Keming Noodle Industry (002661) Quarterly Commentary: The short-term performance exceeds the expected low-end heavy-duty long-term logic.

Keming Noodle Industry (002661) Quarterly Commentary: The short-term performance exceeded the expected low-end heavy volume long-term logic does not 北京夜生活网 change

Key points of investment: The company announced the third quarter report of 19, and realized revenue of 22 in the first three quarters.

5 billion, +12 per year.

6%; net profit attributable to mother 1.

3.3 billion, a year-19.


In the third quarter of 19, it achieved revenue of 7.

3.5 billion, +3 a year.

5%; net profit attributable to mother 0.

2.9 billion yuan -41 per year.

5%, deducting non-net profit 0.

1.8 billion yuan per year -57.


The company expects to return to net profit in 19 years.


3 billion, +4 per year.

+ 23.


  Ping An’s perspective: Multiple factors affect the revenue growth rate: the company’s 3Q19 revenue is +3 for ten years.

5%, compared with 2Q1917.

The 6% growth rate has dropped sharply, which may be affected by two factors: 1) the 3Q19 company raised the price of high-margin products, which 杭州桑拿 affected the sales of the product; 2) due to fluctuations, there were high and low base differences between 2Q18 and 3Q18,Under the previous high base, income growth pressure or magnitude.

3) Revenue from small businesses such as rice and rice noodles increased.

From the perspective of sales volume, we expect that high-margin products will be affected by price increases. The growth rate may replace single digits, and high cost-effective products may still maintain double-digit growth.

Looking back, through the continuous promotion of new investment promotion and the subsequent release of flat production capacity, the growth of revenue has accelerated again.

  The gross profit margin decreased slightly, and the proportion of the three fees expanded. The company’s earlier use of wheat for storage and storage led to a higher gross profit margin. In 3Q19, the gross profit margin only decreased slightly in the context of not expanding the use of wheat for storage and storage.

3 pieces to 25.

2%, mainly benefiting from the increase in prices of high-margin products and the volume of Xinjiang factories using certain raw materials.

Company 3Q19 selling expenses expense 12.

2%, increase by 1 every year.

6pcts, the main reason is that the transportation costs of Xinjiang factory products have increased significantly.

Company 3Q19 management fee expenses 5.

3%, a year increase of 0.


Company 3Q19 financial expenses expenses 2.

8%, increase by 1 every year.

1pcts, mainly due to the substantial increase in bank short-term borrowing interest and bond index fees payable.

  The long-term logic has not changed, maintaining the “recommended” rating: Although 3Q19 performance suffered setbacks, the performance forecast guided the company in 4Q19 to try to achieve rapid growth in net profit at a low base, but the performance did not need to be spent.
  We believe that the company’s strategic transformation has achieved staged results, and low-end business accumulation is gradually becoming a new growth engine, and the long-term growth space has gradually opened.

We maintain the company’s 19-21 EPS to 0.
62, 0.

80, 0.

The forecast of 98 yuan corresponds to 19 for the current PE.

5X, 15.

1X, 12.

2 times, maintaining the “recommended” level.

Tianyi Shangjia (688033) Science and Technology Board Inquiry Report

Tianyi Shangjia (688033) Science and Technology Board Inquiry Report

The powder metallurgical brake faucet for 武汉夜生活网 high-speed rail cars has the largest number of brake unit certification certificates.

The company is a leading supplier of powder metallurgical brake pads for high-speed rail EMUs, mainly engaged in the production and sales of powder metallurgical brake pads for high-speed rail EMUs.

The company is the manufacturer with the largest official certification certificate of EMU brake pads issued by the CRCC and the largest coverage speed. It is the core supplier of the “Fuxing” Chinese standard EMU brake pads with a speed of 350 kilometers per hour.

At the same time, the company is the only manufacturer to obtain the CRCC official certification of two models of the Fuxing Chinese Standard EMU (CR400AF and CR400BF) at a speed of 350 kilometers per hour.

High-speed rail mileage has steadily increased, and the proportion of high-speed rail passenger traffic has increased year by year.

In 2017, the operating 杭州桑拿 mileage of high-speed rail exceeded 2.

50,000 kilometers, the proportion of high-speed railway operating mileage in railway operating mileage from 7 in 2011.

08% rose rapidly to 19 in 2017.


In 2017, the number of high-speed rail passenger traffic was 1.752216 million, and the proportion of high-speed rail passenger traffic to railway passenger traffic was 15 in 2011.

80% rose to 37.


Rail transit construction continued to grow, and the length of new operations increased significantly.

In 2017, the construction investment of mainland rail transit in China was 4,762 trillion, and the length of the line under construction was 6,246 kilometers.

1 million, a record high; a total of 62 cities have been approved for urban rail transit construction, with a planned network length of 7,424 kilometers.

Company estimates and inquiry suggestions: We predict that the company’s operating income in 2019-2021 will be 6 respectively.

09 billion, 6.

6.4 billion, 7.

2.5 billion; It is predicted that the company’s net profit attributable to the parent company in 2019-2021 will be 2 respectively.

8.4 billion, 3.

1.2 billion, 3.

4.1 billion.

The company is a leading domestic supplier of powder metallurgical brake pads for high-speed rail EMUs. At present, the company has achieved profitability and helps maintain stable growth. The PE estimation is reasonable.

According to the principle of caution, we refer to the estimated levels of China Railway, Connec Electrical and China Railway in China. The dynamic PE of the three companies in 2019 is 16.

62 times, calculated that the company’s reasonable estimate of the center is 10.

03 yuan / share, corresponding to city level 47.

24 ppm, 15% of the inquiry range is[8.


34]yuan / share.

Risk reminder: Failure of railway product certification, major safety accidents caused by the company’s products, high customer concentration, intensified market competition leading to lower product gross profit margins, and market systemic risks.

Vanke A (000002) 2019 Interim Report Review: Real Estate Development Stable, Vanke Properties Breakthrough

Vanke A (000002) 2019 Interim Report Review: Real Estate Development Stable, Vanke Properties Breakthrough

The company disclosed its semi-annual report for 2019 and realized operating income of USD 139.3 billion, an increase of 31 year by year.

4%, net profit attributable to shareholders of the parent company was 118.

40,000 yuan, an increase of 29 in ten years.

8%, performance in line with expectations.

Sales are stable and settlement flexibility is expected.

The company achieved a sales area of 21.5 million square meters in the first half of the year, an increase of more than 5%.

6%, with a budget of 334 billion yuan, exceeding expectations9.


Benefiting from the abundant settlement area in history, the company realized settlement income of USD 133 billion and realized operating income of USD 139.3 billion, respectively increasing by 32.

2% and 31.


The company completed a completed area of 10.6 million square meters in the first half of the year, an increase of 15 per year.


The initial plan is to achieve a completion area of 30.76 million square meters, with an annual increase of 11 planned.


We expect the company to have sufficient settlement resources in the second half of the year, and its profit margin will not decrease significantly.

The company is cautious in its investment attitude and should respond to the possible adjustment in the future market.

In the first half of 2019, the company added 13.73 million square meters of land reserves, a 33% decline each year, and the equity land price was only 649.

800 million, an annual increase of 12%.

The company’s newly added reserve area is significantly lower than the de-sale area.

The proportion of the company’s equity under construction area (58.69 million square meters) and the equity planning area (34.24 million square meters) increased again compared with the end of last year, reaching 171%, indicating that the company is unwilling to retain a large amount of land reserves in an attempt to reduce risks.

The company has started 19.53 million square meters of new construction in the first half of the year, which has dropped by 16% every year.

We believe that the small decline in the newly started area of the company may be because it is difficult to continue to reduce the planned area-this will also put pressure on the company’s increase in saleable resources in the future.

Good credit and modest leverage.

In the middle of 2019, the company’s net debt ratio was 35%, and the scale of monetary funds was more than twice that of short-term debt.

In the first half of the year, the company realized a net inflow of operating cash flow, and the cash obtained from the sale of goods and services also saw a slight positive increase.

We expect the company to continue to control the use of leverage.

The expansion of Vanke Property has accelerated, and comprehensive asset service plans are worth looking forward to.

Vanke Property’s contracted saturated income for new projects increased by 114% annually to reach 21.

600 million, of which commercial property services increased saturated income up to 189%.

At the same time, Vanke Real Estate plans to directly launch a comprehensive asset service plan around the transaction, management, matching, and value-added of housing assets.

We believe that Vanke’s property brand is leading, and it has outstanding regional expertise in areas such as management scale (especially density per unit area), outstanding professional capabilities in areas such as commercial management, and is China’s most powerful property management company.With a lot of accumulation, Vanke Property’s gross profit margin is not high, but we judge that the value of Vanke Property exceeds the currently listed property management leaders.

Risk reminder: the company’s risk of limited sales area growth in the medium and long term.

The risk of the company’s future profitability falling.

The current status of the industry is beneficial to the company and maintains a “buy” investment rating.

We believe that the company’s control of the city’s layout, the stability of the value of the goods, and the active development of new businesses are in line with the current policy of not housing and speculation.

The company’s optimization of credit, control of leverage, and avoiding ups and downs are in line with the trend of tightening real estate front-end financing.

In a stable housing price environment, the company has obvious competitive advantages.We maintain the company’s EPS forecast for 2019/2020/2021 to 3.



66 yuan, maintaining the company 36.

Target price of 26 yuan / share and investment rating of “Buy”.

China Software (600536): Revenue Growth Exceeds Expectations, Encore Leadership Verification in the First Year!

China Software (600536): Revenue Growth Exceeds Expectations, Encore Leadership Verification in the First Year!

Event: The company released the first quarter report of 2019 with a net error of 1 in 2019Q1.

30,000 yuan, expected from the same period last year.

0.8 billion yuan; operating income is 10.

07 trillion, an increase of 78 over the same period last year.


The company’s revenue of the same caliber increased faster than apparent, and operating cash flow improved significantly.

In Q1 2019, the company achieved revenue of 10.

07 million yuan, an increase of 78 in ten years.

18%, deducting non-net formaldehyde 1.

500,000 yuan, non-intervention during the same period in 20171.

1.8 billion.

Taking into account the impact of Maipu Communication is no longer consolidated, the revenue scale of Maipu Communication in 2018 was 5.

2.4 billion, the company’s revenue of the same caliber is higher.

2019Q1 company gross profit margin 25.

52%, 2018Q1 gross margin was 31.

92%, the reason is that the industry solutions business accounted for a relatively high revenue, operating cash flow in 2019Q1 was -4.

550,000 yuan, -5 in 2018Q1.

7.3 billion US dollars, temporarily improved significantly, and improved margins even higher.

E-government business drove rapid revenue growth, and Enco’s industrialization was reconfirmed in the first year.

According to the company’s first quarter report, the reason for the rapid growth of the company’s revenue is that the industry solution business recognizes the sales revenue growth rate according to progress.

We believe that the increase mainly comes from the contribution of the e-government business in industry solutions. The company’s e-government business continues to improve the independent and controllable basic software ecology in the construction of a safe and reliable ecosystem, and promotes the integration of basic ecology, system ecology, and application ecology.

The company’s e-government business adapts to the strong demand for work. It is verified on the side that 2019 will be the first year of the industrialization of Encore. In terms of policy, Encore has risen to the national strategy. Technically, terminals and servers produced in the country have been fully replaced.Trade friction also shows that Encore is the only way for China’s science and technology. After the test phase, Encore will usher in a large-scale promotion.

The Kirin operating system has completed mutual authentication of mainstream cloud platforms, and domestic operating systems have entered a user accumulation period.

According to the public account of the winning software, the Kirin operating system has completed mutual authentication with the two domestic cloud service providers (Alibaba Cloud and Tencent Cloud), and Azure mutual authentication internationally.

With the advancement of Encore’s industrialization, national production terminals and servers will enter the user accumulation period, and the user base of domestic operating systems will evolve from few expectations to ten million.

The increase in the magnitude of users will inevitably lead to the evolution of the overall ecological environment of domestic operating systems, from the current “usable” stage to the “good use” stage of application modeling.

The coverage of localized computers will be given priority by the party and government agencies. The localization of eight major industries, including finance and electricity, is already under planning.

The promotion of party and government agencies will accelerate the penetration of the civilian market, and marketization is imminent.

Maintain “Buy” rating.

According to the company’s annual report disclosure business plan, we expect the company’s revenue for 2019-2021 to be 60.



8.4 billion, net profit attributable to mothers was 2.



56 billion, EBITDA is 4 respectively.


89/14.15 billion.

We use the EV / (ebitda + R & D cost) assessment method. Considering the large amount of R & D needs of the operating system adjustment and ecology, it is assumed that the company’s R & D investment compound growth will be 21% in 2018-2020, and the R & D expenditure in 2020 will reach 14.

72 billion, maintain “Buy” rating.

Risk warning: domestic technology has gradually evolved 北京夜网 to expectations; government investment in autonomous and controllable products has fallen short of expectations; key assumptions may have a risk of error.

Construction Machinery (600984): Interim profit forecast + 218% profit release expected to continue into 2020

Construction Machinery (600984): Interim profit forecast + 218% profit release expected to continue into 2020

Interim profit forecast + 218%, raised earnings forecast.

The company’s 1H19 is expected to return to its net profit1.

880,000 yuan, an increase of 218% in ten years, net of non-attributed net profit1.

80 ppm, an increase of 211% in ten years, the absolute net profit attributable to mothers in 1H19 has exceeded 2018.

We believe that the continued rise in the boom of tower cranes and the increase in the purchase of 1H19 equipment by about 32% 西安耍耍网 are the core reasons for the company’s high growth in the first half of the year.

The first quarterly report of the company for the first time to achieve a single quarter of losses, reflecting the side of the industry’s prosperity in 2019 is better.

Looking ahead, as the company’s new contract order index is still in the rising range, considering the extension of the contract execution period and the time of equipment entry, we expect the company’s rental price to continue to increase until 2020.

Therefore, we raise the company’s corresponding profit forecast.

The tower crane boom continued, and the proportion of prefabricated building tower cranes increased.

We think the recent optimization of tower cranes and the new order index point to the company’s prosperity is continuing.

(1) Utilization rate of tower cranes.

Pang Yuan used 78 cranes in June.

5%, or 重庆桑拿网 even higher, has declined, but from the historical data, it is still a high level; (2) New orders index.

The Ponte Source New Orders Index on July 21 (reflecting the current contract price, taking into account the construction cycle and progress, we think that the index can predict the trend of rental prices after 1 year), the annual line is 1479, an increase of 18 from the end of December 2018%.
In addition, the company’s proportion of tower cranes applicable to prefabricated buildings continues to increase, reaching 30 in June 2019.

7%, and we expect the proportion to continue to expand.

The Shaanxi Coal Finance Company continued to support the company’s financing plan.

A few days ago, the company planned to sign a new “Financial Services Agreement” with the major shareholder Shaanxi Coal Chemical Group Finance Company. According to this agreement, the Shaanxi Coal Group Finance Company will provide the company with financial services including deposits and loans, guarantees, and financial leases.

At the same time, the agreement stipulates that the loan interest rate provided by the Shaanxi Coal Finance Company for the company shall not exceed the upper limit of the interest rate of this type of loan stipulated by the People’s Bank of China, and shall be lower than the same type of loan interest rate obtained by the Shaanxi Coal Group’s internal enterprises from the finance company.The interest rate of the same type of loan provided by a general commercial bank to the company (whichever is the limit).

We think this will help the company effectively reduce the company’s financing costs, expand financing channels and improve operating efficiency.

Estimates and ratings.

We estimate the company’s net profit attributable to its parent to be 5 in 19-21.

4.0 billion, 7.

8.3 billion, 9.

09 million yuan.

Following the segment assessment method, we expect Pang Yuan to estimate 64.


31 trillion (expected May 19).

87 ppm net profit corresponds to 11-13 times PE), with a valuation of 11 except Pangyuan Leasing.

2 billion (December 19.

4.4 billion net assets correspond to zero.

9 times PB), a total of about 75.


5.1 billion.

Follow 8.

Based on 2.8 billion equity, the reasonable value range is 9.


57 yuan, “continuous market” rating. risk warning.

The scale of Pangyuan’s assets expanded less than expected, interest rate risk, and the synergy between Tiancheng and the parent company were not reflected.

Qingdao Haier (600690): Domestic sales are better than expected

Qingdao Haier (600690): Domestic sales are better than expected
Highlights of the report Description Qingdao Haier 杭州桑拿网 disclosed the 2018 annual report and the 2019 first quarter report: the company achieved operating income of 1833 in 2018.17 ppm, an increase of 12 in ten years.17%, achieving net profit of 74%.400,000 yuan, an increase of 7 in ten years.71%, net profit of non-returned mothers was 66.02 ppm, an increase of 17 in ten years.38%, achieving EPS1.21 yuan; budget, the company plans to pay 3 for every 10 shares.51 yuan.In the first quarter of 2019, the company achieved operating income of 480.43 ppm, an increase of 10 in ten years.17%, net profit attributable to mother 21.36 ppm, a ten-year increase of 9.41%, net of non-attributed net profit18.870,000 yuan, an increase of 7 in ten years.12%, achieving EPS 0.34 yuan. Event comment Domestic sales performance is better than market expectations, strong export sales have driven the main 杭州夜网论坛 business: Since the second half of 2018, the domestic appliance sales boom has been under significant pressure. It is difficult for Haier, a scale leader, to maintain more than two main business growth, and its overall performance slightly exceeds market expectations.The main reason is the good growth of external sales. In addition to GEA’s continued eye-catching performance, the overseas business of internal appliances has also performed. At the same time, the operating conditions of the internal sales market have also been fully reflected. The growth rate of e-commerce channels is relatively fast.Brands such as General Manager and General Manager continued to achieve higher growth.Driven by export sales and consolidation of domestic sales support, the main business performance exceeded expectations. Consolidation of R & D consolidated assets, profitability is slightly under pressure: The change in the company’s gross profit margin in 2018 was mainly due to adjustments in accounting rules. As a result, the gross profit margin and the sales expense ratio changed in the same direction, but the mutual difference was small.It is expected that the true gross profit margin is still relatively stable; however, due to the relatively weak profitability of the export growth increase, the fine-tuning of the income structure has masked the gross profit increase brought about by product upgrades.Looking at the expense ratio, the overall exchange rate projects have improved overall, but the R & D expansion has increased the consolidation of Candy, and the company’s short-term profitability has slightly improved under pressure. Domestic high-end leadership and deepening of channels, overseas integration and advance layout: The company’s domestic sales will have two major advantages in the future. First, the high-end market share advantage will continue to appear, and the growth of the mid-to-high-end market will drive the company’s overall profitability to improve.In terms of export, Haier’s overseas mature market layout has been improved by converting Candy’s consolidation, and the synergistic integration effect similar to GEA is expected to be replicated. At the same time, Haier is accelerating its penetration of emerging markets and contributing incrementally.It has significant strategic significance.In addition, the smart manufacturing business is gradually ramping up. Maintain “Buy” rating: Overall, the company ‘s operating performance continues to be expected by the market; driven by high-growth overseas business, the company ‘s main business maintains a double-digit growth, while benefiting from improved channel efficiency and high-end assistance, The company’s domestic sales can still maintain the number of growth under the obvious pressure of the boom, leading to show its true colors.We are optimistic about the business prospects of the company’s mid-to-high-end and layout, and recognize the efficiency of retail conversion to improve efficiency. It is expected that the company’s EPS in 2019 and 2020 will be 1.30 and 1.46 yuan, corresponding to the current sustainable PE is 12 respectively.87 and 11.41x, maintain Buy rating. Risk prompts: 1. End-market demand continues to fluctuate, 2. Raw material prices rise sharply, and 3. Exchange rate changes;

Xingfa Group (600141): Significant improvement in performance compared to the previous quarter

Xingfa Group (600141): Significant improvement in performance compared to the previous quarter

The company achieved revenue of 144 in the first three quarters of 2019.

470,000 yuan (+1 year-on-year.

01%); net profit attributable to mother 3.

01 ‰ (yoy-23.

08%); net operating cash inflows 12.

290,000 yuan (+20 compared with the same period last year).


Among them, Q3 single-quarter net profit1.

7.7 billion (year-on-year 14.

60% quarterly +128.

23%), a significant improvement from the previous quarter.

At the same time, the company announced that the associated company Hubei Xingli Electronic Materials will re-cooperate with Guizhou Phosphate Group and convert it into capital increase and share expansion. After completion, the company, the pioneer, Guizhou Phosphate’s shareholding ratio will be 30%, 40%, and 30%, respectively.

The supply-side reform of the yellow phosphorus market promoted the rebound of the industrial chain, and Q3’s profitability improved month-on-month: the company’s first three quarters produced 288 tons of phosphate rock (-2% year-on-year), with an average price of 269 yuan / ton (+ 7% year-on-year).The single-quarter output was 115, which was basically the same as the previous quarter.

Yellow phosphorus production 7.

2 is expected (yoy + 4%), where Q3 is 2.

1 Initially, it is reduced by 0 every year.

Prior to 4, due to the company’s high yellow phosphorus self-use rate, the export in the first three quarters was only 1, the corresponding glyphosate output increased by 50%, and the average selling price of yellow phosphorus in Q3 was 1.

65 million / ton (+ 26% YoY, qoq + 15%).

In Q3, due to the environmental protection and improvement of the yellow phosphorus industry in the southwestern region, the price of products rose sharply, which is conducive to the rebound of the phosphorus chemical industry.

The company’s Q3 quarter gross margin was 15.

49%, an increase of 3 from the previous quarter.

32pct, the cost rate during the period is 9.

91%, an increase of 1 from the previous quarter.

25pct, of which selling expenses and financial expenses increased by 0 respectively.

17, 0.

1.9 billion.

At the same time, the company continued to recognize 0 impairment loss in Q3.

18 trillion, and 0 non-operating expenses.

1.6 billion.

The profitability of high-quality phosphorus chemical products improved, and the company’s Q3 net profit margin was 3.

84%, quarterly ROE2.

28%, a significant improvement from the previous quarter.

The phosphorous chemical industry chain is expected to grow for a long time. The company’s industrial chain is integrated and the layout is becoming more and more 深圳桑拿网 perfect: the environmental protection of the yellow phosphorous industry has effectively promoted the rebound of the Q3 phosphorous chemical market.

In the long run, the problem of phosphogypsum treatment, the continuous improvement of the strategic resource attributes of phosphate rock, and the continuous high standards of environmental protection and safe production, the prosperity of the phosphorus chemical industry chain has promoted continuous improvement.

The Houping Phosphate Mining License obtained by the company in March this year, the phosphate ore production capacity has been further increased to 760 tons / year, and the upstream resource guarantee capacity has been further increased.

In terms of glyphosate, the company has completed the safety, energy saving and environmental protection transformation of the glyphosate unit in Taisheng Yichang Base, the acquisition and integration of Inner Mongolia Tenglong, and technical improvement and efficiency improvement projects.

The company’s production capacity of glyphosate with 18 acetic acid ranks first in China, and it has obvious advantages in supporting raw materials such as 10 potassium sulfate and yellow phosphorus.
In the silicone business, the company has completed the acquisition of minority shareholders’ equity of Xingrui Silicon Materials, a subsidiary of the company. The silicone technology renovation project will contribute 16 new monomers today and tomorrow. At the same time, 10 special silicone rubber and silicone oil projects are also underway.Orderly construction.
The company’s integrated phosphate ore-electricity-phosphorus chemical industry layout has been gradually improved, and the industry leaders have continued to consolidate.

The development of Xingli Electronic Materials is expected to accelerate, and the electronic chemical business is worth looking forward to: Xingli Electronic Materials will release the new partner Guizhou Phosphate Group by way of capital increase, share expansion and old share transfer, of which the company will transfer 8 million yuan to Guizhou Phosphate GroupThe subscribed capital contribution, at the same time, Guizhou Phosphate Group and Pioneer will increase the registered capital of Xingli Company by 82 million and 18 million yuan.

After the completion of the transaction, the registered capital of Xingli will increase to 300 million U.S. dollars, and the capital strength will be significantly improved. The shareholding ratios of the company, the pioneer, and Guizhou Phosphate will be 30%, 40%, and 30%, respectively.

Xingli Company plans to produce and operate a variety of electronic chemicals, and in August 2019, it will launch a 3 insert / year electronic grade hydrofluoric acid phase I1.

5 Preliminary / annual project construction is expected to be completed in the third quarter of 2020.

Forerrunner will provide the world’s advanced production technology of purified 10ppt (G5) electronic grade hydrofluoric acid for this project.

As a key material in the field of cleaning and etching of integrated circuits, the import of high-purity electronic grade hydrofluoric acid in mainland China reached 5,319 in 2018.

36 tons.

The domestic substitution of the new microelectronic materials industry will bring better development potential for domestic electronic chemical companies.

In addition to electronic-grade hydrofluoric acid, Xingfu Electronics, a subsidiary of the company in the field of electronic chemicals, is the only national emerging company with independent intellectual property rights of electronic-grade phosphorylation and already has a high market share in the domestic market.

In addition, the company is increasing customer development of other products such as electronic grade sulfuric acid.

Profit forecast: Considering that the acquisition of minority shareholders’ equity in Xingrui will increase the net profit attributable to mothers, we increase the company’s net profit attributable to mothers to 5 in 2019-2021.

13, 6.

79, 7.

660,000 yuan (the original forecast did not consider the acquisition of minority shareholders’ equity as 3).

23, 4.

35, 6.

5.2 billion yuan), corresponding PE is 18X, 14X, 12X, the company’s PB is less than 1X, the safety margin is high, maintain “Buy” rating.

Risk warning: product prices fall sharply; projects under construction progress less than expected

China Unicom (600050): Live water for active heads

China Unicom (600050): Live water for active heads

Speed up and reduce fees 2.

In the era of 0, operators welcomed the revenue-generating revenue. Operators adjusted their traffic tariffs and entered a speed increase and cut fees2.

In the era of 0, the “consumption attribute” of data traffic was strengthened, which brought about an increase in ARPU value.

With the stabilization of 4G tariffs and 南京夜网 the increase of 5G user penetration, China Unicom ushered in the elasticity of revenue, profit and EBITDA growth, contributing to the continued 5G capital expansion.

In addition, combined with the co-construction and sharing cooperation model to accelerate the progress of 5G construction and the company’s mixed reform results, profitability is expected to significantly improve and regain growth momentum.

The company’s EPS for 2019-2021 is expected to be 0.

19, 0.

28 and 0.

43 yuan, maintaining the “overweight” level.

  Enter the speed reduction fee 2.

In the era of 0, the ARPU value of operators is expected to bottom out. Under the background of speeding up and reducing fees and price competition, the unit price of data traffic has continued to fall rapidly, which has led to the increase in revenue generated by 杭州桑拿网 operators. Faced with a large amount of capital expenditure for 4G and 5G network construction,Performance requirements form a triangle state that cannot be sustained.

We believe that the “consumption attribute” of traffic has increased, and the adjustment of traffic charges by the three major operators has entered into a speed increase and a reduction of fees2.

0 era.

The domestic demand for telecommunications consumption is relatively high, which provides sufficient conditions for operators to stabilize their ARPU values and improves the inflection point where operators can create receipts.

  5G brings China Unicom’s revenue growth flexibility, co-construction and sharing to improve network construction efficiency and quality conversion 5G commercial launch, user penetration continues to increase, C-end users will bring 40-80 billion revenue increase, meanwhile, ARPU value will continue to increase, scaleThe effect promotes the continuous growth of profit, and obtains good EBITDA and operating cash flow. It is the cornerstone of capital expansion and forms a virtuous circle of corporate operations.

  In addition, China Unicom and China Telecom’s shared co-construction plan has been released. Among them, 5G shared co-construction will help accelerate the 5G construction process and form a trend of development in parallel with China Mobile.Tariff pricing, operating costs and other aspects will reflect the advantages of cooperation.

  Dividends for mixed reforms are gradually highlighted. ICT business is running forward. After China Unicom announced the mixed reforms, the dividends are gradually highlighted. Business cooperation with mixed reform partners, industry leaders and other companies has been carried out. In smart winter Olympics, smart medical, smart security, 5G car networking, Intelligent manufacturing, intelligent education and many other 5G innovative business areas, laying the foundation for the B business.

In addition, Internet-based businesses such as IDC, cloud computing, and the Internet of Things are advancing rapidly, and their prioritization of edge computing technologies is expected to open up new growth space in the 5G era.

  Operators’ competitive environment has changed dramatically, and performance and estimates have been driven. We maintain the rating of “overweight”. We are optimistic about the decline in tariffs and slowing competition of the three major operators, which will bring about the inflection point of ARPU and revenue. Combined with the cooperation model of joint construction and sharing, the company is expectedAchieve efficient operations during the peak period of 5G construction.

Expected company 2019?
In 2021, the EPS will be 0.

19, 0.

28 and 0.

43 yuan.

Considering the operator’s capital expenditure expansion, it is more reasonable to compare the estimated level of EV / EBITDA of China Telecom and China Mobile.

53 times.

At present, the company is still in the period of improvement of management and operation. The 2019 EV / EBITDA is estimated to be 3.


7 times, corresponding to a target price of 6.


46 yuan / share, maintaining the “overweight” rating.

  Risk warning: 5G co-construction and sharing progress is less than expected, capital expenditure is still difficult to overcome, and operational management risks.

In-depth-Company-BYD (002594): Toyota cooperation highlights the advantages of new energy technology development prospects

Depth * Company * BYD (002594): Toyota cooperation highlights the advantages of new energy technology development prospects

The company recently announced an agreement with Toyota Motor on July 19, 2019. The two parties will jointly develop pure electric models of cars and low chassis SUVs, as well as jointly develop the power batteries required for the above models.

The company is a domestic leader in new energy vehicles, with an average market share of new energy vehicles and power batteries exceeding 20%.

New cars have been launched successively, and high-priced models such as the Tang DM have continued to sell well. The high growth in production and sales is expected to bring great performance flexibility.

The company streamlined the business of parts and components, and gradually supplied externally advantageous businesses such as power batteries and IGBTs with huge development potential.

This announcement in cooperation with Toyota Motor is a powerful endorsement of the company’s new energy vehicle technology and battery technology, and promotes the rapid development of new energy vehicle sales and power battery external supply.

We expect the company’s estimated earnings for 2019-2021 to be 1.

69 yuan, 2.

15 yuan and 2.

At 41 yuan, the company’s new energy vehicle sales overlapped with an operating inflection point, and the outlook is bright. We maintain our Buy rating.

  Key points of the official rating New energy vehicle technology is leading domestically, and Toyota cooperates to enhance brand value.

The company has obvious competitive advantages in the fields of new energy vehicle technology, supply chain, and brand. It has long ranked first in domestic new energy production and sales. Tang EV / DM and other models have exceeded the price limit of 250,000 yuan and have continued to sell.

  The company has already cooperated with Mercedes-Benz in the field of new energy vehicles. The cooperation with Toyota to develop cars and low-chassis SUV pure electric vehicles is another proof of the company’s new energy vehicle technology leadership and is expected to further enhance the company’s new energy vehicles.Brand value helps sales continue to grow.

In addition, Toyota has invested heavily in electric vehicles, further consolidating the development direction of electric vehicles, and the company’s new energy prospects will have a long-term layout.

  Toyota’s endorsement of power batteries, etc., the prospect of external supply is expected.

The sales of new energy vehicles at home and abroad continue to grow at a high speed, but the supply of high-quality batteries is scarce. At present, the company in Ningde era is the largest, but the long-term layout may change.

The company’s power battery has extremely strong competitiveness in the fields of performance, cost, safety, consistency, etc., and its market share reached 24 in the first half of the year.

8% (real lithium research data), but mainly self-supplied.

Pioneer’s power battery capacity is expanding rapidly, and it actively explores external customers. At present, cooperation with Changan and Dongfeng continues to advance, and it is expected to explore more customers in the future.

This announcement of the company’s cooperation with Toyota in the field of power batteries is a powerful endorsement of the company’s power battery products, trying to help open up more external customers.

Toyota Motor proposed at the June 2019 electrification strategy conference to advance the original goal of achieving 1 million BEV / FCEV sales by 2030 to 2025. The company’s power batteries are also expected to receive some orders, and future development prospects are expected.

  New energy sales continue to grow rapidly, and performance is expected to increase steadily.

According to data from the China Automobile Association, domestic sales of new energy vehicles from January to June 2019 were 61.

70,000 vehicles, an increase of 49 per year.

6%; the company’s sales of new energy vehicles from January to June reached 14.

60,000 vehicles, an increase of 94 in ten years.

5%, the market share is as high as 23.

6%, up 3 by 2018.

9 points.

The company’s air force foresees a net profit of about 14 attributable to mothers in the first half of the year.


5 ppm, an increase of 202 in ten years.



With the successive listing of Song Pro DM / EV and e-series new cars, the company’s new energy sales are expected to maintain rapid growth, and through measures such as cost reduction, it will actively respond to the decline in compensation, and the company’s performance will promote rapid growth.

  We estimate that the company’s earnings for 2019-2021 will be 1.
69 yuan, 2.

15 yuan and 2.

At 41 yuan, new energy vehicle sales exploded and overlapped operating inflection points, and the development prospects are bright. 杭州桑拿网 We maintain our Buy rating.
  The main risks facing the rating 1) New energy vehicle sales are lower than expected; 2) External supply of power batteries is lower than expected.

Yonghui Supermarket (601933) in-depth report: Focus on the integration of the main business of the supermarket and enable the sailing

Yonghui Supermarket (601933) in-depth report: Focus on the integration of the main business of the supermarket and enable the sailing

Report Summary: Focusing on the main business of the Super League, major business structure adjustments.

Yonghui Supermarket, as the leader of domestic supermarkets, has continued to expand its store scale since its establishment, its operating income has grown rapidly, and its gross profit margin has steadily increased.

At the end of 2018, the company restructured its business structure. Through the sale of equity, strategic investment and other methods, Yunchuang and Yunshang, which are under pressure from performance, will continue to appear on the table. It will merge one or two accumulations of Yunchao business to create a community fresh mini store and integrate the companyIn the back office, a large supply chain business department and a large technology business department were established to improve operational efficiency and realize new momentum for performance growth.

The space of fresh supermarkets is vast, and new retail formats are emerging endlessly.

The downward pressure on economic growth has increased, the growth rate of consumption has increased, and the mandatory consumption related to supermarkets has a prominent vertical anti-cyclical attribute.

Competition in the domestic business and trade industry has gradually intensified, and the leaders have broad room for growth.

The scale of the fresh market is huge, and the fresh supermarket will become the main channel for fresh sales.

With the dual-line integration of the retail industry and the escalating consumption trend, a variety of new retail formats are emerging one after another. In the future, it will be able to open up omni-channel consumption scenarios, and companies with competitive supply chains will increasingly have advantages.

Ace of supply 合肥夜网 chain, full-channel expansion business format, continuous organizational change and build core competitiveness.

(1) “Direct source mining” + supplier equity binding + self-built cold chain logistics to create a multi-level, differentiated supply chain system, vigorously develop its own brands, and the company’s gross profit margin has steadily increased.

(2) Yunchao’s endogenous growth is determined, and its stores are expanding steadily; outbound mergers and acquisitions, regional integration, and accelerating the pace of expansion; “go to the store + home” to build an all-channel consumption scenario.

(3) Simplify administration and decentralization, reduce decision-making levels, and stimulate organizational vitality.

The partnership system has steadily advanced, and the reform dividend has been continuously released.

Continuous organizational progress promotes continuous improvement in management efficiency.

Investment suggestion: Yunchuang, Cloud quotation, to replace the performance pressure of listed companies.

Major adjustments were made to the business structure and fundamentals were improved.

Revenue is expected to be 712 in 2018-2020.



53 ppm, an increase of 21 in ten years.

63% / 21.

71% / 21.


Net profit attributable to mother is 16.



810,000 yuan, EPS is 0.



35 yuan / share, corresponding to the current continuous PE of 49/32/24 times. Considering the certainty of the revenue growth brought about by the expansion of scale, the increase in management efficiency and the expectation of increased net interest rate, as a scarce leader in the supermarket industry, Give a PE estimate of 40 times in 2019, and give a “buy” rating.