Zoomlion (000157): Comprehensive market competitiveness continues to strengthen, emerging sector business advances at full speed

Zoomlion (000157): Comprehensive market competitiveness continues to strengthen, emerging sector business advances at full speed

Event description Zoomlion released three quarterly reports: 317 revenue.

55 ppm, an increase of 50 in ten years.

96%; net profit attributable to mother 34.

800,000 yuan, an increase of 167 in ten years.

08%; net profit attributable to non- mothers is 27.

660,000 yuan, an increase of 188 in ten years.


Among them, Q3 single quarter revenue of 94.

93 ppm, an increase of 50 in ten years.

33%, net profit attributable to mother 9.

40,000 yuan, an increase of 105 in ten years.


After the event comment, the periodical equipment and high-boom business combined with the company’s market competitiveness improved, and its performance continued to grow rapidly.

The construction machinery industry has entered the post-cycle stage. Compared to front-end equipment, concrete machinery and hoisting machinery have a higher growth rate and greater certainty of continuous growth under the lag of the replacement cycle. After benefiting from the rapid growth of cycle products, the company’s concrete machinery, Traditional advantages such as truck cranes and tower cranes have maintained high growth.

Improvement, the company stimulated the team’s vitality through the reform of the business unit system, increased the launch of new products, and introduced a variety of models4.

0 New products are highly recognized by the market, and the market share of truck cranes has increased significantly. In the second half of the year, the sales volume of the truck crane industry increased while maintaining a high growth rate. At the same time, tower cranes, long boom trucks and other vehicles continued to maintain the number one position in the industry.

The high-growth trend of the post-cycle products is good, the combined company’s market share has increased, and the earnings flexibility has been released. It is expected that the company’s performance will continue to maintain high growth.

In Q3, the gross profit margin in the single quarter decreased slightly from the previous quarter. In the subsequent attempts to stabilize and improve, cash flow continued to perform strongly.

In Q3, the company’s gross profit margin for the quarter fell slightly from Q2.

59 points to 29.

40%, mainly due to intensified competition in the automotive crane market, but the company’s concrete machinery and tower crane products’ gross profit margins should continue to grow, and the concrete machinery gross profit margins have room to recover. It is expected that the overall gross profit margins will continue to improve on a steady basis.space.

At the same time, the company paid more attention to the quality of operations, with net operating cash flows of 49 in the first three quarters.

62 ppm, an increase of 62 in ten years.


The aerial work platform and the earthmoving machinery business are advancing at full speed, and the emerging sectors are trying to relay the 深圳桑拿网 company’s future growth.

Relying on the superior product quality and market development speed, the company’s aerial work platform business is advancing faster than expected. According to the company’s official website, in September the Zoomlion Aerial Work Machinery Customer Alliance Branch was set up with over 400 million on-site orders on the day of establishment, highlighting the company’s powerfulMarket appeal, is expected to enter the first echelon of aerial work platforms in the future.

The domestic aerial work platform is still in the early stage of rapid growth, and the market space is broad. The full-speed development of emerging sectors is expected to relay the company’s future growth.

Increase the company’s net profit attributable to mothers for 2019-2020 is 42.

13, 54.

56 ppm, based on the latest equity, EPS is 0.

54, 0.

69 yuan / share, corresponding to PE is 11 times, 8 times, continue to recommend, maintain “Buy” rating.

Risk prompts: 1. Infrastructure construction and real estate investment growth are rapidly expanding; 2. Prefabricated building advances less than expected; 3. Raw material prices increase; 4. Market competition intensifies.

Dragon Python Baili (002601): Price rises again after 22 days, titanium dioxide faucet embraces high boom cycle

Dragon Python Baili (002601): Price rises again after 22 days, titanium dioxide faucet embraces high boom cycle
Event: Only 22 days after the company raised the amount of titanium dioxide on February 13, the company announced again on March 7. From now on, the sales price of various types of titanium dioxide (including sulfate titanium dioxide and chloride titanium dioxide) is at the original price.On the basis, it is increased by RMB 500 / ton for domestic classified customers and USD 100 / ton for international classified customers. Leads in the titanium dioxide industry have gradually increased and stabilized.After the company acquired Longman Titanium in 2016, it has 54 sulfuric acid method production capacity and 6 chlorination method production capacity conversion, totaling 60 tons / year of titanium dioxide production capacity, ranking first in Asia, fourth in the world, and the only one in the country that has bothIndustry listed companies with sulfuric acid and chlorination capacity. The moat that runs through the entire industrial chain has significant competitive advantages.The company has resources upstream (the Longman Titanium and Ruierxin are successively acquired), the middle reaches 重庆耍耍网 have chlorination technology (the first phase is 6 tons / year with stable operation, and the second phase is 20 tons / year is about to be trial-produced), and the downstream has market and pricing rights(Exports account for over 50%, leading the industry to increase prices after the Spring Festival). The industry leader is configured to transition the moat of the entire industrial chain, and has a significant competitive advantage. The introduction of new production capacity of the chloride method helped the company to go global.Against the background of the global supply-side contraction and optimistic export performance, the company’s second phase 20-per-year capacity production plan for the chloride method will be trial-produced in the second quarter. Under the blessing of technology and experience accumulation in the first phase, it is expected that the successful commissioning will be highly deterministic.Will lead the mainstream development direction of China’s titanium dioxide, and help the company’s performance to a higher level. Continued high dividend returns to shareholders.Since the company went public in 2011, it has implemented cash dividends 10 times, with an average dividend rate of 82.3%.6 for every 10 shares in the first half of 2018.5 yuan, the dividend rate is 67%, and the dividend rate is 4.94%, continued high dividend returns to shareholders. Maintain “Buy” rating.It is expected that the company’s net profit attributable to its parent from 2019 to 2020 will be 35.57/41.610,000 yuan, corresponding to EPS 1.75/2.05 yuan, 9/8 times PE, maintain “Buy” rating. Risk reminder: the risk of falling titanium dioxide prices, the risk of new production capacity is less than expected.

East China Pharmaceutical (000963): Main business meets expected R & D supplement

East China Pharmaceutical (000963): Main business meets expected R & D supplement

1-3Q2019 results are in line with expectations. East China Pharmaceutical announced 1-3Q2019 results: operating income of 276.

30,000 yuan, an increase of 19 in ten years.

1%; net profit attributable to parent company22.

10,000 yuan, an annual increase of 22.

3%, corresponding to profit 1.

26 yuan.

Performance is in line with our expectations.

Development trends Industrial growth remains strong.

In the first three quarters of 2019, China-US East China revenue was 83.

9 trillion, an increase of 30 in ten years.

0%, net profit 18.

500 million, an increase of 27 in ten years.

0%, the net profit of the subsidiary accounted for 83% of the total net profit of the parent.


In the first three quarters of 2019, we expect Bailing capsule revenue to increase by 16% annually; acarbose revenue will increase by 32% annually.

Pioglitazone metformin continued to grow by 120%, which was replaced by the 2019 National New Medical Insurance Directory.

Pyridinaldehyde bufen grows 100% annually.

Revenue from transplantation products grows 30% annually, and revenue from digestion products grows 20% annually.

The company announced in October that it would abandon its acquisition of Zoli Pharmaceuticals.

Medical Beauty continues to explore new markets.

In the first three quarters of 2019, the pharmaceutical business, medical beauty and other businesses totaled 192 revenues.

4 ‰, an increase of 14 in ten years.


In the first three quarters of the pharmaceutical business, revenue increased by 15% each year, and profits increased by 20% each year.

In the first three quarters of 2019, Sinclair has completed listing registrations in five countries and regions. The key product Ellansé (injectable long-acting microspheres) has completed clinical trials in China. It has strategically cooperated with the American R2 dermatology company and has begun to launch its original innovation.Related clinical research work of F1 frozen freckle medical device F1 in China.

R & D funding increases.

In the first three quarters of 2019, R & D expenses7.

10,000 yuan, an increase of 52 in ten years.


We expect R & D spending in 2019 to exceed $ 1 billion, with an annual growth of 40 +%.

Oncology line: Mevatinib is in clinical phase II, and we expect to start clinical phase III in the second 深圳SPA会所 half of 2019.

Letrozole tablets were submitted for market application in mid-October.

Diabetes line: liraglutide has now started a national multi-center phase III clinical trial and is expected to apply for production in 2020.

TTP-273 has entered Phase I clinical trials, and Phase II clinical trials are expected in 2020, with production declared in 2021.

HD-118 has entered Phase I clinical trials and is expected to commence Phase II clinical trials in 2020.

We expect that caspofungin injection, anastrozole tablets, compound omeprazole sodium bicarbonate capsules, and sitagliptin dimethylbisphenol tablets are expected to receive marketing approval in the first quarter of next year.

Earnings forecast and forecast maintain 19/20 forecast EPS is RMB1.

92 yuan and 2.35 yuan, corresponding to an annual increase of 23.

6% and 22.


It currently corresponds to 2019/202013.

1x / 10.

7 times price-earnings ratio.

Maintain Outperform industry rating and target price of RMB38.

46 yuan, corresponding to 20.

0 times 2019 P / E ratio and 16.

4x 2020 price-earnings ratio, 53% more upside than before.

The price of risky core products fell more than expected, and products under development fell short of expectations.

Poly Real Estate (600048) December 2019 Sales Data Review: Sales Keep Steady Growth and Land Sprint at Year End

Poly Real Estate (600048) December 2019 Sales Data Review: Sales Keep Steady Growth and Land Sprint at Year End

Event: On January 8th, Poly Real Estate announced December sales data, and in December it achieved a contracted amount of 421.

3 ‰, +15 per year.

4%; Achieve contract area 304.

30,000 square meters, +2 per year.


Another 694 was built in December.

60,000 square meters, +497 throughout the year.

9%; total land price 380.

0 million yuan, +839 a year.


Opinion: December sales of 42.1 billion, + 15% per year, annual sales of 461.9 billion, ten years + 14%, a steady increase in December, the company’s sales amount of 421.

300 million, +29.

6%, +15 per year.

4%, +18 from last month.

4pct; sales area 304.

30,000 square meters, +25.

7%, +2 per year.

5%, up from -1 last month.

2pct, slightly lower than the 45 cities in our middle school tracking the transaction area in December at least +3.

3%; average selling price of 13,847 yuan / square meter, +3 chain.

1%, ten years +12.


In 2019, the company’s total sales amount was 4,618.

500 million, ten years +14.

1%; cumulative sales area is 3,123.

10,000 square meters, previously +12.

9%; the cumulative average selling price was 14,788 yuan / square meter, an increase of 1 over the previous 18 years.


In 19 years, the company’s sales continued to increase steadily. At the same time, considering the company’s abundant land reserves, at the end of the year, the land acquisition actively turned to jointly ensure that there are plenty of resources available for sale in 20 years.Against the background of relatively stable markets, sales are expected to continue to increase steadily for 20 years.

In December, the company acquired 28% of land + 839% in 19 cities, including Guangzhou, Wuhan, Nanjing, Chengdu, Dongguan, Zhongshan, and Qingdao.
One project corresponds to the supplementary surface 694.

60,000 square meters, +113 chain.

1%, ten years +497.

9%, of which 68 are new equity.

9%; corresponding to the total land price of 380.

0 billion, +315.

8% per year +839.

4%, taking 90% of the land.
2%, an increase of 62 from the previous month.

The average floor price is 5,471 yuan / square meter, which is +95.

2%, the average land price in early 18 years -12.


In December, the company continued to focus on the nation’s balanced layout.

In 1991, the company obtained 127 new projects in the land market, and added 2,681 all-round constructions, each time -12.

9%; corresponding to a total land price of 155.3 billion yuan, a year-19.

0%; the average floor price is 5,791 yuan / square meter, -7 per year.

0%; the proportion of land area rights is 72.

1%, +4 from 18 years earlier.

8pct; Take up 33% of the land.

6%, 18-18 years earlier.

7pct, although the land acquisition is relatively cautious, the land acquisition attitude has obviously turned positive since November, and the proportion of land acquisition rights has been increasing.

Investment suggestion: Sales keep increasing steadily, 南京夜网 sprinting at the end of the year, and re-emphasizing the “strong push” rating. The company’s active transformation started in 16 years. In terms of goals, chairman Song Guangju proposed to return to the top three in the industry in the next three years, revealing the leading spirit of central enterprises;In 17, launched a vigorous follow-up investment plan to lead the highest level of state-owned enterprises to eliminate the lack of incentives. In terms of resource integration, the acquisition of real estate projects owned by AVIC Group was completed, and the acquisition of Poly Real Estate’s equity has also made breakthrough progress, highlighting the advantages of resource integration; 16-19 yearsThe company actively acquires land and focuses on the first and second tiers and urban areas. The optimization of the structure of land acquisition and the steady decline in costs mean that the company’s sales have continued to increase rapidly. The current performance has entered a bumper period.

In addition, the listing of Poly Real Estate’s Hong Kong stocks is beneficial to the company’s assessment.

In view of the company ‘s 19-year performance release beyond expectations and rich advances, we raised the company’s 2019-21 earnings to 2.

23, 2.

67, 3.

08 yuan (the original value is 2.

06, 2.

47, 3.

00 yuan), corresponding to the PE of 19-20 is 7.

0 and 5.

8 times, 18A, 19E dividend yields reached 3 respectively.

2% and 4.

5%, maintain target price of 20.

62 yuan, “strong push” level again.

Risk warning: The real estate industry’s policies have tightened more than expected and industry funds have tightened more than expected.

ZTE (000063): Continuous improvement in performance and 5G construction meet major opportunities

ZTE (000063): Continuous improvement in performance and 5G construction meet major opportunities

The main business resumed with stable and better performance.

The company’s total operating income for H1 in 2019 was 446.

09 million yuan, an increase of 13 in ten years.

12%; Realize net profit attributable to shareholders of listed companies.

71 ppm, an increase of 118 in ten years.

80%, the basic profit return is 0.

The 35 yuan is mainly due to the increase in the operating income of government and corporate affairs over the same period last year.

The company estimates that the first three quarters of net profit will be 3.8-4.6 billion, an annual increase of 152% -163%.

Continue to focus on the main business and develop steadily.

Operator network, government affairs, and consumer business continued to develop. The company’s H1 operator network operating income in 2019 was 324.

8.5 billion, an annual increase of 38.

19%, gross margin increased to 44.

73%, mainly due to the internal FDD system equipment and internal optical transmission products operating income and growth; government and corporate business operating income of 4.7 billion, an increase of 6.

02%, gross profit margin increased to 36.

95%, mainly due to the increase in operating income of international data center products, international optical transmission products, and international FDD system equipment.

Consumer business income 74.

2 billion, 35 from the previous decade.

41%, gross profit margin increased to 16.


Improve the layout at home and abroad and increase investment in research and development.

2019H1 company’s domestic market realized operating income of 274.

2.2 billion yuan, accounting for 61% of revenue.


Focus on key projects, improve customer satisfaction, maintain stable 4G market share and network layout, and at the same time do a good job of 5G layout, seize the opportunity of technological change through long-term technology accumulation and product competitiveness; the international market achieved operating income of 171.

8.7 billion yuan, accounting for 38% of revenue.


Adhere to the formulation of strategies, continue to focus on the telecommunications operator market, focus on high-quality core customers, and consolidate the existing market, strengthen 5G cooperation with mainstream operators, and continue to strengthen the breakthrough and layout of core products.

R & D expenses for the first half of the year 64.

700 million, an annual increase of 27.

89%, found R & D and investment in chips. At present, all 深圳spa会所 core communication chips are self-developed, and more than 100 types of chips have been gradually developed and successfully mass-produced, covering wireless network access, fixed network access, bearer, terminal and other fields.

Profit forecast and investment recommendations: Taking into account the company’s business recovery and investment income, the company’s profit forecast is raised. It is estimated that the net profit attributable to the mother for 2019-2021 will be 51.

2 billion, 6.3 billion, 79.

30,000 yuan, the current sustainable corresponding dynamic PE is 24 times, 19 times and 15 times, maintaining the “Buy” rating.

Risk warning: 5G is not progressing as expected; trade war risks.

Shenzhen Airport (000089) 2018 Annual Report Comments: High Q4 Costs Achieved Slightly Lower-than-Expected International Passengers Maintained High Growth Rates Optimistic about the Company’s Development Prospects

Shenzhen Airport (000089) 2018 Annual Report Comments: High Q4 Costs Achieved Slightly Lower-than-Expected International Passengers Maintained High Growth Rates Optimistic about the Company’s Development Prospects

The company released its 2018 annual report: 35 operating income.

99 ppm, a ten-year increase of 8.

4%, net profit attributable to mother 6.

68 ppm, an increase of ten years.


Performance was slightly lower than expected.

Looking at quarters: Q1-4 revenue was 8 respectively.

49, 9.

1, 9 and 9.

400 million, and the profit is 1.

6, 2.


1 and 0.

9 ‰, the total operating cost of Q4 is high (1 qoq.

(700 million or 24%), the single-quarter profit replacement rate of 42% was the main reason for the lower-than-expected performance.

Operating costs increase by 12 per year.

95%, higher than revenue growth, resulting in slower growth in net profit.

1) Company operating costs26.

68 ppm, an increase of 12 in ten years.

95%, higher than revenue growth rate of 8.

4%, gross profit margin decreased by 3.

0 digits to 25.

9%, resulting in slower growth in net profit.

2) Operating cost increase 3.

0.6 billion, mainly from the total cost of the main aviation industry.

5.2 billion, an increase of 13 in ten years.

4% in increments of 2.

7.9 billion.

The statement notes show that the company’s total budget increased this year.

5.4 billion, an increase of 10 years.

0%, an increase of about 1.

100 million; transportation costs in the value-added aviation business were 78.32 million, an annual increase of 33.

5%, an increase of 19.65 million; the selling expenses decreased from 23.41 million to 8.46 million, a decrease of 15 million, mainly due to the increase in transportation passengers in 2018 and the incentives for wide-body aircraft investment in the calculation of operating costs.

The total incremental cost of the above items is about 1.

500 million, and other detailed costs such as marketing, maintenance, and security are expected to increase.

Business volume indicators are at the top, and internationalization is advancing rapidly.

The company completed 北京养生会所 a maximum of 35 landings.

60,000 sorties, passengers exploded 4,934.90,000 person-times, an increase of 4 per year.

6% and 8.

2%, passenger explosion growth ranked first in the top ten airports.

Initially, 15 new international passenger navigation cities were opened, of which 9 new intercontinental navigation points including London, Paris, and Zurich were newly opened, and 12 international passenger routes were encrypted.

International (including regional) passenger explosions reached 458.

40,000 person-times, an annual increase of 27.

4%, accounting for 7.

9 increased to 9.


The number of international passengers increased, and the number of newly opened intercontinental routes replaced the country’s number one. The number of international routes developed and the quality improved.

In the past 18 years, the company has completed 152 business outlets and brand upgrades.

The company’s air force announced that it would entrust the commercial resources of the T3 terminal to the Group’s wholly-owned subsidiary, Aviation City Operation Company, for operation management.

The commercial resource income is still owned by the company, and the company pays the entrusted management fee to the Aviation City Transport Management Company.

19-year guaranteed income 3.

4.4 billion yuan, and the basic entrusted management fee was 20.63 million yuan.

Commercial resources are entrusted to professional organizations to help the effective realization of the value of commercial resources.

The release in the summer and autumn season is obvious, and the international line is expected to maintain high growth.

In the summer and autumn of 19, the company’s growth rate was five years.

6%, of which the total international + regional growth rate is 21 at all times.

8%, a gradual growth rate since the 17th winter and spring, and the foundation for the company’s 19 years of continuous internationalization.

The company proposed in the annual report will accelerate the opening of intercontinental routes in key cities such as New York, San Francisco, and more than 8 new international routes in 2019, and strive to achieve 50 international routes as soon as possible.

Investment suggestions: 1) The company is in the period of potential release from the relocation of the international hub, the improvement of the competitive environment, the strategic period of overlapping of the three zones, and more importantly, the development of the main base airline company.

2) As a stable asset with long-term allocation value, Shenzhen-Hong Kong Stock Connect funds will quickly flow into Shenzhen Airport in 2019, and the shareholding ratio has increased from 3% at the beginning of the year to 9 at the end of March.


3) Taking into account the company’s subsequent commercial bidding progress and capital expenditure plan, we adjust our profit forecast and expect to achieve 8 in 2019-2021.

5.7 billion (previous forecast 9).

37, -8.

5%), 9.

96 (Origin 11.

13, -10.

5%) and 10.

400 million, corresponding to PE is 24, 21 and 20 times.

As the strategic target of the traffic moat, the airport is optimistic that the company is in the period of potential release, continues to promote internationalization, and new contracts for exit tax exemption may constitute a catalyst, and it is recommended to continue to pay attention to the company’s development.

Risk warning: The economy is down, the internationalization strategy is less than expected, and the non-aviation tendering is less than expected.

Yingfeng Environment (000967) Quarterly Comment: Net profit is increasing by 9 each year.3% employee shareholding + equity incentives highlight development confidence

Yingfeng Environment (000967) Quarterly Comment: Net profit is increasing by 9 each year.3% employee shareholding + equity incentives highlight development confidence
Focus on environmental protection, divest non-core businesses, and increase net profit by 9 per year.3% of the companies released the 2019 third quarter report: the company achieved operating income of 87 in the first three quarters.2.6 billion (previously -3.2%); achieve net profit of 9.820,000 yuan (ten years +9.3%), of which the net profit attributable to the parent company is 9.64 ppm. The increase in net profit is due to the company’s equipment sales and the 都市夜网 disposal of non-core business assets (upper wind and 100% equity of Ningxing Technology).1.5 billion.The company ‘s gross profit margin in the first three quarters increased short-term1.13 points, net operating cash flow -7.310,000 yuan (-19 in the same period last year.02 billion). The target 3 years is to deduct non-net profit of 5 billion. Employee shareholding + equity incentives highlight the company’s development confidence. The company announced that it plans to raise no more than 5.The $ 3.5 billion employee shareholding plan covers no more than 150 company executives and core technical backbones.At the same time, it is planned to grant 65.34 million stock budgets to 250 company executives and core backbones. The exercise conditions are to achieve a net profit of no less than 14,16 in 2019-2021, respectively.8,200,000 yuan, 南宁桑拿 the three-year performance totaled over 5 billion yuan, showing the company’s development confidence. Continue to consolidate the leading position of sanitation equipment, actively develop the sanitation operation and further waste disposal areas. The company’s equipment market share continues to lead, with an overall market share of over 20% in 2018. Sanitation operation services have been accelerating, and the total value of newly signed contracts in 2018 is 80. ppm, an increase of 80 in ten years.2%, ranked fourth in the top 100 of the South Division of Environmental Affairs.In terms of waste incineration, as of the end of 2018, the first phase of 4 projects in Lianjiang, Xiantao, Funan and Shouxian had been completed and put into operation.In the future, the company will focus on the field of napkin kitchenware waste treatment. Currently, it has won the food kitchenware projects in Huai’an, Jiangsu, Xiantao, Hubei, Foshan, Guangdong and other places. In September 2019, it won the bid for the kitchenware garbage treatment project in Lu’an.The field of disposal continues to expand. Benefiting from the high prosperity of the solid waste industry, with both capital and strength, maintaining the “Buy” rating is expected to the company’s EPS in 2019-2021 is 0.42, 0.52, 0.63 yuan / share, corresponding to PE at the latest closing price of 15 respectively.5, 12.5, 10.2 times, Yingfeng Environment is a leading domestic sanitation equipment company, quoting more and stronger equipment sales and industry-wide industrial chain layout advantages from its peers. The company’s compound growth rate will exceed 20% in 2019-2021.Value, corresponding to 8.A reasonable value of 31 yuan / share, benefiting from the high prosperity of the solid waste industry, the company has both capital and strength, and maintains a “buy” rating. Risk reminders: market competition intensifies; operation advancement fails to meet expectations; government investment scale declines.

Gu Jia Household (603816): Dealer holdings will further promote binding interests to help development

Gu Jia Household (603816): Dealer holdings will further promote binding interests to help development
Event: The company announced that some distributors plan to increase the company’s shareholding: The distributor increased the company’s 天津夜网 shares through the private equity fund of Shanghai Yingshui Investment Management Co., Ltd., which participated in the subscription. Opinion: Issue the plan of increasing the shareholding of dealers, bind the dealers in depth, and share the company’s development bonus.The company released a plan to increase the shareholding of the dealer. The dealer’s shareholding plan has a fund size of 120-200 million. This increase does not set a price range. The purchaser will determine the appropriate purchase price and time to buy it.The holding period is 6 months.The company’s well-known distributor benefits and development, and share the company’s development bonus with the distributor.The plan to increase the shareholding of dealers will fully mobilize the enthusiasm of dealers, deeply bind the interests of dealers, and strengthen the stability of the marketing team.Contribute to the improvement of the company’s channel quality and continuous development, and promote the company’s retail transformation.At the same time, it also shows the dealer’s confidence in the company’s long-term development. The sofa industry has high barriers and a stable competitive landscape.The competition pattern of the sofa industry has been stable in recent years. The two leading companies have established a stable level, and no new sofa leading company has appeared in the industry.Because of the variety of styles, materials, sizes, and colors of leisure sofas, SKUs are more than other furniture categories.Many SKU varieties have extremely high requirements on the supply chain, requiring companies to carry out further organizational management capabilities and alternative supply chain integration capabilities, using the height of the sofa industry’s competition barriers, it is difficult for new entrants to increase their scale and seize the market in a short time.The company has been in the sofa field for many years, has strong organizational management capabilities, outstanding front-end retail and integrated supply chain capabilities, and builds the company’s core competitiveness.High industry barriers and a stable competition pattern will help the company to further seize market share. Earnings forecast and estimation: EPS are expected to be 1 in 19-21.99, 2.39, 2.82 yuan, corresponding PE is 23X, 19X, 16X.Give “Buy” rating. Risk warning: raw material prices rise sharply, Sino-US trade friction escalates

Da Bei Nong (002385) Annual Report Comments: Industry downturn, poor performance, waiting for pig prices to increase

Da Bei Nong (002385) Annual Report Comments: Industry downturn, poor performance, waiting for pig prices to increase

Event: Dabeinong announced the 2018 annual report.

In 2018, the company achieved revenue of 193.

2 billion (+2.

99%); net profit attributable to mother 5.

07 billion (-59.

93%); 1 after deduction.

1.7 billion (-杭州桑拿88.


  Of which single quarter: company income 50.

84 billion (-5.

1%), net profit attributable to mother 0.

6.6 billion (-84.

4%), after deducting non-zero.

1.7 billion (-92%).

  The company expects the first quarter: expected 0 to 0.

40,000 yuan, a profit of 1 in the same period last year.

800 million.

  The feed business is under pressure.

In 2018, the overall downstream of feed was turbulent, the price of aquatic products was high and then low, the price of pigs was low and affected by non-pesticidal diseases, and the price of poultry rose from low due to shrinking stock.

In this environment, the feed sales volume of the entire industry has slightly shifted, and some varieties such as pig feed have been significantly decomposed. The company’s key products are pig feed front-end feed, which 成都桑拿网 interferes with the quantity and profit.

Highest sales 459.

75 inches (+3.

56%) of which pig feed was 374.

25 inches (+1.

38%), aquatic product 45.

44 baselines (+19.

34%), ruminant 30.

72 digits (+14.

41%), poultry feed 8.

51 benchmarks (-6.


Company feed income is 166.

700 million (+1.

66%), gross margin decreased by 3 units to 19.

45%, the gross profit margin of pig feed decreased by 3.

58 units.

  Pig farming expanded rapidly, and the downturn caused losses.

The company’s “pig raising business” has been implemented for 4 years, and Zhang Lizhong, the former head of the pig raising department, has continued to make rapid progress since taking over as president.However, the hog price gradually bottomed in 2018, and the average price was only 12.

7 yuan / kg; non-pesticidal outbreaks after August, further impact.

  In 2018, the company’s system totaled 1.68 million heads (113 holding subsidiaries).

130,000 heads, a year-on-year increase of 76%).

(Continued on the next page) However, it is estimated that due to the impact of diseases and other diseases, the productive biological assets will be changed from 1.

400 million to 0.

9.5 billion.

The company is expected to produce 230,000 sows at full capacity by the end of 2019; the target is to produce 5 to 6 million pigs by 2020.

Due to the increase in deposit costs during the rapid expansion process, we estimate that the cost of the company’s pig farming department is still relatively high at present.

6 billion.

  Seed business growth stagnates, waiting for policy changes.

The company’s seed business growth stagnated in 2018, with total sales of 1740.

650,000 kg (-31.

7%), of which the corn is stable, and the early growth of rice is significantly intensified due to double reform and fierce competition in the industry.

However, the company’s seed sector has a wealth of technology reserves, and its approval progress is leading. If there is a change in the subsequent genetic modification policy, it will bring huge opportunities for the company.

  Financial expenses have increased, and equity incentive expenses and investment income have significantly affected profits.

In 2018, the overall business of the company was not good, with a pressure gap. Accounts receivable increased by 28% every year without substantial increase in sales volume.

The credit environment tightened, and long-term and short-term borrowings increased by about 6.

500 million, resulting in financial expenses increased to 2.

5 billion (+ 57%).

The remaining non-recurring items affecting profits are mainly the provision of equity incentive expenses in the first quarter1.

200 million, and the rural credit interconnect in the third quarter6.

62% equity (before capital increase) price 3.

6.4 billion transfers, after-tax income increased by 2.

35 billion.

  Investment suggestion: In 2018, both pig feeds are under pressure and the company’s performance is not good.

However, the overall pig price is currently bullish, and the company is expected to encounter the upward trend of the pig industry in the later period, with the volume and profit increasing, and the feed business will also be supported.

In addition, the company’s seed business is generally sluggish at present, but there are opportunities for policy transformation in the future.

Overall, we believe that the company will seek to improve the situation in the future as the industry warms.

After adjustment, the company’s EPS is expected to be 0 from 2019 to 2021.

2, 0.

43 and 0.

49 yuan, corresponding to the closing price of PE 38 on April 23, 2019.

7 times, 18.

2 times and 16.

1x, maintaining the level of “prudent overweight”.

  Risk warning: animal disease, fluctuations in pig and poultry prices, changes in commodity prices, policy changes

Goodix Technology (603160): Annual report, Q1 performance exceeded expectations Optical fingerprint chip penetration accelerated

Goodix Technology (603160): Annual report, Q1 performance exceeded expectations Optical fingerprint chip penetration accelerated

A brief evaluation of performance in 2018, the company achieved total operating income of 37.

21 ppm, an increase of ten years.

08%; Net profit attributable to shareholders of listed companies.

420,000 yuan, at least -16.

29%; single quarter revenue in the fourth quarter of 201813.

56 billion, an annual increase of 64.

19%; net profit attributable to mother 4.

2.3 billion, previously + 240%.

2019Q1, revenue 12.

2.4 billion, ten years + 114%; net profit attributable to mother 4.

1.4 billion, ten years + 2039%.

Operating analysis The company’s revenue for 2018 was basically in line with expectations, but the net profit attributable to the parent exceeded expectations.

Initially 1) Comprehensive gross margin is 2 higher than our forecast.

5 points.

Among them, the touch chip still maintained a high gross profit margin (58%), exceeding our two expected replacements; the comprehensive gross profit margin of fingerprint chips also reached 51%, exceeding the expected 1.

5 units.

We estimate that the initial gross margin of the capacitive fingerprint chip exceeded our previous expectations.

2) Asset impairment losses were lower than our expectations.

The net profit attributable to mothers in Q1 2019 was much higher than expected.

Initially 1) Gross profit margin reached 61%.

Compared with only 41% in the first quarter of last year, mainly due to changes in product structure, the proportion of high-margin optical fingerprint chip revenue continued to increase.

2) The sales revenue and management expenses have increased relative to revenue, which has realized the improvement 天津夜网 of the company’s product competitiveness and management level.

Optimistic about the company’s future development strategy: 1) Capacitive touch field: The company launched OLED touch products, positioning the high-end OLED on cell market and entering Samsung’s supply chain.

And it has completed mass production of car-specific touch chips, which is expected to become a new growth point in the future.

2) Fingerprint recognition: In the first quarter of 2019, among the newly added devices, the under-screen fingerprint accounted for more than 15%; among the existing devices, the under-screen fingerprint accounted for only 1.

9%, the potential space is huge.

The company will continue to maintain above the optical fingerprint chip faucet.

Car-grade fingerprint products are in the research and development stage.

3) 3D 南宁桑拿 sensing and IoT platforms are expected to bring new growth points in the long run.

We believe that the company has a convenient layout in IoT, and the technology platform of Sensor + MCU + Security + Connectivity has a leading advantage in China.

Profit adjustment and investment recommendations Based on the company’s product competitiveness and gross margin assessment, we raise the company’s net profit attributable to its parent to 2019/2020 to 11.


2 billion, an increase of 6.

5%, 13%.

With reference to the average evaluation of the semiconductor industry, the target price for the next 12 months is 128 yuan, corresponding to PE = 51x in 2019.

Risk warning: the expansion of optical fingerprint chips is not up to expectations; increased competition leads to drift in product gross margins