Fuyao Glass (600660): The bottom of the glass industry’s profit bottomed out; the decoration business is advancing in an orderly manner

Fuyao Glass (600660): The bottom of the glass industry’s profit bottomed out; the decoration business is advancing in an orderly manner
Recent situation of the company Recently, we studied Fuyao Glass and communicated with the company leaders. Comment on the main business of auto glass: domestic profit has bottomed out; overseas production capacity continues to climb.On the domestic front, the company said that 4Q19 downstream orders have improved slightly, and further decline in profit has gradually increased and narrowed.In 2019, the maximum capacity of domestic auto glass carbon was 淡水桑拿网 only 70% +, which was at a low point in previous years.We believe that if the auto market recovers, the domestic auto glass business is expected to usher in volume and price recovery. At present, the float glass inventory has declined month-on-month. Due to the rise in the float price of building materials, the float float price for external sales has increased month-on-month, but it is still much lower than the automotive float price.Overseas, this year’s US business is affected by the decline in the profit of the float sales, and the profit climb is not obvious; in 2020, the planned output of the United States is 4.6-4.7 million units, reaching full production level.At the same time, some float glass was inserted for sale as photovoltaic back sheet glass. By then, the profitability of the United States will be improved and the interior will be flush. In Russia, the company expects to convert 900,000 units this year, replacing the currency exchange effect, and has achieved a small profit; Russia ‘s development in 2020It is expected to exceed 1 million units, and further increase profits. Aluminium business: German integration and orderly progress; domestic production capacity.Germany SAM is still in the process of integration and has completed a new production line. According to the company’s plan, another production line will be laid out next year. After the layout of the two lines is completed, the plant will be gradually closed. At present, Germany is expected to narrow quarter by quarter, and is expected to reach 45 million euros in advance.The company expects that under ideal conditions, SAM is expected to achieve breakeven next year.Domestically, Fuyao has completed the mass production capacity of the entire aluminum industry chain, and has started to supply to Changan, Great Wall, BYD and other customers in batches. At the same time, Fuyao has begun to export aluminum profiles to SAM in Germany. Through the extension of the industrial chain, SAM costs are reduced.To promote its early turnaround.At present, the value of supporting aluminum bicycles is 100-200 Euros, and the European penetration rate has reached 50%. The appearance of aluminum trims and corrosion resistance. We expect that the penetration rate of interior luxury cars will increase, and aluminum trims will penetrate downward.The global market space for aluminum trim is expected to gradually expand. Estimates suggest that Fuyao A / H currently expects 15 respectively.5 times and 14.4x 2020 P / E.We maintain Fuyao A / H’s outperform rating and maintain Fuyao A / H target prices of 27 yuan and 30 yuan respectively.Among them, Fuyao A corresponds to 18x 2020P / E in 2020; Fuyao H corresponds to 18x 2020P / E in 2020; Fuyao A / H has 17% and 26% upside compared to the current replacement. Risks German SAM’s loss reduction was lower than expected; the domestic auto industry’s recovery exceeded expectations.

Dismantling the danger and opportunity in the epidemic

Dismantling the “danger” and “opportunity” in the epidemic

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

  The original title dismantled the epidemic “dangerous” and “opportunity” in the venture capital industry. Confidence and persistence. Chen Biyu.Institutional investment rhythm.

  So, how should venture capital and its investment companies work together to deal with this crisis?

Has investment confidence changed?

After the epidemic, which industries will be more favored?

The venture capital elites are optimistic about this field?

  Venture capital and invested companies were originally planning to start a new round of financing after the Spring Festival, but now they are temporarily affected by the epidemic. The Spring Festival stalls, which should have been the peak season, plummeted to the freezing point, fixed expenditures did not decrease, and operating pressure suddenly increased .… Startups have indeed been “boring”

  Fan Yongwu, President of Cornerstone Capital, believes that the companies with the weakest ability to combat risks have the greatest impact.

In terms of volume, small and medium-sized private enterprises are the most affected; from the perspective of industry, the tertiary industry, especially the offline service industry such as accommodation and catering, film and entertainment, wholesale and retail, is most affected.From the perspective of financing and the capital market, the impact of a large number of planned IPO companies on the capital market fell due to the epidemic affecting the on-site inspection work of intermediaries.

  Venture capital institutions that depend on the invested companies are naturally affected to varying degrees.

  First of all, in terms of raising funds, Fan Yongwu said: “Our fundraising work is like a new fund road exercise, and the customer forum has been announced. The fundraising progress has been considerable.

“Second, in terms of investment, affected by the epidemic control, the company’s investment staff was unable to travel and conduct field inspections of projects. The development of new projects and on-site due diligence of proposed projects have been suspended. Post-investment tracking and management of projects that have been invested are also full of challenges.

“The company’s post-investment management department’s field visit plan for invested projects in the first quarter was delayed due to inability to travel normally.

Fan Yongwu said.

  Qi Jia Ventures partner Yu Jia disclosed that the current focus of his organization’s work shifts to post-investment management, and investment work is continuing, but most of it is the follow-up financing of invested projects.

  Du Yongbo, managing partner of Huaxing New Economic Fund, said the epidemic would affect the investment rhythm of investment institutions.

“Due to business trips, due diligence, and other restrictions, the entire investment cycle will be forced to lengthen, or the primary market’s trading volume in the first half of the year will obviously fall.

Under the crisis, there are great opportunities for the “epidemic” in Tibet, and all walks of life are trying to promote the “cloud” to drive “business”.

For example, because it is not appropriate to go out and close the store, fresh e-commerce has become just needed; due to “suspended classes and non-stops”, online education and training are sought after.

It can be said that through various application scenarios moved to the “cloud”, many entrepreneurial projects in the cloud field have got a chance to show their skills. Internet healthcare, online education and training, online office, fresh e-commerce and other industries have exploded.The highlight of sexual growth.

  ”Some of the companies we threw at Cloud Education, Cloud Office, Cloud Entertainment Circuit, and recent orders have seen rapid revenue growth.

“Li Zhu, founding partner of INNO Angel Fund, said that this year’s investment in the cloud sector will be further strengthened.

In addition, advanced manufacturing including aerospace technology, chips and life sciences will also be the focus of attention this year.

  Qiming Ventures, which focuses on TMT and medical and health, has also witnessed this wave of growth.

“The companies we invest in, such as online pharmacies and online consultations, have seen a rapid increase in user demand, and the digital medical industry welcomes development opportunities.

“Introducing Yu Jia, through the increasing awareness of prevention among the entire population, health is becoming more and more important, and the medical and health industry will usher in favorable conditions. The industries of biomedicine, medical devices, in vitro diagnostics, and medical services will accelerate development.

  In her opinion, due to the popularity of online offices, the need for epidemic protection, and continuous resumption of work, companies have begun to seek technological offices, reduce labor, and improve efficiency. Big data, cloud computing, artificial intelligence, industrial automation and other fields are welcomingDevelopment potential.

“Behind remote office and online office is the construction of cloud platform.

The cloudization of enterprises will generate new opportunities and make the SaaS industry achieve great development.

“For the opportunities and energy contained in the B and C ends, Du Yongbo is full of expectations.

“We expect that the widespread application of big data, the expansion of SaaS, and the use of AI and industrial automation technologies will further accelerate. 5G and the Internet of Things as infrastructure will also usher in a real explosion.

Du Yongbo said.

  According to the TO C end, Du Yongbo believes that the general trend of consumption upgrade will not change, and the new consumers, new brands, new channels, and new supply chains of Gen Z contain good opportunities.

  Short-term impact does not change confidence “Although affected by the new crown pneumonia epidemic, in the long run, the fundamental factors of China’s economy have not changed.

“Fan Yongwu said with a loud voice,” What we have to do is insist on embracing a world-class enterprise with entrepreneurial spirit and original technology.

“Bao Yan, chairman and president of Silicon Valley Paradise, said that the company’s investment logic will not change, value investment, industry focus is still the core.

“On a large scale, our post-investment management team will pay extensive attention to the operating conditions of the investee companies and help them reduce the impact of the epidemic on their operations and development through multi-dimensional support.

At the same time, we will still proactively discover value, select high-quality enterprises, and use capital to continue to empower high-quality enterprises.”” The epidemic is a short-term impact that will not change our firm confidence in China’s economic development, nor will it affect the three major investment themes of Huaxing New Economic Fund’s “consumer upgrade, industrial 武汉夜网论坛 transformation and technological innovation.”

Our investment strategy and track will not change.

“Du Yongbo is full of confidence.” At present we have too many bullets, and we will resolutely or even more actively invest in good targets.

Li Lizhu expects that work will gradually return to normal after March, and will start to push the project in an orderly manner.

“Our newly-established fourth technology fund has just completed 3.

500 million yuan fundraising.

Therefore, it is expected that both the number and scale of investments in 2020 will be greater than last year.

We will still mainly focus on the investments before the A round, and we expect that the companies with more mature business models will also increase the size of individual investments appropriately.

“Yu Jia said:” The hot spots of the VC 佛山夜网论坛 industry in 2020 are still in the medical and health and TMT fields, and companies with recognized technological innovation will be favored.

Inner Mongolia No. 1 Machine (600967): Interim report steadily grows orders and full tasks continue to grow

Inner Mongolia No. 1 Machine (600967): Interim report steadily grows orders and full tasks continue to grow

Event: Today the company released its semi-annual report for 2019 and achieved operating income of 53 in the first half of 2019.

1.5 billion, an annual increase of 4.

57%, achieving net profit3.

34 ppm, an increase of 15 in ten years.


The core point of view is that revenue is rising steadily, and full and sustainable production tasks can be expected.

In 2019H1, the company’s revenue achieved a slight 南京夜网论坛 increase, but from the forward-looking indicators, the advance account receipt at the end of the reporting period was 53.

78 megabytes, still at a high level since 18 years, indicating that the order is full; the ending inventory is 31.

500 million, 50 more than the beginning of the period.

95%, of which the book balance of raw materials, work in progress, and inventory goods is 5, respectively.

7.9 billion, 23.

5.3 billion, 3.

48ppm, an annual increase of 105%, 50%, 90%, indicating that the production task is large.

In terms of military products, in order to achieve the goal of basically achieving mechanization in 2020, the ground equipment is gradually in the peak period of installation; in terms of civilian products, the company has exceeded 10 trillion railway vehicle contracts since the beginning of the year 1夜来香体验网9, exceeding 9 trillion in the same period last year.The military and civilian market demand has added an alternative basis for the company’s sustainable growth.

The cost level was well controlled and the operating efficiency continued to improve.

19H1’s gross profit margin was 9.

92%, 11 of the earlier 18H1.

Decreased, but the net profit attributable to mothers is still realized.

The 66% increase, which significantly exceeded the revenue growth rate during the same period, has always been: 1) Financial expenses decreased by 55.56 million yuan, mainly due to the increase in interest income from deposits during the reporting period; 2) Management expenses and sales expenses fell by 17.71 million yuan every other timeAnd 3.84 million yuan, the main part of the reduction is employee compensation, which may be related to the company’s implementation of new rank compensation and assessment standards.

Through the good control of the expense ratio, the company’s net interest rate increased from 5.

68% rose to 6.


The military and civilian market has ample space, and efforts to expand foreign trade markets have been strengthened.

In terms of military products, according to publicly calculated data, the market space for domestic main battle tanks and 8 * 8 wheeled armored vehicles is in the billions of dollars.

In terms of folk goods, China Railways total 18?
The total plan for 20 years is to purchase 21 new trucks.

60,000 vehicles, with purchases exceeding 150 billion.

On the basis of meeting the domestic market, the company has achieved new breakthroughs in foreign trade business. More than 40 models of 6 series of railway vehicles have passed certification. The products are exported to Southeast Asia, Central Asia, Africa and other countries and regions.

Financial forecasting and investment recommendations take into account the impact of lagging product delivery schedules, we adjusted the company’s EPS in 19/20 to 0.


44 yuan (previous forecast was 0.


54 yuan), and increase the 21-year forecast to 0.

51 yuan.

With reference to a comparable company’s 38 times P / E ratio in 19 years, the target price is given at 14.

06 yuan, maintain “Buy” rating.

Risks suggest military deliveries exceed expectations; rail vehicle orders fall short of expectations

A-share mergers and acquisitions rebounded at a low level and horizontal integration became the main theme

A-share mergers and acquisitions rebounded at a low level and horizontal integration became the “main theme”

Data source: Tianfeng Securities officer / drawing Securities Times reporter Wang Xiaowei shifted the industrial ecology pattern and promoted regulatory changes. After relatively slow development in the previous two years, the M & A market has begun to return to a warm state to a certain extent this year.

In this trend, horizontal integration has developed into an obvious “main theme”, which is mapped to the A-share market, indicating that M & A and restructuring are gradually transitioning from market value management to industry-oriented.

  M & A and restructuring is now warm. As a leading company in various industries, this year, it has made significant efforts in M & A and reorganization.

Wind statistics show that there are currently more than 70 A-share companies that have issued merger and reorganization plans, covering industries such as machinery and equipment, electrical equipment, utilities, chemicals, medicine and biology.

  Accelerated M & A and reorganization of central SOEs has become one of the important aspects of this round of M & A recovery.

Taking China Shipbuilding as an example, the company is planning to acquire military and civil ship assembly companies such as Jiangnan Shipbuilding, Huangpu Wenchong, and Guangzhou Shipbuilding International, which are owned by CSSC, and has also set up Hudong Heavy Machinery, which has become China Shipbuilding Group’s assembly asset listing platform.

The speeding up of the “South Ship” asset integration has directly brought the company’s secondary market to continue to be active.

  However, from the perspective of the entire Chinese market, M & A and restructuring are still relatively low.

Wind statistics show that since the second quarter of 2018, a total of 1201 mergers and acquisitions have occurred, involving an amount of USD 187.7 billion, a year-on-year decrease of nearly 78%, and a month-on-month decrease of 69%.

  It is the promotion of the mixed reform of state-owned enterprises and the integration of industries, and the rise of state-owned enterprise mergers and acquisitions. The trigger is that some private enterprises face certain financial pressures, resulting in certain 苏州桑拿网 restrictions on mergers and acquisitions.

  However, from the perspective of several specific persons, the expected difference in the future recovery of M & A in the A-share market is obvious, and one of the reasons lies in the optimization of supervision.

In the end, the CSRC issued a number of incentives for mergers and acquisitions and reorganizations, including price adjustment mechanisms, identification of operating assets, small-scale rapid review, matching raised funds, and whether the IPO company has borrowed money.

The regulatory authorities hope to simplify administrative approval, strengthen flexible pricing mechanisms, and resolve financial pressures after reorganization to resolve difficulties in various aspects of M & A and reorganization, and provide operating space for listed companies to use M & A tools to develop and grow.

  The first is that the 7th M & A and Reorganization Committee of the Securities Regulatory Commission has recently taken over and will perform a review of M & A and reorganization in the future listing.

Following the logical derivation that the sixth M & A and Reorganization Committee was formally established in July 2016 and the M & A and reorganization market entered a tight regulatory cycle, the new M & A and Reorganization Committee may also become a practitioner of many new policies.

Especially in the M & A and reorganization review waiting list, which includes the red line projects that were not recognized by the film and television industry in the previous cycle, the review structure will have a directional significance for the future.

  Focusing on the main business and horizontal integration, mergers and acquisitions, restructuring, and low-level pick-up, showing its role in the new normal economy.

Huang Zhiling, chief economist of China Construction Bank, believes that starting investment is often faced with the contradiction of excessive leverage, upgrading the consumption structure is facing the low-end supply-side constraints of traditional industries, and structural upgrading is facing the hard constraint of insufficient technical support.By promoting corporate mergers and acquisitions and reorganization, and giving full play to the resource allocation function of the micro market, it will play a greater role in integrating effective market resources, stimulating market vitality, and rapidly improving the industrial level and core competitiveness of enterprises.

  At first, the changes in the market ecology of this round of mergers and acquisitions reorganized into a “rational return”.

The latest statistics released by the Shenzhen Stock Exchange recently showed that the Shenzhen Stock Exchange completed a total of 110 mergers and acquisitions and reorganizations last year, but fell by 40.

86%; M & A transaction amount was 2395.

9.9 billion yuan, an annual decrease of 63.


According to the Shenzhen Stock Exchange, although the amount of major asset reorganizations has decreased, the quality and efficiency have been significantly improved, highlighting the main purpose of serving the real economy.

  Improving quality and efficiency, and serving entities, a large number of outstanding performances are changes in the purpose of mergers and acquisitions.

According to Wind data, in the nearly one year since the second quarter of 2018, the amount of M & A in the industry’s horizontal integration has exceeded 1.

14 trillion US dollars, significantly higher than asset adjustments (559.6 billion U.S. dollars), diversification strategy (541.3 billion U.S. dollars), and shell purchases (161.8 billion U.S. dollars) of M & A transactions.

  The increase in horizontal integration-type mergers and acquisitions can be cut from the announcement of listed companies.

In this week alone, several merger and acquisition announcements have been issued, such as Shanying Paper’s acquisition of Yunyin Company, Dayu’s water-saving acquisition of Xiangyun Company, SDIC Power’s acquisition of Huzhou Xianghui, Luoping Zinc Power’s acquisition of Hongyuan IndustryAnd all point to horizontal integration.

  Acquired Xiangyun Company 45 with Dayu to save water.

As an example, 5% equity is a project company that serves the PPP project of high-efficiency water-saving irrigation in the Xiangcheng Salon and Liuchang area of Xiangyun County. The project under construction is currently under construction.

After this equity transfer, the equity of the project company is more concentrated, which is also more conducive to Dayu’s water conservation as a later stage operation management control of the listed company, which can bring economic benefits to a degree.

  Although mergers and acquisitions and reorganizations are conducive to obtaining new profit growth points for enterprises, while expanding the company’s operating capabilities; at the same time, make the company’s layout more complete, and have an effect on corporate forecasting.

However, the concept of reorganization from the secondary market is long gone.

According to market analysis, this is mainly due to the shadow left by the asset restructuring in the past few years, especially the impairment of goodwill has become the largest value in the market.

According to data jointly released by DataBao and the China Academy of Listed Companies, the goodwill of listed companies reached 1 in 2018.

At 31 trillion yuan, 13 companies had goodwill of over 10 billion yuan, and 45 companies suffered losses of more than 1 billion yuan in goodwill last year.

  However, some people think that this situation may accelerate change.Gui Haoming of Shenwan Hongyuan Securities Research Institute pointed out that in the past, the problem of mergers and acquisitions and reorganizations was not about quantity. The most important thing was that the quality was not high. Low-quality reorganizations eventually led to impairment of goodwill and other issues, leading to the introduction of strict supporting policies in the previous stage.Will help prevent future related risks.

Baolong Technology (603197): Short-term performance pressure, focus on expanding integration and intelligent space

Baolong Technology (603197): Short-term performance pressure, focus on expanding integration and intelligent space

Event: On April 30, 2019, Baolong Technology disclosed the 2019 first quarter report.

The company achieved operating income in the first quarter of 20197.

40,000 yuan, an increase of 25 in ten years.


Net profit attributable to mother 0.

35 ppm, a decrease of 29 per year.


Net profit after deduction is 0.

30 ppm, a decrease of 37 per year.


Opinion: The consolidation of assets affects the break, and demand and income performance are under pressure.

In the first quarter of 2019, due to the consolidation of expansion assets such as PEX, the company’s operating income reached 7.

40,000 yuan, an increase of 25 in ten 深圳桑拿网 years.


Affected by the automotive market demand trend, the first quarter of 2019 decreased by 1 compared with 2018.

2 units.

Affected by business consolidation and intensified market competition, the company’s selling expenses and research and development expenses increased significantly.

The selling expenses in the first quarter of 2019 were 53.92 million yuan, an annual increase of 43.


R & D expenses are 62.42 million yuan, an annual increase of 93.


The company’s expenses increased significantly, which impacted the company’s short-term performance.

National Six emissions and intelligence create new space, and resource integration improves profitability.

The company actively carries out epitaxial expansion, completes the acquisition of PEX projects, enriches the sensor product series, and actively expands the global market.

The company vigorously expands the pressure sensor fixed-point project and expands the national sixth standard to implement new plans.

In 2019, the on-vehicle camera will be mass-produced, the development of millimeter-wave radar is accelerating, and the new space of ADAS is about to be released.

The Huofu joint venture project is progressing in an orderly manner, the synergy effect of global resource integration is expected to be released, and the profitability of the TPMS business is promoted.

Capacity accumulation has created a new space, and global expansion has opened up a new pattern.

The Ningguo Plant, Songjiang Plant and other capacity expansion projects have been advanced in an orderly manner, and the company’s mainstream product capacity reserves are sufficient.

The company actively expands the global market and explores the possibility of establishing overseas bases such as India.

The company completed the acquisition of 40% equity in DILL and continued to consolidate and expand the North American market.

Earnings forecast and rating: The acquisition of DILL’s equity will increase operating results, TPMS’s global resource integration will accelerate, and the company’s profitability aims to stabilize and recover.

We expect the company’s diluted expected earnings for 2019-2021 to be 1.

19 yuan, 1.

36 yuan, 1.

55 yuan.

The development space for the expansion of reserve expansion, the rich product series of ADAS business, and the company’s growth space reserve are redundant. We maintain the company’s “overweight” level.

Risk factors: potential risks in the automotive market; weaker-than-expected effects of global resource integration; new business development is slower than expected risks.

Lin Yang Energy (601222): Steady growth in performance EPC sector

Lin Yang Energy (601222): Steady growth in performance EPC sector

The company released its 2018 annual report and achieved revenue of 40 in 2018.

17 ppm, an increase of 11 in ten years.

9%, net profit attributable to mother 7.

61 ppm, an increase of 10 in ten years.


Revenue in the first quarter of 20196.

0.94 million yuan, an increase of 19 in ten years.

1%, net profit attributable to mother 1.

55 ppm, a five-year increase of 5.


The power station operation has grown steadily, and the EPC sector has exerted strength: the company’s photovoltaic power generation has achieved revenue13.

300 million, an annual increase of 21.

2%, gross margin 70.

4%, rising by 0 every year.

7 units.

At the end of 2018, the company gradually increased its installed capacity by about 1.


In June 2018, it cooperated with China National Nuclear Corporation on the 200MW Sihong Tiangang Lake Leader Base Project.

The 0.9 billion Euro EPC general contract was realized in the same year, and the company gradually realized EPC revenue10.

1.3 billion in 2016, growing every year.

63%, gross profit margin 17.


The company has formed strategic cooperative relations with state-owned enterprises and other state-owned enterprises such as CGNPC, China 北京夜网 Power Construction, China Energy Construction, China Tongjian, Datang, Huawei and State Grid E-commerce, and promoted close cooperative relations between domestic photovoltaic EPC and overseas photovoltaic businesses.

The company reached a strategic cooperation agreement with CLP Henan Branch, and conducted in-depth cooperation on 500MW overseas photovoltaic projects using N-type high-efficiency double-sided modules and EPC.

The company’s N-type high-efficiency single crystal battery and module 400MW project has been fully mass-produced, and will form a good synergy with the company’s own power plant construction and EPC business.

Revenue from smart electricity consumption declined and it was actively deployed in overseas markets: the company’s smart segment achieved operating income14.

32 ppm, a decrease of 22 per year.

5%, mainly due to the decline in the number of State Grid tenders.

In 2018, the company won a total of 6 bids on State Grid and South Grid.

700 million, has always maintained the top three share of the domestic market.

In overseas markets, the company has in-depth cooperation with strategic major customers such as Langier, complementing each other’s strengths and increasing its visibility.

In 2018, it realized overseas revenue of US $ 38.05 million and orders in hand amounted to US $ 48 million.

Profit forecast: The company’s EPS for 2019-2021 is expected to be 0.

56, 0.

64 and 0.

70 yuan, maintaining the company’s overweight rating.

Risk reminder: PV power station development exceeds expectations, electricity meter business exceeds expectations

Aerospace Appliances (002025) Quarterly Report Comment: Steady Growth in Overall Performance Meets Expectations

Aerospace Appliances (002025) Quarterly Report Comment: Steady Growth in Overall Performance Meets Expectations
In the third quarter, the single quarter growth rate was improved, and the overall performance was in line with expectations. The company released the third quarter report for 2019 and achieved operating income of 25.12 ppm, an increase of 28 in ten years.11%; realized net profit attributable to mother 2.97 ppm, an increase of 11 years.34%; gross margin is 37%, change 2 each time.4 units.Among them, the third quarter achieved operating income of 8 in a single quarter.93 ppm, an increase of 12 in ten years.68%; net profit attributable to mother 1.09 million yuan, an increase of 0 in ten years.09%.We believe that the growth rate of the third quarter’s single-quarter performance and the indicators of the previous two quarters have improved, mainly due to the increase in the proportion of low-margin civil products revenue caused by the break in bases and reports in the same period last year.Inventories, accounts receivable, and prepaid accounts achieved the same rapid growth, which reflected the company’s overall order was full, and the military and civilian products developed in coordination.We expect EPS to be 1 in 2019-2021.01, 1.20 and 1.44 yuan / share.Maintain “Buy” rating. The operating income maintained a rapid growth, the profit growth rate exceeded the revenue growth rate report and the company’s product promotion was expanded to increase production capacity. Military products, civilian products and the international market achieved multiple blossoms. At the same time, Guangdong Huayu consolidated its accounts since March, and jointly promotedOperating income has grown 西安耍耍网 rapidly.The growth rate of net profit attributable to mothers is not as fast as the growth rate of revenues. First, the decline in gross profit margin is mainly due to the increase in prices of precious metals and special chemical materials, and the increase in the proportion of low-gross civil products revenue;Monthly growth of 28.59% and 40.54%, of which the asset impairment loss was mainly due to the increase in the provision of bad debts for receivables. The company’s overall order is full, military products continue to benefit from the installation of new equipment, civilian products have opened up room for growth in the reporting period, and prepaid accounts and receivables have increased by 40.60%, 39.41% and 84.73%, reflecting the downstream prosperity of military industry and communications. The company has ample overall 深圳SPA会所 orders. In order to ensure the timely delivery of increased material reserves, it is expected to achieve a steady increase in revenue.We believe that the company’s military products have significant advantages in the aerospace field, and it is expected to benefit from the reduction of compensation orders and practical training in the short term due to the impact of military reform; in the medium and long term, the full coverage of sea, land, air, and space power is expected to benefit first from newThe next round of equipment will speed up the installation, space launch and the great potential of national defense informatization.In terms of civilian use, the company is accelerating its deployment in high-tech fields such as new-generation information technology, new energy, 5G communications, and intelligent equipment. Among them, 5G communications and new energy vehicles have gradually opened up space. We are optimistic about the growth of the company’s follow-up orders and maintain the “Buy” rating. We expect the company’s operating income for 2019-2021 to be 34.94, 42.34 and 50.8.2 billion; net profit attributable to mothers is 4.33, 5.16 and 6.17 ppm; EPS is 1.01, 1.20 and 1.44 yuan / share.Maintain target price of 33.33-36.36 yuan / share.Maintain “Buy” rating. Risk Warning: The increase in military spending exceeds expectations, and increased competition exacerbates risks.

PetroChina (601857) commented in the Interim Report: The company intends to pay dividends in the medium term with stable growth.

1.2 billion

PetroChina (601857) commented in the Interim Report: The company intends to pay dividends in the medium term with stable growth.

1.2 billion

Event description The company released its semi-annual report for 2019, and the company achieved operating income of 11,962 in the first half of the year.

59 ppm, an increase of ten years6.

84%, achieving a net profit of 284 attributable to shareholders of the parent company.

20,000 yuan, an annual increase of 3.

58%, net profit after deduction is 303.

86 ‰, a decrease of 0 per year.


Among them, Q2 single quarter realized operating income of 6052.

18 ppm, a ten-year increase4.

89%, an increase of 2 from the previous month.

4%, net profit attributable to mother is 181.

69 ppm, a five-year increase of 5.

09%, an increase of 77 from the previous month.

twenty four%.

Comment on the incident The operating profit of the exploration sector increased significantly, and the volume and price of oil and gas products rose.

The company’s H1 performance has grown steadily, of which Q2’s single quarter net profit has increased month-on-month.

In terms of business, the operating income of the H1 Exploration and Production segment in 2019 was 3263.

390,000 yuan, an increase of 9 in ten years.

7%, realized operating profit of 536.

28 ppm, a 79-year increase of 79.

4%, mainly due to the increase in volume and price of crude oil, natural gas and other oil and gas products.

Operating income from the refining and chemical segment was 4,404.

51 ppm, a 10-year increase3.

3%, realized operating profit of 49.

670,000 yuan, up from 246 in the first half of 2018.

91 trillion reduced by 197.

2.4 billion, of which: operating profit of refining business13.

77 million, an annual decrease of 92.

5%; Chemical business realized operating profit of 35.

90 trillion, a decrease of 43 a year.

0%, mainly due to factors such as excess domestic refining capacity, narrowing of gross profit margins, and falling prices of chemical 爱北京体验网 products.

Operating income from the sales segment was 10247.

38 ppm, an increase of 10 in ten years.

2%, affected by the fierce competition in the domestic refined oil market, the decline in the price of refined oil in place, the decline in gross profit and other adverse factors, the sales segment realized operating profit.

9.7 billion, up from 44 in the first half of 2018.

85 trillion minus 25.8.8 billion yuan.

Revenue from the natural gas and pipeline segment was 1961.

63 ppm, an increase of 13 in ten years.

2%, realized operating profit of 183.

02 ppm, an increase of 13 in ten years.

6%, mainly due to the increase in volume and price of domestic natural gas sales.

From the production and sales data, in the first half of 2019, crude oil production was 451.

9 million barrels (+3.

2%); marketable natural gas production in 1964.

3 billion cubic feet (+9.

7%); oil and gas equivalent production 779.

4 million barrels (+5.

9%); the output of chemical commodities was 1264.

2 positive (+5.

2%), ethylene production increased by 11.

The output of synthetic resin and synthetic rubber increased by 8% over the same period of last year.

8% and 10.

4%; processed crude oil 597.

4 million barrels (+3.

1%); production of oil products 5671.

6 initial (+4.

3%); 2019H1 sold a total of gasoline, kerosene, diesel 8991.

2 samples, down by 1 from the same period last year.


Costs are stable during the period, and the quality of income is high.

In terms of gross profit margin, the company’s exploration and mining business gross profit margin increased in the first half of the year compared with the same period of the previous year.

59pct to 27.

47%; due to the increase in the cost of purchasing crude oil, the gross profit margin of the refining and chemical sectors decreased by 5 compared with the same period last year.

13pct to 26.


The gross profit margin of oil and gas sales business and natural gas and pipeline business was 2.

81%, 9.

45%, slightly decreased by 0.

29 pieces, 0 pieces

55pct, the company’s main business gross profit margin is 21.

01%, a decrease of 0 compared with the same period last year.

46 points.

From the perspective of expenses, the company’s selling expenses and financial expenses were 329 respectively.

10,000 yuan, 140.

2.8 billion, respectively, an increase over the same period last year.93%, 41.

47%, and management costs are 286.

50,000 yuan, a decrease of 10 a year.


Net cash flow from operating activities was 1344.

25 trillion, a decrease of 9 a year.

09%, mainly due to the impact of changes in working capital.

The cash income ratio was 113.

62%, the company’s revenue achieved high quality.

Capital expenditures have increased, with dividends planned for the medium term 142.

1.2 billion.

Capital expenditure in the first half of 2019 was 839.

54 ppm, an increase of 12 in ten years.

5%, mainly due to increased investment in oil and gas exploration and development, refining and chemical projects, and the construction of refined oil sales network.

Among them, the capital expenditure of the exploration and production sector was 693.

8.3 billion, accounting for 82% of total capital expenditure.

64%, mainly used for exploration of key basins such as Songliao, Ordos, Tarim, Sichuan, Bohai Bay, Daqing, Changqing, Liaohe, Xinjiang, Tarim, Southwest and other oil and gas fields, shale gas and other unconventional resourcesAchieve oil and gas growth; and use it in overseas Middle East, Central Asia, America, Asia Pacific and other cooperation zones to manage existing projects and develop new projects to ensure effective scale development.

In addition, the company intends to distribute a preliminary quantitative indicator of 0.

06988 yuan (including applicable taxes), plus two special dividend bids of 0 at the same time.

00777 yuan (including applicable taxes), totaling previous dividends of 0.

07765 yuan (including applicable taxes), the total dividend payout is 142.

1.2 billion.

Investment suggestions As the reform of the oil and gas system continues to deepen, the country promotes the reorganization of oil and gas pipeline networks. The company, as a core producer and seller in the natural gas industry, maintains a sound momentum of steady development.

The company’s EPS for 2019-2021 is expected to be 0.

35\0.38\0.42,当前股价对应2019-2021 年PE 分别为17\16\14,首次“增持”评级。 There are risks: sharp fluctuations in oil prices; risks of intensified market competition in the petrochemical industry; risks of changes in the macroeconomic outlook

Jifeng shares (603997) 2019 third quarterly report review-better than expected gross profit margin continued to rise

Jifeng shares (603997) 2019 third quarterly report 南宁桑拿 review-better than expected gross profit margin continued to rise
The company achieved operating income in the third quarter of 20195.39 trillion, ten years +6.9%, +10.2%; net profit attributable to mother is 0.750,000 yuan, at least -13.8%, +33.9%, the decline in profit narrowed, better than market expectations. Benefiting from the mass production of new projects, the company’s gross profit margin increased significantly in the third quarter, maintaining the “buy” level. The third-quarter performance exceeded expectations and the gross profit margin increased significantly.In the third quarter of 2019, the company achieved operating income5.3.9 billion, +6 in ten years.9%, +10.2%; net profit attributable to mother is 0.750,000 yuan, at least -13.8%, +33.9%, better than market expectations.Benefiting from the mass production of new projects, downstream demand has picked up, and gross profit margin has continued to improve. The company’s gross profit in the third quarter was 36.7%, an increase of 2 per year / mo.4/3.4pcts; each cost rate totals 19.1%, down 1 from the previous month.8pcts, significantly improved operations. The product is bound to high-quality customers, with strong profitability guaranteed.The company is a domestic passenger car seat headrest and armrest leader enterprise, mainly supporting German (FAW-Volkswagen, BMW), Japanese (Honda, Toyota, Nissan, etc.), independent (Great Wall, Geely, Guangzhou Automobile, etc.) and other high-quality vehicle customers; Germany’s Jifeng has developed smoothly in the European market and has entered a number of models such as Volkswagen WOKS III platform, Jaguar Land Rover, Daimler, BMW and Audi. With the overall pressure on the auto market and the increase in market concentration, German, Japanese and Great Wall auto companies have performed well, and the company is expected to continue to benefit. M & A giant Grammer opens up new growth space.In May 2019, Jifeng intends to purchase 100% equity of Jilin Investment through non-public issuance of convertible bonds, shares and cash payment, thereby indirectly holding the target company Grammer84.23% equity.Grammer is a global leader in commercial vehicle seats, and automotive interior products (headrests, armrests, and center consoles) are mainly used to support mid- to high-end vehicle brands, complementing the company’s peers.Grammer’s interior business accounted for about 70%; the commercial vehicle seat business accounted for 30%, and its profitability and proportion continued to increase. After the completion of the merger and acquisition, the company is expected to help Grammer open the domestic market through interbank channels, promote the interior penetration and commercial vehicle seat business to accelerate penetration in China, and the performance flexibility can be expected. Risk factors: Downstream customer sales are down; Germany’s Jifeng loses losses less than expected; Gramer’s merger and acquisition, integration is less than expected. Investment suggestion: Considering the order volume of German Jifeng in 2020, maintain the company’s EPS forecast for 2019/20/21 is 0.42/0.52/0.62 yuan, the current conservative is 8.32 yuan, corresponding to 20/16/13 times PE in 2019/20/21. The company is a leader in domestic car seat headrests, leading in production management and process technology. The company’s internal business is deeply matched with mainstream vehicle brands. German subsidiaries have begun to penetrate European luxury brands. After the acquisition of Grammer, the company is further consolidated and future business collaborationThe vertical integration effect of the supply chain can be expected.Combined with the assessment level of comparable companies, we believe that the company’s reasonable estimate is 20 times PE in 2020, corresponding to a target price of 10.4 yuan, maintain “Buy” rating

Guotai Junan (601211): The performance is less than expected, and the short-term or drag will gradually return

Guotai Junan (601211): The performance is less than expected, and the short-term or drag will gradually return

Event: The company’s first quarter revenue was 205.

93 ppm, +22 throughout the year.

67%, net profit attributable to mother 65.

46 ppm, +18 throughout the year.

76%; Q3 revenue was 64.

98 ppm, +21 throughout the year.

99%, -12 MoM.

18%, net profit attributable to mother 15.

26 ppm, +1 a year.

52% compared to -24.

twenty four%.

The company’s performance growth was less than expected, mainly due to the weak performance of asset management and credit business (asset management / credit growth rate +5% / + 4%, accounting for 6% / 20% of revenue), the company’s investment business in the third quarter -33%It dragged down the growth rate to 22% per second in the first three quarters.

In addition, the company’s credit impairment provision will be reduced by + 44% every six months.

Q3 investment bank business performance was solid: investment bank business showed obvious seasonal variability, due to weak investment bank business performance in the same period last year, Q3 company’s investment bank business improved significantly, the first three quarters of IPO underwriting market share increased by + 46bp to 2.

95%, underwriting amount of 410,000 yuan, bond underwriting market share + 39bp to 6 per second.

15%, the underwriting amount is 323 billion yuan (4th in the industry).

The total investment income caused pressure on revenue: the company’s first half of the first three quarters of its own business + 21% (Q3-35%) to 54.

650,0佛山桑拿网00 yuan, investment income from associates increased by + 75% to 1.

7.7 billion.

Compared to the + 119% growth rate of H119 investment, which was dragged down by Q3 to + 22%, it puts some pressure on the company’s revenue end.

In addition, the asset management business expanded due to the pressure of new regulations, the credit business contracted due to the equity pledge business, and the performance of the two financial institutions declined.

Investment suggestion: As one of the leading brokerage firms with comprehensive business layout and enhanced comprehensive strength, the company will continue to benefit from capital market reform dividends. We are optimistic about the company’s medium- and long-term growth prospects.

The current company’s corresponding P / B for 2019 is 1.

08x, think that the company’s third 都市夜网 quarterly report shows performance, the market may respond to this, we downgrade to Buy-B.

Risk warnings: the stock market is recovering more than expected; the intensified competition in the industry has caused the commission rate to fall, and the credit business interest rate has fallen more than expected; the strengthening of supervision has caused business transfers and regulatory defaults; and the credit business bad debt rate has exceeded expectations.