Origen (002701): Prudent accounting treatment affects current performance and industry integration continues to advance

Origen (002701): Prudent accounting treatment affects current performance and industry integration continues to advance

This report reads: With the continuous integration of two-piece tank production capacity and a slight increase in demand, the overall profitability of the industry will gradually approach the inflection point; the layout of new customers will resolve the risk of a single large customer and contribute new revenue growth points for the company.

Investment points: Maintain target price of RMB 6 and upgrade to overweight rating.

With the continuous improvement of industry capacity and adjustment of product structure, it is expected that profitability will return to an equilibrium level, and the two-piece can industry will be integrated in the medium and long term.

Maintaining 2019?
EPS is 0 in 2021.

39/0.

47/0.

54 yuan, maintain the target price of 6 yuan, corresponding to about 13 times in 2019, considering that the current price is more than 15% from the target price space, upgrade to overweight rating.

Revenue growth was in line with expectations, and performance growth exceeded expectations.

The company achieved revenue of 81 in 南京夜网论坛 2018.

7.5 billion, an increase of 11.

35%; Realize attributable net profit 2.

25 trillion, down 67 a year.

98%; realized non-attributable net profit1.

24 ppm, a decrease of 79 per year.

27%, the performance growth exceeded expectations, the reason is that the auditor of the company’s associate, COFCO Packaging, issued a qualified opinion on the evaluation of the financial report. After the company’s assessment, the equity investment was tested for impairment based on practicable principles, which brought non-recurring consequences.

The company achieved revenue of 20 in 2019Q1.

51 trillion, the same increase 2.

9%, achieving attributable net profit 2.

3.7 billion, an increase of 10.

98%, realized non-attributable net profit2.

07 trillion, with an increase of 15.

21%, in line with expectations.

Actively promote the integration of the two-piece can industry, and international brand customers will be added after the completion of the acquisition.

The company’s new two-piece can factory in Xianning is in the ramp-up period of production capacity, and the maximum production capacity will be gradually released.

With the increase of beer canning rate and the rapid growth of new products such as slimming cans, the market demand is in a steady growth stage, which has brought about an improvement in the industry’s operating environment.

With the completion of Bohr’s integration, the company will expand the international brand customer matrix and hopefully make full use of the synergies in procurement, production and sales.

Differentiated services enhance competitive advantage, and new customers are deployed to mitigate the risks of a single large customer.

With the new production capacity gradually put into operation, the company will achieve further expansion of customer coverage.

At present, Red Bull has the highest proportion of the company’s revenue, and it is expected that the risk of a single large customer will be gradually resolved through the release of new customer orders.

Risk reminder: Red Bull’s high proportion of large customers and the uncertainty of agency negotiations

Jinhe Industry (002597): Broad prospects for sweetener demand, new projects help company grow

Jinhe Industry (002597): Broad prospects for sweetener demand, new projects help company grow
The company’s recent situation On September 10, the General Office of the General Administration of Market Supervision issued the “Guidelines on Regulating the Use of Food Additives”, which proposed to scientifically reduce the sucrose content in processed foods, and advocated the use of food safety standards allowing the use of natural sweeteners and sweetenersReplace sucrose. Demand and policies have driven the gradual expansion of the sweetener market.According to Zhiyan Consulting data, the global non-sucrose sweetened product market size was approximately US $ 9 billion in 2018, and the US, European and Asia-Pacific markets accounted for 58% / 22% / 19%; the global artificial sweetener 四川耍耍网 market size in 2018US $ 3.6 billion, 56% of the US market size. In 2018, the artificial sweetener output value was approximately US $ 9 billion. It is the world’s largest producer and exporter, but the sweetener consumption is relatively high.We expect public health awareness to increase, and the growth in demand for low-sugar, low-calorie healthy foods will drive growth in demand for sweeteners, while policies guide sweeteners to replace sucrose, and we are optimistic about the growth of the domestic sweetener market. As the demand for new sweeteners grows, the company continues to expand production capacity and consolidate the scale of the industry leader. The new sweeteners such as acesulfame and sucralose have comprehensive advantages in terms of safety and edible taste. We expect that the demand for new sweeteners will increase and it will become the mainstream sweetener product in the future.At present, the company has the capacity of Acemi 1.2 Nominally, the global market share exceeds 60%.In the first quarter of 19th, the company’s production capacity reached 3,000 tons after the technological transformation and expansion of sucralose. According to EIA information, the company plans to invest 1 billion U.S. dollars to build a new project of 3,000 tons of sucralose.At the same time, the simultaneous chlorination technology upgrade and continuous improvement of the industrial chain, we expect the company’s sucralose cost will continue to decline, and will continue to enhance its competitive advantage. The construction of new projects helped the company’s performance continue to grow.The Dingyuan Phase I Biomass Cogeneration Project has achieved grid-connected power generation trial operation in July 2019. The company plans to continue to accelerate the annual production of 1 furfural and 4 chloroalkylene and public project trials.At the same time the company plans to invest 3.US $ 5.6 billion of constructive furanone, Jiale musk and other fine chemical products further extend the furfural industry chain. We expect the construction of new projects will help the company’s performance continue to grow. It is estimated to maintain the 2019/20 net profit forecast8.54/9.7.8 billion, the company currently corresponds to a 2019/20 P / E ratio of 13.2/11.5 times.Maintain target price of 25 yuan, corresponding to 23.8% growth space and 16 / 14x P / E ratio for 2019/20. Maintain Outperform rating. Risk sweetener demand grew more than expected, and product prices fell sharply.

Gree Electric (000651): The mystery of Gree’s estimated discount

Gree Electric (000651): The mystery of Gree’s estimated discount

Gree Electric announced in April that Gree Group intends to negotiate the transfer of 15% of the total share capital of Gree Electric held by Gree Group through the public solicitation of the transferee.

Although there are many possibilities for the 15% equity market to be lost, we believe that the improvement of Gree’s corporate governance is the long-term focus.

Compared with the United States, the estimated discount given to Gree by the market is mainly due to the two issues of corporate governance and a single business 杭州桑拿 structure.

So, after the transfer of Gree’s controlling interest, can two major problems be resolved?

Correspondingly, can the difference between the estimated discount from Midea Group be wiped out?

What’s the difference between Gree’s growth space and the diversity of beauty?

Investors often benchmark Gree Electric with Daikin, thinking that Gree will imitate Daikin and embark on the road of professional development of air conditioning.

But why would investors still consider Gree’s “industry ceiling” and lead to estimated discounts?

Further analysis of Daikin found that when facing the pressure of the Japanese domestic market ceiling, Daikin chose to expand the overseas market by breaking through the so-called “industry ceiling” from regional diversification.

Therefore, can we think that if Gree’s overseas business continues to expand, it can also solve the estimated discount brought by the industry ceiling?

1) Gree’s overseas expansion has slowed down in recent years: In comparison, Gree’s overseas expansion has been slower among the three major white goods.

From a foreign perspective, the proportion of Gree’s overseas market sales is calculated in proportion to Gree. The overall proportion of Gree’s export sales is relatively low. From the perspective of the overseas production base layout, by December 2018, Midea had a total of 15 production bases overseas, while Gree’s production baseMainly in Brazil and Pakistan.

2) The company restarted its category diversification strategy in the past five years: Gree’s diversification strategy started late, and Dong Mingzhu gradually started diversification after he took control of Gree.

In contrast, the multi-category development idea of Midea has been clear from the early stage of corporate development, that is, from a fan to an air conditioner. After 2004, it continued to enter all categories of household appliances such as ice washing, kitchen appliances, and small appliances.Cut into the field of industrial robots.

Can the change of controlling interest change the above two points?

From the corporate governance budget, yes!

We believe that the transfer of control of Gree Electric Appliances will change the age limit of SOEs during previous terms of office and make the governance more flexible.

In fact, incentives are expected to improve.

In addition, from the perspective of the company’s diversification and expansion, the subsequent progress of Gree’s diversification with the support of major shareholders will also accelerate.

Gree estimates that the relative beauty is discounted. Is it possible to repair it?

Prove Meimei, we can foresee 15 times Gree.

From the perspective of European and American companies, the total dynamics in 2019 are generally 15-20 times, EV / EBITDA is more than 10 times, and Midea’s 2019 estimate is also 16 times. We expect the improvement of corporate governance and the future expansion of diversityAccelerating, the company’s estimate will gradually approach the US and overseas companies, giving a dynamic assessment of 15 times in 2019, and there is about 13% growth room.

Risk warning: there is uncertainty in the transfer of control rights; the variety of categories is less than expected.

Fangda Special Steel (600507) 2019 Interim Report Comments: Excellent cost control ability and profitability obviously replaced the industry

Fangda Special Steel (600507) 2019 Interim Report Comments: Excellent cost control ability and profitability obviously replaced the industry

The company’s revenue in the first half of the year increased slightly by zero.

2%, net profit attributable to mother for more than ten years.

2%.

Against the background of the sharp rise in iron ore prices, the company’s cost control ability in restructuring has reduced the downward margin of profitability, showing a certain ability to resist cycles, and it is expected that the company’s performance will continue in the industry.

At present, the rigidity of the industry’s supply has not been broken. Considering the higher base of last year’s profit, the company’s third-quarter profit growth rate is expected to exceed that of broadening.

Production and sales declined slightly, and the decline in performance was smaller than the industry average.

The company’s revenue in 2019H1 was 82.

5.3 billion, an annual increase of 0.

18%; Realize net profit return to mother 10.

55 ppm, a ten-year average of 19.

19%.

Single-quarter operating income for the second quarter was 43.

170,000 yuan, the average of ten years.

34%; net profit attributable to mother 5.

85 ppm, with a ten-year average of 24.

34%.

Affected by the explosion of the blast furnace gas pipe, the No. 2 blast furnace with a molten iron production capacity of about 125 / year remained suspended in June, affecting about 10.

42 Cobalt molten iron production.

Affected by this, 2019H1 company’s iron, steel, and volume are repeated alternately3.

03%, 5.

71%, 6.

25%.

The sales volume of steel products in the second quarter was 105.

20 initially, 10 per year.

85%, an increase of 3 from the previous quarter.

33%.

In the cutting-edge industry of cost control capabilities, the average price of products increased month-on-month.

The average price per ton of iron ore calculated at Platts price in the second quarter was 680 yuan, an increase of 63%; in the second quarter, the cost of the industry’s ton exceeded 508 yuan, an increase of 178 yuan from the previous month.

The company’s single-quarter ton cost in the second quarter was 2,838 yuan, exceeding that of the previous quarter, which rose by 382 yuan and 94 yuan, respectively, both significantly better than the industry level, reflecting the company’s alternative cost control capabilities.

In addition, the single quarter ton revenue in the second quarter was 3,816 yuan, surpassing the increase by 4.

06%, an increase of 4 from the previous quarter.

78%.

In the case of reduced 杭州夜网 production and rising costs, the increase in the ton breakdown is particularly important, reducing the profit growth.

The profit margin is significantly lower than that of the industry, and the special steel plate provides anti-cyclical capability.

According to our model calculations, the average gross profit per ton of the industry’s threads in the second quarter was 545 yuan, and then fell by 356 yuan, while the company’s gross profit per ton in the second quarter was 978 yuan, but only decreased by 233 yuan.

Both the increase in profit and the absolute value of gross profit are significantly engaged in the industry.

Meanwhile, 26.

52% gross margin and 13.The net interest rate level of 55% can also be improved from the previous quarter.

In addition to the general materials, the company’s layout in the field of spring flat steel and automotive leaf springs. In the down phase of the industry cycle, the competition of the special steel business tried to support the company’s profitability.

Risk factors: Real estate investment and new start-up exceed expectations; competition in the emerging flat steel market is intensifying.

Investment suggestion: The company is a long product company with the best cost control and profitability in the industry. At the same time, the special steel properties are precisely the company’s ability to resist cycles.

We believe the company’s performance will continue in the downturn of the steel industry cycle.

Since May of this year, the pressure on the supply side of the industry has appeared. Under the situation of increasing demand, profits have been continuously compressed. Therefore, we set the company’s EPS forecast for 2019-21 to 1.

74/1.

89/2.

The 04 yuan was reduced to 1.

25/1.

59/1.

73 yuan.

Based on a 3x PB estimate in 2019, we lower our target price to 12.

0 yuan, maintain “Buy” rating.

AVIC Shen Fei (600760) 2018 Annual Report Review: Focusing on aviation’s main business to achieve stable growth, equity incentives and pricing mechanism reforms are expected to unlock the company’s development potential

AVIC Shen Fei (600760) 2018 Annual Report Review: Focusing on aviation’s main business to achieve stable growth, equity incentives and pricing mechanism reforms are expected to unlock the company’s development potential

The company released its 2018 annual report, and the consolidated company’s consolidated statement achieved operating income of 201.

500 million, an annual increase of 3.

56%; net profit 7.

46 ppm, a five-year increase of 5.

96%, net profit attributable to mother 7.

43 ppm, a five-year increase of 5.

16%, basic profit returns 0.

53 yuan / share, an annual increase of 3.

92%.

Shen Fei, a wholly-owned subsidiary, achieved 201 operating income.

5 ‰, an increase of 9 in ten years.

06%; net profit 7.

45 ppm, an increase of 14 years.

90%; net profit attributable to mother 7.

43 ppm, an increase of 14 in ten years.

90%.

The growth rate of the company’s operating income and profit was lower than that of the wholly-owned subsidiary Shen Fei Company.

The company’s 2019 operating goal is to achieve operating income of 220.

2.6 billion, achieving a net profit of 8.

1.2 billion.

Comment: Constantly focus on the main aviation industry and increase profitability: The company’s main aviation industry realized revenue of 19.8 billion yuan, an increase of 9.
.

47%, other businesses realized income1.

4.4 billion, a sharp reduction of 87 previously.

18%, gross margin of other businesses increased by 4.

96%, indicating that Shen Fei Company has continuously focused on the main aviation industry, replacing non-main industries with poor profitability, and the period cost is 8.

5.7 billion, a decrease of 21 per year.

16%, the overall profit growth rate reached 14.

9%, higher than the growth rate of revenue, and profitability has improved.

Equilibrium production has taken effect, and inventory growth indicates a continued improvement in the main business: the company achieved revenue in each of the four quarters.

4.6 billion, 45.

12 billion, 53.

3.6 billion and 85.

5.8 billion, respectively accounting for 8% of total revenue.

7%, 22.

4%, 26.

5% and 42.

5%, balanced production gradually improves efficiency; in addition, the company’s inventory is 97.
700 million, an annual increase of 23.
37% of which are in product 78.

3 billion, an annual increase of 37.

28%, indicating that the number of products delivered in 2019 is expected to continue to increase.

Demand for aviation’s main business remains strong, and equity incentives and pricing mechanism reforms are expected to unlock the company’s development potential. Under the current background of rapid national defense modernization construction and aviation weaponry upgrades, the company’s aviation 厦门夜网 defense equipment product scale delivery and new equipment are expected to welcomeHere comes the new peak.

In addition, the company completed the equity incentive and the gradual implementation of the pricing mechanism reform in 2018, and strived to continuously improve the profit level and release the development potential.

Profit forecast, estimation and investment grade: We expect the company’s net profit attributable to its parent to be 8-20 in 2019-2021.

5.9 billion yuan, 10.

100 million and 12.

2 ppm, the estimated PE range from 2018 to the present is 45-80 times. Taking into account the company’s segmentation in the aviation defense field and the medium and long-term development prospects, we give the company 65 times PE in 2019 with a target price of 40 yuan.”Strong” rating.

Risk reminder: Equipment is being installed faster than expected, and reform progress exceeds expectations.

Hikvision (002415) 2019 Interim Report Comments: Short-term changes in performance are not expected to change long-term development trends

Hikvision (002415) 2019 Interim Report Comments: Short-term changes in performance are not expected to change long-term development trends

I. Event Overview On the evening of July 19, Hikvision released its 2019 semi-annual report with operating income of 239.

23 ppm, an increase of 14 in ten years.

60%; net profit attributable to mother is 42.

17 ppm, an increase of ten years.

67%; deduct non-net profit 41.

2.2 billion yuan, an annual increase of 2.

82%.

The company’s previous 2019H1 performance guidance range was 37.

32 ppm-45.

62 ppm, the growth rate range is -10% -10%. The return of net profit and deducted non-net profit both fall within this range, and the overall performance is in line with expectations.

Second, analyze and judge the short-term performance of overseas fluctuations, improving expectations in the future. Under the complex situation of the development of the security industry, the company’s overall overseas revenue growth rate is 10.

29%, a new low in the same period of the last ten years, is a drag on the company’s overall performance.

However, in the long run, there is an expectation of continuous improvement in overseas business. First, the win-win situation of global industrial chain cooperation is a general trend, and normal cooperation is conducive to the development of all parties in the industrial 合肥夜网 chain. Second, the company continues to deepen the construction of sales channels.In more than 150 countries, the national sales risk will be gradually dispersed.

Sales and R & D budgets have dragged down net profit in the short-term, and in the long-term, the company’s 2019H1 sales expense ratio, which is important for development and growth, reached 13.

43%, the highest level since the listing.

According to the company’s disclosure, invest in the continuous construction of marketing networks at home and abroad.

The company’s R & D expenses are 25.

50,000 yuan, if restored to management costs, then management costs accounted for 13.

53% (also the highest since listing), of which R & D expenses accounted for more than 10 revenue.

47%.

Regarding sales revenue: The company’s internal sales channels are mature, and subsequent plans are mainly to expand the construction of overseas sales channels, which can not only expand overseas markets, open up long-term growth, but also deepen the construction of overseas channels to diversify the risks of overseas business changes.

Investment in research and development: The security industry, as the industry segment most closely integrated with computer vision technology, continued R & D expansion and technical barriers to help the company strengthen the security field (PBG field), and can further promote AI technology in the construction site real-name system, intelligent buildingThe completion of the EBG field will consolidate the company’s advantages in the field of artificial intelligence.

The increase in gross profit margin highlights the leading class, and the growth rate of innovative business exceeds 50%. The gross profit margin of the company in 2019H1 will reach 46.

33%, the highest in the same period in the past five years.

In terms of items, the company’s front-end, gradual, solution and innovative business gross margins have improved compared to the same period last year, reflecting the company’s productization capabilities and bargaining power.

At the same time, the company’s smart home business and other innovative business revenue growth rates were 56.

92% and 54.

84%, reflecting the company’s leading horizontal expansion capability, which is expected to become an important performance growth point for the company in the future.

Third, the investment proposal is expected that the company will have an EPS of 2019-2021.

49/1.

8/2.

17 yuan, the current sustainable corresponding PE is 18/15/12 times.

According to Wind, the company currently estimates that PE (TTM) is 22 times, and the PE (TTM) range in the last 12 months is 21 to 35 times, with an average score of 26 times.TTM) is 35 times, maintaining the “recommended” level.

Fourth, risk warning: Overseas expansion progress is less than expected, and domestic security demand release is less than expected.

Huida Sanitary Ware (603385) Semi-annual Report Comment: Profitability Improved, Significant Performance and Fast Growth

Huida Sanitary Ware (603385) Semi-annual Report Comment: Profitability Improved, Significant Performance and Fast Growth

Event: The company released its 2019 Interim Report and achieved operating income14.

8.2 billion, an increase of 6 compared with the same period last year.

97%; realized net profit attributable to the parent company is 1.

43 trillion, an increase of 20 compared with the same period last year.

5%; non-post net profit attributable to mother 1.

20,000 yuan, an increase of 23 in ten years.

2%.

In Q2, the average growth rate of revenue and profit was obvious, and the growth rate of engineering channels was obvious. In terms of channels, the company has established a variety of three-dimensional marketing models supplemented by retail entities, engineering, and e-commerce.The company increased the development of large real estate clients and realized project revenue in the first half of the year3.

3.8 billion, a 57-year increase of 57.

21%. While cooperating with existing large real estate clients such as Country Garden and Poly, new real estate clients such as Longhu, COSCO, Beijing Capital, and Baoneng are newly expanded. The rapid growth of engineering business is expected to continue; the retail channel is affected by the 杭州桑拿网 decline in real estate demand.It is expected that sales improvement will be under pressure in the first half of the year, but it will continue to advance beyond store expansion and upgrade, showing a trend of seasonal improvement.

By quarter, the company’s Q1-Q2 revenue increased by 0.

24% and 12.

99%, net profit increases each year.

66% and 21.

63%, the second quarter revenue growth accelerated significantly, excluding the impact of low bases in the same period last year, is expected to benefit mainly from the continuous volume of engineering channels and sales improvement in retail channels.

The gross profit margin increased significantly, during which the expense ratio remained stable: and the company achieved a gross profit margin of 31.

88%, an increase of 4.
.

54 averages, of which Q2 gross margin was 34.

06%, an increase of 5.
.

42 targets. The main indicators for the improvement of gross profit margin are: reduction of production costs brought about by intelligent transformation and upgrading at the production end, and an increase in the proportion of engineering channels with relatively high gross profit margins.

The initial company’s overall expense ratio is 18.

32%, which is basically stable compared with the same period of the previous year. The sales expense ratio has decreased slightly, the management expense + R & D expense ratio has increased, of which the R & D expense has increased by 35%; the financial expense ratio has been improved and reduced.

In addition, the loss of assets + credit impairment of first-tier companies was 2,261 million, a significant increase over the same period of the previous year, which was mainly affected by the significant increase in receivables.

Operating net cash flow has improved slightly in the short term, and the cash-to-cash ratio has improved: the company’s net operating cash flow was -0.

49 trillion, a decrease from the same period last year.

The actual company’s cash-to-cash ratio was 81%, a decrease from the same period of the previous year, and at the same time, the cash payment was significantly lower than the same period of the previous year.

Company period-end payables and bill 11.

30,000 yuan, an increase from the earlier period, including bills payable5.

07 trillion, an increase of about 2 earlier.

The US $ 600 million was mainly affected by the increase in commercial acceptance bills of large real estate customers under the continuous growth of engineering channels.

Investment suggestion: The company has been cultivating sanitary wares for more than 30 years, and the “Huida” brand has become a higher market awareness.

After the listing, the company will quickly expand its omni-channel marketing layout and capacity building. The distribution end-stores will be upgraded and the channels will be actively covered to cover the blank areas. The project will focus on the development of large real estate customers. The production capacity will be actively expanded to ensure expansion.

Intelligent and self-contained bathrooms open up new market space and help long-term development.

We expect the company’s net profit attributable to its parent to be 3 in 2019-2021.

0, 3.

6 and 4.
30,000 yuan, the corresponding EPS is 0.

81, 0.
97, 1.

17 yuan, the corresponding PE is 10 respectively.

9,9.

0, 7.

5x; Maintain “Buy” rating.

Risk reminder: the risk of real estate industry fluctuations, market competition risks, exchange rate risks, anti-dumping risks.

Sanlipo (002876): Profit turning point appears optimistic about long-term growth possibility of polarizer leader

Sanlipo (002876): Profit turning point appears optimistic about long-term growth possibility of polarizer leader

The third quarter report and expected performance guidance slightly exceeded the market expectation that the company achieved revenue in the first three quarters of 1910.

42 ppm, an increase of 61 in ten years.

34%, achieving net profit attributable to mother 0.

24 ppm, a ten-year increase4.

01%, net profit after deduction is 0.

15 ppm, an increase of 29 in ten years.

28%.

Among them 19Q3 achieved revenue 4.

250,000 yuan, an increase of 86 in ten years.

27%, achieving net profit attributable to mother 0.

2.2 billion, a year-on-year growth of 496%, a chain growth of 45%.

The company expects that the return to mother’s net profit in 19 years will grow by 80% -130% in ten years, with a median corresponding performance of 0.

570,000 yuan, corresponding to 19Q4 performance 0.

3.3 billion, an increase of 48%.

The third quarter report and expected guidance slightly exceeded market expectations.

Mobile phone peak season drives small-sized product profit increase Since 19Q3, through the 5G replacement cycle and the arrival of the market peak season, the demand for new orders from core customers has grown rapidly, and some new mobile phone polarizer products have increased prices by 5% -10%, driving mostProfit.

At present, the bright line small-size products are in full production and sales. In addition to the initial Huawei ODM customers, a large number of Tianma product orders have been newly introduced this year.

It is expected that the current prices of new products will be sustainable, and whether to further increase prices will be determined according to market demand.

The Longgang Line, a fund-raising project, will focus on small-sized products. It is expected that production capacity will climb in 20Q1. It is expected to gradually introduce Tianma’s product orders next year and contribute to incremental performance.

The 北京养生 production capacity of Hefei line is climbing and stability is about to usher in an inflection point. At present, the capacity utilization rate of Hefei 1490 line is 85%, and the product yield is more than 90%.

Among them, 70% -80% are TV products, mainly 32-inch products.

With the continuous improvement of product yield, it is expected to usher in the profit inflection point of the production line in 19Q4, driving the growth of the parent company’s performance.

The 1330 production line is currently mainly black and white products, and it is expected that the maximum production capacity will continue to increase starting next year.

Affected by the devaluation of the RMB since this year, the exchange loss of financial expenses in the first three quarters was about 9-10 million yuan, and the exchange loss in the same period 夜来香体验网 last year was 7-8 million yuan.

After considering the relevant impacts, the company’s true operating capabilities have further improved.

Optimistic about the Longgang Line, the second phase of Hefei will drive the company’s continued growth in future business performance.

Earnings forecast and rating We believe that the replacement cycle of the 5G mobile phone market should come. The high prosperity of the small-size polarizer market is expected to continue. From next year, the Longgang line will gradually begin to contribute to the performance increase.

With large-scale polarizers, the company ‘s production capacity and yield have climbed, and its earnings have gradually gradually improved in the following quarters.

The company’s long-term domestic substitution growth logic is clear. The follow-up Hefei Phase II ultra-wide production line is also expected to significantly increase the company’s large-size polarizer supply capacity and drive continuous growth in company revenue and performance. We continue to be optimistic about the company’s long-term growthspace.
We predict that net profit attributable to mothers will be zero in 2019-2021.

63, 1.

66, 2.

140,000 yuan, EPS is 0.

613, 1.

600, 2.

063 yuan, corresponding to PE of 78X, 28X, 21X, given 40X 2020 estimated corresponding target price of 64.

0 yuan, maintain “Buy” rating.

The risk reminds that the progress of the climbing of the production line is less than expected, and the orders of major customers are variable.

Pi Haizhou: Concerns Behind the New Highs in Cash Dividends

Pi Haizhou: Concerns Behind the New Highs in Cash Dividends
Behind the new highs in cash dividends, face up to the independent financial writer columnist Pi Haizhou, which ends on April 30, and the 2018 annual report of listed companies is complete.3,619 listed companies in the Shanghai and Shenzhen stock markets disclosed their 2018 annual reports as scheduled.A total of 2591 listed companies have launched cash dividend plans, with a proposed cash dividend amount of up to 1.17 trillion, a record high again.  Cash dividends are a way for listed companies to reward investors.In 2018, the proposed cash dividends of listed companies hit a new high, which is a positive result of jointly actively guiding listed companies to implement cash dividend policies.After all, the regulation of high transfers of listed companies has been strengthened, allowing more listed companies to choose cash dividends to reward investors.  However, while affirming the new highs in cash dividends for listed companies, both investors and managers should be able to face up to the potential concerns behind the new highs in cash dividends.Dividends, long-term returns to investors.  First of all, although the cash dividends of listed companies hit a record high, the profits of listed companies are declining in 2018.According to relevant statistics, 3,619 listed companies in the Shanghai and Shenzhen stock markets realized a total operating income of 45 trillion yuan in 2018, an increase of 13%; net profit attributable to shareholders of the parent company totaled 3,377.7 billion, but fell by 1.5%.The problem lies in Shenzhen.The Shanghai Stock Market realized a net profit in 20182.80 trillion yuan, an annual increase of 4%; and Shenzhen listed companies achieved net profit attributable to shareholders of the parent company totaling 5,834.8.3 billion, down 22 each year.88%, of which the main board, small and medium-sized board and the GEM fell 4 respectively.37%, 31.74% and 65.61%.  The decline in Shenzhen company performance was mainly due to the impact of asset impairment losses.In 2018, the company’s assets impairment loss was 3592.8.6 billion, an increase of 72 per year.26%, the impact on the Shenzhen listed companies’ net profit is 38.11%.Among them, goodwill impairment was 127.8 billion yuan, an increase of nearly four times; loss on bad debts was 977.08 million yuan, an annual increase of 58.22%; inventory price loss 546.8.6 billion, an annual increase of 93.twenty four%.A few companies that caused huge losses due to asset impairment had a breakthrough impact on overall performance.  Absolutely, cash dividends are based on the profits of listed companies.The decline in profits of listed companies has shaken the basis of cash dividends.Therefore, the problem of falling profits of listed companies must be recognized.In particular, the decline in profits of listed companies caused by problems such as impairment of goodwill, among which artificial factors are very large, and it is necessary to solve them by strengthening supervision.  In fact, the biggest beneficiaries of the new record high cash dividends of listed companies are the major shareholders of listed companies.According to the current shareholding structure of listed companies, the equity of listed companies is mainly concentrated in the hands of important shareholders such as the controlling shareholders and major shareholders of listed companies.Some companies that are keen on cash dividends are basically companies with a large shareholder’s shareholding ratio.The major shareholders of these companies usually hold more than 50%, and some even reach 70% or 80%.These companies pay dividends. The major shareholders are the biggest beneficiaries, and small and medium investors are just a share of it.  It is precisely because large shareholders are the biggest beneficiaries of cash dividends. Therefore, some listed companies use cash dividends to transfer benefits to large shareholders. Such companies completely distribute the profits of the listed companies for the year, and some companies even returnDid not take out the bottom of the house and divide it.A few companies have adopted this method of splitting their efforts, realizing that it goes beyond the normal dividends and endangers the development of listed companies.  Third, the imposition of a dividend tax is unreasonable. The more dividends a listed company pays,杭州夜网论坛 the less investors lose.Dividend tax is currently levied on individual investors.Dividend tax is not charged for holding shares longer than 12 months, 20% dividend tax is levied for holding shares less than 1 month, and 10% for holding shares longer than 1 month but less than 12 monthsFor individual investors, the more dividends a listed company has, the more individual investors pay taxes, and the loss can be.Therefore, in the context of leaders advocating cash dividends and the cash dividends of listed companies in 2018 reached a record high, the cancellation of the dividend tax should be mentioned as early as possible in the work schedule.

Sega Technology (002796): Precision Box Performance Stable 5G Communication Exhibition

Sega Technology (002796): Precision Box Performance Stable 5G Communication Exhibition

M & A expands telecommunications radio frequency and antenna business.

The original main business of Sega Technology includes elevator car systems and professional equipment cabinet systems. The customers are the world’s leading elevator manufacturers and special equipment manufacturers, and the company has a leading position in the market.

In 2018 the company started with 7.

Acquired 100% equity of Polytec in the consideration of US $ 500 million to expand the filter and substrate antenna business. The major customers of Polytec are ZTE Corporation, and the major customer of the 深圳桑拿网 antenna is Japan Electric, and it has consolidated more than 90% of the revenue of Polytec
After the completion of the merger and acquisition, the company’s dual main business development, financial and operational synergy, and equity incentives were implemented to ensure the stability of the core team.

The elevator industry is expected to recover, and raw material prices will fall or repair performance will be reduced.

The floor space of newly started real estate has bottomed out, and the retrofitting of old houses and the renovation of old elevators are gradually heating up to ensure the stability of the elevator industry.

Affected by the continuous increase in raw material prices since the fourth quarter of 2016, the sharp decline in the company’s gross profit margin dragged down its performance.

Since the fourth quarter of 2018, the price of raw materials has shown a downward trend, and the company’s profitability may be repaired.

With a combination of advanced RF antennas and advanced technology, the wave of 5G era is expected to explode.

In the 4G period, Polytec was a core supplier of ZTE’s radio frequency, occupying more than 20% of the market share; antennas were mainly sold to foreign electric companies in Japan.

In the 5G era, radio frequency and antennas will be integrated into AAU. Because of the advantages of the company’s integrated radio frequency and antenna technology, Wavefar has few standards.

The overall status of 5G metal filters and dielectric filters has not been determined, and the company is simultaneously deployed to ensure comprehensive technology coverage.

At present, in terms of ZTE, the company’s metal / dielectric filters have been certified, and 5G antennas have been selected as a supplier list, while expanding Ericsson customers; in the Japanese market, it has opened channels to replace its subsidiary Enpower, and its RF supply has increased.

The company is deeply bound by ZTE. In the 5G era, it is expected to become ZTE’s antenna dual-core core supplier. At the same time, the development of new customers such as Ericsson will increase its performance and increase its RF and antenna share in the Japanese market.

Profit forecast and investment advice: predict the company’s revenue in 2019/2020/2021 will be 20.

89/26.

63/34.

32 trillion, EPS is 0.

90/1.

38/1.

77 yuan, corresponding to PE of 36X / 24X / 18X, the first coverage, given a “buy” rating.

Risk warning: 5G construction is less than expected; new customer expansion is less than expected.