Maanshan Iron & Steel Co., Ltd. (600808) 2019 First Quarterly Report Review: Production Decreases, Profits Increase Significantly
Investment highlights: The company achieved operating income of 177 in the first quarter of 2019.170,000 yuan, the average ten years 3.23%, down 5 from the previous month.93%; net profit attributable to mother is 0.84 trillion, down 94 a year.09%, down 76 from the previous month.73%, lower than our expectation, which is about the basic EPS 0.01 yuan. De-capacity replenishment of blast furnace overhaul until output replenishment decreases.In 2019Q1, the company produced iron 416 insertion, crude steel 453 endpoints, and steel 421 lengths, which were reduced by 11 respectively.49%, 10.47% and 11.92%.Most of the decrease in output was mainly due to the company’s permanent shutdown of two 420 cubic meters of blast furnaces in April 2018, and the permanent shutdown of two 40-ton converters in October 2018, and the company’s 2500m blast furnace No. 1 in October 2018Overhaul started on the 10th and completed overhaul on February 24, 2019. In Q1 2019, the steel price is the highest, the cost of iron ore has risen, and the industry’s overall profit has been replaced.In Q1 2019, the absolute steel price indices of threads, wires, hot coils, cold plates, and medium and heavy plates moved by -8 from the previous month.64%, -8.76%, -3.66%, -4.90%, -3.46%.At the same time, due to the impact of mining disasters in Brazil, the absolute price index of iron ore increased by 15 sequentially.32%.The earnings of the industry were obviously longer than the previous month.The company’s ton steel revenue was 3% higher than the previous month.At the same time, the cost per ton of steel rose by 5% from the previous month.40%.The company realized a gross profit of 232 yuan per ton of steel, a drop of 55 per year.59%, compared to 59 epoxy.84%; a net profit of 20 yuan per ton of steel was realized, alternating with 93.42% compared to epoxy 76.06%.The company’s first quarter profit increased significantly. Financial expenses decreased, research and development expenses increased, and the expense ratio was generally stable during the period.R & D costs increase by 78 per year.20%, mainly due to the company’s increased investment in scientific research, expansion of product development, related equipment depreciation costs and material costs increased compared to the same period last year.Finance costs are reduced by 45 per year.91%, mainly because the company’s interest income increased in the current period compared with the same period of the previous year, and at the same time the interest income accrued by the company’s medium-term notes and short-term financing bonds in the same period last year.The company’s overall period expense ratio is 4.91%, a year-on-year increase of 0.31 averages, overall stable overall.In addition, the company’s Q1 effective tax rate is 31.04%, up 22 per year.6 units. Maintain profit forecast and maintain “overweight” rating.The company’s products cover three major series of strips, long products, and axles. The automotive plate and axle business has developed rapidly.The company’s short-to-interim results are expected to weaken the overall profitability of the industry.It is expected that the net profit attributable to the mother will be 31 in 2019-2021.20/29.29/29.250,000 yuan,苏州夜网论坛 corresponding to EPS0.41/0.38/0.38 yuan, currently corresponding to PE9 / 10/10 times, maintaining the “overweight” level.
Author: admin
Jerry Shares (002353)： Interim Report Exceeds Expectation, Shale Gas Economic Benefit Improves
Jerry Shares (002353): Interim Report Exceeds Expectation, Shale Gas Economic Benefit Improves
Event: The company recently announced the 2019 semi-annual performance forecast, and it is expected that H1 in 2019 will achieve net profit attributable to mothers4.
65-5.
210,000 yuan, an increase of 150% -180% every year last year.
The high performance growth exceeded expectations, and strong downstream demand ensured that orders fell.
According to the company’s performance forecast, the company ‘s first-half performance exceeded expectations mainly based on the promotion of the national energy security strategy. It has been increasing investment in unconventional oil and gas resources, especially shale gas resources. Demand for oil and gas equipment and services has been strong.Orders for product lines such as well equipment, coal technology services, etc. continued to maintain rapid growth, and operating performance improved significantly.
According to the announcement information, the company signed new orders at the end of 2018, with orders in hand at 60.
57, 36.
2 billion, an increase of 43% and 66% each year.
With the increase in fracturing capacity, we expect the order delivery schedule to continue to be optimized to ensure stable growth in sustainable performance.
The economic development of shale gas is improving, and the market demand for equipment continues to grow.
The current shale gas reserves are huge.
According to EIA statistics, shale gas geological resources in developing countries amount to 134.
4 trillion cubic meters, the technically recoverable resources are 31.
6 trillion cubic meters, accounting for 17% of the world’s recoverable resources, behind the United States to become the world’s second largest shale gas resource country.
However, due to the fact that at least part of the shale gas was located in the Sichuan-Chongqing area in the early stage, the exploitation was defective, the cost was relatively high, and the profitability did not reach the commercial level.
With the continuous development of shale gas extraction scale and equipment technology, according to industry information network data, the economics of its shale gas extraction are continuously increasing. In 18 years, the cost of a single well has been reduced from 100 million pounds to 60 million to 80 million.When accounting to the unit cost, the depreciation of each gas is about 0.
9-1.
1 yuan, the operating cost is 0.
3-0.
5 yuan / square.
The company launched an electric drive fracturing complete set this year. One device can meet the large-displacement shale gas fracturing, which has significant economic advantages and is expected to fully benefit from the improvement of the shale gas boom in the downstream.
OPEC’s production restriction will be postponed in March next 合肥夜网 year, short-term or support oil prices.
OPEC + reached an agreement last year to reduce output by 1.2 million barrels per day per year. At OPEC Vienna this week, countries will continue to extend the production reduction agreement for 9 months to March 2020.
Through Iran and Venezuela, due to US sanctions and other temporary suspensions, OPEC’s production capacity is currently tight, and the rate of enforcement of production restrictions remains high, reaching 156% in six months.
The output of OPEC14 countries in June was 29.6 million barrels, a decrease of 170,000 barrels earlier in May, the lowest since 2014.
In addition, the geopolitical situation in Iran is tense, which may support oil prices in the short term, which is positive for the oil service sector.
Investment suggestion: The company’s net profit is expected to be 10 in 2018-2020.
4.5 billion, 14.
79 ppm and 19.
4.4 billion yuan, corresponding to EPS of 1.
09 yuan, 1.
54 yuan, 2.
03 yuan.
Maintain Buy-A rating and 6-month target price of 32.
7 yuan, equivalent to 30 times dynamic price-earnings ratio in 2019.
Risk warning: market competition is intensifying, and the company’s drilling and completion equipment orders exceed expectations.
Rongwei Securities： Active conversion of heavyweights to inject new momentum into the market
Rongwei Securities: Active conversion of heavyweights to inject new momentum into the market
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!
Original title: Rongwei Securities Liu Sishan: Hot spot conversion of heavyweights injects new momentum into the market Source: Rongwei Securities encountered cross-media effects and opened lower across the two cities. After the opening, large infrastructure, securities firms, and real estate sectors led the Shanghai Index to become popularHowever, then the index fell again. Looking at the market, individual stocks fell, the number of limit stops increased, technology stocks fell, the Shanghai index was relatively resilient, and the 杭州桑拿网 market turned red many times.
The final close, the Shanghai stock index was at 2987.
93 points, down 0.
83%; GEM Index closed at 2180.
7 points, down 4.
66%.
Small and medium plates closed 7591.
81 points, down 3.
67%.
On the disk, the construction industry led the gains. China Metallurgical, Shandong Road and Bridge, Tengda Construction and other 13 stocks hit daily limit. At the same time, China Power Construction, China Construction Group, Honggao Creative and other stocks hit the daily limit.
In the real estate sector, the black peony rose for three consecutive days. SIHL, Xiangjiang Holdings, and Hefei Urban Construction set daily limits.
In the steel sector, Xinri Hengli has two daily limit plates, and Shagang shares daily limit.
Technically, the Shanghai Index has continued to run above the 南京夜生活网 half-year line for several days, the overall moving average system has been repaired, and the market funds are still active.
Although the external disk has been weakening continuously, the Shanghai Stock Index has been continuously affected by too much, and the market has changed spots in time. Today, heavyweights such as infrastructure and real estate have suddenly become active, injecting new momentum into the market again.
Comprehensive judgment, focus change, but the continuity needs to be tested by the market. After all, the demand for capital by weighted shares is the standard.
It is recommended to treat market changes rationally, and sell high and sell low.
Zhongju Hi-tech (600872) 2018 Annual Report Commentary： Steady Growth of Condiment Targets Five Years of Double Hundred
Zhongju Hi-tech (600872) 2018 Annual Report Commentary: Steady Growth of Condiment Targets Five Years of “Double Hundred”
Performance review: FY18 performance was in line with expectations.
FY 2018 achieved total revenue of 41.
66 trillion, +15 for ten years.
4%, net profit attributable to mother 6.
070000 yuan, +34 for ten years.
0%, deducting non-南京桑拿网net profit 5.
72 ppm, +37 for ten years.
9%, budget benefit 0.
76 yuan, the performance is in line with expectations.
Of which 18Q4 income was 10.
20,000 yuan, +13 for ten years.
8%, net profit attributable to mother 1.
22 trillion, +23 a year.
4%.
FY18 gross profit margin 39.
1%, ten years -0.
2 points; net margin 14.
6%, +2 per year.
0pcts, ROE is 18.
1%, ten years +2.
9pcts, profitability continued to improve.
FY18 budget proposed dividend.
23 yuan (tax included), dividends implanted 30.
2%.
Revenue from condiments grew steadily, and the goal was better fulfilled.
The company achieved 10 in 4Q18.
0 ppm, +13 a year.
8%, the growth rate rebounded from the previous quarter, due to the decline in the base and the real estate business Q4 revenue recognition increase.
1) Steady 杭州夜网论坛 growth in condiment income: FY18 delicious fresh income38.
52 trillion, ten years +10.
3%, 18Q4 delicious fresh income9.
32 trillion, ten years +10.
6%; by product, soy sauce earns 25% per year.
90 trillion, ten years +9.
1%, mainly due to sales of ten years +7.
8% reached 40 ounces, the price per ton was 2590 yuan / ton, multiple +1.
2%; chicken essence income is 4.
43 trillion, ten years +7.2%, sales of ten years +7.
Due to 3%, the income ratio of edible oil / other condiments was 8 respectively.
4% / 12.
In terms of channels, the company’s development and integration of prefecture-level cities nationwide is 77%. During the year, 178 new dealers were opened, and the cumulative number of dealers reached 864. At present, about 75% is for household consumption.At the same time, restart the layout of export channels; 2) Increase in land revenue: increase in land revenue1.
27 trillion, +155 a year.
6%, which is a significant increase in sales of commercial housing in this period.
Caused by 74 trillion.
In terms of subregions, the average income of the northern / southern / central-western regions achieved a two-digit increase, each +17.
6% / 16.
6% / 12.
5%.
Expenses were well controlled, and net interest rate increased the most.
The company’s highest gross margin is 39.
1%, ten years -0.
2pct, mainly due to the drag on the rising cost of 3Q18 packaging materials, 4Q18 gross margin rose to 39.
3%.
The initial selling and management expenses have well-controlled net margin up, of which the selling expense ratio is 10.
4% a year -1.
4 cases, due to the decline in employee compensation, freight and advertising costs; the management expense ratio (including research and development expenses) 9.
5% per year -0.
1pc, of which the proportion of employee wages, research and development and depreciation expenses decreased; financial expenses 1.
3% a year -0.
4pct, mainly due to the decrease in loan interest expenses and the increase in deposit interest income.
Taken together, the company has a higher net profit margin14.
6%, +2 per year.
0pcts, 4Q18 net profit 12.
1%, ten years +0.
9pct, of which the highest net profit of delicious fresh is 16.
5% each time +0.
3pct, 4Q18 net profit is 19.
3% a year -1.
One.
The fairness mechanism is straightened out, and the target is “double hundred” in five years.
In 2018, the company completed the re-election of the board of directors and the change of the substantial controller. The new board clearly stated that the company will focus on the main business of healthy food and move towards the domestic first-class condiment group. It plans to achieve annual revenue of over 10 billion and annual production and sales by 2023.Large millions of tons, after the company’s equity truly goes smoothly, it is expected that the mechanism will be changed to take advantage of the private sector.
The quality of the company’s condiment business is excellent, and there will be more efforts in the future: 1) Channels: Accelerate the development of blank prefecture-level cities and tertiary market districts and counties. It is estimated that up to 1,000 dealers will be reached in 2019, and online channels will be actively tried, Gradually expanding overseas, and promoting the internationalization of the kitchen brand, 2) products: continue to expand the production of edible oil, oyster sauce, sauces, vinegar, etc., and develop towards a diversified healthy food; at the same time, the capacity release and product structure in YangxiWith the promotion, the net interest rate is expected to continue to increase in the future.
In addition, the company’s acquisition of the minority shareholders’ equity of the Chubang subsidiary is expected to further advance. It is expected that the condiment business will achieve transformation and growth after the follow-up mechanism is improved and the management is rationalized.
Profit forecast, estimation and investment recommendations: We believe that the company will gradually improve its mechanism to take advantage of its private capital, and its condiment business is in good condition. It will invest more room for growth in the development of a national market, the development of catering channels, and category expansion.With the gradual release of Yangxi’s production capacity and the improvement of product structure, coupled with better cost control, the net profit rate will continue to increase in the future. The acquisition of minority shareholders’ interests in subsidiaries is expected to increase their performance.
Maintain the company’s EPS forecast for 2019-2020: 0.
98/1.
24 yuan, the date EPS forecast for 2021 is 1.51 yuan, after considering the improvement of the mechanism, the performance is expected to continue to grow well, giving 20 times 35 times PE, raising the target price to 43.
4 yuan, maintaining the “strong push” level.
Risk Warning: The growth of condiments is not as expected, and the effect of improving the mechanism exceeds expectations.
Resumption on January 14： New market highs retreat and digestion of main funds to attack 7 shares
Resumption on January 14: New market highs retreat and digestion of main funds to attack 7 shares
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!
Sina Finance News January 14 news, the two cities opened higher, the index shock weakened after the opening, and then maintained a narrow range of shocks, the disk, new energy vehicles, lithium battery sector rose.
The market closed earlier in the morning, and the broader market weakened again. The three major indexes turned green across the board.
The market rebounded slightly in the afternoon, the index turned red, environmental protection projects, and communications services sector rose.
In early trading, the index fell again. In general, the stocks of the two cities fell more or less, the market as a whole was general, and the effect of making money declined.
The final close, the Shanghai stock index was 3106.
82 points, down 0.
28%; Shenzhen Component Index reported 10988.
77 points, down 0.
47%; Founding Index reported 1922.
56 points, down 0.
65%.
From the surface of the disk, the metal cobalt, genetically modified, and environmental protection engineering sectors are at the forefront of the gains. Network slicing, WeChat applets, and the liquor sector are at the forefront of the declines.
1. 662.2 billion funds competed for 20 shares: The main funds focused on 7 shares (list). Statistics show that the stock turnover of TOP20 exceeded 66.2 billion. According to the Sina Finance leve2 fund flow chart, 7 of these 20 stocksThe main capital inflows were shown, of which Tianqi Lithium and China Unicom’s main inflows exceeded US $ 500 million; Ping An of China’s main inflows exceeded US $ 200 million; Huayou Cobalt’s shareholder power inflows exceeded US $ 100 million; Longping Hi-Tech,Wuliangye, Huatian Technology’s main delivery net is less than 100 million yuan.
Another 13 stocks showed the main net funds, of which ZTE’s main net re-net amount exceeded 1 billion; Guizhou Maotai’s main net replacement exceeded 400 million; Wingtech’s main force exceeded the net amount of over 300 million; CITIC Securities, Oriental Fortune’s main forceThe net amount exceeded 200 million; the main force of Dabei farmers exceeded the net amount by more than 100 million; Zhongke Shuguang, BOE A, BYD, Ganfeng Lithium, Ningde Times, Lixun Precision, and Huiding Technology reduced the net amount by less than 100 million.
Second, the daily limit resumption: the index weakened throughout the day and consolidated the non-ferrous metal sector. The Shanghai and Shenzhen daily limit was 63 (covering new stocks and ST categories), the daily limit was 10, the stock was up 1,535, the flat was 227, and the stock was 2,090.
Today’s daily limit analysis name rises current price daily limit analysis open times N Tailin 43.
98% 26.
42 new shares 0 Mido Energy 10.
27% 2.
04 Fuel cell 0 Jebsen shares 10.
09% 4.
91 Ultra High Definition Video 0 Great Eastern 10.
09% 4.
91 Trust Concept 2 Grammy 10.
08% 5.
79 new energy vehicles 2 Xiuqiang shares 10.
07% 4.
81 Tesla 1 Oceanwide Holdings 10.
07% 5.
03 Finance 0 Lingnan Shares 10.
06% 6.
78 spin-off listing is expected 4 Yunnan Urban Investment 10.
06%北京spa会所 3.
39 real estate 0 days create fashion 10.
04% 10.
52 net red economy 9 Gauss Bell 10.
04% 14.8 performance increase 0 Annie shares 10.
04% 12.
5 Intellectual Property Protection 3 Jim 10.
03% 12.
62 Early Childhood Education 2 Set Thai shares 10.
03% 13.
17 results pre-increased 0 Tianqi shares 10.
02% 9.
33 new energy vehicles broadcast fashion 10 on the 3rd.
02% 10.
32 net red economy 0 Dow technology 10.
02% 16.
91 new energy vehicles 0 massive data 10.
02% 25.
48 big data 0 Weitang industry 10.
01% 23.
84 Tesla 0 and far gas 10.
01% 17.
14 new shares 0 radio and television measurement 10.
01% 37.
14 new shares 3 Fujian Cement 10.
01% 10.
55 cement 0 platinum new materials 10.
01% 97.
96 new shares 0 Xiangxin Technology 10.
01% 39.
8 new energy vehicles 2 Changsheng bearing 10.
00% 25.
07 Auto parts 1 Yitian 无锡桑拿网 shares 10.
00% 41.
13 new shares 0 Xiangxue Pharmaceutical 10.
00% 9.
24 flu 0 Yao Ji technology 10.
00% 36.
85 online game concept 1 Yanan Bikang 10.
00% 22.
99 new energy vehicles 0 Yuanda Holdings 10.
00% 8.
47 performance growth 0 Jingfang Technology 10.
00% 60.17 chip concept 0 China Media 10.
00% 17.
05 Ultra HD video 4 Jihong shares 10.
00% 32.
13 Blockchain 3 Xinhuanet 10.
00% 29.
38 Culture Media 0 Invic 10.
00% 23 new energy vehicles 1 Shanghai washing PA 10.
00% 22.
12 Sewage treatment 1 Langzhong shares 9.
99% 12.
44 lithium battery 0 Yongan line 9.
99% 21.
69 results pre-increased 0 Yahua Group 9.
99% 10.
57 lithium battery 2 Zhongwei Electronics 9.
99% 9.
8 Huawei Concepts 0 Guiguang Network 9.
99% 9.
36 Ultra HD Video 9 Jiejie Microelectronics 9.
99% 34.
36 chip concept 1 Jiachuang Video 9.
99% 7.
93 Virtual Reality 4 Qiaoyin Environmental Protection 9.
99% 14.
65 new shares 0 Wing Chong Smart 9.
98% 14.
1 Artificial Intelligence 0 Long Yun Shares 9.
98% 21.
16 Net Red Economy 1 Purple Sky Technology 9.
98% 18.
74–5 Shutai God 9.
97% 13.
01 Biomedical 3 Zangger Holdings 9.
97% 8.
16 New Energy Vehicles 4 and Crystal Technology 9.
97% 6.
84 share 0 Botian environment 9.
97% 9.
93 environmental protection 0 number source technology 9.96% 9.
05 Ultra HD Video 0 Haoyun Technology 9.
96% 9.
94Huawei Concept 5Leading Environmental Protection9.
95% 8.
4 Environmental protection 1 Jiu’an Medical 9.
94% 5.
64 results pre-increased 1 * ST profit source 5.
13% 2.
05ST plate 3 * ST Leopard 5.
00% 5.
46ST plate 1 * ST Yushun 4.
97% 10.
14ST plate 2ST Yaxing 4.
97% 4.
86ST plate 0 * ST Zhongfu 4.
96% 2.
33ST plate 1 * ST mid pile 4.
88% 1.
72ST plate 0ST Tianrun 4.
85% 2.
38ST plate 7 attractions plate: 1, communication services Xinhua, Guiguang Network daily limit, Tianwei video, radio and television network, Hubei Radio and TV, Guangxi Radio and TV and other follow up.
2. Super clear video Jebsen shares, Zhongwei Electronics daily limit in the afternoon, Gauss Bell (rights), CCTV, Digital Source Technology closed in early trading.
According to the news, in 2020, the Spring Festival Gala of the Central Radio and Television Station will conduct the first rehearsal today. This year’s Spring Festival Gala will technically use 5G, 4K, 8K, AI to promote it.
Third, the top ten blogs look at the market: God-given opportunity 3100 points boldly plunge into the bottom of the sea lighthouse: digging pits and trapping for the red envelope market purely from the analysis of technical indicators, the MACD indicator on the Shanghai stock market daily chart shortens the red bar, showing the stock index reboundThere is a cumulative increase in the risk of the corresponding level fall adjustment; the 233-week moving average (3082 points) has become a downward trend, which has a downward reaction on the stock index closing this week; the phenomenon of deviation in volume and price is not conducive to the continuous rise of the stock index.
Guo Yiming: From the perspective of the gradual closing market, the closing market is gradually pressing, and investors are advised to be prepared to continue to reduce their holdings on rallies.
Of course, you don’t have to worry too much about the index. After all, there is support here and there is participation. The overall upward momentum remains.
The activists can also play individual stock games appropriately, while the prudent ones can just keep their positions on the sidelines.
Stock market situation: There may be a strong shock position and the market remains unchanged. As long as the market volume exceeds 3162 points, 3288 points will become a bullshit.
Last year’s high beckoned, everything was for a better break.
Before 3300 points, all stress levels are psychological and will not have a substantial impact on the trend.
Naughty Tianzun: The market’s new highs have retreated to maintain the digestion pattern. Because the major market indexes have declined slightly, the overall market has adjusted the digestion pattern. The two cities have slightly more stocks, but the advantages are not obvious. In contrast, the two cities have led the stocks and the daily limit stocks, Still has obvious advantages!
This is a reasonable rhythm for the digestion of the market after the new high, so investors do n’t want to be crowded. How can those daily structures be so dangerous? They have been rerouted from 2857 points to today ‘s highest 3127 points. Have they been right?
China’s Boulder (600176)： Glass fiber prices lead to increased profits
China’s Boulder (600176): Glass fiber prices lead to increased profits
1?
3Q2019 performance is lower than our expected China Boulder announced 1?
3Q2019 results: Revenue 77.
4 ppm, an increase of ten years.
43%; net profit attributable to mother 15.
5 ‰, a year-on-year decrease of 19%, corresponding to a profit of 0.
44 yuan, lower than our expectations, preliminary is the glass fiber sales expectations and 3Q19 glass fiber prices fell faster than the previous month.
The company’s revenue in the third quarter of 19 was 26.
7.6 billion yuan, an increase of 2% / 4% from the same period last month, and net profit attributable to mothers4.
950,000 yuan, down 23% / 11% from the same period last month.
Development trend The decline in glass fiber prices has led to a significant reduction in profits.
In the first three quarters of 19, the company’s roving product sales volume was 126 tons, an annual increase of about 5%, of which high-end product sales increased by 15%. At the end of the third quarter, the company’s rovings basically achieved a balance of production and sales; electronic cloth sales increased by 114%,Basically achieve production and sales balance.
The company’s highest profit is mainly due to the decline in the price of glass fiber products. As of 2018, the glass fiber industry has increased production capacity, and the glass industry has a glut of supplies, which has led to a significant decline in the price of glass fiber this year. Among them, the price of rovings has fallen by more than 7%?
8% in the third quarter of 19, compared with the previous two quarters. The company expects that the price of rovings will still decline slightly. The price of electronic cloth has gradually dropped to nearly 50%. The price in the third quarter is at a historical low.Prices started to pick up.
Continue to strengthen cost advantages, leading the global profitability of fiberglass.
Although labor costs increased and raw material and natural gas prices rose in the first three quarters, the company achieved a reduction in manufacturing costs of approximately 2% through continuous technological improvements and management innovation.
In the third quarter of 19, the company achieved a gross profit margin of 38.
4%, same / cyclic ratio oxide 5.
0/0.
7ppt, 1?
3Q19 achieved a gross profit margin of 39.
3%, ten years ago 4.
8ppt, although the price of 3Q19 fiberglass increased by a larger margin than the previous month, leading to a significant reduction in gross profit margin, the company’s profitability is still far beyond other aspects of the world.
Internationalization and intelligent development go hand in hand.
Boulder America Project 9.
6 The baseline glass fiber production capacity was ignited in May this year. At present, the production and operation are steadily advancing. At the same time, the Indian project is progressing steadily. The construction will soon begin.
Cost control is one of the company’s core competitiveness, which is transformed into the construction of the intelligent manufacturing base of the Tongxiang headquarters. We expect to help the company’s efficiency 合肥夜网 to a new level, thereby increasing the gap between the company and the relative.
Earnings Forecast and Estimates Due to the weaker-than-expected sales of glass fiber and rising prices, we lower our 2019/20 net profit forecast by 14% / 15% to 20.
65/23.
9.6 billion.
The previous company previously corresponded to a 2019/20 P / E ratio of 14.
4/12.
4x, lowering the target price by 4.
3% to 11 yuan, corresponding to 29.
3% growth space and 18/2019/20.
7/16.
1x price-earnings ratio, maintain outperform industry rating.
Risk roving sales growth exceeded expectations, and glass fiber prices increased significantly.
Lixun Precision (002475) Quarterly Report Comments： Third-Quarter Performance Exceeds Expectations to Maintain High Long-Term Growth
Lixun Precision (002475) Quarterly Report Comments: Third-Quarter Performance Exceeds Expectations to Maintain High Long-Term Growth
Event: The company released the third quarter report of 19, and the first three quarters achieved revenue of 378.3.6 billion +70 per year.96%, net profit is 28.880,000 yuan, +74.26%, operating net cash flow yoy + 194.59%, ROE17.04%, a year-on-year increase of + 5%; the return of 19 is expected to return to the mother’s net profit of 39.48-42.400,000 yuan, + 45-55% year-on-year. Opinion: We continue to recommend the company, optimistic about the value of the company’s platform, the company’s third-quarter performance exceeded expectations, the expected indicators maintained high growth, AirPods / motor / acoustics / wireless charging projects continued to contribute continuously, and communication / automotive products gradually became a performance increasepoint.The company’s convertible bonds + value-added capital has invested heavily in the wearable sector and is expected to enter the Apple Watch assembly business next year with high growth and sustainability. The 成都桑拿网 company’s components continue to contribute to the machine, the profitability continues to improve, and the two allocation incentives highlight the company’s confidence in the development of the medium and long-term development, optimistic about the company’s subsequent growth space, and strongly recommend! The third quarter performance exceeded expectations and maintained high growth for a long time.The company’s Q3 revenue was 163.950,000 yuan, +62.24%, net profit attributable to mother 13.RMB 860,000, a year-on-year increase of +66.74%, far exceeding the upper limit of semi-annual report performance indicators (38.32%).Specifically, the increase in motor share + expansion, wireless charging maintains a high share, the increase in acoustic material numbers, AirPods continued to optimize the profitability of the volume, and the volume of the communications sector is the driving force behind growth.In terms of profit, the company’s automation and internal management efficiency continued to improve, with Q3 gross profit margin of 22.07% quarterly +2.58%, +0 year-on-year.13%, net interest rate 8.98%, quarter +1.58%, +0 year-on-year.38%. If the effect of equity incentive expenses is eliminated, the actual net interest rate will increase by the size of the margin.In addition, the company’s operating / funding efficiency continued to improve, and its operating net cash flow in the third quarter was yoy + 194.59%, weekly revenue rate +0.69%, inventory turnover yoy + 0.39%, 3.5 billion of the existing company’s book inventory is stocking new products for customers, which indicates that the heavy delivery in the fourth quarter will continue to be heavy, and it is expected that 19 will gradually return to the mother’s net profit of 39.48-42.400,000 yuan, + 45-55% year-on-year. With many bright spots in consumer electronics next year, the Apple Watch is expected to contribute to the performance, and it is optimistic about the expansion of horizontal components in the medium and long term, and vertical devices will contribute to the whole machine.In the short term, the company’s motor project is expected to expand in 19 years. It is expected to become a new product research and development supplier next year. The introduction of acoustic material numbers will accelerate the acceleration and it is expected to enter watches / notebooks / tablets. Wireless charging will maintain a high supply share in 2020.The new machine is expected to be equipped with reverse charging function, optimistic about the increase in value, and gradually promote the wireless charging module of tablet / notebook products; antenna: Apple will launch a 5G mobile phone (below 6G + mmwave) with a high probability next year, and the antenna design difficulty will increase + newmmwave antenna module, the company is expected to benefit first.In addition, the company’s convertible bonds of 600 million were raised to invest in “new projects with an annual output of 4 million smart wearable devices” + 600 million capital increase. Lixun Zhizhu vigorously expanded wearable assembly and promoted the introduction of Apple Watch assembly projects to contribute performance next year.In the medium and long term, the company replicates the Taiwanese business model. It has strong grounding and engineering capabilities, horizontal component expansion, forward device development to the whole machine. The logic of smooth growth, sustainable profitability improvement, and continued optimism about the company’s medium and long-term growth. Investment suggestion: According to the company’s guidance and equity incentive performance outlook, the company’s 19-20 year net profit will be from 40.05/55.80 trillion is raised to 42.43/57.24 ppm, maintain “Buy” rating, and continue to recommend. Risk warning: Airpods sales fall short of expectations, R & D progress is less than expected, Sino-US trade war worsens
Supor (002032)： Surpassing industry performance and maintaining good growth
Supor (002032): Surpassing industry performance and maintaining good growth
Core point of view: The company announced the 2019 performance report, and achieved good growth.Realized operating income of 198 in 2019.500 million (+11.2%) and a total profit of 22.700 million (+14 compared to the same period last year).7%), net profit attributable to mother 19.200 million (+15 compared with the same period last year).0%), gross margin 31.2% (+0 year-on-year.3pct), net interest rate 9.7% (+0 year-on-year.3pct).Q4 single-quarter operating income of 49.600 million (+11 year-on-year.2%) and a total profit of 6.600 million (+ 9% year-on-year.7%), net profit attributable to mother 6.700 million (+18.8%), gross profit margin 32.6% (0% YoY.2pct), net interest rate 13.5% (+0 year-on-year.9pct).Q4’s revenue has achieved steady growth. We expect that domestic and foreign sales will maintain a good growth; Q4’s net profit attributable to mothers will grow faster than profit growth. As a result: the subsidiary completed the improvement of the company’s identification and part of the restructuring was returned. The epidemic only affects short-term operations and does not change long-term growth.In the short term, due to the impact of the epidemic, domestic offline consumption is weakening, and the company’s production capacity in Wuhan is also under pressure.In the medium and long term, the epidemic situation will lead to an increase in home time, it will also generate more demand for small appliances, and accelerate consumption upgrades. As an industry leader, Supor has a clear competitive advantage and will benefit from consumption upgrades.At the same time, the company will continue to contribute to the company’s growth momentum in terms of category expansion and high-end brand layout. Profit forecast: We expect that the concentration of small kitchen appliances industry will continue to increase, while overseas markets are recovering, and overseas OEM orders will increase.Based on the above 杭州桑拿 assumptions, we expect the company’s net profit attributable to the parent to be 19 in 2019-21.2, 21.0, 24.800 million, an increase of 15 each year.0%, 9.4%, 17.9%. Considering that the company is the leader of small household appliance companies, it has benefited most from consumption upgrades. In the past six years, revenue and profits have maintained steady growth, and the performance stability is higher than other small household appliance companies. In the future, the performance is expected to continue to grow steadily and maintain a reasonableWorth 78.The judgment of RMB 4 per share remains unchanged, corresponding to 30 in 2020.6xPE, maintain “Buy” rating. Risk warning: rising raw material prices; lower-than-expected consumption upgrades; weak overseas markets; high-end business development not smooth; multi-category business development not smooth.
Vast special materials： Leaders in high-end special alloy materials raise investment to increase production capacity and research and development capabilities
Vast special materials: Leaders in high-end special alloy materials raise investment to increase production capacity and research and development capabilities
The company is a manufacturer of high-quality specialty alloy materials and alloy products.
The company mainly produces high-quality gear steel, mold steel, special stainless steel, high-temperature alloy and other special alloy materials, as well as various precision mechanical parts based on alloy materials. Among them, special alloy materials accounted for about 90% of operating income in 2018.Alloy products account for about 10%.
The company’s core product is high-quality gear steel, which is widely used in gear boxes for new energy wind power, rail transportation and mechanical equipment. Its revenues in 2016-2018 accounted for more than 65%.
The actual controller of the company is Xu Weiming, the chairman and general manager, and Xu Xiaohui, the director, who together hold shares before the issuance.
65%, of which Xu Weiming directly holds 9 shares.
80%, Xu Weiming and Xu Xiaohui and his father held 36 shares through majority holdings.
42%, Xu Xiaohui indirectly holds shares through Wanding Business and Ruishuo Partnership2.
20% and 0.
twenty three%.
High-end manufacturing is in the ascendant, and new products are put into production to help the company continue to grow.
High-end manufacturing is in the ascendant: From 2016 to 2018, benefiting from the demand for alloy materials in wind power, rail transit, high-end equipment and other industries, the company’s main products rose in volume and price, with output from 14.
11 up to 22.
84 samples, main business income from 8.
6.5 billion to 14.
8.9 billion, net profit attributable to mother from 4773.
520,000 yuan to 1.
34 billion.
From 2016 to 2018, the CAGR of main product output, main business income and net profit attributable to mothers were 27%, 32% and 67%, respectively.
New products put into production: The company built a special aluminum alloy production line in 2016. It went into production in 2017 and successively passed quality certifications in the fields of weapons and equipment, aviation and energy. The product began to volume.
170,000 yuan, a year-on-year growth of 355%, the contract amount in the first quarter of 2019 has exceeded 40 million, becoming an important profit growth point for the company in the future.
There is ample space for import and replacement of special alloys, and domestic demand is increasing day by day. Raising investment will increase production capacity and technology research and development capabilities, reduce resistance levels, and support the company’s continued growth.
Domestic high-end alloy materials have ample import substitution space, and domestic demand is increasing day by day: the output of conventional special alloy materials was 3,315 in 2017, accounting for only 4% of crude steel, and currently accounts for 15% -20% of the output of special alloys, compared with 55 in Sweden.%.
Domestic high-end special alloy materials are inadequately self-sufficient. Many key alloy materials rely on imports. According to the prospectus, 50% of high-end mold steel, 55% of high-end stainless steel, 50% of high-temperature alloys and 60% of marine steel are dependent on imports.There is ample space for import substitution of alloy materials.
At the same time, high-end equipment industries such as aerospace, nuclear power, oil and gas, and petrochemical industry have great development potential every year, and the demand for high-end special alloy materials is increasing day by day.
Raising investment to increase production capacity and technology research and development capabilities and reduce interest rates: The funds raised this time are mainly used for the expansion of special alloy materials (3 billion) and the construction of new materials research and development centers (60 million), and the remaining is used to repay bank loans (2.
300 million) and supplementary working 深圳桑拿网 capital (1 billion), we believe that the fundraising project will help improve the company’s production capacity, optimize the product structure, consolidate its technological leadership, reduce the company’s loss level, and further enhance the company’s growth ability and competitive advantage.
The company chooses to apply the expected market value of not less than RMB 10 million, and the net profit of the last two years replaces the listing standard of progressive and progressive net profit of not less than RMB 5000 million, which can use the PE valuation method of comparable companies.
The company’s main business is concentrated in the field of special alloy materials, the industry is still in its growth stage, and the competitive landscape is relatively stable. If there have been listed targets of the same business type 青岛夜网 previously, we believe that the company’s estimation should apply the comparable company PE valuation method.
Risk Warning: Downstream Market Fluctuation Risk; Raw Material Price Fluctuation Risk; Export Market and Policy Change Risk
Shengyi Technology (600183)： the leading leader in the domestic PCB boom
Shengyi Technology (600183): the leading leader in the domestic PCB boom
Investment Highlights The company’s mid-term performance report The company’s semi-annual report shows that it achieved operating income in the first half of 201959.
73 ppm, a ten-year increase2.
85%; net profit attributable to shareholders of listed companies6.
29 ppm, an increase of 18 years.
02%.
Deduct non-net profit 5.
92 ppm, an increase of 22 in ten years.
82%.
The company’s interim results exceeded expectations. The interim results of the issuing company were beautiful, and the operating cash flow in the first half of the year increased by 152% each year; the ROE9 was increased.
7, an increase of 0,92 units; the performance is better than our previous forecasts and market consensus expectations.
The company’s first-half performance exceeded our expected difference of 16%. According to the second quarter of a single quarter, the difference was 34%. The data exceeded our expected difference of 30%.
The PCB business is the main source of growth. The growth of the company’s subsidiary, Shengyi Electronics, is the first to exceed this expectations.
Shengyi Electronics’ core customers include major telecommunications equipment vendors such as Huawei ZTE. We believe that in the market environment where 4G capacity expansion and 5G commercialization have begun, communications orders have grown rapidly, and the proportion of high gross profit orders has increased.Profitability has been fully reflected.
Earnings forecasts and estimates We raise the company’s highest net profit forecast to 13.
3.9 billion, the company is expected to achieve revenues of 13.4 billion, 15.6 billion, 18.4 billion, and net profits of 13-20 billion in 2019-2021.
4 billion, 16.
400 million, 1.9 billion, EPS0 diluted.
59 yuan, 夜来香体验网 0.
72 yuan, 0.
84 yuan, corresponding to PE is 37 times, 31 times, 26 times.
Based on the company’s industry level, technological strength, future growth rate and domestic and international industry environment, it still has long-term allocation value and maintains a “buy” rating.
The main risk reminder: The raw materials grow too fast and obviously exceed the price increase of the company’s products.