Aerospace Appliances (002025) Interim Review: Revenue Expansion, Civil Product Growth, Product Structure Changes and Material Growth Due to Gross Margin Adjustment

Aerospace Appliances (002025) Interim Review: Revenue Expansion, Civil Product Growth, Product Structure Changes and Material Growth Due to Gross Margin Adjustment
Event: On August 19, 2019, Aerospace Appliances released its 2019 Interim Report and achieved operating income of 16.190,000 yuan, an increase of 38 in ten years.56%; net profit attributable to parent company1.8.7 billion yuan (+19 per year).17%); Realize net profit after deduction of non-return to mother 1.74 trillion, an increase of 18 in ten years.17%; realized basic profit income of 0.44 yuan / share, an increase of 18 in ten years.92%. Opinion: The high growth of electrical connectors and relays led the company to achieve high-level revenue growth in the first half of the year.The company achieved revenue of 16 in the first half of 2019.1.9 billion, an increase of 38 in ten years.56%. In terms of products, the sales of connectors and relays increased rapidly, achieving 9 respectively.9.4 billion, 1.3.6 billion in revenue, an increase of 58 each year.05%, 36.65%; the motor business is developing steadily, realizing revenue4.3.1 billion, an increase of 14 over the same period last year.61%; optical devices are still in the development stage, and revenue is zero.4 billion, downgraded by 8 from the same period last year.62%. The company’s main sector revenues achieved high growth. Preliminary: First, the company expanded marketing, product promotion, capacity enhancement efforts, the main business sector scheduling, and achieved rapid growth in operating income; the second is the division of Guangdong Huaying Electronics Co., Ltd. since March 2019Aerospace Appliance’s scope of consolidated financial statements. Suzhou Huajing has achieved an average increase in revenue and profits. We believe that the reason or the rapid growth of orders for civilian products.By segment, the parent company achieved 7.8.7 billion in revenue, an increase of 35.04%; Suzhou Huajing achieved revenue in the first half of the year 5.3.9 billion (+73 y / y).3%) and net profit of 3996.10,000 (+36 compared with the same period last year).73%).Guilin Linquan achieved income 4.32 billion (year-on-year).59%), with a net profit of 3190.20000.Suzhou Huajing was initially positioned as a communication and transportation connector production base to produce more trendy civilian products. We believe that the growth of Suzhou Huajing’s revenue and profits may indicate that the company’s expansion in the civilian products sector has accelerated. Product structure changes, the proportion of civilian products with a reduced gross profit margin increased, and prices of raw materials such as precious metals rose, resulting in a decline in the company’s gross profit margin.In the first half of 19, the company’s operating costs increased by 54.56%, exceeding the growth rate of income, and the overall gross profit margin decreased by 6 compared with the same period last year.38pct, looking at the effects of relays, connectors, and optical communication devices by product, the gross profit margin 都市夜网 decreased by 11 respectively.68, 8.55 points, 11.25 points.The decline in gross profit margin was affected by changes in the product structure. The company ‘s revenue from civilian products increased, but its gross profit margin declined; the prices of precious metals in the restructured company ‘s raw materials rose.pressure. Profitability is still improving, and asset turnover rates continue to rise.We previously judged that the company’s ROE will be in a long-term improvement trend, basically a stable net interest rate, and a long-term increase in equity multiplier and turnover rate.The operating data of this period shows the company’s net interest rate improvement, but the fixed asset turnover rate and inventory turnover rate are still increasing, maintaining the upward trend of asset turnover rate, so the ROE is still improved.We still maintain the view that the company’s ROE will be improved in the long term, especially the improvement in the company’s fixed asset turnover rate will be transformed into an intelligent production line reform and continue to improve. We are optimistic that the company’s revenue end will continue to expand. The gross profit margin may be pressured by rising prices of raw materials such as precious metals and changes in the structure of military and civilian products. However, revenue growth should ensure the company’s profit scale. Earnings forecast and rating: We predict that the company will realize operating income in 2019-2021.7.2 billion, 44.7.4 billion, 52.48 ppm, an increase of 33 in ten years.12%, 18.59%, 17.31%; net profit attributable to mothers4.5.3 billion, 5.5.7 billion, 6.610,000 yuan, an increase of 26 in ten years.35%, 22.86%, 18.62%; realized diluted earnings1.06 yuan, 1.30 yuan, 1.At 54 yuan, we are optimistic about the continuous expansion of Aerospace Appliance’s revenue end, the increase in gross profit margin, and the ability to maintain high profitability for a long time and maintain a “buy” rating. Risk factors: Macroeconomic fluctuation risks; increased competition in the same industry; decline in the company’s profitability; lower-than-expected demand for military electronic components, and significantly lower-than-expected growth in military expenditures; the development of groupings has increased operational management difficulties, which has reduced operational efficiency;Asset securitization was lower than expected.


ST Xinmei (600732): The rise of Aixu Technology’s back-shell battery expertise

ST Xinmei (600732): The rise of Aixu Technology’s back-shell battery expertise

Introduction to this report: Ai Xu Technology focuses on battery replacement, adheres to the leading strategy of conversion efficiency, changes the production capacity of Tianjin Phase I and Yiwu Phase II, and achieves continuous growth in profits.

The first coverage is given an “overweight” rating with a target price of 10.

8 yuan.

Investment Highlights: Cover for the first time and give an “overweight” rating.

Due to Aixu Technology’s leading technology and outstanding profitability, the reasonable market value of injected assets has increased by 22.1 billion yuan, so the target price is given as a reference to the injected assets.

8 yuan.

It is predicted that the EPS for 2018-2020 will be 0.



03 yuan, the EPS for 2019-2021 is 0.



69 yuan.

Key assumptions.

We expect Aishu Technology to rely on its leading edge in conversion efficiency to achieve a sustained high level of unit profitability. At the same time, it can achieve fixed sales based on sales. The overall profit will continue to grow. It is expected that the reductions will be 6 in 2019-2021.


30, 14.


A different understanding.

The market generally believes that due to the accelerated growth of 合肥夜网 PERC, competition will gradually intensify, and the profits of related companies may be damaged.

We believe that Aixu Technology adheres to efficiency first, and always maintains a leading position in the market with conversion efficiency, and its profitability promotes a steady rise.

The company is the first to mass-produce competitive tubular PECVD technology, double-sided battery technology, etc., to obtain conversion efficiency advantages, and adopt industry4.

0, AI and other technology plan production lines to reduce non-silicon costs to achieve cost advantages, and quickly expand production capacity in a timely manner to achieve scale advantages.

As photovoltaic cells follow conversion efficiency pricing, lasting efficiency leadership can achieve a stable premium capacity, and cost reduction can continue to make profits. Therefore, Aixu Technology will be able to achieve fixed production while selling rapidly.It can also maintain a stable and sustainable level of unit profitability and achieve overall profit growth.


Aixu Technology continues to lead in conversion efficiency, and will be the first to achieve 23% conversion efficiency by the end of 2019 and early 2020.

risk warning.

Risk of backdoor listing failure, major technological progress risks, overseas trade risks, patent dispute risks.


Jiajiayue (603708) 2019 Third Quarterly Report Review: Hypermarkets and Convenience Stores with Consistent Performance Driven Continuous Revenue Growth

Jiajiayue (603708) 2019 Third Quarterly Report Review: Hypermarkets and Convenience Stores with Consistent Performance Driven Continuous Revenue Growth

Operating income for the first three quarters of 2019 increased by 17 per year.

89%, net profit attributable to mother increased by 16.

70% 1-3Q2019 achieved operating income 112.

65 ppm, an increase of 17 in ten years.

89%; net profit attributable to mothers3.

51 ppm, which translates to a fully diluted EPS of 0.

58 yuan, an annual increase of 16.

70%; net profit deducted from non-attributed mothers3.

34 ppm, an increase of 16 in ten years.

40%, performance is in line with expectations.

In terms of single quarter breakdown, operating income of 40 was achieved in the 佛山桑拿网 third quarter of 2019.

00 ppm, an increase of 20 in ten years.

14%; net profit attributable to mothers1.

25 trillion, converted to a fully diluted EPS of 0.

21 yuan, an annual increase of 16.

42%; net profit deducted from non-attributed mothers1.

20 ppm, an increase of 17 in ten years.


Overall gross profit margin decreased by 0.

07 averages, during which the rate of expenses fell to 0.

The company’s comprehensive gross profit margin for the 11 averages 1-3Q2019 was 21.

52%, a decline of 0 every year.

07 averages.

Expenses for the company during the first three quarters of 201917.

18%, a decline of 0 per year.

There are 11 single ones, of which the sales / management / financial expense ratio is 15 respectively.

23% / 2.

04% /-0.

09%, change -0 each year.

33 / -0.


36 units.

Hypermarkets and convenience stores continued to drive revenue growth. In 3Q2019, the company opened 5 stores in total, with a total of 763 stores in various formats and 13 new reserve stores.

The report pointed out that the company has continued the good revenue growth trend since this year, in which the hypermarket and convenience store revenue have increased by 21 respectively.

75% / 29.

22%, effectively driving the company’s overall revenue growth.

Regionally, while continuing to benefit from the consolidation of Jiajiayue in Hebei, the company’s main operating area is 10% in revenue.

63% growth, showing expected performance.As the company’s supply chain capabilities continue to strengthen, it may provide room for improvement in profitability in the future.

We maintain our profit forecast and maintain an “overweight” rating. The company ‘s new stores are expanding in an orderly manner, and the revenue end is improving.



The 08 yuan forecast maintains the “overweight” rating.

Risk Warning: Large-scale concentration of business areas, rental growth leads to increased costs, and the effect of store integration is lower than expected


Adisseo (600299): Q3 gross profit growth is good compared with the previous quarter, liquid methionine sales increase rapidly

Adisseo (600299): Q3 gross profit growth is good compared with the previous quarter, liquid methionine sales increase rapidly

Event: Adisseo announced the third quarter report of 2019, and achieved revenue of 83 in the first three quarters.

1.3 billion, (-2 per year.

49%), realizing net profit attributable to mother 8.

120,000 yuan (ten years +14.

42%), realizing deducted non-attribution net profit8.

120,000 yuan (one year -2.


Among them, 19Q3 achieved revenue of 29.

550,000 yuan (ten years +6.

49%, +12.

61%), realizing net profit attributable to mothers2.

RMB 780,000 (+26 for the whole year.

18%, +16.

86%), realizing deducted non-attributed net profit1.

950,000 yuan (ten years -9.

79%, MoM-1.


The company also plans to distribute a cash dividend of RMB 1 for every 10 shares to all shareholders.

03 yuan, totaling RMB 2.

7.6 billion (both tax included).

Comment: Adisseo’s Q3 gross profit increased month-on-month. Our analysis is mainly due to the continued increase in sales of main products; transformation, net profit growth has contributed to insurance claims income, while the decrease in non-net profit growth has mainly come from fair value gains and losses.Variety.

3Q19 Adisseo achieved gross profit 9.

64 trillion (ten years +12.

8%, +8.

0%), an increase from the previous quarter, reflecting the trend of the main business.

In terms of price, Boya and News 19Q3 liquid methionine (Shandong) quarterly average price was 14.

59 yuan / kg (+1 for ten years.

10%, compared to -30.

82%), VA (500,000 IU / g) is 371 yuan / kg (-2% per minute, the chain ratio is flat), the average selling price of the product is relatively stable, and the methionine chain ratio has improved; in terms of sales, the company ‘s owner in the third quarterLiquid methionine achieved double-digit growth (China’s sales volume increased by 21%), selenium, enzyme preparations, ruminants (US dairy market is recovering now), aquatic products (good performance in Europe and Asia Pacific), mycotoxins management businessGet 15 in bulk?
25% increase; in terms of cost, thanks to the fall in raw material prices (such as 19Q3 China futures price of 7423 yuan / ton, each time -13.

6%, +4 from the previous quarter.

0%) and the improvement of the company’s operating efficiency, the company’s operating costs were effectively controlled based on the increase in sales (19Q3 operating costs 19).

91 trillion, ten years +9.

2%, +15.

0%), and finally achieved a gross profit margin of 32 in 19Q3.

62% (year -1.

57 points.
, +2.

6 points.
) To maintain a good level.

In addition, the company’s 19Q3 non-recurring income reached zero.

8.3 billion (decade +0.

7.9 billion, +0.

4.2 billion), mainly from insurance claims; in the net profit of non-return to mothers, the net income from changes in fair value affected the penetration, which was -0 in 19Q3.

170,000 yuan (ten years-0.

4 billion, -0 chain.

38 ppm), 18Q3 is mainly due to changes in the euro / dollar hedging, 19Q2 is also mainly derived from gains from changes in fair value of derivative financial instruments, and 19Q3 is mainly participating in incentive programs.

Overcapacity of methionine and continued low prices; Adisseo achieved rapid sales growth with its liquid egg advantage, cost competitiveness and R & D strength, and new projects have been built to drive company performance growth.

It is said that Feedinfo currently has a global annual output of about 170 tons of methionine and a demand of about 130 tons. The overall situation of oversupply has caused prices to continue to fall for 15 years. In April this year, Novus announced the cancellation of Texas.The methionine production expansion plan, the same month the Ministry of Commerce of China launched an anti-dumping investigation on methionine, which boosted the price of methionine and has continued to this day (an increase of about 10%).

According to the Japan Chemical Industry Daily, in October, in order to improve production efficiency and reduce production indicators, the same month the Ministry of Commerce ‘s anti-dumping hearing on methionine was on schedule. We analyzed the major or large-scale expansion of methionine overseas in the future.

In addition, due to the continuous increase of domestic liquid methionine permeability and broad market prospects, and the aforementioned cost advantages and technological research and development strength of Adisseo, the company’s liquid methionine sales have grown rapidly (domestic growth rate of more than 20%).

The company expanded the production of 5 injections in Europe in 18 years, the Nanjing factory completed the demoulding transformation, and the current Nanjing 18 injection new liquid methionine project (planned to invest 4).

(9 billion US dollars) construction is progressing smoothly, and it is expected to be put into production in 21 years. The company is expected to maintain the industry leading position of methionine in the future (According to the announcement, Adisseo’s global market share is currently about 27%).

Stable development of vitamin A business and accelerated layout of special product segments.

Due to the impact of the BASF accident in June, the price of VA is relatively relative; Feedinfo expects that the BASF plant will be restored in November, but the start of 19Q4 and 20Q1 will maintain the level, and 20H2 will have production shutdown and expansion plans, so the supply or maintenance of the VA industry in the medium termTightening situation.

The company maintains a stable production capacity of 4,000 tons / year.

In addition, the high-value-added specialty products business is the company’s second pillar business. It is derived from the continuous expansion and development of existing product lines, the continuous introduction of new products and external mergers and acquisitions. Andy Su has become a global leader in animal nutrition specialty products.One, the development will continue to accelerate in the future.

Adisseo completed an investment in smart farming on October 9.

The investment target is Tibot, a pioneer in robotics that focuses on poultry farming. The company develops robotic solutions for poultry farmers to increase their income, improve farm working conditions and improve animal health.

It is planned to hold 100% of Adisseo Nutrition Group to optimize the company’s financial structure.

In October, the company announced that it intends to acquire from the Bluestar Group a 15% remaining equity of its subsidiary Adisseo Nutrition Group (the 85% equity held has been injected during the 15-year asset restructuring), achieving 100% control.
The underlying asset’s EPS estimate is 30.

RMB 860,000, deducting non-attributed net profit in 201811.四川耍耍网

4.9 billion calculated equivalent to the acquisition price-earnings ratio of 17.

9 times, if the completion of the acquisition is feasible in Q1 2019?
The net profit attributable to mothers of listed companies in Q3 increased.


The acquisition will be paid in cash, with a consideration of 15 in the first period.

430,000 yuan was paid with Adisseo’s own funds, and the consideration for the second phase was 15 yuan.

$ 4.3 billion or additional funding through financing.

According to the announcement, at the end of 19Q3, Adisseo’s currency fund surplus was US $ 5.2 billion (of which daily operating capital requirements were US $ 2 billion), and the asset-liability ratio was 19.

4%, the fund surplus meets the requirements of the first payment, and the financing is worry-free with a low asset-liability 都市夜网 ratio.

In addition to increasing the earnings of listed companies, the acquisition will also further enhance the control of listed companies on Adisseo Nutrition Group, which will help improve and simplify the corporate governance structure, promote the company’s management decisions and management efficiency, and help develop andEnhancing the competitiveness of the company’s core business can fully realize the most efficient allocation of company resources.

Shareholder Bluestar Group intends to issue Adisseo exchangeable bonds.

Adisseo’s shareholder Bluestar Group issued Adisseo’s exchangeable corporate bonds held on October 16 with a size of no more than $ 4.5 billion and an initial conversion price of 11.

56 yuan / share, the conversion period is from October 21, 2020 to October 18, 2024.
Calculated based on the issue of 45 million shares, corresponding to 3 after all conversions.

8.9 billion shares of Adisseo, accounting for 14 of the total share capital.

5%, that is, Blue Star Group’s shareholding in Adisseo was reset to 89.

1% dropped to 74.
6%, holding shares unchanged.

After the issuance of funds from the issuance of exchangeable bonds minus the issuance costs, the Blue Star Group will be used to repay interest-bearing debt.

Investment suggestion: Overweight-A investment rating. We estimate that the company’s net profit attributable to mothers for 2019-2021 will be 11.

470,000 yuan, 12.

1.4 billion, 13.

500,000 yuan, corresponding to the closing price of 10 on October 24, 2019.

The predicted price-earnings ratio of 68 yuan per share is 25.

0, 23.

6, 21.

2 times.

Risk warning: the risk of price fluctuations of methionine and vitamin A products, the risk of fierce competition in the industry, the risk of rising raw material prices, and the risk of new business expansion falling short of expectations


Smart funds are back again

“Smart” funds are back again

Original title: “Smart” funds are back. Northbound funds were favored by high-selling and low-sucking technology stocks during the year. ZTE, Hikvision, and Luxion Precision each received a net purchase of 3.

4.3 billion, 2.

6.9 billion yuan, 2.

Ping An Bank received a net purchase of $ 4.2 billion.

6.5 billion.

China National Travel Service suffered a net sellout1.

4.7 billion yuan.

  On June 26, Northbound funds returned to a net inflow of 41.

200,000 yuan, of which, the net inflow of Shanghai Stock Connect was 10.

7.7 billion yuan, Shenzhen Stock Connect net inflow of 30.

4.3 billion yuan.

The Air Force had a net decrease for three consecutive days.

  As for individual stocks, technology stocks were favored. ZTE, Hikvision, and Luxion Precision each received a net buy of 3.

4.3 billion, 2.

6.9 billion yuan, 2.

Ping An Bank received a net purchase of $ 4.2 billion.

6.5 billion.

China National Travel Service suffered a net sellout1.

4.7 billion yuan.
  During the year, the main focus was on “high selling and low absorption.” Since this year, Northbound funds first set a monthly net buying record in January and February, followed by a significant contraction in net buying in March, and continuous net selling in April and May.In May, it set a monthly net repeat record since the opening of northbound funds.

  However, starting from June, Northbound funds began to “buy, buy and buy” again. Of the first 14 trading days in June, only one day saw a net sell.

Shortly after the northbound funds continued to buy again, the market finally returned to more than 3,000 points.

Nearly two trading days after the broad market just stood at 3,000 points, northbound funds once again showed a net selling state.

  Data show that since this year, Northbound funds have participated in a total of 110 trading days.

Of the 41 trading days in the Shanghai Composite Index that exceeded 3000 points, 13 days were in a net buying state, 28 days were net selling, and the net buying days accounted for 32%; in 69 trading days below 3000 points, 49 days net buy, 20 days net sell, net buy days accounted for 71%.

In the 32 trading days where the broad market is below 2800, the net buying days have reached 30 days, accounting for 94%.

  This can be polished. The points below 2800 are the key areas for northbound funds to build warehouses in the first half of the year, and the northward funds above 3,000 points have selected “high throws.”

  Analysts believe that “high selling and low absorption” is only a short-term operation of northbound funds, and the recent external environment can also affect the choice of operations.

Potential emerging markets are still seriously underweighted by global investors. In the medium and long term, the trend of capital inflows into emerging markets remains unchanged.

For A shares, changes in short-term northbound funds will not affect the trend of medium- and long-term net foreign exchange inflows.

  Institutional interpretation of the market outlook For A-shares, the market generally expects that the current situation is just the accumulation phase before the increase.

  The latest strategic research of Hongxin Securities indicates that the positive factors in various aspects may gradually become clear, the economic fundamentals in the second half of the year are also expected to relay, and the second round of the market may have started this year.

  Aijian Securities said that the substantial growth in the first quarter of 2019 and the decline in the second quarter are all manifestations of emotional changes.

From the current point of view, for the previous revision, the market volatility still exists.

However, in the medium and long term, the bottom of performance and estimates is coming. In the second half of the year, the time window for long-term investment is most likely to be expected. The company with the estimated advantage will be the first choice.

  Cinda Securities believes that from the perspective of the forecast, the overall market estimate is not expensive, and the safety margin remains after the rebound, but the issue of structural differentiation is worthy of attention.

Incremental funds may mainly come from Northbound funds brought by A shares divided by international indices, but such transactions will still lead to market structure differentiation.

It is expected that the downside of the risk-free interest rate will be limited in the future, and it is difficult for the risk expectations to rebound substantially.Therefore, it is expected that the market may still show a structured market in the second half of 2019, and the market allocation and investment focus will be biased towards high-quality stocks.

  Huaxin Securities pointed out that the index is expected to complete the correction of the gap of 2986-3052 points in the future, and the transaction amount is slightly insufficient, indicating that initial investors are cautiously adding to the gap area above.

The overlapping index successfully broke through the 3,000-point integer mark, most of which were boosted by the vertical positive news. Therefore, it is believed that the index will not be so simple from the stage of repairing rebound to excessive trend.

  In terms of industry configuration, Fan Jituo, a strategic analyst at New Age Securities, said that investors are advised to adjust their positions appropriately to the technology growth style.

There are three reasons: First, the establishment of a science and technology board and the pilot 苏州夜网论坛 registration system are gradually approaching, and you can focus on the opportunities brought about by the expected improvement.

In fact, as the macroeconomy is still facing downward pressure, the focus on reform and transformation will be higher, and thematic opportunities related to growth and reform will be more active.

Again, since March, growth stocks have begun to weaken first, with longer adjustments.


Joy City (000031): High growth, incremental growth, incremental retail business drives rapid rental growth

Joy City (000031): High growth, incremental growth, incremental retail business drives rapid rental growth

The company achieved operating income of 182 in the first half of the year.

70,000 yuan, an increase of 103% in ten years, net profit attributable to mothers19.

300 million, an annual increase of 42%.

Accelerated development business carry-over and increase in gross profit margin boosted performance growth: The large increase in revenue in the first half of the year was initially due to an increase of 139% in development business settlement income, which accounted for 82%; the growth rate of net profit attributable to mothers was less than the increase in revenue.The sale of W hotels in the same period last year achieved 11.

700 million investment income led to a high base period.

Looking to the future, the company’s carry-over rhythm will always be maintained, which will lead to high performance growth.

Sales of development business increased rapidly. Increased holding business and existing projects helped to increase rents. In terms of development business, the company achieved sales of USD 25.4 billion in the first half of the year, an increase of 62.

9%, 42% of the 60 billion sales target has been achieved.

The company’s overall delivery plan is about 100 billion yuan. The second half of the year is the peak period of delivery, and the proportion of delivery is about 65%. It is expected that 60 billion sales will be achieved.

In terms of land acquisition, the company acquired a total of 9 projects in the first half of the year, with a total allowable area of 103.

4 GM, corresponding to a total price of 71 million, the amount of land acquisition accounted for 28% of the sales amount; in July-August, the company’s land acquisition area exceeded the first half of the year, the land acquisition intensity and the volume of single items increased significantly.

We believe that the company has outstanding advantages in non-market-oriented land acquisition, the Group’s stock, the use of Joy City brand advantages, and industrial integration are all promising. The company is also involved in the field of first- and second-tier linkage and area development, which will help the company achieveQuality items at potential market prices.

In the holding business, new and existing projects jointly promoted rapid growth in rental income.

Up to now, the company has opened a total of 10 Joy City projects with a rentable area of about 870,000 countries. There are 5 Joy City and 4 Joy Chunfengli projects under construction or planned, with a total rentable area of 126.

Nine projects in 40,000 countries are expected to be successively opened in 2020-2022 to contribute performance.

Interest-bearing leverage has fallen, and financing costs have remained low: net interest-bearing debt ratios have fallen by 3 pct compared to earlier periods, and short cash debt has increased by 0 compared to earlier periods.

27x to 1.


In terms of financing, issue 23.

600 million corporate bonds with coupon rates of 3 respectively.

94% -4.

1%, continue to remain low.

We believe that the attributes of central SOEs will become one of the priorities of funders in the 杭州桑拿 context of tightening financing. The company fully enjoys the credit endorsement of COFCO, and the financing advantage will continue.

Investment rating and profit forecast: The company’s EPS is expected to reach 0 in 19-20.

68 yuan and 0.

77 yuan, corresponding to the current PE of 10.

1x and 8.

9x, maintain “Buy” rating.

Risk reminders: 1. Continued policies in the real estate industry have led to a decline in market enthusiasm in first- and second-tier cities; 2. Unopened Joy City and Joy Chunfengli projects may not be able to contribute performance due to the opening time not being expected; 3, the company’s real estate development business is slowThe settlement rhythm continued, and the actual actual settlement performance fell short of expectations.


Chao Hongji (002345): Impairment of goodwill in the fourth quarter drags down performance

Chao Hongji (002345): Impairment of goodwill in the fourth quarter drags down performance

2018 results are in line with the newsletter Acer announces 2018 results: revenue 32.

48 ppm, a five-year increase of 5.

2%; the net profit attributable to mothers is RMB 71.04 million, a year-on-year decrease of 75%, corresponding to a higher net profit of 0.

08 yuan.

The performance is in line with 夜来香体验网 the company’s express report. The decrease in net profit was mainly due to the provision of large asset impairment losses in the fourth quarter.

Single quarter revenue increased 4 in the fourth quarter.

3%, net profit 1.

5.7 billion.

The company’s 1Q19 performance income increased by 13.

6% to 9.

5.7 billion, net profit fell by 5.

6% to 88.03 million yuan.

Revenue sharing: (1) The three major brands of the company, Chao Hongji, Fandi, and Fei An, have a total net increase of 112 stores to 1,220, up to a maximum of 10.

1%, the pace of opening stores accelerated in the second half of the year, including 907 jewelry stores (570 self-operated stores, 337 franchise stores, a total of 89 net openings), 313 women’s bag stores (23 net openings); ((2) fromIncome from camps, agents, and wholesales grows 2 each year.

2%, an increase of 18.

9%, expenditure 19%; (3) Revenue growth by product, fashion jewelry, traditional gold jewelry, leather goods.

7%, 1.

2%, 1.

4%; (4) By region and channel, East China, which has the largest offline share (48%), increased its revenue by 12%.

9%, the other regions (except Northeast, North and Central China) also achieved different degrees of positive growth; online business growth of 0.

2%, contributing 15% of overall income.


Financial Overview: Gross profit margin increased in 20181.

8ppt to 37.


Self-operated, agency, wholesale gross margin increased by 1.

8ppt, 3.

3ppt, 2.

4ppt; jewelry, gold jewelry, leather goods gross margin increased by 3ppt, replace 1.

9ppt, slightly increased by 0.


Sales management expense ratio increased by 2.

8ppt to 24.


Impairment of first-class goodwill 2.

09 million yuan (2017: None) dragged down performance.

Maximize investment returns 19.

3%. Development Trends In 2019, the main jewelry industry will sink and further expand through agency channels; the leather goods business will continue to focus on product youth and channel upgrades.

The company hopes that the growth rate of some of the main business income mentioned above will be improved.

Earnings forecast As the profitability of the company is still sluggish in 1Q19, we lower our 2019 earnings forecast by 15% to 0.

30 yuan, date to 0 in 2020.

35 yuan, corresponding to an annual increase of 287.

4%, 13.


It is estimated and recommended that the company currently can sustain 15/13 times P / E for 2019/20.

Maintain Neutral rating, consider profit forecast adjustment, and due to the decline in 2018 net profit, profit improvement in 2019 remains to be seen, reducing the target price by 28% to 5.

17 yuan, corresponding to 17 times P / E in 2019, implying 12% upside.

The risk cost is high; the risk of improper integration of mergers and acquisitions.


Tongfu Microelectronics (002156): High-quality packaging and testing leader accelerates the rise in the off-season in the fourth quarter

Tongfu Microelectronics (002156): High-quality packaging and testing leader accelerates the rise in the off-season in the fourth quarter
Announcement: The company released the 2019 annual performance forecast. The net profit attributable to mothers in 2019 was 13.34 million to 20 million yuan, a year-on-year decrease of 89.49% -84.twenty four%.Among them, the net profit attributable to mothers in the fourth quarter was 4,077,47.3 million yuan, an annual increase of 219.83% -239.11%. The investment points fully benefited from the improvement of the 合肥夜网 market sentiment of the packaging and testing market, and the rapid growth of 2019Q4 performance: the company’s net profit attributable to mothers in 2019 has gradually declined 89.49% -84.24%, basically the sluggish demand in the semiconductor market in the first half of 2019. At the same time, the company’s R & D spending in the fourth quarter of 2019 is expected to increase by more than 13 million compared with the same period last year.The foundation. In the second half of 2019, the company’s operating performance turned losses into profits, and net profit attributable to mothers increased significantly by 219 in the fourth quarter of 2019.83% -239.11%, the performance achieved a substantial increase, mainly due to the second half of 2019, the rebound in the market sentiment rebound markedly, the company’s overseas wealth 北京夜网 Suzhou Suzhou, the wealth overseas Penang customer orders increased, at the same time, domestic 5G commercial accelerationUpon landing, the company’s domestic customer orders were full, which promoted the company’s operating performance in the traditional off-season to achieve rapid growth. The leading advantages of advanced packaging are obvious, fully benefiting from the increase in packaging and testing needs: the company has deeply cultivated the field of integrated circuit packaging and testing, and has ranked among the top three in China and the top ten in the world. It has a significant market leading position.The company’s packaging technology reserves are deep, and the sales of advanced packaging products account for more than 70%. The company has vigorously developed advanced packaging fields for high-performance computing, storage, high-definition display drivers and other applications. In 2019, the company’s R & D investment reached 6.More than 700 million, an annual increase of more than 20%.At the same time, the company actively expands its production capacity. It is expected that in 2020, the production capacity of supporting large customers AMD will increase by 50% compared with 2019. The scale advantage is obvious. Through the continuous improvement of the packaging and testing market demand, the company is conducive to full use. High-quality customer resources, the first to benefit from the large volume of new products of major customers: In 2019, the company’s major customer AMD released a number of 7nm high-performance processor products, leading manufacturers of performance upgrades, new product first-mover advantages are significant, the market share continues to increase, the company and AMD deep cooperationTo undertake more than 90% of AMD’s CPU packaging business; secondly, the domestic CPU market is expected to enter a period of rapid growth in 2020, the company has rich technology reserves in the field of CPU packaging, the first-mover advantage in the domestic CPU packaging market is obvious, domestic CPU packagingThe testing business has increased significantly. At the same time, Hefei Changxin 19nm 8GB DDR4 memory chip is about to be mass-produced. As its core packaging factory, the company is expected to benefit from the continued volume of related products in the future; therefore, MTK released industry-leading 5G chips andFor TV chips, the company is also expected to benefit from the rapid growth of MediaTek’s new product restructuring.With the volume of new products from many high-quality customers, the company’s future performance growth momentum is sufficient. Profit forecast and investment grade: The company’s operating income for 2019-2021 is expected to be 85.96, 110.21, 140.100,000 yuan, an increase of 19.0%, 28.2%, 27.1%; The net profit attributable to the mother for 2019-2021 is 0.20, 4.70, 8.40,000 yuan, an increase of -84.4%, 2271.1%, 71.3%, achieving an EPS of 0.02, 0.41, 0.70 yuan, corresponding to PE 1437, 61, 35 times.Tongfu Microelectronics has sufficient growth momentum in its future performance and maintains a “Buy” rating. Risk warning: market demand is less than expected; new product launches are less than expected; customer development is less than expected.


Hualu Hengsheng (600426) 2019 Interim Report Review: Interim Report Exceeds Expectations

Hualu Hengsheng (600426) 2019 Interim Report Review: Interim Report Exceeds Expectations

Event: The company achieved revenue of 70 in the first half of 2019.

7.6 billion yuan, with an annual increase of 1.

13%; net profit attributable to mother 13.

09 billion yuan, down 22% ten years ago.

Q2 single-quarter revenue of 35.

3.3 billion won was flat in Q1; net profit in Q2 was 6.

6.7 billion, an increase of 3 from the previous month.


Interim results exceeded market expectations.

Cost reduction and incremental hedge product price breakdown.

The prices of some of Q2’s products fell. Among them, the 杭州夜网 average market prices of acetic acid, ethylene glycol, compound fertilizers, octanol, and butanol decreased by 14 from the previous month.

9%, 10.

7%, 8.

4%, 6.

9%, 5.


The company adjusted its product structure in time. The sales volume of 1H fertilizer increased by about 44 inches, which effectively hedged the impact of profitable output of methanol and polyols.

In addition, the prices of major raw materials such as coal, benzene, and propylene decreased, driving the gross profit margin of Q2 to 30.

2% (1% higher than the previous month.


Optimistic about the company’s performance center, new projects open up room for growth.

We believe that the company has fully demonstrated its capacity adjustment capability of “multi-line, flexible co-production”. At present, the prices of all major products are relatively at the bottom. It is expected that the company ‘s performance center will remain stable and increase.

The company plans to build caprolactam and nylon new material projects (30 cases / year) and 16.

The 66 year / year refined adipic acid quality improvement project will further complement the strong petrochemical industry chain layout and provide the company with performance increase.

Investment suggestion: We expect the company’s revenue to be 154.16% -167.6 billion in 19-21, net profit attributable to the mother 25.



200 million yuan, corresponding to the current PE 10.

0x / 9.

2x / 8.

5 times.

The company is a scarce target in the industry with high integration and excellent cost control. We continue to be optimistic about the company’s growth and maintain a “buy” rating.

Risk reminder: changes in environmental protection policies, reduction in product prices, and project construction progress falling behind expectations


Agricultural Bank of China (601288): 3Q results meet expectations

Agricultural Bank of China (601288): 3Q results meet expectations

Performance in line with expectations The company announced its results for the first three quarters of 1919: revenue of $ 475 billion, an increase of 3 years.

8%; net profit attributable to mothers is 18.07 million yuan, a year-on-year increase of 5.

3%; 3Q single-quarter revenue increased by 0 year-on-year.

4%, net profit attributable to mothers increases by 6 per year.

1%, 4 of the earlier 1H19.

9% accelerated slightly.

Revenue and profit were in line with expectations, with interest margins and asset quality being the main highlights.

Development Trend The growth rate of 3Q revenue growth is mainly related to the decline in net fee growth.

But interest margins, costs, and asset quality are excellent, and cost control and county-level regional development are also highlights.

Spread: The estimated 3Q quarter spread is 2.

03%, up 2bp from the previous quarter.

Agricultural Bank’s loan-to-deposit ratio continued to rise, with loan growth significantly faster than deposits (up 12% and 8% respectively from the end of 2018).

It is expected that the stable and plentiful deposits of ABC should be strict in controlling the cost of attracting reserves.

Asset quality: The balance of non-performing loans decreased by 18 trillion compared with the beginning of the year, making the non-performing loan ratio decrease by 17bp to 1 from the beginning of the year.


Provision coverage ratio rose to 281%.

Quarterly credit costs fell 3bps to 0 杭州桑拿 from the previous quarter.

93%, down 35bp earlier.

Marginal credit costs are expected to fall further in the future, which will provide strong support for profit growth.

Cost control: business and management fees increased by only 2 in the first 9 months.

7% is the cost-to-income ratio of 31bp to 27.


Agricultural Bank of China’s axial network scale has the potential for cost savings in the process of technology empowerment and network conversion.

County area development: Loans and deposits in county area businesses increased by 13% and 9% from the end of the previous year, faster than city outlets.

The bad rate dropped by 33bp to 1.

75%, asset quality improves at an accelerated rate.

Earnings forecasts and estimates remain unchanged.

We maintain our Outperform rating on the stock, and we raise our target price by 3 based on final earnings conversion.

6% to 4.

87 yuan, corresponding to 1.

0x 2019 P / B ratio and 0.

9 times the 2020 P / B ratio, 33 as compared with the recent inclusion.

1% upside.

H-shares maintain an Outperform rating and we raise our target price by 1 based on final earnings conversion.

9% to 4.

86 burning, corresponding to 0.

9x 2019 P / B ratio and 0.
8 times 2020’s P / B ratio, 50 more recently included.
5% upside.

Risks Macroeconomic growth has been long-term, and asset quality performance has fallen short of expectations.