Jianghai Co. (002484) Company Express: The overall operation of the first half of the year remains stable and costs increase

Jianghai Co. (002484) Company Express: The overall operation of the first half of the year 成都桑拿网 remains stable and costs increase

Event: The company released its 2019 interim results report and achieved operating income in the first half of the year9.

56 ppm, an increase of 5 per year.

78%, gross margin 30.

0%, up 5 per year.

3 units, net profit attributable to parent company is 1.

4.0 billion, down 5 every year.

10%, net profit is 0.

1274 yuan, down 5 before.

14%.

The company achieved operating income of 5 in the second quarter.

11 ppm, an increase of 3 per year.

29%, gross margin 30.

7%, up 5 per year.

4 per share, net profit attributable to shareholders of listed companies was 64.19 million yuan, a year-on-year decrease of 19.
.

3% revenue in the first half of the year has grown steadily, and the gross margin has benefited significantly from the release of upstream supply: the company’s overall revenue in the first half of 2019 and the second quarter of the year have increased respectively.

78% and 3.

29%, despite the industry’s disadvantaged downstream market, can still maintain a stable income scale, showing that the company still has good competition and risk management capabilities in the industry.

From the perspective of the supply side, the stricter environmental protection policy in 2018 and the overall supply of the uplink industry in the price of raw materials are relatively tight. Through environmental protection policies since 2019, it has eased.On the downside, in addition to the increase in the gross margin in the first half of 2019, the company’s gross profit margin will help the company improve its profitability.

Expenditures increased, and Hubei’s expansion of new supercapacitor expenditures increased: in the first half of 2019, net profit gradually declined. Under the situation of a significant increase in gross profit, the company’s expense ratio level increased significantly at the same time.

In the first half of the year, the company’s sales expense ratio, management expense ratio and research and development expense ratio increased by 0.

8, 1.

9 and 0.

Eight is four.

3%, 6.

1% and 6.

2%, the financial expense ratio has basically maintained a stable level.

The two companies are actively expanding the production capacity of the Hubei base. As a result, traditional aluminum electrolytic capacitors and MLPC have brought more efficient production bases. Instead, the company is also actively committed to the development and improvement of the technical capabilities of supercapacitors, which can further develop the company.The better market application of supercapacitors lays the foundation, so the company’s substantial increase in expenses also limits the growth rate of net profit.

The industry’s demand has initially warmed, and the company’s development is focused on the future: the company’s restructuring provides performance expectations from January to September 2019. From the market trend, the demand for consumer products such as home appliances in the downstream application market will be the first half in the second half.It is beneficial to the reduction of the number of products of the company, and downstream application markets including 5G base stations, photovoltaic inverters, wind power, tools, etc. also have different degrees of growth expectations, so the industry market is in the process of gradually picking up.

Judging from the company’s status, the construction of Luotian’s production base in Hubei is progressing continuously and effectively as planned. The combination of capacity expansion and the development of downstream application markets will enable the company’s future revenue growth to have better sources.

The super capacitor has always been an important part of the company’s product system, and even the previous application scenarios are small, but we can see that companies in the rail transit, elevator, new energy, energy storage and other markets are actively active at the same time.Carry out market development and improve product technology capabilities, so we still give positive expectations for the future growth of the product.

Investment suggestion: Our company predicts that the annual income from 2019 to 2021 will be 0.

31, 0.

36 and 0.

38 yuan.

Return on net assets were 7, respectively.

4%, 7.

9% and 7.
8%, maintain Buy-B investment recommendation.
Risk reminder: The market demand of downstream industrial users is less than expected; Hubei ‘s production capacity expansion is not as fast as expected; Flash Games received environmental protection and other factors that affected supply and the profitability; the exchange rate changes brought pricing risks.

Limin Shares (002734): Net profit attributable to mothers increased by 92 in the first half of the year.

98% Weiyuan consolidated and sales volume boosted strong performance growth

Limin Shares (002734): Net profit attributable to mothers increased by 92 in the first half of the year.

98% Weiyuan consolidated and sales volume boosted strong performance growth

Investment Highlights: Revenue in the first half of the year increased by 52.

65%, net profit attributable to mother increases by 92.
.

98%.

In the first half of 2019, the company achieved operating income10.

880,000 yuan, an increase of 52 in ten years.

65%, net profit attributable to mother 1.

99 ppm, an increase of 92 in ten years.

98%.

Gross profit margin 27.

59%, a decline of 0 every year.

Nine averages and a net profit of 19.

62%, up 5 per year.

08 averages.

The performance increase is initially a report of the increase in sales of performance products and the consolidation of Weiyuan Asset Group.

The company expects a net profit of approximately 2 in the first three quarters.

7?
300 million, an 80% annual increase?
100%.

  Weiyuan consolidated and contributed net profit of 23.85 million yuan.

Weiyuan Assets consolidated its accounts from May 31, 2019, and realized a profit of 2981 from the date of purchase to the end of the first half of 2019.

50,000 yuan, according to the proportion of investment calculated actual net profit of 23.85 million yuan.

The Weiyuan Pesticides section has pesticides such as metformin, avermectin, and advanced continuous gas phase synthesis technology in glufosinate production technology, which can complement each other’s advantages in pesticide product structure and technology.

In addition, the company’s performance commitment is that the net profit for 2019-2021 will not be less than 1 ‰, 1.

100 million and 1.

2 trillion, the total net profit for three years is not less than 3.

300 million.

  The performance of participating subsidiaries has improved significantly.

Xinhe, a joint stock company, achieved net profit in the first half of the year.

700 million, an increase of 194% in ten years.

Xinhe is the world’s largest producer of chlorothalonil, with a total capacity of 3 inches.

The average price of chlorothalonil in the first half of the year was 5.

5 yuan / ton, an increase of 9 in ten years.

5%, and product market demand is strong, volume and price go up.

  The holding company Hebei Shuangji realized a net profit of 11.73 million yuan in the first half of the year, an annual increase of 187%.

In the same period last year, product costs increased due to rising raw material prices, and Indian mancozeb was relatively low, affecting its sales in the Southeast Asian market.
  New capacity is gradually released.

The company’s annual production of 500 tons of anisole and meconazole is expected to be completed in the fourth quarter of this year. The design work of the water-based preparation project 北京夜网 with an annual output of 10,000 tons has been started. The installation and commissioning of the Daisen series DF project with an annual output of 10,000 tons is smooth.

Xinhe Co., Ltd., a joint stock company, started the construction of the fourth chlorothalonil production line in the first half of the year and is expected to be completed and put into operation in the fourth quarter of this year.
  Published stock incentive plan.

The company’s total number of incentive targets is 159, including core management personnel and core technical (business) personnel who served in the company (including subsidiaries) when the incentive plan was announced.

  The planned inventory to be awarded under the incentive plan is 2.6 million shares, accounting for 0 of the equity volume.

92%, the grant price is 7.

64 yuan.

  Profit 杭州桑拿 forecast and investment rating.

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

7.3 billion, 4.

7.3 billion, 5.

56 trillion, corresponding to EPS respectively up to 1.

32 yuan, 1.

67 yuan and 1.

96 yuan, giving the company 15-18 times PE in 2019, corresponding to a reasonable value range of 19.

80-23.

76 yuan, maintaining the sustainable market rating.

  Risk reminder: safety and environmental protection risks; the project is not in operation as expected.

Sci-tech board counter-attack on the upside: Sci-tech board new shares may again meet the peak

Sci-tech board counter-attack on the upside: Sci-tech board new shares may again meet the “peak”
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!  The Shanghai index stopped rising for seven consecutive days. The science and technology innovation board bucked the trend and attacked Sun Yue. Edited by Sun Fang On Thursday, the Shanghai and Shenzhen markets showed an overall trend of turbulence. The strong sectors in the early stage continued to differentiate, and the trend of capital return to technology stocks was obvious.  The final close, the Shanghai Composite Index reported at 2906.07 points, down 0.71%, stopped seven consecutive gains; SZSE Component Index reported 10864.32 points, down 0.70%; GEM refers to 2064.60 points, down 0.99%.  As the Shanghai and Shenzhen markets fluctuated, the science and technology board as a whole showed a strong performance. Following the general rise pattern the previous day, it became popular again yesterday.In the final close, there were 51 science and technology board stocks growing.Among them, the new stock Taotong Technology grew 204.19%.Following the daily limit of the previous trading day, Borui Pharmaceutical opened the daily limit and continued to hit a new high since listing.  Since February, the overall growth rate of the science and technology board has increased by nearly 15%. Looking back at the historical trend of the science and technology board, after a hot round at the beginning of the market last year, the stocks of the science and technology board have clearly changed.Since November last year, the stocks of science and technology board gradually bottomed out and recovered.  Since the opening of the Lunar New Year, science and technology board stocks have ushered in a round of soaring prices.According to Wind statistics, as of yesterday’s close, since February, the stocks of science and technology board as a whole have grown by an average of 14.36%.Among them, Youku gradually increased by 80.63% ranked first. Rongbai Technology and Anheng Information have gradually increased by more than 50% since February.  Judging from the average daily turnover, Wind data shows that the turnover of the science and technology board has increased significantly since February 10.The daily average turnover of the sector was 327.11 ppm, an increase of 64 from the figure for the last week before the Spring Festival.5.8 billion yuan.  In addition, since the beginning of this month, the first day of the listing of the new shares of the science and technology board has “rised and gone up.”On February 5th, Fang Bio, the new shareholder of the Science and Technology Innovation Board, opened at 586.The increase of 96% was the highest on the first day of listing of the science and technology board company.The first day of the sale of Sete New Materials and the majority of special materials also increased by more than 200%.  Institutions: The new shares of the Science and Technology Innovation Board may welcome the “peak (Jin Qilin analyst)”. Huatai Securities recently released a research report indicating that historical data on the semi-annual trading activity trend from the opening of the GEM, as well as the current economic cycle and financial cycle.By analogy with the industrial structure, etc., the science and technology board is expected to improve space, and its performance should not be weaker than the same time the GEM.It is recommended to focus on the “Research and Excellence” portfolio and industry forward-looking portfolio that have the advantages 南京夜网论坛 of continuous improvement in profitability, or that the R & D capability is obviously superior.  Huatai Securities believes that since the market opened on July 22, 2019, the day’s turnover accounted for 12% of the total A market capitalization, and then gradually fell to 1% in October 2019.With the early start of the “Spring Manic” market in 2020, the fund’s activity in the science and technology board has rebounded, and market liquidity and risk replacement repair have shown a clear upward momentum.  In addition, many institutions have continued to be optimistic about the expected performance of technology stocks in the near future and believe that the long-term rise logic will not change.CITIC Securities said that technology is the main line of investment that is gradually expanding. It is recommended to pay attention 成都桑拿网 to hardware technology represented by consumer electronics, semiconductors and new energy vehicles, software technology represented by safe and controllable and cloud computing, and biotechnology represented by innovative drugs.

Spring Airlines (601021) 2019 Interim Report Comments: The first half of the year revenue increased by 10 years.

4% profit growth 17.

5% continue to be bullish on standard aviation leaders

Spring Airlines (601021) 2019 Interim Report Comments: The first half of the year revenue increased by 10 years.

4% profit growth 17.

5% continue to be bullish on standard aviation leaders

The company released its 2019 Interim Report: Profit growth increased by 17.

5% 1) The report aims to achieve operating income.

49 ppm, an increase of 12 in ten years.

9%; net profit attributable to mother 8.

54 ppm, a ten-year increase of 17.

5%, the best performance in the current air tickets.

Deduct non-attributable net profit 7.

2.5 billion, an increase of 15% in ten years.

2) Quarterly: Q2 achieved revenue of 35 billion yuan, an annual increase of 13.

4%, attributable net profit 3.

8 billion, an annual increase of 11.

2%.

The decrease in subsidy income affected Q2’s single quarter profit, and the subsidy income in the first half of the year4.

200 million yuan, reduced by 0 every year.

600 million, mainly occurred in Q2. Assuming that there is no change in supplementary income, the growth rate of Q2 is 25%.

Passenger load factor and fare both increased, and 苏州夜网论坛 seat kilometer revenue increased by 3 each year.

4% 1) The company’s ASK increased by 9 in ten years.

3%, RPK increased half a year.

2%, passenger load factor 91.

7%, an increase of 2 per year.

4 units, of which domestic promotion 1.

1%, international routes increased by 4.

9%.

Passenger kilometer revenue increases by 0 every year.

73%, of which the domestic line increased by 0.

91%, international decline of 0.

09%.

It is estimated that the overall seat km income is increased by 3.

4%.

2) The company’s passenger load factor increased by 2 in the second quarter.

8%, it is estimated that the customer receipt is increased by 1 in advance.

5%.

3) The company significantly expanded the seat receipt level of the industry to improve the stability of the demand in the aviation market, the optimization of the competitive environment and the company’s outstanding operating capabilities.Overall improvement in passenger-kilometer revenue.

4) International routes: The passenger-kilometer revenue decreased slightly by 0.1%, but the load factor increased significantly 4.

Nine averages reached 90.

1%, return to more than 90%.

Japanese and Korean airlines have shifted due to higher capacity throws and higher fare bases in the past, while the load factor level has shifted upwards, and the overall revenue has contributed significantly.

It is expected that the unit cost will start to decrease in the second half of the year.

3 yuan, an annual increase of 0.

9%, the cost of deducting oil kilometers per year increases by 2.

7%, of which Q2 increased by 2%.

2) By breakdown: jet fuel: the company’s purchase cost of jet fuel in the first half of the year decreased by zero.

9%, unit fuel consumption decreased by 0.

6%, the unit fuel cost is basically flat every year.

Take-off and landing fee: It is a semi-annual growth project in the first half of the year.

The cost of deducting oil and taking up and down seat kilometers decreased by 0.

6%.

3) From the second half of the year, the civil aviation fund will be halved, and the suspension and landing-related expenses will be suspended, and the company’s unit cost is expected to start to fall.

4) The company strictly controls expenses, implements refined management, and the annual sales expense ratio in the reporting year decreases by 0 every year.

6 shares per share, management expenses decreased by 0.

1 unit.

Earnings forecast and investment recommendations: 1) Earnings forecast: Maintain earnings forecast to achieve net profit of 2 billion, 2.4 billion and 2.8 billion yuan in 2019-21, corresponding to 20, 16 and 14 times PE in 19-21.

2) The company plans to launch an employee shareholding plan with a maximum amount of 29.8 million yuan, corresponding to the latest share capital of approximately 69.

720,000 shares, accounting for 0.

08%.

Employee shareholding also shows confidence in the company’s development prospects.

3) Consumption perspective is optimistic about the potential release of aviation demand, the company’s advantages and advantages build a moat, and the competitive environment is more accurately optimized. We expect that the company will gradually prove that its own performance can avoid disturbance, and its own leading label will be transformed into performance stability.

The company is given 23 times PE in 2019 or 20 times PE in 2020, corresponding to the 50-52 yuan division range. It is expected to have an early current price of 17-21%, and maintain a “strong push” rating.

Risk reminder: Oil prices increase sharply and demand decreases.

Qiaqia Foods (002557) Annual Report 2018 Review: Blue Bags & Nuts Outstanding Profitability Improved Significantly

Qiaqia Foods (002557) Annual Report 2018 Review: Blue Bags & Nuts Outstanding Profitability Improved Significantly

In 2018, the company’s blue bag seeds and daily nut core products performed well, and the new yam girl showed initial results.

  In the future, the company will continue to focus on the two strategic core areas of sunflower seeds and nuts, continue to promote brand building and channel sinking and penetration, and move towards the five-billion-year goal.

Performance review: 2018 revenue / net profit increased by 16.

50% / 35.

58%.

The company achieved operating income of 41 in 2018.

970,000 yuan, an increase of 16.

50%; net profit attributable to mother 4.

3.3 billion, an increase of 35.

58%.

Among them Q4 realized income 12.

8.7 billion, an increase of 17.

81%, net profit attributable to mother 1.

3 billion, an increase of 56.

87%.

Revenue analysis: Blue / yellow bags continued to exert strength, and new product sales were outstanding. From the perspective of product categories, sunflower seeds achieved revenue of 28 in 2018.

09 million yuan, an increase of 12.

22%, of which the traditional red bag realized revenue of about 2.2 billion, the same increase of about 7%, the blue bag series realized income of about 6.

100 million, an increase of about 34%; in terms of nuts, the yellow bag has performed 杭州夜网 well every day, and the nut products in 2018 achieved an income of 5.

2 billion, with a 103 increase.

15%; In June-July 2018, the company launched the yam crisp product yam girl, which has an excellent sales situation. In 2018, the sales revenue exceeded 60 million yuan.

From a regional perspective, the domestic company’s south / east / north districts respectively achieved revenue16.

22 billion / 10.

7.7 billion / 8.

4.2 billion, an increase of 14 respectively.

4% / 34.

4% / 6.

6%; revenue from e-commerce channels2.

8 billion, an increase of 42.

7%; in overseas markets, the company made breakthroughs in blank markets such as Russia and Central Asia, and developed overseas markets to achieve revenue2.

3.9 billion, an increase of 11.

2%.

Profit analysis: Multi-factors promote the improvement 青岛夜网 of gross profit margin, and the profitability has gradually improved.

The company’s gross profit margin increased in the short term in 20181.

27PCT to 31.

16%, of which sunflower seed / nut gross margin increased by 1 respectively.

72/2.

95PCTs, mainly due to structural upgrades (increasing the proportion of high-margin blue bag products), product price increases (price increases for red / yellow bag products in 2018H2) and automated packaging of nuts have brought efficiency improvements.The management expense ratio / selling expense ratio was basically the same; the financial expense ratio decreased by 0.

41PCT, mainly due to a decrease in net exchange losses of 12.1 million yuan; investment income also increased by 47.34 million yuan, mainly due to the company’s disposal of subsidiaries.

Taken together, the company’s net profit margin is maximized1.

45PCT to 10.

31%.

Future prospects: Focusing on the main business of seeds and nuts, the sword refers to the five billion target for five years.

The company initially sorted out the less profitable assets and brands, focused on the two strategic core areas of sunflower seeds and nuts, and continued to promote brand building with blue bag sunflower seeds, daily nuts, yam girl / hey iron stick yam crisp.

In the future, the company will continue to strengthen the red bag’s leading position, improve the performance contribution of the blue bag, expand the daily nut channel, promote new product promotion, and at the same time accelerate the channel sinking through projects such as one county and one store, and continue to advance toward the five-billion-year goal.

Risk factors: less than expected channel expansion; fluctuations in raw material prices.

Investment suggestion: Considering that the company’s blue bag series and daily nuts continue to increase at the same time and inefficient asset stripping, raise the company’s 2019/2020 earnings per share forecast to 1.

02/1.

18 yuan (was 0.

85/0.

96 yuan), plus EPS forecast 1 in 2021.

36 yuan, maintaining the “overweight” level.

China Science and Technology (601858) In-Depth Report: Science and Technology Publishing Leader China’s Sci-tech Innovation Outbreak

China Science and Technology (601858) In-Depth Report: Science and Technology Publishing Leader China’s Sci-tech Innovation Outbreak

Company profile: One of the largest comprehensive science and technology publishing institutions in China. The company was formerly a science publishing house founded in 1954. It is currently one of the largest comprehensive science and technology publishing institutions in China. Its main business includes book publishing, journals, and publications.Import and export business, knowledge service business, etc., have a complete publishing and distribution network in the country, and have established long-term good cooperative relations with more than 100 publishing companies in several countries and regions.

Relying on the brand advantages of the Chinese Academy of Sciences and the “Scientist’s Publishing House”, the company fully taps excellent publishing resources at home and abroad, and constructs major and major projects, forming science (S), technology (T), medicine (M), education (E)Humanities and Social Sciences (H) is the business structure of the main publishing field.

Business model: Relying on the Chinese Academy of Sciences, the publications comprehensively cover the professional scientific research fields. The company inherits the top “technology” and “education” publishing genes of the Science Press and Longmen Bookstore. The current business matrix includes book publishing business, journal business, and publication developmentThe export business and the knowledge service business are four sectors, which are very prominent in the comprehensive strength of science and technology publishing.

(1) Publishing business includes two categories: general book publishing and textbook supplementary publishing, of which textbook supplementary is the main source of income, and the classic three-point test series of classic primary and secondary teaching supplementary brands is mainly used; general books are specializedIt is a barrier, and it is mainly targeted at the degree level above in the fields of science, technology, medicine, social sciences, college students and graduate students, and related scientific researchers.

(2) The journal business is represented by “Science in China” and “Science Bulletin”. Both are authoritative academic journals in the field of basic theoretical research of natural sciences. The readers are high-level domestic and foreign scientific researchers. The sales are mainly for universities and scientific research.Unit library.

The eight journals of China Science and Science Bulletin were all ranked in the Q1 area of SCI journals in 2018, and have gradually released significant scientific research results, such as Chen Jingrun’s “Expressing even numbers as a prime number and one not exceeding two”The Sum of the Product of Prime Numbers”, “A New Type of Bisemi-tert-lactone-Artemisinin” by Tu Yu’s Research Group, and “Male Infertility in Rice” by Yuan Longping.

(3) The main customers of the book import business are universities and scientific research institutions. The wholly-owned subsidiary Beijing 杭州夜网论坛 Zhongke Import and Export Co., Ltd. has the qualification of import and export of publications, mainly for the import and export of military books, periodicals and related digital publications.The main customers are domestic universities and scientific research institutions, and have established trade cooperation with dozens of publishing companies, societies, associations, and booksellers around the world. There are 800 long-term customers located in domestic universities and scientific research institutions in the country.

(4) Knowledge service transformation is an important direction for the company’s digitalization.

The company actively promotes the transformation from traditional publishing to knowledge services. At present, it is mainly deployed in three major directions: professional disciplines, digital education cloud services, and medical and health big data. The performance has grown rapidly in the past two years.

Investment advice and profit forecast We believe that the company is the absolute leader in the domestic science and technology book publishing industry, relying on the Chinese Academy of Sciences as its resource, and includes Science Publishing House, Longmen Bookstore, China Science Magazine, Science World Magazine, and Chinese Periodicals.The professional publishing strength for all subsidiaries is unparalleled, and the competition in the field of science and technology book publishing is extremely strong.

The company’s role as a “water seller” during the outbreak of scientific and technological innovation is expected to benefit from the gradual expansion in the scientific and technological field, continuous enhancement, and gradual improvement of comprehensive strength to obtain sustainable growth.

We are optimistic about the company’s development for a long time, covering the company for the first time, and giving an “overweight” investment evaluation. It is expected that the company’s EPS for 2019-2021 will be 0.

63, 0.

69 and 0.

78 yuan / share, investors are advised to maintain long-term attention.

Risks indicate market policy risks, the decline in the domestic technology publishing market, the risk of cooperation in the import of publications, competition in the primary and secondary markets, and the risk of substitution by e-books and other media.

Hengli Hydraulics (601100) Annual Report 2018 & 2019 First Quarterly Report Review: The hydraulic faucet has exceeded expectations and is expected to continue high growth

Hengli Hydraulics (601100) Annual Report 2018 & 2019 First Quarterly Report Review: The hydraulic faucet has exceeded expectations and is expected to continue high growth

The 2019Q1 performance exceeded expectations and profitability continued to improve. Maintaining a “recommended” rating company in Q1 2019 achieved revenue / net profit15.

7/3.

300 million, an annual increase of 62% / 108%, the performance exceeded market expectations, mainly due to the continued recovery of downstream industries and the continuous enhancement of product competitiveness, excavator cylinders, non-standard cylinders increased 55%, 27%, hydraulic technology increased 204%.

Taking into account the gradual release of the company’s pumping 合肥夜网 valve production capacity and the future expansion of high-end hydraulic products, we adjusted the company’s net profit for 2019-2021 to 12.

52 (+1.

54) / 15.

33 (+2.

12) / 17.

990,000 yuan, maintaining the “recommended” level.

The performance in 2018 has exploded and the operating quality has been greatly improved. It is expected to continue its rapid growth in 2019. Due to the recovery of the construction machinery industry and the company’s breakthrough in new hydraulic products, the company achieved revenue / net profit in 201842.

1/8.

4 ‰, with an annual increase of 51% / 119%, a substantial increase in profitability and operating quality, and a comprehensive gross / net margin of 36.

6% / 19.

9%, a rise of 3.

76/6.

25pct, operating net cash flow from 1.

54 million to 7.

99 million yuan, ROE from 9.

9% increased to 18.

4%.

In addition, as of the end of 2018, the company’s inventories and advance receipts increased by 28% and 59% compared with the same period in 2017, reflecting the sufficient orders on hand and also effectively ensuring the rapid growth of performance in 2019.

The oil cylinder business is stable. It is expected that the leading of the excavator cylinders will increase in 2019, and the non-standard oil cylinders are expected to shift gears and speed up: As the leader of the excavator cylinders, the company will sell 41 in 2018.

350,000 (+ 51%), revenue of 18.

11 ‰ (+ 57%), gross profit margin increased by 2.

55 points to 41.

35%, the domestic sales of excavators in Q1 2019 increased by 24.

5%, indicating a steady growth.

The company’s non-standard oil cylinders have continued to develop in the areas of lifting series, shield machines, marine engineering and other maritime industries. Subject to production capacity, sales in 201814.

370,000 (+ 13%), with revenue of 11.

44 ‰ (+ 10%), gross profit margin increased by 3.

34pct to 35.

07%. In the future, through the development of more fields and the adjustment of internal production capacity, non-standard oil cylinders will promote gear shifts and speed up.

The pump and valve business has entered the harvest period, and CUDA expects to continue to increase its volume: the company’s second-generation main control pump valves for excavators below 15T have been fully supported in large quantities in various sizes of OEMs such as Sany, Xugong, Linong, Liugong, Zonda pump valve products have also been batched in several copies at the end of 2018, and the pump valve revenue in 20184.

79 ppm (+ 92%), gross margin growth increased by 11.

09pct to 29.

66%.

With the release of the company’s production capacity and the acceleration of import substitution, it is expected that the pump and valve business will continue to grow at a high speed in the future, and the profit level is expected to further improve.

Risk reminder: The domestic demand for construction machinery decreases, market competition intensifies, and overseas operations are uncertain.

Po Laiya (603605): a fast-growing platform, multi-brand beauty group

Po Laiya (603605): a fast-growing platform, multi-brand beauty group

Investment suggestion Pollya is the leader in domestic beauty and public beauty, and has long benefited from the power of e-commerce channels to achieve faster-than-industry performance growth.

Competitive advantages of the company: New media marketing, R & D and production have leading advantages, which can be achieved, and high-definition explosive product creation capabilities; a platform-based flexible and efficient organizational structure helps to better integrate internal and external resources and expandBrand matrix, we are optimistic about the company’s prospects of growing into a platform-based multi-beauty beauty group.

Reasons At this point in time, how do you view the growth opportunities of the beauty industry?

① High prosperity of the industry: In 2018, the beauty market size was US $ 410 billion. We expect to benefit from the increase in skincare steps, skincare crowd expansion and consumption upgrade. The industry will continue to maintain double-digit growth in the next 5 years;High-speed growth online and overall stable offline; the rise of new media marketing, live broadcast, KOL shipments are hot; niche, personalized demand is emerging, party, drug makeup, new domestic products break out; ③ competition pattern: market competition has been upgraded to R & D,Product, supply chain, marketing, talent and other multi-dimensional comprehensive competitions, comprehensive beauty advantages 杭州桑拿 of comprehensive leading is expected to continue to grow faster than the industry.

Why do we think Poreal is expected to achieve high certainty and sustainable growth?

① Product side: with strong R & D strength, cost-effective product quality and rapid response of the supply chain, it can continue to launch products that have the potential of a large single product closely following market hotspots; ② Marketing side: has established systematic consumer insights, New media marketing, KOL conversion capabilities, combined with solid product creation capabilities, to jointly promote the operation of large single products and the creation of explosive models; ③ management side: a platform-based organizational structure to help it more efficiently hatch, cultivate new brands, and quicklyStrengthen the core capabilities 夜来香体验网 of the upstream and downstream industries such as R & D and marketing, and improve the ecology of the beauty industry.

What do you think of the growth space and driving force of Polaia?

① Short-term channel: E-commerce is expected to grow rapidly in 1-2 years.

The ability to build explosive models has been proven and is expected to be quickly replicated and promoted, which will maintain an increase of about 50% online; ② Look at categories in the medium term: categories such as makeup and essences for 2-3 years are expected to contribute incrementally.

With the introduction of new products, the strengthening of the supply chain, the team building, new categories are expected to contribute incrementally; ③ long-term brand: 3-5 years, the second echelon brand gradually rises.

Emerging brands that have cooperated include Y.

N.

M, Timage, Singuladerm, etc., benefit from the rise of the second echelon brand in the future, and are expected to eventually grow into a multi-brand, multi-category, omni-channel platform beauty group.

Earnings forecasts and estimates Maintain earnings forecasts.

The current contradiction corresponds to 36 times P / E in 2020.

Maintain Outperform industry rating and target price of 110.

0 yuan, corresponding to 43 times the 2020 P / E, with 19% upside.

Competition in the risk industry continued to intensify; mergers and acquisitions integration fell short of expectations.

CV Sources (002841) Annual Report 2018 Review: Beautiful Annual Report-Competitive Advantage Highlights Industry Trend

CV Sources (002841) Annual Report 2018 Review: Beautiful Annual Report-Competitive Advantage Highlights Industry Trend
According to the company’s board, conference and other business growth, as well as research and development expenses, sales expenses, the fine-tuning of the company’s 2019-2020 earnings per share forecast to 2.00/2.80 yuan (previous forecast was 2.02/2.96 yuan), plus EPS forecast 3 in 2021.36 yuan.We think the company’s main business profit growth rate is expected to maintain a rapid growth of 30% -40%, with 杭州夜生活网 high certainty.The company once again proved its growth ability with dazzling performance. The current price corresponds to 19/28/23 times the PE of 19-21. It maintains a “Buy” rating and recommends long-term allocation. High-quality growth: R & D is growing rapidly, and inventory depreciation provisions are fully provided.The company’s 2018 revenue was 169.8.4 billion (+56.28%), with a gross margin of 20 during the period.07% (+0.08pct), net profit attributable to mother 10.0.4 billion (+45.32%), attributable to the mother deducted non-net profit 9.4.1 billion (+36.13%).Cost perspective: Selling expense ratio 4.72% (+0.09pct), management expense ratio 2.93% (-0.22pct) remains stable, R & D costs7.8.7 billion, accounting for 4% of revenue.64%, R & D staff increased to 1768 (+32.14%). During the year, there were more than 1,70淡水桑拿网0 patent applications, with a total of over 3,000 patents, software, and works with more than 900 copyrights, and sufficient technical reserves.The company adheres to the principle of prudence and makes provision for inventory depreciation1.43 trillion, the amount accrued in the previous year has been fully reversed, and the balance of the 2018 annual report basically accrued for the appropriate year.In the case of high R & D investment and high asset impairment reserves, it still achieved good results. The proportion of smart TV boards has increased rapidly, and education and conference tablets have grown rapidly.TV board business: Revenue 86.3.1 billion (+57.1%, accounting for 50.8%), gross margin of 12.35% (-0.62pct), the board throughput in 2018 is 0.7.9 billion tablets (+30.4%).Among them, the smart TV board preset amount is 0.3.2 billion tablets, accounting for 41.04%, revenue 55.900 million (+116.13%).The average price of ordinary boards and smart boards is about 65/172 yuan, and the increase in the proportion of smart boards has led to a significant increase in the average price of smart boards.Under the policy background of the Ministry of Industry and Information Technology’s “Ultra HD Video Industry Development Action Plan” policy, the company’s TV boards strive to maintain growth.Education and conference sector: Education tablet revenue 56.7.6 billion (+36.02%, accounting for 33.42%), conference tablet revenue 6.4.8 billion (+103.76%, accounting for 3.81%), the overall gross profit margin of smart tablets is 30.50% (+2.42pcts).In 2018, the company launched products such as smart blackboards, electronic class boards, intelligent recording and broadcasting, and student terminals, which are expected to become new growth points.According to Aowei Cloud Network, the market share of education flat-panel TVs.5%, MAXHUB established a market share of 25.40%, more than 200 of the top 500 domestic companies have used MAXHUB.Other businesses: Revenue 20.2.3 billion (+129.99%), gross margin of 20.42% (-2.05pcts), of which Shanghai Xianshi camp revenue is 12.9.3 billion, net profit 0.8.7 billion. Excellent cash flow performance highlights the company’s industry category.The company’s net cash flow from operating activities in 201817.8.3 billion, a sharp increase of 94 in ten years.38%.Funds received in advance amounted to 6.8.3 billion (+53.73%) and payable budget 19.5.5 billion (+28.6%), strong innovation capabilities, channel advantages and brand word-of-mouth merged companies extend their bargaining power upstream and downstream in the supply chain. Risk factors: the risk of increased competition in the education information industry, and the risk of raw material price fluctuations. Investment suggestion: According to the company’s board and conference business growth, as well as research and development expenses, supplementary sales expenses, fine-tune the company’s 2019-2020 EPS estimates to 2.00/2.80 yuan (previous forecast was 2.02/2.96 yuan), plus EPS forecast 3 in 2021.36 yuan.We think the company’s main business profit growth rate is expected to maintain a rapid growth of 30% -40%, with high certainty.The company once again proved its growth ability with dazzling performance. The current price corresponds to 19/28/23 times the PE of 19-21. It maintains a “Buy” rating and recommends long-term allocation.

Jingneng Power (600578) Annual Report 2018 and 2019 First Quarterly Comment: Mengxi Transaction Electricity Price Significantly Improves Q1 Performance Exceeds Expectations

Jingneng Power (600578) Annual Report 2018 and 2019 First Quarterly Comment: Mengxi Transaction Electricity Price Significantly Improves Q1 Performance Exceeds Expectations

This report reads: The transaction electricity price in Mengxi region has increased sharply, coal prices have fallen, and the company’s 19Q1 performance has grown faster than expected; benefiting from the commissioning of units under construction and the decline in coal prices, the company’s performance will increase in the next two years.

Investment points: Investment advice: Consider that most of the company is a pithead power plant. The coal price has a small change. It is reduced by 19/20 years and an increase of 21 years is expected to be 0.

21/0.

27/0.

28 yuan (the original forecast for 19/20 was 0.

22/0.

33 yuan), considering that the company has better growth, given 19 times PE that is slightly higher than the industry average in 19 years, maintaining a target price of 4.

24 yuan, to maintain overweight.

Event: The company released its 18 annual report and 19 quarterly report, and its 18 year revenue was 127.

0 million yuan, an increase of 3 in ten years.

9%, net profit attributable to mother 8.

9 trillion, an increase of 66 in ten years.

9%; 19Q1 revenue 37.

4 trillion, an increase of 30 in ten years.

9%; net profit attributable to mother 4.

4 trillion, an increase of 193 in ten 南京桑拿论坛 years.

5%.

Q1 performance exceeded expectations.

Both volume and price rose, coal prices fell, overlapping investment income increased, and performance in 18 years improved significantly.

Benefiting from the additional installed capacity and the increase of unit utilization hours (excluding Erhai Lake), the power generation in 18 years increased by 2.

At the same time, the price of electricity has increased by ten years.

8%; the coal-to-furnace coal price ratio at the end of consolidation cost decreased by 5.

6%, 18 years of major business profits have improved significantly.

In addition, the shareholding of thermal power and coal has improved, and investment income in 18 years has increased by 36.

4%.

The electricity price of Mengxi Trading increased significantly, and the growth of 19Q1 results exceeded 南宁桑拿 expectations.

On the power side, shipments increased in 19Q1, and at the same time, the maintenance factor of Erhai Lake was eliminated, and Q1 power increased by 26.

5%; electricity price side, benefit from the increase in transaction electricity prices (Mengxi electricity prices have increased significantly).

7%), the electricity price increases by 3 per year.

At the cost end, Q1 coal prices are expected to decrease by about 8% year-on-year (Mengxi Electric Coal Price Index has continued to decline by 8%), so operating costs have only increased by 15%.

1%, far lower than the increase in revenue, the gross profit margin increased by 10.

4pct.

Units under construction have been put into production one after another, with strong endogenous growth momentum.

In 19-20, the company will put into operation more than 4 million kilowatt units. The new installed capacity is expected to significantly increase its performance, and its endogenous growth momentum is strong.

Risk warning: electricity demand is not up to expectations, coal prices rise more than expected