Changan Automobile (000625): New Products Continue to Huge Volume and Sales Elasticity in 2020 Will Appear

Changan Automobile (000625): New Products Continue to Huge Volume and Sales Elasticity in 2020 Will Appear
Sales data for December 19 was announced. It is the same as the previous year, which is a double increase from the previous month.40,000 vehicles, +31 per month.0% / + 9.8%.Among them, the independent brand Chongqing Changan, Hebei Changan and Hefei Changan combined sales of about 100,000 units, of which / chain +81.3% / + 11.6%; Changan Ford sales 1.80,000 vehicles, + 0 / mo.8% /-4.7%; Changan Mazda sales 1.30,000 units, previous / + 9 from the previous month.2% / + 0.7%. The company’s annual sales volume in 2019 was 176.30,000, at least -15.2%.Among them, Changan Ford sold 18.40,000, at least -51.3%; Changan Mazda sales 13.40,000, at least -19.7%. 19Q4 self-owned brand new car volume, 2020 volume and price are expected to rise 19Q4 Chongqing Changan, Hebei Changan and Hefei Changan combined sales increased by +32.0% / mom + 43.3%.The driving force for sales growth comes from the CS75 series (listed in September), CS55 series (listed in November) and CS35 series.The sales of CS75plus are mainly mid-to-high aircraft,南宁桑拿 and have opened up the coastal provinces market (Changan’s autonomous passenger vehicle sales for 18 years top2 provinces are Sichuan and Henan.November is Zhejiang and Guangdong).We believe that Changan has independently upgraded its product structure and customer structure in this new product cycle, and strives to achieve both volume and price increases. 19Q4 joint-venture brand sales improved. New product-driven sales growth in 2020. Changan Ford’s 19Q4 sales increased by -20.3%, the decrease was narrower than the previous month.In 2020, Changan Ford will have four new cars on the market (two Lincoln models), and sales will help improve margins.And Ford’s new product cycle this year is mainly high ASP models, the overall bicycle profit may improve.Changan Mazda’s 19Q4 sales are -0 per year.1% / mom + 8.9%.With the replacement of Mazda 3 in September, the company’s sales have stabilized.The introduction of the new car CX-30 in 2020 will promote a marginal improvement in drive sales. Maintain the company’s profit forecast and “buy” rating company’s new product cycle gradually realized, the fundamentals are about to improve, 2020 performance elasticity may appear. We maintain company 19?21 years return to net profit -1.8/34.6/48.7 trillion, corresponding to EPS -0.04/0.72/1.The forecast of 01 yuan is maintained at the “Buy” rating.(Hint: if included in the new energy subsidiary’s dating war events are expected to occur 22.Revenue of $ 9.1 billion and the sale of CAPSA equity are expected to generate 13.With a revenue of US $ 5.2 billion, we predict that the company’s net profit may increase to US $ 7.1 billion in 2020.) Risk Warning: 1. The auto market recovery was less than expected; 2. Market competition has intensified, and new product sales have fallen short of expectations.

Puluo Pharmaceutical (000739): Sustained rapid growth CDMO and preparation business growth can be expected: Puluo Pharmaceuticals comment

Puluo Pharmaceutical (000739): Sustained rapid growth CDMO and preparation business growth can be expected: Puluo Pharmaceuticals comment

Brief evaluation of performance The company announced the third quarter report on October 17, 2019, and achieved 淡水桑拿网 operating income of 54 in the first three quarters.

1.5 billion, net profit attributable to mother4.

3.2 billion, net of non-attributed net profit4.

2.7 billion, with growth rates of 15.

99%, 57.

87%, 77.

00%, maintaining rapid growth.

  The operating analysis company is a leading domestic pharmaceutical company. In recent years, it has increased investment in research and development to promote the development of CDMO and preparation business and optimize the business structure.

The company’s R & D expenses in the first three quarters of 20192.

76 trillion, accounting for 5 of the revenue.


  Steady growth of bulk drug business: The company’s foreign revenue accounts for nearly 40%. In 2018, the export of western medicine raw materials ranked third in the country. The bulk drug business grew steadily, providing stable cash flow for the company.

  The CDMO business will be a bright spot for growth: The company’s CDMO business takes high-end veterinary drugs as its core and maintains long-term cooperation with leading veterinary drug companies such as Shuo Teng and Merck, with strong customer stickiness and high profitability.

In August, the company signed the “Main Supply Agreement” with Shuoteng Belgium, and reached agreement on terms of product supply of the original cooperation project and technology transfer and production supplementing the three CDMO projects. It is expected to start volume next year.

  The company’s CDMO R & D staff is currently about 100, and it is expected to expand to 150 in the future. Through the volume of old orders and the acceptance of new orders, the company’s CDMO is expected to maintain higher growth.

  Seize the dividends from the procurement reform with a clear idea of formulation research and development: Consistency evaluation on the varieties of API advantages: The company’s first anti-seizure market share drug Levetiracetam tablets are the first dual specifications to pass consistencyIn the evaluation of the company, the company was selected in the National Expansion of Procurement in September, and the volume of reorganization will be increased quickly; the layout of new drugs and generic drugs with higher barriers: the company announced in September that bupropion hydrochloride sustained-release tablets were approved by the FDA.The US generic drug market for this product’s 300mg dosage form was approximately 1 in 2018.

200 million US dollars, through the release of the company’s production capacity will bring revenue growth in the formulation sector.

  Investment suggestion We are optimistic about the company’s API and CDMO + preparation integration strategy, and raised our profit forecast. The EPS for 2019-2021 will be 0.



80 yuan, corresponding to an increase of 3 in the previous forecast.

74% / 0.

06% / 3.

72%, corresponding PE is 29/22/17 times, maintain “Buy” rating.

  Risks Downside risks of API prices; risks of prolonged swine fever; environmental protection, quality risks; exchange rate risks; risks of sales decline caused by drug adjustments and medical insurance catalogs; risk of reduction of holdings, etc.

Aerospace Rainbow (002389) First Coverage Report: UAV + New Material Two-Wheel Drive New Giant in Military Industry Takes Off in the Wind

Aerospace Rainbow (002389) First Coverage Report: UAV + New Material Two-Wheel Drive New Giant in Military Industry Takes Off in the Wind
A leading company in the domestic drone industry, the rainbow over the dots presented by the drone industry is a listed company controlled by the 11th Research Institute of China Aerospace Science and Technology Corporation. The main military rainbow drones are designed and researched and developed for new materials and products.produce.The company has formed a business model with dual main businesses of new materials business and UAV R & D and manufacturing. Based on the reorganization of new material products, the company has added mid-size and large-scale Chada integrated drones such as Rainbow-3, Rainbow-4 and Rainbow-5.Products and shooter series missiles, forming a diversified product structure. The recent turning point of orders for relevant unmanned intelligent listed companies: Xingwang Yuda ‘s investor activity disclosure on February 14, 20, drone business 2 million in 2019, 2 in 2020.3-2.500 million; Long Eagle Letters announced on December 5, 19, the amount of drone contracts increased to 9.2.5 billion; Saiwei Intelligent announced on August 23, 19 and signed6.600 million orders. Top 3 drone suppliers in the global military trade market, the market demand may usher in medium-to-high-speed growth. Rainbow drones are important representatives of the “going out” of high-tech products for drones.Level in the field of defense, and at the same time in the field of resource exploration, marine monitoring, public security stability, meteorology, emergency response and other areas are very popular.At present, the company’s products have successfully obtained a large number of international and domestic market orders. It is the first unit to achieve the bulk export of drones and the largest export volume. It has gradually transformed into the top 3 of the existing global military trade market in the past 10 years. The global drone market size was USD 14.1 billion in 2018, and the global drone market size is expected to reach USD 43.1 billion by 2024, with composite materials at 20.5%; The military drone market size reached 12 in 2018.1 billion US dollars, the market size will reach 26 by 2025.The US $ 800 million military and civilian drone market integrates market space.According to data released by the US think tank IISS, from 2008 to 2017, the United States exported a total of 351 drones, Israel exported 186 drones, and 88 on the right, with a market share of more than 10%, which is expected to increase further in the future. 薄膜业务:我国电容器薄膜主导制造商,望迎汽车\新能源超级电容机遇 公司是我国最大的电容器专用电子薄膜制造企业之一,一直致力于电容器用薄膜、太阳能电池背板膜、光学膜领域的Process technology innovation and new product development. Existing products include capacitor film, solar cell backing film, optical film, and lithium ion battery.The company has a total annual production capacity of 16,000 tons of polypropylene film for capacitors, and an annual output of 5,000 tons of capacitor polyester film. The product covers 1.5μm-18μm, leading the industry in terms of production capacity and product series.In terms of new product research and development, the company continues to increase research on ultra-thinning of capacitor films, high temperature resistance, high current resistance, safety and reliability, and customized development. Earnings forecast and assumptions: We expect the company’s revenue growth rate in 2019-2021 to be 16.9% / 22.6% / 22.2%, the corresponding revenue is 31.79/38.99/47.65 ppm, gross margin is 28.2% / 31.6% / 32.4%, net profit attributable to mothers is 2 respectively.11/5.11/6.56 trillion, EPS is 0.22/0.54/0.69 yuan, according to the closing price on February 21, the price-earnings ratio is 65.60/27.10/21.10 times.The current forecast average price-earnings ratio of 西安耍耍网 comparable companies in 2020 is 39.70x, the company’s target price is 0.54 * 39.70 = 21.44 yuan, the first coverage given a buy rating. Risk reminder: The company’s export volume of drone products will increase, competition in the supercapacitor film market will increase, and the risk of EV battery technology changes.

Gujing Liquor (000596) Research Briefing: Product Structure Efforts to Strengthen the Nationalization of the High-end Market

Gujing Liquor (000596) Research Briefing: Product Structure Efforts to Strengthen the Nationalization of the High-end Market

Key points of investment: The product structure is developed at the second-highest level. The Gu 20 actively cultivated Gujing Gongjiu as the only old eight famous liquor in Anhui Province, and the brand in the province replaced it.

As the consumption upgrade trend in Anhui Province continues, in the past, the gift version, the price of ancient 5 and other wines at 100-200 yuan / bottle was the mainstream, and gradually transitioned to the current price of ancient 8 and ancient 16 and 200-300 yuan / bottle.
On the basis of the active development of the ancient 8, ancient 16, the company began to actively cultivate and develop the ancient 20 (retail price of more than 600 yuan / bottle) last year, the overall product structure moved up, focusing on the sub-high-end.

Judging from the competition pattern of liquor in Anhui Province, there are well-known real estate brands such as Gujing tribute liquor, Kouzi cellar, Yingjia tribute liquor at the price range of 100-200 yuan / bottle, but at the price range of 200-300 yuan / bottle, gujing liquor is used asThe eight famous wines have strong brand power. It is expected to accompany the consumption upgrade in the future. The competitive advantage of Gujing Gongjiu’s sub-high-end products is becoming increasingly apparent.

The nationalization of the market has been promoted, and the Jiangsu, Zhejiang and Shanghai markets have begun to make efforts to nationalize the layout. Although Gujing has the outstanding 杭州桑拿 genes of the eight famous wines and the company’s vigorous promotion of the brand, there are also more local real estate wines in foreign markets, such as Yanghe in Jiangsu., Luzhou Laojiao in Sichuan, Jiannanchun, Langjiu, Fenjiu in Shanxi, Jiujiuji in Hunan, etc. Therefore, the market competition outside the province is more fierce than in the province, but the company believes that no matter how difficult it is to nationalize it, we must continue to promote it.

The market outside the province focused on building the Hebei and Henan markets in the past. In recent years, the Jiangsu, Zhejiang, and Shanghai markets have also begun to exert force, and market feedback has grown even better.

In the past, the Henan market proposed to restructure the Anhui market, and later encountered difficulties in structural adjustment. 天津夜网 However, since last year, the market situation has gradually opened and has started to recover.

The company insists on the unwavering development of markets outside the province, and on the basis of achieving “ten billion” in revenue last year, the company marches towards higher-level goals.

Earnings forecast and investment rating: Upgraded to “Buy” rating to forecast the company’s EPS for 2019/2020/2021 to 4, respectively.



99 yuan, corresponding to PE for 2019/2020/2021 is 25.



01 times, consider optimistic about the company’s future national market development, raise the level to “buy”.

Risk reminders: The structural upgrade in the province is not up to expectations, the market expansion outside the province is not up to expectations, the downside of the macro economy, the impact of intensified industry competition, and food safety.

Suning Tesco (002024) 2019 Interim Report Review: Revenue Growth Declines Same Store Growth Pressured

Suning Tesco (002024) 2019 Interim Report Review: Revenue Growth Declines Same Store Growth Pressured
Revenue growth profit, same-store growth contracting company’s operating income in 1H19 was 1355.7 ‰, an increase of 22 per year.49%, net profit attributable to mother 21.39 trillion, down 64 a year.Looking at the 36% segment, China’s retail and service businesses achieved net profit21.3.6 billion, excluding the impact of the first half of the operating results of Suning Xiaodian and investment income from equity transfers (13.7.8 billion), and Wanda investment income (8.7.1 billion) impact, net profit -1.1.3 billion.In terms of cash flow, excluding small loans, the impact of the increase in loan size on factoring business, the second quarter CFO was -26.47 trillion, a slight improvement from the previous quarter. 1H19 omni-channel GMV 1,842.1.3 billion, an annual increase of 21.80%, online GMV 1,121.5 billion billion increase 26.98%, a small increase.The company has a total of 4,141 self-operated stores (excluding Suning stores), and the area of self-operated stores is 698北京桑拿洗浴保健.700,000 square meters, 3,362 retail cloud franchise stores.In terms of format performance, due to the continued weak external market environment, comparable 3C home furnishing stores / retail cloud-operated stores saw comparable sales decline by 5.66/6.27%; Red Kids’ comparable store sales revenue increases by 16 per year.84%. The gross profit margin decreased, and the total expense ratio increased by 1H19. The consolidated gross profit margin was 14.04%, zero for ten years.39 carats; gross profit margin of core main business 12.7%, ten-year average of 0.73pct, mainly due to the promotion of home furnishings and the expansion of government and enterprise customers.The total expense ratio has increased, including sales / management / R & D / financial expense ratios of 12 respectively.12/1.99/1.08/1.08%, ten years +0.68 / -0.21 / + 0.27 / + 0.83pct, mainly due to the increase in the cost of Suning’s small stores and the initial warehouse construction. Risks suggest that the rapid expansion of multi-format businesses is a drag on performance; expense ratio repairs are less than expected. High-speed growth, omni-channel multi-format construction accelerated, maintain “Buy” rating We maintain our profit forecast, the company’s net profit is expected to be 173 in 2019/2020/2021.29/30.88/48.1.2 billion.Segment estimates based on offline, online platforms, logistics, finance, and own propertiesAmong them, the offline business is estimated at 6.20-8.27 million yuan, and the online business is based on P / GMV = 0.1-0.15x calculation, the estimated interval is 208.3-312.4.5 billion; logistics business is estimated to range from 22.8 billion to 38 billion; financial business assessment is 230.4.4 billion; property value of own stores is 62.7.3 billion.In summary, we believe that the company’s reasonable estimate range is 1349-1812 thousandths, corresponding to 14.48-19.46 yuan.Maintain “Buy” rating.

China National Travel Service (601888): Investing in Haikou Duty Free City: New Island Tax Free Space

China National Travel Service (601888): Investing in Haikou Duty Free City: New Island Tax Free Space

I. Overview of the event China Travel Investment Development Co., Ltd., a wholly-owned subsidiary of the company, plans to invest RMB 128.

The construction of the Haikou International Duty-Free City Project of 600 million US dollars will be built into a composite tourism retail complex with tax-free cores, including tax retail, cultural and entertainment, business office, catering and accommodation.

Second, the analysis and judgment of the location conditions are superior, and the surrounding supporting projects are complete: the company plans to build Haikou Duty-free City in Haikou City, Hainan Province, the western coast of Guangdong-Hainan Railway port area, the west side and the new seaport seamlessly; the city’s main road Binhai Avenue in the eastIt is about 500m away from Nangang and is connected to Haixiu Expressway, Xinhai Port, and the high-speed railroad near Nanhai Island. It is the only way for tourists visiting the islands of the port.

Traffic situation: 20 minutes to reach the core life circle of Haikou, half an hour to cover the Qiongzhou Strait traffic circle, 2 hours to reach the island.

Peripheral planning: The project is located in the sub-center of the West Coast City, bringing together multiple functions such as municipal administrative offices, business exhibitions, and tourism and vacations, including projects such as Haikou City Government and Haikou International Convention and Exhibition Center. The ability to gather people in the future will be lost.

The first phase of the project is based on tax exemption, and the overall investment amount is controllable. According to the company’s feasibility analysis report, the overall project is divided into two phases of investment: (1)

USD 800 million, mainly for development of the second, third, and fifth plots. The land attributes are mainly commercial and residential land. The construction period is expected to be 36 months. Construction will start this year and completion is expected to be completed in 2022.

Judging from the properties of the first phase of the project, after the completion of the first phase, it will mainly be a tax-free commercial complex. The estimated construction area is nearly 200,000 square meters, which is the existing construction area of Haitang Bay.

6 times.

At the same time, the first phase of the project complements some supporting residential real estate projects to achieve rapid return of funds; (2) The total investment of the second phase of the project is 69.

800 million, the development of the remaining three plots, mainly commercial blocks, office buildings and hotels, is expected to start construction after 2021.

Strong profitability According to the company’s internal calculations, the overall profitability of the Haikou project is strong with an internal rate of return of approximately 14.

4%, which is basically consistent with the Haitang Bay Project (14.


Third, investment suggestions From the first half of 2019, the further opening up of the island’s tax-free policy has promoted the sales growth of the four island-free duty-free shops in Sanya, Haikou and Qionghai, and the number of tax-free shopping outlying islands increased by 15 each.

98% / 26.

56%, driving the passenger unit price up nearly 9.

12%, slightly higher than the 5% -8% increase we expect from democracy.

However, from the perspective of penetration rate, we estimated that the penetration rate of tourists’ tax-free shopping on outlying islands in Hainan in 2018 was only 6.

5%, compared with about 30% penetration rate of Jeju Island.

After landing in Haikou Duty-Free City in the future, Haikou City will effectively solve the problem of limited duty-free operating areas in the city in the past, and further increase the penetration rate of tourists’ duty-free shopping in outlying islands. At the same time, it will also replace the Hainan outlying island tax-free new policy for China Exempt Group to achieveIts long-term development goals in the Hainan Outlying Islands duty-free market are based on the expected foundation.

In the near future, the company is expected to be affected by the new management method of outbound duty-free shops and improve.

We believe that the competition pattern of the domestic tax-free industry will not change significantly due to the introduction of this measure. China Exempt Group is still the absolute leader of the industry, and short-term earnings are mainly affected by emotions.

Taking into account the 51% distribution injection in 2020 and the liberalization of tax exemption 佛山桑拿网 policies in the city, it is expected that the company’s EPS for 2019-2021 will be 2 each.

41, 2.

90, 3.

37 yuan, corresponding PE is 36X, 30X, 26X.

Excluding the impact of the opening of the tax exemption policy of the Chinese people, the company’s EPS for 2019-2021 is expected to be 2 each.

41, 2.

63, 3.

34 yuan, the corresponding PE is 35X, 33X, 26X.

Continue to maintain the “recommended” level.

4. Risk warning: The growth of tax-free sales is lower than expected; the progress of new projects and national tax-free policies in the city is lower than expected.

Sanyou Chemical (600409): Results basically bottomed out and expect the viscose industry to pick up

Sanyou Chemical (600409): Results basically bottomed out and expect the viscose industry to pick up

The company achieved revenue of 104 in the first half of 2019.

RMB 780,000, a year-on-year increase of +4.

91%; net profit attributable to mother 3.

900,000 yuan, 66.

88%; Net cash flow from operating activities.

370,000 yuan, 66 year on year.

twenty four%.

Q2 revenue was 52.

980,000 yuan (+0 compared to the same period last year).

68% quarterly +2.

25%); net profit attributable to mother 1.

9.8 billion (yoy-73.

23%, quarter to quarter +3.


The company’s performance has improved, and its attempted potential has been shown.

Viscose staple fiber, silicone, price of caustic soda, shortened price difference, decrease in value, and increase in cost have dragged down performance. In the first half of the year, the company produced soda 171, viscose staple fiber 40, PVC 22 instead, caustic 27 probe, silicone环 体 5。 Ring body 5.

9 Initially, except for viscose staple fiber, which has been producing and selling for many years, the production and sales of other products have remained basically stable.

However, the price of several major products and the sharp fall in the price difference have led to changes in the company’s performance. Among them, Q2 viscose staple fiber (price yoy-13%, price difference yoy-34%), silicone (price yoy -39%,Price difference yoy -55%), caustic soda (price yoy-17%, price difference yoy -19%), soda ash, PVC and other product prices, the price difference has remained basically stable.

Affected by this, the company’s Q2 gross profit margin decreased by 20.

46%, a reduction of 11 pct per year.

Looking at the chain ratio, in addition to the price of caustic soda, the spread is still lower than Q1, Q2 organic silicon (price qoq + 5%, spread qoq + 11%), PVC (price qoq + 8%, spread qoq + 5%), etc.Showing a certain tendency to stop falling and warming up, the company’s Q2 gross profit margin increased by 0 from the previous month.

62 points.

The company’s sales expenses in the first half of the year 4.

580,000 yuan, spending 68.22 million yuan over a year, mainly due to transportation costs, export costs increased.

Management expenses 7.

340,000 yuan, spending more than a year1.

1.8 billion yuan was mainly due to the increase in employee wages and environmental protection expenses.

Finance costs 1.

850,000 yuan, more than 21.16 million yuan a year of expenditure, mainly due to the completion of the viscose project loan repayment costs caused by increased interest expenses.

In addition, the company in the first half of the year due to inventory depreciation and other total impairment losses of 68.91 million yuan, more than one year accrued 48.36 million yuan, but also have a certain impact on the release of current performance.

The company’s net profit level in the first half of the year 4.

34%, ROE3.

43%, basically near the bottom of the company’s history.

The viscose staple fiber industry is replaced across the board, and the industry is recovering. The industry is expected to recover. In 2017 and 2018, the viscose staple fiber industry is gradually replaced across the board to usher in a new round of peak production capacity distribution. Among them, the newly-increased production in 2018 is about 64%, an increase of aboutAt 15%, the industry faces a certain period of excess supply.

Downstream textile and apparel demand was weakened by the friction of the Sino-US trade war, which further aggravated the contradiction between supply and demand in the 苏州桑拿网 industry. The industry operating rate replaced less than 70% in the second quarter.

Market prices continued to fall to 1.

Around 1 million / ton, the upstream raw material pulp remained strong, the price gap narrowed sharply, and the industry was generally severe.

Xingda Chemical Fiber’s subsidiary company twice in the first half of the year.1 ppm ((The net profit of the remaining major subsidiaries is Chlor-Alkali Subsidiary 1, respectively.

6.2 billion, Sanyou Silicon Industry 1.

3.9 billion, multicolored alkali industry1.

1.9 billion). As an industry leader with cost advantages, there are more. We believe that the price of viscose staple fiber has basically bottomed out.

The downstream textile and apparel market chooses to destock under the influence of trade friction. At present, the destocking effect is obvious. The replenishment demand and the trade friction, especially the easing of the tariff levy for the textile and apparel industry, are expected to be summarized in the second halfDemand for vibrating viscose staple fiber.

With the recovery of demand, the gradual digestion of new production capacity, and the general loss of the industry to further drive the clearance of small and medium capacity, we expect the viscose staple fiber industry is expected to recover at the bottom.

The company has a viscose staple fiber production capacity of 78. For every 100 yuan / ton price increase, the company’s net profit attributable to its mother will increase by 0.

47 trillion, elasticity is remarkable.

Profit forecast: It is expected that the prices of major products will decrease sharply and the company’s expenses and other expenses will increase, and the company’s net profit attributable to the parent will be reduced to 9 in 2019-2021.

15, 13.

25, 16.

1.5 billion, corresponding to PE is 11.

8X, 8.

1X, 6.

7X, the company’s PB is less than double, and the safety margin is sufficient to maintain the “overweight” level.

Risk warning: downstream demand is less than expected; product prices are further reduced; raw material prices have risen sharply

Baichuan Energy (600681) 2018 Annual Report Comments: Performance Meets Expectations Expected Expansion Expansion

Baichuan Energy (600681) 2018 Annual Report Comments: Performance Meets Expectations Expected Expansion Expansion
Event: Baichuan Energy released its 2018 annual report.The company’s operating income in 2018 was 47.50,000 yuan,杭州夜生活网 an increase of 59 in ten years.9%; net profit attributable to mother 10.10,000 yuan, an increase of 17 in ten years.3%; EPS 0.98 yuan. The increase in gas purchase costs caused pressure on the fourth quarter performance, and the overall performance was in line with expectations: In 2018, the demand for natural gas supply and demand remained tight.Affected by factors such as the increase in prices of upstream suppliers such as PetroChina and the purchase of high-priced LNG, the company’s single-quarter profit was under pressure.2018Q4 company gross margin 34.6%, each year, down 7 from the previous month.1,5.1 unit; company net interest rate 17.2% per year, down 16 from the previous month.4, 9.7 units.In the fourth quarter of 2018, the company’s net profit attributable to its parent transitioned to 40.3%, but considering the base effect, the overall performance is in line with the expected dividend ratio: the company disclosed the 2018 dividend plan, and cash and cash dividends were 0.5 yuan (including tax), and at the same time use the capital reserve to convert the capital into 4 shares for every 10 shares.According to the dividend distribution plan, the company’s cash dividend ratio in 2018 exceeded 50%, and the current market value translates into a yield of approximately 3.6%.With the company’s performance maintaining relatively rapid growth, a high percentage of dividends is commendable. Outward expansion is expected to become the company’s new performance growth point: in 2017 and 2018, the company successively acquired Jingzhou Natural Gas and Fuyang Gas Company to expand its business territory through outbound mergers and acquisitions to promote performance growth.Fuyang Gas was consolidated on 2018-08-10, and contributed net profit of 0 in 2018.48 million, taking into account the time of consolidation, Fuyang Gas can still contribute performance increase in 2019.In addition, the company’s annual report revealed that in 2019, it plans to continue to expand new operating areas, acquire and acquire high-quality project companies, and accelerate the national market layout.We believe that the dividend of coal-to-gas conversion in Hebei is gradually diminishing, and outbound mergers and acquisitions are expected to become the company’s new performance growth point. Earnings forecast and investment rating: According to the company’s coal-to-gas progress and outbound M & A, the company’s net profit attributable to mothers in 2019 and 2020 will be increased to 12, respectively.0 billion, 12.900 million (11 before adjustment respectively.400 million, 12.300 million), increase the net profit attributable to mothers in 202014.0 million.Regarding dividends (the conversion of provident fund into share capital) and the change in share capital caused by repurchase for the time being, is the company expected to be in 2019?The EPS in 2021 will be, 1.35 yuan, corresponding to PE, 12, 11, 10 times, maintaining the “overweight” level. Risk reminder: the progress of “coal to gas” is slower than expected, and the supplementary expectations exceed expectations; the company ‘s outbound M & A project progress and effect exceed expectations; the risk of reduction or cancellation of connection fees; further decline in natural gas distribution fees leading to lower gas sales revenueRisk, etc.

Huayu Automotive (600741): Q1 performance is expected to continue to improve QoQ due to industry growth

Huayu Automotive (600741): Q1 performance is expected to continue to improve QoQ due to industry growth

Event: The company released the first quarter report of 2019, and achieved revenue of 355 in 19Q1.

700 million (previously -11.

6%), achieving net profit attributable to mother 18.

500 million (decade -36.

6%), deducting non-attributed net profit of 13.

600 million (a year -15.

1%), the performance was in line with expectations.

Comments: 1. The auto industry in 19Q was under pressure, and the company’s situation was basically the same as the industry.

Profit: The company’s 19Q1 net profit attributable to the mother was further reduced due to the one-time investment income generated when the remaining 50% of the Shanghai Xiaoxie car was acquired at the same time in 18 years. If this effect is excluded, net profit attributable to the mother will decrease by 15.

1%, performance is basically in line with expectations.

Gross profit margin: 19Q1 gross profit margin 14.

3%, ten years +1.

2pct, ring than +0.

6pct, showing very good cost control capabilities.

Three rates: 1. Selling expense ratio.

4%, flat for one year, and management expense ratio of 5.

4%, annual reduction of 2pc, effective reduction of expense ratio, financial expense ratio of 0

0%, the overall three rates have declined.

R & D expenses: Q1 invested R & D expenses12.

800 million, accounting for 3% of revenue.

An initial R & D expense ratio of 6%, about $ 18.

3% continued to 杭州夜网 improve.

Investment income from associates and joint ventures: 9 in the first quarter.

5 billion, 23 from the previous decade.


2. 19Q1 is temporarily caused by the downturn in the industry. It is expected that the chain will continue to improve in the second and third quarters. According to data from the China Automobile Association, sales of passenger cars in 19Q1 have decreased.

9%, meanwhile, SAIC’s Q1 sales increased during a ten-year period.

9%, the company’s main business revenue increased by more than 50%, SAIC Group, affected by industry interests, the company’s Q1 revenue slightly better than the industry’s range of change, the performance side is basically flat, the overall performance in line with expectations.

From the current production and sales of the industry, in March 19, the industry’s 南京桑拿网 retail end was -12%, and the wholesale end was -14%. The retail end has improved, and the industry’s destocking has come to an end. It is expected that the extension in the second quarter will gradually narrow.Low and high trends are expected, and the company’s second and third quarter results are expected to continue to improve.

3. Actively lay out electric and intelligent fields. Internationalization provides companies with broad space. The company implements the “3 + 2 + 1” strategy, that is, intelligent networking, electrification, and lightweighting. There are three professional sectors, interior and exterior trim, and two chassisIntegrated platform, international and domestic synergy of an investment and financing platform business system construction requirements.

In 2018, the company acquired a 50% stake in Huayu Vision, and batch delivery to millimeter-wave radars after 24GHz. 77-GHz millimeter-wave radars are targeted for mass production in 2019.

Huayu Electric provides driving motors for SAIC passenger cars, suppliers of driving motors for SAIC-GM new energy vehicles, and driving motors for Volkswagen’s global electric vehicle platform (MEB platform).

Huayu Magna Electric Drive System Co., Ltd. has been awarded by SAIC-Volkswagen and FAW-Volkswagen regarding the products of Volkswagen’s global electric vehicle platform (MEB platform) electric drive system assembly.

4. Profit forecast and rating: The company is a leading domestic component company. It is actively deploying electrification and intelligence. With the gradual growth of the industry, the company’s performance is stable.

Driven by the three-level strategy, the company’s competitive leadership continues to increase, and the future development space is broad.

In 2019, the company’s consolidated operating income target is 1600 trillion, and the operating cost target is controlled within 137 billion. The company will actively promote cost reduction and efficiency improvement.

Expected 19 years?
In 21 years, the company’s net profit attributable to its parent was 71.
9 billion, 75.
600 million, 78.

300 million, maintaining the “strongly recommended-A” level.

5. Risk reminder: the growth rate of the domestic auto industry, the price increase of upstream raw materials, and the downstream customers demanding a high price reduction

Zhaoyi Innovation (603986) Third Quarterly Review: Product structure improvement demand drives NORFLASH upward cycle

Zhaoyi Innovation (603986) Third Quarterly Review: Product structure improvement demand drives NORFLASH upward cycle

Financial report: On October 30, 2019, the company disclosed the 2019 third quarter report.

In the first three quarters of 2019, the company’s main business income22.

40,000 yuan, an increase of 28 in ten years.

04%; operating profit 4.

56 ppm, an increase of 16 in ten years.

76%; net profit attributable to mother 4.

50 ppm, an increase of 22 in ten years.

42%; non-net profit attributable to mother 3.

95 ppm, an increase of 15 in ten years.

46%; net cash flow from operating activities7.

30,000 yuan, an increase of 133 in ten years.

49%; basic return 1.

53 yuan / share, an annual increase of 16.

79%; estimated average return on net assets is 14.

75%, a decrease of 5 from last year.

24 units.

In the third quarter of 2019, the company achieved main business income10.

20,000 yuan, an increase of 62 in ten years.

97%; operating profit 2.

68 ppm, an increase of 88 in ten years.

34%; net profit attributable to mother 2.

62 ppm, an increase of 98 in ten years.

21%; net cash flow from operating activities 3.

53 ppm, an increase of 200 per year.

82%; basic profit income is 0.

82 yuan / share, an increase of 75 in ten years.

73%; ROE 6.

12%, a 重庆夜生活网 decrease of 0 from last year.

94 units.

Comment: Company profile: The company’s main business is flash memory chips (NOR Flash and NANDFlash), microcontrollers (MCU) and fingerprint sensors newly added in 2019. It is currently the leading domestic flash memory chip design company.

According to third-party statistics, in 2018, the company maintained the top 10 in the revenue of China’s IC design industry; ranked 10th in the global ranking of flash memory products; NOR Flash ranked 5th in the world, ranking 10th in the total market share.

9%; Serial NOR Flash ranks third globally.

MCU ranks third in China, with a total market share of 9.

4%, formerly replaced by STMicroelectronics and NXP.

In the 2018 annual report, memory chips, microcontrollers, technical services and other revenues accounted for 81% of 深圳spa会所 revenue.

89%, 18.

01%, 0.

09%; territorial and overseas revenue ratios are 13 respectively.24% and 86.


Business continued to develop rapidly.

In the first three quarters of 2019, the conductive increase in sales of memory chips and the subdivision of the US dollar against the RMB exchange rate have become the main contribution to revenue growth, which has translated into a significant increase in MCU business.

In Q3 2019, the company’s revenue increased by 63 in Q2.

41% continued to grow on the basis of 34.

31%, the business achieved rapid development; operating profit increased by 339 in Q2.

02% on the basis of continued growth of 75.


The product structure has been improved, and new products have been released.

From the perspective of sales structure, the proportion of overseas companies increased, the proportion of emerging industries increased, and the introduction of new and new products had a positive impact on gross profit margin.

In Q3 2019, the company’s gross profit margin was 40.

58%, the highest in a single season in the past two years.

55nm products are expected to be successively introduced into mass production in 2020; M23 and M33 series new products are expected to be released in November 2019 and the first quarter of 2020; LCD screen fingerprint solutions have matured, and screen optical fingerprint products are expected to continue in the second half of this year and next yearWith heavy volume, the comprehensive competitiveness of products is expected to further improve.

Demand drives Nor Flash’s upward cycle, providing tight expectations continue.

5G and IoT (including wearables, smart homes, etc.) and other technical fields drive this round of Nor Flash uplink cycles. It is expected that there will be continued growth in the medium and long term. TWS isometric fields are expected to go up in volume and price.

Slightly tight supply due to tight capacity at Foundry is expected to continue in the fourth quarter.

Layout of DRAM, leading to break through the monopoly of giants.

On October 1, the company announced a non-public issuance plan and planned to raise 43.

24 ppm for DRAM chip R & D and industrialization projects and supplementary working capital.

The total estimated investment for the DRAM project is 39.

92 million, it is planned to use raised funds33.

2.4 billion.

The project development period is 6 years.

The company intends to develop DRAM technology under 1Xnm (19nm, 17nm) process through this project, design and develop DDR3, LPDDR3, DDR4, LPDDR4 series DRAM chips.

Through the layout of the DRAM field, the company’s product structure in the storage field will be further enriched, enhancing international competitiveness, and gradually breaking through the monopoly of the three giants Samsung, Hynix and Micron in the domestic DRAM market.

Investment suggestion: in the short to medium term, the supply of Nor Flash is tight, the company’s product structure is improved, new products are continuously being ramped up, and the overall product competitiveness is improved.

In the medium to long term, demand for Nor Flash is expected to continue to increase, and the DRAM market has huge space.

It is recommended to pay attention to the company in the medium and long term, and pay attention to the risk of the company affected by the trade war.

Risk reminders: trade war risks; intellectual property risks; downside risks to the industry boom; risks of intensified industry competition; less-than-expected technological development risks; exchange rate risks