established industrial chain layout with overlapping integration advantages, we believe that with the company’s new production capacity gradually landing, the industry concentration will further increase.”Into” level.

Risk reminder: the company’s new capacity launch progress exceeds expected risks; risks of trade policy changes, etc.

Bank of Hangzhou (600926): The retail advantage continues to strengthen and urgently needs to supplement the core level

Bank of Hangzhou (600926): The retail advantage continues to strengthen and urgently needs to supplement the core level

Event On April 25, Hangzhou Bank announced the 2018 annual report and the 2019 first quarter report.

In 2018 and the first quarter of 2019, the operating income increased by 20 respectively.

77%, 26.

64%; realizing a ten-year increase in net profit attributable to mothers.

94%, 19.

25%.

Brief comment 1. The growth rate of the first quarter of 1919 accelerated faster than the previous quarter, and gradually the profitability tried to stabilize and rebound. In 2018, the company achieved 170 operating income.

54 ppm, an increase of 20 in ten years.

77%; realized net profit attributable to mother 54.

12 ppm, an increase of 19 in ten years.

53%, both in terms of revenue growth and profit growth, 17 years earlier.

In a single quarter, 18Q4 revenue increased by 10.

64%, a decrease of 11 from the third quarter of the previous quarter.

62 averages; 18Q4 net profit attributable to mothers increases by 13 each year.

11%, down 9 from the third quarter of the previous quarter.

76 units.

In the first quarter of 2019, the company achieved operating income of 52.

0.94 million yuan, an increase of 26 in ten years.

64%, achieving net profit attributable to mother 18.

15 ppm, an increase of 19 in ten years.

25%.

The growth of performance has obviously rebounded from the previous year.

Profitability declined slightly in 18 years and is expected to stabilize and recover in 19 years.

In 18 years, the expected average ROE was 11.

01%, a decrease of 0 from the previous year.

33 averages, but the annualized increase in the first quarter of 19 has an average ROE of 14.

92%, an increase of 0 over the same period in 18 years.

The average of 68 is expected to stabilize and recover.

In 2018, the first quarter of 19 achieved EPS 0.

95 yuan and 0.

35 yuan, an increase of 6 each year.

74% and 16.

67%; BVPS at the end of 18 and the first quarter of 19 were 9 respectively.

20 yuan and 9.

66 yuan, an increase of 12 over the end of the previous year.

75% and 5.

00%.

2. Net interest income for 18 years increased by 14 each year.06%, but the growth rate in the first quarter has declined for 18 years, achieving net interest income of 139.

92 ppm, a ten-year increase of 14.

06%, of which interest rate income increased by 16 in ten years.

71%, interest expenses increase by 18 per year.

42%.

In 18 years, the NIM was 1.

71%, an increase of 6 units over the previous year, with a net interest margin of 1.

66%, 5 BP from the previous year.

Among them, the comprehensive yield of interest-earning assets increased by 24 BP from the previous year, mainly due to the increase in yields of loans and bond investments by 39 and 30 BP, respectively, but the yield on interbank assets decreased by 44 BP;In the previous year, it increased by 19 BP, mainly because the cost of deposits and bonds payable increased by 30 and 64 BP, respectively. Only the industry’s rejection cost decreased by 2 BP.

In the first quarter of 19, net interest income was 37.

00 ppm, an increase of 5 per year.

60%, an increase compared to the previous year, is expected to be mainly due to a narrower quarter of NIM.

3. The growth rate of non-interest income is accelerating. It is expected that the growth rate of income in the middle of 19 years will achieve 18 years of positive growth and 30% of non-interest income.

62 ppm, an increase of 65 in ten years.

13%, accounting for 17% of total revenue.

95%, an increase of 4.
.

82 units.

But growth mainly increased other non-interest income.

Event On April 25, Hangzhou Bank announced the 2018 annual report and the 2019 first quarter report.

In 2018 and the first quarter of 2019, the operating income increased by 20 respectively.

77%, 26.

64%; realizing a ten-year increase in net profit attributable to mothers.

94%, 19.

25%.

Brief comment 1. The growth rate of the first quarter of 1919 accelerated faster than the previous quarter, and gradually the profitability tried to stabilize and rebound. In 2018, the company achieved 170 operating income.

54 ppm, an increase of 20 in ten years.

77%; realized net profit attributable to mother 54.

12 ppm, an increase of 19 in ten years.

53%, both in terms of revenue growth and profit growth, 17 years earlier.

In a single quarter, 18Q4 revenue increased by 10.

64%, a decrease of 11 from the third quarter of the previous quarter.

62 averages; 18Q4 net profit attributable to mothers increases by 13 each year.

11%, down 9 from the third quarter of the previous quarter.

76 units.

In the first quarter of 2019, the company achieved operating income of 52.

0.94 million yuan, an increase of 26 in ten years.

64%, achieving net profit attributable to mother 18.

15 ppm, an increase of 19 in ten years.

25%.
The growth of performance has obviously rebounded from the previous year.
Profitability declined slightly in 18 years and is expected to stabilize and recover in 19 years.

In 18 years, the expected average ROE was 11.

01%, a decrease of 0 from the previous year.

33 averages, but the annualized increase in the first quarter of 19 has an average ROE of 14.

92%, an increase of 0 over the same period in 18 years.

The average of 68 is expected to stabilize and recover.

In 2018, the first quarter of 19 achieved EPS 0.

95 yuan and 0.

35 yuan, an increase of 6 each year.

74% and 16.

67%; BVPS at the end of 18 and the first quarter of 19 were 9 respectively.

20 yuan and 9.

66 yuan, an increase of 12 over the end of the previous year.

75% and 5.

00%.

2. Net interest income for 18 years increased by 14 each year.

06%, but the growth rate in the first quarter has declined for 18 years, achieving a net interest rate of 139.

92 ppm, a ten-year increase of 14.

06%, of which interest rate income increased by 16 in ten years.

71%, interest expenses increase by 18 per year.

42%.

In 18 years, the NIM was 1.

71%, an increase of 6 units over the previous year, with a net interest margin of 1.

66%, 5 BP from the previous year.

Among them, the comprehensive yield of interest-earning assets increased by 24 BP from the previous year, mainly due to the increase in yields of loans and bond investments by 39 and 30 BP, respectively, but the yield on interbank assets decreased by 44 BP;In the previous year, it increased by 19 BP, mainly because the cost of deposits and bonds payable increased by 30 and 64 BP, respectively. Only the industry’s rejection cost decreased by 2 BP.

In the first quarter of 19, net interest income was 37.

00 ppm, an increase of 5 per year.

60%, an increase compared to the previous year, is expected to be mainly due to a narrower quarter of NIM.

3. The growth rate of non-interest income is accelerating. It is expected that the growth rate of income in the middle of 19 years will achieve 18 years of positive growth and 30% of non-interest income.

62 ppm, an increase of 65 in ten years.

13%, accounting for 北京夜生活网 17% of total revenue.

95%, an increase of 4.
.

82 units.

But growth mainly increased other non-interest income.

18 years to achieve intermediate business income.

8.3 billion, a decrease of 3 per year.

99 million yuan, a decrease of 26.

83%, accounting for 6 of total revenue.
94%, a decrease of 4 from the previous year.

51 units.
Among them, the commission for custody and other fiduciary business exceeds 3.

62 trillion, a decrease of 50.

90% is the main source of the decline in middle income. At the same time, bond underwriting, financing advisory and bank card business also declined13.

75%, 20.

58% and 39.

73%, only agency business, settlement settlement business and guarantee commitment business increased by 23 respectively.

63%, 23.

42% and 36.

96%.

Other non-interest income amounted to 18.

79 trillion, an increase of 691 in ten years.

62%.

Among them, investment income increases by 17 each year.

29 trillion, an increase of 209.

55%; gains and losses from changes in fair value increase by 75 per year.

220,000 yuan, exchange loss gains and losses fell by 76.

2.3 billion.

In the first quarter of 19, the growth rate of non-interest income further accelerated.

In the first quarter, non-interest income was 15%.

94 ‰, an increase of 9 per year.

180,000 yuan, a growth rate of 135.

67%, of which intermediate business income increases by 0 every year.

210,000 yuan, an increase of 7.

37%, other non-interest income increases by 8 every year.

97 ppm, an increase of 229.

twenty four%.

It is expected that annual intermediate business income will achieve positive growth.

4. The asset quality continued to improve, and the potential badness was severely reduced.

The non-performing rate continued to decrease from the previous month.

At the end of 18, the balance of non-performing loans was 50.

850,000 yuan, an increase of 12 over the beginning of the year.

51%; Non-performing loan financing1.

45%, an earlier decrease of 14 BP.

In the first quarter of 19, the non-performing ratio further decreased by 5 BP to 1.

40%.

The proportion of attention-oriented loans decreased significantly by 126 BP.

At the end of 18, the outstanding loan balance44.

19 trillion, a significant drop of 45 compared to the earlier period.
39%, accounting for 1.

26%, down 1 from the beginning of the year.
59 uniforms.

At the end of the first quarter of 19, the proportion of attention categories was 1.

07%, continued to drop 9 BP compared to the end of last year.

The proportion of loans overdue for more than 90 days fell by 83 BP in the initial period.

At the end of 18 years, loans overdue for more than 90 days 3.
.

77 trillion, down 30 a year.

20%, accounting for 1 of total loans.

07%, 83 blood pressure drops compared with the beginning of the year, 61 blood pressure drops compared with the end of the second quarter.

At the end of the year, the “scissors gap” between loans overdue for more than 90 days and non-performing loans was 74.

07%, down 45% from the beginning of the year.

33 units.

The provision for provisioning has been significantly increased.

At the end of 18 years, provisions covered 256 implants.

00%, an increase of 44 over the beginning of the year.

97 units; loan-to-loan ratio is 3.

71%, an increase of 0 from the beginning of the year.

35 units.

In the first quarter of 19, provision coverage continued to rise8.

50 up to 264.

50%, while the loan-to-loan ratio remains unchanged.

5. The retail transformation effect is remarkable. The retail non-performing rate has dropped sharply for 18 years, and the company’s total assets have reached 9,210.

56 trillion, an increase of 10 earlier.

57%.

Among them, the loan budget is 3504.

780,000 yuan, an increase of 23 from the beginning of the year.

48%.

The retail transformation effect is remarkable.

The performance was as follows: (1) On the asset side, the proportion of retail loans continued to rise.

At the end of 18, the retail loan balance was 1,277.

460,000 yuan, an increase of 36 in ten years.

35%, 12 higher than the total loan.

87 units.

The proportion of retail loans also reached 36.

45%, up 3 earlier.

44 averages, up 2 from the end of the third quarter.

The 21 averages are at the highest level among city commercial banks.

(2) On the debt side, retail deposits have grown significantly.
At the end of 18, retail deposits reached 988.

50 ppm, an increase of 34 in ten years.

04%, which is 15 higher than the total deposit.
29 digits, accounting for 18.

55%, which is higher than 2 earlier.

12 units.

(3) In terms of risk control, the decline in the NPL ratio of retail loans is the source of the decline in the overall NPL ratio.

At the end of 18 years, non-performing retail loans replaced zero.

77%, an earlier decline of 1.

The 02 averages continued to fall by 27 BPs compared to the end of the second quarter, while the NPL ratio increased by 35 BPs from the beginning.

(4) In terms of business development, the company focused on the two customer groups of “household customers” and “paid customers”, focusing on the development of personal housing mortgage and credit loans, and achieved leapfrog development.

At the end of 18, the company’s retail financial line loan balance was 850.

44 trillion, an increase of 34.

11%, of which, “rooster loan” (online credit loan products) loan balance 274.

19 trillion, an increase of 98.

03%; mortgage loan balance 560.

830,000 yuan, an increase of 33.

71%.

The defect rate of both parts is only 0.

09%, down 4 BP from the end of last year.

6. Capital adequacy continued to decline, and it was urgently necessary to replenish core tier 1 capital. At the end of 18 years, the core tier 1 capital adequacy ratio, tier 1 capital adequacy ratio, and capital adequacy ratio were 8, respectively.

17%, 9.

91% and 13.

15%, down by 0 compared with the beginning of the year.

52, 0.

85 and 1.

15 units.

At the end of the first quarter of 19, the three capital adequacy ratio indicators continued to fall by 12, 24, and 37 BP to 8, respectively.

05%, 9.

67% and 12.

78%.

The core tier one capital adequacy ratio is 7.

The 5% red line has a difference of only 55 BP and urgently needs to replenish capital.

It is expected that the probability of the refinancing plan for the private placement will be converged this year.

7. Investment suggestion We are optimistic about the investment opportunities of Hangzhou Bank from both short-term and medium-term perspectives.

Judging from the results of the 2018 annual report and the first quarter of 2019: First, the company’s deposits and loans have grown rapidly, especially the retail deposits and loans have grown at about 35%; Second, the interest rate spread has further rebounded.The main driving force for performance growth is expected to continue to improve in the future. Third, asset quality continues to improve, with loan growth overdue for more than 90 days declining, while all bad replacements, and the proportion of attention-oriented loans falling by nearly 1.

3 units; Fourth, the company’s performance ushered in an inflection point, and surpassed market expectations, and revenue in 18 years increased by 20.

96%, net profit attributable to mothers increased by 18.

96%, the growth rate of revenue and net profit attributable to mothers in the first quarter of 19 accelerated further.

If it is not due to the accrual of accruals, performance growth may accelerate.
The potential for future badness has not been confirmed.

Fifth, the provisioning strength has increased, and the ability to resist risks has increased.

In addition, Hangzhou Bank ‘s retail business development strategy is clear and consolidated, and due to its good local customer base, it is expected that the advantages of the retail business will continue to strengthen and will eventually be realized on the asset side.
The company’s retail business transformation strategy has been launched, and considerable results have been achieved over the course of a year, with the retail loan ratio further increased to 36.

45%, and the decline in retail non-performing rate is very significant.

In the future, the company will gradually improve its consumer credit business. The retail spread will further increase, and the retail’s contribution to the company’s total revenue and profits will further increase.

We expect the company’s net profit attributable to mothers to increase by 21% and 23% in 2019 and EPS respectively by 1.

28, 1.

57, the corresponding PB is 0.

74, 0.

70, the corresponding PE is 6.

77, 5.

51.

Maintain “Buy” rating and target price of 11 yuan in six months.

Fuyao Glass (600660): The performance is in line with expectations and the industry will return to the rising channel after bottoming out

Fuyao Glass (600660): The performance is in line with expectations and the industry will return to the rising channel after bottoming out
Event Overview The company released its semi-annual report for 2019, achieving revenue of 102H1 in 2019H1.870,000 yuan, an annual increase of 2.0%; net profit attributable to mother 15.06 billion US dollars, with a ten-year average of 19.4%; net profit after deduction to mother 13.40 ‰, 26 years ago.8%.By quarter, 2019Q2 achieved revenue of 53.54 ppm, an increase of 0 per year.3%; net profit attributable to mother 9.00 ppm, 31-year average.1%; net profit after deduction to mother 8.24 ‰, 33 years before.3%. Analysis and judgment: The improvement of US factory operations + SAM consolidation, hedging domestic revenue reduction. In 2019H1, the company’s revenue will only increase by 2 in two years.0%, considering 19 US factory revenue.11 trillion, an increase of 13 in ten years.7%, the performance is better, and SAM consolidated from March, we estimate that the domestic revenue in the first half of the year decreased by about 9%.In terms of quarters, 2019Q1 / Q2 revenues increased by 3 year-on-year respectively.9% / 0.3%, and SAM consolidated Q1 / Q2 in 2019 for 1 month / 3 months, in fact the domestic Q2 revenue scale exceeds Q1, which is in line with the performance of the domestic auto market. The decline in gross profit margin led to an increase in expense ratio, and the decline in profitability in the first half of the year. 2019H1 company gross profit margin 37.53%, about 4 in 2018H1.43pct, expected to include: 1) Glass is a heavy asset industry with high operating leverage. 2019H1 domestic revenue will lead to an increase in fixed revenue corresponding to unit revenue, which will affect the change in gross profit margin. 2) SAM has been consolidated since March. Currently,It is in the expected state, causing a drag on gross profit margin; 3) Insufficient demand for steam glass leads to an increase in the proportion of float glass sold.In terms of quarters, 2019Q1 / Q2 gross profit margins were 39.1% / 36.1%, a decrease of 3 from the previous quarter.0ct is expected to be related to SAM consolidation.In terms of expenses, 2019H1 sales expense ratio is 6.73%, a slight increase of 0 a year.06pct, overhead cost rate 9.71%, increasing by 0 every year.49pct, mainly due to the increase in staff budget and financial expense ratio of 0.70%, increasing by 0 every year.64pct, mainly due to the decrease in exchange income, 2019H1 is 0.310,000 yuan, 0 in the same period last year.61 trillion, R & D expense ratio 3.86%, a decline of 0 every year.32pct, mainly because the company strengthened the control of R & D projects, the four expense ratios totaled 21.0%, an annual increase of 0.87 points.The gross profit margin decreased and the supplementary expense ratio increased. The company’s net profit margin in 2019H114.64%, a decline of 3 per year.89 points, the decline in profitability. Increasing the value of supporting bicycles, improving 杭州夜网论坛 the profitability of U.S. factories, and increasing overseas shares, the auto glass business still has potential to tap. Thanks to factors such as the increase in the penetration rate of panoramic sunroofs, the trend of increasing the use area of bicycle glass continues, and at the same time, the penetration of high-end, functional glass has increased, and the value of supporting auto glass will continue to increase.2019H1, net profit 1.48 ppm, a 16-year increase of 16.5%, net interest rate 7.72%, about 0 improvement in 2018.51pct, the US factory operation is gradually improving, but with reference to the company’s overall 2019H114.A 64% net margin also has room for improvement.Fuyao currently has a domestic auto glass market share of more than 60% and a global market share of about 24%. The overseas market needs to be further expanded. The overseas revenue share of H1 companies in 2019 is close to half, and about 41% in 2018 will continue to increase.In summary, we are optimistic that the company will continue to tap the potential of the auto glass business. Acquisition of SAM, extension category + integration, further growth space. In 2019Q1, the company acquired German SAM manufacturer SAM for 58.82 million euros. SAM has the world’s leading technology level. Its main customers include Volkswagen, Porsche, Maserati and other well-known brands.The significance of the acquisition of SAM lies in the expansion of product categories. We estimate that the global automotive aluminum trim market space is about 40 billion, about half of that of auto glass. Major manufacturers such as Minsil and DURA have achieved good profit levels, which is worthy of deep cultivation.Field; Aluminium strips for replacement windows can be packaged and sold after being assembled with steam glass, in accordance with the development trend of integration of automotive parts and replacement.The expectation of “Rebuilding a Fuyao” is worth looking forward to. Investment proposal 2019H1 The extent of the company’s performance has been affected by the deep adjustment of the domestic and foreign auto markets, but we believe that the inflection point for passenger car demand is about to be confirmed. At the same time, we are optimistic that the profit of the US plant will continue to improve.The company will soon return to the uptrend.Taking into account the consolidation of SAM, we maintain the company’s EPS for 2019-21 to 1.38 yuan / 1.60 yuan / 1.The forecast of 76 yuan is unchanged, and currently it can continue to correspond to PE 16.5/14.2/12.9x, maintain “Buy” rating and maintain target price of 26.9 yuan. Risks suggest that domestic passenger car sales are lower than expected; lower-than-expected improvement in US plant profits; and SAM integration progress is gradually expected.

Reluctant wine industry (600702) 2019 first quarterly report review: gross profit increase significantly increased costs

Reluctant wine industry (600702) 2019 first quarterly report review: gross profit increase significantly increased costs
Matters: The company released the 2019 first quarter report, and the company achieved revenue in the first quarter6.9.7 billion, an increase of 34.06%; net profit attributable to mother 1.01 trillion, with the same increase of 21.53%; net profit after deduction is 0.0.99 million yuan, an increase of 22.10%.  Comment: The revenue growth of middle and high-end liquors has accelerated, and the product structure has continued to optimize.Company Q1 achieved revenue 6.9.7 billion, an increase of 34.06%, slightly exceeding market expectations.Liquor realized income 5.9.3 billion, an increase of 35.37%.Taking into account that the caliber of accounting policies in 2019 and 2018 tends to be consistent, the growth rate of wine revenue in 19Q1 is 18Q4 (+28).06%) accelerated.Glass bottles achieve revenue 1.04 trillion, with an increase of 27.04%.In terms of different products, mid- to high-end wines achieved income5.7.7 billion, an increase of 36.01%, MoM 18Q4 (+28.63%) increased by 7.38pcts, the ratio of income to liquor income was 97.33%, 0 per year.45pct; low-grade wine achieves zero income.16 trillion, the same increase of 15.78%.In terms of regions, the province achieved income1 in 19Q1.3.8 billion, an increase of 26.65%; realized income outside the province4.3.6 billion, an increase of 35.08%.The advance payment is 1.500,000 yuan, the same reduction of 2.34 trillion, ring minus 0.9.7 billion.Receipt 8.0.5 billion, with a decrease of 8.56%; operating net cash flow is -0.110,000 yuan, the performance of cash flow indicators is average.  The gross profit margin increased significantly, and expenses increased.The company’s Q1 gross profit margin was 74.76%, the same increase of 5.27 items, mainly: 1) The company focuses on middle and high-end willing series, and the product structure is constantly optimized; 2) Price increases.On March 16, 2018, the company made a unified adjustment of the taste of willing wine channel policy across the country, that is, the original purchase of 5 get 1 free, unified adjustment to buy 6 get 1 free, and the price increase was about 13 yuan per bottle.Settlement of sales expenses 26.09%, the same increase of 2.85 pcts, mainly due to increased competition in the industry, the company increased advertising costs.  Management expenses expense 11.93%, an increase of 1.1pct, mainly due to the amortization and distribution of incentive costs, depreciation costs after the project is converted to solid, and factory repair costs increased; business tax compensation14.21%, same as minus 1.29pct; plasma dialysis 30.16%, the same increase of 13.68pcts, mainly due to the parent company’s profit after making up and supplementing the realized income and reversing the deferred expenditures deductible from the previous year, which can be deducted and decomposed, and the increase in current income due to profit growth.To sum up, the company’s net sales margin is 15.49%, same as minus 1.11 points.  The goal of equity incentives is positive, and the price system will be streamlined after the stock price is stopped.The company implemented fair incentives at the end of last year with a positive goal. If calculated based on the 18-year net profit, the company’s net profit growth rate after returning to the parent company for 19 years after deducting the equity incentive amortization cost was 51.13%, more confidence.Since the beginning of this year, the company has issued a notice to control the goods and a price increase announcement of the channel, announcing that it will control the price of the accompanying taste, and cancel the policy of rations and gifts, further sort out the taste and price system, and implement it from March 23.The new price policy, taste is willing to raise prices by 10%, the company hit a better price increase combination boxing.In addition, the company has a total of 1,638 杭州桑拿 liquor dealers in Q1, 44 new dealers and 36 retired dealers, an increase of 8 from the end of 2018.  Investment suggestion: The company’s proportion of mid-to-high-end products continues to increase, the revenue growth rate is fast, and the product structure is continuously optimized. However, considering the improvement of the second-high-end competition, it is expected that the company’s expense will increase and adjust the EPS to 1 in 2019-2021.22/1.55/1.95 yuan (previous forecast was 1.34/1.64/1.98 yuan), corresponding to PE 25 / 20/16 times, combined with the company’s growth rate expectations and current sector changes, given a 25-year change over 20 years, the target price is 39 yuan, temporarily maintain the “strong push” rating.  Risk warning: macroeconomic downside risks; intensified sub-high-end competition; channel expansion is less than expected.

Yili Co. (600887) Annual Report Commentary Report: Earnings and Profits Exceed Expectations, Top Five, 100 Billion Just Awaiting

Yili Co. (600887) Annual Report Commentary Report: Earnings and Profits Exceed Expectations, Top Five, 100 Billion Just Awaiting

Both revenue and profit exceeded expectations, and long-term bullishness maintains a “recommended” rating: the company achieved revenue of 789 in 2018.

800 million / + 16.

92%, achieving net profit of 64.

400 million / + 7.

31%, sales revenue of key products increased by 34 each year.

3%, new product sales accounted for 14.

8%, an increase of 5 per year.

6pct; Q4 total operating income 182.

2.6 billion / + 16.

93%, net profit attributable to mother 13.

9.2 billion / + 30.

87%, we are optimistic about the company’s brand power, continued to increase its share and gradually expand its international business. The profit forecast is 65% in 2018/2019.

8/74.

0ppm is adjusted to 67/2019 net profit.

1/75.

6ppm, the current sustainable corresponding PE is 24X / 21X, maintaining the “recommended” level.

The gross profit margin rebounded month-on-month, and the sales expense ratio returned to the normal range: the cost of packaging materials fell, and the volume of high-margin products before the holiday increased. The gross profit margin in 2018 was 37.

82% / + 0.

54pct, gross profit margin increased by 2 in the fourth quarter.

54pct; the confirmation of online branding expenses for the Winter Olympics sponsorship expenses has returned to the normal rhythm, Q4 buying efforts and the replacement of the previous quarters, and the sales expense ratio in 2018 was 24.

9% in the fourth quarter were 24 expenses.

36% / + 0.

55 points.

The channel is intensively cultivated, and the market penetration ability continues to increase: the company has channel advantages of “going north-south, radiating east-west” through channel sinking and depth expansion, and has directly controlled nearly 60 village-level outlets in 2018.

80,000, increase by 14 every year.

7pct, the channel penetration ability of the product in the domestic market continues to increase, driving the city’s share to rise steadily.

The market penetration of normal temperature liquid dairy products is 82.

3% / + 2.

2pct.

The market share of retail sales of normal temperature and low temperature liquid milk business was 36.

8%, 16.

6%, increase by 2 respectively.

3pct, 0.

5pct; the retail market share of infant formula is 5.

8%, increase by 0 北京夜网 every year.

6 points.

Entered into large health industries such as plant protein drinks and functional beverages, and a global food giant has taken shape: In addition to continuing to cultivate in the areas of room temperature yogurt, high-end white milk, and dairy products, the company also entered the Indonesian market with “Joy Day” ice cream, and acquired THE CHOMTHANA in Thailand. COMPANY LIMITED continued to enter the large health industries such as plant protein drinks and functional drinks, and accelerated the strategic layout of the health food business.

Compared with Nestlé and Danone’s development path, in the process of integrating global resources and serving the global market, the prototype of global food giants has basically appeared. Risk warning: raw material prices fluctuate, and channel expansion is less than expected

Satellite Petrochemical (002648): The resurgence of the explosion of Taixing Economic Development Zone

Satellite Petrochemical (002648): The resurgence of the explosion of Taixing Economic Development Zone

Event: At about 21:00 on April 3, an explosion occurred in the internal sewage treatment workshop of Jiangsu Zhongdan Chemical Technology Co., Ltd. in Taixing Economic Development Zone. According to preliminary analysis by experts, 杭州桑拿网 Raney nickel spontaneously caused an explosion and deflagration, and the fire was extinguished at 21:25.

There were no casualties at the scene.

The carbon content of the accident park accounts for 25-30% of the country, and the price of acrylic acid will usher in a phased increase: the accident park belongs to the China Fine Chemicals (Taixing) Park, which has a carbonic acid production capacity of 78 tons, of which Jiangsu Miki 30 has only (add 16() The highest productivity was put into production in December 2018), Sube 48 has the most (currently starting 32 inches), accounting for a quarter of the national carbonic acid production capacity.

It is expected that the park will usher in a certain degree of self-inspection and rectification, and the short-term crystal prices will rise.

“Jiangsu Province Chemical Industry Improvement and Improvement Plan (Draft for Solicitation of Comments)” was issued urgently, and the remediation of the park resumed: March 21, in Xiangshui County Ecological Chemical Park (formerly known as Chenjiagang Chemical Concentration) in Yancheng, Jiangsu, Tianjiayi Chemical Co., Ltd.The company exploded.

As of 16:00 on March 25, the explosion had killed 78 people.

On April 1st, Jiangsu Province ‘s Emergency Exit “Jiangsu Chemical Industry Improvement and Improvement Plan (Consultation Draft)”, one of the requirements was to reduce the number of chemical production enterprises along the Yangtze River.In principle, all 34 companies outside the park will withdraw before the end of 2020. The park has no industrial chain connection with the park, and enterprises with major risks for safety and environmental protection will withdraw before the end of 2020.

Fully promoting the renovation and upgrading of chemical parks is likely to promote the supply-side reform of cylindrical industries.

Acrylic and ester flammable and explosive products, concerned about the price logic of sodium bicarbonate: acrylic acid is often replaced as an organic solvent in oil paints and belongs to the third category of flammable liquid dangerous goods.

In 2016, because of frequent explosions in the industry, prices soared, and carbon dioxide production capacity in East China accounted for two-thirds of the country.

On April 4, satellite petrochemicals increased the price of 厦门夜网 acrylic acid in East China (price) by 500 yuan / ton. If the situation in the chemical industry park is revived, the logic of acrylic acid price increase will continue to materialize.

Profit forecast: We expect net profit attributable to mothers in 2019-2021.

69/18.

39/31.

88 ppm, corresponding to PE is 11/9/5 times, respectively, giving an “overweight” rating.

Risk Warning: Crude oil prices fall sharply, long-term price fluctuations, and project construction is less than expected

Juchen (688123) new stock analysis: domestic EEPROM chip leader 5G and multi-camera drive long-term growth

Juchen (688123) new stock analysis: domestic EEPROM chip leader 5G and multi-camera drive long-term growth
Juchen is the leader in domestic EEPROM chips, and the market share of smartphone cameras is the largest in the world.The products have entered mainstream mobile phone manufacturers at home and abroad such as Huawei, Samsung.Driven by factors such as the replacement of smartphone stocks by 5G commercial use, dual- and multi-camera penetration enhancements, and camera module upgrades, smartphone demand for EEPROM will continue to grow.As a leader in domestic market segments, the company’s performance is expected to grow further.In addition, the company has expanded its voice coil motor drive and smart card chip business around EEPROM technology. Juchen shares focus on EEPROM chip design: the company’s main products include EEPROM, voice coil motor driver chip and smart card chip.In terms of EEPROM, the company is the third-ranked global product supplier in 2018, accounting for about 8 worldwide.With a market share of 17%, it ranks first in China.The operating income of 1H companies in 2019 were 2.390,000 yuan, an increase of 6 in ten years.32%, the ratio has improved in previous years, mainly due to the downstream customer switching solution.As of 1H 2019, the company has a total of 64 R & D personnel, accounting for 42 of the total number of employees.38%, R & D expense ratio reached 11.65%. Benefiting from 5G and multi-camera drivers, product demand has steadily increased: EEPROM is a pluggable memory that supports electrical reset, and is mainly used in smart phone cameras, LCD panels, automotive electronics and other fields.Driven by factors such as the replacement of smartphone stocks by 5G commercial use, the increase of multi-camera penetration and the upgrade of camera modules, the demand for EEPROM in smartphones will continue to grow.In addition, the company’s voice coil motor driver chip is an important component of smart phone cameras, and the downstream applications of smart card chips are widely used. With domestically driven alternatives, there are many broad market spaces. Business analysis: The EEPROM business is developing steadily, and the three major product lines are rationally arranged: The company has a high degree of concentration in the EEPROM field and occupies a leading position in the field of mobile phone cameras.At the same time, around the advantages of EEPROM technology, the company horizontally expanded the smart card chip and voice coil motor drive chip business, and continued to expand and promote product upgrades.The company’s revenue has grown steadily, the gross profit performance has transformed the industry level, and its core competitiveness is expected. Fund-raising projects: upgrade, extend product line, improve the company’s competitiveness: the company plans to raise funds.2.7 billion US dollars for the development and industrialization of EEPROM-based plug-in memory chip technology, mixed-signal chip product technology upgrade and industrialization projects, and research and development center construction projects.The fundraising project helps the company to improve the company’s existing product line, improve the company’s product layout in the field of driver chips, and further 成都桑拿网 improve the company’s overall competitiveness and anti-risk capabilities. Estimate analysis: We predict that the net profit attributable to Juchen will be 1 in 19/20/21.02/1.23/1.5.2 billion.  Corresponds to EPS 0 after release.85/1.01/1.26 yuan.Considering the comparable valuation of similar A-share IC design companies and the potential valuation premium of the science and technology board, we believe that a reasonable estimate range is 40-45 times dynamic PE in 19, corresponding to a market value of 40.92-46.40,000 yuan, the target price is 34-38 yuan. Risk reminders: the risk of technological upgrading, the risk of industry demand, the risk of intensified market competition leading to lower market prices, the risk of lowering industry profits, the risk of higher supplier concentration, and the risk of trade 武汉夜生活网 friction.

Great Wall Motor (601633): Cycling Indicators Improved, Lowering Expected Sales Target

Great Wall Motor (601633): Cycling Indicators Improved, Lowering Expected Sales Target
1H19 earnings are forecast to fall 58 year-on-year.6% Great Wall Motor announced the first half of 19th year’s performance forecast: total operating income is about 413.8 ‰, at least -15.0%, net profit attributable to mother is 15.3 trillion, one year -58.6%, net profit after deduction is about 12.4 trillion, -65 a year.4%.Net profit in the second quarter slightly exceeded our Air Force’s 6 million forecast. Points of Attention National Five went to the library without any damage, and the bicycle indicators improved month-on-month.Sales in the second quarter were MOM 26.1%, total operating income is about 187.5 ‰, at least -15.2%, MoM-17.2%, net profit attributable to mother is about 7.6 trillion a year -53.1%, -2.1%, net profit performance outperformed revenue outperformed sales.Bicycle revenue in the second quarter increased by approximately 9,700 yuan, exceeding the level in the third quarter of last year, and bicycle net profit increased by approximately 880 yuan.The average price has increased significantly beyond expectations, and product structure improvement is the core. The sales of H6, F7, and WEY products have respectively increased from the previous month.5ppt, 0.5ppt and 0.3ppt, M6 sales share decreased by 2 MoM.7ppt.Our budget 2Q19 gross profit margin is about 16%, a slight increase from the previous month, and an expense ratio of about 12%, which is a decrease from the previous month. The cost reduction effect of parts procurement may be reflected from the second quarter.In the second quarter of the industry, the industry faced the National Five Clearance, and despite the poor market environment, it still achieved comprehensive improvement in bicycle indicators, reflecting the resilience and operational capabilities of the Great Wall transformation. The initial sales target is generally conservative, and profitability can still improve.The company lowered its maximum sales target to 1.07 million units, corresponding to 57 in the second half.60,000 vehicles are basically the same. Based on the expectation of gradual recovery of industry sales and the outstanding performance of the F series and Euler in the first half of the year, we believe that the sales target is relatively conservative.For the company, the improvement of profitability under the guarantee of the sales target may become the core, and a reasonable sales target is conducive to the gradual recovery of discounts.The sales target for 2019 is an increase of 1 from 2018.70,000 units. In the first half of the year, the F-series, Euler and M6 contributed an increase of 8 respectively.60,000 vehicles, 2.70,000, 2.30,000 vehicles, we expect the F series and Euler will continue to contribute 杭州夜生活网 the main increase in the second half, pickup truck sales have increased, M6 contribution will decline.Looking at the chain, the company has room for improvement in both price and volume. According to our current profit forecast, net profit for 2019 is 4.2 billion yuan, corresponding to a net profit of about 4,600 yuan in the second half of the year, an increase of 1,500 yuan over the first half. It is estimated and recommended that the profit forecasts for 2019 and 2020 remain unchanged. The Great Wall A / H neutral rating is maintained. Based on the company’s strong operating capability and the A-share sector estimate is moved upward, the Great Wall A target price is increased by 10.8% to 9.2 yuan (20 times P / E in 2019), maintaining Great Wall H target price of 6.2 Hong Kong dollars (12 times P / E in 2019), which has 11% and 9% upside compared with the current one. Risks New car sales were lower than expected, and discount recovery was lower than expected.