Author: admin

Ping An Bank (000001): PPOP continues to accelerate asset quality initiative

Ping An Bank (000001): PPOP continues to accelerate asset quality initiative

Event description On January 14, Ping An Bank released its 2019 performance report.

Incident review accrual efforts increased the general performance growth rate, and PPOP continued to accelerate.

In 2019, the company realized net profit attributable to shareholders of the parent company of 281.

9.5 billion, an increase of 13 in ten years.

61%, a faster growth rate than the first three quarters of the first quarter.

87 units; attributable net profit grew fastest in the fourth quarter.

86%.

Although the growth rate of the company’s 淡水桑拿网 performance has a clear trend, it is as high as 19.

56% of PPOP growth has further 南京桑拿网 accelerated.

From the perspective of performance attribution, we judge that the positive contribution still mainly comes from the spread and scale expansion; the marginal incremental contribution mainly comes from the accelerated expansion of the scale, while the margin contribution narrows down and the provisioning strength is strengthened.

Due to the company’s prudent calculation of the performance growth rate, and the merger of convertible bonds into shares, the dilutive effect has reduced the company’s ROE by 19bp to 11.

30%; but the ROA ushered in an inflection point, beyond 3bp to 0.

77%.

Revenue increased slightly, maintaining a high growth trend beyond expectations.

In 2019, the company achieved operating income of 1,379.

5.8 billion, an increase of 18 years.

20%, a slight increase of 0 compared with the first three quarters.

60 units; operating income growth rate in the fourth quarter alone was 16.

46%, exceeding expectations.

Growth, the company in the fourth quarter accelerated the pace of asset injection after capital replenishment, especially loans, total assets, loans increased sequentially.

24%, 8.

00%; it is expected that the company’s fourth quarter interest rate difference will remain relatively stable, which reflects the pricing advantage of retail business.

After the capital replenishment is in place, it will make concerted efforts to the Gongxin strategy.

The general direction on the asset side is still tilting towards loans, with loan expansion growing earlier.

30%, faster than the total asset growth of 15.

22%; retail loans grew 17 earlier.

61%, the proportion of total assets rose to 58.

98%, the retail strategy continued to deepen.

In the fourth quarter alone, after the capital replenishment was in place, the company significantly increased the issuance of public debt, relying on the Group’s joint implementation of the new corporate strategy to achieve significant results, and corporate (including discount) loans increased by 10 quarter-on-quarter.

04%, while personal loans increased by only 6.
.

59%.

  Under the gradual recovery of corporate business, the accumulation of denials has also ushered in a repair, which has increased significantly at the end of the third quarter.

36%, of which corporate deposits increased by 7.

03%.

In fact, the efficiency of the retail strategy at the deposit end has also begun to show improvement, and the growth of individual personal deposits has increased by 26.

45%, and personal current deposits increased by 15 earlier.

34% is also faster than the 14 accumulated deposits.
49% increase.
  Risk Warning: 1.

The outstanding deterioration of corporate profits affects the quality of bank assets; 2.

Financial supervision has become more stringent.

Weichai Power (000338): Leading heavy truck industry chain leads Zhiyuan Intelligent Logistics, fuel cells add new kinetic energy

Weichai Power (000338): Leading heavy truck industry chain leads Zhiyuan Intelligent Logistics, fuel cells add new kinetic energy

Investment logic The traditional main industry heavy truck industry chain business continued to weaken and its performance grew steadily.

1) The heavy truck industry chain business is the company’s traditional main business. In H1 2019, the company’s three major businesses: engine, 杭州夜网论坛 heavy truck, and heavy truck gearboxes accounted for 64% of revenue, and its mother business accounted for 89%. Historically, the companyHeavy truck industry chain business revenue, performance and heavy truck sales are highly correlated, changing with the heavy truck cycle.

2) From the top down, we think the renewal demand will support the sales of heavy trucks in the next three years.

According to our calculations, we think that the renewal demand for heavy trucks is at 8?
In 9 years, it is expected that the center for the renewal demand for heavy trucks in the next three years will be more than 800,000, compared with 2010?
The 2018 update demand hub (410,000) has doubled.

We conservatively predict that the sales volume of heavy trucks will remain at about one million in the next three years. The sales volume of heavy trucks in 2019-2021 will be 109,104,980,000, which will decrease by 5% every year.

3) From the bottom up, Weichai’s major customers (FAW, Shaanxi Automobile, and Foton) will increase their market share and increase the supporting ratio of heavy trucks (Tan Xuguang, Chairman of Weichai, chairman of Sinotruk) will upgrade Weichai EngineThe market share and the increase in the proportion of large displacement products will boost the company’s profitability. It is expected that the company’s heavy truck industry chain business will exceed the heavy truck cycle.

The integration of intelligent logistics business was successful, opening new points.

1) The company entered the field of forklifts through the acquisition of KION, and since its consolidation, KION’s revenue has grown steadily.

The forklift industry is gradually weakening, and it is a growth alternative.In 2018, KION forklifts accounted for 14% of the global market restructuring. Thanks to KION’s layout in India and China, and its competitive advantage in electric forklifts (the global market share of electric forklifts19%), KION ‘s global market share is expected to further increase in the future.

2) The company cut into the field of material handling automation through the acquisition of Dematic, benefiting from the high growth of e-commerce, the logistics and handling automation industry maintained high growth, and Dematic’s revenue maintained steady growth. H1 revenue in 2019 increased by 15%.

3) KION and Dematic are respectively leaders in forklift trucks and material handling automation. The two-way downstream customers have low overlap and different geographical advantages. After the acquisition of Dematic, KION has complementary advantages and expects synergies in the future.

The Air Force, as the core of communication, transportation, power generation and energy storage, will develop rapidly under the promotion of policies.

Weichai has both geographical advantages (Shandong), resource advantages (Shandong state-owned enterprises in Shandong Province), technological advantages (leading of heavy truck industry chain + Ballard technical support), and fuel cell business is expected in the future.

Investment suggestions We estimate that the company’s return to mother’s performance from 2019 to 2021 will be 96.1 billion, 10.6 billion yuan, and the performance growth rate will be 10%, 5%, and 5%.

We adopt the segment assessment method and give the company a target of 15%.

2 yuan, corresponding to 2019 PE is estimated to be 12.

6 times, give buy rating.

Risks: Sales of heavy trucks are below expectations, sales of construction machinery are below expectations, and merger and acquisition risks.

Hetai (002402) Investment Value Analysis Report: Global Intelligent Controller Leads to Add New Growth Pole to RF Chips

Hetai (002402) Investment Value Analysis Report: Global Intelligent Controller Leads to Add New Growth Pole to RF Chips

The company is a leader in 5G Internet of Things, a high-speed growth track, excellent performance and cash flow performance, and superimposed core chip asset blessing, which is a white horse for scarce technology growth in China.

Using segment estimates, 北京养生会所 referring to the Internet of Things, high-quality companies in the core chip field, give smart controllers 45 times PE, which is 16 billion market value, and RF chips 80 times, which is 8 billion market value.

We think the company’s reasonable target city size in 2020 is 24 billion, corresponding to a target price of 26.

37 yuan, the first coverage, given a “buy” rating.

   Changhong’s leading IoT intelligent controller.

The company’s main business has been focusing on intelligent controllers for the Internet of Things for 20 years, and it has become a global leader in the field of intelligent controllers.

The company’s revenue and profits have grown rapidly in the past 12 years. The compound growth rate of revenue has reached 24% and the compound growth rate of performance has been 19%.

In 2018, the company’s household appliances, power tools and intelligent controllers accounted for 81% of revenue. Automotive electronics, intelligent buildings and furniture, and intelligent lighting and other controllers accelerated their development.

   Deep global expansion will benefit the 5G Internet of Things era.

The intelligent controller is the “brain” of the Internet of Things device. The global market is more than one trillion US dollars, and the ceiling is obviously growing.

The appearance of domestic double faucets is obvious, and domestic faucets benefit from the transfer of global intelligent controller production to China, and domestic faucets are accelerating to become global leaders.

The 5G era will further strengthen the logic of rising prices and prices of smart controllers.

The company’s overseas revenue in 2019H1 has accounted for 71%. The company’s high-end customers, high-end market, and high-end technology strategy are obvious. The operating cash flow ratio has increased from 2% in 2011 to 14% in 2019H1. It is a fast-growing cash cow company.

   RF chips open new space for growth.

Subsidiary Kunchang Technology is a core company in the domestic microwave and millimeter wave radio frequency chip field. The radio frequency chip is one of the major breakthroughs in 6G technology due to the modernization of national defense, satellite Internet, and even 5G millimeter wave networking in the future.High learning.
   Risk factors: raw material price fluctuation risk; exchange rate fluctuation risk; market expansion fails to meet expectations; goodwill impairment risk; RF chip business development fails to meet expectations; macro environmental risks.

   Investment suggestion: The company is a leader in 5G Internet of Things, a fast-growing track, excellent performance and cash flow performance, and 天津夜网 superimposed core chip asset blessings.

Using segment estimates, referring to the Internet of Things, high-quality companies in the core chip field, give smart controllers 45 times PE, or 16 billion US dollars, and 80 times the valuation of radio frequency chips, or 80 billion.

We believe that the company’s reasonable target cities in 2020 will grow by 24 billion, corresponding to a target price of 26.

37 yuan, first coverage, give “buy” rating

Overseas Chinese Town A (000069) 2019 First Quarterly Report Review Report: Turnaround, Acceleration, Advance, High Growth, Zero Premium, Land and Reserve Expansion

Overseas Chinese Town A (000069) 2019 First Quarterly Report Review Report: Turnaround, Acceleration, Advance, High Growth, Zero Premium, Land and Reserve Expansion

The report guides the company’s operating income in the first quarter of 201979.

2 billion, a previous growth rate of 25.

69%, net profit attributable to parent company11.

9.9 billion, a six-year growth of 6.

94%, basically 0 benefits.

15 yuan.

The investment settlement of income points has grown steadily, and high-margin industries will achieve operating income of 79 in the first quarter of 2019.

2 billion, an annual increase of 25.

69%, settlement gross margin 62.

23%, about the full year of 2018 (60.

35%) increase by 1.

88 units; settlement net profit decreased by 15.
.

77%, estimated for the full year 2018 (23.

46%) 7.

69 units.

The increase in net profit ratio compared to 2018 is at least mainly due to the significant expansion of the company’s land acquisition in 2018, the increase in interest-bearing debt, and the mismatch between income settlement and current index expenditures leading to an increase in financial expense ratios.

Turnover speeded up and pre-receipt growth was high, and the income coverage multiple increased significantly. Affected by the rebound in new house sales in first- and second-tier cities and the company’s rapid sales push, the company’s advance account receipts in the first quarter were 557.

7.1 billion, a significant increase of 75 from one year to the first quarter of 2018.

8%, an increase of 31 from the end of 2018.

9%.

The coverage ratio of advance receipts to operating income in the past four quarters is 1.

16, approximately 2018Q4 (0.

89) Raise 0.

27, ranking 2018Q1 (0.

75) Outstanding promotion 0.

41. The value of unsettled goods sold by the company increased, and the certainty of future performance settlement was further enhanced.

The expansion of the inventory scale has accelerated, and the indicator’s land acquisition capacity is fully displayed. The company’s inventory scale in 2019Q1 was 1798.

9.2 billion, a year-on-year increase of 49% in 2018Q1, and a 12% increase over 2018Q4.

3%, the land acquisition speed has further expanded. According to the first quarterly report, the consolidated company reported that it has added 9 new land reserves and 342 construction areas to be developed.

With 680,000 countries, Nadi includes Jinan, Zhengzhou, Maoming, Chaozhou, Shanwei, Shenzhen, and Xi’an.

According to the wind land database, the average land price for adding land is only 2539.

84 yuan per square meter, except for the Chaozhou Science and Technology Park project, where the land acquisition premium rate is 2%, the rest of the land is traded at a zero premium rate.

Earnings forecast and 深圳spa会所 forecast The company is expected to achieve operating income of 579 from 2019 to 2021.

8.7 billion, 702.

2.6 billion, 825.

3.1 billion, an increase of 20 each year.

45%, 21.
11%, 17.
52%; Net profit attributable to parent company will be 128 from 2019 to 2021.

8.7 billion, 152.

7.7 billion and 186.

1.8 billion, an increase of 21 each year.

68%, 18.

55% and 21.

87%.

At present, the company’s relative revaluation of net assets is discounted by about 60%. In the real estate small cycle from 2014 to the present, the company’s size has been trading at an average of 15% of revalued net assets.

Under the current equity, the EPS is expected to be 1 from 2019 to 2021.

57、1.

86, 2.

27, the current expected PE is 5.

05 times, 4.

26 times, 3.

49 times, Shen Wanwan Real Estate Index is currently at PE11.

The transaction at 3 times level is regarded as the company’s high-quality asset reserve, maintaining the “Buy” rating.

Risk Warning: 1.

Real estate policy tightened more than expected; 2.

Industry sales growth accelerated faster than expected.

Tongwei (600438): Not afraid of industry adjustment to accelerate capacity expansion

Tongwei (600438): Not afraid of industry adjustment to accelerate capacity expansion
The industry trough leader accelerates capacity expansion, and performance is expected to usher in a rebound in the company’s 2018 revenue of 275.3.5 billion (+5.53%), net profit attributable to mother 20.1.9 billion (+0.51%), 19Q1 operating income 61.6.9 billion (+18.14%), net profit attributable to mother 4.9.1 billion (+53.36%).Affected by the 531 New Deal, the company’s 18-year revenue pressure, 19Q1 revenue, the possibility of a rebound in the average profit.The industry trough leader accelerated its capacity expansion and performance was in line with expectations. We expect the company’s EPS in 19-20 to be 0.78 and 1.07 yuan, given a target price of 15.4-16.94 yuan, maintain “Buy” rating. The production capacity of silicon materials and cells continued to climb, the price of the industrial chain gradually stabilized, and the profitability increased. 武汉夜网论坛 According to the annual report, the company achieved sales of high-purity crystalline silicon in 20181.92 at least (+19.74%), reducing production costs by 5.About 53 million / ton, the scale effect is obvious.By the end of 2018, the company is located in Leshan, and the first phase of two high-purity crystalline silicon projects in Baotou have been completed and put into operation as planned, and the capacity will reach 8 when fully reached; Chengdu 3.2GW and Hefei 2.The 3GW high-efficiency battery project has gradually reached production, and the solar cell has formed a 12GW capacity scale.In March 2019, the company launched the fourth phase of Chengdu and Meishan new projects. The company expects that the scale of solar cells will reach 20GW by the end of 19, and the scale advantage will be further enhanced.We believe that the 苏州夜网论坛 launch of new production capacity will further reduce the average production cost, further accelerate the clearance of high-cost production capacity overseas, and the price of the industrial chain is expected to stabilize, driving the company’s earnings to rebound. The scale of power station operation has continued to grow, and the integrated pattern of the photovoltaic field has come to an end.At the end of 2018, the company has 52 photovoltaic power generation projects with a cumulative installed scale of 1,151MW (more than + 136%). Power generation will be achieved in 2018.4.3 billion kWh, generating income 6.200 million (previously + 137%).As a professional manufacturer of silicon materials, cells and modules, the company has advantages in technology and cost. Through design optimization and technological innovation, it reduces the investment cost of photovoltaic power generation year by year.According to the annual report, at the end of 2018, the comprehensive investment cost of photovoltaic power plants has dropped to less than 5 yuan / W, and the company expects to replace the cost within 4 yuan / W in 19 years.We believe that the company’s integrated pattern in photovoltaics has taken shape, and its cost and management capabilities are leading the industry. The gross profit margin decreased slightly in 18 years, and the increase in financial costs was affected by the decline in the photovoltaic industry chain price and the increase in the proportion of fish feed income with low gross profit margins.91% (decade -0.66pct), slightly decreased.The standardized production capacity was put into operation and the photovoltaic industry chain price rebounded to drive the company’s gross profit margin to rebound to 22 in 19Q1.25%.The company has an expense ratio of 10 during its 18-year sales period.22% (decade +0.5pct), where the financial expense ratio is 1.15% (decade +0.55pct), mainly due to the expansion of the company’s financing scale and rising market financing costs.Driven by the company’s revenue growth, the company’s 18-year operating cash flow was 31 trillion yuan (+6.31%), and cash flow has improved. The release of production capacity promotes the improvement of performance and maintains the “Buy” rating. The company ‘s capacity and cost advantages in the field of silicon materials and battery cells continue to expand.0.78 and 1.07 yuan (previous average 0.65 and 0.91 yuan), comparable company’s 19-year average PE is 21.5 times, based on the company’s silicon material, double-headed overview of battery chips, giving the company 20-22 times PE in 19 years, target price of 15.4-16.94 yuan, maintain “Buy” rating. Risk reminders: 1) Insufficient installed capacity of photovoltaic replenishment, dragging on the accumulation of digestion; 2) The price of aquatic feed drops.

Shentong Express (002468) Quarterly Comment: Intensified market competition weighs on Q3 results and long-term bullish on Ali cooperation

Shentong Express (002468) Quarterly Comment: Intensified market competition weighs on Q3 results and long-term bullish on Ali cooperation

Event: Shentong Express released the third quarter report of 2019.

Operating income for the first three quarters of 2019 was 156.

5.6 billion, an annual increase of 41.

01%, net profit attributable to mother 11.

0.6 billion, down 31 each year.

35%, deducting non-net profit 10.

49 trillion, down 16 a year.

89%.

2019Q3 revenue 57.

85 ppm, an increase of 29 in ten years.

67%, net profit attributable to mother 2.

73 trillion, down 63 a year.

23%, deducting non-net profit 2.

6.7 billion, an annual decrease of 38.

3%.

Opinion: Affected by the disposal of Fengchao and the intensified market competition in the same period last year, the decline in performance.

The company’s net profit attributable to its mother in the third quarter decreased by 63%.

23%, mainly due to the high base of investment income generated from disposal of Fengchao’s equity in the same period last year.

19Q3 company single ticket income 2.

8 yuan, down 13 from 18Q3.

13%, mainly due to the decrease in the weight of a single ticket.

The company’s gross profit margin for the first three quarters dropped by 5.

83pct to 11.

99%, mainly due to the incremental compensation policy of franchisees, the impact of intensified market competition.

In terms of expense ratio, the sales expense ratio increased by 0.

3pct to 0.

68%, mainly due to changes in the organizational structure and the corresponding increase in labor costs of sales staff; the management expense ratio and research and development expense ratio decreased by 0.

07pct to 2.

68%; financial expense ratio increased by 0.

75pct to -0.

25%, mainly due to the decrease in interest income.

Increase capital 南宁桑拿 expenditure in the third quarter to ensure service quality during peak seasons.

The “Double Eleven” pre-sale activity has been launched, the industry has entered the traditional express delivery season, and the market is moving towards price increases. The company purchased and built fixed assets, intangible assets and other long-term assets in cash in the first three quarters.

07 trillion, including 9 in the third quarter.

07 trillion US dollars, capital expenditure increased in size, the company’s production capacity increased, the capacity increase can effectively undertake the express delivery business in the peak season to ensure service quality.

Ali plans to purchase more Shentong Express, and the future is promising.

Alibaba plans to purchase 31 more listed companies.

349% equity, acquired within three years 北京夜网 from December 28, 2019. After all exercise, Alibaba will hold 46% equity of listed companies.Alibaba’s purchase of the company’s equity will help listed companies complete the restructuring and upgrading of their main business as soon as possible, and will help the long-term profitability of listed companies.

Investment strategy: Due to the intensified market competition, we lowered the company’s profit forecast and expect the net profit to be returned to the mother in 2019-202117.

6.4 billion, 21.

8.6 billion, 26.

52 ppm, an increase of -13 in ten years.

9%, 23.

9%, 21.

3%, maintain “Buy” rating.

Risk reminder: risks caused by market competition, Pinduoduo and other e-commerce growth are less than expected risks, and the cooperation process is less than expected risks.

Yunnan Aluminum (000807) Quarterly Report Review 2019: Downward Costs Profit Transfer from Industrial Chain Boosts Company Performance

Yunnan Aluminum (000807) Quarterly Report Review 2019: Downward Costs Profit Transfer from Industrial Chain Boosts Company Performance

Core points: 1.

Incident Yun Aluminum issued the first quarter of 2019 report, and the company achieved operating income of 50 in the first quarter of 2019.

73 ‰, a decrease of one year.

99%; net profit attributable to parent company is 0.

$ 5.1 billion turned around, with an annual increase of 148.

32%; realized profit of 0.

02 yuan.

2.

Our Analysis and Judgment (1) Aluminum prices rebounded, and cost declines boosted the company’s performance report performance. As the prices of aluminum products rebounded and the prices of raw materials fell, this led to a redistribution of profits on the aluminum industry chain.The shift from the end to the electrolytic aluminum end drove the company’s profitability to recover.

In addition, at the end of 2018, provision for inventory depreciation resale and government subsidies have been provided to enhance the company’s performance.

Although the average price of aluminum ingots in China in 2019Q1 was 13,542.

24 yuan / ton, temporarily down 4.

48%, but the decline in the fourth quarter of last year narrowed4.

29 digits; the price of aluminum in February and March increased by 0.

89% and 2.

49%.

The 2019Q1 average price of alumina and prebaked anodes for electrolytic aluminum is 2824.

74 yuan / ton and 3822.

81 yuan / ton, respectively reduced by 0.

96% and 11.

01%.

The company’s operating cost in 2019Q1 was 45.

1.1 billion, down 4 a year.

25%; causing the company’s gross profit margin to reach 11 in 2019Q1.

08%, an increase of 3 per year.

02 units.

The net profit after deducting non-attributed mothers was RMB 8 million, an increase of 106.

88%, although the large government subsidy is included in non-recurring gains and losses, as a national environmentally friendly enterprise company featuring hydropower aluminum, it has received a large number of government subsidies for a long time, from 27.10 million yuan in 2016 to 67.57 million yuan in 2018.The year-on-year growth has helped the overall company performance.

(II) Increased capital in Haixin, hydropower aluminum production expansion and high-precision aluminum foil projects have steadily advanced and consolidated the company’s future growth. The company’s layout in hydropower aluminum, alumina, anode carbon and other expansion projects and aluminum foil, battery foil, and aluminum development projectsSteady progress.

The company intends to acquire Yunalumi Haixin 17 held by Yiliang Chihong Mining.

89% of the shares, the company’s direct shareholding ratio currently reaches 63.

99%. In 2018, the net profit scale of Yunalumi Haixin 合肥夜网 reached 11.56 million yuan. After the capital increase of Yunalumi Haixin is completed, the company’s profits will be thickened; the holding subsidiary Heqing Yixin intends to acquire Shanxi Huasheng AluminumThe 19 cation electrolytic aluminum index of the industry supports the second-phase engineering planning of the Heqing Hydropower Aluminum Project. After the project is completed, it will reach an annual output of about 45 inches of hydropower aluminum.

At present, the company’s polycarbonate production capacity reaches 140 mg / year, anode carbon production capacity is 60 g / year, electrolytic aluminum production capacity is 170 g / year, and aluminum alloy and aluminum processing capacity exceeds 80 g / year.

Along with the company’s Zhaotong, Heqing, Wenshan Hydropower Aluminum Projects and Yunnan Aluminum Xinxin 60 tons / year carbon second-phase project gradually put into production, the company’s electrolytic aluminum production capacity will exceed 300 tons / year, anode carbon production capacity exceeds 80 per day / aluminumAlloy and aluminum processing capacity exceeds 100 per second per year.

In addition, through the completion of the alumina construction project replaced by Wenshan 80, the output of self-produced alumina has been increased; through aluminum foil, 3.

5 The construction of projects such as probe battery foil and aluminum welding materials has also enhanced the added value and profitability of the product.

3.

Investment suggestion: After the aluminum downstream enters the peak construction season, aluminum demand is picking up, and continued destocking to support aluminum prices.The reversal of the supply-demand relationship in the aluminum industry chain shifted the profit distribution of the 2019Q2 industry chain from the aluminum oxide aluminum end to the electrolytic aluminum end, and the profitability of the electrolytic aluminum industry is gradually being restored.

As a leading company in the electrolytic aluminum industry, the company has obvious advantages in relying on hydropower costs, and its performance is even more profound when the industry’s profits are restored.

We expect the company’s EPS to be zero in 2019-2020.

18/0.

24 yuan, corresponding to the PE of 2019-2020 is 29x / 22x, given a “recommended” rating.

4.

Risk warnings 1) The price of aluminum has fallen sharply; 2) The downstream demand for aluminum has fallen short of expectations; 3) The new projects have been put into operation less than expected.

Monternet Group (002123): Continue to consolidate the leading advantages of the industry, and Fuxin can look forward to the future

Monternet Group (002123): Continue to consolidate the leading advantages of the industry, and Fuxin can look forward to the future

The company achieved operating income in the first half of the year13.

20 ppm, a reduction of 14 per year.

76%; net profit attributable to mothers1.

2.4 billion, an annual increase of 16.

58%; net profit attributable to mothers after deductions1.

30,000 yuan, an increase of ten years.

53%.

Performance has grown rapidly, and market share has continued to rise.

In the first half of the year, Monternet Technology achieved operating income9.

73 ppm, 19% growth over ten years; net profit1.

150,000 yuan, an increase of 52 in ten years.

11%.

Gross profit margin 22.

47%, a decrease from the same period last year.

85 units.

According to the data of the Ministry of Industry and Information Technology, driven by a wide range of services such as service login and identity authentication, the business volume and revenue of the SMS business have kept growing simultaneously.

In the first half of the year, the national mobile short message service volume increased by 35 each year.

At 5%, the revenue of mobile short message business reached 20.8 billion yuan, a year-on-year increase of 6.

7%.

In the first half of the year, the company’s SMS sending volume increased by 40% each year, and its operating income increased by 19%. The average value exceeded the industry average, indicating that its market share continued to rise.

The company’s new corporate users are growing by 52 per year.

11%, the amount of new customer information sent increases by 81 every year.

9%, there were 4,368 new active accounts on the Internet platform and 1,518 new developers.

An interactive reply is expected to be achieved this year to fully open up the SaaS ecosystem with the enterprise.

The company is building fast interactive and interactive + Fuxin. It is expected that menus, cards, buttons, and product announcement functions will be implemented in Fuxin within the year. It will seamlessly interface with customer business and management systems to achieve dynamic background data output and complete the enterprise endCoverage of SaaS services.

At present, the company cooperates with the mainstream domestic Android phone manufacturers, and it is expected that more companies and mobile phone brands will join the cooperation ecosystem.

RCS may be an accelerated 5G application.

Our previous report “RCS may accelerate 5G applications for landing” has pointed out that RCS is based on traffic, and in the case of a significant reduction in the cost of 5G traffic, the future is expected to usher in leapfrog development.

As a key update of RCS (RichCommunication Service) to upgrade 深圳桑拿网 MaaP (message as platform), Fuxin (RCS Business News) may become a 5G application that has landed in the future.

Investment suggestion: The company further proves that it has the advantages of the leading enterprise SMS. Under the situation that the volume has become the first in the industry, the growth rate of revenue and delivery continues to exceed the industry.

We’re back again: Fuxin is expected to be one of the first applications to land in the 5G era.

The company’s EPS is expected to be 0 in 2019-2020.

53 yuan, 0.

87 yuan, maintain Buy-A rating, 6-month target price of 22 yuan.

Risk warning: Fuxin’s promotion is less than expected; industry competition is intensifying.

Ziguang Guowei (002049): Outstanding performance of special integrated circuits in the first half of the year boosted performance growth

Ziguang Guowei (002049): Outstanding performance of special integrated circuits in the first half of the year boosted performance growth
Event: The company released the semi-annual report for 2019 on August 22, and in the first half of 2019, the company achieved operating income of 15.USD 5.9 billion, an increase of 48 from the same period last year.05%.Realize net profit attributable to shareholders of listed companies.93 trillion, an increase of 61 over the same period last year.02%.Realize net profit after deducting non-return to mother 2.180,000 yuan, an increase of 110 over the same period last year.66%.In addition, the company foresees that the first three quarters of net profit will increase by 0% -30% each year, corresponding to a net profit of 2.88-3.7.4 billion. Special integrated circuit revenue and gross profit margins increased, and other products were scheduled for stable.In the first half of 2019, the company’s smart security chip product revenue was 6.07 million yuan, an increase of 30 in ten years.32%, 武汉夜网论坛 mainly due to strong sales and growth of smart security chip products; special integrated circuit product revenue was 4.99 ppm, a 117-year increase.01%, mainly because of the large number of customers, the contract volume, the intended growth rate is large; memory chip product revenue was 3.75 ppm, an increase of 35 in ten years.32%, mainly because the company’s restructuring and stability under the actual decline in DRAM prices led to revenue growth; crystal business product revenue was zero.75 ppm, 10-year average4.62%, mainly due to product prices caused by oversupply of products.The company’s gross profit margin for the first half of 19 was 35.72%, an annual increase of 8.68 points, mainly due to the high gross profit of special integrated circuit product revenue and gross profit margin increased significantly.Of the period expenses, the selling expenses are zero.52 ppm, an increase of 16 per year.55%; administrative costs are 1.460,000 yuan, an annual increase of 129.39%, mainly due to labor costs, increased due to consulting fees for intermediaries; financial costs were zero.08 million yuan, an increase of 526 in ten years.45%, mainly due to exchange losses and increased cash discounts; R & D investment was 2.380,000 yuan, ten-year average 1.9%, mainly due to the same period last year, including R & D expenditure of 62 million yuan. Industry chain mergers and acquisitions and domestic substitution have boosted performance growth.The company intends to acquire Linxens in order to open up the upstream and downstream of the industrial chain and increase synergy. In the case of the holder, after the Linxens technology, market and users, the company’s overseas market expansion is expected to proceed smoothly.The 5G era will expand the FPGA market capacity. Through the continuous improvement of the company’s FPGA product models, the domestic replacement of FPGA products will advance. Give “Buy” rating.We are optimistic about the company’s performance growth due to domestic substitution in the future.Expected company 2019?In 2021, the EPS will be 0.80/0.97/1.16 yuan, the corresponding PE is 63.90/52.38/44.01 times, covering for the first time, giving a “buy” rating. Risk warning: M & A progress is lower than expected, and new product development and promotion are lower than expected.

Top Group (601689): 4Q19 gross profit pressure; expansion against the trend to expand the layout of lightweight chassis business

Top Group (601689): 4Q19 gross profit pressure; expansion against the trend to expand the layout of lightweight chassis business

The 2018 results are in line with expectations. The 2018 Annual Report results announced by Top Group: The expected total operating income is 59.

80,000 yuan, an increase of 17 in ten years.

6%; net profit attributable to mother is 7.

5 ppm, a ten-year increase of 2.

1%, during the black performance forecast period7.

4-8.

Between 0 billion, basically in line with market expectations.

Development Trend 4Q18 revenue is stable, and gross margin is under pressure.

In the fourth quarter of 2018, the sales volume of downstream passenger cars and main customer Geely decreased by 15% and 13% respectively. The company benefited from Fedona’s consolidation, and its revenue in the fourth quarter decreased only slightly.

4%.

Gross profit margin for the fourth quarter of 19 was 23.

1%, a year-on-year reduction of 4%.

6ppt and 4.

At 2ppt, we expect that customers such as Geely have increased their bargaining prices on upstream components in order to maintain profitability under the background of the volume and price decline of the downstream passenger car industry.

At the same time, labor costs and the increase in depreciation caused by the commissioning of some new production capacity also affected gross profit.

In 4Q18, the company realized net profit attributable to its mother.

4 billion, 27 from the previous decade.

1%.

The cash flow business is stable, and the profitability of the chassis business is frustrated.

In terms of products, 18 years of revenue from shock absorption business23.

100 million, an annual increase of 3.

9%, the market share has further increased, and the gross profit margin has fallen by 3.

4 points, but still maintained above 30%.

Revenue from interior parts in 18 years22.

200 million, previously -3.

5%, gross profit margin is basically stable.

18 business achieved rapid growth in the final trading, excluding 7.

Fortune 300 million consolidated, the chassis business still achieved 21% growth, which is a growing business, but the decline in gross profit margin was 4 points.

The electronic vacuum pump business has also achieved high growth, but its profitability is also obvious.

Looking for expansion against the trend and new growth in layout.

Despite the sluggish growth in the downstream industries, the company’s capital expenditures remained high, reaching 12 in 17-18.

900 million and 13.

300 million, actively deploying new businesses such as lightweight floor plates, and developed a series of battery grilles, subframes, knuckles and other product portfolios.

Looking ahead, we can get the advantage first, and we expect the company’s lightweight chassis business to become another growth point in the future.

Earnings forecasts take into account the continued weakness of the downstream auto market in 1Q19, and we cut our 2019 and 2020 results by 11 respectively.

3% and 6.

2% to 8.

4.5 billion and 9.7.1 billion.

Estimates and recommendations 佛山桑拿网 Companies currently sustainably correspond to 19/20 years17.

1/14.

9 times P / E.

We expect the company’s first-quarter results to remain under pressure, but the company will benefit from industry assessments and repairs and complement the chassis business, and maintain the recommended level and target price of 25 yuan, corresponding to 19/20 21.

5/18.

7x P / E, compared to current expectations of 25.

7% upside.

Risks Major downstream customers have lowered prices and sales exceeded expectations.