Daqin Railway (601006): Poor Thermal Power Demand Shifts in June

Daqin Railway (601006): Poor Thermal Power Demand Shifts in June

In June 2019, the average daily traffic volume of the Daqin Line was 119.

40 is the lowest, which decreases by 7 every year.

78% On July 8, the company released monthly data announcement: In June 2019, the Daqin Line completed the shipment of 3582, a decrease of 7.

78%, with an average daily traffic volume of 119.

40 nominal, daily average heavy truck 82.

9 columns; From January to June 2019, the Daqin Line gradually completed the title of freight volume 21820, with an average daily volume of 120.

55 at least, a decrease of 3 per year.


We believe that the traffic fluctuations in June were mainly due to: 1) poor demand for thermal power in the southeast coast; 2) destocking at ports and replacement of factory supply inventory.

Lowered profit forecast and lowered target price to 9.


60 dollars.

The daily consumption of the downstream factories is low, the inventory is high, and the destocking of the mid-stream port makes the demand for coal transportation in June less than June, and the daily average volume of the Daqin Line is only 119.

Initially, 40 is reduced by 7 per year.

78%, a decrease of 7 from the previous quarter.


Looking back at the average daily traffic volume in 2018, except for April and October, which were less than 120 digits affected by maintenance, all other months exceeded 120 digits.

We believe that the main reasons for the fluctuation in the traffic volume in June are: 1) poor thermal power demand and total daily coal consumption; 2) port destocking; 3) factory inventory increase and replacement of inventory replacement.

In June, the average daily coal consumption of the six major power generation groups was 62.

59 for the first time, a decrease of 10 per year.

13%; Qinhuangdao inventory decreased from 640 at the beginning of the month to 527 exchange at the end of the month; coal inventory at power plants remained high, and the inventory of the six major power generation groups rose slightly from 1783 at the beginning of the month to 1789 at the end of the month.

Looking forward to July, the peak power consumption in summer overlaid by Qingang low inventory, the Daqin line traffic may return to high levels in early July, and the daily power consumption of downstream power plants is still close to the level.

On July 1-8, the daily coal consumption of the six major power plants decreased by 18 四川耍耍网 from last year.


On July 8, the inventory of the six major plants was in the 1846 period, which was 306 higher than the same period last year. The coal availability of the six major power plants reached 31 days, which was 11 days higher than the same period last year. The inventory at Qingang was at least 574, which was lower than last year’s 102.

On July 1-8, the average daily transfer volume of the Qingang-Hong Kong Railway increased by 4 from June.


We believe that the potential replenishment of the power plant’s active replenishment inventory in July is based on the high level of factory coal inventory.

Looking forward to July, we believe that 1) the demand for coal transportation is expected to increase as it enters the peak summer electricity consumption; 2) due to the reduction of Qingang inventory, the daily 南京夜网 average transportation volume of the Daqin Line, which mainly transports coal from Changsha Association, is expected to rise 125Left and right.

The competition pressure on the line is gradually showing. Based on the high yield, the “Overweight” rating is still maintained. Xi’an Bureau and Huhe Bureau have successively reduced the freight rate in 2Q19. The Menghua Line is expected to open in 4Q19, and the competition pressure of Sanxi Coal Outward Transportation is gradually showing.

We revise down the Da Qin line traffic assumptions and expect the traffic volume to be 4 in 2019/2020/2021.



5.1 billion tons of 100 million tons (previously 4.



5.1 billion tons).

Therefore, the profit forecast is lowered, and the net profit attributable to mothers is expected to be 142 in 2019-2021.55, 145.

88, 144.

7.9 billion (previous 144.

70, 146.

84, 145.

7.8 billion).

Based on 9.


0x2019PE remains unchanged, lowering target price to 9.


60 dollars.

Assume that the dividend rate for 2019-2021 is the same as for 2018 (49.

06%), the company’s dividend yield is expected to be 5.

89%, 6.

03%, 5.

98% (based on the closing price of 7/8/2019).

Maintain the “overweight” rating.

Risk reminder: The economy is going down fast, the railway transportation capacity of Mongolia, Hebei and Japan is accelerated, and the highway governance is relaxed.

Shi Dashenghua (603026) Series Depth: How to Look at the Space and Persistence of EC Quotes

Shi Dashenghua (603026) Series Depth: How to Look at the Space and Persistence of EC Quotes
In the depth of the C industry on April 1st, “[Northeast New Energy Vehicle]Depth of the vinyl carbonate industry: EC or will become the second crazy 6F”, we took the lead in prompting the EC market at that time, the EC price was 1.20,000 / ton (a record high at the time), quoted at the beginning of June 2.50,000 / ton, an increase of more than 100% in two months.At this point in time, this report hopes to answer the two most concerned issues in the market: First, how to look at the space and sustainability of EC price increases: 1) The core of EC price increases lies in funding seeking.As cobalt just needs, short-term supply 6.9 VS demand 6.5-9 Gazette. 2) EC supply will be tighter in the second half of the year.Historically, the off-peak season of tungsten is obvious; this year’s rush installation is not strong. Under many stimulus policies, the H2 boom is somewhat H1. 3) The probability of EC skyrocketing is higher.Industrial chain perspective: Coal companies have fully benefited from C’s price increase, and they have not even resisted, and will even continue to boost prices in the peak season; battery manufacturers have limited cost increases.Internal industry perspective: Price increases do not affect customer relationships; after the price increases exceed a certain threshold, new capital will try to enter, so the price is no longer controlled because of fear of potential entrants. 4) The EC boom guarantee will last until the end of 20, with a high probability of 21 years and beyond.EIA has become invisible door biology; in terms of technology alone, it may be difficult for new entrants to digest it in a short time, especially refining it into battery-level products; it will take time for new capacity to enter the mainstream 天津夜网 supply chain system. Second, the elasticity brought by the EC price increase to Shi Dashenghua: 1) The market is fully aware of price elasticity.Press 19 years 2.6 If the maximum throughput is estimated to skyrocket to 60,000, the annualized profit will be 1.22 billion. 2) The amount of elasticity is still insufficient.The company’s existing heat is in the C reaction device, and there is still excess capacity for refining. We judge that in the second half of the year, there will be refined products and even self-built new reaction capacities.The 21-year European Economic Community project is expected to land and guarantee profits. 3) EC’s estimated flexibility for the company.EC, as a “cyclical product in growing varieties”, is better than Shantong Chemicals, which has a premium in the classification of cyclical varieties. 北京夜生活网 Profit forecast and rating: DMC7K + EC2W, 19-year profit 6.700 million, corresponding to PE10X.Considering the price increase, the company’s 19-year performance cap is unknown.Strongly bullish, recommend “buy”! Risk warning: New energy car sales are less than expected

CICC Gold (600489): 2018 and 2019 first quarter results fall, plans to put in high-quality copper mine assets

CICC Gold (600489): 2018 and 2019 first quarter results fall, plans to put in high-quality copper mine assets

The performance of 2018 and the first quarter of 2019 declined, and the company intending to place high-quality copper mine assets announced the 2018 annual report and the first quarter of 2019, and the performance gradually declined.

On April 27, 2019, the company announced the 2018 annual report and the 2019 first quarter report.

In 2018, operating income was 344.

500 million, an increase of 4 every year.

63%; net profit attributable to mother 1.

96 trillion, down 32 a year.

73%; deduct non-attributed net profit1.

29 trillion, down 54 a year.

72%; basic profit income is 0.

06 yuan / share, a year-on-year decrease of 25%; the company plans to distribute a cash dividend of 0 per 10 shares.

20 yuan (including tax).

The company achieved gross profit of 35 in 2018.

8.4 billion, of which gold business achieved gross profit19.

7.2 billion, accounting for 55%; copper business achieved gross profit12.

1.7 billion, accounting for 34%.

  The performance of the first quarter of 2019 has temporarily dropped, and net profit attributable to mothers has decreased by 43 year-on-year.


In the first quarter of 2019, it realized revenue of 79 trillion, with an annual increase of 12.

58%; net profit attributable to mother 0.

33 ppm, a decrease of 43 per year.

74%; net profit without deduction to mother 0.

37 trillion, down -0 in one year.

87%; basic profit return is 0.

01 yuan / share, down 50% in the future.

  The decline in 2018 results was mainly due to the decline in gold production and the increase in expenses during the period.

First, national environmental protection policies have affected some mine production, and gold production has declined.

In 2018, affected by environmental protection policies, the company produced refined gold72.

98 tons, mineral gold 24.

36 tons, smelting gold 38.

30 tons, at least -17.

64%, -4.

06%, -11.


  The second is the increase in selling expenses.

Selling expenses for 2018 1.

3.9 billion, an annual increase of 53.

86%, mainly due to the increase in sales of electrolytic copper production, resulting in increased transportation costs.

The third is the increase in financial costs.Financial expenses for 2018 7.

100 million, an increase of 12 every year.

85%, mainly due to increased exchange losses.

  The first quarter of 2019’s performance fell, mainly due to the decline in gold production.

The average domestic gold price in the first quarter of 2019 was about 286.

5 yuan / g, +4 for ten years.

8%, +4 from the previous quarter.

1%, the average price of Comex gold is 1305.

5 USD / GBP, at least -1.

9%, + 6% from the previous month.

Although the price of gold rose month-on-month, some of the company’s mines were affected by environmental protection policies and the output of gold decreased, resulting in a decrease in net profit.

  In 2018, the company’s second-phase project of the Central Plains Smelter reached the production target ahead of schedule, adding 15 inverters for electrolytic copper capacity, and a total capacity of 37 tons.

In 2018, the company produced mine copper1.

80 anion, electrolytic copper 32.

08 for the first time, at least -5.

46%, 71.


The second-phase project of Zhongyuan Smelter reached the production capacity, which improved the company’s revenue capacity.

  The company has great potential for increasing reserves of gold resources, and the Group’s injection of high-quality assets is expected to be strong.

First, in 2018, the company continued to promote the increase of reserves companies, adding new gold resources24.

6 tons.

As of the end of 2018, the company had reserves of 496 gold and metal resources.

4 tons.

Second, the strength of China Gold Group is gradual, and 合肥夜网 listed companies are expected to obtain continuous resource thickening.

China National Gold Group has about 48 mining companies nationwide, of which 42 are mainly gold producers.

As of the end of 2017, the Group maintained 1,907 tons of gold resources (including the resources of CICC Gold and CICC Gold International).

According to the group announcement, according to the non-competitive commitments made by the group, the company is the sole platform for the group’s internal gold resource business. In the future, a large amount of gold resources within the group is expected to continue to be injected into listed companies, and the company is expected to obtain more continuous resource thickening.

  A breakthrough was made in the debt-to-equity swap of the Central Plains Smelter. Subsequent financial expenses are expected to be reduced and profitability improved.

Zhongyuan Smelter is the second-ranked subsidiary of the company. On January 7, 2018, the company’s net profit was 1.

39 trillion, but the resistance budget is 146.

9 trillion, asset-liability ratio as high as 87%, higher financial costs.

According to the company’s announcement, the company’s proposed investor has converted debts into shares of the Central Plains Smelter, and has obtained investor capital of USD 4.6 billion. This merger of debt-to-equity work has made major breakthroughs. The company’s long-term borrowing in 2018.

7 trillion, a decrease of 46 a year.

63%, the company’s current asset-liability ratio is from 61.

26% dropped to 49.

69%, subsequent financial expenses are expected to decrease, improving profitability.

  It is planned to add high-quality copper and molybdenum assets to major shareholders, which will significantly increase performance.

According to the company’s announcement, the company plans to purchase 90% of Inner Mongolia Mining, a major shareholder, for 4.5 billion shares.

The company currently produces about 8 additives per year for copper metal.

Inner Mongolia Mining’s net profit on January 7, 2018 5.US $ 7.9 billion, while CICC Gold’s net profit for the first half of 2018 was 2.

According to our calculations, according to our calculations, the Inner Mongolia Mining acquired this time is calculated based on the January-July 2018 performance, and the annualized PE is less than 10 times. If the acquisition is completed, it will significantly increase the company’s performance.

  Investment suggestion: “Buy-A” investment rating, 6-month target price of 9 yuan.

Taking into account the loose margins of global borders, the price of gold is expected to strengthen. Under the assumption that the average price of gold in 2019-2021 is 280, 300, and 330 yuan, the company’s EPS for 2019-2021 is expected to be 0.

07 yuan, 0.

13 yuan and 0.

21 yuan.

Considering that the company’s mineral gold performance is highly flexible and the Group’s injection expectations are strong, the copyright must be estimated at a premium and given a 9-month target price of 9 yuan, which is equivalent to the company’s dynamic price-earnings ratio of 70x in 2020.

  Risk reminders: 1) The company’s gold output is lower than expected; 2) The Fed raises interest rates more than expected, and the gold price goes down.

QT Communication (002861): Vertically integrated layout meticulous TWS headsets become a new driving force for the company’s growth

QT Communication (002861): Vertically integrated layout meticulous TWS headsets become a new driving force for the company’s growth

Leading player in the electro-acoustic component industry: 瀛 Tong Communication is a leading domestic advanced professional enterprise in the research, development, production and sales of military acoustic products, data cables and other products.

The company focuses on the R & D, production and sales of various types of electro-acoustic products, data cables and other products represented by micro communication cables for headphones.

According to the 2018 Express Report, the company’s revenue was 9.

02 ppm, an increase of 25 in ten years.

01%, the substantial increase in revenue was mainly due to the continuous increase in sales of acoustic products. The net profit attributable to mothers in 2018 was 65.

29%, a decline of 23 per year.


The decline in profits was mainly due to the increase in the cost of raw materials and the early costs of the company’s new business unit.

With the growth of downstream wireless headset demand, it is expected that revenue and profit will increase significantly in 2019.

TWS provides new impetus for acoustic products for earphones: Through the continuous evolution of the appearance and functions of smart phones and the constant upgrade of accessories, coupled with the demand for lightweight headphones, wireless earphones have emerged.

According to GFK data, the expansion of wireless headsets in 2016 was only 9.18 million units, and the market size was less than 2 billion.

GFK estimates that the amount of wireless headset expansion in 2018 will increase by 41%, and the market size will reach $ 5.4 billion.

By 2020, the market size of TWS wireless headsets will reach $ 11 billion.

It is expected that through the continuous improvement of the sound quality and functionality of wireless headphones, the penetration rate of wireless headphones is expected to continue to increase, the market for converted wireless headphones is expanding, and the market for acoustic products for headphones will also increase.

Actively expand production to demand reserve capacity: Through the continuous increase in the volume of terminal products, it is expected that it will continue to grow in the future. The company’s total output is difficult to meet future market demand. Instead, the electroacoustic component industry mainly adopts a business model of sales and production.In line with the timely delivery of occasional large orders by core customers, the company needs to retain a certain degree of capacity flexibility, and there is also a need for capacity expansion. Therefore, 都市夜网 the company launched an IPO in 2017 to raise funds for capacity expansion projects.

Through the implementation of the fundraising project, the scope of the company’s product coverage industry chain will be extended from the upstream to the downstream of the production chain, which will help improve the company’s locality and visibility in the industry chain and the scope of cooperation with core customers.

It is believed that the company’s continuous expansion of production capacity under the premise of insisting on R & D and lean management can enable the company to obtain better economies of scale.

Profit forecast and investment advice: As a leader in the electro-acoustic component industry, the company has a comprehensive product line layout. Through the new business unit and capacity expansion, it is actively seeking 杭州夜网 product structure transformation. We expect the company’s overall revenue in 2018E / 2019E / 2020E to reach 9.



60,000 yuan, an increase of 25 in ten years.

0% / 43.

3% / 20.


18E / 19E / 20E returns to the net profit of the mother 0.



51 ppm, currently the corresponding PE is 48.

3x / 27.

7x / 20.

8x, the first coverage is given a “Buy” rating.

Risk warning: The demand for downstream consumer electronics products is less than expected, the development of the TWS headset market is less than expected, and the progress of investment projects is less than expected.

Antai Technology (000969): The Q1 performance in 2019 surpasses expectations and the industrial structure adjustment has achieved initial results

Antai Technology (000969): The Q1 performance in 2019 surpasses expectations and the industrial structure adjustment has achieved initial results

The performance in the first quarter of 2019 exceeded expectations, and net profit attributable to mothers increased further.

According to the announcement, the company issued a forecast for the first quarter of 2019, with net profit attributable to its parent of 51 million to 55 million yuan, an annual increase of approximately 426% -468%, and a basic income of approximately zero.


0536 yuan / share.

One of the reasons for the highest performance growth was the initial results of the company’s industrial restructuring. The amorphous and welding business segments significantly reduced losses; the second was the company’s main business 杭州桑拿 business segment’s sales scale increased and its performance contribution increased; the third was the improvement of the capital market, The company’s holding company Antai Venture Capital Co., Ltd. held a change in the market value of listed companies’ shares, which contributed to the company’s first quarter operating performance.

  We will speed up structural adjustments, reduce burdens, optimize resource allocation, and enhance core competitiveness.

According to the announcement, the first reorganization of the company is a clear strategic business segment, focusing on the main business. In 2018, it has implemented asset replacement and bad debt extraction for inexplicable welding and other businesses, and even dragged down the performance for the year. However, it will further optimize the company ‘s configuration in the future.Concentrated resources have solidified the foundation, and significant performance improvement has been achieved in the first quarter of 2019. The second is to enhance core competitiveness. The company has promoted the reform of seven subsidiaries and a mixed-ownership employee-owned company to achieve mechanism innovation.An enterprise strategy plan, in-depth adjustment of business structure and product structure, building core industries, is expected to achieve higher performance gains in 2019.

  The advance deployment of hydrogen fuel cell business is conducive to the advent of the hydrogen energy era.

According to company news, the company ‘s hydrogen fuel cell business has been strategically deployed for many years. It is mainly undertaken by its subsidiary, Antai Environment. It is a supplier of key materials and stacks for hydrogen fuel cells and an integrator for hydrogen energy preparation and utilization.Research and development, and participated in Beijing’s fuel cell layout and hydrogen energy utilization planning.

The hydrogen energy was written into the government work report for the first time in 2019. According to company news, in March 2019, the Quartet including the Strategic Consulting Center of the China Iron and Steel Research Institute and the Engineering Institute jointly established a hydrogen energy technology and industrial innovation center.High growth.
  The upstream rare earth resources are injected, and the synergy effect of the upstream and downstream industry chains is enhanced.

According to the announcement, the controlling shareholder promised to complete the injection of Shandong Rare Earth’s controlling power by October 31, 2019 (China Steel Research held 44 of it.

76% shares), seeking to strengthen the company’s rare earth permanent magnet business integration strategy.

  Investment suggestion: Buy-A investment rating, 6-month target price of 10.

67 yuan.

Benefiting from the accelerated development of the hydrogen energy industry, the rapid growth of the fuel cell business, and the steady growth brought about by the company’s powder material and other optimized industries, the company is expected to be in 2019?
In 2021, the EPS will be 0.

18, 0.

36 and 0.


We believe that the company has a long-term scientific research strength and technical barriers. Considering a certain estimated premium, it will give the company a dynamic price-earnings ratio of 60x in 2019 and a 6-month target price of 10.

67 yuan.

  Risk reminders: 1) The company’s performance growth is lower than expected; 2) The hydrogen energy development rate is lower than expected; 3) The rare earth business injection is lower than expected.

Peach-bread (603866): Seeing space in terms of share during the advancement of production capacity

Peach-bread (603866): Seeing space in terms of share during the advancement of production capacity

The 杭州桑拿 event company released three quarterly reports for 2019, with revenues of 19Q1-Q3 reaching 41.

2.2 billion (+16.

95%), net profit attributable to mother 5.

30,000 yuan (+8.

71%), deducting non-net profit 4.

880,000 yuan (+9.


3Q19 achieved revenue of 15.

6.4 billion (+15.

18%), net profit attributable to mother 1.

9.9 billion (-0.

24%), deducting non-net profit 1.

9.3 billion (+3.


  Investment points Revenue continued to grow steadily, and the performance of Northeast China Port was dazzling.

19Q1-Q3 realized revenue 41.

2.2 billion (+16.

95%), of which revenue was 15 in 19Q3.

6.4 billion (+15.

18%), by category, bread and moon cake were 14 respectively.


06 ppm; by region, North China / Northeast China / East China / Southwest China / Northwest China / South China achieved revenue3.





1/1 million, an increase of 6/27/5/6/5/6% month-on-month. The Northeast base camp still maintains a high growth. Considering the growth of internal conversion growth, it is expected to include some regional transportation revenue.

19Q1-Q3 gross profit margin 39.

61% (+0.

28pct), of which 19Q3 gross margin is 39.

6% (+0.


Expansion in different locations has led to increased transportation and promotion costs, and rents at stores / offices in some regions have increased, so the sales expense ratio for Q3 was 20.

89% (+1.

51pct), management expense ratio (including R & D expenses) 1.

72% (+0.

19 points).

In summary, the net interest rate in 19Q3 was 12.75% (-1.

97pct), net profit attributable to mother 1.

9.9 billion (-0.

twenty four%).

  Convertible bonds are listed, and expansion projects are underway.

Taoli convertible bonds went public in October, and the actual funds raised were 9.

USD 800 million to expand and expand production capacity in Jiangsu / Sichuan / Qingdao / Zhejiang, with a construction period of 18-20 months, capacity planning and strategic deployment. The Jiangsu, Zhejiang and Shanghai region will be the focus of the company’s next phase of strategic layout.Production capacity is lagging and overloaded, requiring renewal iterations.

Q3 capital expenditure 2.

200 million, staying high; projects under construction at the end of Q3 3.

1.4 billion (+0 ring-on-month.

600 million), other non-current assets (mainly equipment and engineering) 3.

66 ppm, mainly in Jiangsu, Shandong, and Wuhan. The construction of production projects is progressing in an orderly manner, and the corresponding design capacity is 2 respectively.



55 is the highest, and it is expected that the end of 19 to 2020 will continue to contribute capacity.

  Q2 accelerated verification has deep barriers, and Dali’s entry into the game continues to pose a threat.

In 18 years, Dali launched the US Bakery to enter the short-term insurance market. We believe that Dali is still in the branding stage, and the short-term profitability is limited, and there may be risks of price wars, but it will help improve consumer education nationwide in the long run.The scale of the short-term insurance market has been increased.

As for the benchmark Japanese Yamazaki bread, we believe that the short-term guarantee bread has broad prospects and has not yet emerged as a national leader. We believe that Taoli has the ability to replicate the mature experience of the Northeast region and achieve national distribution.

  Profit forecast and investment grade: The leading Taoli brand, channels and production capacity are multi-pronged to create an industrial moat, and Dali’s participation in the short-term guarantee competition is also expected to make the industry cake bigger.

It is estimated that the company’s revenue in 19-21 will reach 57/67/79 billion, and it will increase 18/18/17% in the future; net profit attributable to mothers will reach 7.



800 million, an increase of 11/17/17% over the same period; the corresponding PE is 42/36 / 31X, maintaining the “overweight” rating.

  Risk warning: raw material price risk, market expansion beyond expectations, food safety risks.

Addison Precision (603638): Front-loading market maintains steady growth

Addison Precision (603638): Front-loading market maintains steady growth
Investment Highlights: The third quarterly report is released, and net profit is in line with market expectations.The company released its third-quarter performance report for 2019, and achieved operating income from January to September 201910.68 ppm, an increase of 42 in ten years.44%, the net profit attributable to shareholders of the listed company is 2.580,000 yuan, an increase of 47 in ten years.28%; basic return is 0.67 yuan, steady growth in performance. The construction machinery industry boomed, and industry sales continued to grow.Affected by the shortcomings of infrastructure construction, environmental protection policy tightened by environmental protection, equipment upgrades, infrastructure repairs, and other factors are favorable. The continued recovery of downstream demand in the construction machinery industry has driven the continuous growth of excavator sales.According to the industry statistics of the China Construction Machinery Industry Association’s Excavation Machinery Branch, from January to September 2019, the 25 main engine manufacturing companies were replaced, and a total of 19 types of excavation machinery products were sold.920 thousand units, an increase of 14 in ten years.7%.The continued growth of the excavator market has also driven the company’s crusher and hydraulic components revenue. Gross profit margin remained stable, and cash flow levels continued to improve.The company’s gross profit margin for January-September 2019 was 42.46%, gross profit margins for 2019Q1, 2019Q2 and 2019Q3 were 43.15%, 43.19%, 40.81%, gross margin level remained stable.From January to September 2019, the net cash flow reached 1.350,000 yuan, with reference to the net level of 92 million in the first half of 2019, the cash position continues to improve. The company’s cost management level has been continuously improved, and its profitability has been continuously strengthened.In the case of continuous increase in revenue and net profit, the company’s expense ratio remained stable, and the sales expense ratio, management expense ratio and financial expense ratio were 5 respectively.49%, 4.3% and 1.At 14%, management costs have fallen by 1 every year.43 points. Profit forecast and investment advice.We expect the company’s revenue to be 15 in 2019-2021.310,000 yuan, 18.8.4 billion, 25.410,000 yuan, a year-on-year increase of + 50% and +23.1%, +34.9%, achieving net profit attributable to mother 3.4.5 billion, 4.3.4 billion, 5.980,000 yuan, +53 compared with the same period last year.4%, +25.7%, +37.7%, EPS is 0.9 yuan, 1.13 yuan, 1.55 yuan, the corresponding PE is 28.61x, 22.79x, 16.61x.Considering the improvement of the construction machinery industry and the company’s leading addition, the company’s reasonable expectation level is 25 times, and the corresponding overlap range is 22.5-28.25 yuan, maintain a neutral rating. risk warning.Downstream demand in the construction machinery 佛山桑拿网 industry has shrunk, and the industry’s prosperity has declined; overseas market expansion has fallen short of expectations; raw material prices have fluctuated significantly;

Mak Home (600337) 2018 Annual Report Review: Multi-brand Strategy Accelerates Penetration and Expansion of Franchise Channels

Mak Home (600337) 2018 Annual Report Review: Multi-brand Strategy Accelerates Penetration and Expansion of Franchise Channels
Investment Highlights: Event: 3/27 The company released its 2018 annual report, which reportedly achieved revenue 52.160,000 yuan, an increase of 25 in ten years.88%; net profit attributable to mothers4.51 ppm, an increase of 23 in ten years.5%, it is planned to distribute cash dividends to all shareholders based on the total share capital on the registration date of the implementation of profit distribution equity.00 yuan (including tax). The same-store operation of the direct sales channel has made a breakthrough, and the franchise channel has expanded and increased its volume.(1) Retail: Thanks to the expansion of franchise stores, the retail business achieved revenue38.900 million (+15.Year-on-year growth of 92%).Over 60% (64.6%) of direct sales income reached 33.97 ppm (+ 11% year-on-year), relatively stable growth; direct-operated stores gradually increased by 15 to 143 stores, single-store operations resumed a decline of 1%, and the operating margin of directly-operated stores increased slightly; the gross profit margin of direct-operated stores increased by 0.7 points to 62.5%.Franchise to achieve income 4.9.7 billion (a year-on-year increase of 73%), an increase of 2%.5 points to 9.4%.The number of franchised stores grew rapidly to 180 (a net increase of 60), and the single-store revenue growth increased by 11%, driving the rapid growth of the overall revenue; the decline in franchise gross profit margin continued, and gradually dropped to 0 in 2018.9 points to 33.7%.(2) Wholesale side: The wholesale business achieved high growth, and overall revenue reached 12.200 million (62% year-on-year), accounting for 23.2%. Of which solid wood products income6.07 billion (+9.85% increase year-on-year); sofa products developed at a high speed, realizing revenue6.1.3 billion (+276.49% yoy); gross margins for solid wood / sofa products are 37.6% / 28.4%.Under the company’s strategy of heavy growth, the direct business of high gross margin space is facing operational difficulties, and the low-margin franchise and wholesale business has become a source of growth. With the multi-brand strategy as the core, the store is accelerating to sink.The company faces the global mid-to-high-end market, and faces different consumer groups. It launches 7 domestic brands and 4 international brands with art as its core, and has a total of 322 stores (+77) in more than 100 cities in China.The multi-level brand matrix is expected to help penetrate into various market segments and achieve the largest expansion of consumer groups.(1) Accumulation of main brand values: 104 Meikemeijia (+11) are the company’s main independent brands, and the brand value continues to increase.(2) Rapid penetration of asset-light brands: R.T 145 (direct management +1 to 9 / joining +33 to 136), ART West 49 (direct management +3 to 5 / joining +14 to 44) became the main force of expansion.The company advances A.R.T places home stores and expands ART West through channels, while expanding the existing market layout, rapidly expanding new cities.(3) E-learning on the layout of emerging brands: YvvY, ZESTHOME and other emerging brands continue to cultivate, forming a rich brand matrix.Among them, ZESTHOME focuses on online channels, Tmall’s smart stores, and mini-program stores.(4) Pioneer in the international market: The company acquired Rowe, a sofa manufacturer, and M, an ornaments manufacturer.S.T. Increased capital to invest in Vietnam’s Muya Home, forming a global supply chain network configuration with Southeast Asia as the core.(4) Accelerating product optimization and iteration: The company actively responded to market changes and expanded the online SKU ratio and product conversion. By 2018, it had 2,322 authorized patents and autonomous ownership became the company’s nuclear assets. Expanding the market with gross profit space, the overall gross profit margin declined.The change in revenue structure and the development of low gross profit margin business have led to a decline in the company’s overall gross profit margin in 20182.02pct to 52.61%.Q4 gross profit margin was only 36.58%, under the short-term impact of the industry environment, the company’s operating capacity is under pressure, dragging down profitability.On the expense side, the comprehensive expense ratio decreased by 0.57pct to 41.93%, of which the sales expense ratio is 29.95% (-1.81pct), the management expense ratio was increased to 9 due to the consolidation of the acquired company.03% (+0.80pct), financial expense ratio 1.62% (+0.14pct).The overall company’s net sales margin decreased slightly by zero.28 points to 8.46%. Earnings forecast and investment rating: The company focuses on growth and expansion of the market, with a multi-brand strategy as its core. The sinking of stores and the simultaneous promotion of online channels will accelerate the increase in market share.It 杭州桑拿网 is expected that the company’s same store revenue is expected to grow slowly under the trend of this year’s industrial recovery.It is expected that the company’s operating income for 2019-2021 will be 64.470,000 yuan, 75.1 billion, 83.8.5 billion; net profit was 5.4.6 billion, 6.5.9 billion, 7.88 trillion; the corresponding growth rates are 21 respectively.29%, 20.83% and 19.76%. EPS are 0.31 yuan, 0.37 yuan, 0.44 yuan, corresponding to the current sustainable PE is 18 respectively.73x, 15.53x and 12.98x.Covered for the first time, giving the company a “Recommended” rating. Risk warning: the company’s channel expansion is less than expected, the brand cultivation is less than expected, and the industry’s downside risks.

Biyin Lefen (002832) three quarterly report comments: third quarter results continue to exceed expectations for 11 consecutive quarters of high growth

Biyin Lefen (002832) three quarterly report comments: third quarter results continue to exceed expectations for 11 consecutive quarters of high growth

The company announced the 2019 third quarter report, operating income13.

23 ppm, an increase of 24 in ten years.

95%, net profit attributable to mother 3.

110,000 yuan, an increase of 51 in ten years.

09%, of which single-quarter operating income in the third quarter4.

7.8 billion, an annual increase of 24.

60%, net profit attributable to mother 1.

370,000 yuan, an increase of 64 in ten years.


The rapid growth of the third quarter single-quarter performance in the second quarter single quarter significantly accelerated the company’s second quarter single-quarter operating income and return to net profit growth.

45% and 17.


Excluding 1333 in the second quarter.

In addition to the impact of the RMB 07 million equity incentive fee, it mainly benefited from the steady development of the company’s channels (gradual realization of 80-100 net openings). The impact of channel optimization and upgrading (position adjustment and expansion) in the second quarter gradually appeared in the third quarter, including mobile sales.As the rate continues to increase and discounts improve control, the company ‘s gross profit margin continued to increase in the third quarter6.

66 units.

Constantly strengthening brand publicity efforts is expected to drive the company’s future sales companies to continue to strengthen brand publicity efforts. The market for Jiang Yiyan’s public welfare joint models has received enthusiastic response. In the future, it is also possible to launch a joint series of the Forbidden City.The popularity and reputation have been continuously improved, which is expected to drive the company’s future sales.

Optimistic about the company’s fourth-quarter performance acceleration and high growth in the next three years First of all, in addition to the strengthening of brand promotion, the fourth quarter is the traditional peak season for clothing, coupled with the early winter in the north this year, which is conducive to the company’s winter clothing sales.

In itself, the main brand has 深圳桑拿网 a large store opening space, and the market capacity is expected to reach 1,500 to 2,000.

Third, the average single-store efficiency is expected to maintain double-digit growth, the prosperity of the sportswear industry continues to grow, and the company’s product categories are constantly enriched, channels are continuously optimized, and its operating capacity is continuously improved.

Fourth, the company has sufficient incentives to launch two phases of employee stock ownership plans.

Finally, the state issued a document to stimulate the potential of tourism consumption and benefit the company’s new brand, Venice.

The 19-21 year earnings are expected to be 1.

33 yuan / share, 1.

73 yuan / share, 2.

The current price of 16 yuan / share corresponds to only 20 times the PE in 19 years, with reference to 南宁桑拿 comparable companies. At the same time, considering the company’s growth, it maintains about 30 times the PE in 19 years, with a reasonable value of 39.

90 yuan / share, maintain “Buy” rating.

Risks indicate that new brand sales are less than expected risks; risks of changes in retail formats;

ST Aixu (600732): A leader in photovoltaic cells with rapid growth in performance and capacity

ST Aixu (600732): A leader in photovoltaic cells with rapid growth in performance and capacity

Event: Ai Xu announced its 2019 annual report, reporting that a series of companies achieved revenue of 60.

69 trillion, an increase of 47.

74%; net profit attributable to mothers5.

8.5 billion, an increase of 69.

61%; realized non-net profit deduction4.

90 trillion, the same increase of 92.

47%; net operating cash flow of 15.

8.7 billion, an increase of 62.

43%; expected average return on net assets is 32.

22%, an increase of 4.


Leading photovoltaic cell companies with strong technical strength: In 2019, the company underwent major asset reorganization, asset placement for real estate development and operation, solar cell asset placement, and the company’s main business changed to high-efficiency solar cell R & D, manufacturing, and sales.

In 2019, the global photovoltaic replenishment installed capacity was about 120GW, with an annual growth rate of more than 20%. The company actively expanded overseas markets and gradually achieved single-crystal perc cell sales of 59.

100,000 yuan, an increase of 88.

24%; sales 6.

79GW, with the same increase of 121.

96%; gross profit margin 17.

51% twice a year.

37pcs; overseas sales reached 20.

49 trillion, with an increase of 412.

02%, overseas income accounts for 33%.

79%, according to customs 深圳桑拿网 data, the company’s national battery exports in 2019 ranked first.

The company is strong in battery technology, not only has realized the world’s first mass production of 210mm large-size batteries, but also has a deep accumulation of new battery mass production technologies such as laminated batteries, HIT, IBC, HBC, TOPCON.

In addition, through refined management and intelligent manufacturing technology, the company has effectively ensured a stable improvement in product quality and a reduction in production costs. The industry-leading level of monocrystalline perc battery mass production conversion efficiency and non-silicon costs has been achieved.

The production capacity and the construction of the R & D center have been advanced simultaneously, and the leader has further improved the integration: the company’s 武汉夜生活网 production capacity has continued to expand and currently has three production bases in Foshan, Yiwu and Tianjin. As of the end of 2019, the company has PERC battery production capacity.

2GW, of which Foshan 1.

6GW, Yiwu 3.

8GW, Tianjin 3.

At the same time, the company plans to produce 22 GW of high-efficiency crystalline silicon solar cells by the end of 2020, 32 GW by the end of 2021, and 45 GW by the end of 2022.

The company also announced that it plans to issue non-public offerings to no more than 35 specific investors for no more than five.

4.9 billion shares raised 25.25 billion, of which 14.

500 million US dollars invested in Yiwu Phase III with an annual output of 4.

3GW high-efficiency crystalline silicon cell project, construction of 3 million USD photovoltaic R & D center, 7.

500 million to supplement working capital.

In addition, the company also announced that it will invest 3.

An annual output of 20,000 yuan will be built in Tianjin.

6GW high-efficiency silicon-based solar cell project.

  After the completion of the Yiwu Phase III and Tianjin projects, the company will use its own technical advantages, location advantages and cost advantages to further increase market share. At the same time, the construction of photovoltaic research and development centers will further consolidate the company’s technical advantages and form more mass-produced products.Technical reserves. Equity incentive guarantees the company’s performance to grow rapidly in the medium and long term: The company announced that it intends to grant 36 million stock returns and exercise price of 11 to 287 directors, executives and core backbones.

22 yuan / share, short-term company performance indicators for annual assessment, from 2020-2023, after deducting non-return to the mother’s net profit reached 6 respectively.

68 trillion, 8 trillion, 11 trillion.

Performance evaluation indicators will effectively ensure that the company maintains rapid performance growth in the medium and long term.

Investment suggestion: We expect the company’s revenue growth from 2020 to 2022 to be 60%, 68%, and 35%, and its net profit growth to be 81%, 44%, and 34%, respectively.Investment rating with 6-month target price of 14.

5 yuan.

Risk warning: PV installations exceed expectations, and production expansion progress exceeds expectations.