Rimage (603730) 2018 Annual Report Review: Buy!

Underestimated reverse double-click value discovery first year

Rimage (603730) 2018 Annual Report Review: Buy!

Underestimated reverse double-click value discovery first year

Event: The company released its 2018 annual report and gradually realized revenue42.

73 ppm, +31 a year.

61%, achieving net profit attributable to mother 5.

580,000 yuan, at least -4.

07%, the net profit of non-returned mothers was deducted 5.

2.9 billion, -4 per year.

35%, basically in line with expectations.

We 杭州桑拿 believe that the company’s excellent margin can be benchmarked against Fuyao, Minshi, and the interior decoration field has reached a global cost advantage. 2019 will be the first year of the company’s value discovery. We will continue to recommend buying.

The bottom is about to reverse and the faucet will eventually rise.

2018 was a low point for the company’s performance, and it also formed a historic bottom. Perturbations affecting performance include: ① the exchange rate of the US dollar was low in 18H1; ② the disturbance of changes in the fair value of currency exchange derivatives; ③ the rise of raw materials;The structural gross margin has moved downwards; ⑤ Sino-US tariffs dragged down 18Q4 sales expenses; ⑥ M & A consulting fees, equity incentive costs dragged down management expenses, and ⑦ cash acquisition 深圳桑拿网 financial costs dragged down.

However, the reversal in 2019 is imminent: ① Add order 1 every year.

400 million US dollars, the highest in the past 5 years, to ensure the growth of interim results; ② category expansion logic is gradually verified, the product gradually changes from sun visor (100 yuan) → headrest armrest (400 yuan) → ceiling assembly (1,000 yuan), currentlyHeadrest and armrest products have received new orders from US-German customers, and the global model of ceiling supply has been partially reduced. ③ Profit disturbance items have been reduced or eliminated. ④ Mergers and acquisitions have gradually transformed the synergy effect, and cost reduction and efficiency have been steadily advanced. ⑤ 19-year US dollar revenueDon’t be afraid of the depreciation of the dollar.

The cost leadership pattern is optimized, and repurchase dividends show value. 2019 is the first year of value discovery.

①The company’s core cost advantage is leading the world, with deep initial integration. It has existing multi-dimensional cost reduction methods for raw material formulas, component processes, and self-made production line molds. It has built cost advantages in the field of sun visors and headrest armrests and stabilized long-term profit margins.

② Overseas misplaced competition amplifies its advantages, provides prompt and thoughtful service + China’s labor cost bonus, which makes the company unique in North America. The sun visor quickly occupied the market.

The company expects to buy back 9.71 million shares + initial dividend 0.

5 yuan, the equivalent dividend is about 4.

6 trillion, equivalent index rate reached 4.

3%, highlighting the value of the company.

Investment rating: Revise down the performance forecast. It is expected that the company’s net profit attributable to its parent in 2019-2021 will be 7 respectively.



9 trillion, EPS is 1.



67 yuan, PE is 14.



0 times, maintain target price of 35 yuan, maintain “Buy” rating.

Risk warning: US auto market sales increase; Motus integration progress exceeds expectations

Xinhualian (000620): 19H1 performance pressured by increased financial costs, Xining project landed and continues to expand cultural and tourism landscape

Xinhualian (000620): 19H1 performance pressured by increased financial costs, Xining project landed and continues to expand cultural and tourism landscape

The company issued 19 interim reports: 1) 19H1: revenue 32.

7.1 billion / + 10.

3%, net profit attributable to mother 1.

06 billion / -19.

1%, mainly due to the increase in management and financial costs.

Deduct non-attributed net profit -0.

35 billion / -127.

42%, net operating cash flow.

9.5 billion / + 2.

3%; 2) 19Q2: Revenue 23.

7.3 billion / + 23.

5%, net profit attributable to mother 0.

98 ppm / + 6.

6%, net of non-attributed net profit 0.

91ppm / -3.

3%, net operating cash flow.

32 ppm / -34.


The operation of the Tongguan Kiln project has boosted Hunan’s revenue and gross profit, and sales of commercial housing have grown steadily.

① In terms of different industries, the company’s 19H1 commercial housing sales achieved 19 revenue.

7.5 billion / + 9.

7%, gross margin 41.

57% /-0.

98 points; other business revenue 12.

9.5 billion / + 14.

1%, gross profit margin 8.

73% /-2.


② In terms of different regions, Beijing has realized revenue3.

53 ppm / +79.

1%, gross margin 25.

77% / + 19.

97 points; revenue of Hunan area 8.

7.2 billion / + 23.

27%, gross margin 27.

55% / + 15.

7pct; Shanghai area revenue 4.

63 ppm / -49.3%, gross margin 44.

45% /-5.

8 points; revenue from overseas areas 3.

8.4 billion / + 489.

9%, gross margin 35.

48% / + 32.

9 points.

The completion of the cultural tourism project led to increased financial costs, and short-term 19H1 performance increased pressure.

1) 19H1: Gross profit margin is 28.

6% /-1.

9pct, period cost rate is 29.

6% / + 4.

2pct, mainly due to rising financial expense ratio.

Among them, the selling expense ratio is 7.

2% /-0.

1pct, overhead cost rate 9.

0% / + 1.

0pct, financial expense ratio 13.

4% / + 3.

3pct, mainly due to the completion and delivery of cultural tourism projects, 19H1 net interest rate 3.

3% /-1.

2) 19Q2: The company’s gross profit margin is 31.

7% /-1.

4pct, the overall period cost rate is 25.

3% / + 1.


Among them, the sales expense ratio is 6.

8% / + 0.

31pct, management expense ratio 7.

2% /-0.

1pct, financial expense ratio 11.

3% / + 1.

3 points.

The cultural tourism industry is the focus of the company’s future development. The completion of the Xining Children’s Dream Park project continues to promote the expansion of the cultural tourism sector.

① Tongguanyao Ancient Town: Grand opening in August 2018, covering 5D theaters, museums, performing arts centers, hotels, inns, and other large-scale cultural tourism projects. It is a nationally preferred tourism project and a key project in Hunan Province.

The three major cultural and tourism products of the second phase have been launched in 19H1; ② The ancient town of Jiuzi has been fully opened at the end of 18 years, and the completion and delivery of the west bank have been completed.Q3 achieved the overall opening of the park; ③ Zhongzhong Ancient City: The company successfully acquired in 2018, and officially opened in early 19, ending 19H1 passenger traffic and revenue growth; ④ Xining Tongmeng Paradise: Fully launched interior and exterior installation in 18 years and 8Opened in January.

⑤ The Fairview Villa in South Korea: Approved and approved by the local council in the report merger, and has obtained the “Development Permit for the Xinhualian Fairview Village Tourism Park Project” of Jeju Special Self-Governing Province in March 2019.

⑥ Beiwai Xining International Middle School & Changsha Beiwai Yali International Middle School: The company tests the water education industry in order to realize the linkage of education, culture, tourism and other industries.

The real estate business in 19H1 has not yet obtained land due to a macro breakthrough, and will continue to serve as the company’s performance and cash flow support during the cultural and tourism conversion.In the first half of 2019, affected by the macroeconomic environment of the national macro-control policy, the company adopted regional prudent measures. During the period, it did not add any new land reserves and realized the resumed work area of 298.

50,000 square meters, 80 completed and delivered.

40,000 square meters.

The company achieved 西安耍耍网 contracted sales area of 22.

820,000 square meters, sales amount 29.

5 billion with a settlement area of 15.

740,000 square meters, with a settlement amount of 19.

7.5 billion yuan.

Taking into account the transition period of the cultural tourism project, we believe that the company’s real estate business will still provide the company with documentary performance and cash flow support in the future to achieve a stable transformation of cultural tourism.

Investment advice: Buy-A investment rating.

The company’s existing cultural and tourism projects in Jiuzi Ancient Town and Changsha Tongguan Kiln have gradually matured. Langzhong Ancient City, Xining Tourism City, and South Korea’s Jinxiu Mountain have steadily advanced. The “cultural and tourism + finance” business is expected to enter a continuous harvest period.

It is expected that the company’s net profit attributable to its mother for 2019-2021 will be 13.

7 ppm / 15.

8 ppm / 17.

90,000 yuan, EPS is 0.



94 yuan, PE is 6.

6x / 5.

7x / 5.

0x, given a 6-month target price of 5.

50 RMB.

Risk reminders: competition in the real estate market and policy uncertainty, large expenditures on cultural and tourism projects, long development cycles, less-than-expected climbing, and macroeconomic risks.

Baby-friendly Room (603214): The gross profit margin of mother-infant chain leader steadily increased, and the expected revenue growth will accelerate quarterly

Baby-friendly Room (603214): The gross profit margin of mother-infant chain leader steadily increased, and the expected revenue growth will accelerate quarterly

Key points of investment: The net profit attributable to the mother is 17.76 million yuan in 2019Q1, an increase of 46 year-on-year.

4%, faster growth than expected.

1) 19Q1 achieved income 5.

5 ppm, an increase of 13 in ten years.

21%, net profit attributable to mothers was 17.76 million yuan, an increase of 46 year-on-year.

4%, mainly due to higher financial management income and government subsidies, deducting 14.48 million yuan in non-net profit, an annual increase of 24.


The business expanded steadily, profitability increased steadily, tax reform impacted the increase in stocking and dragged single-quarter cash flow, and overall asset quality was relatively stable.

1) The company’s profitability is improving and its gross profit margin has steadily increased.

In 1Q1, the company’s gross profit margin rose by 1 in the short term.

3pct to 26.

5%, leading to a net distance increase of 0.

7 points to 3.

6%, the company’s profitability has steadily improved.

2) The expansion of stores accelerated the current sales expense ratio, and the benefit scale effect of management expenses slightly decreased.

1Q1 sales expense ratio increased by half a year3.

2pct to 19.

9%, mainly due to the acceleration of store openings, and new stores are mainly large shopping malls, and the management expense ratio (including research and development expenses) decreased by 1.

3 points to 2.

3%, the cost is generally stable.

3) Receivables accelerate the 南京桑拿网 reduction of accounts receivable, increase the rapid expansion of stock preparation, and drag down cash flow in a single quarter.

As of 19Q1, the accounts receivable of 13.56 million yuan was 8.61 million yuan lower than the same period of the previous year, and the inventory was 5.

20,000 yuan, an increase of 31 in ten years.

8%, mainly due to the advancement of stock changes affected by the reform, dragged down net operating cash by 31.3 million yuan.

In 19Q1, it opened 1 to 224 directly-operated stores. The opening of stores in the second half of the year will accelerate, and it is optimistic that the company’s growth will accelerate quarter by quarter.

19Q1 opened 6 stores for a total of 3937 square meters, 5 closed stores for a total of 2211 square meters, mainly due to the adjustment of the channel structure. The newly opened area is significantly larger than the closed area.Prior to opening a store, it is estimated that Q1 same-store growth will be about a single digit, maintaining a better level.

Accelerated merger and opening of stores will accelerate the growth in the future.

Store sales accounted for over 90% of the revenue, and the gross profit margin of milk powder increased significantly, and the gross profit margin of various regions was stable and better.

1) In terms of business types: the gross profit margin of all items has been increased equally, and the sales revenue of stores that account for over 90% has increased significantly every year.

5% to 4.

9.8 billion, gross margin increased by 1.

41pct, e-commerce revenue was 13.46 million yuan, an increase of 84% in one year, and wholesale revenue decreased by 769 million, dragging down overall revenue growth.

2) In terms of products, the proportion of high-end products benefiting from higher gross profit margins increased, and the gross profit margin of milk powder, which accounted for nearly half of the revenue, increased significantly4.

89pct directly drives the company’s profitability.

Milk powder revenue is increasing by 18 per year.

7% up to 2.

600 million, gross margin increased by 4.

89pct to 20.5%.

Cotton textiles were affected by the adjustment of product structure, and the gross profit margin decreased for the current period3.

19pct to 39%, it is expected that the proportion of independent products will increase in the future.

3) By region: Shanghai ‘s revenue accounted for nearly half of the gross margin increase, and Zhejiang ‘s growth rate.

Shanghai’s income grows by 3 per year.

78% reached 2.

6.7 billion, from 1 to 83 net closing shops.

Zhejiang has a relatively high growth rate, with one net closing shop reaching 45 and an increase in revenue of 41.

2% amounted to 92.84 million yuan, gross margin increased by 1.

65pct to 23.

9% higher than other regions.

Jiangsu has three net stores, with an annual revenue increase of 18.

5%, Fujian stores did not adjust revenue by 20%.

The company is the only high-quality mother-infant chain target, endogenous + extension promotes accelerated exhibition, and the increase in the proportion of private brands promotes gross profit margin and maintains the level of overweight.

Starting from 19 years, the mid- to high-level equity incentives are based on 18 years, and the three-year performance target CAGR is 20%, showing development confidence.

We maintain our original profit forecast and expect net profit attributable to mothers in 2019-2021.



12 ‰, corresponding to PE of 29/24/20 times, maintaining an overweight rating.

Guangdong-Hong Kong-Macao Greater Bay Area will be the fourth investor in the Greater Bay Area

Guangdong-Hong Kong-Macao Greater Bay Area will be the fourth investor in the Greater Bay Area
Shuipi talk show | Guangdong-Hong Kong-Macao Greater Bay Area will be the fourth Greater Bay Area in the world!Investors began to stir up. “The Greater Bay Area” is an economic term. There are now three already formed Greater Bay Areas in the world. One is the New York Bay Area, the other is the San Francisco Bay Area, and the other is the Tokyo Bay Area. These baysBecause of the convenient waterway transportation and the accumulation of high-tech capital, the district often becomes the engine of the local and even the economy of this country. The effect is seen by everyone.  The Outline of the Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area was launched in China and we are also engaged in regional development. We know the Yangtze River Delta, Beijing-Tianjin-Hebei, and the recent development of the Guangdong-Hong Kong-Macao Greater Bay Area approved by the State Council.If we must do the corresponding, the Guangdong-Hong Kong-Macao Greater Bay Area should correspond to the San Francisco Bay Area. We know that this is a Bay Area with technology and Silicon Valley as its core.According to the “Plan” approved by the State Council, the Guangdong-Hong Kong-Macao Greater Bay Area also has the possibility of developing or benchmarking in this area.  The construction plan of the Greater Bay Area involves the nine cities of the Pearl River Delta, Hong Kong and Macau. The nine cities of the Pearl River Delta are Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen, and Zhaoqing.The total area of the city which is “9 + 2” is 5.60,000 square kilometers, with a total population of about 70 million at the end of 2017.  The planning of this Greater Bay Area was personally planned, deployed and promoted by General Secretary Xi Jinping. It is a national strategy and is positioned as a vibrant world-class city group.The planning is from 2022 to 2035, and the long-term is to 2035. The Guangdong-Hong Kong-Macao Greater Bay Area is regarded as the fourth growth pole of the global economy in the future, and it is of course a new practice to promote the development of “one country, two systems”.  Many cities in the Guangdong-Hong Kong-Macao Greater Bay Area were originally areas with relatively strong economic development in China. According to 2017 statistics, the total GDP of the “9 + 2” cities in the Greater Bay Area has exceeded 10 billion.In the 南京桑拿网 future, “9 + 2” is definitely greater than 11.  Highlights in the “Planning Outline” The first point in the “Planning” is that it is in a relatively special area, in the context of one country, two systems, three customs zones, and three currencies.Said to be the first case.  Therefore, the “Planning” also pointed out that we must first improve transportation, strive to achieve one-hour access between major cities in the Greater Bay Area, promote public transport operations, and promote “one-ticket” joint services and “one-card” services.In addition, the financial market must be interconnected, including the wealth management market. There has been a certain response in the market. Bay local banking institutions can conduct cross-border RMB borrowing, forward foreign exchange transactions and RMB derivatives.It can also issue bonds 杭州桑拿网 to expand the cross-border investment space for Hong Kong, Macau and Mainland residents. In the future, it can also gather RMB to invest in Hong Kong’s capital market. In fact, this is an upgraded version based on Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect and Bond Connect.  In fact, the Guangdong-Hong Kong-Macao Greater Bay Area is also the place with the most A-share listed companies. According to statistics, as of February 18, 2019, there were 3,586 listed A-share companies, and 526 were registered in Guangdong cities.89 of A-share listed companies in Guangdong.6%, accounting for 14 of all A-share listed companies.67%.  As of February 18, 2019, the total market value of A shares was 48.At 84 trillion yuan, the market value of these 526 listed companies over the same period was 9.18 trillion, accounting for 18 of the total market value.79%, close to 20%.I think if we count the market value of Hong Kong and the market value of Macao, the value will be higher. Therefore, the first reaction of the introduction of “Planning” on the capital market is the ups and downs of local companies, which is inevitable.A major plus.  It is foreseeable that after the introduction of the Plan, the talents, capital, information, technology, and policies of the Greater Bay Area have an advantage that no other place has. Therefore, it will be a matter of time to become a world-class city group in the future.  ?

Praco (603566): Poultry seedlings, high growth of chemical drugs actively participate in the development of non-blast vaccines

Praco (603566): Poultry seedlings, high growth of chemical drugs actively participate in the development of non-blast vaccines

1. The event company released its semi-annual report for 2019.

2. Our analysis and judgments 1) Benefiting poultry seedlings, high growth of chemical drugs, interim report performance slightly exceeded expectations 2019H1, the company achieved operating income3.

2 ‰, +12 per year.

02%, of which, poultry vaccines and antibodies, chemical drugs, swine vaccines, technology licensing or transfer respectively contribute revenue.

4.4 billion, 1.

0.5 billion, 0.

5.4 billion, 0.

120,000 yuan, +38 a year.

76%, +30.

47%, -40.

11%, +43.


The company’s net profit attributable to the parent is 0.

650,000 yuan, at least -14.

86%; net profit after deduction is 0.

450,000 yuan, at least -20.


The company’s consolidated gross profit margin was 64.

82% every year -3.

17 points.

The company’s period expense accounted for 45.

5%, +3 per night.

97pct, mainly due to the increase in the company’s external technical cooperation costs caused by increased research and development costs.

In Q2 2019, the company achieved revenue 1.

72 ppm, +21 a year.

77%; net profit attributable to mother 0.

51 ppm, +33 for ten years.

72%; net profit after deduction is 0.

41 trillion, +54 for ten years.


Taken together, the company’s first-half performance benefited from poultry seedlings and high growth in chemical drugs. Q1 suffered a significant increase in external research and development cooperation costs, leading to a decline in performance, and Q2 performed better than expected.

2) Excellent performance of poultry seedling business, actively deploying heavy products. The 19H1 company’s poultry seedling business grew at an excellent rate (+ 39%), mainly benefiting from the increase in the volume and price of downstream meat and poultry, and the positive use of farmer’s seedlings, which is good for the performance of poultry seedlings;The company continues to promote the “434” series of epidemic programs, the new one-day immunization and other scientific burden reduction programs, which will create value for customers and significantly improve the company’s performance.

In the field of poultry seedlings, the company actively cooperates with 深圳spa会所 external research and development institutions to start the development of avian influenza (H5 + H7 subtype) vaccines and plans to enter the field of poultry seedling recruitment.

In addition, chicken new (genotype) -branch-flow-method quadruple genetically engineered inactivated vaccine and other two products passed the preliminary examination of new veterinary drug registration; chicken new-flow (H9 subtype) gland (group I, type 4) tripleThree products including inactivated vaccines have obtained clinical trial approvals, and the company has a rich new product reserve, and future performance growth can be expected.

3) Downstream production of down-sold piglets has declined. Active participation in African swine fever vaccine research. Affected by African swine fever, downstream swine production has continued to decline, and vaccines for swine use have been hindered by consumer products, with 19H1 exceeding -40%.

The company’s new pseudorabies genetically engineered inactivated vaccines and round-branched two-unit vaccines are on sale. Swine foot-and-mouth disease OA divalent inactivated vaccines are at the application stage for production approval and are expected to be listed in 19H2.

We believe that the company has abundant reserves of large pig seed products, and through the subsequent recovery of downstream production capacity, the company has a potential breakthrough.

In addition, the company actively participates in the research and development of African swine fever vaccine. First, it has developed an African swine fever antibody antibody immunoassay kit, which has a typical double-gene indeed attenuated live attenuated vaccine for immune effect evaluation and quality standard research. The second is around the African swine fever subunit.The research and development of vaccines, series of live vector genetically engineered vaccines, has successfully constructed dozens of African swine fever virus structural proteins and transformed antibodies targeting these proteins.The company has its own strong R & D system, participates in the development of African swine fever vaccine in many aspects, and is optimistic about the company’s future development.


The investment proposal benefited from the improvement of the downstream meat and poultry boom, and the company’s poultry performance was excellent. Considering the future rise in meat and poultry prices, the company is optimistic about the high growth and sustainability of the company’s poultry performance. In addition, the company actively participates in the research and development of African swine fever vaccine for future developmentExpected.
We expect the company’s EPS for 2019-2021 to be 0.



74 yuan, corresponding to PE is 32/27/24 times, given a “recommended” rating.


Risks indicate the risk of animal epidemics, the risk of fluctuations in pig prices, the risk of quality, and the risk of market competition.

Xugong Machinery (000425): Sales exceeded expectations in early 2019 and preliminary reforms of state-owned enterprises were carried out

Xugong Machinery (000425): Sales exceeded expectations in early 2019 and preliminary reforms of state-owned enterprises were carried out

Investment Highlights The company expects to achieve net profit attributable to mothers in 2018 of 19.


5 ‰, an increase of 91 in ten years.

2% -110.


In 2018, the average value of the company’s product segments achieved high-speed growth. The company benefited from internal infrastructure construction and investment, seized opportunities, and increased internal sales revenue. The company’s international development pace accelerated, and the company’s export scale and growth rate always maintained the industry’s leading position.

Benefiting from downstream infrastructure overweight and environmental protection-driven replacement demand, sales of construction machinery increased at the beginning of 2019.

1) The sales of construction machinery in early 2019 continued the high growth of 2018.

In 2018, sales of domestic excavators, truck cranes, bulldozers, and loaders increased by +45% / + 58% / + 33% / + 28%, respectively. XCMG’s crane sales growth in 2018 increased by about 40%.+ 30%, orders are expected to increase by 40-50% in March, sales continue to exceed expectations, we expect to gradually increase at about 20%.

2) The growth rate of downstream infrastructure investment rebounded, and the leading construction machinery continued to benefit in 2019: The Central Economic Work Conference proposed “countercyclic adjustment”, and stable growth remains the focus of short-term work.

From the fundamentals, we expect the construction machinery industry to resume its continuity.

3) Environmental protection policy drives demand for replacement: The sales of new truck cranes will be switched to National VI in July this year, and the national market for National Stock II has no annual review.

China started to sell Country III in 2008, which was the main model of the previous round of peaks, and currently has huge demand for updates.

The company steadily ranked first in the field of cranes, and the aerial work platform grew rapidly.

1) The company is a global crane leader and its market share has further increased.

XCMG’s truck crane share in 2018 was 45.

8%, the domestic market concentration has increased, and the top three (XCMG, Sany and Zhonglian) have a market share of 91.


XCMG cranes have high quality and high reliability, and have the highest residual value rate in the secondary market.

2) The business of aerial work platforms has grown rapidly.

The company’s aerial work platforms account for about 50% of the firefighting machinery, and the revenue of 2018H1 firefighting machinery has increased by 70%.

At present, it is mainly restricted by production capacity constraints. In 2018, 500 million yuan will be raised to expand the new plant by the scheduled increase project. It is expected to double the production capacity in the second half of this year.

3) Most of the company’s construction machinery hydraulic parts can be self-sufficient.

The company has excellent industrial chain safety and research and development of construction machinery parts.

At present, the hydraulic cylinders, pump valves and other parts of the company’s various products are self-sufficient except for large tonnage which needs to be imported.

The reform of state-owned enterprises has been gradually promoted: internal asset reorganization has added vitality to mid- and long-term development. Xingong Group Construction Machinery Co., Ltd., the controlling shareholder of the company, has 杭州桑拿网 been classified as the first batch of pilot enterprises with mixed ownership reform in Jiangsu Province.

We believe that the joining of XCMG Group in the mixed reform is conducive to the internal corporate reorganization and asset reorganization of XCMG Group, optimizing the internal capital structure, and adding vitality and creativity to XCMG’s long-term development.

The company currently estimates that it still has a high safety margin.

Benefiting from the continuous recovery of the construction machinery industry and the increase of industry concentration in the post-industrial period, the company, as a leader in the internal construction machinery industry, is expected to continue to benefit.

We expect the company’s 2018-2020 EPS to be 0.

26, 0.

41, 0.

47 yuan, PE is 17x, 11x, 10x, PB is 1 respectively.


41, 1.


Maintain “Buy” rating.

Risk reminders: lower-than-expected investment in infrastructure, macroeconomic risks, ongoing risks of deteriorating industry rebound, risks of changes in the company’s internal competitive relationships, and growth in sales of major products exceeding expected risks.

Castrol’s first mixed reform fund: leveraged winding up

Castrol’s first mixed reform fund: leveraged winding up

Harvest Fund was squirted!

The first mixed reform fund was liquidated, and it was suspected that Sinopec’s sales equity was being sold off the new economy e-line, “making it quiet but the wind is endless.”

“The Harvest Fund is once again included in the whirlpool of public opinion.

On August 27, the liquidation report of Castrol Fund and Direct Investment Closed Hybrid Initiated Securities Investment Fund (Castel Yuanhe, 505888), which belonged to Castrol Fund, released widespread disputes in the market.

  According to the above liquidation report, Jiashiyuan and the last operation date are August 12, and the total owner’s equity is 103.

1.3 billion yuan.

After the completion of the liquidation work of Castrol Yuanhe Fund, the exit price of Castrol Yuanhe can be converted into each share according to the liquidation result.

0313 yuan (including 0.

02578 yuan cash bonus).

  However, from the perspective of the net value of the last trading day announced before the settlement of Castrol and liquidation, the net value of the fund was terminated on August 9th.

1546 yuan.

  For this settlement, many investors questioned and disputed for a while.

Investors have said that the liquidation results of Castrol and opaque operations are disappointing.

  ”The net value of No. 9 is still 1.

In 1546, it suddenly became 1 after liquidation.

00552, it’s so outrageous that the net worth is just a fiction!

Does the net value of No. 9 not take into account the discount of Sinopec’s equity?

“” Why did you sell more than 1 billion for no reason?

Why the stock price after 5 years is almost the same as the original price?

 ”Who is the buyer?

Is there a public tender for the transfer?

What is the 佛山桑拿网 basis for this price?

“” What is the high estimate of the previous fund company support?

Is the estimation method reasonable?

“” Jia Shi Yuan He charged management fees according to high estimates, but followed 1.

0055’s net worth liquidation, overcharged by 5 years of high estimated management fees, how to explain the fund company?

“” The annualized rate of return is less than 4%, and even some bond funds can’t achieve the returns.

“However, for the various queries from investors, as of the press release of the New Economy e-line that afternoon, the official fund of Harvest Funds did not announce a public response.

  Fund Net Worth Leverage Shrinking Fund. As the first public fund in China that can invest in the shares of non-listed companies, it is also the first fund to participate in the “hybrid reform” of state-owned enterprises. Various auras, such as Jiashiyuan, have been highly sought after in the market.

  On September 29, 2014, the fund was established by Harvest Fund with RMB 1,000,000, and the initial fundraising scale reached 10 billion yuan, of which 5 billion yuan was used to make a one-time capital increase in Sinopec’s sales, and held a total of 400 million Sinopec’s sales to participateIts mixed ownership reform promotes its completion of listing within three years; the remaining 5 billion is invested in fixed income assets.

  Initially, Castrol and He quickly completed a $ 10 billion initial offer, and was listed on the Shanghai Stock Exchange on March 16, 2015, with an increase of 4 on the first day.


  Five years passed.

According to the fund contract, the fund provides a five-year duration, but at least the transition of the fund’s maturity date on September 29, 2019, and the listing of Sinopec’s sales has not been conclusive. Therefore, Harvest Fund decided to fully realize the sales equity of Sinopec.

  According to the latest weekly NAV report released by the fund before liquidation on August 9, Jiashiyuan and the fund ‘s net value before reselling Sinopec ‘s sales equity.

1546 yuan, the net asset value is 115.

4.6 billion.

  However, in just a few days, the fund ‘s net assets have shrunk significantly to 103 after Castrol and the realization of Sinopec’s sales equity.1.3 billion yuan, equivalent to 115 on August 9.

4.6 billion decreased by 12.

3.3 billion yuan.

  In progress, some investors stated that according to the description in the liquidation report, the last operating date of the fund was August 12, with a net value of 1 per fund on that day.

0313 yuan, and the company announced a net variable of 1 per fund on August 9.

1546 yuan, crack before and after.

And on August 12, it was not agreed in the “Assessment Procedures” section of the “Fund Contract” that “every working day calculates the net asset value of the fund and the net value of the fund distribution and announces it in accordance with regulations.

At the same time, according to Section 4 of the “Estimation Procedure” in the “Fund Contract”, “the error error reaches 0 of the net value of the fund share.”

At 25%, the fund manager should report to the China Securities Regulatory Commission for record; the error deviation reaches 0 of the fund’s net value.

At 5%, the fund manager makes a temporary announcement and simultaneously reports to the China Securities Regulatory Commission for the record.

“From August 9th to August 12th, the net value of each fund shrank by 10.

68%, which is a serious deviation, but the company announced again.

  In fact, from August 9th to August 12th, only two days apart, Saturday and Sunday, Jiashiyuan and Benqian rushed to transfer their unlisted equity in Sinopec Sales Company, which caused a change in the fund ‘s net worth.Changes, this move has been suspected of touching the fundamental interests of fund share holders.

  Coincidentally, almost at the same time as Castrol and the liquidation one month in advance, on August 23, the CSRC publicly solicited opinions on “Some Provisions on the Pilot Program for Spin-off of Listed Companies’ Subsidiary Companies”.

Some market participants speculate that once the New Deal reorganization is implemented, will Sinopec’s sales company be split and listed on A shares in the future?

If it becomes a reality, Castrol and the transferees who are transferred may make a lot of money.

  At the same time, the well-known blogger “Hua Rong” questioned on Weibo saying that “the central company’s A-share spin-off and listing policy has been issued, and the sales company’s equity is fragrant and not hot potato. Why is it sold at a super low price?Fees, low net worth liquidation, is it illegal fraud; why not announce who the offeree is?

Investors intend to launch rights protection. It is also reported that a large number of investors have begun to defend rights, report to the Securities Regulatory Commission and China Fund Association under their real names, and look for professional lawyers to sue Harvest Funds.

  Some investors have stated that at the end of the closing period of the fund, the fund manager did not comply with Article 1 of the Fund Ownership Conference of Part VIII of the Fund Contract and should convene Article 11 of the Fund Ownership Conference.Minor provisions: the fund unit holders will be held in other matters that have a significant adverse effect on the rights and obligations of the fund contract, and the sale of the fund assets at a prominent discount at a private price will cause a significant adverse effect on the fund holdersImpact.

  According to this, the investor believes that the above matters “have a significant adverse effect on the rights and obligations of the fund contract” have already met the provisions of the Fund Unitholders’ General Meeting in the Fund Contract.

However, based on the company’s historical decision results and announcements, the company must complete the “honest and trustworthy, prudent and diligent principle of managing and using fund assets” in the Fund Contract.

  It is reported that the investor’s claim is to require the company to clearly explain the specific reasons for the termination of the fund contract, and whether it needs to be voted through at the general meeting of fund unit holders.

At the same time, the company should fully verify the change in the fund ‘s net value from August 9th to August 12th, which is precisely a prediction error, market behavior, or the transfer of profits suspected of being in the dark; and further explained that the fund was not announced in time on August 12th.Reason for net worth.

  According to public information, during the company’s transfer of Sinopec’s equity in the company, other operations and fundamentals have undergone major changes. According to the principles of openness, fairness, and equity, investors require the company to disclose the consideration of the allocation, and also explain the basis for the estimation and transfer pricing., Further explain whether the company’s behavior exceeds the agreement between the shareholders of the target company, the company’s articles of association.

  In addition, the investor also requested the company to publicly announce the transferee of the equity of Sinopec Sales Company to further explain whether the transferee has undergone open and strict market-based bidding and whether there is a “third party seeking improper benefits”; whether there is any suspected financial fraud, The situation of arbitrarily false high and low stock estimates.

  In this regard, some institutions pointed out that the most controversial estimates of Castrol and the liquidation result should be calculated in terms of net value.

  Tian Xiangtou Gu Jiazhi publicly stated that the problem lies in whether the investor or the fund’s net worth projection method is not understood.

As Castrol and He invested in equity of an unlisted company, the valuation of equity does not equal actual value.

  According to Jia Zhi, according to public information, Castrol uses the latest market transaction price method, and refers to a comparable company’s P / B method to convert and display the net value.

This estimate more reflects the intrinsic value of the target company’s equity than the actual value. The true value is determined by the transaction price at the time of equity transfer.

  High morality, chief analyst of Haitong Securities (600837), said that Castrol has settled down. Innovation and improvement in product design in the future are more issues that should be considered by practitioners.

Fuyao Glass (600660) Company Review: Long-term layout leader grows-Fuyao Glass

Fuyao Glass (600660) Company Review: Long-term layout leader grows-Fuyao Glass
Overview: On June 29, we released the interim strategy report “Second Bottom, Long-term Layout Leader Growth”, in which we believe that car demand will return to normal sooner or later, and the plate is at the bottom of proven history. Q3 leading companies are expected to improve margins one after another.Improved, low inventory overlap gold nine silver ten, suitable for long-term layout leader.Among them, we don’t think Fuyao is under short-term pressure, but in the long run, with the low-end industrial chain clearing up and leading expansion, its future competitiveness and profitability will continue to improve.Continue to recommend and maintain “Buy” rating. Event comment: Fuyao is under short-term pressure, long-term large space, and focuses on the growth characteristics of the leader.The company’s revenue in 19Q1 increased by 10 in ten years.9%, but the gross profit margin drops by 2.84 singles, resulting in a reduction in the expected net profit attributable to mothers after the impact of exchange gains and losses.8%.We believe that there are preliminary: 1) the downturn in the automotive industry, which leads to reduced production efficiency; 2) the German subsidiary SAM began to consolidate in March. Although it has revenue contributions, the company is in the bankruptcy liquidation period, affecting the overall profit margin.At present, the differentiation of the automotive industry continues to intensify, and traditional car companies are fiercely reducing production capacity.In the long run, we believe that the driving force for future expansion is far greater than the industry increase.The low-end industry chain is accelerating the clearing, and the future competitiveness and profitability of leading enterprises are expected to continue to increase. Volume, price and profit margin are expected to rise three times. Overseas markets continue to climb, and SAM is expected to open up new space.As a global automotive glass giant, Fuyao’s overseas market revenue accounted for about 41 in 18 years.8%, and the North American plant is ramping up production capacity.We estimate that if Fuyao Glass’s domestic revenue increases and decreases at the same time as the domestic 北京桑拿洗浴保健 automobile market, some overseas revenue in 19Q1 is expected to increase by about 25% (including SAM consolidation).For the North American plant, the North American plant contributed 2 in 2018.With a net profit of 46 ppm, we expect that as the production capacity climbs, the contribution profit is expected to continue to increase.In addition, although SAM is currently in the stage of bankruptcy and integration, in the long run, SAM tries to open up new growth space for Fuyao and is expected to become another “springboard” for Fuyao to enter Europe. The industry has great potential, and Fuyao is expected to realize export substitution.Against the background of the intensification of domestic industry differentiation and the accelerated expansion of leading production, Fuyao is expected to achieve both volume and price increases: 1) Volume: In the OEM market, as the US plant capacity climbs and the European region continues to penetrate, in the AM market, the marketRectification and the company’s continued layout, the market share improved steadily.2) Price: Multifunctional, integrated, etc. of portable car glass. We expect the company’s auto glass unit price CAGR will reach 3% in the next 3-5 years. Investment suggestion: The company is a leader in the global automotive glass industry, and its profitability is ultra-critical.The OEM market is expected to increase the share of global cities with the release of US plant capacity. The domestic AM market business is also expected to meet a period of rapid growth. Therefore, SAM is more likely to open up long-term growth space for the company.The company’s product volume and price rise logic continued to exist.Because developing countries are too optimistic about global car sales and exchange rates, the company’s net profit attributable to its mothers will be lowered from 41 to 19 years.3, 44.1 down to 34.0, 41.30,000 yuan, the corresponding EPS is 1.36, 1.65 yuan / share, maintain “Buy” rating. Risk reminder: North American factories’ capacity release is less than expected, and the global automotive boom is seriously down.

Huaheng (833444): Based on industrial robot automation equipment supplementary orders3.

800 million

Huaheng (833444): Based on industrial robot automation equipment supplementary orders3.

800 million

Event: The company released its semi-annual report for 2019, which reported operating income2.

870,000 yuan, an increase of 12 in ten years.

26%, net profit attributable to mothers was 15.98 million yuan, a year-on-year increase of 73.

44%, deducting non-attributed net profit of 14.07 million yuan, an annual increase of 206.


Huaheng shares: specializing in the research and development, production and sales of industrial robot automation equipment.

The company is one of the few domestic companies with complete independent R & D and production capabilities for core modules of robotic automation equipment.

The main products include complete sets of welding robots, special equipment for welding automation, all-position tube welding equipment, cutting automation equipment, logistics storage automation equipment, planetary cycloid (RV) reducers, etc., which are widely used in engineering machinery, petrochemicals, rail transportation,Mining, shipbuilding, aerospace, military, marine engineering, nuclear power, medicine and other high-end equipment manufacturing fields and other important national economic industries.

Report quantity supplement order 3.

800 million, the domestic and foreign markets have developed steadily.

The total number of reports, the company’s orders as a whole rose, and a total of 3 supplementary orders.

800 million.

Among them, affected by favorable factors such as the promotion of the development of the robot and intelligent manufacturing industry in the country, the company’s downstream energy, petrochemical, engineering machinery and other industries’ fixed asset investment has steadily rebounded, and traditional industrial robots and welding / cutting automation equipment have increased orders and increased steadily.Report information, the company’s sales income of welding robot complete equipment1.

390,000 yuan, an increase of 47 in ten years.

21%, revenue accounted for 50%.

In addition, logistics and warehouse automation equipment achieved revenue of 3,558.

700,000 yuan, an increase of 138 in ten years.

35%, sales accounted for 5 from the same period last year.

24% increased to 12.


However, at the same time, the technology of the intelligent logistics equipment project is relatively complicated, the investment quota is extended, the contract period is long, and the number of intelligent logistics equipment increase orders has decreased.

There are outstanding independent research and development, production technology, and many products are in the domestic leading and international advanced level.

The company is a national-level demonstration enterprise of intellectual property advantages. Recently released, the company has 266 authorized patents in China, including 113 invention patents and 164 software copyrights in China.

The company is a key emerging company of the National Torch Program, with national enterprise post-doctoral workstations and national welding robot training centers, China-Ukraine welding process technology international joint laboratory, Jiangsu Province welding automation equipment key laboratory and other key research and development institutions, with international advancedLevel of experiments, processing, testing equipment, undertaken a number of national and provincial scientific research projects.

Among them, the company ‘s QXB series cycloidal planetary reducer products have replaced the strength of imported similar products after a long-term use test. The report shows that the company has processed the core patented reducer products of elastic compensation technology (ECT).Improve and upgrade, have started mass production and market application.

(Company semi-annual report) Continue to expand investment in research and development, with technical personnel accounting for 39%.

Reporting information, the company invested 2978 in research and development.

430,000 yuan, an increase of 8 in ten years.

68%, with R & D funding accounting for 10.

4%; the report added 21 additional engineering and technical personnel, the technical team expanded to 317, the proportion of personnel reached 39%.

In the first half of 2019, the company’s top five customers accounted for 24.

33%, Hangcha Group (603298.

SH), Eddie Precision (603638.

SH) is also the company’s top five customers.

Adopting a combined sales model, the sales expense ratio has decreased year by year.

The company adopts a combination sales model of direct sales, distributors, leasing services, overseas, and internet. In terms of direct sales, it has established companies in Kunshan, Shanghai, Xuzhou, Changsha, and Chengdu, and has more than 20 offices across the country. In terms of distribution,Has established long-term cooperation with more than 70 dealers in China; the company is equipped with equipment 厦门夜网 leasing companies to provide customers with high-quality equipment leasing services; overseas markets, the company has subsidiaries in Malaysia and India, in the United States, Europe, Brazil, Southeast AsiaHave agents in other places.In 2017, the company’s sales expense ratio continued to decrease, reaching 31 in the first half of 2019.

20%, reducing by 1 every year.

25 points.

Profitability has steadily improved, and cash flow performance has been outstanding.

The company’s profitability continued to improve, with a gross profit margin of 38 in the current period.

61%, an increase of 0 from the previous period.

97pct, net interest rate 5.

58%, an increase of 1 from the previous period.

9 points.

Net cash flow from operating activities for the period was 309.

890,000 yuan, an increase of 269 in ten years.


The number of reports and the decrease in inventory turnover rate were mainly due to changes in the production cycle and delivery cycle of engineering products. There was an increase in undelivered orders. In order to meet the timely delivery of orders, inventory needs to be prepared.

Investment suggestion: The company is expected to close at 2.

01 yuan / share with a market value of 5.

21 ppm corresponds to a PE (ttm) of 15.

52X, investors are advised to pay attention.

Risk reminder: risks of accounts receivable and inventory surplus, technology substitution risks, and fierce market competition.

Sunshine City (000671): Xiangyang grows its way

Sunshine City (000671): Xiangyang grows its way
Investment highlights for the first time covered Sunshine City Company (000671) with an Outperform Industry rating with a target price of 8.98 yuan, a 40% discount from the 2019 NAV forecast, corresponding to 8 respectively.9, 5.9, 3.9 times 2019?The forecast price-earnings ratio in 2021 implies 37% upside.The reason is as follows: sitting on high-quality resources in core areas.The scale of the company’s unsold soil reserves is 4396 Universal (as of the end of the first half of 2019), which corresponds to a saleable value of US $ 546.7 billion, of which 72% are located in core first- and second-tier cities.The company’s stock of land and storage costs is only equivalent to 34% of the average selling price, which is at a low level in the industry. High turnover, strong incentives and marginal increase in profitability.The company has achieved high-speed growth by creating mainstream products for the masses, supplemented by a multi-level, widely-covered employee incentive system.At present, the company takes an average of 6-8 months to get the land to open (second only to Country Garden, known for its high turnover), and the turnover rate is at a relatively high level in the industry.We believe that the company’s period expenses and financing interest rates have entered a downward channel, and will continue to increase profit margins in the future. The financial side continues to improve.At the end of the first half of 2019, the company’s net interest rate decreased by 174% from 221% at the beginning of the year, and the rejected channel structure and term structure showed an improvement trend, and operating cash flow maintained a positive growth.We estimate that with the external net financing of 0 and the cash remaining unchanged, the company’s sales restructuring and budget expenditure in the second half of 2019 can still support about 54 billion land acquisition expenses, accounting for the estimated sales in the second half of the year.49% of the cash flow is safe. What makes us different from the market?We think the company’s earnings release rate and leverage decline will exceed market expectations next year. Potential catalysts: faster-than-expected earnings release; better-than-expected financial improvement; and China Mintou’s equity reduction has steadily landed. Profit forecast and estimationThe EPS in 2021 will be 1.00 yuan, 1.51 yuan, 2.29 yuan, CAGR is 51%.The company’s current consensus corresponds to 6.5, 4.3, 2.9 times 2019?Forecasted 深圳丝袜会所 P / E ratio in 2021 and 56% NAV discount forecast by 2019. Risk budget policies have been further tightened; the financing environment has been tightened beyond expectations; project carry-over speed and settlement profit margins are expected; cash repayment expenditures have been reduced; stock pledge risks; and the progress of China Minzhu’s reduction in holdings has fallen short of expectations