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.

Biyin Lefen (002832): Iterative development of new and old brands against the trend continues to grow

Biyin Lefen (002832): Iterative development of new and old brands against the trend continues to grow

This report reads: Under the background of the macro consumption level, the company’s 2018 performance has accelerated, brand competitiveness has been further strengthened, the new brand Venice has entered the landing phase, opening up long-term growth space, and maintaining an “overweight” rating.

Investment points: Continue to maintain overweight rating: EPS is expected to be 1 in 2018-2020.

60, 2.

11, 2.

75 yuan, a growth rate of 60.

95%, 31.

83%, 30.

21%, giving the company 23 times PE in 2019 and maintaining a target price of 50.

28 yuan, continue to maintain overweight rating.

Relying on golf culture, the brand has built competitive advantages: the company is a domestic high-end leisure leader, with more R & D, supply chain and channel advantages.

The company has obvious competitive advantages. Compared with foreign competitors, it has better channel expansion capabilities. Compared with internal brands, the company is leading in scale and product differentiation is obvious. It combines golf sports culture and high-end leisure with the brand style of “life golf”.Starting with the golf enthusiast group, it attracts a wider consumer population with a middle-income income or higher.

The channel structure is high-quality, and 北京夜网 the space is far from peaking: As of H1 2018, the company has 685 stores, including 314 directly-operated stores and 371 franchise stores.

The company has diversified channel types, and its stores cover mainstream national department stores and shopping malls, airport high-speed rail transportation hubs, and golf clubs.

By measuring the distribution of the company’s existing stores, the development space of the company’s main brand stores can reach more than 1,500, and the current number is far from peaking.

The Venetian brand enters the promotion period and is expected to accelerate its opening in 2019: the company launched a vacation travel series in August 2017, and officially released the Venetian brand in August 2018 to enter the outdoor leisure market.Expected.

It is expected that in the next two years, 夜来香体验网 channel expansion will be carried out with a combination of direct management and franchise.

Risk warning: Channel expansion is less than expected, new brand promotion is less than expected, inventory impairment risk

Sany Heavy Industry (600031) 2018 Annual Report Review: Annual Report Performance Meets Expectations and 19-year Record High

Sany Heavy Industry (600031) 2018 Annual Report Review: Annual Report Performance Meets Expectations and 19-year Record High

Core view company’s 2018 revenue 558.

200 million / + 45.

6%, net profit attributable to mother 61.

200 million / + 192.

3%, in line with market consensus expectations.

We maintain company 19?
20-year return to mother’s net profit forecast94.


300 million.

Considering the industry’s prosperity trend and the company’s H series mining and other products to enhance the competitiveness, give 17.

Target price of 6 yuan (PE 15/13 times in 19/20), maintain “Buy” rating.

The company’s 2018 annual report performance is in line with market consensus expectations.

The company’s 2018 revenue was 558.

200 million / + 45.

6%, net profit attributable to mother 61.

200 million / + 192.


The industry continues to thrive, the company’s product market share increase and scale effect are the main factors for the company’s substantial increase in net profit.

Initial overall gross profit margin is 30.

6%, an increase of 0 from last year.

55pct, indicating that although the company’s revenue scale has increased, the rising cost of raw materials such as steel, fuel tanks, pump truck chassis, etc., still has a certain impact on the company’s gross profit margin.

Scale effect drives the company’s four-fee rate growth rate to decline (1) In 2018, the company’s four-fee rate was 15% /-5pcts, of which sales, management (including R & D expenses), and financial expense rates were 8% /-2pcs, respectively.

8% / + 0.

2 and 0

3% /-3.

1 case, the decrease in selling expenses was mainly due to the scale effect brought by the expansion of income scale.

Financial rates continue to decline, eventually reducing compensation and repayments from the company, reducing net exchange expenses and reducing exchange losses.

(2) Return on net assets: 21.

5% / + 12.

Eight, the increase in ROE was mainly due to the obvious increase in net interest rate and asset turnover, but it was 59, which was a historical high of 2011.

5% is a little longer to improve space.

Product competitiveness has surpassed leading players, overseas markets have expanded smoothly, and the company’s estimated level is expected to further increase.

On January 2, 2019, the sales volume of Sany 35t + Dig increased by 94% and 195% respectively, while the sales of Caterpillar and Komatsu’s equivalent tonnage products alternated.

Mainly due to the newly launched H series excavators and T series truck cranes surpassing the product performance of top overseas brands and the best service support in the market.

75 overseas sales in the second half of 2018.

4 billion / + 29.

5%, overseas markets are expanding rapidly.

At present, the company’s market share in overseas excavators is less 武汉夜网论坛 than 3%. Through the company’s core product competitiveness such as excavators, it has surpassed Carter and Komatsu and other overseas leading manufacturers. The company is expected to continue to seize market share of Carter and Komatsu in the domestic and overseas excavator marketsThe company’s long-term growth space is opened.

We think the company’s assessment level can be raised to the level of PE15X. Risk factors: 1.

Domestic real estate, major infrastructure projects tightened; 2, the company’s product market share fell; 3.

Raw material prices have risen.

Investment advice: do we maintain the company 2019?
2020 return to mother’s net profit forecast94.


300 million.

Slightly raised EPS forecast for 19/20 to 1.


32 yuan (the original EPS forecast was 1.


23 yuan) Considering the continued trend of the industry boom and the company’s leading addition, give 17.

The target price of 6 yuan (PE 15/13 times in 19/20), the company’s reasonable target city size in the next year is 142.2 billion, and maintain the “Buy” rating.