Month: April 2020

World Union Bank (002285)： Transaction services weigh on performance and comprehensive services store the future

World Union Bank (002285): Transaction services weigh on performance and comprehensive services store the future

Investment points: 1.

The event company released its 2018 annual report.

At the core of the report, the company achieved operating income of 75.

3 ‰, a decline of 8 per year.

26%; the company realized net profit attributable to shareholders of listed companies.

2 trillion, a year down 58.

59%, net profit attributable to shareholders of listed companies after deduction is 3.

700 million, down 61 every year.

69%; the company’s basic earnings are zero.

2 yuan, down 59 every year.

18%, lower than expected.

The company’s 2018 profit distribution plan is: based on the company’s total number of shares at the end of 2018, 2,042,970,972 shares, and every 10 shares will be distributed 0 yuan.

21 yuan (tax included) cash dividend.

　　2.

Our analysis and judgment (1) Affected by the cooling down of the first-hand housing market, the replacement of both revenue and net profit by 2018 was a difficult year for the company’s leadership, and it was also the first time the company’s operating income and return since its listing in 2009.The net profit of the mothers both decreased for one year.

The first is that the transaction service sector is affected by macro-policy deleveraging policies, various actual restructuring policies overlap, and the market has become colder. Factors such as the company’s largest business sector transaction service sector operating income was 52.

87 trillion, down 18 a year.

63%.

　　On the whole, the basis for comprehensive relaxation adjustment does not exist, the grading policy has bottomed out, regional tensions are different, market sentiment is different, companies are actively transferring, inventory and market sentiment will continue to deepen policy due to the city, and prices do not have a large-scale downward trend.Conditions, the increase in the volume of goods to push sales to bottom 北京桑拿洗浴保健 is more likely to result.

The price is expected to be stable in the coming year, and the growth rate of national sales area will decline to some extent in the first half of the year, and the market may rebound in the second half of the year. Therefore, the market is basically flat last year.

This will help the company’s trading services business rebound.

　　(2) The annual growth of the other three major businesses, the “three rises and one declines” in the revenue of the four major business segments. Although the company’s transaction services segment had significant revenue in 2018, the other main business segments achieved growth.

The post-transaction service segment achieved operating income10.

13 ppm, an increase of 20 in ten years.

12%; asset operating services segment achieved operating income6.

34 trillion, 杭州桑拿网 an increase of 89 in ten years.

83%; asset management segment achieved operating income5.

52 ppm, a ten-year increase of 7.

12%.

The “three rises and one drop” of the company’s four major business segments showed that it was the only single material sales service and could not meet certain market needs.

China’s real estate market needs comprehensive services to solve problems that arise for customers and the market.

　　(3) The unresolved resources are abundant, and the release of future performance can be guaranteed. The revenue is confirmed through the company’s agency service business revenue confirmation method and the developer will receive the full payment after the account is received.Due to the influence of factors such as lower liquidity, the settlement progress of the company’s agency service business has slowed.

　　As the company speeds up its settlement progress, the agency service business in 2018 has achieved an increase but the initial amount of unsettled agents is approximately 394.8 billion, which will bring about 30 to the company in the next 3 to 9 months.

5 billion agency fee income.

In 2018, the agency service business continued to deeply cultivate the metropolitan area, and accelerated the penetration of the third- and fourth-tier cities with its strong organizational sinking advantage. Currently, it has entered more than 200 prefecture-level cities and covers more than 2,500 cases.As the offline traffic entrance and basic routine of the three-dimensional distribution network of the company’s residential area, the case has reached more than 2.3 million customers.

　　(D) Long-term rental apartment business steadily upgraded In 2018, the company’s apartment business operating income was 4.

0.6 billion, an increase of 94 in ten years.

85%.After more than three years of development, the long-term rental apartment business covers 30 cities, and 7 second-tier cities such as Hangzhou, Guangzhou, and Zhengzhou have become the 7 key development cities for the company’s apartment business.

By the end of 2018, the company’s operating projects had reached 191 (including charter and hosting models), with nearly 30,000 operating rooms, and projects with a leasing rate of more than 90% for half a year.

　　(V) Asset management business maintains steady growth The asset management segment mainly includes property management services and asset investment services.

At present, the major investment projects managed by the company are mainly concentrated in commercial office buildings in Shanghai. The number of projects has gradually increased to 18 and the total value of assets under management exceeds 60 billion.

　　Property management services business realized operating income 5.

1.5 billion, an increase of 13 in ten years.

18%, has maintained steady growth.

At the end of 2018, there were 116 fully entrusted projects under management, an increase of 29 from the same period of the previous year, and the actual area of charges under management projects reached 593.

180,000 square meters, the charge area increased by 82.

800,000 square meters.

　　3.

Investment recommendations We expect the company’s budgeted earnings for 2019-2020 to be 0.

35, 0.

45 yuan.

Take March 29 at 6.

At the closing price of RMB 04, the corresponding dynamic P / E ratios are 17 times and 13 respectively.

4x, P / B ratio of 2.

3 times.

As the first land integrated service provider to land on A shares, the company is unique and unique.

The company implements the Xiangyun strategy with “service, entrance, openness, platform” as its core, and integrates its business into the development strategy system of “entry, scenario, service”.

The company takes transaction services and asset operation services as entrances, enriches scenarios and services, improves the comprehensive capabilities of the “asset management + transaction + finance” platform, and provides customers with comprehensive solutions.

Facing the market change in 2018, the company adheres to the concept of “returning to the roots and creating value for customers”, and aims to improve efficiency, capacity sharing and empowerment in 2019.

Maintain the “Recommended” level.

　　4.

Risks suggest that house prices will fall sharply, and shed reforms may not be as expected.

ZTE (000063)： 5G Chaoyang Red Looks at the Leader again

ZTE (000063): 5G Chaoyang Red Looks at the Leader again

1. 5G leads a new wave of science and technology and a new economic wave. It is a combination of national will and market economy. It is not late.

5G is the beginning of a new wave of technology and the engine of a new economic wave. It has attracted the attention of the global market. As a first-tier country, China has basically achieved the pace of developing 5G in sync with the world.

In the Chinese market, the development of 5G is not only the spontaneous demand of the market economy, but also the will of the country.

We believe that 5G, as a combination of national will and market economy, has the smallest industrial development scale and relatively clear industrial trends.

2. After the embargo, the supply chain basically returned to normal, and the basic risks were reduced.

After the settlement of the chip embargo, the operator’s 武汉夜生活网 engineering construction / collection and mining began to resume, ZTE’s production line resumed, and ZTE’s suppliers began to resume normal supply. The impact of Huawei / Datang itself was not great, and the industrial chain had returned to normalOperational status.

According to Delll’Oro statistics, ZTE ‘s wireless access network RAN business market share increased by 5 percentage points in the third quarter of 2018, which could reverse the overall market share lost to Samsung in the second quarter.

The normalization of the supply chain is the trend, and once again encounters the risk cost of chip embargo.

3. In the medium and long term, the company is one of the four major leaders of global communications master equipment vendors, capable of providing 5G end-to-end solutions.

The increase in the capitalization of R & D funding shows that the company’s 5G and other R & D are smooth and gradually enter the commercial stage.

The Ministry of Industry and Information Technology and the Development and Reform Commission require that 5G be used commercially in 2020, and the company is expected to benefit in the long run.

5G deployment is higher and higher, base station density is greatly improved, a large number of new technologies are dated, and the added value of equipment technology is expected to increase significantly.

The company’s 18H1 R & D promotes capitalization ratio 19.

2%, an increase of 9 per year.

2 units, showing that the company’s 5G and other related research and development are progressing smoothly, gradually entering the commercial stage, and reaching the capitalization standard.

According to the information disclosed by the company on its official website on September 25, ZTE recently disclosed the first batch of 3GPP 5G SEPs (standard essential patents) to ESTI to more than 1,000 families.

As a result, ZTE became one of the four patentees holding more than 1,000 families of 5G NR standard patents.

At the same time, the company is one of the few manufacturers that can provide 5G end-to-end solutions, and the transition to 5G commercialization has gradually landed. The core business of the company’s operators and consumers promotes the development of new opportunities.

Investment suggestion: Through the development of the 2G to 4G network construction era, the company has become the world’s top four and the top two domestic telecommunications equipment vendors. In the new era of 5G construction, the 5G end-to-end solution layout will be realized.Committed to leading global 5G development and continuously increasing global market share.

Recently, the company’s release of edge computing servers is another major breakthrough in the 5G layout, adding even more strength to 5G competition.

At the same time, the company is basically eliminated due to the chip embargo at this stage, and its operations are basically restored. In the future, compliance risks are reduced, and the burden is basically lifted and started again.

We are firmly optimistic about the company’s long-term growth prospects after 2020’s expanded commercial use of 5G.

It is estimated that the net profit for 19-21 will be 54, 66 and 84 trillion, corresponding to 26 times 19 years. Maintain “Buy” rating.

Risk reminders: operational compliance risks, potential risks, low expectations of operator capital expenditures, escalating trade frictions between the US and China, and reduced order capacity in overseas markets

This week, the company disclosed that its interim results doubled, Guangyu Development’s net profit increased by 523%.

This week, the company disclosed that its interim results doubled, Guangyu Development’s net profit increased by 523%.

The performance of these three companies disclosed in the disclosure this week has doubled Guangyu Development’s net profit by up to 523%. The companies that are expected to be replaced this week are lossy, namely Nanning Sugar, which has continued to lose, and Jinyi Technology, which has lost the first.

　　Zhang Yi Picture Source: Visual China According to statistics, 64 A-share listed companies plan to disclose their 2018 interim reports this week, and 35 companies have released semi-annual report performance forecasts.

Among them, 28 companies pre-increased (including 4 companies that turned losses), 5 pre-decreased, and 2 pre-lost.

　　Excluding turning around losses, there were three companies with the highest pre-doubled performance: Guangyu Development (000537).

SZ), Western Mining (601168.

SH), Huaren Pharmaceutical (300110.

SZ).

　　Guangyu Development of the real estate sector completed a major asset reorganization in October 2017. The operating income before and after the reorganization was attributable to the net profit of shareholders of the listed company, and the average income increased compared with the previous reorganization.

In the first quarter, the company’s operating income increased by 135.

40%, net profit attributable to shareholders of listed companies increased by 589.

83%.

In the first half of the year, the company gradually realized a sales area of 96.

760,000 square meters with a sales value of 105.

8 billion yuan, and expected net profit at 16.

60 billion-18.

Between 4 billion, the highest annual increase is 523%.

　　The company is the only listed real estate development platform under the Luneng Group. There is also an expectation of asset injection in the future, especially a large number of Hainan real estate resource injection expectations.

The actual controllers of the company each have two real estate development platforms, namely Luneng Group and Capital City Weiye. Luneng Group is the controlling shareholder of the company.

Luneng Group promised to inject its residential development projects in Hainan, Dalian, and Zhangqiu into the listed company after deducting non-returned net profit for two consecutive years when the assets were injected in 2017; Metro Capital Group promised to invest it in Hainan, BeijingThe residential development projects in Tianjin and Haiyang were injected into listed companies after meeting the injection conditions.

　　Western Mining is expected to realize net profit attributable to shareholders of listed companies in the first half of 2018.

USD 7.6 billion, an increase of about 122% per year.

The increase was due to the increase in the market price of the company’s main products, and more importantly, Sichuan Huidong Daliang Mining Co., Ltd. 82.

The 96% equity acquisition is completed, and the consolidation will be achieved in the first half of the year, contributing to the company’s profit.

　　It should be noted that, because of the existence of mergers and acquisitions in the first half of the year, the excessive addition of mining in the west also increased significantly.

As of June 30, 2018, the company’s loan balance was 164.

5.8 billion yuan, compared with 110 at the end of 2017.

$ 8.9 billion increased by 53.

690,000 yuan, gradually increasing borrowings to account for 41% of net assets at the end of 2017.

75%.

　　Huaren Pharmaceutical’s preliminary performance base is low, so the increase is continuous. The company expects to achieve a net profit attributable to shareholders of listed companies of 15 million to 17.5 million yuan in the first half of the year, which will increase by 77.

18% -106.

71%.

　　In the first half of the year, the company encountered seven consecutive daily limits. Shareholders faced the shareholding risk of shareholders, and relevant shareholders repeatedly pledged to cover positions.

During June, the controlling shareholder Guangdong Yongyu Hengfeng Investment Co., Ltd. and its wholly-owned subsidiary Yongyu Hengfeng Investment Management Co., Ltd. increased their holdings by 208.

590,000 shares, increasing the amount of 1,000.

560,000 yuan.

However, increasing holdings by controlling shareholders can also save survival. The cumulative decline in the first half of the year was as high as 65%, which has been up to 16%.

30 yuan fell to the latest price of 4.85 yuan.

　　At the same time, Harbin Intelligent (000584).

SZ), Imicom (300249.

SZ), Tianhua Ultra Clean (300390.

SZ), Ed Bio (300685.

SZ) and other four companies are expected to increase their interim results by more than 50%.

* ST Baoding (002552.

SZ), Qingsong Jianhua (600425.

SH), Qunxing Toys (002575.

SZ), Fengle Seed Industry (000713.

SZ) Turnaround in the first half of the year.

　　In addition, this week it is expected that the expected companies will have mergers, respectively, Nanning Sugar (000911) which continues to lose money.

SZ) and the first loss of Jin Yi Technology (002869.

SZ).
　　Following the forecast of nearly 2 trillion in 2017, 四川耍耍网 Nanning Sugar is expected to expand to 4 in the first half of 2018.

8.5 billion to 5.

0.5 billion.

The fundamental reason is that the average market price of the company’s main product mechanism sugar has fallen by 1,000 yuan / ton, while the sugarcane purchase price set by the government price department has remained unchanged, and the gross profit margin of mechanism sugar sales has gradually decreased.

At the same time, the company made a substantial provision for the inventory impairment of mechanism sugar, and the drop in sugar price also caused the company’s goodwill to acquire equity in Guangxi Huanjiang Yuanfeng Sugar Co., Ltd.

　　Jin Yi Technology, an engineer in ETC-related business, turned a face when it went public within one year.

The company entered the Shenzhen Stock Exchange in May 2017. In 2017, the company realized a net profit attributable to shareholders of listed companies of 8941.

790,000 yuan, at least 26 a year.

49%; Net profit in the first quarter of 2018 was less than 7 million yuan, an annual extension of 83.

77%.

The company also expects net profit in the first half of the year to be between 0 and 16 million.

　　At the same time of outstanding performance, shareholders and senior executives took turns to reduce their cash holdings.

The company’s major shareholder Shenzhen Zhizheng Investment Enterprise (Limited Partnership) reduced its holdings by 12 from May 29 to June 13.

310,000 shares.

Company executive Liu Houjun also planned to reduce the company’s shares 13 from June 14 to December 13.

20,000 shares, 7 has been reduced on June 14.

930,000 shares.

Xinjiang Tianye (600075) Comment on important matters： update Tianneng chemical plan landing positive

Xinjiang Tianye (600075) Comment on important matters: update Tianneng chemical plan landing positive

The company announced the plan of “M & A Group Tianneng Chemical 45 to introduce PVC and related integrated assets” to accelerate the national reform and optimize the industrial structure.

We are optimistic about the company’s long-term development as a local high-quality country reform and actively recommend it.

The company will include the Group’s 45 preliminary high-quality PVC production capacity.

This announcement of the company will purchase 100% equity of Tianneng Chemical held by Tianye Group and Jinfu Investment through issuing shares, convertible bonds and paying cash.

Tianneng Chemical has a 100% equity rating of 48.

39 ppm (that is, the overall value and price of this transaction).

The gradual deduction of non-returning mothers’ performance commitments in the next three years is 2019-202115.

72 trillion or 15 in 2020-2022.

90 ppm (depending on reconstruction time), corresponding to an estimated multiple of 9 times.

The actual performance may look better. Tianneng’s actual net profit attributable to mothers in 2017/2018 was 8.

42/8.

77 ppm; There is pressure on the price of PVC and caustic soda in 2019. Under such circumstances, the net profit attributable to mothers from January to May 2019 remains 2.

6.5 billion, once the price rebounds, Tianneng’s performance is also expected to significantly increase.

Equity bonds are issued at the same time, and the share capital is expected to increase by 9.

6.5 billion shares.

The payment to Tianneng Chemical is intended to be issued in the form of shares, convertible bonds and 四川耍耍网 cash, of which: 1, the issue of shares 3.

8.7 billion shares (price 5.

94 yuan / share, locked for three years); 2, 3 million convertible bonds issued (initial transfer of 5).

94 yuan, corresponding to 0.

5.1 billion shares); raised 2.2 billion US dollars, assuming 90% of yesterday’s closing price (ie 4.

17 yuan / share), corresponding to 5.

2.8 billion shares.

The company’s current share capital is 9.

7.3 billion shares, with an estimated share capital of 19 after issuance.

3.8 billion (assuming all converted bonds are converted into shares), corresponding to the closing price of 4 on October 8.

63 yuan / 9 billion market value.

The company divested non-main business assets according to the strategy and continuously optimized the industrial structure.

Military, the company continued to promote reforms in accordance with the strategy: 1) In December 2018, Shihezi Tianye Tomato Products Co., Ltd. 62 was approved.

967% equity transfer plan; 2) In February 2019, the company publicly pre-listed and transferred 100% equity of Beijing Tianye Oasis Technology Development Co., Ltd. and 100% equity of Jinghe Xinshi Transportation Co., Ltd.

The above three companies have completed audits and evaluations and plan to formally list.

The company plans to speed up the progress of divestiture of non-main business assets and reorganization of assets. In accordance with the reform requirements of state-owned and state-owned enterprises, strengthen the ability and competitiveness to respond to market risks, fight reforms, and focus on the development of chemical and new materials.

The plasma project is advancing rapidly, and it is expected to significantly increase its performance after reaching production.

The company and the group established a joint venture, Tianye Huihe, to undertake the Group’s one million tons of butyl phase 60 additive project.

At present, the core reactor production capacity adopted by the project, the scale of a single set of production lines, and product quality are at the internal leading level. The device is large, intensive, and large-scale competitive advantages will be fully reflected. It is expected to achieve annual sales revenue of 4.2 billion yuan after completion.Realize profit 8.

4 trillion, a significant increase in performance.

Risk factors: market demand and product price risk; project progress is less than expected; restructuring is uncertain.

Investment suggestion: The company will accelerate the national reform and optimize the industrial structure.

Optimistic about the company’s long-term development and maintain the company’s EPS forecast for 2019/20/21 to 0.54/0.

68/0.

84 yuan / share, given a target price of 11 yuan (corresponding to 20 times in 2019), maintain “Buy” rating.

Jerry shares (002353)： rapid growth in performance, energy security trend unchanged

Jerry shares (002353): rapid growth in performance, energy security trend unchanged

The company released a performance report: the company’s actual operating income in 2019 is 690,000 yuan, an annual increase of 50.

81%, net profit attributable to mother 13.

600 million, an increase of 122% in ten years.

The oil and gas equipment industry has been relatively less affected by the epidemic situation. Under the situation of “maintaining performance” in which the major strategic trends of domestic energy security remain unchanged, and the North American market is successfully “unplugged”, we continue to strongly recommend Jerry shares.

Driven by the energy security strategy, the company’s revenue and profits increased.

The company’s average operating income and net profit increased year-on-year compared to the same period last year, mainly due to the breakthrough in national energy security strategy, and gradually expanded exploration and development investment in unconventional oil and gas resources including shale gas and shale oil resources, and oil and gas equipment and service market demandProsperous, the company’s drilling and completion equipment, raw material technology services and other product line orders continued to maintain rapid growth, operating performance has improved significantly.

The sharp drop in oil prices has little impact on the company.

From the perspective of historical income structure, domestic business accounts for nearly 70%, energy security is not boycotted, overseas business mainly comes from Russia and the Middle East, and is not sensitive (Russia fully benefits from oil finance, and the cost of the Middle East is not boycotted), which has a certain impact on the US business.The cost is relatively high, falling over the edge of the cost, as long as it is not $ 50 for a long time, the impact will be small.

北京夜网 Energy security continued to advance, and the right to speak of private enterprises increased.

The Ministry of Natural Resources of the Air Force issued the “Opinions on Several Issues in the Reform of Mineral Resource Management (Trial)”. The important point is that the oil and gas exploration and exploitation market will be fully opened up to allow private enterprises, foreign enterprises and other social capitals to enter the field of oil and gas exploration and development. Opinions since 2020年 年5月1日开始实行。
This time, market access for oil and gas exploration and extraction, including prospecting and mining rights, was fully liberalized, aiming to change the situation in the past that was mainly franchised by several state-owned companies.

The country’s urgency to energy security is evident, which is conducive to the development of the entire industry chain.

The category 杭州夜网论坛 market entities include foreign, private enterprises, and the addition of category social capital will further stimulate the vitality of the oil and gas market. It is a good thing to have more channels to raise funds for exploration, exploration and development, and to increase the size of the cake with incremental funds.

In addition, private enterprises, oil companies, and equipment companies may also have a greater right to speak. The degree of restrictions on the receptor system has gradually improved. The industry has developed more vitality, which is beneficial to the entire industry chain. The overall energy equipment sector is expected to rise.

The North American market is expected to raise estimates.

Electric drive fracturing brings economical (according to estimated fuel cost savings of 40%) and environmental protection (low noise, low pollution), and gradually moves to the center of the stage. Jerry realizes “curve overtaking” in the field of electric drive fracturing.Is one of the pioneers, if the subsequent electric drive replica turbine successfully entered the North American market, a hundred feet ahead.

With the “maintaining performance” of the domestic energy security strategy unchanged and the successful “opening” of the North American market, we continue to strongly recommend Jerry.

At present, the trend of orders in the first half of the year is still good. The reason for continuing to recommend now is mainly due to the certainty premium of this year and next year’s performance, which brings about an increase in estimates.

Judging from the forecast and average performance in the first half of this year, it is expected to continue to increase, and the net profit is expected to be 18 in 20 years.

600 million, corresponding to 21 times the PE.

The subsequent market value is expected to exceed 40 billion, and there is still room for improvement, and it is strongly recommended.

Risk reminder: Oil prices have risen sharply, Sino-US trade frictions have intensified, and policies have fallen short of expectations.

Power Source (600405) Annual Report Commentary： Focus on the main business, stride forward and rebuild the glory in the 5G era

Power Source (600405) Annual Report Commentary: Focus on the main business, stride forward and rebuild the glory in the 5G era

The 18-year report is in line with market expectations. The 1st-quarter report of 19th has begun to release the 2018 annual performance report and the 2019 first-quarter report to the company.

The 2018 annual report shows that the company’s operating income is 9.

10,000 yuan, a decrease of 25 over the same period last year.

56%; net profit decreased by 2.

80,000 yuan, a year-on-year profit of 1999.

260,000 yuan, at least 0.

50 RMB.

The first quarter of 2019 performance report shows that the company’s operating income1.

670,000 yuan, an increase of 14 over the same period last year.

53%; net defect is 1838.

760,000 yuan, compared with 3242 expected in the same period last year.

450,000 yuan, reducing losses by 43.

31%.

That is initially feasible.

033 yuan.

The company’s annual and quarterly reports are in line with expectations.

The business structure has been adjusted to withstand short-term pains, and business highlights have continued to expand for many years. The company has been focusing on the research and development, manufacturing, sales and related technical services of power electronics related products.

In mid-2018, the external economic outlook is complex and grim. Overlaying the 4G construction closing cycle, 4G base station construction spending has decreased, and 5G base station construction has not yet expanded. Demand for the domestic communications power supply market has declined. The company’s communications business segment has seen a decline in operating income and a decrease in its main business.

At the same time, the company split the energy-saving service business and Shenzhen battery factory business, and made provisions for impairment of assets and provisions for bad debts.

Two effects led to a major breakthrough in 20182.

8 billion.

However, this is also a reflection of the effect of the company’s operating reforms-put down the burden and move forward lightly.

Although the company faces multiple operating pressures, we can also see from the annual report that the company’s operations in 2018 still have bright spots: 1) strategic planning to adjust the development direction, replace non-core businesses, and completely withdraw from the contract energy management projects currently under construction.Energy focuses on the three main industries of data communications, smart energy and new energy vehicles; 2) Deepening internal incentive mechanisms, establishing a partner system, and taking the lead in implementing this system in 西安耍耍网 the electric vehicle business, fully stimulating corporate vitality and improving operating efficiency; 3)Based on Xiong’an New District, lay out smart energy business-Taking the opportunity of Xiong’an smart city construction, the company will fully implement its long-term technology, products and overall solutions in the smart energy business.

Over the past 18 years, the company has successfully established multiple smart energy demonstration projects with customers such as PetroChina and Tower in Xiong’an, and has achieved good practices and social effects.

After 18 years of adjustment, we can also cast the effect of this business direction adjustment from the company’s first quarterly reported operating data: the company’s main revenue growth in the first quarter of this year.

53%, while operating costs increased by only 9 during the same period.

61%, financial expenses only increased by 12.

4%, sales expenses decreased by 22.

47%, which shows that the company has improved its efficiency in internal management.

Over the same period, management expenses increased by 26.

98%, R & D expenses increased by 38.

33%, reaching revenue.

50%, the proportion has been increased by 2 units. It can be seen that the company is still expanding and expanding.

The first quarter is the company’s off-season operation. The operator’s centralized power supply has not yet fully started. The company’s initial stage is mainly to prepare for this year’s centralized power supply. The order confirmation and replacement, plus the normal amortization of costs, especially the increase in management and research and development costs, ledQuarterly budget, but internal efficiency improved to 43 in the quarter.

31%.

With the recent implementation of operators’ mining and related projects, the company’s second-quarter revenue is expected to accelerate, and its operating results will be positive.

Deep power technology accumulation and intelligent manufacturing system establishment. As a company that has been in existence for more than 20 years, the company has unique advantages in technology and operation.

In terms of power supply technology research and product development, the company has formed a technology platform with different power levels from low power to high power, providing technical support for the rapid transformation of customer needs into products.The company has established three major research and development centers in Beijing, Shenzhen and Harbin. The research and development personnel account for 30% of the total number of research and development personnel, ensuring high product innovation and development capabilities.

The company has built an IPD integrated product development system, driven by customer needs, multi-domain parallel, full-process product development, effectively improving the development success rate of R & D projects.

By the end of 2018, the company has participated in the formulation of more than 50 national or industry standards for various types of power supplies, and has gradually obtained more than 200 various patents and software copyrights.

The supply chain system of an electronics company is of vital importance. It has a direct impact on improving product quality, extending delivery cycles and improving customer service capabilities, and has a decisive impact on its profitability.

Since the beginning of this year, the company’s main business has further expanded, and the scale effect of raw material procurement and product production has gradually expanded, and the company’s product cost advantage will be further highlighted; at the same time, because different products have similar production processes, the company can flexibly allocate between production linesCapacity to respond to conflicting production peaks and respond quickly to market demand.

In terms of suppliers, the company has a competitive advantage in raw material procurement through the company-level strategic project procurement e-commerce platform, which provides a strong guarantee for cost control.

In addition, the company has comprehensively promoted the upgrade of the “smart manufacturing factory” in Anhui, introduced multiple automatic production lines, introduced automatic testing equipment such as AOI / ICT / ATE and MES manufacturing execution system to achieve the full process barcode system tracking of the company’s products.

By directly reflecting the product through rate of each link in the daily production to the company’s management, the product quality was effectively controlled, and the overall optimization management of the production process was achieved.

Focusing on the main energy industry, relying on overseas markets and the 5G cycle to regain growth The company’s total core products are the three major industries of data communications, smart energy and new energy vehicles, and provide customers from products to overall solutions and completeFull life cycle services.

Among the existing core products, the market share of communication power products is higher. The company is one of the core suppliers of major telecommunications operators and tower companies in the world; EPS products and module power products are also leading the industry.

In addition, around the development and utilization of new energy, the company has launched a full range of automotive power supply products and power system assembly products, as well as DC-DC power supplies for hydrogen fuel cells and fully sealed liquid-cooled charging modules, which have become industry star products.

The region where the company’s business has made major breakthroughs since 18 years is overseas sales.

The company’s communication power products have been successfully applied to telecommunications operators in nearly 50 countries and regions, and the sales scale and profits have increased compared with the same period last year. Among them, the company has accumulated sales contracts of USD 20.67 million with Russian customers, occupying the first share of the Russian communication power market.With Norwegian Telenor, E.

CO, Zong and other equipment manufacturers cooperate to carry out supporting sales for major customers, and at the same time promote global 5G services and start the construction of base stations. The company’s 5G solution power solutions have made breakthroughs in South Korea and some EU countries. This is the future overseas businessFurther expand the foundation of development potential.

With the start of the 5G construction cycle, the company’s communications business line operation team continues to deeply explore the industry market, refine services and supporting facilities, and actively develop new products with the “high efficiency”, “intelligence”, and “Internet of Things” product development paths.The development of the company ‘s next-generation “intelligent” communications infrastructure operation and maintenance platform, “Power Cloud”, has completed the integration of power environment monitoring, and transformed it into a combination of power cloud and big data centers to enhance platform operation capabilities.

At present, the actual scenario application of the integrated integration of photovoltaic substrates and hybrid energy power integrated systems has been completed, and the station has been successfully established and operated.

5G micro-modules and micro-station power supplies have been successfully launched, and the functions and application scenarios of 240 / 336V high-voltage DC power supplies have been improved, which is the basis for strategic transformation.

The profit forecast takes into account that the communications industry is currently in the initial stage of 5G, and the demand for communications power products is still in its infancy. The company’s power products will be in a steady recovery period in the next 2 years, and new energy products are also in the promotion period. For the company’s short-term performanceThe pull is limited, but it is of great significance to the company’s long-term development.

After the business adjustment in 2018 and the company’s resources re-integrated, we are optimistic about the company’s development trend in the next three years.
2021 revenue will reach 13.

19 billion, 18.

46 ppm and 24.

9.3 billion, the corresponding net profit attributable to mothers was 48.23 million, 1.

$ 4.4 billion and 2.

17 yuan, give the company a “buy” rating.

Risk warning: 5G construction is less than expected, operators’ power product purchases are less than expected, and new energy vehicle business progress is less than expected.

Zhongxin Sec (002912)： Knee Verification, Interim Report Improves Traffic Driven 5G Post-cycle Target

Zhongxin Sec (002912): Knee Verification, Interim Report Improves Traffic Driven 5G Post-cycle Target

Investment Highlights: Event: The company announced its 2019 semi-annual report with 19H1 revenue3.

3.4 billion (+26.

12%), deducting non-net profit of 0.

6.4 billion (+12.

36%); Q2 single quarter revenue 2.

3.7 billion (+35.

33%), deducting non-net profit of 0.

710,000 yuan (+29.

68%).

19北京夜网 H1 performance was in line with previous expectations, Q2 performance inflection point was verified, and there was no increase in growth.

The Q1 company is temporarily affected by the order confirmation. The growth rate of revenue and non-net profit deduction is 8 respectively.

21%, -405.

52%; but Q2 revenue, deducting non-net profit growth rate reversed, respectively, a high increase of 35.

33%, 29.

68%.

Excluding the 692 million impairment impact of the Maike network impairment provision of the associate company, H1’s net profit growth rate is more than 24%, and we expect the company’s growth in the second half of the year to accelerate quarterly.

Cash flow from Q2 single-quarter operating activities is positive, and H2 is expected to increase quarter by quarter.

The company’s Q2 net cash flow from operating activities was 0.

1.1 billion, ranked 0 at Q1.

The 16 trillion optimization is obvious.

The company’s single-quarter operating cash flow in “17-18” was “low before and then high”, and each quarter of 2017 was -0.

33/0.

03/0.

87/1.

54 ppm, -0 for each quarter of 18 years.

86/0.

22/0.

41/2.

4.9 billion yuan.

In addition, the company’s historical cash flow remains unchanged (17 and 18 profit cash flow ratios are 1 respectively.

6, 1.

1) The real performance can be achieved under the order system. It is expected that the quality of the company’s income statement and cash flow statement will be excellent at the end of the year.

Some orders realized the current revenue after the increase, while the balance of advance receipts still reached 5.

7.1 billion, indicating that the company has sufficient orders on hand.

Company Q2 cashed 2 in a single quarter.

37 trillion in revenue, of which some operator’s visualization project Q2 confirmed 1.

43 trillion; and the balance of the budget received in advance for two consecutive quarters at 5.

More than 500 million US dollars, indicating that the company’s order reserve is sufficient and sustainable. Broadband revenue increased by 75 in 19H1.

61%, the network visualization business will grow steadily in the medium term.

The company’s H1 broadband network order execution was smooth, and the application range of products such as DFX + situational awareness was expanded to mobile Internet, industrial control networks and other scenarios, which will continue to contribute to overall revenue growth.

Another mobile network revenue fell 35 years.

14%, affected to some extent by 4G / 5G product system switching.

The company reserves the entire 2G to 5G product line. With the commercialization of 5G, the company’s new product gross margin and growth rate will improve.

In summary, we expect that the network visualization revenue will maintain a growth rate of more than 35% in the next three years.

Before the company, the primary collaboration will benefit significantly from the traffic burst in the long run.

The company’s H1 online content security revenue is down 73 per year.

95%, mainly due to the temporary impact of the implementation confirmation cycle of overseas orders.

In addition, big data operating income increased by 630.

70%, in the future, cities, districts, and counties will continue to develop and form synergy with front-end visualization products.

With the continuous outbreak of network traffic and the advancement of the 5G investment cycle, the company’s performance will benefit in the long run.

Maintain profit forecast and “Buy” rating.

Driven by the core 深圳spa会所of traffic, the leading division of front-end network visualization is stable, and network content security and big data services are outstanding. Industrial Internet security products deserve long-term attention, maintaining the profit forecast for 2019-2021 unchanged.

The company’s net profit is expected to be 2 in 19/20/21.

92/4.

15/5.

8.6 billion, corresponding to PE of 41/29/21.

Maintain “Buy” rating.

Galaxy Securities： Analysis of A-share Investment Opportunities and Industry Allocation in the New Crown Epidemic

Galaxy Securities: Analysis of A-share Investment Opportunities and Industry Allocation in the New Crown Epidemic
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!　　Original title: Galaxy Securities: Analysis of Investment Opportunities and Industry Allocation in the A-share Market under the New Crown Epidemic. Galaxy Securities pointed out that although the new crown epidemic has caused short-term disturbances to A-shares, but after gradually digesting, the medium and long-term trend is still benefiting and counter-cyclical.Adjustment of policy 南宁桑拿 support and loose liquidity.The first phase (2020.2.3- “Inflection point”) The new crown epidemic is in the outbreak period, and it is expected that A shares will still face inherent downward pressure in the short term.In terms of industry, it is recommended to allocate finance and online games, online training, and epidemic-related sectors and stocks. It will lay down the growth main line on dips to avoid manufacturing, substitution, and consumer-intensive industries.The second stage (the spring market after the “inflection point”) When the epidemic peak (Jin Qilin analyst) period has passed, the market will enter the digestive recovery period, benefiting from the catalysis of inflection point indicating events such as zero cases or successful drug development,Investor sentiment will rebound strongly.In terms of industry, it is 杭州桑拿 recommended to configure major growth-oriented growth lines such as semiconductors, consumer electronics, new energy vehicles, etc., as well as the oversold sectors affected by the epidemic, such as catering and tourism, transportation, commerce and retail, film and television entertainment, and the continuity of market inevitability mustBoom.The third stage (expected performance after the spring market) After the spring market, the market is facing some adjustment pressure. Low-estimated banks, public utilities, machinery and other sectors welcome tactical investment opportunities. Semiconductors, consumer electronics, and new energy vehicles are represented.Growth industries and food-beverage, pharmaceutical and other robust industries are still the focus of long-term deployment.

Xiantan shares (002746) 2018 annual report and 2019 first quarterly report review： a sharp increase in performance continues high boom

Xiantan shares (002746) 2018 annual report and 2019 first quarterly report review: a sharp increase in performance continues high boom

Event: The company released its 2018 annual report with an operating income of 25.

7.8 billion, an increase of 19 in ten years.

12%, net profit attributable to mother 4.

2 billion, an increase of 294 previously.

At the same time, the company plans to distribute a cash dividend of 5 yuan for every 10 shares and increase 5 shares.

Since 2018, the prosperity of the poultry chain has been rising, and the price has continued to reach new highs to promote the company’s performance growth.

And the single quarter net profit for the first four quarters was 0.

3.1 billion, 0.

5.8 billion, 1.

3.1 billion and 1.

8.2 billion, a significant improvement quarter by quarter.

The high prosperity of the bird chain continued in the first quarter of 2019, and the company’s performance again exceeded expectations.

Quarterly report for January 2019, the company realized operating income of 7.

35 trillion, an increase of 62 in ten years.

44%, net profit attributable to mother 1.

56 billion, an increase of 407 a year.

73%.

Comments: The cycle goes up, the amount of profit and the same increase. In 2018, the company released a total of white chickens.

1.7 billion birds, a slight increase of 0 previously.

77%.

The company’s broilers are mainly used to sell frozen chicken products after slaughter, and only a small part is exported directly.

18 years company processed food 28.

34 for the first time, growing by 6 per year.

35%, if calculated based on this, the company’s 18-year chicken sales price is 8564 yuan / ton, an increase of 13.

3%.

At the same time, due to the commissioning of Xian Food, Hong Food and other subsidiaries, the company’s self-use rate from 17 to 95.

13% increased to 98%.

Too many introductions in the short term and do not have to worry too much, the high prosperity of the poultry chain is expected to continue. The recent high monthly introduction data and the expected resumption of French customs have caused market changes. We believe that the poultry chain will maintain a high prosperity in 19-20 years:Introduced in 2018 is still gradually balanced, and supply is still scarce.

At the time of the resumption in France, the persistence of high introduction needs to be observed; 2) African swine fever leads to pork resupply, and the increase in pig prices will drive up the prices of other protein products.

3) In the short term, seedling prices are still high, supporting the price of chickens.

The second quarter is the off-season of demand, and the price of poultry chains will improve. From the end of the second quarter to the third quarter, the price of poultry chains will reopen a new round of rapid advancement.

Earnings forecast, investment rating: The price of poultry chain has risen faster than expected. In view of the first quarter performance forecast, we have raised the company’s EPS forecast for 19-20 to 2.

53 yuan, 2.

70 yuan, while supplementing the 21-year EPS forecast is 2.

88 yuan.

The current company’s 19-year estimate is only 10 times, which has certain evaluation advantages.

We continue to be bullish on the company and maintain a 南京桑拿论坛 “Buy” rating.

Risk Warning: Product price rise is less than expected risk.

Double Arrow (002381)： Three quarterly reports continue to be strong, new capacity is about to be put into production

Double Arrow (002381): Three quarterly reports continue to be strong, new capacity is about to be put into production

Results announcement: The company announced that it is expected to return to net profit for the first three quarters of 20191.

8-2.

0 billion, 50% growth in ten years?
70%; third quarter profit was 5,796.

1?
8202.

60,000, an increase of 21 a year.

9%?
72.

5%.

The effect of high-end conveyor is remarkable: with reference to the conveyor belt price index, the price of the rubber conveyor belt industry has been relatively stable since 2017.

The rise in the industry’s prosperity is mainly due to the clearing of backward production capacity and the withdrawal of inferior products from the market.

As a leader in rubber conveyor belts, the company fully leverages its advantages in scale, technology and management, adjusts its product structure, increases the proportion of high-end products, and further increases its product gross profit margin.

New conveyor belt products were launched strongly, and new production capacity ushered in production in the fourth quarter: the company launched ceramic conveyor belts, RopeCon cableway conveyor belts, aramid duct conveyor belts, overall steel mesh anti-tearing conveyor belts, and overall fabric impact resistant conveyor belts in the first half of the year.7 new conveyor belt products, impact-resistant conveyor belt and ultra-wear-resistant conveyor belt, further expand and meet customers’ requirements for conveyor belts in various 杭州桑拿 industries, improve the short life and high energy consumption of traditional conveyor belts in the industry, and long-distance transportationThe advantages of taking the alternative to truck transportation have been highlighted, and breakthrough performance growth has been achieved.

The company currently has a capacity of approximately 40 million square meters and full orders.

In the fourth quarter, the company’s 10 million square meters is expected to be put into production, with a capacity increase of about 25%, which will continue to contribute to the 2020 performance growth.

Further promoted the development of integrated medical care and nutrition, and the profit model gradually became clear: the company announced that the subsidiary Heji Company had signed the “Entrusted Operation Contract for the Zhouquan Town Senior Care Service Center” with the People’s Government of Zhouquan Town of Tongxiang, Hosting the Zhouquan Town Senior Care Center.

The headquarters of Heji Company established Tongxiang Heji Nursing Home Co., Ltd. to promote the development of integrated medical care.

The company promotes external expansion with an asset-light pension model, and continues to expand market development efforts on the basis of ensuring high-quality and stable service quality.

Investment advice: The company is expected to have EPS 0 in 2019-2021.

61/0.

73/0.

82 yuan, maintain Buy-A rating, 6-month target price of 12.

2 yuan, corresponding to PE 20/16/15 times.

Risk warning: raw material prices fluctuate, market competition intensifies, and production projects are less than expected.