Xiamen Tungsten (600549) Annual Report Comments： 18 Years of Molybdenum Profits Continue to Grow

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Xiamen Tungsten (600549) Annual Report Comments: 18 Years of Molybdenum Profits Continue to Grow

In 18 years, the net profit attributable to mothers decreased by 19%, and the main business of 杭州夜网 tungsten and molybdenum continued to grow. According to the company’s annual report, the company’s revenue in 18 years reached 19.6 billion US dollars, an increase of 38%, a profit increase of 1 billion yuan, and a 17% decrease.The net profit of the parent company was 5 trillion, down 19%.

The 18-year decline in profit was mainly due to the decline in the net profit of Tengwangge Real Estate1.

300 million, Changting Jinlong Rare Earth dropped 0.

90,000 yuan, Xiamen Tungsten New Energy fell 0.

900 million, and the company’s tungsten mining business (Yulu, Xingluokeng, Duchang Jinding) net profit increased by 1.

10,000 yuan, the net profit of tungsten and molybdenum processing business increased by 0.

700 million.

Benefiting from the high price of tungsten and molybdenum and the production of tool projects, the profit growth of the tungsten and molybdenum segment continued to grow. The expansion project of Xiamen Jinlu with an annual output of 4 mm blades and an annual output of 7 million tools has completed workshop workpiece engineering at the end of 18 years.The civil construction was completed; the main project of the Tianjin Baistu knife body expansion project started in February 19th, and the company’s tungsten new downstream material business continued to be put into production.

At the same time, according to Antaike data cited in the company’s 18-year annual report, the demand for tungsten increased in 20185.

3%, leading to continued tight domestic supply, tungsten prices are expected to run high, tungsten molybdenum sector profitability or continued growth.

The price of lithium cobalt has stabilized in stages. The company ‘s gross profit margin for battery materials may rise. The company ‘s second phase of the Sanming base is about to start production in August 19th. The second phase of the Ningde and Haicang bases are running and commissioning, and the battery materials will continue to be put into production.Metal network. Since entering 19 years, the average price of lithium cobalt has fallen behind and stabilized. The production capacity of battery materials has begun to concentrate on leading companies. The company’s technology and scale advantages in the field of battery materials will gradually be realized, and the gross profit level may increase.

The company’s “overweight” rating is expected to be 0 for the company’s EPS in 19-21.

43/0.

54/0.

66 yuan / share, corresponding to the closing price of PE on April 12 is 36/28/23 times.

The company’s average PE level for the past 18 years is 42 times. Considering that the company’s tungsten and molybdenum and battery materials projects continue to be put into operation, it will bring continuous improvement in the company’s performance. We believe that the company’s estimate of 40 times PE in 19 years is reasonable, corresponding to a reasonable value of 17.

2 yuan / share, give the company an “overweight” rating.

Risks suggest that lithium-cobalt prices are falling; new energy vehicles are falling short of expectations; expansion projects are falling short of expectations.

UFIDA (600588)： Cloud business continues to grow rapidly and the three modernizations direction inspires the future

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UFIDA (600588): Cloud business continues to grow rapidly and the “three modernizations” direction inspires the future

Performance summary: The company achieved operating income of 50 in the first three quarters of 2019.

100 million, an increase of 10 in ten years.

1%; net profit attributable to mother 4.

50,000 yuan, an increase of 196 in ten years.

4%; net profit after deduction is 1.

70,000 yuan, an increase of 36 in ten years.

6%.

　　The company’s revenue has grown steadily, and its performance is in line with market expectations.

From the perspective of revenue, the company maintained a steady growth overall, of which: software business income 32.

5 ppm, under the pressure of the domestic economy, the annual growth rate is only 0.

7%; financial business scale improved and contracted due to the impact of strong domestic regulatory policies on P2P finance, with overall revenue9.

5 billion, more than doubled2.

9% (of which payment business income is 4.

200 million, the previous growth rate was 374.

5%, Internet investment and financing business income 5.

(300 million, down 39%); the cloud business continued to grow at a rate of more than 100% while the company continued to expand, realizing revenue7.

80,000 yuan, an increase of 125 in ten years.

2%.

From the perspective of net profit, the growth rate of net profit attributable to mothers is mainly due to the decline in the company’s gross profit margin and the increase in research and development expenses, of which: the gross profit margin has declined overall due to the expansion of cloud business and increase in personnel costs.

3 perfect to 61.

9%; due to high R & D investment and R & D expenses growth26.

9%, higher than revenue growth.

　　The cloud business continues to maintain high growth, and the direction of Sanhua will inspire the future.

The company’s cloud services PaaS, SaaS, BaaS, and DaaS respectively achieved revenues in the first three quarters1.

1,4.

9, 1.

7, 0.

08 million yuan, an annual increase of 28%, 161.

5%, 144.

8%, 158.

At the same time, the company’s advance account receipts reached 5 due to the substantial growth of the cloud business.

80,000 yuan, an increase of 91.

3%, which is the foundation for high growth and sustainable follow-up business.

The company continued to advance its cloud strategy, 苏州桑拿网 and with the high investment in cloud R & D, it successively released NC Cloud1909 and iuap5.

0, Yonsuite and other heavy products.

In the future development process, the company is in UF3.

Under the guidance of the 0 strategy, actively grasp the development potential that the company’s digitalization, product localization, and economic growth bring to the company. At the same time, the company launched a fusion strategy and formed strategic cooperation alliances with Huawei, Unicom, ICBC and other companies, and strived to actively promote business.To actively build an enterprise service ecosystem.

　　Earnings forecasts and investment advice.It is expected that EPS for 2019-2021 will be 0.

36 yuan, 0.

47 yuan, 0.

61 yuan, net profit attributable to mothers will remain 35 in the next three years.

1% composite 重庆耍耍网 strength.

For the company is a domestic enterprise information technology leader, and “UFIDA”.

Under the guidance of “strategy 0”, the cloud platform ecology is gradually improved. We are optimistic about the company’s development for a long time and maintain the “overweight” level.

　　Risk reminders: Cloud business development is less than expected; financial policy risks; competition in the software field is intensifying.

China Railway (601390) 19th Quarterly Report Review： 3Q19 revenue, new signings have further accelerated

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China Railway (601390) 19th Quarterly Report Review: 3Q19 revenue, new signings have further accelerated

Event: China Railway released the three quarterly report of 1991.

The company achieved revenue of 5,718 in the first three quarters.

7 billion, compared with the same period last year.

4%, net profit attributable to mother 154.

8 billion, an increase of 18.

6%; single third quarter income 2030.

0 billion, a year-on-year increase of 16.

9%, net profit attributable to mother 496.

4 billion, a year-on-year increase of 42.

1%.

Opinion: Third quarter revenue, new signings have further accelerated: the company’s revenue in the first three quarters of 19 was 15% year-on-year.

4%, a growth rate of +10 for ten years.

4%; revenue in the third quarter alone was 16.

9%, a growth rate of +12 for ten years.

5.

Revenue further accelerated.

In terms of business, the growth rate of infrastructure construction / prospecting consulting / industrial equipment and parts / real estate revenue in the first three quarters was 17 respectively.

8% / 7.

4% / 7.

0% / 13.

2%.

The main industry infrastructure construction continued to grow at a relatively rapid rate, with an income share of 86.

8%, which is close to the highest level in recent years. It is judged that it mainly benefits from the upward margin of infrastructure investment, the start of excess orders, and the acceleration of the pace of advancement.

Considering that the new starting point is also accelerating at the same time and the downward pressure on the economy is increasing, the anti-cyclical adjustment is expected to increase, and the probability of income continues to grow rapidly.

In the first three quarters, the company’s new contract value was 10,896.

8 billion, up 17.

9%, a growth rate of +16 for ten years.

4 cases, the new contract value in the third quarter is 3,102.

9 billion, a year-on-year increase of 27.

6%, with an average growth rate of +39.

0, the new chronic single growth rate is eye-catching, and continues to accelerate.

In terms of business, the first three quarters saw new growth rates of 17 for infrastructure construction / prospecting consulting / industrial equipment and parts / real estate business.

9% /-6.

5% / 1.

7% / 15.

5%, the growth rate is +16 each year.

3 / -10.

1 / -13.4 / -35.

2pcts; four new business growth rates in the third quarter were 27.

6% /-4.

0% / 12.

5% / 41.

7%, the growth rate is +16 each year.

2 / + 2.

4 / -23.

twenty three.

6.

The new signing of main business infrastructure construction continued the 2Q19 speeding up trend, and the proportion of the total newly signed contract amount expanded and increased.

4 pieces to 83.

3%, the real estate sales contract amount 3Q19 obviously warmed up, exploration and consultation is still under pressure.

In the construction of a new expressway for infrastructure construction, the first three quarters of the new railway / highway / municipal contract signed YoY were 11 respectively.

0% /-13.

5% / 28.

8%, the growth rate is +16 per second.

9 / + 6.

4 / + 15.

Three, the new signing of railways and municipalities significantly speeded up, and the decline in new signings of highways significantly narrowed.

Profitability improved in the third quarter, expected to continue: the company’s comprehensive gross profit margin for the first three quarters of 1910.

.

1%, ten years -0.

1pct, gross profit margin of 10 in the third quarter.

0%, ten years +0.

1pct.

In terms of different businesses, the gross profit margins of infrastructure construction, survey and consulting, industrial equipment and parts, and real estate business in the first three quarters were 7 respectively.

5% / 27.

1% / 7.

0% / 30.

6%, 0 each year.

0 pct / -0.

4pct / + 0.

1 point / + 4.

4.

The gross profit margin of infrastructure construction is stable, which has improved slightly in the third and third quarters; the gross profit margin of real estate has increased.

The initial cost increase is gradually being digested, the order structure is improved, and the gross profit rate of infrastructure construction has room for upwards; restructuring, with reference to the proportion of orders, there is limited room for the gross profit margin to increase the proportion of infrastructure construction revenue.

In the first three quarters, the dividend rate has decreased, and the increase in capital utilization efficiency has led to a decrease in the financial expense ratio by zero.

1pct to 0.

7%, vigorously repaying and pressing the two golds led to a decrease in impairment loss as a percentage of revenue by 0.
3pct to 0.
6%; however, investment income decreases every year, which leads to a net increase of 0% over the same period.

2 points to 2.

9%.

In 1H19, the accrued interest on perpetual bonds increased the profit and loss of minority shareholders a little, and the net interest rate dragged down by mothers only increased by zero.

1pct to 2.

7%.

In the third and third quarters, the starting point of the net interest rate returned to the mother +0.

5 points to 2.

4%, mainly due to the significant reduction in impairment losses each year.

Unfavorable factors have weakened gradually,深圳桑拿网 management has improved efficiency, the pressure drop has been gradually improved, and subsequent net interest rates have gradually increased and repaired.

Significant premium issuance of additional shares and successful completion of debt-to-equity swap: The company recently issued approximately 17 additional A shares.

300 million shares (approximately 7 of the total share capital after issuance.

0%) In China Guoxin and other nine institutions, the company’s holding subsidiaries of the company’s holding subsidiaries due to the implementation of debt-to-equity swaps were held in the second, third, fifth, and eighth shares of China Railway, and Chengcheng will become wholly-ownedthe company.

The share registration procedure was completed on September 19th, and the additional share issue price was 6.

75 yuan, the 无锡桑拿网 earlier company A shares closed at 17 on October 30.

0% premium.

The company ‘s A shares and H shares both maintain a “Buy” rating: Considering the new signing in 3Q19, both revenues are increasing and accelerating, and then gradually continue to grow rapidly; the profitability is expected to be further repaired, and the 19-21 year return to net profit forecast is raised to 196.5/220.

6/243.

0 billion (formerly 189.

7/209.

8/234.

900 million), the corresponding EPS is 0.

80/0.

90/0.

99 (considering the recent equity adjustment), the current price corresponds to the company’s A shares, and the 19-year PE of H shares is only 7x and 5x respectively, maintaining the “Buy” rating.

Risk reminder: Infrastructure investment growth is significantly faster, financing is tightening, and overseas orders are less advanced than expected

Zhonghe Technology (000925)： Dating partner of environmental protection platform recommends continuous attention to rail transit business

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Zhonghe Technology (000925): Dating partner of environmental protection platform recommends continuous attention to rail transit business

Event overview: In order to integrate resources, enhance company value, optimize company assets and business structure, Zhejiang Zhonghe Technology Co., Ltd. combined with the characteristics of the environmental protection business industry and new trends under the replacement of the two-wheel drive main strategy.Implement a differentiated development model to achieve sustainable development of environmental protection business, especially to expand and strengthen related segment business such as water treatment. It is planned to build an environmental protection platform company-Zhejiang Zhonghe Dakang Environmental Co., Ltd.As an industrial partner, Nengengchuang Energy Development Co., Ltd. makes full use of Shanghai Shennengnengchuang and its shareholders in the energy, energy saving and environmental protection industries, channels, capital strength and other advantages of resource transformation, distribution, project investment and other forms.Cooperation.

The two parties have reached preliminary agreement on the above-mentioned cooperation matters, and signed the “Framework Agreement on Environmental Business Cooperation” after being approved by the board of directors on September 12, 2019.

The equity cooperation model is divided into “three steps”, and the sale of equity in environmental protection business may be realized in the future.

The environmental protection platform is a long-term industrial development partner, and the partner Shanghai Shenneng Energy is a subsidiary of the Neng Group, which is carried out through various forms such as equity and project investment.

The equity partners are specifically divided into three stages. In the first stage, Shanghai Shenneng Energy Co., Ltd. will acquire 40% of the equity of the target company held by Zhonghe Technology in 2019 and become an important strategic shareholder of the target company. In the second phase,Shanghai Shennengchuang’s unconditional property rights will continue to acquire 30% equity of the target company from Zhonghe Technology in 2020 or abandon the option of the second stage acquisition / full acquisition (including the first stage acquisition or subsequent stage acquisition);Hi-Tech has the right to require Shanghai Shennengchuang to acquire no more than 20% (inclusive) equity of the target company from ZhongHe Technology in 2021.

Integrate resources in the short term to promote the development of environmental protection business, and focus on the main business of rail transit in the medium and long term.

The company’s current business content is mainly divided into rail transportation and energy conservation and environmental protection. In the first half of 2019, the company’s water treatment business income was 2.

47 ppm, accounting for 23% of total revenue, and revenue from rail transit signal systems and automatic ticket sales systems was 6.

700 million, accounting for 64% of total revenue.

Shanghai Shennengchuang is a subsidiary of Shenneng Group, and is a partner of the emerging Zhonghe Technology in the environmental protection sector.

Shenneng Group currently owns more than ten secondary wholly-owned and holding subsidiaries including Shenneng Co., Ltd., Shanghai Gas Group, and Oriental Securities (SH600958).

Absolutely, Shenneng Group vigorously promotes the development of the energy industry chain and has been involved in new business areas such as energy conservation and environmental protection, energy trade, new energy venture capital funds, etc. In the short term, the release of Shanghai Shenneng Energy Innovation, an industrial development partner, will helpThrough the integration of industrial resources, improve the profitability of existing environmental protection businesses, especially the industrial scale and comprehensive competitiveness of water treatment and other businesses.

In the long run, the company may realize the sale of environmental protection business and continue to focus on rail transportation business.

The urban rail transit industry is currently maintaining a high prosperity. The opening period of the 13th Five-Year Plan period 合肥夜网 has ushered in the peak traffic period. In the long run, the urban rail transit development space is still broad, and the urban rail transit signal system will maintain the prosperity along with the development of the urban rail industry.

Earnings forecast and investment grade: The urban rail transit industry maintains prosperity, and the company’s smart transportation sector has a good performance; the energy-saving and environmental protection sector has a solid performance. In the past, long-term industrial development partners promoted the improvement of the profitability of existing environmental protection businesses, especially those in water treatment and other businesses.Industrial scale and comprehensive competitiveness.
Compared with the energy-saving and environmental protection sector, we recommend investors to pay more attention to the company’s self-developed system volume and gross margin improvement.

The company’s net profit for 2019-2021 is expected to be 1.

34/2.

20/3.

24 ppm, maintaining the “overweight” rating.

Risk reminder: The volume of self-developed signal system and gross profit margin exceed expectations; the performance of companies in the energy-saving and environmental protection sector is gradually expected; the industry competition pattern is deteriorating.

Bull Group (X18072)： Channel Integration Moat Multi-Category Coordinated Development

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Bull Group (X18072): Channel Integration Moat Multi-Category Coordinated Development

The first domestic brand of domestic converters: Bull Group was established in 1995, focusing on the research, development, production and sales of civil electrical products with converters and switch sockets as the core. The products mainly include converters, power switch sockets, LED lighting, digitalPower connection and power extension products such as accessories; the company achieved revenue of 90 in 2018.

65 ppm, an increase of 25 in ten years.

476%, net profit of 16.

80,000 yuan, an increase of 30 in ten years.

452%; 2016-2018 revenue 30% compound growth.

06%, the net profit composite intensity is 9.

15%.

Demand for socket switches continues to be strong, policies and markets drive LED general lighting: the company’s four major categories of converters, switch sockets, LED lighting and digital accessories are all consumer products; the increase in the number of household appliances and the expansion and expansion of small household appliancesThe demand for devices, switches and sockets, and the development of the smart phone consumer electronics industry have driven the growth of demand for power connections and digital accessories; the LED general lighting industry market exceeds 250 billion yuan, and policies and markets have driven the industry’s rapid growth.

The protection of the city’s distribution system and rapid development of online direct sales: in terms of channels, the company’s sales structure is mainly distributed, direct sales are supplemented by external sales, and the company’s sales network is extensive, covering 31 provinces, municipalities and autonomous regions, and products covering 1 million distribution outletsAfter more than 20 years of hard work in the distribution 南京夜网 channels, the mature distribution system has become the company’s competitive protection city; through the company’s e-commerce channel construction has been fruitful, and the e-commerce direct sales revenue has a compound strength of 55 in three years.

2%.

Converter product industry first, multi-category collaborative development: In terms of products, the company is mainly divided into converters, switch sockets, LED lighting, digital accessories and other businesses according to the business product classification; of which the converter can be expanded and used in 2018.Revenue 48.

500 million, accounting for 53.

6%; the company’s converter sales rank first in the industry, the company’s online market share in Tmall converter products reached 66 in 17 years.

4%, competitive advantage is obvious; other categories 佛山桑拿网 including switches, LED lighting, digital accessories and other categories are developing rapidly and are expected to become the company’s new growth point.

Risk warning: The growth rate of real estate sales breaks through, and the expansion of new categories is less than expected.

Ministry of Foreign Affairs responds to multi-country disruption to China flights： overreaction measures artificially create panic

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Ministry of Foreign Affairs responds to “multi-country disruption of flights to China”: overreaction measures artificially create panic

Recently, some countries have taken extreme restrictions to disrupt flights with China.

To this end, at today (6th), a press conference of the Ministry of Foreign Affairs’ online case store called Hua Chunying said that after the outbreak of pneumonia caused by a new coronavirus, China has adopted the most thorough and strict prevention and control measures.Work is achieving positive results.

The WHO highly appreciates China’s strong reorganization in response to the epidemic, and has repeatedly proposed disapproval or even opposition to China’s restrictions on travel and trade.

In response to overreaction measures taken by some countries, such as outages, ICAO also issued an announcement, strongly urging countries to implement WHO recommendations.

　　We have expressed dissatisfaction and objection to the relevant countries’ disregard of WHO’s professional authority recommendations and non-compliance with the ICAO announcement, and we have raised severe suspicions with the relevant countries.

Relevant practices will not help prevent or control the epidemic, but will artificially create panic, seriously disrupt the normal international personnel exchanges and cooperation, and disrupt the order of the international 重庆耍耍网 air transport market.

　　We urge the countries concerned to consider carefully, not to overreact, proceeding from the overall situation of maintaining two-way exchanges and cooperation, and not restricting the two parties from moving flights. In accordance with the recommendations of WHO and ICAO, immediately revise policies, corrective measures, and take actual action to fight against China.Outbreak support.

(CCTV reporter Huang Da) Original title: Ministry of Foreign Affairs responds to “multi-country interruption of flights to China”: overreaction measures artificially create panic

Jinjia (002191)： Q3 results accelerate the smooth progress of electronic cigarette business

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Jinjia (002191): Q3 results accelerate the smooth progress of electronic cigarette business

Event: The company released the third quarter report of 19, and achieved operating income of 28 in the first three quarters of 2019.

800 million, an annual increase of 21.

4%; net profit attributable to mother 6.

7 ppm, an increase of 23 in ten years.

4%; net profit after deduction is 6.

60,000 yuan, an annual increase of 26.

8%.

The company’s Q3 single quarter revenue reached 10.

20,000 yuan, an annual increase of 32.

8%; net profit attributable to mother 2.

1 ppm, an increase of 24 in ten years.

8%; net profit after deduction to mother 2.

10,000 yuan, an increase of 30 in ten years.

2%.

The 杭州桑拿 company expects the highest net profit attributable to the mother at 8.

700 million to 9.

400 million, with an annual growth rate of 20% -30%.

Overall profitability is stable: The company’s overall gross profit margin for the first three quarters was 42.

9%, a year-on-year decline of about 1pp, mainly due to the decline in the gross profit margin of the laser packaging materials business and the relatively low gross profit margin of the increase in the proportion of color box business, the company’s core tobacco label business gross profit margin remained basically stable.

In terms of expense ratios, the four expense ratios in the first three quarters totaled 14%, of which sales expenses were 3.

2%, a slight decrease of 0 a year.

1pp management fee cost 7.

0%, a decrease of 0 per year.

5pp; R & D expense ratio 4.

0%, a decrease of 0 per year.

7pp; Finance Expenses cost-0.

2%, an annual increase of 0.

9pp.

The reason for the tight change in the financial expense ratio is mainly due to the decrease in the company’s interest income.

In the first half of the year, the combined company’s investment income from Shenren Packaging, Shanghai Rencai, and Chongqing Hongsheng increased by nearly 27 million, and the net profit attributable to the mother in the first three quarters was 25.

6%, basically the same every year.

The color box business has grown rapidly, and customer resources have continued to expand.

The company continues to promote the development of customers for fine tobacco, electronic products and fast-moving consumer goods. The sales of color box business increased significantly in the first half of the year.

6%, newly developed new tobacco brands such as Ling Rhino, Momo, Tweep, Magic Flute, etc., and obtained the supplier qualification of Zhong Nuo, Haipai and other mobile phone brands.

In addition, the company expanded the development of alcohol customer resources, and has reached a strategic cooperation with Moutai Technology Co., Ltd., Shenren’s packaging business is progressing smoothly. The joint venture company established with Wuliangye can complete the debugging of equipment in October and trial production in November.
The development of new tobacco business was actively promoted.

The company’s subsidiary Jinjia Technology has already cooperated with China Tobacco companies in Yunnan, Shanghai, Henan, Shandong, Guangxi, Chongqing, etc., to provide smoking set research and development services.

At the same time, the company has provided R & D and foundry services for WEBACCO (Weibai), GIPPRO (LUMI), and LUMI.In addition, the company also established a joint venture with Beijing Miwu, and launched the electronic cigarette brand FOOGO (福 狗), using the concept of poker cards, the first J, Q, K three series of products, the K series has been officially released and on June 18日 日在京东预售，7月1日起已正式预定。
On September 26, two new electronic cigarettes, Foogo J and miniJ, were launched in the JD flagship store.

Profit forecast and rating.

It is expected that EPS for 2019-2021 will be 0.

61, 0.

71, 0.

83 yuan, corresponding to PE is 16 times, 14 times and 12 times, maintaining the “buy” level.

Risk warning: the risk of rising raw material prices; customer development of the color box business may be lower than expected, and new tobacco business development may be lower than expected.

Pollya (603605) 2019 Third Quarterly Report Review： Explosive Model Strategy Significant Results Performance Growth Meets Expectations

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Pollya (603605) 2019 Third Quarterly Report Review: Explosive Model Strategy Significant Results Performance Growth Meets Expectations

Event Po Laiya released the third quarter report of 2019, the company achieved operating income of 20 from January to September 2019.

8 billion, an annual increase of 33.

35%; net profit attributable to shareholders of the parent company2.

400,000 yuan, an annual increase of 32.

04%.

Net profit attributable to shareholders of the parent company after deduction 2.

3.8 billion, an annual increase of 41.

50%.

Among them, Q3 quarter achieved revenue of 7.

5.2 billion, an annual increase of 45.

15%; net profit attributable to shareholders of the parent company is 66.63 million yuan, an annual increase of 26.

07%.

The company commented that the explosion model had significant strategic benefits, and the performance growth was in line with expectations. The company successfully launched the explosion model bubble mask product in the Q3 quarter, which significantly increased the growth rate of online sales.

The company sold 2,600 skincare products in the third quarter.

510,000 sticks, realized revenue 6.

7.3 billion, selling 234 cleansing products.

410,000 sticks, with revenue of 4168.

850,000 yuan, 105 sales of beauty products.

570,000 sticks, with revenue of 3715.

550,000 yuan.

In terms of average selling price, skin care and cleansing products have improved, replacing singles 25.

87 yuan and 17.

71 yuan, down 13.

82% and 1.

28%, the average price of beauty products is 35.

20 yuan / support, an increase of 12 in ten years.

93%.

The decrease in the average price of skin care products was mainly due to the increase in the proportion of the reduced supplementary mask products and the purchase and gift activities.

39.
The expense ratio during the period is stable, and the rise in the price of raw materials affects the profit. The company’s expense ratio during the first three quarters was relatively stable, of which the sales expense ratio and management expenses accumulated.

43% and 6.

84%, a slight increase of 0.

58 and 0.

32 units.

In Q3, gross profit margin and net profit margin increased, replacing 60.

45% and 8.

58%, mainly due to the sharp increase in sales of mask products with reduced profit margins.

In terms of raw materials, the price of humectants and emulsifiers increased by 15 due to environmental protection and exchange rate effects.
69% and 29.
47%; actives rose 55.

14%; oil-made wax was affected by the high price of bubble mask special materials, rising 321.

82%.

The main brand Polaya develops steadily, and the e-commerce channel continues to make great achievements. The company focuses on its own brand development and brand upgrades. The company and CEVA and CODIF jointly release a new 深圳桑拿网 elite family; in cooperation with National Geographic, it traces back to the original and safe global oceanIn terms of new products, we introduced the essence family, deep-sea moisturizing yeast stock solution, polar special repair mask, printed color Baha makeup liquid foundation and eye shadow plate.

In terms of e-commerce channels, the company has in-depth cooperation with Tmall, JD.com and other channels. It has achieved excellent results in the first three quarters, and the Double 11 continues to expand. It is expected that it will still perform better.

Earnings forecast and estimation We estimate the company’s operating income in 2019, 2020 and 2021 to be 30.

5.4 billion, 39.

1.3 billion and 49.

80 ppm with a growth rate of 29.

35%, 28.

10% and 27.

29%; net profit attributable to shareholders of the parent company is 3 respectively.

9.6 billion, 5.

2 billion and 6.

79 trillion, the growth rate was 37.

79%, 31.

42% and 30.

65%; Fully diluted earnings per share are 1.

97, 2.

58 and 3.

37 yuan, corresponding to 44 for PE.

7, 34.

0 and 26.

0 times, maintaining the level of “cautious increase” in the next six months.

Risks indicate that brand development is less than expected; new channel development is less than expected; terminal demand is less than expected; systemic risk.

Liancheng NC (835368) Review Report： The Full Benefit of High Quality Standards for Photovoltaic Wafer Equipment

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Liancheng NC (835368) Review Report: The Full Benefit of High Quality Standards for Photovoltaic Wafer Equipment
Key points for investment: Expansion of downstream silicon wafer production is expected to increase, and the advantages of single crystals are gradually transformed.From February 18th to 19th, 2019, the National Energy Administration participated in two consecutive seminars on “2019 photovoltaic power generation construction management”, which is expected to promote the increase of installed capacity while optimizing the internal photovoltaic industry competition environment.On average, demand in overseas markets continues to increase. According to data from the China Photovoltaic Industry Association, the effective production capacity of cells and modules deployed overseas in 2018 reached 12 respectively.2GW and 18.1GW.In the context of the expected revision of downstream demand, wafer production has increased.In the competition between poly and single crystals, the advantages of single crystals in terms of efficiency gradually change.According to statistics from the China Photovoltaic Industry Association, in the first half of 2018, the monocrystalline wafer market share increased from 31% in 2017 to 52.7%, accounting for more than half.On February 22, 2019, the single crystal leader Longji shares announced that it would raise the price of single crystal silicon wafers to 3.15 yuan / piece, downstream production expansion is expected to increase; the company, as the main supplier of Longji’s monocrystalline furnace and diamond wire cutting equipment, is expected to benefit from the rise of monocrystalline. Photovoltaic special equipment is rich in variety, and independent research and development capabilities have been continuously improved.The company is a leading domestic supplier of special equipment for the photovoltaic industry. It has a variety of products, such as cutting machine, diamond wire slicer, single crystal furnace, CNC grinder.In 2017, the company’s single crystal growth furnace revenue accounted for 38% of operating revenue.08%, gross profit accounted for 33.59%; the company’s multi-wire cutting equipment revenue accounts for 35% of operating revenue.89%, gross profit accounted for 36.13%, both contributed a major increase to the company’s gross profit.The company has deep technical accumulation. In 2008, it took the lead in developing the first generation of multi-line cutting machine with independent intellectual property rights. In 2013, it launched the first diamond wire slicer in China, leading the gradual development of silicon wafer cutting technology. At the same time, the company acquired the U.S. Kex single crystal furnace business unit, and in 2014 introduced the single crystal furnace to the domestic market to achieve the localization of the single crystal furnace.The company insists on R & D as the core. In the first three quarters of 2018, R & D expenses accounted for nearly 4% of revenue. Through continuous independent research and development, it will build a competitive biology of products. The performance has grown rapidly in recent years, and profits have increased slightly in 2018.The company has further developed rapidly. In 2017, the sales revenue of single crystal furnace products was 3.340,000 yuan, an increase of 183 in ten years.36%; sales revenue of line cutting equipment is 3.1.5 billion, an increase of 54 in ten years.05%; among them, the gross profit margin of single crystal furnace reached 37.97%, the gross margin of line cutting equipment reached 43.33%, profitability is expected.At the same time, according to 夜来香体验网 the company’s 2018 performance preview, it realized operating income10.53 ppm, an increase of 20 in ten years.15%; net profit attributable to mothers1.65 ppm, a decrease of 10 per year.90%.We believe that under the background of the gradual change of the monocrystalline trend, the growth of the company’s operating income is primarily the growth of monocrystalline furnaces and wire-cutting equipment. However, due to the impact of industry policies, the company’s profitability has improved.Supply and demand patterns change, and the company’s profitability will stabilize and rebound. Earnings forecast and investment advice: first coverage, suggest attention.It is expected that the company will realize net profit attributable to mothers from 2018 to 20201.64, 2.00, 2.500,000 yuan, the corresponding EPS is 2 respectively.04 yuan / share, 2.49 yuan / share, 3.11 yuan / share, according to the latest closing price of 14.90 yuan calculation, corresponding PE is 7, 6, 5 times.We believe that the company, as a leading supplier of monocrystalline silicon wafers, is expected to increase its market expansion in the future, thereby providing momentum for performance growth. Investors are advised to pay attention. Risk Warning: Relatively concentrated risk of customers; risk of dependence on related parties; less-than-expected development of photovoltaic industry; less-than-expected market share growth; less-than-expected R & D progress; liquidity risk.

Lao Fengxiang (600612) 2018 Performance Express Review Comments： Performance basically in line with expectations Expected efficiency dividend after change

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Lao Fengxiang (600612) 2018 Performance Express Review Comments: Performance basically in line with expectations Expected efficiency dividend after change
The company’s revenue in 2018 increased by 10 in ten years.98%, net profit attributable to mothers increases by 6 per year.40% On the evening of March 7, the company released its 2018 performance report: the company achieved revenue of 437 in 2018.8.4 billion, an annual increase of 9.98%; realized net profit return to mother 12.09 million yuan, an increase of 6 in ten years.40%, equivalent to the fully diluted EPS 2.31 yuan, the performance basically in line with expectations. Looking at the single quarter, the company achieved revenue of 72 in the fourth quarter of 2018.80 ppm, a six-year increase of 6.37%, an increase of less than the same increase of 11 in 3Q2018.72%; net profit attributable to mother 2.21 ppm, a reduction of 7 per year.59%, while net profit attributable to mothers increased by 7 in the third quarter of 2018.52%. In the fourth quarter of 2018, the performance of the company was affected by the poor business climate, and the company’s sales that received attention changed 19 times.96% / -5.26% /-17.61%.Hong Kong market leader Chow Tai Fook 4Q2018 Mainland China / Hong Kong and Macau same-store sales twice changed by -7% /-6%. The company’s 4Q2018 also saw a quarter-on-quarter revenue growth rate, and net profit attributable to mothers decreased.However, the sales of the jewellery industry in the Spring Festival Golden Week have rebounded to a certain extent. We believe that the company, as an industry leader, has gradually rebounded in revenue due to policies such as tax reduction. Investors are advised to pay attention to the company’s revenue and profit performance in the second half of 19 The subsidiary’s share reform is progressing smoothly. It is expected that the innovative incentive policy will be implemented in the company’s core business subsidiary Lao Fengxiang’s limited equity reform process in response to the development direction of the SASAC’s “Double Hundred Actions”.We maintain the previous view that the company expects the improvement of the distressed stocks and the company’s own development demands to accelerate the release of the company’s own development requirements. It is expected that the innovation incentive policy is expected to come into effect and stimulate core employee motivation. We have slightly lowered our profit forecast and maintained a “Buy” rating. According to the performance report, we have slightly lowered the company ‘s fully diluted EPS to 2 for 18-20 years.31/2.66/南宁桑拿3.06 yuan (previously was 2).46/2.85/3.30 yuan), considering that the company’s industry leader is still solid, and the incentive policy is designed to bring about improvements in operating efficiency, maintain a “buy” rating. Risk Warning: The price of gold and the RMB exchange rate have changed more than expected, and the release of future performance is slower than expected.