Jin Shiyuan (603369) 2019 performance preview comment: 19 perfect ending 20 start

Jin Shiyuan (603369) 2019 performance preview comment: 19 perfect ending 20 start

The growth rate range is in line with expectations.

The announced profit growth range is 20% -30%, which is in line with market expectations; the rapid growth of long-term profits is mainly due to the rapid volume of special A + (national 深圳桑拿网 borders, four-way and above) products (annual income growth of 40%);The company’s budget rate is relatively stable. According to projections, the profit growth rate in 2020 is expected to be above 25%.

It has successfully concluded in 19 years, and the beginning of 2020 is expected to be achieved smoothly.

Channel feedback, as of the end of 2019, major regions have completed scheduled sales tasks, of which the Nanjing area has completed the task in November; grassroots findings show that channel inventory has decreased quarter by quarter after the Mid-Autumn Festival in 19, and eventually some terminals are in short supply.Status, the stocking of dealers and terminals is expected to be sufficient, and the existing channels have entered the stocking period. It is optimistic to estimate the sales situation in the first quarter of 2020.

Starting in 2020, this world fate takes advantage of the situation and strongly recommends it.

We believe that the company’s growth is supported by solid support: 1) Consumption upgrades drive the rapid expansion of sub-high-end and provide market space for national borders: Jiangsu’s price range above 300 yuan continued to expand, following the mainstream price levels in Nanjing and southern JiangsuAfter the move, northern Jiangsu and central Jiangsu followed closely behind, and the consumption potential was gradually released to provide market space for the national border series; 2) Consumption in the province has gradually started, channels are benign, and the high growth rate of the national border series can continue: nowGuoyuan has completed consumer cultivation in Nanjing, and the country has entered a period of accelerated heavy volume. The Nanjing region is expected to maintain a high growth rate. With the gradual spread of consumption, the southern Jiangsu and central Jiangsu regions promote accelerated growth. At present, the Guoyuan series is stillFocusing on natural sales, benign channel inventory, stable price orders, full dealer payment expectations, and even better channel support for national border series; 3), extra-provincial markets and national border V series will contribute more incremental:The company has completed channel development and product introduction, and has entered a gradual development period. Shandong, Shanghai and other markets have a high degree of product acceptance and will continue to contribute additional increments to the company.It is still small but has a high growth rate, and the company’s product structure also has more room for further improvement; 4) Su-Jiu competition, Yanghe has limited repression on this world in the short term: due to destocking, price stabilization and other factors, Yanghe needs some time,In the long run, there will be no difference between Yanghe and Jinshiyuan in terms of products and channels. The leader of Su Jiu will be in a competitive development and share consumption upgrade.

Earnings forecast and investment advice: We will temporarily maintain the previous earnings forecast. It is expected that the EPS for 2019-2021 will be 1.

17/1.

49/1.

81 yuan, corresponding to PE is 30/23/19 times, maintaining the level of “prudent increase”.

Risk Warning: Macroeconomic risks, food safety, and out-of-province expansion are less than expected.

Public Education (002607): Leading Non-Certificate Vocational Education Enters Golden Growth Period

Public Education (002607): Leading Non-Certificate Vocational Education Enters Golden Growth Period

The vocational education leader has been further established, and the momentum of high growth is unabated.

Zhonggong Education succeeded in backdooring Yaxia Automobile in 2018, and is the only educational company that succeeded in backdooring. It is also the education company with the largest profit volume and the most pure business.

The company started with civil servant exam training. At present, the business is divided into four major sections: civil servant exams, teacher qualifications and recruitment, comprehensive face-to-face training (postgraduate entrance examination, IT, etc.), and public institution recruitment.

The company is supplemented by offline as the main line, and offline training is provided as a continuous training mode.

The company realized revenue in 201862.

37 ppm, an increase of 54 in ten years.

7%; net profit attributable to mother 11.

530,000 yuan, an increase of 119 in ten years.

7%, higher than performance commitment 9.

300 million, 121% completion rate.

2019H1 continued to maintain a strong performance and achieved revenue of 36.

37 ppm, an increase of 48 in ten years.

8%.

Among them, 2Q2019 achieved revenue of 23.

US $ 300 million, an increase of 42% per year.

930,000 yuan, an increase of 132 in ten years.

2%.

The nationally covered strong channel + high unit price and long-term agreement agreement classes are the two main characteristics of the company’s operations.

1) The company’s main business model is sub-line education. A strong capillary network can improve the company’s sales ability and reflect scale effects in multi-disciplinary replication and promotion.

As of 2019, H1 has covered 319 prefecture-level cities, with a total of 880 outlets, a net increase of 179 in the first half of the year, and is the largest educational and training institution in China.

2) The company’s main difference from itself is a large number of agreement classes, that is, the sales model of high customer unit prices but no refunds.

These two companies can obtain higher customer unit prices and advance receipts than first-class, cash flow and turnover have increased significantly, but the terms of the refund also meet the mindset of more candidates.

Participation rate, market share, and customer unit price are the core driving factors for the growth of the civil service examination training business.

The civil servants’ national examinations and provincial examinations all showed a decrease in the number of recruiters.

However, due to the severe number of unemployed, the number of applicants has not increased for the time being, and the participation rate is still increasing, and the intensity of competition has continued to increase.

At present, the company has exceeded the expansion of Huatu Education in terms of outlets and sales, and has continuously obtained incremental expansion in the duopoly market.

2019 H1 civil servant business achieved revenue 18.

2 ‰, an increase of 26% in ten years, the infiltration of enrollment and price increases must increase the civil service examination training business against the trend.

Postgraduate entrance examinations, teacher qualifications, and recruitment training have high industry ceilings and rapid growth, which are new highlights.

In the new business, postgraduate entrance examinations and teacher qualifications are the backbone of growth, and the industry ceiling continues to rise.

In 2019, the number of applicants for postgraduate entrance examinations reached 2.9 million, an increase of 21 each year.

8%, a record growth rate of nearly five years.

Teacher qualification exams benefit from the close supervision of off-campus training institutions in the second half of 2018, which requires teachers in training institutions to hold a certificate to work, which will force the rapid increase in registration numbers and participation rates.

2019H1 teacher recruitment and teacher qualification, comprehensive (including postgraduate entrance examination + IT) to achieve revenue4.

3/7.

0 billion US dollars, an increase of 52% / 89% in ten years, is the company’s mass products in the growth rate inverter products.

Adjust earnings forecast and maintain BUY rating.

Recently announced that the number of national civil service examination recruitment in 2020 will pick up to 2.40,000, an increase of 66% every year, and the 2019 H2 provincial test also has a corresponding recovery.

Adjust the profit forecast, the company is expected to have 苏州夜网论坛 a net profit of 16 in 2019-2021.

32 billion, 23.

2.4 billion, 29.

3.4 billion (formerly 16.

6.4 billion, 22.

75 billion, 26.

3 billion), the corresponding EPS is 0.

26, 0.

38, 0.

48 yuan (previously 0.

27, 0.

37, 0.

43 yuan), corresponding to PE is 68 times, 46 times, 37 times.

Maintain BUY rating.
Risk reminder: The number of civil servant examinations and public institution enrollment registrations is greatly deviated.

Lier Chemical (002258) First Coverage Report: Multi-point Flowering and Sedimentation

Lier Chemical (002258) First Coverage Report: Multi-point Flowering and Sedimentation

Key points of investment: Benefit from increased industry concentration and rapid company development: The pesticide industry has continued to withstand high environmental pressures since the “Thirteenth Five-Year Plan”, and most of the backward production capacity has withdrawn from the market one after another, and the industry concentration has continued to increase. From 2014 to 2018The monthly output of domestic pesticide raw materials (converted to 100% of the active ingredient) will replace the 20 indicator by 30 inches.

The company, as the largest domestic manufacturer of potassium glufosinate, has benefited significantly, with an annual output of pesticides2.

68 up to 12.

92 is the highest, the industry sales ranking rose from 22nd to 8th.

Continue to stabilize research and development funding, leading the process to help the company rise: The company’s average R & D expense revenue ratio for 2014-2018 was 3.

87%, which is in the forefront 深圳丝袜会所 of listed companies in the pesticide industry (the average proportion of listed companies is 2).

5%); Through long-term stable research and development and promotion, the company optimized the synthesis process of glufosinate to improve the comprehensive yield above 95%.

At the same time, the production cost is controlled at around 7 million yuan, which is 8?
10 million / tonne glufosinate production cost.

The basis for the company to be a global leader in glufosinate.

Demand has grown rapidly, and the company’s production capacity has continued to lead: under the current situation of domestic pesticide industry companies starting to replace, the company has steadily started operations. It has a glufosinate production capacity of 11,400 tons / year, and more than 50% of domestic effective production capacity is available.

With the comprehensive expansion of paraquat in Thailand and Brazil in 2020, France, Vietnam, and India will enter glyphosate due to carcinogenic storms. It is expected that there will be two.

The market gap of 6 initial paraquat and 3 to about glyphosate helped short-term growth of glufosinate demand.

At the same time, the promotion of glufosinate-resistant transgenic crops will increase the long-term growth of glufosinate and glyphosate compound formulations.

The company’s sustainable and stable production capacity continues to maintain its position as the global leader in glufosinate.

The future of the Guang’an project is expected: the trial production of the fluroxypyr project at the Guang’an base resumed in May, and the 1,000-ton / year flucyclazole capacity of the previous project is expected to be completed this year.

It is estimated that only propafluchlor and fluroxypyr are expected to increase the company’s revenue by about 1.5 billion a year; at the same time, the Guang’an base will invest 1 billion to build a new 15,000 tons / year MDP, a phosphorus-containing flame retardant, an L-glyphosate production line andSupporting projects, the new project is conducive to maintaining the company’s leading business of glufosinate, and the new development of phosphorus-containing flame retardant projects will add a profit point for the company in the future.

Profit forecast: Based on the price of new products, production capacity and judgment on the future industry boom, the company’s operating income for 2019-2021 is expected to be 45.

73/60.

36/73.

39 trillion, the corresponding EPS is 1.

21/1.

83/2.

37, P / E are 11, respectively.

08, 7.

33, 5.

66.

Give “Buy” rating.

Risk factors: Product price fluctuations affect profitability, and the Guangan project has not been put into operation as expected.

Connie Electromechanical (603111) 2019 Interim Report Review-Core Core Business Grows Beautifully

Connie Electromechanical (603111) 2019 Interim Report Review-Core Core Business Grows Beautifully

After the company eliminated Longxin Technology, its core main business grew beautifully. After the date of the rescue fund to replace Longxin Technology came to an end, the company’s operation was back on track.

The company’s main business orders for rail transit increased 36 times per quarter.

02%, the layout of new energy vehicles is advancing steadily, maintaining a “Buy” rating.

After excluding Longxin Technology, the performance growth is ideal, and the core main business competitiveness remains.

In the first half of 2019, the company achieved operating income18.

190,000 yuan, an increase of 0 in ten years.

62%, achieving net profit attributable to mothers1.

35 trillion, compared to the same period last year 6.

08 thousand yuan.

If we assume Longxin Technology, the company will realize operating income in the first half of the year.

770,000 yuan, an increase of 39 in ten years.

86%.

Comprehensive gross profit margin of businesses other than Longxin Technology 31.

96%. We estimate that the actual profit growth of the company’s core business in the first half of the year may exceed 50%.

The plan shows sincerity. After removing Long Xin, the business performance is back on track.

The company’s stock announcement intends to sell 100% of Longxin Technology to the bail-out fund. The company’s 12 shares are pledged for 25% of the shares held by the company, and the transaction price is 400 million US dollars.The crisis brought by the acquisition.

Rail transit main business orders are full, and the growth rate is somewhat more guaranteed.

As of the end of the reporting period, the company’s rail transit sector had an increase of 36 orders in hand.

02% to 39.

880,000 yuan, an increase of 28 orders higher than the end of 2018.

6% time point growth.

In the first half of the year, the company’s rail transit business income increased by 51.

63% to 14.

09 million yuan, the beautiful growth rate or the report’s 杭州桑拿养生会所 intervention to facilitate early delivery.

The company still continues to have a market share of more than 50% in the urban rail door system for more than ten years. The market share of EMUs has also exceeded 50%, and it has a larger share in the standard and dynamic market. The company has its own core component advantages.Outstanding, can ensure the overall control of market share and gross profit margin, and maintain strong competitiveness of the door system.

The high percentage of rail transit revenue besides urban rail transit fully benefits from the peak of domestic railway and subway traffic in 2019-2020. The company’s new Guangzhou subsidiary has been established to accelerate the layout of key regions.Certainty.

The new energy vehicle business is advancing steadily.

The company’s main high-voltage, charging harness assemblies and transportation door systems have maintained market share in independent brand OEMs, expanded the development speed of joint venture brand customers, and reported a 17% increase in revenue from the new energy vehicle parts segment.

28% to 1.

940,000 yuan, the subsidiary Connie New Energy achieved a net profit of 2.64 million yuan, an increase of tens of 25.

60%.

At the same time, the company’s traditional automotive precision forging parts have received orders from BMW, Yifa, Musashi, etc., trying to open up the market space with new energy products.

Risk factors: Long Xin’s reduction in progress is less than expected; domestic railway or subway construction progress is less than expected; the company’s product gross margin declines; new energy automobile parts or traditional automobile castings and forgings have grown less than expected.

Investment suggestion: Considering that the company’s track delivery sector has a good pace in the first half of the year, we slightly increase the company’s 2019-21 net profit forecast to 3.

4/4.

0/4.

500 million (previous forecast was 3).

3/3.8/4.

30,000 yuan), the net profit forecast for 2019 is 20% higher than 2018 (excluding Longxin Technology).

50%, the company’s current market value corresponds to 15 times PE in 2019, maintaining the company’s “Buy” rating.

Huayou Cobalt (603799) Quarterly Review

Huayou Cobalt (603799) Quarterly Review

The company’s performance increased significantly in the first quarter of 2019, and its net profit attributable to its mother was zero.

120,000 yuan (YOY-98.

55%) The company released the first quarter of 2019: the first quarter of 2019 achieved operating income44.

10,000 yuan (+28 compared with the same period last year).

28%), net profit attributable to mother 0.

120,000 yuan (YOY-98.

55%), net profit after deduction is 0.

1.7 billion (YOY-98.

02%), net cash flow from operating activities is 0.

56 ppm from negative to positive in one year with a gross profit margin of 12.

02%, which had previously fluctuated significantly by 23.

09 points.

Finance costs are 1.

25 trillion, an increase of 183 per year.

87%, mainly due to large foreign exchange gains in the same period in 2018, compared with exchange losses in the current period.

The asset impairment loss is 1.

610,000 yuan, an increase of 266 in ten years.

13%, mainly due to the provision for inventory impairment.

According to the company’s first quarter report for 2019, as the price of cobalt products has dropped significantly compared to the same period in 2018, the decline in prices has reduced the profitability of the company’s cobalt products. It is expected that the company’s gradual net profit to the end of the next reporting period will be significantly larger than the same period in 2018.decline.

Taking into account the increase in the price of cobalt, we expect the company’s net profit attributable to its mother to be 7 in 2019-2021.

94 (-4.

29) / 11.

01 (-5.

19) / 13.

72 (-7.

56) billion yuan, corresponding to 0 EPS.

96/1.

33/1.

65 yuan, maintain the “recommended” level.

The company intends to acquire Bamo Technology, and the downstream extension will produce synergy. The company intends to purchase 100% equity of Bamo Technology by issuing shares, and the transaction amount is tentatively set at 3.2 billion yuan.

In addition, the company intends to issue shares to Cinda Xinneng to purchase its holding Huayou Luzhou15.

68% equity, the transaction amount is tentatively set at 8.

6.2 billion.

After the transaction is completed, the company will hold 100% equity of Bamo Technology and 100% equity of Huayou Yinzhou, and the total supporting financing will not exceed 3.2 billion yuan.

Bamo Technology is mainly engaged in the production 天津夜网 and sales of lithium battery raw materials. The newly acquired assets and the company’s existing new energy materials business belong to the upstream and downstream relationship. This acquisition will have an interactive synergy effect.

In addition, the company intends to increase the capital of Huayou New Energy, and at the same time, the proposed date is CITIC Investment, Guoxin Fund and other well-known first-class investment funds.

Domestic electrolytic cobalt prices stabilize, overall market supply exceeds demand According to Shanghai Nonferrous Metals, foreign media cobalt prices continue to increase, the directionality of domestic electrolytic cobalt prices weakens, and speculation about overseas cobalt prices remains doubtful.begging.

While downstream consumption is still in a doldrums, the rapid price increases of mainstream production companies have encountered a number of rejections, and most of them need to be purchased in batches.According to the CIAPS, domestic electrolytic cobalt prices continue to hold steady, currently at 26.

Between 80,000 and 28,000 yuan per ton, the actual transaction is not much, and the market shows a priceless market trend.

Risk warning: Cobalt prices fall; production capacity advances less than expected.

Depth-Company-Agricultural Bank (601288): Asset Quality Stable and Good, Low Risk Appetite, Q4 Spreads Decline MoM

Depth * Company * Agricultural Bank (601288): Asset quality is stable and good; low risk appetite is down in the fourth quarter

Agricultural Bank’s highest profitability performance is good, and the cost of liability side slightly upwards drags down the spread performance, but the performance of corporate deposits is weak, but the company’s county network outlets are well-established. Only with a solid retail customer base, its storage capacity and debt side cost performance are still excellentIn the same industry.

The company’s asset quality has been stable and the bad expectations have become more severe. The provisioning foundation has been further consolidated and the Agricultural Bank’s buy rating is maintained.

The main points supporting the rating are the steady growth of earnings. Under the low risk appetite, the interest rate spread in the fourth quarter will increase by 5 in line with the downward net agricultural profit of 2018.

1%, mainly due to the increase in the provision of strength, but the net profit before provision remained high (+15.

1%, (YoY), profitability performance is good.

In 2018, ABC’s revenue increased by 10 in ten years.

5%, of which net litigation fee income has achieved substantial growth compared with the first three quarters, and has increased by 7 year by year.

2%.

In 2018, the Bank’s net interest income increased by ten years.

1%, the growth rate dropped by 1 compared with the first three quarters.

The 5% number is mainly due to: 1) the amount of assets in terms of volume has decreased by 0 from the previous month.

4%; 2) The highest spread of ABC in terms of price 2.

33%, lower than the end of 2018H 2.

35% level 2BP.

We believe that the narrowing of the interest margin is mainly due to increased growth pressure on the debt side, and the increase in deposit costs by 4BP compared with 2018H has driven interest payment to resist the increase of 5BP; while the asset side is mainly invested in low-risk areas such as government bonds and mortgage loans.The average yield of interest-earning assets is only 1BP higher than 2018H.

At the end of the quarter, the total assets of Agricultural Bank of China increased by 7% /-0 from the 西安耍耍网 same quarter last quarter.

4%, of which loans increased by 11% / 1.

5%, the proportion of total assets increased by 1.

7 up to 50.

7%.

The company’s credit structure is further tilted towards retail loans, with 56% of new loans being invested in retail loans, and its proportion in total assets increased by one.

8 up to 39.

1%.

On the debt side, termination of deposits at the end of the fourth quarter increased by 7% / 0 from the previous month.

3%, accounting for a stable level of 83%, of which demand deposits accounted for 58.

2%, basically maintained stable, leading the industry.

In general, the deposits of Agricultural Bank of China have maintained stable growth, but in view of the small upward cost of the combination, the growth growth in 18 years is facing certain pressures, especially the weak performance of public deposits growth. The subsequent performance is worthy of attention.

Non-performing identification standards have become more stringent, and the ability to resist risks has been further strengthened. In the fourth quarter, ABC ‘s non-performing loan ratio decreased by 1BP to 1 from the previous quarter.

59%, we estimate the company’s single quarter bad production rate in the fourth quarter1.

24%, an increase of 48BP month-on-month, it is estimated that due to the company’s stricter credit classification standards, the Agricultural Bank’s focus on loans fell by 36BP to 2 compared with 2018H.

74%, loans / non-performing loans overdue for more than 90 days decreased by 7 compared to 2018H.

6 up to 65%.

At the same time, the Agricultural Bank of China further increased the provision for accrual in 2018 (+39.

(5%, year-on-year), the maximum provision coverage ratio increased significantly by 44 alternatives to 252%, the highest among the four major banks.

It is estimated that we will maintain ABC 19/20 6.

9% / 5.

The 5% profit growth forecast is currently expected to correspond to a PE of 2019/20 of 6.

02x / 5.71x, PB is 0.

75x / 0.

69x, maintain the company’s buy rating.

The main risks faced by the rating are: asset quality expectations exceed expectations, and financial supervision exceeds expectations.

Wangfujing (600859) Prompt Announcement on Changes in Shareholders’ Equity: Comment by Chengdu Industrial Investment Inc. to Increase the Value of Leading Department Store Stocks

Wangfujing (600859) Prompt Announcement on Changes in Shareholders’ Equity: Comment by Chengdu Industrial Investment Inc. to Increase the Value of Leading Department Store Stocks

The company’s shareholder Chengdu Industrial Investment Corporation increased its shareholding to 5.

00% of the company announced that on December 17, 2019, it had received the “Wangfujing Group Co., Ltd. Simple Equity Change Report” from the shareholder Chengdu Industry and Trade Investment Co., Ltd. (hereinafter referred to as “Chengdu 淡水桑拿网 Industry Investment”),Chengdu Industrial Investment Co., Ltd. gradually increased its shareholding in the company’s shares in 1917 from December 9th to 17th, 2019.

50,000 shares, accounting for 2 of the company’s total share capital.

47%.

After this increase, Chengdu Industrial Investment held the company5.

00% shares, becoming the company’s sixth largest shareholder.

  Optimistic about the company’s development prospects, it is planned to continue to increase its holdings without seeking control. In the report on changes in equity, Chengdu Industrial Investment said that the increase is based on optimism about investment opportunities in the industry, confidence in the company’s sustainable and stable development, and the value of the company’s stock.Reasonable judgment.

Chengdu Industrial Investment also plans to continue to increase the company’s holdings through centralized bidding for no more than 6 months from December 23, 2019.

01% -0.

02% shares, the increase plan does not set a price range, and does not seek control of the company.

  National department store leader. Historically, long-term investment value companies are national department store leaders. As of the third quarter of 2019, a total of 52 stores were operating with a business area of 287.

550,000 square meters, the format covers department stores / shopping malls / outlets.

Recently, the company’s department store / shopping mall business has been affected by the reform of the business format, and its revenue performance has been relatively flat, while the growth of its business is relatively high.

The company is estimated to be undervalued in the general environment of the industry’s flat economy. Instead, it provides a broader value range for investors with long-term vision. The increase in Chengdu Industrial Investment may trigger market attention to the value of leading department store shares.

  Maintain profit forecast and maintain “Buy” rating. We maintain full diluted EPS for the company for 19-21 of 1, respectively.

42/1.

52/1.

65 yuan forecast, the company PB (TTM) is 0.

95X is well below the average of the past three years (1.

22X), maintain “Buy” rating.

  Risk warning: After the lease renewal, the rent standard increases too much, and the store consolidation speed is not as expected.

Huayang Lianzhong (603825) Incident Review: Clear Growth Path Has Unique Internet Technology Advantage

Huayang Lianzhong (603825) Incident Review: Clear Growth Path Has Unique Internet Technology Advantage

Event: On March 11, 2019, the company’s stock closing price was 16.

65 yuan, up 6.

05%.

Main points: 1.

The Internet advertising market has a large space, and the company’s market share can be expected to continue to increase.

According to iResearch statistics, the scale of China’s online advertising in 2017 is expected to exceed US $ 380 billion, and the company’s revenue in the first three quarters of 2018 will be US $ 7.5 billion, increasing its market 杭州桑拿 share.

The company’s customers are mainly from the automotive, FMCG, e-commerce, IT and communications industries.

As advertisers ‘budgets for Internet channels continue to grow, the company ‘s advertising agency business will benefit from this trend and its revenue will continue to grow.

2. The Internet technology industry is leading and the company’s core competitiveness is built.

With the traditional advertising industry index, Internet advertising has a technological upgrade path.

Mastering digital information technology has become one of the decisive factors for winning the competition in the Internet marketing industry.

In 2014, the company’s R & D occupation was 0.

7.5 billion to 2.

2.5 billion US dollars, the establishment of interactive creative laboratory, digital marketing research institute and North American Silicon Valley technology research and development laboratory, the company currently has a certain competitive advantage in the field of Internet technology.

3. The business model is stable, benchmarking Dentsu Group and WPP Group.

As an Internet advertising provider, the company connects advertisers with Internet media.

The company stands at the advertiser’s default and provides advertisers with efficient marketing services.

The company’s customers are mainly direct customers, and maintain long-term stable cooperative relationships with customers to reduce customer search costs.

The company’s business model can benchmark overseas Dentsu Group and WPP Group, and the company has great potential for future development.

Earnings forecast and rating: We expect the company’s net profit to be 1 in 2018-2020.

9 billion, 南京夜网 2.

7 billion, 3.

7.5 billion, corresponding PE is 20X, 14X, 10X.

Based on the company’s rapid growth period, we give the company a PE estimate of 30 times in 2019, corresponding to a target price of 35.

22 yuan, given a “strong recommendation” rating.

CICC: Maintain Sunny Optical Ratings and Target Price

CICC: Maintain Sunny Optical Ratings and Target Price

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  Source: Zhitong Financial Network. Recently, CICC released the latest research report. The data of Sunny Optical (02382) in December is strong, and investors do not need to worry too much about the impact of Huawei’s reduction in overseas reduction.

Maintain its “overweight” rating with a target price of 140 budget.

  Recently, Sunny announced its December expansion data, which showed that its camera lens length increased by 67 in December.

8%, and the annual budget increase for 2019 is 41%.

The expansion of CCM camera module increases by 79 every year.

2%, with an annual budget increase of 79%.

2%.

The depth camera module (ToF) expansion volume is increasing by 399 every year.

8%, the annual budget increase by 386%.

  Although Huawei ‘s mobile phones in overseas markets will be banned from using Google Mobile Services (GMS), this may affect its smartphone placement in 2020.

However, CICC believes that this has not had a significant impact on Sunny. The key driving force of Sunny Optical’s supply chain is the continuous popularization of multi-camera smartphones including ToF.

Despite Huawei’s controversy, CICC still sees suppliers in the supply chain temporarily deleted and believes that a merger at any time will be a good entry point for investors.

  This year’s mobile phone lens size exceeded the expected expansion of CICC by 7%. At 武汉夜网论坛 the same time, the revenue of Sunlight ‘s main subject, Daliguang, decreased by 20% from the previous month.

Therefore, CICC believes that this shows that the company’s market share in China has increased, and the upgrade wave of multi-camera mobile phones is still continuing.

  At the same time, the amount of lens shift on vehicles has increased steadily at the same time. In December this year, the amount of lens shift used in automobiles increased.

4% to 4.2 million.

At the same time, the number of budgets increased by 25% in the same period, in line with CICC’s expectations.

  After Sunny announced its strong monthly data, CICC maintained its “overweight” rating and a target price of 140 resets.

But some risks will lead to less than expected, such as weak mobile phone sales and trade frictions.

Yutong Technology (002831): Major Shareholders Submit High Transfer Guidance Letter to Increase Share Flow, Demonstrate Performance Confidence

Yutong Technology (002831): Major Shareholders Submit High Transfer Guidance Letter to Increase Share Flow, Demonstrate Performance Confidence
Key points of the report Description Yutong Technology has recently received the “Letter on the 2018 Profit Distribution and Capital Reserve Fund Transfer to Share Capital Proposal” submitted by the company ‘s actual controllers Wang Huajun and Wu Lanlan, and only transferred 12 shares to every shareholderAt the same time, a cash dividend of RMB 6 was distributed for every 10 shares.00 yuan (including tax); the company’s total share capital on the date of the adoption of the distribution plan as the base for the conversion of capital public reserve funds into share capital, the company’s special account for repurchase has repurchased 2.43 million shares of the company.The right to convert the capital reserve into share capital will increase the total share capital of the company to 8 after this increase.7.7 billion shares. Incident comments sent high to show confidence and enhance the market liquidity of the stock.Benefiting from the steady growth of the main business in 2018, and the exchange rate and cost factors gradually improved, the company’s revenue / attribution net profit reached 85.80/9.4.5 billion US dollars, an annual increase of 23.50% / 1.38%.If the distribution of profits and the increase in share capital are completed successfully, while showing the major shareholders’ confidence in the company’s future performance, it will also increase the total share capital and circulating capital, which is expected to enhance stock liquidity and boost market confidence. The factors affecting profit in the first quarter of 2019 continued to improve, and the company’s profit may continue to improve.Since the beginning of 2019, the average exchange rate of the US dollar against the Chinese yuan has been 6.76 yuan, compared to 6 in the same period last year.At the cost end, the company’s main raw material white cardboard has an average price of 4,561 yuan / ton, which is only nearly 30% in the same period last year. According to the calculation of the Yangtze River Light Industry, only a single variable is controlled, and 1) every dollar of USD exchanged for RMB increases.1 yuan, pulling about 0 to the net profit margin.74pct; 2) For every 10% decrease in paper price, the net margin will increase by about 2.17pct; optimistic about the 苏州夜网论坛 company’s first quarter net profit or continued improvement trend. The paper packaging industry is large in scale, and international experience seems to breed an industry giant.The company is a leading high-end paper commercial packaging company, crowded with high-quality customer resources such as Huawei, Lenovo, Foxconn, etc., and leverages the comprehensive advantages of production, technology and models or achieves customers. The category and production capacity are rapidly expanding, and the revenue end materials continue to exceed the industry growth rateFaster growth and gradually enjoy the leading premium.The reduction of repressive factors such as profit-side conversion costs, expenses, and exchange rates, along with the rationalization of the benefit mechanism, gradually releases flexibility.We predict that the company’s EPS for 2018-2020 will be 2.36/2.95/3.62 yuan, corresponding to PE is 22X / 17X / 14X.The packaging industry has a large market, low concentration, and a prosperous economy. As an outstanding leader in the industry, the company has technology reserves, high-quality customer accumulation, refined management and control, and it is expected to accelerate market share increase. After the completion of the high-speed transfer plan,It is expected to show a consensus and confidence, enhance the market liquidity of the stock, and continue to perform a “buy” rating. Risk Warning: 1. The profit distribution and the conversion of capital reserve into share capital have not passed the board of directors, and the shareholders’ meeting has changed; 2. The RMB has appreciated significantly, and the prices of raw materials have risen sharply.