Jiechang Drive (603583) First Coverage Report: New Blue Ocean Linear Drive Helmsman Continues High Growth

Jiechang Drive (603583) First Coverage Report: New Blue Ocean Linear Drive Helmsman Continues High Growth

Grasp the North American office core market, manufacturers of high-quality linear drive control systems continue to grow rapidly.

The company is a domestic benchmark enterprise of linear drive control systems, and has led the drafting of industry standards for DC motor push rods.

The foundation of high-quality products was successfully entered into the North American smart office equipment market, and performance continued to rise.

In the past five years, the compound annual growth rates of the company’s revenue and net interest rate were 43.

49%, 58.

twenty one%.

The upstream supply is loose, the downstream customers are of high quality, and the company’s comprehensive gross profit margin is maintained at about 50%.

Net operating cash flow continued to grow with increased revenue, reaching 1 in 2017.

6.9 billion, accounting for about 24% of revenue.

The asset structure is high-quality, the asset-liability ratio is less than 30%, the monetary funds exceed 200 million US dollars, and the total asset share exceeds 30%.

The global office and medical linear drive system market size is nearly 40 billion, with an overall growth rate of about 10%.

The linear drive is convenient and 青岛夜网 efficient to achieve linear displacement of terminal facilities through control and actuators. It is widely used to automatically drive electric beds, nursing beds, and gradually increase the price of TV racks.

Comfortable office has led to ergonomic intelligent office equipment; the acceleration of the global aging rate, the increase in the frequency of medical treatment, and the increase in demand for medical equipment.

It is estimated that from 2018 to 2020, the scale of linear drive products for medical and health care equipment in the global office field will be US $ 177/153, US $ 193/160, and US $ 216.8 billion.

Smart homes further drive market expansion of linear drive products.

Regardless of the incremental market brought by the increase in product penetration, referring to Markets and Markets data, in the next 重庆耍耍网 three years, the use of linear drive products in this field will maintain a growth rate of about 14%.

Raise investment to expand production, break through development breakthroughs, and enter a new stage of growth.

In the first half of 2018, the company’s smart office, medical care, and smart home control system capacity utilization rates were 127.

67%, 124.

91%, 103.

50%, production capacity has become the main factor limiting the company’s performance growth at this stage.

After the investment projects are put into production, the company’s drive system capacity will be 28 at this stage.

160,000 sets, obviously increased to 88.

160,000 units, capacity growth will effectively break through, performance growth is expected to further increase.

Earnings forecast: The downstream demand is strong, the company’s production capacity and new products will be increased in order, and expected results will maintain high growth.

We expect the company to achieve net profit attributable to mothers from 2018 to 20202.

54 and 3.

28, 4.

2.5 billion, EPS 2.

10, 2.

72, 3.

52 yuan / share, the current price of PE 32.

53, 25.

12, 19.


Covered for the first time, initially increase the level of holdings.

Risk warning: The growth of demand from major customers in North America is less than expected, and exchange rate changes drag down performance.

Public Education (002607) in-depth report: 100 billion market value1.

0 version of the battle crowned do not forget the original heart 2.

Version 0 begins with one step

Public Education (002607) in-depth report: 100 billion market value1.

0 version of the battle crowned do not forget the original heart 2.

Version 0 begins with one step

Different views from the market: The market is concerned and worried about the company’s public examination training upper limit and the scale and feasibility of expanding from the public examination to the postgraduate entrance examination and quality training.

We believe that in the background of the natural increase in the number of reference examinations, the participation rate is expected to exceed 30%. The average student is expected to exceed 10,000 yuan, and the scale of the public examination market is expected to reach 200 trillion.

Since 2010, the public examination training industry has gradually entered the silver age, and the leader has further increased the city’s share by deeply matching demand and optimizing supply.

The company has 10 years of vertical deep farming public examination, relying on the four modernizations (specialized in research and development, full-time teachers, direct channel operation, and technological operation) to continuously strengthen the rapid response capability of vertical deep farming integration, and take the lead in realizing revenue on the single training trackThe scale is over 3 billion pounds. Since 2010, it has successfully achieved training in public institutions such as public institutions, teaching and recruiting, and completed the goal of rebuilding a public examination. It has verified that the company’s vertical integration ability has been maximized and it provides a highly decentralized market.High-quality supply, solved the core problem of cross-track in the field of vocational training, and transformed 2.

0 and 3.

A sustainable basis for horizontal development at stage 0.

We are optimistic that the company relies on the vertical integration of rapid response capabilities in multiple crossovers in the direction of concentric intersections, relying on 3 principles (controllable business model, low business model principle, and project replication), continuously optimize supply and reshape many vocational trainingIn the track field, following the public examination leader, the public recruitment leader has further improved its professional ability, and the non-education vocational training leader has developed.

Building 1.

0: Establish the core competence of “3 + 4”.

2000-2010 is the golden age of public examination training. The national examination has become more popular. The provincial examination has been continuously standardized. The public examination track has been continuously expanded.Scale foundation, deeply cultivated college student groups, heavy R & D and mature curriculum development system construction, took the lead in promoting the national channel expansion and sinking process to realize the change of the model of agency first and direct management, and the first unit price development and expansion of the contract class model,Established vertical integration and rapid response capabilities, and also laid out other public service training tracks in a forward-looking manner.

After 2010, the industry entered the silver age. The two distinctive characteristics of the rapid increase in participation rate and the intensification of the expansion of leading companies during the period, the company surpassed Huatu to become the leader of public examination training, and carried out in the field of public institution and teacher recruitment trainingSuccessful leapfrogging has not only achieved the desire to re-create a public examination, but also in other public service training markets where the recruiting scale is several times that of civil servants.The “major feat” with a scale exceeding US $ 5 billion has verified the feasibility of horizontal expansion of the company’s vertical integration and rapid response capabilities.Policy, the high degree of decentralization of county-level decentralized organization of examinations and the successful leapfrogging of multiple markets, both a horizontal expansion within the training track for public employment recruitment, and also from 1.

Stage 0 achieves 1.

The span of 5 stages is 2.

0 and 3.

Stage 0 development prospects provide foundations and provide examples.

Breakthrough 2.

0: Draw concentric circles well, horizontal expansion of multi-category fields in vocational education has emerged.

① Concentric and diversified development is the ability of outstanding companies to break through the bottom and core: the development of any enterprise is a process of constantly breaking through barriers, relying on existing advantages to provide more diversified products and services to the core, thereby achieving concentricity of its core advantagesRound extensions and constant ceiling expansion.

The company’s own growth flywheel has been established, and this is why the core ability of outstanding companies to continuously expand and develop and open up growth space.


The core competence of CCP’s concentric circle development gradually in stage 0, 2.

Phase 0 concentric circle expansion gradually re-creates a public examination market: Congong has established vertical deep integration and rapid response capabilities in the public examination field, which has laid the foundation for the company’s concentric diversification: deep cultivation of college student groups and deep and continuous national declineThe growth of nearly a thousand channel outlets provides a similar basis for multi-type horizontal expansion of customers and channel promotion, and the basis for channel correlation between demand response and supply reach. It can grow in the highly decentralized market development of institutions and teacher recruitment trainingSuccessful experience and cross-track project operation experience, vertical integration, rapid response and dimensionality reduction, advanced research, IT training, self-test and other tracks, 2.

The stage 0 concentric circle multi-category expansion strategy has begun to bear fruit: the company entered the postgraduate training, financial accounting and IT training fields around 2014.

In 2018, the market size of the company’s postgraduate training is expected to reach a level of about 5 trillion millimeters. It is expected that this year it will break through the 10 trillion magnitude scale and gradually become the leader of the postgraduate training.

The company’s IT training plan is quickly breaking through the multi-million scale scale, and the IT training market is further integrated.

③The Congong Deep Plowing IT training and postgraduate courses are nearly 100 billion in market scale, trying to recreate a public job recruitment training business scale: there are many participants in the postgraduate IT training market, but the degree of large-scale development is still decreasing, and the phenomenon of supply homogeneity is serious.The market supply is difficult to meet the user’s personalized and diversified needs, and the ability to supply and respond to demand is still weak. At present, the scale of the post-graduate title company has not significantly exceeded the 1 billion trillion level, showing the same enterprise size door as many vocational training segments.Biological characteristics, we believe that the market demand for the postgraduate recruitment training with rigid demand and the IT practical skills training with strong vocational skills demand still has a lot of room for excavation. In the mid-term, the postgraduate track will be 300 million dollars and the IT training track will be 600The market scale of 10,000 US dollars still has several times room for improvement. We are optimistic about the company’s integration of resources, optimization of supply, and boosting track capacity.

Platform 3.

0: Create a comprehensive vocational education training platform, enter vocational ability training, and participate in the development of a trillion-level vocational training market.


Phase 0 transforms the formation and expansion of platform capabilities, further participates in the Nuggets nearly trillion-level non-educational vocational training market, and improves the life cycle of single customers.

With the comprehensive development of vertical integration of multiple divided tracks, the company is expected to gradually form a comprehensive vocational education and training platform and further extend to the market for vocational ability improvement training.

With the company’s employment training and vocational ability improvement aimed at 18-35 and even 45-year-old core population, it can provide more diversified products, which will help significantly enhance the life cycle of a single customer and build a vocational training service ecosystem.

The current national personal training + enterprise training market size is about 820 billion, and it is expected to reach nearly 1 trillion by 2020, with the company at 3.
Phase 0 expansion is a natural extension of the company’s needs around personal training and even corporate training. The scale of the development ceiling is gradually increased and expanded.
With the expansion of the track and the vertical deep cultivation process, the company’s operation management and system upgrade will also bring shocks and challenges, and will also test the company’s management system conversion and upgrading ability, and test the company’s “four modernizations” core competence upgrade.

② It changes with time, and launches a training and learning base model 杭州桑拿 tailored to local conditions, the core of which is to meet the individual needs of customers and the feasibility of finance. It seems to be heavy, but it is light.

As early as 2010, the company established the first flagship learning center for public examination training in China. In 2011, it created a learning model for public training bases, which radiated from Beijing to many provinces. At present, the company’s learning base is still advancing.

The promotion of asset-focused learning centers has become an important focus of the market, and it is feared that excessive models will cause the company’s return on investment and ROE level to be lowered.

We believe that the core of the efforts to learn the basic model is firstly to better meet the personalized needs of some books with closed learning, and secondly it comes from the digestion and absorption of financial economics and positive externalities.

The company ‘s scale of hotel rental costs has continued to increase and the matching details of suitable venues have increased after the expansion. The start-up fee accounts for more than 15% of the company ‘s revenue and the scale reaches 1 billion.The construction of a reasonable and reasonable learning infrastructure with cash flow is conducive to fully digesting the positive externalities brought by the training business, and to reduce the personalized needs of training customers, improve the scale of cost savings and increase supporting service revenue.

Earnings forecast and estimation: We maintain the company’s net profit attributable to its mother for 19-21 years to 16.



The forecast of 6.6 billion US dollars corresponds to zero EPS.



51 yuan / share, the corresponding PE is 58.

4, 41.

3 and 31 times.

Bullish on the company by 1.

0 continues to 2.

The development and promotion process at stage 0, as well as future progress, has the potential to further build a vocational education ecosystem.

Maintain a highly recommended level.

Risk reminder: education integration fails to meet expectations, education policy risks, cross-category expansion fails to meet expected risks, and risks of pressure on the company’s operations and management in the rapid expansion process

Zhongke Shuguang (603019) Semi-annual Report of 2019 Review: Domestic High-Performance Computer Leaders High Input and Power Upstream Core Technology

Zhongke Shuguang (603019) Semi-annual Report of 2019 Review: Domestic 杭州桑拿 High-Performance Computer Leaders High Input and Power Upstream Core Technology

Event: The company released its semi-annual report for 2019. In the first half of 2019, the company achieved operating income of 46.

07 million yuan, an increase of 35 in ten years.

28%; realize net profit attributable to shareholders of listed companies.

30,000 yuan, an increase of 39 in ten years.


Key points of investment: Leading domestic high-performance computer, high-input and high-efficiency upstream core technology. The main business of the company continued to grow steadily, with good cost control during the period.

In the first half of 2019, the company’s operating income increased by 35 compared with the same period last year.

28%, net profit attributable to shareholders of listed companies increased by 39.

14%, the company’s main business as a whole maintained sustained and steady growth.

The main subject company whose revenue growth was improved in the earlier quarter was replaced by the US Commerce Department with a “Entity List” in June 2019, which resulted from the company’s reduction in the sales scale of general products.

We believe that through the company’s search for alternative parts, adjusting production plans, concentrating resources, sorting out its main business, further expanding R & D investment and complementing technical shortcomings.

In the first half of 2019, the company accrued selling expenses1.

89 ppm, an increase of 15 in ten years.

17%; administrative expenses 1.

10,000 yuan, an increase of 30 in ten years.

40%; financial expenses 0.

8.4 billion, an increase of 40 in ten years.

73% was mainly due to the increase in financial expenses accrued from convertible corporate bonds.

On the whole, the company’s expenses exceeded the increase in revenue on average, and the expenses were well controlled.

R & D has grown significantly, creating conditions for the industrialization of core technologies.

In the first half of 2019, the company’s R & D expenses were 2.

68 ppm, an increase of 62 over the same period last year.

29%, the company newly obtained 37 patents, including 25 invention patents.

1) High-end computer.

Mass production of high-density and energy-efficient new silicon cube series high-performance computers using immersion liquid phase-change cooling technology was completed, and research and development of 200Gbps high-speed interconnect modules was completed.The budget has won the world’s first six categories of performance testing; the company launched edge computing servers for edge computer rooms and operator applications that meet the OTII standard in the field of edge computing.

2) Storage.

The company released the distributed block storage software XStor, which has good market prospects in the government, education, and enterprise fields; the NAS storage products developed by itself have successfully won the “Agricultural Bank of China 2019-2020 Storage Equipment Procurement Project”, and the storage products are used in financeThe industry made a breakthrough.

3) Cloud computing.

The company actively promotes the construction and promotion of the Encore cloud platform to form a secure and reliable cloud platform architecture system; actively participates in the trusted cloud, ITSS cloud service capability assessment, and other guarantees2.

Formulation and evaluation of related standards such as 0; build urban cloud brains based on urban cloud computing big data centers, and build a smart city application ecology centered on big data of government affairs.

4) Network security.

In the field of network traffic analysis and processing and visualization, we have completed a high-performance traffic analysis and processing system based on DPI technology that supports 4-7 layers of full traffic analysis, and released DPI products based on domestic processors.

Backed by the scientific research strength of the Chinese Academy of Sciences, the future growth space is broad.

The company belongs to the important listed company platform in the Chinese Academy of Sciences system and will play an important role in the industrialization of scientific research results of the Chinese Academy of Sciences.

The company is a key support object of the “First Action Plan” of the Chinese Academy of Sciences, and has the right to prioritize cooperation in high-quality scientific research resources in the field of advanced computing technology of the Chinese Academy of Sciences.

The company has made comprehensive deployments 南京桑拿网 in the area of “Four Big Data”, investing in Zhongke Xingtu in the field of aerospace big data, and investing in innovative enterprises such as Sanke Sanqing in the field of environmental protection big data, which has a large potential for value-added future equity.

Based on the profit forecast and investment rating, we are optimistic about the future development of the company. Considering the interference of Sino-US trade friction on the company’s high-end computer product sales, the company’s EPS for 2019-2021 is expected to be 0.

82, 1.03 and 1.

33 yuan / share, maintain “overweight” rating.

Risks suggest that competition in the server market is intensifying and gross margins are decreasing; new business expansion is not as expected.

China Animal Husbandry (600195) In-depth Research Report: Central Enterprise Mobilization Leader Actively Transforms and Waits for Cycle to Start

China Animal Husbandry (600195) In-depth Research Report: Central Enterprise Mobilization Leader Actively Transforms and Waits for Cycle to Start

Leading state-owned enterprise security insurance with complete categories and steady growth.

The company’s existing business covers four major sectors: veterinary biological products (animal vaccines), veterinary chemicals, feed (premixes and multivitamins), and trade.

Among them, veterinary biological products are the company’s core business, contributing 28% of total revenue and 55% of gross profit in 2018.

  Major animal epidemic vaccines, multivitamin additives, veterinary drugs and other products occupy the forefront of the industry.

  Waiting for the cycle to start after pig breeding, head manufacturers are expected to enjoy the market transformation bonus.

The current growth logic of the animal vaccine industry has changed. The African swine fever epidemic has promoted the adjustment of the industry’s competitive situation. The contraction of government recruiting seedlings has put pressure on the short-term performance of enterprises, and at the same time has accelerated the exit of small and medium-sized enterprises and the clearance of excess industry capacity.The improvement of farming profitability brought by the boom will promote the penetration of market seedlings in large-scale farming enterprises. Manufacturers with core technologies, product layouts and channel advantages will gain higher market share through endogenous growth + outreach mergers and acquisitions.In the future, it is expected that a competitive pattern among major giants will gradually form.

  Zhaozhai Miao’s absolute leader turned to a market-oriented pioneer, and the product continued to rejuvenate.

Swine vaccine: The company’s new type O foot-and-mouth disease vaccine type O and type A bivalent inactivated vaccine have obtained the new veterinary drug registration certificate. In the third quarter of 2019, the company officially announced that it had approved the product approval and went on sale.It can also help the company’s products to further penetrate into large-scale breeding enterprises, develop high-end customers, enhance brand power, and gradually complete channel sinking.

In addition, through the continuous promotion of large-scale breeding, the penetration rate of single products such as the company’s circular vaccine and pseudorabies vaccine will steadily increase, the market space will gradually increase, and the company will have more complete corresponding product series, which will have greater flexibility in future performance.

Poultry seedlings: Improved poultry chain breeding boom + upgrade of highly pathogenic avian influenza vaccine “two-price to three-price” products, both volume and price have risen, the company is expected to continue to realize the existing performance of seedlings.

  Speed up the pace and stimulate the vitality of the enterprise.

From the launch of equity incentive plans, to the establishment of Sino-Public Joint Ventures, and the selection of “Double Hundred Actions” companies, the company has steadily advanced its internal reform plan.

The first phase of the equity incentive plan has reached the conditions for exercise, and then gradually deepened the reform and exploration. The company gradually fully benefited from the activation of the management mechanism and the improvement of management efficiency, and continued to release reform dividends.

  Earnings forecasts, estimates and investment ratings.

We expect the company to achieve operating income of 45 in 19-21.



850,000 yuan, +3.

6% / 7.

8% / 8.

8%; net profit attributable to mother 4.



52 trillion, corresponding to 0 EPS.



66 yuan, +5.

9% / 8.

6% / 15.


At present, the industry’s overall expected level in 2019 is 26 times. Considering that the company accelerates the pace of market-oriented transformation and the continuous deepening of the subsequent reform of state-owned enterprises, we give the company 26-30 times PE for 19 years, corresponding to 13.


6 yuan, the first coverage given a “recommended” rating.

  Risk reminder: Africa’s swine fever epidemic leads to continuous de-capacity of 深圳spa会所 the industry, increasing demand for animal vaccines, veterinary drugs and other products risks dragging down the company’s performance; risk of changes in animal immunization policies causing the company’s performance to decline; the company’s new product research and development and application transformation have not reachedAnticipated risks; the risk that the company’s marketing and channel development will not progress well; the intensified market competition will cause the company’s profitability to tilt.

Zhaoyan New Medicine (603127): Investing in Chongqing Base to Strengthen Competitive Advantage in Security Evaluation

Zhaoyan New Medicine (603127): Investing in Chongqing Base to Strengthen Competitive Advantage in Security Evaluation

Event: On March 30, the company announced that it will invest in the construction of Zhaoyan (Chongqing) New Drug Evaluation Center in Chongqing in accordance with the needs of future business development.

Core View The third base is about to land and strengthen the safety assessment of competitive advantage.

Following Beijing and Taicang New Drug Evaluation Center, the company decided to set up a third base in Chongqing.

According to reports, the investment scale is about 7.

8.7 billion, with a planned construction area of 60,000 square meters, and construction is expected to begin in October this year.

The Chongqing base is still dominated by pharmacological and toxicological assessment services, taking into account preclinical and clinical sample testing services.

It is easy to understand that the construction and operation of the Chongqing base will greatly enhance the company’s competitive advantage in the GLP field: 1) breakthrough in the capacity transfer of existing bases; 2) perfecting the national layout and strengthening coverage in the south

The GLP business has grown rapidly, and early clinical and surveillance services have progressed smoothly.

At present, the newly renovated production capacity of the Taicang base for 18 years has begun to gradually expand and use. The overall increase 武汉夜生活网 in area interval is about 70%. With sufficient orders, the GLP business will maintain rapid growth in 19-20 years; early clinical business:The trial base is under construction and will be launched during the year; 2) Clinical CRO team.

Expansion of the team is expected to be completed in the first half of the year; 3) Clinical biological sample analysis center.

The Taicang base laboratory is under construction and is expected to undertake projects within the year; the vigilance business: it is in the process of active promotion and has developed rapidly.

Based on the GLP business, build a comprehensive pre-clinical CRO.

The company’s strategic plan is based on biopharmaceuticals. Based on the integration of GLP business, it will build a comprehensive CRO around early clinical and biopharmaceutical CRO / CMO.

Specifically, 西安耍耍网 based on the existing preclinical safety assessment business (consolidating the domestic market and expanding overseas markets), it will strengthen its service capabilities such as medicinal pharmacopoeia and expand into the early clinical field; in terms of animals, the company willThe internal transplantation method strengthens improvement and quality management.

We believe that the company is expected to eventually grow into a preclinical comprehensive CRO with biomedicine as its core.

Financial Forecast and Investment Recommendations We predict that the company will realize net profit attributable to mothers in 2019-2021.



7.2 billion (originally forecasted a net profit of 19-21 for 1 year.



700,000), the corresponding EPS is 1.



38 yuan.

With reference to the assessment level of comparable companies, the company is given a 56 times price-earnings ratio in 2019 with a corresponding target price of 76.

16 yuan, maintaining the “overweight” level.

Risk Warning If the new business development is less than expected, it will adversely affect the company’s growth prospects.

Xinji Energy (601918): Coal and power businesses are depreciating assets and affecting performance release

Xinji Energy (601918): Coal and power businesses are depreciating assets and affecting performance release

Event: On March 21, 2019, the company announced its 2018 annual report, which stated that the company realized operating income of 87.

50 ppm, a ten-year increase of 17.

18%; net profit attributable to shareholders of the listed company.

610,000 yuan, an increase of 1080 in ten years.


Opinion The fourth quarter performance reported a loss, mainly due to the impairment of large assets: According to the annual report data, the company’s net profit in the fourth quarter was -6.

47 trillion, resulting in an expected initial provision of 8.

15 million assets impairment loss, which is mainly the asset impairment caused by the withdrawal of the Yangzhuang Mine production capacity under construction.

In the fourth quarter, the company’s net profit excluding asset impairment was approximately 1.

About 700 million, an increase of 19%.

Significant cost reduction and efficiency enhancement, and profitability of coal business improved: According to the announcement, the company produced 1520 commercial coal in 2018.

01 for the first time, higher than the increase of 13.

99%; sales of commercial coal reached 1500.

25, an annual increase of 14.

12%. The first recovery of production and sales was the resumption of Xinji No. 1 Mine.

The comprehensive purity of commercial coal is 374.

37 yuan / ton, an increase of 1 in ten years.

09%, the coal business achieved a gross profit margin of 53.

96%, an increase of 3 over the same period last year.

86 units.

The efficiency of power units has increased, and the volume and price of power business have risen: According to the announcement, the company achieved 104 thermal power generation in 2018.

7.7 billion kWh, an increase of 7 in ten years.

83%, sales of 99.

8 billion kWh, an increase of 7 in ten years.


The substantial increase in power generation is initially due to the improvement of the company’s unit efficiency. In 2018, the number of power generation hours increased by 380 degrees.

88 hours to 5238.

28 hours, 877 hours above the national average.

The company’s on-grid electricity price in 2018 was 313.

11 yuan /杭州桑拿网 MWh, an increase of 3 over the same period last year.

88%, achieving a gross profit margin of 19.

61%, an increase of 2 from 2017.

61 units.

Banji Mine resumes construction with endogenous growth expectations: According to the announcement, the company Banji Mine (300 pieces / year) has officially resumed construction on October 16, 2018, with an expected construction period of 25.

Seven months is expected to begin production in early 2021.

Investment suggestion: Overweight-A investment rating, 6-month target price of 4.

20 yuan.

We estimate that the company’s net profit attributable to mothers for 2019-2021 will be 10 respectively.7.5 billion, 10.

9.7 billion, 11.

55 ppm, corresponding EPS is 0.

42, 0.

42, 0.


Risk reminder: coal prices fall sharply, demand increases, and power generation decreases

Hang Seng Electronics (600570): Appreciation of financial assets drives growth in growth and long-term positive factors remain unchanged

Hang Seng Electronics (600570): Appreciation of financial assets drives growth in growth and long-term positive factors remain unchanged

Event: The company released the 2019 first quarter report, reporting a series of realized revenue5.

92 ppm, an increase of 11 years.

17%; net profit attributable to mother 3.

980,000 yuan, an increase of 593 in ten years.

66%; net profit after excluding non-recurring gains and losses is 0.

3.6 billion, a five-year growth of 5.


Quotations affect the growth rate of brokerage business income in the short term: reports that capital market business realized income4.

38 ppm, an increase of 13 in ten years.


Among them, brokerage business 8714.

50,000 yuan, a decrease of 15 per year.

73%, we believe that the decrease in brokerage revenue in the first quarter was mainly due to the weakening of the capital market in 2018 and the reduction of IT budgets by securities companies and other factors.

In addition, asset management business and wealth business achieved higher growth rates, respectively, and achieved revenue1.

98 ppm and 1.

400,000 yuan, an annual increase of 27.

35% and 26.


The rapid appreciation of financial assets and the increase in the proportion of management expenses: The report shows that the company’s total non-recurring gains and losses.

USD 6.2 billion was mainly due to the increase in gains from changes in fair value generated by holders’ financial assets.

As of the end of 2018, the company held about 10 million shares of Kelan Software, a listed company. Due to the significant increase in the activity of the capital market year-to-date, Kelan Software’s breakthrough growth rate exceeded 175% in the first quarter, which became the reason for the appreciation of the financial assets.

The company’s management expenses and R & D expenses accounted for 19% in the first quarter.

20% and 52.

71%, an improvement from the same period last year, but considering the first quarter is the payment period for the company’s 成都桑拿网 employee performance bonus, because we believe that the quarterly increase is still normal.

Business development is facing three major opportunities for active capital market, policy implementation and financial liberalization: We believe that the company’s business development will face three major opportunities in 2019: (1) The capital market is active, and market activity has been greatly enhanced since this year.Financial institutions promote the improvement of their budgets for IT construction, increase the data processing pressure caused by the increase in transaction volume, or promote financial institutions to speed up the upgrading and transformation of their own systems; (2) the implementation of policies, new rules for asset management, and science and technology boardsThe system construction requirements brought by the new deal such as brokerage settlement and settlement, MOM, etc. are expected to achieve 北京桑拿洗浴保健 large-scale landing this year, which will drive rapid growth of the company’s related business; (3) Financial opening up, through the Shanghai-London Stock Connect, MSCI’s clear, China’s capital market willRealizing further opening up to the outside world, and recently the Securities and Futures Commission has established a foreign-controlled JPMorgan Chase Securities and Nomura Oriental International Securities to clarify the openness of regulators to supplement statutory financial institutions, thereby reinjecting blood into the domestic capital market and expanding its scale.The company’s downstream market brings business growth to it.

Investment suggestion: The company’s long-term technology-based, traditional business has grown steadily, and the advantages of card slots are obvious; the multi-point layout of innovative business has begun to take shape.

In 2019, the company faces three major development opportunities: the recovery of the capital market, the implementation of policies and the opening of the financial market, and its performance has achieved sustained and rapid growth.

EPS is expected to reach 1 in 2019 and 2020.

38, 1.

62 yuan, maintain Buy-A rating, 6-month target price of 115 yuan.

Risk warning: Innovative business development is less than expected; regulatory policy risks.

Private equity conference call urgently determines market opening operation: adjustment is a golden pit

Private equity conference call urgently determines market opening operation: adjustment is a “golden pit”
When panic spreads, when does the specific medicine appear?Investing without looking at policies is like blindfolding. Come to Sina Finance University, listen to Miss Dong read the news and understand the market.The latest epidemic interpretation is free for a limited time before February 9! Original Title: Urgent Research on Private Equity Conference Call!How did they operate after the A-share market opened? It seems that the source: China Securities News Lin Ronghua Li Huimin fell sharply across the board on Friday, the Dow plummeted 600 points, a decline of more than 2%, the largest one-day drop since September 2019; S & P 500The index fell by 1.At 77%, the Nasdaq fell by 1.59%; all three indexes have erased the increase since 2020.Most large technology stocks fell, and most Chinese stocks also fell.  Source: Wind A shares will be launched next Monday. What will happen?  Merged the remote office model of private equity, researched and judged strategies through telephone conferences, and changed the private equity fund manager to participate in an emergency meeting yesterday.At the same time, Xingshi Investment, Yuanlesheng Assets, Minority Investment and other tens of billions of private equity and some medium-sized private equity also issued strategic views.  Private equity believes that the short-term adjustment brought by the epidemic is a “golden pit”, and the market will soon recover from panic, and it will still be better in the medium term.5G, new energy, pharmaceutical and other technology stocks and undervalued leading stocks, blue-chip stocks will usher in better buying points.At the same time, fiscal and monetary policies are expected to work together and remain optimistic about macroeconomic trends.  The initial short-term adjustment is the “golden pit”. From the perspective of private equity institutions, the epidemic does not change the direction of economic recovery and the positive trend of A-shares in the medium term. The “golden pit” brought by short-term adjustment is an opportunity for new funds to buy.  Xingshi Investment Deputy General Manager and Chief Research Officer Lei believes that the impact of the epidemic on the capital market must exist, but space and time may be relatively limited.Before the Spring Festival this year, A-shares have released some pressure, and after a holiday digestion, coupled with the 2003 SARS experience transformation, market sentiment may be released relatively quickly.With the control of the epidemic, the market will return to a long-term positive trend. Under the background of policy protection and industrial upgrading, the future will still be the main market for growth stocks.  Yuanlesheng Assets believes that from the experience of SARS, the market adjustment brought about by one-off shocks is actually an “opportunity”.The direction of the 2020 economic cycle stabilization and recovery will not change, and the recovery will only be late but not absent.Higher medical standards and better protection awareness have given us confidence that the time of the “war epidemic” may be shorter than that of SARS.This shock is a one-time, once the level is gradually restored, most industries will drive back the progress in the subsequent time, and generally will not change the direction of economic recovery.  The minority investment founder Zhou Liang said that the panic will intensify the decline and shocks of the market in the short term, but the impact on the stock market will soon pass.Every year, unexpected events erupt, affecting the sentiment and trends of the market, but it is difficult to change the general pattern and trend of the market.The panic caused by the outbreak provided an opportunity for incremental funds to buy stocks at a low price.The return-to-risk ratio is better than the value-at-risk.The long-term trend of China’s economic development will not change, and the pattern of the A-share market will not change.  Gathering Capital pointed out that the epidemic may have a certain impact on the short-term sentiment and rhythm of the market, but it does not change the trend of the medium-term market. The estimates of stocks and Hong Kong stocks have shifted their attractiveness after the change, and they still hold a positive attitude towards the market’s medium-term trend.  In the short term, Tai Chi Assets said that during the Spring Festival, the Hang Seng Index and A50 futures fell by about 5 respectively.7% and 7.0%, A shares will make up after the Spring Festival.As the epidemic situation is gradually controlled, the market is expected to stabilize and recover before the inflection point of the epidemic case data is reached.  The pharmaceutical sector is ready to receive attention. From the perspective of specific operational responses, 5G, new energy, pharmaceutical biotechnology and other technology stocks and undervalued leading stocks, blue-chip stocks are still the focus of private equity institutions.  Fang Lei said that from the perspective of industry configuration, the impact of the epidemic on the biopharmaceutical industry and the science and technology sector less affected by the epidemic was relatively controllable.During the SARS period in 2003, both the biomedical industry and the technology industry represented by TMT had excess returns.Adhere to the early judgment, focusing on the 5G industry chain, the new energy vehicle industry chain and the biomedical industry, which represent the future development direction.  Zhou Liang, the founder of minority investments, said the market will soon recover from panic.It will not be too long for investors to buy at low prices in a market panic.It is expected that the strong 杭州夜生活网 style of big blue chips will continue. The big blue chips will be selected and the method of full position operation will be continued for more than three years.  Yuanlesheng Assets believes that the future opportunities are more about the profit growth space and sustainability of outstanding companies, and the market still overestimates its profit and underestimates its profitability.  Together Capital believes that the epidemic will be a core factor affecting the market in the short term, focusing on the impact of accelerated population movements on the epidemic data after rework.The pharmaceutical and chemical sectors generally performed better during the outbreak, and the relative growth of the pharmaceutical sector during the SARS outbreak (2003/04 / 16-2003 / 04/30) increased the excess returns.twenty one%.  Taiying Assets 武汉夜生活网 said that the short-term risk-averse funds are expected to increase the holdings of diagnosis, medical protective supplies, therapeutic drugs and equipment, pharmacies and Internet medical care that are related to the epidemic situation.In the long run, government public expenditure will increase the proportion of payments for medical epidemic prevention, public health, domestic medical devices, vaccines, and innovative drug companies.Possibility under the influence of short-term emotions will make the quality target more reasonable.It is expected that technology hardware and consumer goods will be significantly differentiated after adjustment, and some sub-industries in the pharmaceutical and Internet are expected to obtain excess returns.  Looking forward to fiscal and monetary policy, while optimistic about the later trend of A shares, private equity institutions are also looking forward to fiscal and monetary policy, and to stabilize economic growth.  Fang Lei said that the short-term impact of the epidemic on production and consumption will likely calm down in the first half of the year, and the goal of gradual economic growth will most likely be achieved.There are two reasons: First, the impact of the epidemic-like black swan on the economy is mostly pulsating, and it will not change the trend of economic growth.Second, the policy will remain relatively loose, and the rhythm may be changed more than originally expected, with less intensity.In terms of fiscal policy, increasing local special debt quotas, increasing the fiscal deficit rate, and increasing the financial support of policy-oriented financial institutions are the main points of view; in terms of monetary policy, reducing the remaining space and reducing the financing cost of the real economy are also important points.Reducing LPR rates may still be worth looking forward to.  Yuanlesheng Asset said that in the first quarter of 2020, there may be deep pits in the economy, and that fiscal and monetary policies may further increase easing.The economic budget is a dynamic follow-up type. When downward pressure increases, the speed of reverse decomposition may increase to prevent the economy from entering endogenous deflation.The emergence of the epidemic may make fiscal and monetary policy more prolonged or more accommodative, and it is more conducive to economic recovery in the medium and long term.Taking into account the partial shift in demand in the first quarter, while lowering the economic growth forecast for the first quarter, the growth forecast for the second to fourth quarter of 2020 can be raised.  Gathering Capital stated that in order to cope with the potential impact of liquidity due to trading “getting together” on the first trading day after the holiday, it changed the “Public Bank of China, State Administration of Foreign Exchange Administration’s Notice on Extending the Inter-bank Market Resting Schedule” on January 28.It is clearly stated that in consideration of the long-term fund size budget after the market opening on February 3, monetary policy tools such as the deployment of open market operations will be used to release a large amount of liquidity in a timely manner to maintain reasonable and sufficient liquidity in the banking system.  Taiji Assets said that with reference to the experience during the SARS period, monetary and fiscal policies will also be adjusted counter-cyclically. The government will reduce the interest rate and allowances to increase taxes and expenditures, which will bring about stable economic growth.

Longji shares (601012) 2018 annual report and 2019 first quarterly report comments: performance in line with expectations single crystal leader restarted growth

Longji shares (601012) 2018 annual report and 2019 first quarterly report comments: performance in line with expectations single crystal leader restarted growth
In the 2019 Q1 2019, Longji Co., Ltd. seeks to insert silicon wafers into donors, and its profitability continues to rise. After the series consolidation of components, high growth will be reproduced, maintaining the “overweight” rating. Investment Highlights: Maintain the “overweight” rating.Increase EPS forecast for 2019-2020 to 1.19 (+0.02) / 1.71 yuan, plus 2 in 2021 EPS.The 02 yuan forecast was raised because we believe that the profitability of silicon wafers after the second quarter of 2019 exceeded our expectations, maintaining a target price of 30.73 yuan.Longji shares announced the results of Q1 in 2018 and 2019, and realized revenue of 22 billion yuan in 2018, and net profit attributable to the parent was 2.6 billion yuan. In Q1 of 2019, revenue reached 57.100 million (+ 65%), net profit attributable to mother 6.1.1 billion (+ 13%), net of non-net profit 5.9.6 billion (+ 18%). Performance is in line with our expectations.The volume of silicon wafers 杭州桑拿网 in 2018 was 34.8.3 billion pieces, formerly + 113%, components combined 6.58GW, a year ago + 390%, achieved a significant increase under the threshold of 531. In 2018, 413MW generators were sold and 975MW were in hand at the end of the year; Q1 silicon wafers were exported in 20199.8.2 billion tablets, + 213% previously, gross profit margin continued to rebound to 21.5%; components are exported 1.24GW, formerly + 61%, gross profit margin remained at about 25%; the power plant sold 106MW, realizing investment income of 0.9.3 billion. In 2019, there is a shortage of monocrystalline silicon wafers, and the trend of double-sided components.The orientation of the single crystal silicon wafer shows the shape of the long-ring double-oligonucleotide. In 2019, as the single crystal PERC battery downstream of the single crystal silicon 深圳SPA会所 wafer will significantly increase the production capacity by more than 30GW, the difference between single crystal silicon wafers is unavoidable.At that time, the gross profit margin of monocrystalline wafers has risen to 25% -30%. In the long run, oligopoly maintains a gross profit margin of 25% and a net profit margin of 15% is also very reasonable.At the same time, taking into account the premium manifestation of double-sided components, it is expected to bring excess profits to component companies. In 2019, the scale of Longji double-sided components is expected to exceed 40%, which will also enhance profitability. catalyst.Monocrystalline wafer prices continued to remain high and new products were introduced. risk warning.International trade policy and exchange rate risks in 2019.

Than Yin Lefen (002832): Q1-Q3 net profit attributable to mother extended by 51% in 2019

Than Yin Lefen (002832): Q1-Q3 net profit attributable to mother extended by 51% in 2019

Investment highlights: The first three quarters of 2019 revenue / attributable net profit increased by 25% / 51% for the first half of the year.

19Q1-Q3 company revenue 13.

200 million US dollars, a year-on-year increase of 25%, net profit attributed to the mother3.

1 trillion, an increase of 51 in ten years.

1%, gross margin 68%, rising 4 every year.

8pct, net interest rate 23.

5%, up 4 each year.

1pct, net cash from operating activities1.

600 million yuan, an annual increase of 86.


Third quarter 19 revenue 4.

8 ‰, an increase of 24 in ten years.

6%, net profit attributable to mother 1.

4 trillion, an increase of 64 a year.

4%, 69% gross profit margin, rising 6 in ten years.

7pct, net profit 28.

8%, a year-on-year increase of 7pct, net cash from operating activities of 70.08 million yuan, an increase of 54 in ten years.


19Q3 net profit attributable to mothers achieved a high increase.

The company’s net profit attributable to its mother increased by 64 in 19Q3.

4%, excluding the impact of tax incentives for high-tech enterprises, in accordance with the average effective tax rate growth in the first three quarters of 2016-2018, net profit attributable to mothers increased by 42.

At 8%, the growth rate of net profit attributable to mothers increased by 27% in the previous 19Q2 period (the employee shareholding expenses were excluded on the basis of a historically comparable tax rate).

19Q3 net margin (excluding expected impact) 25.

0%, an increase of 3 a year.

2 points, we judge that the main brand still maintains strong profitability.

19Q3 revenue growth rebounded significantly.

Revenue increased in the third quarter.

6%, 22% faster than the growth rate of 19Q2.

45% has picked up, and we believe that the mismatch in delivery rhythm caused the company’s 19Q2 revenue growth to be slower than Q1.

We believe that as the company continues to ① product side: continue to increase product research and development investment, maintain stable cooperation with well-known overseas fabric manufacturers; ② channel side: implement the “location adjustment, expand area” store renovation plan to create boutiques and large experience stores; ③ Marketing side: Grasp the stars, popular variety market effects to further strengthen brand promotion, and promote the effectiveness of its main brand stores.

Gross profit margin benefited from improved sales and channel optimization.

The company’s gross profit margin for Q1 to Q3 2019 was 68%, an increase 杭州桑拿网 of 4 a year.

8pct, we judged that ① the growth rate of revenue in 19Q3 rebounded, driving the product sales rate; ② deep digging high-end communities in first-tier and second-tier cities, and the proportion of direct sales increased further.

Selling expense ratio 28.

4%, an increase of one year.

4 points, mainly due to the increase in shopping mall expenses, the management expense ratio of 11.

7%, an increase of 2pc a year, mainly due to the increase in office space and employee shareholding costs, financial expense ratio -0.

3%, an increase of 0 a year.27pct, keep stable.

Due to the new store, the operation of the new brand is still under pressure.

19Q1-Q3 company’s inventory turnover days 414.

4 days, an increase of 122 over the same period in 2018.

In 5 days, we believe that during the company’s continuous expansion of new stores and the cultivation of new brands, it is necessary to properly prepare product inventory to meet the needs of new and replenishment.

The company’s inventory turnover days in the first three quarters increased by 15 compared with 19H1.

1 day, relatively stable, we believe that through the maturity of new stores and the continuous development of new brands, inventory indicators will improve.

Turnover days of the company’s accounts receivable during the same period were 19.

89 days, an increase of 3 over the same period in 2018.

3 days.

Profit forecast and estimation.

We believe that the company’s main brand will continue to grow. At the same time, the new brand Venice has gradually entered the right track. In 2019/10, Olympic champion couple Tian Liang and Ye Yiqian formally signed a contract, becoming the first spokesperson for the new brand, and deepening the brand’s vacation tourism image.

On August 24, 2019, as a newly added stock to replace the FTSE Russell flagship index, its international attributes have been strengthened. We judge that the proportion of subsequent repeated entry will increase significantly.

We expect the company’s net profit for 2019 and 20204.

10, 5.

36 ppm, giving the company a PE estimation range of 23-25X in 2019, corresponding to a reasonable value range of 30.


25 yuan, maintain the “primary market” rating.

risk warning.

Retail terminals were weak, sales of new product series were not as expected, and store sales increased.