Zhaoyi Innovation (603986)： 19-year profit meets expectations. Look at TWS headset + Internet of Things in 2020.

Zhaoyi Innovation (603986): 19-year profit meets expectations. Look at TWS headset + Internet of Things in 2020.

Investment Highlights: The company expects to return net profit of RMB 600 million-6 in 2019.

500 million, in line with market expectations.

The company announced the 2019 annual results pre-announcement and expects to achieve net profit in 20196.

10 billion to 6.

50 ppm, an increase of 1 from the same period in 18 years.

9.5 billion to 2.

45 ppm, an increase of 48 per year.

15% to 60.

49%.

Net profit after deduction is approximately 5.

28 to 5.

78 ppm, an increase of 1 from the same period last year.

67 to 2.

1.7 billion, an increase of 46 every year.

26% to 60.

11%.

We judge that the company’s profit is basically in line with market expectations (the company added new orders for Airpods Pro in Q4, and the market expectations have been raised).

In 2020, new demand for downstream TWS headphones is coming.

The NOR Flash chip is widely used in mobile phones, PCs, DVDs, USB keys, set-top boxes, network equipment and IoT equipment.

AMOLED, TDDI, automotive electronics, TWS headsets downstream and downstream customers supplement demand.

The characteristic of NOR is execution in chip (XIP, eXecute In Place). Such applications can run directly in the flash memory without having to read the code into the system RAM.

The advantage is that you can run programs directly from the flash.

Therefore, AMOLED and TDDI are expected to bring more than US $ 200 million in market demand in 19 years. At the same time, high-end NOR FLASH is applied to TWS headsets. Airpods Pro requires two 128MB NOR FLASH for noise reduction.In the market competitive environment of enterprises and institutions, Zhaoyi Innovation is the core supplier.

We judged that the increase in sales of TWS headsets, and the growth of NOR FLASH by a single headset is expected to be close to $ 100 million in 2020.

The storage market has ample space, and the company stands firm in its main business and expands the DRAM market.

According to Web-Feet Research data, the global flash memory market sales in 2017 were approximately US $ 53.4 billion, of which the global sales of NOR Flash products was approximately US $ 2.5 billion, and the company ranked fifth in the world with a market share of 10.

5%, the top four are Micron, Wanghong, Cypress and Winbond.

In the serial NOR Flash product market, the company ranked third in the world, and the first two were Winbond and Wanghong.

The number of MCU sales particles has increased 佛山桑拿网 significantly, opening the door to the Internet of Things.

In mid-2019, the cumulative volume expansion of MCU has exceeded 300 million. The company is a domestic 32-bit MCU product leader. GD32 MCU has more than 320 product models, 22 product series and 11 different package types.

The price advantage over the opponent is obvious, the investment volume has increased significantly, and the gross profit margin is stable.

The company’s profits began to materialize, maintaining the company’s “overweight” rating.

Taking into account that the MCU and DRAM have exceeded expectations, we have raised the company’s net profit in 2019 from 4.

2.9 billion to 6.

3.4 billion (the company added Airpods Pro orders in Q4, the market expectation has been raised), raising the net profit attributable to mothers in 2020/2021 from 5.

11 billion / 6.

1.3 billion to 8.

7.3 billion / 11.02 billion.

Using the relative estimation method, considering that the company is in the storage industry with fewer participants and more outstanding companies, refer to the 20-year PE average change of Shengbang Co., Ltd. 117 times.We give a PE valuation of 110 times in 2020, corresponding to the company’s target city conversion of 96 billion, and give an “overweight” rating.

Risk reminder: slow fulfillment of new demand, etc.

Zhongtai Chemical (002092)： chlor-alkali viscose integrated leader 19Q1 is expected to wait for the low season

Zhongtai Chemical (002092): chlor-alkali viscose integrated leader 19Q1 is expected to wait for the low season

Event: The company released its 2018 annual report and achieved operating income of 702.

23 ppm, +71 a year.

03%; net profit attributable to mother 24.

28 trillion, +1 a year.

07%.

ROE (expected) is 13%, and EPS (decreased) is 1.

08 yuan, BPS is 8.

82 yuan.

The company plans to send 1 out of 10.

7 yuan.

The company estimates that the net profit attributable to mothers will be 1 in the first quarter of 2019.

6-3 ten percent, down 62 a year.

31-29.
杭州桑拿

34%.

Main points: 1.

The stable performance in 2018 was in line with expectations, and Q1 in 2019 exceeded expectations. We have not been pessimistic about the company’s stable operation in 2018, and gradually produced PVC (opaque resin) 176.

75 inches, at least +1.

12%, the planned completion rate is 101.

41%; production of caustic soda (including self-consumption) 123.

51 Initially, at least +1.

24%, the plan completion rate is 100.

24%; production of viscose fiber 55.

53 Initially, at least +28.

10%, the plan completion rate is 94.

47%; production of viscose yarn 30.

49 at least, at least +18.

78%, with a planned completion rate of 107.

25%; production of calcium carbide 263.

04 for the first time, at least +5.

34%, the planned completion rate is 99.

64%; power generation 127.

3.4 billion degrees, ten years +0.

87%, the plan completion 杭州桑拿 rate is 98.

33%.

In 2018, the average prices of domestic PVC, caustic soda (comprehensive), and viscose staple fiber were 6624 yuan / ton, 2896 yuan / ton, and 14,544 yuan / ton, each time +4.

13%, -7.

75%, -7.

54%.The company’s net profit attributable to mothers in 201824.

28 trillion, +1 a year.

07%, in line with expectations.

Among them, the gross profit ratio of PVC, chlor-alkali products, trade, and viscose fiber was 35.

76%, 24.

57%, 12.

93%, 10.

70%.

The growth rate of the trading business is obvious, and the revenue in 2018 was 472.

43 trillion, +127 a year.

21%, mainly due to the company’s use of the location advantages of the “Belt and Road” economic belt core area, the “industry + trade + finance” business model, the rapid development of trade business.

The business goal has been steadily rising: the company plans to produce 187 vinyl chloride resins (both ambiguous resins and bulk resins) in 2019, with +6 each time.

4%; Caustic soda 132.

67 at least, at least +7.

4%; viscose fiber 70 is the highest, up to +30.

89%; viscose yarn 31.

75 Initially, at least +4.

13%; calcium carbide 264 transformer, basically the same; power generation 129.

5.2 billion degrees, +1 in ten years.

71%.

The company’s first-quarter 2019 performance forecast exceeded expectations, mainly due to: (1) the company’s main products, chlor-alkali and viscose prices have improved; (2) according to the company’s marketing strategy, inventory of some products to be sold in peak season; (2)The equity of Sino-Thailand Financial Leasing Co., Ltd. and Xinpu Factoring Co., Ltd. were transferred to reduce profits; (3) Changes in the loan discount policy caused the company’s financial expenses to increase, and increased R & D investment caused R & D expenses to increase.

It is not pessimistic to wait for the arrival of the product season.

In the chlor-alkali surplus industry, the company’s main products have always been full production, which shows that the company’s stable operation and strong competitiveness.

The company has built an integrated industrial chain of “coal-calcium carbide, thermoelectric-chlorine-alkali-viscose fiber-yarn”, with core materials calcium carbide and electricity being self-sufficient, with obvious scale and economic advantages.

In 2019, the company aims to achieve a total profit of 3.065657 million yuan and a net profit of 2.592204 million yuan, of which the net profit attributable to the parent company is 2.372324 million yuan.

2.

Optimistic about the improvement of the fundamentals of PVC, the price rises in the peak season. PVC is one of the five general-purpose plastics, which are widely distributed in construction, industrial products, and daily necessities. Among them, pipes, fittings account for about 32%, profiles, doors and windows account for 20%.

The calcium carbide method and the ethylene method account for 83% and 17% of the production capacity, respectively.

Due to the disorderly development in the early stage, from 2013 to 2015, PVC experienced a brutal process of capacity reduction.

In 2016, the balance between PVC supply and demand was gradually restored, and environmental protection supervision was included to catalyze, and profitability improved significantly.

According to statistics, the average PVC production capacity in 2018 was about 2470 tons, and the consumption was above 1903, each time +5.

2%.

On the supply side, as the PVC industry relies heavily on calcium carbide resources, internal environmental protection and high voltage are normalized in combination with process consumption, it is expected that the core competitiveness of PVC companies in the future lies in limestone, calcium carbide resources, electricity costs, and economies of scale.

The regional concentration of the PVC industry and the concentration of enterprises have further increased, and backward production capacity has continued to be eliminated.

On the demand side, through the counter-cyclical expansion of the macro economy, it is expected that the infrastructure will be increased, the real estate margin will be improved, and the work will be resumed downstream after the Spring Festival, and demand will increase.

We expect to go through a three-month sales inventory process, and PVC prices will increase in the second and third quarters.

(1) Normalization of environmental protection and high pressure, small capacity of limestone and calcium carbide shut down; (2) Resumption of downstream work, the coming of the peak season, real estate margin improvement expectations, in the 2019 budget, the domestic land use rights transfer revenue budget.

5 trillion yuan, far exceeding market expectations; (3) Macro counter-cyclical decomposition.

3.

New production capacity is steadily advancing. In 2018, the company’s Alar Fulida 20-ton / year viscose fiber project was put into production, and the viscose production capacity increased to 71 tons / year, which also reflects the company’s 2019 production target.In 2019, it is expected that the Fukang Energy 15 insertion caustic soda project, the Toxon Energy 30 insertion / year high-efficiency resin project, and the Tianyu Coal Chemical 500-ton / year coal grade clean and efficient comprehensive utilization project, the first phase of 120 months / year blue carbonThe projects have been completed and put into production one after another, which will further stabilize the position of the company’s viscose chlor-alkali double faucet.

4.

Earnings forecast and rating We estimate that the company’s net profit attributable to its parent for 2019-2021 will be 23 respectively.

8.9 billion, 24.

8.7 billion, 26.

250 thousand yuan, corresponding to EPS 1.

11 yuan, 1.

16 yuan, 1.

22 yuan, PE 8.

1X, 7.

8X, 7.

4 times.

Considering that the company is a chlor-alkali / viscose double faucet, the integration advantage is obvious, new production capacity continues to be put on, PE and PB are estimated to be low, and maintain a “buy” rating.

Risk Warning: The macro economy exceeds expectations, and product prices change significantly.

Shenzhen Expressway (600548)： Third quarter results meet expectations Multiple developments provide new growth momentum

Shenzhen Expressway (600548): Third quarter results meet expectations Multiple developments provide new growth momentum

Event Shenzhen Expressway released the third quarter of 2019. Shenzhen Expressway achieved operating income of 41 in the first three quarters of 2019.

85 ppm, an increase of ten years.

09%; realized net profit attributable to shareholders of listed companies21.

51 ppm, an increase of 41 in ten years.

44%.

The company achieved zero profit in the first three quarters of 2019.

986 yuan, the expected average ROE is 12.

10%, rising by 1 every year.

32 units.

In the third quarter of this year, the company achieved operating income of 14.

86 ppm, a ten-year increase1.

61%, net profit attributable to mother 5.

740,000 yuan, an increase of 4% in ten years.

Brief comment on the first three quarters of comparable revenue growth of 16.

51%, non-recurring profit and loss contributed profits from Nanguang, Yanpai, Yanba three roads were repurchased by the government in advance at the end of 2018, so the company’s third-quarter revenue growth rate was only 1.

61%. From the perspective of the toll income of the company’s holding road property in the third quarter, the company’s average daily toll income of the holding road property in the third quarter reached 1308.

70,000 yuan, an annual increase of 7.

55%.

In addition, the Guilong development project has increased the number of renovated and delivered houses, and its income has also increased. At the same time, it supplements the new ramp station operation cost compensation service income brought by the project, the government commissioned maintenance service income paid after the highway repurchase, and newly acquiredWind power projects have also brought certain revenue increases.

In the third quarter, the gross profit margin was relatively flat, and financial expenses were significantly reduced. Affected by the early repurchase of three highways, the company’s third-quarter operating cost swap growth rate also decreased, resulting in the company’s gross profit levelLast year was at least almost flat, reaching 52.

32%.

On the expense side, the company reports that budgeted financial expenses decrease 上海夜网论坛 by 1 every year.

23 ppm was mainly due to the decline in the company’s average borrowing size, and the gearing ratio also rose from 62 at the end of the third quarter of last year.

22% fell to the current 52.

83%.

In addition, the company is currently continuing to implement exchange-locked swap transactions on US dollar debt. After hedging the gains and losses on changes in the fair value of foreign currency swaps and delivery gains and losses, the Group ‘s consolidated financial costs decreased by 49 from January to September.

30%.

Entering the big environmental protection business, diversified development is expected to promote continued growth in performance. In addition to the main toll road business, the company has become the second major business of the big environmental protection business.

The company 西安耍耍网 continuously promotes its layout in the large environmental protection business segment. For example, it first subscribed for 15% equity of Water Regulation Institute in 2017, and acquired 20% equity of Derun Environment in the same year. In October 2018, the company cooperated with Suez Group’sDelta Asia joint venture established Suez Environment.

We believe that the company’s large-scale environmental protection business has a strong synergy with toll roads. Since the expressway is a stable toll, the cash flow is very rich in assets, which can complement the environmental protection business, and the environmental protection business has aThe toll roads are also similar. They are franchised, with a long and stable operating period, which can give full play to the company’s management advantages.

Maintaining the company’s “overweight” rating, we believe that Guangdong and Shenzhen are the most dynamic regions in China’s economy. In the future, the economic growth rate will also maintain a level of growth, which will help the company’s existing road production and vehicle flow to grow steadily.

In addition, the company currently has some road properties under construction, with a mileage of about 65.

7 kilometers, and entering the big environmental protection business will also give the company more performance growth momentum.

We expect the company’s revenue levels to reach 57 respectively in 2019-2021.

470,000 yuan, 61.

1.7 billion, 65.

75 ppm, net profit attributable to owners of the parent company is 26.

7.2 billion, 25.7 billion, 28.

69 trillion, corresponding to EPS 1.

23 yuan, 1.

18 yuan, 1.

32 yuan, maintain the Shenzhen Expressway “overweight” rating.

Dongcheng Pharmaceutical (002675) Company Research： Impairment Impacts Performance Achieved

Dongcheng Pharmaceutical (002675) Company Research: Impairment Impacts Performance Achieved

Event: The company released a 19-year performance report on February 21, and 南京夜网论坛 it is expected to achieve operating income of 30 in 19 years.

US $ 2.2 billion, a 30% annual increase, and net profit1.

54 ppm, a year-on-year decrease of 45%, mainly due to the company’s impairment of goodwill on Sino-Thai Biotech and Ocean Pharmaceuticals.

US $ 7.1 billion. In addition, changes in the fair value of Andy’s residual earnings caused zero loss in changes in fair value.

5.5 billion.

In our opinion, if we do not consider the two changes in profit and loss, the company’s actual net profit attributable to the parent in the year 19 is 3.

800 million, an annual increase of 36%.

The change in profit or loss is a transient effect, without considering the profit and loss situation, 3.

800 million profit compound market expectations.

The situation of domestic nuclear drug duopoly has formed, and Dongcheng 杭州夜生活网 Pharmaceutical is expected to continue to develop rapidly.

At present, the main products of Dongcheng’s product pipeline include Yunke injection, target drug, positron medicine, I-125 sealed seed source, C-14 capsule and other main products. Others include I-131 oral solution, strontium chlorideSuch products as Dongcheng also involve agency business, and the domestic duopoly pattern has been formed.

In the past two years, the development trend of the nuclear medicine industry has continued to improve. With the decentralization of PET / CT certificates, the penetration rate of nuclear medicine has continued to increase, and the company will continue to enjoy industry dividends.

The company’s nuclear drug R & D pipeline has great potential products, focusing on the company’s nuclear drug development.

公司核药管线中铼 [188Re]依替膦酸注射液（骨转移疼痛）、氟[18F]化钠注射液（骨转移诊断）、[18F] 氟丙基甲酯基托烷注射液（帕金森诊断）、BNCT 疗法（硼中子俘获治疗癌症新领域）以及钇 [90Y]微球（肝癌治疗）、99mTc 标记美罗华等产品，将承载国内核药发展的重任，未来随着国内核医学市场The release of the potential, we believe that after the listing of these products in the future is expected to bring rich results.

Earnings forecast: The company is less affected by the epidemic, and slightly lowered its earnings forecast. It is expected that the company’s net profit attributable to mothers in 2019-2021 will be 1.

54、4.

62 and 5.

USD 8.3 billion, a year-on-year growth of -45%, 199%, and 26%, corresponding to PE of 77X, 26X, and 20X; EPS is 0.

19 yuan, 0.

58 yuan and 0.

73 yuan.

Maintain “Buy” rating.

Risk warning: the price of raw materials drops; the performance of the nuclear medicine sector exceeds expectations

Changan Automobile (000625)： Ford’s September new auto product cycle increased by 42% in September

Changan Automobile (000625): Ford’s September new auto product cycle increased by 42% in September
Event: The company released the September sales report, with a total sales of 15.980,000 vehicles, an increase of 28% month-on-month, and a slight 8% increase each year, of which the total sales of autonomous parts are subtotal7.480,000 units, Changan Ford sold 2.100,000 units, Changan Mazda sales 1.280,000, other sales 5.130,000. Ford is up 42% month-on-month, and new cars are expected to accelerate their launch.Changan Ford achieved sales of 2 in September.10,000 vehicles, an increase of 42% from the previous month, and the improvement is obvious.Although three new product models listed in August did not significantly improve sales volume, they were still under pressure, but recently launched an acceleration plan to launch 18 new models in three years. Lincoln’s first domestically produced new models were mass-produced within the year, and the Ford brand was subsequently re-established.The progress of the launch of the new pound Escape and domestic explorers has accelerated. CS75Plus slightly exceeded expectations, and the independent new product cycle began.Subtotal 7 of sales volume of independent parts (Chongqing + Hebei + Hefei).480,000 vehicles, an increase of 35% from the previous month and a slight decrease of 5% each year.Among them CS75 sells 2.20,000 vehicles, an annual increase of 45.8%, CS35 sales 1.40,000 units, two big models continue to support sales.In addition, we recently estimated through the dealer survey that the market performance of CS75Plus in the first month of listing was slightly better than expected, and that terminal sales were no shortage of mid-to-high configurations.The new product cycle of independent brands has begun. In the future, there will still be CS55 replacements, Ruijie CC remodeling, Yidong remodeling, CS75 replacement and other new products worth looking forward to. Mazda’s performance was stable, and other sectors performed well.Changan Mazda achieved sales of 1.280,000 vehicles, an increase of 25% month-on-month, and an increase of 17% every ten years, the overall performance is stable, and then the 苏州桑拿网 re-launch of the new Mazda Angkor Sera will help improve Mazda brand sales.Other sectors achieved sales of 5.130,000 vehicles, an increase of 11% per year, an increase of 20% from the previous quarter. Investment suggestion: Changan Ford’s sales volume in September has improved month-on-month, and the launch of the follow-up new heavy vehicle Escape and domestic explorers has gradually accelerated. Lincoln’s first domestically produced product will achieve mass production within the year.The independent new product cycle started, and the new CS75Plus market performance slightly exceeded expectations.We expect revenue in 2019/2020 to be 659.4.7 billion / 683.8.7 billion, net profit attributable to mothers was 2.06 ppm / 38.04 ppm, the current PB is less than 1, the configuration value is prominent, and the “buy” level is maintained. Risk warning: industry recovery is not up to expectations, Changan Ford’s new car sales are less than expected

Youzu Network (002174)： Game of Thrones Mobile Games No-Fear Episode Extends Youzu Network’s 2019 Performance Expected

Youzu Network (002174): “Game of Thrones” Mobile Games No-Fear Episode Extends Youzu Network’s 2019 Performance Expected

Brief comment on the event On May 20th, the official Weibo of Tencent Video announced that the eighth episode of “Game of Thrones” will be postponed due to media transmission problems. The specific broadcast time will not be notified.

Although Tencent Video has stated the reason, the market still has doubts that the delay of the episode will adversely affect the game of “Game of Thrones”.

The regulatory policy is the first cause of market doubts, but currently the resources of the “Game of Thrones” episodes can still be found on Tencent. It is very unlikely that the content will be taken down because it does not meet the regulatory requirements.

More importantly, for the “Game of Thrones” mobile game, the impact of the delayed broadcast of the episode is extremely limited.

First of all, “Game of Thrones” has a high degree of mobile game completion and outstanding product quality. According to our understanding, the last round of test data was excellent, ahead of similar competitors, and its performance in all aspects had reached the on-line standard.

On May 23, “Game of Thrones” is about to start the ultimate test before going live. From the perspective of progress, there is almost no possibility of extension of the flagship product, and it is expected to be open for beta at the end of June.

In fact, from the previous experience, the main role of the simultaneous launch of games and film and television is the initial derivative and topic marketing, which is the mechanism for the MMO category, but “Game of Strength” is an SLG product, compared with the initial derivativePay more attention to the long-term retention of core users.

Even from a linkage perspective, the mobile game is currently not online, and the extension of the “Game of Thrones” episode will not at least have no effect on the game.

Many people are worried that “Game of Thrones” will be launched at the end of June. From the perspective of schedule, it is too close to the same Tencent’s “Sword Net 3: Fingertips” and “Dragon Fantasy”, which will lead to the announcement of operators andUser diversion, we believe that these three games have sufficient time intervals in the schedule, and “Game of Thrones” is not an MMO category, the audience is divided, and there is almost no user diversion effect.

In summary, we believe that “Game of Thrones” mobile 南宁桑拿 game can be launched as scheduled. Based on the domestic SLG market and similar competitive products, we expect that “Game of Thrones” will reach about 500 million monthly sales.

In addition to products such as “Shanhai Mirror Flower” and “Three Kingdoms 2” which will be released later this year, we persist in optimistic about the performance of Youzu Network in 2019.

Investment recommendations Based on the company’s 2018 financial report data and recent new product conditions, we adjusted our profit forecasts to be net profit attributable to the mother for 2019/2020/2021, respectively.

06 billion / 14.

35 billion / 16.

9.7 billion (adjusted by -1.

79%, -4.

(01%, new forecast for 2021), and target price for 2019 is 28.

56 yuan, corresponding to 21 times P / E and 1.

36 yuan EPS.

Risks indicate the 苏州夜网论坛 risk of delays in new products, time risk of obtaining version numbers, and regulatory policy risks.

Yutong Bus (600066)： Improved Monetary Results, Optimistic Oversea and New Product Development

Yutong Bus (600066): Improved Monetary Results, Optimistic Oversea and New Product Development

Event Overview The company released the 2019 third quarter report, Q1 2019?
Q3 achieved revenue of 208.

62 ppm, a ten-year increase of 7.

7%; net profit attributable to mother 13.

25 ppm, an increase of 10 in ten years.

62%; net profit after deducting non-return to mother 11.

19 ppm, an increase of 9 in ten years.

6%.

Among them, Q3 2019 achieved 四川耍耍网 revenue of 83.

5.7 billion, an increase of 13 in ten years.

6%; net profit attributable to mother 6.

42 ppm, an increase of 10 in ten years.

4%; net profit of non-attributed mothers 5.

97 ppm, an increase of 18 years.

8%.

Analysis and judgment: The average price of bicycles is stable, and double-digit growth in sales in the third quarter has been achieved.

670,000 vehicles, an increase of 13 in ten years.

2%; sales of large, medium and light buses accounted for 38% respectively.

5%, 45.

3%, 16.

2%, the proportion of large passenger car sales fell by 3.

7 points.

According to data from the First Commercial Vehicle Network, the company’s new energy bus sales in Q3 2019 were zero.

620,000 vehicles, an annual increase of 79.

4%; sales of new energy buses accounted for 37.

0%, an increase of 13 a 杭州桑拿网 year.

7 points.

The increase in the proportion of new energy passenger vehicle sales offsets the impact of the change in the proportion of large passenger vehicle sales. The company’s average bicycle price in the third quarter of 2019 reached 50.

0 million yuan, a slight increase of 0 a year.

20,000 yuan.

The increase in overall sales has driven the company’s Q3 revenue to grow by 13 per year.

6%.

The cost control is strong, and the profitability has improved significantly compared to the gross profit margin of the company in Q3 201924.

14%, up 2 from Q2.

04pct, a decline of 3 per year.

13pct.

In the third quarter, the company’s new energy bus sales were mainly concentrated in July (7?
September sales were 4,247 / 1,012 / 936 respectively), and the transition period for new energy bus replacement in 2019 is May 8?On August 7, the impulse in the transition period led to a Q3 gross profit margin increase.

The company’s expense ratio declined during the 2019Q3 period, among which: the increase in sales expense ratio increased by 1.

37 pct to 7.
84%, mainly due to the weak demand of large and medium customers since the beginning, the company’s market promotion efforts have increased; the management expense ratio has increased slightly by zero.

04pct to 2.

31%; R & D expense ratio drops by 2 every year.

11 points to 4.

26%, the company’s R & D expense ratio in the past 5 quarters were 6 respectively.

37% / 6.

25% / 8.

62% / 4.

89% / 4.

26%. The small peak of R & D expenditure has passed. Q2 this year?
Q3 returned to a reasonable level; the financial expense ratio fell by 1.

65pct to -0.

35%, mainly due to the increase in interest income from improved cash flow; the four expense ratios totaled 14.

06%, down 2 every year.

35 points.

Although the company’s gross profit margin was still lower than the same period last year in 2019Q3, the decline in the expense ratio effectively hedged the decline in gross profit margin, and the company’s net profit margin fell slightly.

17pct, a significant improvement over Q2 by 2.

84pct to 7.

88%.

The profit level is in the bottom range. After the industry reshuffles, the company’s market share and profit margin are expected to further improve. In the past five years, supplementary policies have promoted the rapid release of demand for new energy buses. Some backward car companies rely on supplements to recover from death.Slowing down.

At present, it is gradually replenishing and accelerating the decline. Laggard car companies are already in an overlapping state. Yutong has surpassed the superior product competitiveness and cost control ability, and the profit level is far beyond other aspects.improve.

Investment suggestion The company’s export sales volume has always maintained the leading position in the industry. At the same time, for the rapid growth of domestic business travel, the RV field has also introduced targeted products. Overseas markets and new categories are important growth points for the company’s future business.

Maintain the company’s net profit attributable to mothers in 2019-2124.

9/28.

5/32.

The profit forecast of USD 0 billion is unchanged, and the corresponding EPS is 1.

12/1.

29/1.

45 yuan, the current total corresponding to PE is 12.

4/10.

8/9.

6x, with reference to the company’s estimate of the past 5 years, the hub maintains the company’s 13x PE estimate for 2019, corresponding to a target price of 14.

56 yuan, maintain “overweight” rating.

Risks prompt the advancement of high-speed rail construction, and the popularity of private cars has led to further shrinking of passenger car demand; new energy buses have accelerated the decline and eroded bus company profits.

Women’s Army scandal keeps Abe’s new Cabinet female minister trapped in tax evasion

Women’s Army scandal keeps Abe’s new Cabinet female minister trapped in tax evasion

Japanese Prime Minister Shinzo Abe has undergone a major blood exchange on the cabinet on the 3rd of this month, in order to restore the hearts of the people and boost the placement support.

However, only a few days after the cabinet was reorganized, scandals of the new cabinet were exposed.

Japanese media reported on the 7th that the newly-appointed Minister of General Affairs, Lady Kodako Noda, was suspected of huge tax evasion.

　　Masako Noda was born in 1960 and is one of the only women left in Abe’s new cabinet.

Another female cabinet minister is the Minister of Justice, Yoko Kamikawa.

　　According to Japanese media, Noda’s original name was Shimazu, and his grandfather had served as Japan’s Minister of Construction and Director of the Office of Economic Planning. His father, Shimajima, inherited a huge amount of family property, although he did not participate in politics.

Beginning in 2000, Shiojiri began to donate political funds to the 21st century meeting of the Noda Shengko Support Association of the three political funds to which the Noda Masako belonged and the Liberal Democratic Party’s Gifu County First Election District Branch.

　　Shimajima died in September 2015.

In more than 10 years, he has donated a total of more than 80.5 million yen (approximately 4.88 million yuan) to the three political fund groups mentioned above.

　　According to relevant Japanese regulations, donations to politicians do not require the recipient to pay taxes.

However, due to the uninterrupted donation of the island to his daughter, and each donation expenditure is subject to the prescribed ceiling, there is a suspicion of avoiding high inheritance taxes.

In response to this report, Noda’s office has not yet responded.

　　[Want to be Abe’s successor]Abe’s maiden army has recently exposed scandals, which has caused Abe a headache.

Among them, former defense minister Tomita Inada, who was regarded as Abe ‘s proud student, resigned because of a concealed report, and former Olympic Prime Minister Marukawa Chuyo was laid off as the internal cabinet was reorganized.

Former Minister of General Affairs Takaichi Sanae was caught up in a divorce turmoil and ended his class.

　　In addition, the Abe maiden army among parliamentarians is also a continuous farce, causing external resentment.

Among them, Rep. Senator Toyoda Mayuko was exposed to beating her secretary, and her words were rude, while Senator Rep. Imai Iriko was accused of having extramarital affairs.

　　In desperation, Abe had no choice but to use his own political opponent, Masako Noda, from a different faction to enter the new cabinet.

Noda Masako is a well-known figure in Japanese politics. She used to be the LDP’s general affairs chairman. She was close to the former LDP’s chief secretary Shimao Shimo and Tokyo’s governor Yuriko Koike. She had deliberately fired the LDP chairman and openly contradicted Abe.

　　After joining the new cabinet, Noda Masako publicly stated on the 3rd 苏州桑拿网 this month that she will participate in the election of the Liberal Democratic Party president scheduled for ancient times next year and compete with Abe again.

　　Noda is famous because she did something that caused a sensation inside and outside Japanese politics: she wrote a book about her infertility at an advanced age and her artificial insemination.

　　In 2004, Noda Masako published a book, “I Want to Have a Child,” acknowledging that he had received 10 artificial inseminations, but did not succeed.

In 2010, Mr. Noda, who was nearly 50 years old, received sperm donated by a third person outside of her husband in the United States for in vitro fertilization.

The following year, she gave birth to her first child in a Tokyo hospital.

(Zhang Jing) (Xinhua News Agency Special Issue) Original Title: Scandals of the Girl Army Continued, Abe’s New Cabinet Female Minister Traps into Tax Evasion

Huayu Automobile (600741)： Reduced gross profit margin improves electrification, intelligent business will become a new profit growth point

Huayu Automobile (600741): Reduced gross profit margin improves electrification, intelligent business will become a new profit growth point

The core view performance is in line with expectations.

The company achieved operating income of 355 in the first quarter of 2019.

71 ppm, a ten-year average of 11.

6%, net profit attributable to mother 18.

45 ‰, 36 years ago.

6%, net of non-attributed net profit13.

60ppm, 15 years per year.

1%, EPS is 0.

585 yuan.

The growth rate of net profit attributable to mothers is lower than the earlier revenue growth rate, mainly because the premium generated by the acquisition of 50% equity of Huayu Vision in the first quarter of last year was included in the investment income, resulting in a high base.

　　Both gross profit margin and cash flow improved significantly.

Gross profit margin for the first quarter was 14.

3%, an increase of 1 per year.

The two expected values are expected to be related to the improvement in profitability brought by the consolidation of Huayu Vision, which will make the annual decline of auto companies better than expected this year.

The expense ratio during the first quarter was 10.

4%, an increase of 1 per year.

Eight totals, the management expense ratio (including research and development expenses) is 9.

0%, increase by 1 every year.

6 units.

Net cash flow from operating activities was 2.

56 trillion, -2 in the same period last year.

95 ppm, the temporary improvement is obvious, and the preliminary change is the settlement of this prospect.

The company’s ending inventory was 103.

44 ppm, an increase of 3 at the end of the first quarter of each year last year.

2%.

　　The electric drive business is expected to become a new growth point for the company’s profit.

The company supplied drive motors in 2018.

80,000 units, an increase of 108 in ten years.

1%, 0 for power supply electronic box.

820,000 units.

Huayu Electric’s drive motor products have been recognized by users such as Volkswagen and SAIC Passenger Cars, and have been designated by SAIC-GM’s new energy vehicles and Volkswagen MEB platform drive motors.

The company has formed an integrated electric drive system industrialization capability outside the distributed electric drive system. It is expected that more customers will be obtained in the future.

Huayu Magna’s electric drive system assembly products continue to advance, and 上海夜网论坛 actively expand other customers on the basis of obtaining fixed points from the Volkswagen MEB platform.

It is expected that the electric drive business will become a new growth point of profit.

　　The development of smart car business is expected to accelerate.

The company first realized independent research and development and mass production and supply of 24GHz backward millimeter-wave radar internally. At present, it includes 77GHz forward, front-angle, and rear-angle millimeter-wave radars.

The company established a wholly-owned subsidiary, Yanfeng Automotive Intelligent Security System Co., Ltd. in 2018. Yanfeng Interiors is developing fast cockpit system domain controllers, intelligent interiors and other products.

　　Financial forecast and investment advice: slightly adjust the investment income. It is estimated that the income for 2019-2021 will be 2 respectively.37, 2.

66, 2.

90 (original 2.

43, 2.

62, 2.

83 yuan), with reference to the average estimated level of comparable companies, given a 12x PE estimate for 2019, the corresponding target price is 28.

44 yuan, maintain BUY rating.

　　Risk warning: The passenger car industry’s lower-than-expected demand will affect the company’s profit; the company’s main supporting vehicle prices will affect the profit.

Shanying Paper (600567) Company Review： Leading Advantages Still Awaiting Cycle

Shanying Paper (600567) Company Review: Leading Advantages Still Awaiting Cycle

Event: Shanying Paper announced the 2019 annual performance forecast, and the company expects to realize net profit attributable to mothers in 201914.

4.2 billion to 17.

6.2 billion, a year-on-year decrease of 45% to 55%; net profit after deduction of non-return to motherhood12.

97 ppm to 15.

5.7 billion, a decrease of 41 a year.

85% to 51.

55%.

Based on this estimate, the company expects to realize net profit attributable to its mother in the fourth quarter.

1.7 billion to 4.

37 trillion, a reduction of 50 a year.

72% to 86.

81%; net profit after deduction of non-return to mother 2.

18 ppm to 4.

78 trillion, a decrease of 35 a year.

25% to 70.

47%.

Among them, the company’s non-recurring profit and loss in 2019 decreased by 3 compared with the previous year.

US $ 800 million, mainly due to the company’s acquisition of Phoenix Paper, the purchase consideration exceeded the fair value of its identifiable net assets, and increased the company’s 2018 net profit attributable to shareholders of listed companies3.

5 trillion, due to no scheduled non-recurring gains and losses in 2019.

Volume increases and prices fall, pressure on profitability.

The company’s paper and packaging sales in 2019 were 476,12.

7.5 billion square meters, an increase of 3 over the previous year.

27%, 4.

66%.

In 2019, the price of finished paper in the packaging paper industry has fallen. The average annual price of cardboard / corrugated paper is 4182/3329 yuan / ton, which has become 15% / 18%.

We judge that the decline in paper prices has caused the company’s gross profit margin to decline to a certain extent compared to the previous year, affecting the company’s profitability.

The company also disclosed that Q4 product quality and gross profit margin have improved to a certain extent compared to Q3.

The remaining factors affecting the company’s performance mainly include: 1) Shanying Huanan Paper Co., Ltd. has already expanded the amount to enjoy a preferential policy of 50% tax rebate for intervention immediately,上海夜网论坛 and will deduct the tax rate from 16% instead of 13% by April 2019., The corresponding tax refund income is reduced.

2) The company’s tariffs on imported raw materials and related logistics costs in 2019 increased compared to the same period, resulting in an increase in the company’s main business costs and a decline in profits.

3) The management expenses incurred by the company’s projects under construction in 2019 before the official start of production led to a decline in profits.

Optimistic about the big logic of paper cycle, wrapping paper is expected to benefit significantly.

We believe that the current paper inventory cycle is in a temporary passive state. During the destocking phase, the raw material inventory temporarily increased its growth rate and turned up and the operating rate was slightly restored.杭州桑拿网 Alternately, the inventory of various parts of the industry was low, which provided a certain margin of safety for paper prices.

With the opening of the small peak season for packaging paper in May, the industry has entered the stage of actively adding inventory to try to drive up the price of paper.

In addition, the implementation of the waste-restriction policy in 2020 is expected to lead to a fiber gap in the industrial chain and a certain length to the supply side, which is expected to catalyze the upward cycle of packaging paper.

In itself, the continuous release of production capacity of the company’s bases in Central China, Haiyan, and Guangdong is expected to contribute to increasing market share. Southeast Asia and the US waste pulp production lines are expected to enhance the company’s self-sufficiency in fiber raw materials.

In the medium and long term, it may provide excess returns for the company.

Investment suggestion: We expect the company to realize net profit attributable to mothers in 2019-2021.

7, 21.9, 26.

6 trillion US dollars, an average of 51% a year, an increase of 39.

4%, an increase of 21.

8%, corresponding to EPS0.

34, 0.

48, 0.

58 yuan, maintain “overweight” rating.

Risk reminder: the risk of fluctuations in raw material prices, the project is not up to expectations, and the risk of rising interest rates.