Month: March 2020

Zhaoyi Innovation (603986) In-depth research: Three-wheel drive performance growth of storage, control, and sensing Discover imagination

Zhaoyi Innovation (603986) In-depth research: Three-wheel drive performance growth of storage, control, and sensing Discover imagination

After decades of development, the company has formed a business system that focuses on R & D and sales of memories, MCUs, and sensors, serving customers in many fields such as consumer electronics, communications equipment, automotive electronics, and industrial control. The company and many products have won unanimous praise from customers., Won multiple domestic honorary awards.

The company’s performance has maintained steady growth in the past. Although it suffered from trade factors in 18Q4 and 19Q1, the overall performance was not good, but gradually the external environment has gradually improved, and downstream demand has been suppressed again. The company’s 19Q2 and Q3 data continued to reach record highs.The performance inflection point appeared.

The global semiconductor market was dragged down by the memory market, which totaled 98.2 billion U.S. dollars in 19Q2, showing an alternative position.

8%, there is still no warming-up heat, the volume of stored semiconductors is about 30%, and the global memory field is highly fragmented. International giants Samsung, Micron, and Hynix control about 90% of the market share, which is bound to be the largest storage in the world.The sales market accounts for about 55% of the global market share. The share will continue to increase in the future, but the domestic storage supply capacity is still far behind. Zhaoyi Innovation, as a key storage localization company, has formed NOR Flash as the main company.The overall layout of DRAM and NAND Flash-based auxiliary memory has been achieved, and the company’s 19Q2 NOR Flash sales have risen by 45%.

15%, the market share reached 13.

9%, ranking fourth in the market. Through increasing support for domestic storage in the future, the company’s market expansion is expected to continue to increase.

The company entered the sensor field through the acquisition of Sili Micro, which can provide fingerprint recognition, capacitive touch chips and supporting algorithms. The downstream applications are mainly mobile terminals such as smartphones and tablet computers. The company’s touch chips have undergone years of independent research and development and technology accumulation.It has certain advantages in technical performance and cost, ranking first in the market in terms of market share; fingerprint recognition product categories include coated overlay fingerprint recognition chips, fingerprint recognition chips, fingerprint chips under optical screens and fingerprint chips under research in ultrasonic screens, from 2018From the perspective of the volume of fingerprint chips per year, the growth of market share of Sili Micro has reached 11%, ranking fifth in the world. The company has consolidated the production capacity of fingerprint chips under the screen. Since 2018, the penetration rate of fingerprints under smartphone screens has continued to increase.Will benefit significantly from industry growth dividends.

MCU, as the core of device control, has a broad space for development. The rapid development history of the Internet of Things and automotive electronics is the main factor driving the growth of MCU demand in the future. As a core component of the Internet of Things terminal module, the value of the 深圳丝袜会所 value is 35-45%.It is estimated that the global IoT module market size will be 46.3 billion US dollars by 2024, and the composite object will be 21 from 2017 to 2024.


The main suppliers of MCUs are foreign companies with a high degree of industry concentration. Domestic MCUs are mainly concentrated in low-end products, and high-end products are relatively lacking.

Zhaoyi’s innovative GD-32 MCU has a high reputation in the domestic market. It has won the “China Core” Best Market Performance Award and the “MCU of the Year” honor for many years. It has gradually expanded to over 2 billion in five years., Has become the mainstream choice of China’s 32-bit general-purpose MCU.

[Investment suggestion]Due to the rapid development of wearable devices represented by Airpods, the company’s performance has clearly benefited. We have raised our company’s profit forecast and expect that the revenue for 19/20/21 will be 31.



6.5 billion yuan, the net profit attributable to mothers was 6.



19 trillion, EPS is 2 respectively.



80 yuan, corresponding PE is 101/72/54 times.

The company is based on the storage field, and layouts the sensing and control industry chain. It is the most beneficiary of domestic IC design companies in the era of the Internet of Things. The company has a large market space for track, deep domestic demand for substitution, and future performance growth will continue to increase the imagination, For the first time, given the “overweight rating.”

[Risk Tips]The global trade environment is becoming stricter; TWS headset demand growth is less than expected; ultra-thin fingerprint chip implantation is less than expected.

Juewei Food (603517): Revenue growth speeds up significantly, cost-side short-term pressure but hopes to improve quarterly

Juewei Food (603517): Revenue growth speeds up significantly, cost-side short-term pressure but hopes to improve quarterly
Investment Highlights: Event: The company released its 2019 first quarter report and achieved operating income11.54 ppm, an increase of 19 in ten years.63%; net profit attributable to mothers1.810,000 yuan, an increase of 20 in ten years.38%; net profit after deduction of non-return to mother1.79 ppm, an increase of 21 in ten years.19%.The revenue performance was better than expected, and the performance was basically in line with expectations. Investment Ratings and Estimates: We maintain our EPS forecast for 2019-21.95, 2.39, 2.86 yuan, an increase of 25%, 22% and 20% each year.The current sustainable correspondence for 2019-20 is 24 and 19xPE respectively, maintaining the “Buy” rating. Actively opened stores to help accelerate the growth of revenue, and pay attention to the contribution of the new business “Pepper flavor”: 19Q1 company’s revenue increased by 19.63% faster than the 18Q4 4 speed.92pct is expected to be mainly due to the company’s appropriate extension of the active store opening policy in 19Q1. The number of newly opened stores has exceeded 250, a significant increase over the same period last year. At the same time, thanks to the contribution of store renovation and the increase in the proportion of high-potential stores, it is expected that the same storeRevenue also increased by a single number, thereby achieving a significant increase in overall revenue growth.In terms of product structure, 19Q1 fresh goods accounted for 98.26%, an increase of 2.1 point, of which poultry products, poultry products, vegetable products, and other fresh products accounted for 80% of total revenue.05%, 0.34%, 10.03%, 7.84%, +2 with 18 years of judgement.07, -0.28, -0.15, +0.45 points.In addition to the traditional duck by-products business, the company is also actively deploying a new business form of “pepper and pepper flavor” skewer incense business. At 四川耍耍网 present, it is only piloting in local markets. This year, the number of stores is expected to reach 200, which will be positive to the increase in revenue.Contribution, considering the difference between the business model of “Pepper Flavor” and traditional stores, the customer unit price can be 20-30% higher than the main business of traditional duck necks. Obvious synergies in front-end production and logistics distribution can help the companyThe extension of brand value and the continuous expansion of scale effects are expected to become an important support and incremental source for the company’s medium-term development. The net interest rate is flat on average, and cost pressure is expected to gradually improve: the company’s net profit margin in 19Q1.6%, increasing by 0 every year.1pct, basically the same.Among them 19Q1 淡水桑拿网 company sales gross margin 33.31%, down by 1 every year.11pct is mainly due to the rapid growth of duck deputy prices in the first three quarters of 18 years. In 19Q1, it is expected that the high-priced raw materials of last year will still be used, which will cause the gross margin to exceed pressure.In terms of expense ratio, the expense ratio decreased slightly during the period, which absorbed some of the adverse effects of rising costs. In 19Q1, the company’s sales, management and research and development, and financial expense ratios were 7, respectively.27%, 5.56%, 0.19%, respectively -0 per year.04, -0.41, +0.27pct, during which the overall expense rate dropped by zero for ten years.18 points.In addition, the company achieved an investment income of 8.86 million yuan in 19Q1, an increase of 10.83 million yuan at the same time as in 18Q1, mainly due to the increase in long-term equity investment income, which is also an important reason for the steady increase in net interest rate.Looking ahead, the pressure on gross profit margin will gradually decrease, and the rate of increase in net profit is expected to accelerate and increase from the previous month. The deputy price of ducks has begun to fall since 18Q4. The company will also actively stock up when the price is low at the same time. Estimated raw material costs this yearIt showed a trend of high before and low after the merger; considering the company ‘s average price increase in about two years in the company ‘s history, the company will gradually enter the window of the main product price increase in the second half of 1919. If the price increase falls, the profitability will improve and accelerate.Expected. Catalysts for continued growth: The number of new stores opened exceeded expectations, and the growth rate of single store revenue exceeded expectations.

Changan Automobile (000625) December 2019 Sales Review: New autonomous models continue to sell well, Changan Ford is poised to take off

Changan Automobile (000625) December 2019 Sales Review: New autonomous models continue to sell well, Changan Ford is poised to take off
Event: The company 北京桑拿洗浴保健 recently announced sales in December 2019: the company’s affiliated vehicle companies sold a total of 19 cars in December 2019.40,000, at least 31%.The comments are as follows: Changan’s independent brand new models continue to sell well: According to the company’s announcement, the major production bases of independent brands-Chongqing Changan, Hebei Changan and Hefei Changan, sold cars in December 2019.960,000 vehicles, 11.6%, 81 per year.3%.By quarter, 2019Q4 self-owned brands (total of Chongqing Hebei and Hefei bases) sold a total of 26.960,000 vehicles, a substantial increase of 43 from the previous month.3%, an annual increase of 32.0%.The rapid growth in the fourth quarter was mainly due to the hot sales of the company’s new models. In December, the company’s CS75 (including CS75Plus) sold 28,620 vehicles, 287 each.5%, CS35 (including CS35plus) sold 16,389 vehicles, every 20.8%, CS55 (including CS55Plus) sold 11,148 cars, 32% per second.The company has successively listed a series of new products, appearances, blue whale power systems and other replaced product forces in 2019. It is expected that the high growth will continue in 2020. Changan Ford is ready to sell: 17,791 units were sold in December 2019, 0 every year.8%, -4.7%.The December production was 32,060 units, which was 21 MoM.0%, at least 196.8%.Sales figures have not improved significantly, but production has recovered.Changan Ford’s main model, Ruiji, was launched on December 19, 2019. It gains a competitive advantage from product power system, configuration and price. Ruiji is expected to drive Changan Ford to achieve sales growth.In general, Changan Ford achieved a total of 18 car sales in 2019.40,000 vehicles, up from 51 every year in 2018.3%. Changan Mazda’s performance is relatively stable: 12,598 vehicles were sold in December 2019, each time 9.2%, sales for the full year 2019 13.40,000 cars, the fare is 19.7%.Changan Mazda’s sales volume has gradually narrowed since the fourth quarter of 2019. We expect to transfer existing products in 2020, and Changan Mazda will continue to provide stable revenue. Changan will lose weight and increase efficiency, 2020-2021 is expected: in the near future, the company will strip off Changan New Energy, Changan PSA and other sectors.Its independent sector and Changan Ford have reduced costs and increased efficiency, and through the successive launch of new products in 2020, 2020-2021 performance can be expected. We expect EPS to be -0 in 2019-2021.29 yuan, 0.83 yuan and 1.51 yuan, corresponding to PE is -37X, 13X and 7X, maintaining the “recommended” level risk warning: the automotive market boom continues to decline, new model sales are less than expected

Pien Tze Huang (600436) Company Research: Overall Growth and Steady Performance of Toothpaste Business

Pien Tze Huang (600436) Company Research: Overall Growth and Steady Performance of Toothpaste Business

Event: The company released its semi-annual report for 2019, with revenue for 2019H128.

940 thousand yuan, ten years +20.

4%, net profit attributable to mother 7.

47 trillion, +20 a decade ago.

89%, net profit after return to mother 7.

450,000 yuan, +23 a year.


Performance was basically in line with expectations, and Q2 growth has improved.

The company’s non-net profit 北京夜网 growth rate +23 in the first half of 2019.

1%, basically in line with expectations.

The growth rate of non-deduction is greater than the growth rate of return to motherhood. The main reason is that in 2018H1, 1525 million asset disposal gains were confirmed. In 2019H1 and 2018H1, the non-recurring profit and loss decreased by about 10 million.Compensation.

2019Q2 revenue end quarter +19.

33%, the growth rate of net profit attributable to mother +17.

42%, deducting non-attributed net profit growth rate of 21.


With 2019Q1 income end (+21.

45%) and profit side (23.

99%) growth index itself will certainly.

The growth rate of the revenue growth rate in the second quarter of 2019 was mainly due to the accelerated growth of Pianzaiyu.

In Q2, the low growth rate of net profit attributable to mothers has certain non-recurring gains and losses.

Pien Tze Huang’s growth rate is relatively stable, and Q2 overseas substitution has dragged down the overall growth rate.

In 2019H1, the income of Pien Tze Huang was 11.

600 million (+15.

53%), gross profit fell by 2.

46pp, achieving stable growth based on the high base of 2018H1. The decline in gross profit margin was mainly due to the increase in cost of bezoar and musk prices.

By quarter, Q1 and Q2 achieved 6, respectively.

3.4 billion (+16.

20%) and 5.

2.2 billion (+14.

73%). The slight replacement in the second quarter was mainly due to the decline in overseas revenue.

By country and overseas, Q1 domestic income is 5.

2.6 billion (+5.

89%), overseas income1.

08 thousand yuan (+120.

9%); Q2 domestic income 4.

3.2 billion (+34.

8%), overseas income is 0.

9 billion (-33.1%), Q2 domestic income grew faster, but overseas income appeared due to the high base of 18Q2.

There is a certain fluctuation in overseas recognized revenue in a single quarter, so there is no need to worry too much (for the specific single-quarter data, see the attached figure below).

The daily growth of the cosmetics sector is high, and the toothpaste business is dazzling.

Total daily cosmetics income 3.

3.0 billion (+40.

2%), gross margin increased by 14.

79pp; Pianzi 癀 Shanghai Jahwa (toothpaste) has an income of about 75.33 million yuan (+91.

4%), achieving a net profit of 2.12 million yuan, and is expected to make its first annual profit in 2019.

Pharmaceutical business revenue 13.

900 million (+22.

22%), stable growth rate and flat gross profit margin.

Financial indicators are steadily improving.

2019H1 gross profit margin and net profit margin were 44.

86% and 26.

15%, respectively, and 2018H1 increased by 0.

27pp and 0.

89pp, profitability has further improved.

Intermediate expense ratio decreased by 1 in 2018H1.

01pp, mainly because the sales expenses are well controlled, and the sales expense ratio decreases by 0.

Caused by 93pp.

Net operating cash flow 9.

2 ppm, with 18H1 (-0.

63 billion dollars in cash.

Accounts receivable remained the same as 2018H1, and bills receivable decreased by zero.

7.4 billion, all at a healthy level.

Earnings forecast: We expect the company’s net profit attributable to its mother to be 14 in 2019-2021.

3, 17

6, 21

5 trillion, corresponding to a 杭州桑拿洗浴会所 growth rate of 25.

1%, 23.

3%, 21.

8%, the current sustainable corresponding PE is 45/36 / 30X, maintain “Buy” rating.

Risk reminders: Pian Tsai’s revenue growth rate declines; the increase in raw material prices leads to a decline in product gross margins; a series of possible changes that may lead to business changes.

Boss Electric (002508) Quarterly Review: Growth Repairs Dividend Rates Rise

Boss Electric (002508) Quarterly Review: Growth Repairs Dividend Rates Rise
The dividend ratio increased, and the growth rate in 19Q1 picked up.The company also published 18-year report and 19-year first-year report, with 18-year revenue of 74.300 million (+5.8%); net profit attributable to mother 14.700 million (+0.8%), with 18Q4 revenue and net profit exceeding 0.1% and -7.8%.The annual profit distribution plan is to pay 8 yuan for every 10 shares, increasing the dividend ratio to 50% or more to return to shareholders.19Q1 revenue 16.6 billion (+4 year-on-year.3%), net profit attributable to mother 3.20,000 yuan (+5 compared with the same period last year).8%), real estate pick-up + active promotion helped the company’s growth improve month-on-month. The growth 淡水桑拿网 of engineering channels is confirmed, and the recovery of 19H2 revenue is expected.70% -80% of the sales of smoke stoves come from supplementary demand, so housing delivery is a leading indicator of kitchen appliances sales (1-2 quarters).The growth rate of this year’s home delivery bottomed out in 18H1. Correspondingly, 18H2 witnessed the bottom of the growth rate of kitchen appliances companies such as bosses. The improvement in sales of kitchen appliances in 19Q1 was attributed to: (1) the reduction in the delivery area of 18H2 houses;The industry strengthened the promotion. The data from Aowei indicated that the average price of the hood industry in 19Q1 was yoy-5%, which was the first quarterly average price replacement since 17 years.For the boss appliances, by product, the 18-year cigarette / cooker / consumer income is 天津夜网 +5% /-2% / + 2%. The cooker enters the update cycle earlier than the smoke machine.Shock; steam boxes and boilers as key new products are growing faster (+ 38% and + 55%).In terms of channels, offline retail is under pressure in the short term but the channel is sinking; e-commerce dividends have faded leading to its growth target (+ 7%); engineering channels (accounting for about 10% of revenue) accelerated growth (last year + 40%, expected19Q1 half year + 50%); 18 years of celebrity income + 18% but net interest rate is still low.Looking to the future, the recovery of property transactions in the short term and the concentrated delivery of completed projects may drive sales in the second half of the year. In the medium term, the land ownership decision will change. The company’s revenue growth rate in the next 1-2 years may be about 10%. The 18-year cash flow performance is excellent, and the 19-year sales expense ratio may be moderately controlled.18-year company gross profit margin 53.5% (-0.2pct), Q4 gross margin extended by +6.5pct substantially converged in the first three quarters of the quarter -2.The situation of 8pct is mainly due to: (1) cost pressure + weakening of high gross profit channels + changes in settlement methods leading to a low gross profit margin in 17Q4 in recent years; (2) the main raw materials such as stainless steel, cold rolled sheet and so on have retreated since 18Q4, which is alsoContributed to 19Q1 gross margin yoy + 2.5 points.Initial selling expense ratio is 25.7% (+1.8pct), it is estimated that the sales expense ratio in 19 years may decline (moderate control of advertising expenses + 2B sales expenses); management + development expense ratio +0.8pct, the company will still stably supplement research and development resources.In terms of profit quality, the operating net cash performance in the past 18 years has been outstanding, and the absolute amount has exceeded the net profit and the growth rate has reached + 19%. The company has added rebate evaluation to the agents based on the evaluation and delivery, but it is expected that the project channel will be highDevelopment may extend the existing account period.On the whole, the industry’s cold winter has partially damaged the company’s growth, but the leading category of boss appliances, high-quality asset quality (cash assets of $ 4.8 billion, no interest-bearing liabilities), high ROE / high dividend attributes can be changed.The company is expected to have a net profit of 16 in 2019-21.2, 18.0, 20.1 ppm, the current sustainable corresponding PE is 16.9, 15.2, 13.6 times, maintaining the “overweight” level. Risk reminder: The competition in the industry is significantly intensified, and the cost of raw materials has risen sharply.

Tunnel Shares (600820) 2019 First Quarterly Report Review: Revenue Growth Continues to Continue to Benefit from the Integration of the Yangtze River Delta

Tunnel Shares (600820) 2019 First Quarterly Report Review: Revenue Growth Continues to Continue to Benefit from the Integration of the Yangtze River Delta
Event: Tunnel Shares released the first quarter report of 2019.The company’s revenue in the first quarter of 19 was 66.700 million, a year-on-year increase of +13.6%; net profit attributable to mother 4.20,000 yuan, a year-on-year increase of +7.3%.  Revenue growth continued to pick up, and profitability was basically stable: The company’s 2Q18-1Q19 revenue growth rate, with a gross profit margin of 22 respectively.4% / 17.8% / 19.4% / 13.6%, 12.9% / 13.0% / 12.2% / 12.6%, up +16 respectively.5 / -10.0 / + 16.5 / + 2.6, 0.6 / + 2.2 / -0.2 / + 0.1 piece; benefited from sufficient orders in hand and the smooth progress of orders, revenue growth picked up for two consecutive quarters, and gross profit margin was basically stable.With the improvement of the margin of infrastructure investment and the progress of the integration strategy of the Yangtze River Delta, we judge that the revenue will maintain a steady growth, and there is a possibility of exceeding expectations.In the first quarter of 19, the company’s management expense ratio increased to zero.7 points to 3.8%, it is speculated that it may be derived from the 18-year performance increase plan to meet the standard and extract rewards, which will increase the expense ratio during the period and increase to 0.6pct to 8.1%, dragging down the return of the net interest rate fell to 0.4 points to 6.2%, judging the future return to the net interest rate of motherhood.  The orders in hand are relatively sufficient, and it can be judged that the new breakthrough orders will gradually pick up: the company’s new breakthrough orders of 120 in 1Q19.5 billion, a year-on-year increase of +9.2%, of which construction business orders accounted for 93.4%, 2Q18-1Q19 new year singles total 599.100 million, which is one of the ten years of revenue in 18 years.6 times, orders in hand are relatively redundant, and performance is supplementary.2Q18-1Q19 YoY for construction business in the new decade is -14.8% / + 36.2% /-37.4% / 9.5%, short-term changes in growth rate were -60.8 / -43.5 / -60.7 / -25.8 pcts, the order growth rate breaks the trend marginal improvement.In terms of different industries, the YoY for railway transportation / municipal / road / house construction in the first quarter of 19 was -34.2% / 146.3% /-51.6% / 101.8%, new breakthroughs in municipal / housing construction continued to grow at a high rate. After the pace of project approval for the Development and Reform Commission resumed, the strategic layout of the Yangtze River Delta integration was improved. We judge that the growth rate of new breakthroughs in rail transit / roads will pick up, and municipal / housing construction will be stable.increase.  The performance increase plan boosted the initial enthusiasm and was upgraded to a “buy” rating: the company’s 2018 performance exceeded the requirements of the performance increase plan, and it was included in the main incentive object to receive incentives for the amount of income. The performance increase plan deeply bound leaders andThe company’s interests help to stimulate the company’s vitality.As one of the domestic tunnel construction leaders and one of the East China Rail Transit Leaders, the company will benefit from the rebound of the rail transit industry boom, and the integration of the Yangtze River Delta continues to advance. Considering the gradual improvement of the new breakthrough single-rate growth rate in 1Q19, we will increase the company 19-21 Annual return to mother’s net profit is forecast to 21.7/24.0/26.700 million (previous value was 21.5/23.6/26.300 million), the current sustainable corresponding PE is 9 respectively.9/9.0/8.1 青岛夜网 times, refer to comparable company’s 19-year PE average of 12.0 times, raise the company’s target price to 8.28 yuan, raised to “Buy” rating.  Risk reminder: Infrastructure investment falls short of expectations; Rail transit project approvals fall short of expectations; raw material prices rise; accounts receivable risk

GEM (002340): Third quarter earnings are stable and ternary precursor business continues to develop

GEM (002340): Third quarter earnings are stable and ternary precursor business continues to develop

Performance summary: The company achieved operating income of 98 in the first three quarters of 2019.

300 million, a decrease of 3 per year.

9%; net profit attributable to mothers was 60,000 yuan, a year-on-year increase of 16.

6%; net profit attributable to mother after deduction 5.

60,000 yuan, an increase of 8% in ten years.

Gross profit margin is basically stable, and expenses have increased slightly from 成都桑拿网 the previous quarter.

Among them, Q3 single-quarter operating income was 36.

3 ‰, an increase of 19% from the previous quarter, and the net profit attributable to mothers in the single quarter was 1.

9 trillion, a chain reduction of 0.

48 ppm, Q3 single quarter overhead is 1.

4.4 billion, an increase of 55% from the previous quarter, R & D expenses increased 90 million yuan, Q3 single quarter gross profit margin of 19.

3%, less than 1 unit lower than the previous month, basically stable.

The ternary precursor business supplies world-renowned brands, and the expected expansion in 2019 is 7 indicators.

The company’s ternary precursors mainly supply five major power battery industry chain companies: CATL, BYD, Panasonic, LG and Samsung. The supply companies include global well-known companies such as Samsung 淡水桑拿网 SDI, ECOPRO, Ningbo Rongbai, Xiamen Tungsten.

In the first half of 2019, the company’s ternary precursor content was 3.

3 Initially, the supply to the world’s top five power battery supply chains was 2.

56 cobalt, accounting for up to 77%.

At the same time, there are too many orders in hand. The number of existing orders including CATL, Samsung SDI, ECOPRO, Xiamen Tungsten, etc. has exceeded 3 indicators. The replacement volume may exceed 7 indicators in 2019, and it is expected to reach 10 indicators in 2020.

Layout of the entire life cycle industry chain of new energy.

The company continues to build a “battery recycling—recycling of raw materials—recycling of materials—recycling of battery packs—new energy vehicle service” new energy full life cycle value chain, actively building a “1 + N” used battery recycling network, and creating a “ditch, river and sea”The nationwide recycling system has successively reached 160 auto companies and battery companies to break through the auto power battery recycling agreement, and has realized the whole life cycle green model of the new energy vehicle industry chain from “green to green”.

Earnings forecasts and investment advice.

Benefiting from the rapid growth of the battery materials business, we expect EPS for 2019-2021 to be 0.

23, 0.

28 yuan and 0.

31 yuan, corresponding to PE, 20 times, 17 times and 15 times, maintaining the “buy” level.

Risk warning: the release of production capacity may be less than expected risk, the sales of new energy vehicles may be less than expected risk, and the company’s downstream order contract or purchase agreement cannot bear the risk.

Yutong Technology (002831) third quarter comment: revenue increased sharply, gross profit margin steadily improved, optimistic about the 3C boom, driving the growth of core categories

Yutong Technology (002831) third quarter comment: revenue increased sharply, gross profit margin steadily improved, optimistic about the 3C boom, driving the growth of core categories
Event description Yutong Technology released three quarterly reports, the company achieved revenue 63 in the first three quarters of 2019.4.6 billion, an increase of 16.35%, achieving net profit attributable to mother 6.08 million yuan, an increase of 12.13%; of which single-quarter third quarter revenue was 26.6.2 billion yuan, an increase of 22.79%, net profit attributable to mothers3.1.2 billion, an increase of 13%. Incident review single Q3 revenue increased by 23%, the growth rate of H1YOY + 12% month-on-month significantly accelerated, the income end of the quarterly force continued to be expected.We judge that the rapid growth of revenue is mainly due to the rise of the 3C business boom. Current flagships such as iPhone11 and Huawei are planning to go public and sell rapidly, driving the rapid growth of related packaging demand. At the same time, the company makes full use of cost advantages and integrated service capabilities to continue to improve in the oldAt the same time, the customer supply share has also accelerated the expansion of new customers. According to the information in the interim report, it has expanded to include quality customers such as P & G and Unilever in 2019.In the third and third quarter alone, the company’s revenue growth has accelerated significantly. In the future, it will benefit from the rising 3C prosperity and the company’s gradual supply and service capabilities. The revenue growth rate may continue to improve sequentially. The gross profit margin improved quarter by quarter, increasing the cost and expenditure layout in the long run.In the single third quarter of 2019, the company’s attributable net profit increased by 13% to 3.12 ppm, of which, gross profit margin: continued to improve quarterly, with an annual increase of 2.55%, we judge that mainly due to the decline in raw material prices, the company’s main raw material prices in the third quarter of white cardboard paper gradually decreased by 312 yuan / ton (5.72%); meanwhile, the company achieved 12 in the third and third quarters through internal fine-grained control.80,000 yuan, an annual increase of more than 20%.Expense ratio: The company increased its expenses significantly during the year. The sales / management / R & D / financial expense ratios for the third and third quarters were 5, respectively.70% / 6.75% / 4.59% / 0.74%, an increase of 1 each year.42pct / 0.65pct / 0.80pct / 0.11pct; Among them, the increase in sales / management expense ratio was mainly due to the company’s expansion of sales and continued expansion of its management team in order to expand new customers at home and abroad; the increase in R & D expense ratio was mainly due to the company’s increase in new product and new production line construction; we judge that the company passed R & D in the current periodIncreasing expenses may help the company gradually expand the dependence of a single customer, improve its operational management strength, and strengthen its integrated service capabilities. Although it may cause some disturbance to performance in the short term, in the long run, it is the key for the company to continue to grow and strengthen; cash flow: singleNet operating cash flow in the third quarter turned negative to -1.4.5 billion U.S. dollars, or mainly affected by factors such as peak season reserve. The construction of a complete packaging and printing matrix aims to gradually smooth out or accelerate the drive of revenue.Yutong’s gradually improved production management capabilities and integrated service capabilities are gradually improving the packaging and printing service system, covering: fine packaging, outer packaging, environmentally friendly packaging, high-end plastic packaging and other businesses.Looking ahead, with the related business gradually straightening out, it is expected to promote the company’s revenue and speed up the performance: (1) 3C packaging: With the arrival of core replacement hot sales and superimposed 5G replacement wave arrival, related packaging demand has increased; Yutong, as a leader in this field, passedStrong cost control and service capabilities, enjoy industry dividends and continue to increase market share. It is expected that the 3C packaging business will speed up; (2) other packaging business such as cigarette labels / wine bags: At present, Yutong has cut into wine bags, cosmetics packaging and other fields., Expand high-quality large customers such as Procter & Gamble, Unilever, and continue to be optimistic about the volume of new customer orders, and continue to contribute to incremental performance; (3) new business: Yunchuang business is currently on the fast track of growth, with new capacity expansion and terminal channel layoutPerfect, it is expected to gradually become a new growth point. At the same time, the company is also deploying 天津夜网 the field of environmental protection tableware. The plant fiber environmental protection tableware that has been put into production in the subsidiary plant fiber product production base in Dongguan has been gradually promoted through the global “plastic ban” policy. The development prospect is worth looking forward to. We forecast the company’s EPS for 2019-2021.26/1.54/1.87 yuan, corresponding to PE only 18X / 15X / 12X.The packaging industry has a large market, low concentration, and a prosperous economy. As an outstanding leader in the industry, the company uses technology reserves, high-quality customer accumulation, refined control, and expects to accelerate market share growth, and continues to perform a “buy” rating. Risk Warning: 1. Downstream 3C sales fell short of expectations; 2. The company’s growth in production will further guarantee performance.

Main Funds: Big Funds Flee for 3 Consecutive Markets

Main Funds: Big Funds Flee for 3 Consecutive Markets

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  [Main Fund]Large funds have fled for 3 consecutive days, and market divergence has increased. The main force has entered these stocks in the end. Data Source Original Xie Yilan has only the main capital inflow of the automotive industry today.

  The Shanghai Composite Index fell 0 on February 25.

6%, the main funds net replacement 643 throughout the day.

USD 9.9 billion, the net replacement of funds for 3 consecutive trading days.

Among them, the main funds of small and medium-sized board net replacement of 141.

3.7 billion, the main fund of GEM net reduction of 145.

5.6 billion, the main fund of Shanghai and Shenzhen 300 constituents net replacement of 159.

900 million yuan.

  Among the 28 first-tier industries to which Shen Wan belongs, the industries with the highest 北京夜网 increase rate today are communications and automobiles, with an increase rate of 3.

6%, 1.


The industries with the largest declines were mining and building decoration, with a decrease of 1.

64%, 1.


  In terms of industry capital flow, only the main capital of the automotive industry has a net inflow today.

6.1 billion yuan.

There are 27 industries with a net allowance of main funds, and the reduction of the main allowable net funds for the electronics industry ranks first, with a net capital of 165 throughout the day.

$ 400 million, followed by the computer industry, with net available funds of 97.

5.4 billion.

  From the perspective of Pacific Pacific’s approval of the main fund to purchase stocks exceeding US $ 1 billion, a total of 50 stocks have a net inflow of over 100 million yuan, and a 无锡桑拿网 Pacific inflow of 10 inflows.

1.3 billion US dollars, the net inflow of funds ranked first; Ganfeng Lithium, Offie followed closely behind, the net inflow of funds throughout the day were 7.

3.9 billion yuan, 5.

2.4 billion; Fosun Pharma, Tianqi Lithium, etc. are allowed for net inflow funds throughout the day.

  In terms of leading performance, stocks with a net inflow of capital exceeding 100 million yuan increased by an average of 8 today.

12%, the performance is stronger than the broader market, the daily limit is Neptune, blue cursor, Changshan Beiming and so on.

  From the perspective of the industry, among the stocks permitted by the above-mentioned net inflow of funds, the top industries in the list are pharmaceutical biotechnology, computer, and electronics industries. There are 5 stocks, 5 stocks, and 5 stocks in the list.

  Among the net funds of the main funds, Huatian Technology’s main funds net 7 instead.

US $ 3.2 billion, with the most net funds; ZTE, Gree Electric, and Net Cash amounted to 6, respectively.

900 million, 6.

7.3 billion.

  The net inflow of 7 shares late in the year exceeded RMB 100 million.

2.6 billion, of which 15 small and medium-sized board inflows.

7.9 billion, GEM inflows 9.

200 million yuan.

  From the data of the late-term capital flow of various stocks, there were 19 stocks with a net inflow of more than 50 million at the end of the day. The total net inflows of CITIC Securities, Tianqi Lithium, Huatian Technology and other stocks at the end of the year totaled 2 respectively.

6.1 billion yuan, 1.

8.3 billion yuan, 1.6.2 billion; Shandong Gold, Chifeng Gold, China Merchants Bank and other stocks totaled the largest amount of net funds in late trading.

  Star Semiconductor ‘s recent increase was as high as 245%. It closed on February 25. A total of 29 stocks of main funds continued to have a net inflow for more than 5 consecutive trading days.Daily net inflows; the number of consecutive days of net inflows is also Zhongyuan Home Furnishings, Dalian Shengya, etc., the main capital inflows of 12 consecutive days, respectively.

  In terms of overall performance, during the continuous inflow of main funds, there were a total of 28 individual stocks that increased, including Star Semiconductor, Rockchip, Xiangdian, etc., which increased by 245.

29%, 185.

52%, 61.

twenty three%.

The leading decliner was Yinglian, with declines of 3 respectively.


During the period of continuous capital inflows into the stocks, the ratio of performance to the Shanghai Index gradually increased, and 25 outperformed the broader market.

  In terms of performance, the main funds have continuously flowed into the stocks. Two of them have announced the annual report. The net profit has a higher increase with SPDB, an increase of 5.


A total of 21 announcements of last year’s results were announced. Looking at the types of performance announcements, there were 7 advances and 2 earnings.

Bao titanium (600456): Leading companies in titanium processing materials fully benefit from the growth in demand for high-end titanium materials

Bao titanium (600456): Leading companies in titanium processing materials fully benefit from the growth in demand for high-end titanium materials

The improvement of consumption structure promotes the concentration of industries.

Titanium 杭州桑拿 processing is a typical downstream industry upgrade driving the market demand industry. At present, the overall consumption of titanium processing materials is increasing year by year. Among the consumption of titanium processing materials, the proportion of high-end titanium materials such as aerospace and marine engineering has increased significantly.Supply and demand situation is significant.

Due to the complexity of titanium smelting technology and the difficulty of processing, the fluctuation of raw material prices has a significant impact on the production and operation of enterprises, and the oligopoly phenomenon in the industry will become increasingly apparent in the future.

Leading domestic titanium processing material company.

Baotai is a primary titanium processing leader with complete industrial chain, complete production system, stable raw material sources, leading internal production capacity, and continuous R & D strength. It has established good cooperative relationships with Boeing in the United States and Snecma in France.With military salary quality.

The company has deep accumulation in aerospace, marine engineering and other high-end titanium applications, and will benefit significantly from the growth of the industrial scale and the improvement of its structure in the future.

Profit forecast and investment rating: We expect the company’s operating income in 2019, 2020, and 2021 to reach 43 respectively.

19, 53.

89, 66.

7.6 billion.

According to the company’s existing share capital4.

3 billion, the corresponding diluted EPS is 0.

55, 0.

79, 1.

00 yuan.

On October 24, 2019, the company’s closing price was 22.

54 yuan, corresponding 佛山桑拿网 TTM, the PE of 2019 and 2020 will be 45, 41, and 29 times, respectively, which is lower than the average PE of comparable A-share listed companies.

Considering that Baotai was the leading company in the production of titanium materials, its downstream customers are stable, and it has certain technological and cost advantages. Baotai has been given an “overweight” rating.

Highest catalyst: The price of titanium products has risen sharply; downstream demand has exceeded expectations.

Risk factors: industry competition intensifies; downstream industry development is less than expected.