Monthly Archives: March 2020

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Depth-Company-Hengli Hydraulics (601100): Cycle + Growth Resonance Gradually Becomes Continuously High Growth

Category : 洗浴

Depth * Company * Hengli Hydraulic (601100): Cycle + Growth Resonance Gradually Achieve Continuous High Growth

With the gradual fulfillment of the expected increase in infrastructure, the prosperity of the construction machinery industry is expected to continue.

The main products of Hengli Hydraulics are excavator cylinders and pump valves. At present, production is fully scheduled, and it is expected to maintain full production and sales, verifying that the downstream prosperity is still high.

Looking ahead, while the company’s revenue is growing, its profit growth rate is more worthy of attention.

The company’s ability to control costs has been further improved, and the net interest rate has continued to rise, or it may become the main supporting logic for the performance exceeding expectations in 2019.

Based on the performance forecast, we raise the company’s profit forecast, maintain the Buy rating, and recommend it.

The support level of the cycle + growth, the company fully benefited from the strong recovery cycle of construction machinery.

The company’s main products include excavator cylinders and pump valves, fully benefiting from the strong recovery of downstream excavator sales in this round.

According to statistics from the Construction Machinery Association, domestic excavator sales reached 20 in 2018.

340,000 units, a year-on-year increase of 45%, far exceeding the record high of 17 in 2011.

Sales record of 840,000 units.

The total sales volume of excavator cylinders of our injection molding company in 2018 reached about 480,000 pieces, and the market share has increased to about 60%.

With the release of production capacity, pump and valve products have shown a doubling trend. It is expected that the company’s small-dig pump valve products will have a market share of about 30%, and medium-dig and large-dig pump valves will be the performance growth points of 2019-2020.

The production of oil cylinders + pumps and valves is saturated, and it is verified that the prosperity of downstream engineering machinery continues.

Considering the sales volume and market share of excavators in January, we predict that the company’s sales volume of excavator cylinders in January will reach 44,000-45,000, an increase of about 35%.

The company has plenty of orders in hand to ensure that it can maintain full production and sales in February-March.

The company’s cylinder delivery cycle is 45-60 days. Each time it responds from the 四川耍耍网 supply side, downstream OEMs remain optimistic about sales in March-April, verifying that the downstream boom is continuing.

The cost control ability is prominent, and the net interest rate is increasing rapidly.

Looking forward to 2019, we judge that while the company’s revenue is growing, its profit growth will scale, and the level of profitability will increase or become one of the performance growth points.

The company’s cost control ability is prominent, and the gross profit margin and net profit margin are increased, which mainly include: 1) scale effects, the continuous release of pump valve product throughput, the contribution and contribution doubled, while the production line cost is relatively compressed; 2) product structure adjustment; especiallyIt is a non-standard oil cylinder. Since 2018, the company has 武汉桑拿社 adjusted the product structure, increased the price of some products, and raised the gross profit margin to about 35%; 3) Process improvement, through the adjustment of production line equipment (including a small increase in some equipment) to achieve the processThe purpose of improving and increasing production capacity is to increase productivity.

We expect that the net profit margin of the company’s pump and valve products is expected to increase to about 20% in 2019, and the net profit margin of the cylinder products will be higher.

The main risks faced by the rating are the growth rate of infrastructure investment, and the sales of excavators have fallen sharply.

It is estimated that based on the company’s forecast and the latest changes in industry fundamentals, we raise the company’s net profit forecast for 18/19/20 to 8.



9 trillion, corresponding to 18/19/20 PE is estimated to be 29/19/18 times. Maintain BUY rating and continue to recommend.

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Gree Electric (000651) released comment: State-owned assets transfer is expected to open a new era of governance

Category : cktdpaq

Gree 天津夜网 Electric (000651) released comment: State-owned assets transfer is expected to open a new era of governance

Event: Gree Group intends to publicly agree to transfer 15% equity of Gree Electric.

Gree Electric released an announcement on the evening of April 8, 2019: Gree Group informed the company that it intends to negotiate the transfer of 15% of the total share capital of Gree Electric held by publicly soliciting the transferee.

The arithmetic means of the transfer price not lower than the average daily budget price for the 30 trading days before April 9.

The final public transfer price is subject to the public solicitation and the approval of the domestic asset supervision department this year.

The public solicitation for transfer still needs to obtain the approval of the domestic asset supervision department, and it is uncertain whether the approval and the approval time will be obtained.

Gree Electric will resume trading on April 9, 2019.

We believe this signifies that Gree may be transformed from a local state-owned enterprise actually controlled by the Zhuhai SASAC to a company without actual controllers and achieve mixed-ownership reform. If it progresses smoothly, it means a fundamental change in the company’s governance structure.

Opinion: Gree’s equity structure review: Zhuhai SASAC is the actual controller of internal corporate equity changes. Review: Since its establishment, the Gree Group’s shareholding ratio has continued to decline, and the main transfer occurred during the period of equity division reform.

A brief review of Gree’s equity structure.

Before the share reform in 2005, Gree Group’s overall shareholding was reorganized by more than 50%.

However, after 2005, the split share structure reform began, the group’s shareholding ratio fell, and in 2007, 10% of the total share capital was transferred to the channel business holding platform Jinghai to guarantee.

Since then, the Group’s shareholding ratio has continued to decline slightly due to factors such as active reductions in shares and replacements.

As of the third quarter of 2018, the shareholding ratio was 18.

22%, the decline in the overall shareholding ratio broke through.

Gree Group: Zhuhai SASAC is 100% controlled, and Gree Electric Appliances is the core asset.

Gree Group is a 100% state-owned enterprise owned by the State-owned Assets Supervision and Administration Commission of Zhuhai.

In addition to the manufacturing of Gree Electric Appliances, there has not been any construction and installation, construction investment, financial investment, island tourism and other fields, but from the perspective of financial data, Gree contributed most of the Group’s revenue and profits.

Existing shareholding structure: SASAC is the actual controller, the channel shareholding ratio is the second, and the combined shareholding ratio is scaled.

Looking at Gree’s equity structure, the current largest shareholder of the company is Gree Group (Zhuhai City SASAC holds 100% control), holding a total of 18 shares.

22%; Jinghaitan, a core channel distributor, maintains shares8.

91%, the second largest shareholder; while the overall overall shareholding ratio has decreased, the shareholding has mainly changed the dividend distribution reform (in 2006, 2007, and 2009, the Group transferred 1.

3% provide leadership).

In terms of the overall division structure, the company is a local state-owned enterprise in Zhuhai. It is mainly managed by the local SASAC in terms of personnel appointments and company management plans.

How to look at this transfer: The corporate governance structure is expected to go to the next level, and the merger is expected to break through the transaction scale, but the total share capital distribution is limited, and it may become an enterprise with no actual controller.

According to the announcement, the transfer price is not less than the arithmetic skills of changing the average price daily for the 30 trading days before April 9.

That is, the consideration is not less than 45.

67 yuan / share, the overall transaction size is not less than 41.2 billion yuan.

Due to the competitiveness of the overall transaction size, we expect that there may be multiple assignees.

However, from the perspective of the shareholding ratio, 15% of the total shareholding ratio is not high, and the current second largest stock Tokyo Kaidan maintains a shareholding ratio of 8.

91%, so after this equity transfer, the company may change from a previous enterprise to a company with a dispersed shareholding, without a real controller, and a company that has completed mixed ownership reform.

The transferee is unknown, but the corporate governance structure can be expected to improve.

Although the transferee of this equity transfer is still unknown, at least the candidate for the current board of directors to replace the company’s executives and channel managers is a positive signal that the SASAC has gradually decentralized the company’s operation and management.

At the same time, it is expected that the State-owned Assets Supervision and Administration Commission will set the performance of the transfer condition gate, find the recognized Gree asset value, and recognize the outstanding strategic / financial investors of the merger ability.

After the successful implementation of the equity transfer, the company is expected to form a diversified shareholding structure of shareholders’ property, improve the governance structure, and look forward to industry synergy.

The motivation of company leaders is worth looking forward to.

Due to the nature of ownership and holding structure, the company has not had a normalized shareholding or equity incentive.

The current shareholder’s shareholding is still estimated during the period of share reform.
In 16 years, it plans to launch an employee stock plan to acquire Yinlong Automobile, but it was not implemented because of the shareholders’ meeting.
Midea and Haier, which are also “three big”, have formed a normalized distribution incentive: Midea launched a multi-level and multi-type (four types) stock incentive plan; Haier implemented a four-phase distribution incentive in 2009-14.16-18 years into employee stock ownership plan.

The overall incentives are gradually normalizing.

If the equity transfer is successfully completed, the formula will incorporate the normal incentives and the binding with shareholders’ interests.

After the improvement of the shareholding structure, the interests of shareholders are expected to be better protected.

If the improvement and integration of the governance structure and the binding of the interests of listed and listed companies are successfully achieved, shareholder returns will also be better protected.

First, marketize corporate governance, modernize management, and re-release momentum for stronger performance; while restructuring, the company’s book cash is high, considering the return on cash assets to maximize shareholder equity, and the company is also expected to use excess cash to return more significantlyPurchases, dividends and other returns to shareholders.

Going back to the fundamentals: sales recovery + peak delivery, reduced inventory risk, restocking the logic of the industrial chain after the real estate cycle, and air conditioning demand is significantly better than the previous pessimistic expectations.

As we have pointed out many times in the previous period: (1) brand owners are more active in terminal promotions under the expectation of weak demand; (2) gradually, the sales indicators of first- and second-tier commercial housing have improved since 19 years, and the housing boom in the third- and fourth-tier cities is gradually coming (Corresponding to the 2016-2017 sales peak) will support demand performance.

According to the monitoring of Taobao platform, the monthly sales of air conditioners in March increased by + 87%; according to Aowei’s variable frequency sampling data, online sales of air conditioners in March increased by +51% /-9%, and the growth rates showed different degrees of improvement, Fully confirmed our judgment.

Demand improves, the company’s inventory risk gradually decreases, and brand power brings growth certainty.

The company ‘s highly aggressive replenishment rhythm since 18Q3 is relatively contradictory under the pressure of the current inventory level. This is also the issue that investors are most worried about, but when demand is better than pessimistic expectations, the company’s channel inventory is expected to gradually be digested, and potential risks will gradually come.reduce.

In the case of product power and brand power, the company’s revenue performance growth rate is still expected to lead the industry.

Investment suggestion: If the company’s equity distribution is successfully implemented, it will likely bring about a huge change in the company’s holding share structure. The company may change from a state-owned enterprise to a company with a dispersed shareholding ratio, without a real controller, and complete a mixed ownership reform.
Improvement of the governance structure and basic fair incentives are all worth looking forward to. The company has plenty of cash, there is still room for improvement in performance, and shareholder equity is expected to be better protected.

In the short term, after the real estate industry, the industrial chain logic supports the demand for air conditioners. As the industry leader, the company is leading the growth of the fundamentals with certainty.

Maintain judgment company 18?
The EPS in 20 years is 4.



35 yuan, corresponding to only 11/10/9 times the current PE.

Considering the deterministic growth of short-term fundamentals and the possible major changes in the company’s forecasting factors such as the long-term governance structure, it is estimated that the company is expected to have sufficient upward momentum after the resumption of trading.

Considering the factors that suppress the company’s estimates, such as the previous governance structure, there will be major changes. From a horizontal comparison of the sector, the company as a consumer industry has high-quality assets of the top moat, which can almost be regarded as the lowest in the home appliance sector and even the entire consumer industry.From a cyclical perspective, current estimates also correspond to extremely pessimistic expectations at the bottom of the land cycle.

Therefore, no matter how much horizontally, it is estimated that there will be a lot of room for repair and maintain the “buy” level.

Risk reminder: the demand increases sharply, the cost of raw materials rises, and the transfer of equity does not pass the approval.

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Penghua Fund: The RRR cut is intended to reduce the cost of physical financing

Category : 夜网

Penghua Fund: The RRR cut is intended to reduce the cost of physical financing
Penghua Fund incident: The People’s Bank of China stated on September 6 that it decided to fully reduce the deposit reserve ratio of financial institutions on September 6, 2019.5 shareholders (excluding finance companies, financial leasing companies and auto finance companies).In addition, in order to promote increased support for small and micro enterprises and private enterprises, an additional reduction of the deposit reserve ratio for urban commercial banks operating only in provincial administrative regions was made on October 15 and NovemberOn the 15th, it was implemented in two places, each time down by 0.5 averages.  Interpretation: The People’s Bank of China said that the long-term funds released by the RRR cut will be about 900 billion yuan, of which about 800 billion yuan will be released by the full-scale reduction, and about 100 billion yuan will be released by the targeted reduction.The RRR cut is in line with the September 4th National Assembly’s “timely use of policy tools such as universal and targeted RRR cuts.”.The spirit of increasing financial support for the real economy, especially small and micro enterprises.Under the background of increasing downward pressure on the economy and sluggish physical financing needs, the release of funds to reduce the bank’s debt can effectively alleviate the pressure on the bank’s debt end. The bank’s targeted reduction in bank structure will support urban commercial banks and private small and micro enterprises. The combination of scale and structural policies will help reduce the physicalFinancing costs.  The RRR cut still reflects the characteristics of structural easing, not “flooding in floods”, but the hedge against the tax period in mid-September to gradually or reduce open market operations to maintain reasonable liquidity; anotherOn the other hand, the recent tightening of financing policies for real estate companies, as well as the extension of a clear statement that mortgage interest rates will not be downgraded, will subsequently or mainly promote the flow of funds to entities and support private small and micro enterprises.In addition, the issuance of special bonds will initially increase the excess reserve requirements of commercial banks. This reduction will also help proactive fiscal policies and jointly support the real economy.  From a follow-up point of view, the policy and mechanism of currency policy will be further gradually promoted to promote the conversion of wide currency to wide credit.On August 17, in order to deepen the reform of interest rate marketization, improve the efficiency of interest rates, and promote the reduction of the financing cost of the real economy, it was decided to reform and improve the formation of the loan market quoted interest rate (LPR) formation mechanism. The new LPR quoted mechanism is “Mid-Term Lending Facility (MLF)”; On August 20th, the National Interbank Funding Center issued the first quotation since the reform of the LPR mechanism.25BP, compared with 4 before the reform.31% cut 6BP, 10BP lower than the benchmark; 5-year LPR reported 4.85%, 5BP 杭州风月网 lower than the benchmark; overall, the slight reduction of the “first show” of LPR basically accords with market expectations, while at the same time leaving room and possibility for the subsequent downward adjustment of LPR through the reduction of policy interest rates;Against the backdrop of increasing downward pressure on the domestic economy, there will continue to be policy rate cuts such as MLF reductions to guide further declines in LPR and reduce physical financing costs.

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Chinese Ambassador to the United States, Democracy, China and the United States Strengthen Strategic Coordination on World Outlook

Category : 新闻

Chinese Ambassador to the United States, Democracy, China and the United States Strengthen Strategic Coordination on World Outlook

Xinhua News Agency, San Diego, U.S., February 1 (Reporter Huang Heng) Chinese Ambassador to the United States Cui Tiankai said at the civilized Sino-US Relations Forum on the 1st that China and the United States should strengthen strategic coordination on the world outlook, strengthen coordination, cooperation, and stability as the keynote.Bilateral relations.

  Cui Tiankai said that Sino-US relations are the most important bilateral relationship in the world today and are at an important juncture.

The world today is undergoing complex, profound and rapid changes.

Faced with major alternatives such as cooperation and confrontation, multilateral and unilateral, openness and closedness, the international community must also ask each country’s worldview.

In this regard, China pointed out a clear answer, this is the community of human destiny.

  Cui Tiankai pointed out that a healthy and stable Sino-US relationship is an indispensable part of the community of human destiny, and it is also its due meaning.

China-US cooperation can accomplish many major events that are conducive to replacement and benefit the world.

  He said that in the eyes of the United States, can the world refuse to become a community of destiny?

What world view the United States adopts, its perspective and judgment on China will be very different.

If you look at the world from the perspective of a community of shared destiny, Sino-US relations are not a zero-sum game where you lose and win, and the winner takes all, nor will you fall into the Thucydides trap.

The success of China and the United States is vital 都市夜网 to each other. Peace and prosperity in the world can also reset a good China-US relationship.

  Cui Tiankai said that China and the United States are both important pillars of the existing international system, and coordination and cooperation rather than confrontation is the right choice.

Not long ago, China and the United States signed the first-phase economic and trade agreement, which once again proves that although there are differences and divisions between China and the United States, they have broad and important common interests.

China and the United States have both benefits, but the fight hurts.

As long as the two sides conform to the historical trend and the world trend, adhere to mutual respect and treat each other as equals, there will be no insurmountable difficulties and problems that cannot be solved.

  Cui Tiankai said that looking at the future, China hopes to strengthen strategic communication with the United States and re-establish a new strategic framework for relations, from strengthening the strategic coordination of the world view to the gradual relationship based on coordination, cooperation, and stability, and returning it to win-win cooperationRight track.

Original Title: China and the United States Affiliated to the Chinese Ambassador to the US Strengthen Strategic Coordination on World Outlook

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Taoli Bread (603866) Matter Review: The business is still growing steadily

Category : 按摩

Taoli Bread (603866) Matter Review: The business is still growing steadily

Matters: The company released the results report for the first quarter of 2019 to achieve revenue 11.

4.2 billion, +15 per year.

5%, to achieve net profit attributable to mother 1.

2.1 billion, +12 per year.

1%, realize the deduction of non-net profit1.

1.6 billion, ten years +10.


  Ping An’s point of view: Revenue growth is slightly lower, and the impact of competing products is over-considered: Considering the company’s 1Q19 company’s no moon cake and dumpling business, 1Q19 revenue growth was slower than 2H18 bread17.

The growth rate of 1% has slightly 杭州夜生活网 weakened the growth momentum. We believe that the reason may be that the competitive products quickly opened up the national market after listing at the end of November 18, which had a certain impact on the company’s expansion.

Looking back, the high degree of industry prosperity and low concentration of taps, and the short-term guarantee attributes of the products determine that it is difficult for the company to achieve leapfrog development. The national layout of competing products still has controllable impact on the company. The company opens up new market terminals and sub-markets in new markets.Promoted by the promotion, it is expected to maintain a revenue growth rate of more than 15% in advance.

  The gross profit margin has increased, and the cost pressure is still prominent: the company’s 1Q19 net profit was +12 in the past.

1%, net interest rate is relatively 0.

32pcts. Considering that the company’s product structure optimization promotes the improvement of gross profit level, it is estimated that the sales expense ratio will increase to a certain extent due to the new development market investment.

Looking forward to the future, the company’s 2H18 single stores gradually resumed growth, and the quality of outlets gradually improved in 19, so that the main sales expense rate of physical costs such as transportation and labor fell, and performance may gradually enter the release period.
  The long-term growth potential is large, and the inflection point of the expense ratio is approaching: the long-term guarantee of short-term insurance bread and the long-term growth certainty of a dominant competitive layout company. With the maturity of new markets, the scale effect promotes the gradual fall of the expense ratio. The company is expected to welcome3-5 years profit release period.

We maintain the EPS for 19-21 as 1.

60, 2.

04, 2.

The forecast of 49 yuan is +17 per year.

2%, +27.

3%, +22.

4%, corresponding to PE of 34.

4, 27.

0, 22.

0 times, maintaining the “strongly recommended” level.

  Risk reminders: 1. Risk of weak macro economy: slower economic growth, consumption upgrades are not up to expectations, leading to faster consumer growth; 2. risks of major food safety incidents: consumers are particularly sensitive to food safety issues.Major food safety accidents, it takes a long time for consumers to overcome the freezing point and reshape their confidence in the brand in the short term; 3, the expansion effect is less than expected risk: the company is promoting national expansion, and new market cultivation faces more uncertainty, orAs a result, performance was lower than expected.

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Yutong Bus (600066) 2019 Third Quarterly Report Review-Performance Meets Expected Highlights

Category : cktdpaq

Yutong Bus (600066) 2019 Third Quarterly Report Review-Performance Meets Expected Highlights

Net profit attributable to mothers in the third quarter of 20196.

42 trillion, ten years +10.

44%, in line with expectations.

According to the number of reports, the company still achieved sales, revenue and profit improvement against the background of the decline in industry sales and the replenishment of new energy vehicles, which fully reflects the company’s competitiveness as a leader in the bus industry.

In the medium and long term, the company’s technology and manufacturing capabilities are leading the world, and its products are becoming high-end and intelligent. It is expected to benefit from the optimization of the industry structure and the expansion of overseas export markets, and maintain a “buy” rating.

Matters: On October 28, the company released the 2019 third quarter performance report, and Q3 achieved operating income of 83 in a single quarter.

5.7 billion, +13 per year.

59%; net profit attributable to mother 6.

42 trillion, ten 杭州桑拿网 years +10.

44%, we commented as follows: Single-quarter results for the third quarter of 20196.

42 trillion, ten years +10.

44%, in line with expectations.

The first three quarters of 2019 achieved revenue of 208.

62 trillion, ten years +7.

68%, net profit attributable to mother 13.

2.5 billion, ten years +10.

62%, net profit of non-attributed mothers11.

19 trillion, ten years +9.


In a single quarter, Q3 achieved operating income of 83.

57 trillion, +13 for ten years.

59%, + 9% MoM; net profit attributable to mother 6.

42 trillion, ten years +10.

44%, +72.


In addition, the company’s operating cash flow continues to improve every year, and the net operating cash flow for the third quarter of 2019 was 16.

2.4 billion, an increase of 14 from the second quarter.

2 trillion, only -13 in 杭州夜网 the same period last year.

1.2 billion.

The gross profit margin improved month-on-month, and the expense ratio decreased significantly during the period.

The company’s Q3 single quarter gross margin was 24.

1%, qoq + 2pcts, year round -3.

2 pcts, the month-on-month increase in gross profit margin was due to the retreat of new energy transportation subsidies. The sales volume of new energy in the third quarter was relatively high. The gradual decline was mainly due to the significant increase in new product ASPs in the same period last year and the impact of battery cost adjustments last year.

In terms of expenses, the company’s Q3 expense ratio during the single quarter was 14.

05%, twice -2.

36 tablets, -2.

The 39% decrease was mainly due to the decline in the R & D expense ratio and financial expense ratio.

In terms of subjects, the cost of selling expenses is 7.84%, ten years +1.

4pcts; management expense ratio 2.

31%, same as last year; R & D expenses3.

600 million, down 1 year.

1 ppm; finance costs are -0.

35%, down by 1 every year.


Passenger car sales increased slightly, and the share of new energy remained high.

In the first three quarters, the company gradually sold 42,140 passenger cars, +6 per year.

57%, the domestic market for large and medium-sized passenger cars sold twice.

63%, the company’s sales growth is significantly better than the industry.

By quarter, the company’s Q1 / Q2 / Q3 passenger car sales were 1 respectively.



670,000 vehicles, at least +6.

3% / + 0.

2% / + 13.


According to the data from the First Commercial Vehicle Network, the company’s Q1 / Q2 / Q3 new energy bus sales were 2,946 / 5,799 / 6,195 units, respectively, an increase of +56% /-15% / + 81%.

The company’s new energy bus market share has always been at a high level, and from January to September, the company has gradually sold 14,940 new energy buses.

84%, much higher than the second-pass Zhongtong Bus (11.


“Price management” is gradually promoted, and high-end technology opens up room for growth.

The company started to implement price management for different products and customers at the beginning, and differentiated orders for different price-sensitive customers.

Product “price management” further opened up the company’s sales space.

In addition, the company actively deployed high-end products. At the World Bus Expo in Brussels in October, Yutong displayed three high-quality bus products (two of them are pure electric buses) and received three awards, including the Busworld Design Award.

In terms of intelligence and networking, as of August 2019, Yutong L4 autonomous buses have successfully operated over 10,000 kilometers on open roads in Henan, China. At the same time, the company launched the 5G networked terminal at the Brussels Expo.

Risk factors: New energy bus sales are lower than expected; the cost of power batteries has fallen less than expected; new energy vehicle policy fluctuations.

Investment suggestion: Maintain the company’s 2019/20/21 earnings per share forecast1.



20 yuan.

For the time being 13.

92 yuan, corresponding PE is 12 respectively.



6 times.

The company’s sales volume in the industry and the background of the new energy vehicle replenishment decline, still achieved sales, revenue, and profit improvement, which fully reflects the company’s competitiveness as a leader in the passenger car industry.

In the medium and long term, the company’s technology and manufacturing capabilities are leading the world, and its products are becoming more high-end and intelligent. It is expected to benefit from the optimization of the industry structure and the expansion of overseas export markets.

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Jingwang Electronics (603228) 2018 Annual Report Comments: Capacity Landing + M & A Integration 19 Years Marginal Improvement Could Be Expected

Category : opgwugf

Jingwang Electronics (603228) 2018 Annual Report Comments: Capacity Landing + M & A Integration 19 Years Marginal Improvement Could Be Expected

Core Views The company achieved revenue of 49 in 2018.

8.6 billion, +18 a year.

93%; net profit attributable to mother 8.

03 ten percent, +21.

66%; net profit after deduction to mother 7.

51 ppm, +19 a year.


The company’s downstream customers 武汉夜网论坛 are widely distributed in the fields of communications, consumer electronics, and automobiles, and rely on high-quality products to accumulate rich customer resources.

Looking ahead, the company’s market share is expected to further increase through the release of production capacity and the development of new customers.

2018 performance growth + 22%, RPCB, FPC, MPCB go hand in hand.

The company achieved revenue of 49 in 2018.

8.6 billion, +18 per year.

93%; net profit attributable to mother 8.

03 ten percent, +21.

66%; net profit after deduction to mother 7.

5.1 billion, +19 a year.


As far as the situation in a single quarter is concerned, the company achieved revenue of 13 in Q4.

44 trillion, ten years +21.

28%, net profit attributable to mother 1.

74 ppm, +21 for ten years.


In 2018, the company’s net profit increased slightly with higher revenue. Benefiting from Jiangxi Jingwang’s certification of emerging companies, the company’s actual yield decreased by 3pcs to 13.


In terms of business, 60% of RPCB revenues + 21%; 30% of FPC revenues + 14%, and 9% of MPCBs have the fastest growth due to low bases, at least + 25%.

Looking ahead to 2019, we are optimistic that the company’s capacity release will drive continued growth.

Costs and period expenses increased slightly.

Gross profit margin for 2018 was 31.

78% every year -0.

73pct, even if the FPC yield is increased by 3pcts, but due to the increase in raw material and labor costs, the gross profit margin slightly decreases.

In addition, company period expenses are 12.

8% +0 per year.

1pct, keep stable, in which the management expense rate is double +0.

66 points to 4.

8%, mainly due to the increase in incentives for employees, social security and share-based payment expenses; financial expense ratio benefited from increased exchange loss gains, and -0.

57pct to -0.


The company has multiple projects in parallel, and high-quality production capacity is accelerating.According to industry research, the company’s production capacity in 2017 includes 3.3 million square meters of RPCB + 750,000 square meters of FPC + 310,000 square meters of MPCB.

In 2018, the company is optimistic about the downstream needs of 5G, automotive electronics, etc., and accelerated the expansion of capacity in multiple projects in parallel: 1) The Zhuhai project completed the environmental impact assessment approval in April 2018 and will be constructed in three phases. After completion, 2 million square meters of FPC and 300 10,000 square meters of HDI production capacity.

2) The first phase of Jingwang Jiangxi project reached its production capacity in March, adding 1.2 million square meters of RPCB and 180,000 square meters of HDI board capacity.

In addition, the company issued the second phase of the convertible bond construction project, which will add 2.4 million square meters of RPCB annual capacity after it reaches capacity, and use its own funds to construct it in advance.
Q3 has one production line each.

It is expected that the company will increase its annual production capacity by nearly 9 million square meters after the completion of all projects.

Optimistic about the company’s production capacity to maintain 20 annually?
The steady growth of 30% has injected strong momentum into revenue growth.

Acquired a 51% stake in Zhuhai, a well-established FPC company, and a win-win situation with Luxion Precision.

In September 2018, the company took 2.

900 million acquisition of a 51% stake in Zhuhai, a win-win situation held by Luxun Precision, has been completed at the end of 2018 and has been renamed Zhuhai Wangwang.

The company’s FPC business customers have strong demand. After the merger and acquisition of Zhuhai Seaview, the problem of insufficient production capacity can be quickly alleviated. At the same time, the variety of FPC products can be enriched to enhance the company’s product competitiveness.

In 2018, Zhuhaijingwang’s consolidated net profit was 15.26 million yuan, which is still in the transition state. It is expected that the company’s “management model + high-quality orders” will be introduced, and Zhuhaijingwang is expected to quickly turn losses into profit.

In addition, the acquisition also opens the company’s strategic cooperation with Luxion Precision, and jointly concludes complementary advantages, resource sharing, and opens up wider development space.

Risk factors.

The new production capacity fell short of expectations, and the market competition in the PCB field intensified.

Profit forecast and estimation.

The company is one of the few domestic manufacturers covering both RPCB, FPC and MPCB.

The company focuses on smart manufacturing upgrades, and continues to expand and expand its production capacity in high-end products.

Based on the annual report data, we adjusted the company’s EPS forecast for 2019/20 to 2.


40 yuan (the original forecast was 2).


56 yuan), plus a forecast of 4 in 2021.

19 yuan, giving 30 times PE in 2019, corresponding to a target price of 78.

9 yuan, maintain “Buy” rating.

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Linglong Tire (601966) In-depth Report: Industry Polarization Leads Linglong

Category : 桑拿

Linglong Tire (601966) In-depth Report: Industry Polarization Leads Linglong

The company is a leading company in the domestic tire industry, with the following characteristics: 1) Scale: Among domestic tire companies, the company ranks second in revenue scale, ranks first in profit scale, and has profitability ahead of other peers; 2) Product structure: company productsSemi-steel radial tires are the main products. The output of semi-steel radial tires accounts for 84%, which is beneficial to the company’s competition in the passenger car tire market, especially the retail market. 3) Sales structure: domestic and overseas revenues are halved, with domestic market supporting 6 Success, mainly overseas retail.

The increase in overseas prices for supplementary raw material costs has dropped, the gross profit margin expansion trend has been reorganized, and the company’s profit has accelerated.

The company’s gross profit margin in 17-18 years is at a low stage.

In the early days, Michelin and other overseas tire giants raised prices, and the cost of raw materials for mergers and acquisitions fell slightly. The company’s average product price increased by 6 in the first half of the year.

66% to 300 yuan, gross margin increased by 1 in ten years.

4 points to 25.

23% (q2 gross margin 26.

18%), gross margin expansion trend improved.

The four elements of R & D, branding, sales, and manufacturing build an exquisite moat.

1) R & D: R & D investment 淡水桑拿网 is ahead of domestic counterparts, and product performance tests have repeatedly achieved good results, laying a foundation for supporting and retail market expansion.

2) Brands: diversified brand portfolios and precise positioning of target groups for sports marketing; 3) Sales: supporting markets, the company expands from independent brands to joint ventures, derivative brands, enters the German Volkswagen supporting chain, and realizes the new models of FAW-VW and Changan FordMain tire matching; retail replacement market, domestic and overseas retail sales have achieved double-digit growth.

4) Manufacturing: “5 + 3” strategic planning production base. The company’s semi-steel radial tire factory is large in scale, low in employment costs, and low in raw material procurement costs, making the company’s gross profit margin higher than its domestic counterparts.

The supply side has contracted, domestic tire production has fallen, the company’s production and sales have steadily increased, and its market share has continued to increase.

The polarization of the tire industry, Sino-U.S. Trade frictions, domestic environmental audits and other incidents have accelerated the tire industry’s de-capacity and deleveraging.

China’s tire output in 2018 decreased by 23% from its 13-year high, while the company’s output increased by 53% during the same period.

The company’s China plant output is currently total.

68%, and it is increasing year by year.

Collaborative layout to prevent risks, the Thai plant has become an engine of performance growth, and Serbia has started construction to add momentum.

In order to avoid the suppression of US trade, Linglong Tire established a factory in Thailand earlier. The Thai factory has now become the engine of overseas revenue and profit growth.

The start of the Serbian plant will give the company additional impetus.

Earnings forecast and forecast: Net profit is expected to be 15 in 19/20.

4.8 billion, 19.

07 million yuan, the corresponding growth rate is 31.

08%, 23.


The 19/20 EPS were 1 respectively.

29 yuan, 1.

59 yuan, corresponding to the current sustainable 16 times, 13 times PE.

Give a target price of 25 yuan, corresponding to 15 times PE in 20 years.

Cover for the first time and give a “highly recommended” rating.

Risk warning: Domestic OEM customers increase sales of new cars, supporting business exceeds expectations; the Sino-U.S. Trade war expands, the U.S. resumes anti-reverse investigations on the tire industry; the cost of major raw materials such as rubber increases, gross margin shrinks;Meet expectations.

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Longda Meat (002726): Doubled breeding and slaughter in three years to rebuild Longda

Category : emhhmjf

Longda Meat (002726): Doubled breeding and slaughter in three years to rebuild Longda
Summary of the report 1. Breeding business: rapid expansion of production capacity, huge flexibility in performance and flexibility: the convertible bond project is expected to be put into production in 2 years, and the company’s breeding capacity will increase to 1 million heads, and the production capacity can be doubled within 2 years. The growth rate will be listed on the marketRanked among the best in the company.  Sales price: At present, the pig price in Shandong is higher than the national average price by about 1 yuan / kg. The company has fully benefited from the current and future high pig prices, and its performance has achieved explosive growth.  Yield damage: Increased reduction in productive biological assets, growth in productive biological assets in the first quarter of 20191.06%, a decrease of 7 from the end of 2018.41%, the company is less affected by the epidemic in the sector, and the long-term pig production volume is guaranteed.  2. Slaughtering business volume: The production capacity 佛山桑拿网 has been greatly increased, and the business scope has been expanded to expand the production capacity: The company plans to add 500 in the next 3 years?8 million head / year slaughter capacity, expected 2021?2022 slaughter capacity will reach 1300?14 million heads / year.The total slaughter volume of the company in 2018 was 477.80,000 heads, expected to reach 6 million heads in 2019; it is expected to reach 11 million heads in 2021, and the industry ranks second.  Business Layout Expansion: Join hands with Lan Run to enter the Southwest.In June 2019, Lanrun Development became the company’s controlling shareholder; Dai Runbin, the actual controller of Lanrun Development, and Dong Xiang and his wife became the actual controllers of the company.Lanrun and its parent company Yijun Holdings have been cultivating in the southwest market for many years. In the future, it will help the company develop the southwest market and further develop the company into a national meat products company.Breaking through Lan Run’s market expansion operation and merger and acquisition experience, the company is expected to achieve a breakthrough in the meat products business.  Earnings forecast gives Buy rating.Based on the rapid growth of the company’s slaughter volume and slaughter volume, the company’s profit forecast and target price are raised. It is estimated that the company’s net profit attributable to mothers in 2019/2020/2021 will be 3 respectively.21/4.14/4.7.9 billion, corresponding to 0 EPS.42/0.55/0.63 yuan, giving the company 30 times PE in 2020, corresponding to a target price of 16.50 yuan, give a buy rating.  Risk warnings 1. Breakthrough in pork price fluctuations will have an impact on the company’s operating income and costs; 2. Blue ears and African swine fever that may occur during breeding will adversely affect the company ‘s pig breeding business; 3. Food safetyThe accident will have a potential impact on the company’s slaughter and meat products business.  4. The launch of African swine fever vaccine may interrupt the process of de-capacity production, and the company’s profitability may be less than expected.

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The history of the fixed fund reincarnation-the huge profits turn red to the net worth-squat-is it a secret?

Category : 夜生活

The history of the fixed fund reincarnation: The huge profits and the red net worth “squat” now appear dark?

Source: Capital Deep Dive No. Original title: Dingzeng Fund Reincarnation History: Five years ago, the profit was huge and the net worth was “squat.”

  Author | Liu Hua Editor | Liao Sha Last Friday, the Securities and Futures Commission issued new rules for refinancing to “unbundle” private placements of listed companies.

  You should know that the Dingzeng Fund has become a hot spot for public fundraising.

  Time pulled back to the “first year of fixed-income funds”-In 2015, public-funded fixed-income funds were particularly sought after, and the arbitrage space made them quickly become “net red funds.”

  In the second year, despite the dismal harvest of public funds, the fixed-income fund was still in demand, and the scene of ending the fundraising earlier appeared, which was evenly compared with the current fund “sold in one day” and “proportional placement” scenes.

  In May 2017, the policy fund market ushered in a “thunder”, and the CSRC tightened new regulations on refinancing and reduction of holdings.

The fixed-income fund has repeatedly failed to issue and staged a “curve destocking” one after another . Recently, someone called Jiutai Ruiyi’s fixed-income fund has opened up for claims and redemptions on the open day. 1.

700 million funds wanted to be redeemed, but there were only 170,000 “embarrassing scenes” to be purchased, and the fixed-income fund changed from “thousands of fans” to “thousands of people leaving .” Five years passed in a hurry, some sort of past “What kind of ups and downs have the “net red” funds experienced?

  From “Hot” to “No Man”, according to data from Oriental Fortune Choice, there are only 27 funds left in the concept of “fixed increase fund”.

  These 27 funds have the latest size of about 14.2 billion; and 2015?
When it was issued in 2016, it had exceeded $ 38.4 billion in “gold absorption”.

  Specifically, the latest size of 13 funds has shrunk by more than 80% from the time of initial issuance; only the latest size of 6 funds has increased from that of the year.

  ▼ Attached picture: Changes in the size of surviving fixed increase funds From the above table, we can see that 16 of the 27 funds have raised funds of more than 1 billion for the first time; a total of 2 funds of “Dingzengwang” Caitong raised more than4.5 billion copies.

  According to statistics, there were 1151 new funds issued in the public offering market in 2016, raising a total of 1.

08 trillion copies, an average of 9 funds raised per fund.

With 4.1 billion copies (including the debt base), the data hit a record low.

  It can be seen that the Dingzheng Fund was “hot” when it was issued that year.

  In addition, from the time axis, only 6 of these 27 fixed-income funds were established in 2015; in fact, the scale of fixed-income funds broke out in 2016.

  At that time, research report data showed that, as of the end of 2016, the total asset size of the fixed increase fund was 449.

6.6 billion, 65 before the end of 2015.

3.4 billion surged 6.

88 times.

  However, this highlight moment seems to be frozen for a moment, since 2017, the Dingzeng Fund suddenly “disappeared”.

  What happened in 2017?

  From the groundfall in 2015 to 2016, there was nothing in the limelight. In 2017, it suddenly disappeared. What happened to Dingzeng Fund at this time?

  According to public information, in February 2017, regulators issued new rules for refinancing.

In summary, the new regulations are to significantly increase the discount rate in the fixed price increase market.

  In the following May, the supervisors issued new regulations to reduce their holdings, which stipulated that the shareholders of fixed shareholdings must not reduce their holdings by more than 50% within 12 months after the lifting of the ban, restricting the shareholders’ withdrawal mechanism after lifting the ban.

  Under the dual influence of pricing compression “profit safety mat” and withdrawal and further overlap, the fixed increase fund will be closed for a time and the dilemma will be inevitable.

  In essence, the A-share’s logic of making money is also undergoing some subtle changes.

  Foreign inflows changed the style of the market, and funds began to embrace white horse blue-chips, mainly based on outstanding performance stocks; small and medium-sized ventures continued to decline, and previous fixed-increasing projects frequently “exploded,” and the fixed-income fund suddenly fell to the bottom and no one was interested.

  After the popularity, from the “long” to the dark time, from the time, the fixed-income fund established in 2015-2016 has basically completed the investment before the new rules of refinancing and reduction of holdings in 2017.

  Next, it should have been in the hopeful and expectant interval, waiting for the lockup period of the fixed increase project to expire.

  However, an “unexpected” thing happened . At the end of August 2017, Huabao Securities released a research report on “Caitong Upgrade Incident Review”.

  Specifically, on August 25, 2017 (Friday), the stock market rose sharply, and the Shanghai and Shenzhen 300 rose by 1.

At 64%, the price of Caitong’s upgrade floor rose by 0%.

73%; but the over-the-counter net value announced by the fund fell by 0 in the evening.

91%, a serious departure from the broader market.
  Huabao Securities analysis believes that this situation may be related to Caitong’s upgrade and transfer of the holdings of discounted shares through block trading.
  This incident not only caused the market to further increase the liquidity of fixed-income projects, but also caused the price and net value of fixed-income funds to enter a negative feedback cycle.

  After the 2017-2018 fixed-income projects are gradually withdrawn, the performance of the fixed-income fund will make too many investors who were rushing to tears: it is completely different from what was originally expected!

  Taking the above-mentioned 27 fixed increase funds as an example, when their first public redemption, only 12 funds achieved positive returns; of the 14 funds whose performance was made up, 6 exceeded two.

  ▼ Attached picture: The performance of the Dingzeng Fund will be transitional when it is first redeemed!

  On February 14, 2020, a new version of the “Refinancing Rules” was issued.

  The fixed rate increase discount rate is reduced, the lock-up period is reduced, the participation threshold is reduced, and the new rules for reducing holdings are no longer applicable. This series of measures is simply tailor-made for the fixed increase fund.

  So that after the new regulations were released, including all institutions that joined and were included, they shouted in succession: OK!

it is good!
it is good!
  Analysis believes that under the new rules of refinancing, the fixed-income market is expected to usher in doubling growth, and the fixed-income fund is also expected to return to glory.

  However, for the fixed-income funds that are in the darkest period from 2017 to 2018, they should expect a policy to be issued in less than three years.

At that point in time, they didn’t seem to have much choice.

  According to Wind data, 2015?
2017 is the three years in which the fixed-income market has exploded. In these three years, the growth rate of A-shares has been in the trillions.

  After 2018, under the then refinancing policy and reduction of holdings, and the market environment, the fixed-income market has gradually shrunk, and the financing scale in 2019 has basically returned to the level of 2014.

  ▼ Photo: The data of the scale of the A-share issuance in the past 10 years also means that when the fixed-income fund opened and redeemed for the first time in 2017-2018, it wanted to continue to insist, which has aggravated a lot, both in terms of rules and projects.Up.

  The transition has become the “only” way for most fixed-income funds.

  As an example, Qianhai’s open refinancing theme selected stock fund, as of the end of the four seasons of 2019, the fund’s stock investment position is 87.

45%, but in the top ten heavy stocks, there is no one shares in circulation.

  Judging from the latest gradual net worth of these funds, most of them achieved better investment returns in the next 2 years; in addition to the selection of Qianhai’s open source refinancing themes, Hongde Hongfu, Hongde Honghua, Bo Shi Rui Yuan eventsThe gradual net value of the driver 淡水桑拿网 etc. also exceeds 1.


  ▼ Attached picture: After the current cumulative net value of 27 fixed value-added funds has experienced five years of ups and downs, fixed value-added funds have ushered in the new “finance” refinancing rules for themselves. What will institutions and investors choose next?

Is Dingzeng Fund about to return to its former glory?

  let us wait and see.