Fund actively prepares for floating management rate products

Fund actively prepares for floating management rate products

Source: China Fund News Breakthrough Management Fee Drought Increases Income and Guarantees to Bring Benefits to Managers and Investors “” China Fund News Reporter Fang Li Lu Huijing “Breakthrough Management Fees Drought to Break Income and Benefits to Bring Benefits to Managers and Investors”Every move of the rate fund has received great attention from the industry.

Some preliminary sources have announced that the official guidelines for floating management fee funds will be released soon, and large-scale fund companies are already preparing related products, only to be officially “opened.”

  Actively preparing for floating management fee funds It is understood that the “contingent management fee”
model adopted by Huatai Zijin Fengtai Debt Base accompanied by Huatai Securities Financial Management has caused concern.

According to the China Fund News reporter, the industry has recently reported that long-term fund companies report such products.

  ”A Shanghai-based fund company recently reported a flexible configuration fund that uses a floating management fee model, with fixed holdings terminated, and arranged for a fund manager with the highest performance in the past two years, but the product has not yet been replaced.

“Introduced by a fund company product department.

  Another fund company product designer said that too many fund companies have reported floating management fee funds.

“Reports can be made casually, but will not be cancelled until guidance is provided.

It is reported that the floating management fee fund guidelines will be issued soon. ”

  The draft of the guidelines for floating management fee funds issued by the Air Force regulators is divided into two categories according to different charging methods: the first is the “fulcrum” floating management fee fund.

The remuneration (management fee) actually paid by the fund manager is directly linked to the fund’s performance.

When the fund performance is higher than the comparison benchmark, the management fee will float upwards, otherwise it will float downwards.

The second is to extract “performance compensation” floating management fee funds.

On the basis of receiving a fixed management fee, the fund manager will replace the additional management fee with a certain percentage of the excess income when the performance of the fund exceeds a preset benchmark.

  Many fund companies said that, relatively speaking, the “fulcrum” charging model is more suitable for fixed income products, and the “performance compensation” type is more suitable for equity funds.

The reporter learned that the relevant products initially formulated are basically equity products with a certain holding period.

  A representative of the product department of a large fund company said that floating-rate funds encourage fund managers to bundle their interests with investors, and in particular, will receive better results in a non-bull market environment, which can prevent investors from thinking that the manager’s drought has led to guaranteed income.

  A fund company source said that fund rates are linked to performance, and companies with strong active management capabilities continue to actively report floating management fee funds.

  A fund company product designer believes that floating management fee funds involve management fee commissions. This model is easier to implement for fund companies that promote the division system or natural person holdings.

  ”Fund companies need fixed management fee income. The concept of” no money and no management fees “is more effective in guiding long-term investment. You can try to increase the holding period of investors and gradually reduce management fees.

“A fund manager said.

  The performance of existing floating management fee funds varies widely. As early as 2013, China’s first floating fee fund has been produced.

Compared with traditional fixed-rate funds, the combination of floating-rate funds has obvious advantages.

Some people expect that after the introduction of the new regulations, a new generation of floating rate funds will bring new changes and surprises to the industry.

  Wind data shows that as of August 9, there are currently 37 floating management fee funds on the market, including 10 stock long and short funds, 12 flexible allocation of mixed funds, 7 medium and long-term pure debt funds; stock and partial equity mixed fundsEach has one — — Anxin Value Select and Jiutai Ruifu Event-Driven Fund; 杭州桑拿 in addition, there are some currency funds, short-term bond funds, and hybrid bond funds.

  From the perspective of performance, from 2014 to 2018, the medium- and long-term pure bond funds that used floating rates had an average yield of 11 in five years.

34%, 7.

06%, 1.

37%, 2.

10%, 6.

85%, only outperformed the entire market medium- and long-term pure bond funds in 2017 and 2018.

Among the flexible allocation of hybrid funds, floating rate funds also outperformed the average of flexible allocation of hybrid funds in 2015 and 2017.

  Although the overall performance is not outstanding, in terms of single funds, floating rate funds have many outstanding products.

As of August 9th, Dongfang Hongruiyuan will be opened for three years. CEIBS Select and Dongfanghong Industrial Upgrade have accumulated 78 earnings in the past three years.

49%, 40.

40%, 40.

37%, ranking among the top funds of the same kind.

  Initial sources said that floating management fee funds were an attempt in the past.In the future, new rules will be implemented. The development of floating-rate funds will still require certain basic market performance and the ability of fund managers.The interests are bundled together. As the capital market becomes more mature, the advantages of such products will gradually come into play.

  ”Floating-rate funds have their limitations. There have been some controversies, and they are not the mainstream fund product model abroad.

“Said Liu Yiqian, head of the Shanghai Securities Fund Evaluation and Research Center.

First, the purpose of setting floating fee rates for active funds is to enhance the incentives of fund managers, while public fund managers need to evaluate performance and management scale. The incentive mechanism itself exists, and whether further incentives are still worth exploring. Second, inNote that under the floating rate mechanism of the performance compensation model, it is easy to trigger excessive risk-taking behavior of fund managers.

After all, if you do poorly, you will not charge management fees, and do a good job to reverse the higher management fees. Third, domestic and overseas research proves that the main source of fund income is market system performance, that is, beta income, which can be compensated when the market growsHigher costs are not justified.

Zhaoyi Innovation (603986): Interim report surpasses expectations and fundamentals improve strongly

Zhaoyi Innovation (603986): Interim report surpasses expectations and fundamentals improve strongly

This report reads: The interim report exceeded expectations, the prosperity of the NOR industry stabilized and rebounded, and emerging application markets such as TWS will be strongly driven in the next few years, maintaining the “overweight” rating.

Investment Highlights: Maintain “Overweight” rating and raise TP to 201.

04 yuan.

Taking into account that the company’s interim report exceeded expectations, the industry’s prosperity continued to pick up and raised its EPS for 2019-2021.

74, 2.

96, 4.

01 yuan (originally 1.

65, 2.

82, 3.

56 yuan), giving the company 68 times PE in 2020, raising the target price to 201.

04 yuan.

The company’s interim report exceeded market expectations.

1H19 income 12.

2.0 billion, a year-on-year increase of 8.

63%; net profit attributable to mother 1.

8.7 billion, 20 years ago.

24%; gross profit margin 37.

85% zero for one year.

02 averages, exceeding budget market expectations.

Benefiting from the completion of destocking in the industry and the introduction of major customers, the company’s second-quarter performance far exceeded market expectations.

The company’s single-quarter revenue was a record high, with gross profit hitting record highs of 7 respectively.

4.6 billion and 2.

8 billion, 32% and 32% year-on-year.

08%, net profit attributable to mothers in the second quarter1.

48 billion yuan, a year-on-year increase.


The weaker profit growth rate than the income growth rate was mainly caused by the company’s R & D expenses and non-recurring asset impairment losses, which are expected to decrease significantly in Q3.

Especially with the rapid growth of the company’s revenue, the company’s inventory turnover days reached 142 days, a continuous decline of 31 days, and a decrease of 43 days from the first quarter, indicating the end of the destocking cycle and large and tight inventory.

The prosperity of the NOR industry has stabilized and rebounded, and emerging application markets such as TWS will be strongly driven in the next few years.

Under the one-and-a-half-year destocking cycle ahead of time, the delivery cycle of large factories has been extended from 4 weeks to 6 weeks, so 4Q19 has a growing expected price.

At the same time, new applications at the industry level are booming. In addition to the unexpected market changes such as TWS, AMOLED and IOT, automotive, industrial control, wearable bracelets, game 深圳桑拿网 consoles, and substrates are the company’s main future growth points.

Risk Warning: The industry’s prosperity is below expectations.

Yuen Long Yatu (002878) 2019 Third Quarterly Report Review-Performance Growth Is Less Than Expected Cash Flow Pressure

Yuen Long Yatu (002878) 2019 Third Quarterly Report Review-Performance Growth Is Less Than Expected Cash Flow Pressure

The first three quarters of 2019’s revenue / attribution net profit is 10.

28 ppm / 82.05 million yuan, +51 for ten years.

5% / + 21.


It is inferred that the consolidation of the Qianma network has an endogenous revenue / net profit of at least +22.

5% /-3.

3%, revenue growth in line with expectations, performance growth exceeded 杭州桑拿 expectations.

The gross profit of the main business of promotion extended to weaker-than-expected new customer development, lowered its profit forecast and maintained the “overweight” level.

Revenue growth was in line with expectations, and performance growth exceeded expectations.

The company achieved revenue of 10 in the first three quarters of 2019.

2.8 billion, an annual increase of 51.


Benefiting from the company’s funding and customer resource support, Qianma’s network business has grown rapidly, contributing revenue in the first three quarters1.

9.6 billion.

Excluding the impact of Qianma’s consolidation, the company’s endogenous revenue has achieved 8.

3.2 billion, +22 a year.

5%, mainly aimed at the core customers of gifts and digital promotions business expansion and promotion (the top three customers in the first three quarters achieved 5 revenue.

400,000 yuan, +23 a year.


In terms of business, we expect revenue from gift retail / promotion services / franchise retail business in the first three quarters6.

8.6 billion / 1.

03 billion / 1.

9.7 billion, accounting for 66 of the main business.

7% / 10.

1% / 19.


In the first three quarters of 2019, the company’s net profit attributable to its parent was 82.05 million yuan, +21 a year.


Citing Qianma’s 1674 million net profit consolidation, the endogenous net profit of the mother is 6,530 million, each time -3.


19Q3 company achieved revenue in a single quarter 3.

500 million, +48 a year.

9%, net profit attributable to mother is 22.36 million yuan, +19 per year.


Instead of consolidating Qianma’s 7.11 million yuan net profit consolidation, Q3’s endogenous return to mother’s net profit was only 15.25 million yuan, each time -18.

7%, performance growth was lower than expected.

The gross profit margin of the main business of the promotion dragged down the net profit margin.

The company’s consolidated gross profit margin for the first three quarters of 2019 was 22.96% a year -1.

94, of which 19Q3 comprehensive gross profit margin -0.

3pct is about 22.

47%, mainly due to the decrease in the gross profit margin of the gift and gift business: The reduction was due to the conversion of the point exchange business and the conversion of the gross profit margin of branded products purchased by financial customers to the strong premium capabilities of core customers such as Huawei and Wyeth and fierce competition from suppliers, leading to the company ‘sProfit margins have been squeezed.

In terms of expenses, thanks to refined management, the total expense ratio in the first three quarters was changed to -0.

86pct to 12.

6%, of which the sales / management / financial expense ratio is 6.

1% / 6.

1% / 0.

5%, year -1.

2 / -0.

2 / + 0.


Affected by the decline in the gross profit margin of the gifts and gifts business, the net profit margin in the first three quarters of 2019 decreased by -0.

99 points to 9.


Operating cash flow is still under pressure, but the risks are manageable.

In the first three quarters of 2019, the company’s net operating cash flow was -968.

80,000 yuan, at least -0.

1.3 billion US dollars, mainly dragged down by three aspects: 1) The company’s 19 years of rapid business expansion, the payment to suppliers increased, so the purchase of goods, accepting labor service cash + 44% to 4.

8.8 billion yuan; 2) Increase in stocking due to business expansion, the company’s inventory / prepayments in the first three quarters were + 273% / + 79% respectively; 3) Due to the impact of new financial customer development and Qianma merger, the company expanded personnel replacement ordersEmployees are paid and bonuses increase by +47 per year.

2% to 7.89 million.

However, the company’s current ratio is two.

03. There was too much credit line. At the end of Q3 quarter, it was increased by RMB 85.55 million and shortened.

6.3 billion, no short-term liquidity.

At the end of the Q3 quarter, the company’s account receivables reached 4.

6.1 billion, the operating cash flow is expected to improve after the subsequent recovery.

Risk factors: fluctuations in the business of major customers; the performance of Qianma Network falls short of expectations; shareholders’ short-term concentrated holdings.

Profit forecast and rating.

Due to the decline in the gross profit margin of the main promotion business, which has dragged down earnings growth, and the weaker-than-expected development of new customers in the second half of the year, we lower our 2019-2021 net profit forecast to 1.

2.6 billion / 1.

6.5 billion / 2.

08,000 yuan, corresponding to EPS forecast of 0.



59 yuan (previous forecast 1).



63 yuan), to maintain the “overweight” level, the current priority is 24.

45 yuan, corresponding to 25X PE in 2019.

Ocean King (002724) Company’s Third Quarterly Report Review: Performance Meets Expected Profitability Continues to Improve

Ocean King (002724) Company’s Third Quarterly Report Review: Performance Meets Expected Profitability Continues to Improve

I. Event Overview Event: Recently, the company released three quarterly reports: revenue from January to September 8.

870,000 yuan, an increase of 10 in ten years.

7%, net profit attributable to mother 1.

40,000 yuan, an increase of 30 in ten years.

2%, net profit after deduction is 80.04 million yuan, an annual increase of 47.


Second, the analysis and judgment of Q3 results are in line with expectations, and the continued improvement of profitability is in line with our previous judgments.

Q3 single quarter revenue 3.

37 ppm, a ten-year increase of 8.

5%, an increase of 13.

1%, net profit attributable to mother is 64.3 million yuan, an annual increase of 38.

9%, an increase of 246.

2%, net profit after deduction is 58.39 million yuan, an annual increase of 62.


Q3 single-quarter gross margin was 74.

4%, ten years +4.

8pct, QoQ + 13pct; Q3 single quarter net profit 19.

1%, ten years +4.

2pct, +12.

8 points.

The performance growth mainly benefited from: the optimization and integration of product structure and the use of new technologies, the gross profit margin expansion significantly increased; the scale effect continued to appear, and profitability continued to improve.

Leading supplier of special lighting, transforming to “lighting + Internet” The company’s products involve three major series of fixed lighting equipment, mobile lighting equipment and portable lighting equipment, including more than 200 models, which can meet the requirements of, Strong corrosion, high and low temperature, high humidity, high pressure, electromagnetic interference, wide voltage input and other special environment lighting requirements.

Absolutely, the company continues to develop intelligent lighting products, actively transform to “lighting + Internet”, and at the same time provide customers with intelligent, operation and maintenance service products, including intelligent control, operation and maintenance and contract energy management services.

It is planned to increase the purchase of Mingzhihui and cut into the field of lighting engineering. The synergy effect is obvious1. The company intends to issue shares and pay cash to 2.

713.2 billion acquired 51% of Mingzhihui’s equity projects at an issue price of 5.

63 yuan / share, the transaction consideration is 75%, and 25% are paid in shares and cash respectively.

Ming Zhihui’s military lighting engineering construction, design, maintenance and decoration engineering business has obtained “Special Grade A Lighting Engineering Design”, “Class I Professional Contracting for Urban and Road Lighting Engineering”, and Class I Professional Contracting for Architectural Decoration””, “Special Grade A of Architectural Decoration Engineering Design” and other qualifications.

2, the revenue of Mingzhihui in 2018 was 3.

98 ppm, an increase of 36 in ten years.

6%, gross margin 24.

25%, the net profit attributable to the mother is 49.01 million yuan, the evaluation of the acquisition of PE is 1深圳spa会所1 times, and comparable companies in the construction engineering industry are estimated to be 26 times.

Performance commitment: 19-21 years after deduction of non-return to the mother’s net profit were 56 million yuan, 61 million yuan, 64 million yuan, three-year cumulative commitment to net profit1.

8.1 billion.

As of September 23, Ming Zhihui has a total of 7 orders in hand.

100 million US dollars, of which 2 have been contracted for construction.

600 million.

3. We believe that the company has many large state-owned enterprise customers distributed in many fields such as electricity, metallurgy, petrochemicals, public security, etc. The special business environment lighting equipment requires a large number of lighting engineering business cooperation, and has established a nationwide sales system and acquisitionMingzhihui can realize the collaboration among customers, business, and sales networks. At the same time, Mingzhihui’s lighting engineering industry experience can meet customers’ one-stop needs for lighting and subsequent installation and maintenance, extending the industrial chain and helping to improve the company’s overall service capabilities. Third, the investment proposal considers the improvement of the company’s profitability and raises the company’s performance. Without considering the acquisition and consolidation, the company’s net profit attributable to the parent in 19-21 is predicted to be 2.
4.8 billion, 3.

1.3 billion, 3.

93 ppm, corresponding estimates are 19 times, 15 times, and 12 times.

Reference SW electronics manufacturing industry PE is 35 times, considering the company’s leading position in the special environment lighting industry, maintain the “recommended” level.

4. Risk warnings: 1. The proportion of the expense ratio during the period will increase; 2. Macroeconomic fluctuations and fluctuations in downstream industries; 3. Intensified industry competition; 4. Fluctuations in raw material prices

TCL Group (000100) Quick Review of Major Events: Investing in Overseas Equity Funds to Build a Technology Industry Group

TCL Group (000100) Quick Review of Major Events: Investing in Overseas Equity Funds to Build a Technology Industry Group

Event: TCL Group Announcement: The company intends to invest $ 25 million in the Sierra Fund, a venture capital fund, through its subsidiary holding company Li Rong Development Co., Ltd. as a limited partner.

Comment: After the reorganization, the technology industry group will be relocated, and the focus will be on the development of technology-driven high value-added semiconductor display and material businesses after the reorganization of the main business company.

Promote Huaxing Optoelectronics to achieve product technology leadership, maintain efficiency, and benefit from leading advantages, create industry group linkages, and establish global industrial competitive and synergistic advantages.

TCL Finance and TCL Capital continue to retain the body of listed companies with stable profit contribution, which helps to balance the cyclical changes in the semiconductor display industry. It also chooses to lay out relevant core high-tech industries to cultivate new momentum for growth, and enhances it through independent research and development, incubation and other methods.Internal technological innovation capabilities, and actively use strategic cooperation, investment, mergers and acquisitions and other methods to achieve expansion opportunities in new technology, new materials, and new applications and other industry core value chains, to nurture and expand the main industry competition.

The main directions invested by the Sierra Fund are SaaS, cloud services, the Internet of Things, AI robotics, VR, and network security.

The company’s investment in the Sierra Fund will help make better use of the resources and advantages of overseas professional institutions, promote the layout of the group’s core technology strategy, and accelerate the company’s transition to a high-tech industry group.

The panel industry bottomed out in 19 years, and Huaxing Optoelectronics’ performance continued to increase. Since March 19, the prices of small and medium-sized TV panels, mainly 32-inch and 43-inch TVs, have stabilized and rebounded. Our previous industry depth report “Standing in a new round of the panel industry””The beginning of the cycle” pointed out that the mainstream size panel prices will bottom out in March 19, and is expected to usher in a rebound after Q2.

It is estimated that in this round of rebound, the price of 32-inch panels will increase by more than 22%, and the net profit margin for panel manufacturers will increase by 2?
3 percentage points.

Huaxing currently has two main products, 32-inch and 55-inch, expanding to the second in the world. With the T1 production line entering the end of depreciation and further exploration of costs, Huaxing is expected to benefit significantly from this round of panel rise cycles.

At the same time, the climb of new production lines such as T6, and the expansion of the T3 LTPS production line while improving profitability, the increase in the replacement of the module will bring Huaxing’s performance increase.

The steady growth of the financial venture capital business promotes the company’s core technology strategic layout. After the reorganization of the company, TCL Finance and TCL are basically still in the listed company. The Group’s venture capital business focuses on the development of core core businesses and focuses on forward-looking and technological innovation investment 北京夜生活网 opportunities. Key investmentsIn new materials, new energy, large consumption and high-end manufacturing industries.

The size of the fund currently managed by the venture capital business is 93.

6.5 billion yuan, with a total of 108 investment projects.

TCL Capital Venture Capital currently holds stocks of listed companies such as Jiejia Weichuang, Setex, Ji Chuang North, Biology, Zhongjia Bochuang, Ningde Times, etc., as well as Cambrian, Wuxi Dike and Xinghuan TechnologyAnd other companies’ equity, as well as the first batch of acceptance companies Li Yuanheng as the LP investment science and technology board.

Simultaneously held 712 (603712.

SH) 19.

07% equity, Fantasia Holdings (01777.

hk) 20.

08% equity, and Bank of Shanghai (601229.

SH) 4.

With 99% of equity, its stable return helps to balance the restructuring mutation shown by semiconductors.

We are optimistic about the company’s transformation of the technology industry group and maintain a “buy” rating. We are optimistic that the company will become a high-tech industry group focusing on the semiconductor display and materials business after restructuring.
21 years return to mother net profit 43.



510,000 yuan, EPS 0.



42 yuan, a growth rate of 24.

4% / 15.

7% / 15.

1%, PE 12 is currently sustainable.



We are optimistic about the company’s transformation into a technology industry group and maintain a “Buy” rating.

Risk reminders: First, the panel price has not risen as expected, causing semiconductor display performance to fall short of expectations.

Second, the progress of the financial venture capital business did not meet expectations.

Suzhou High-tech (600736) Company Annual Report Review: Steady Annual Results and Diversified Business

Suzhou High-tech (600736) Company Annual Report Review: Steady Annual Results and Diversified Business
Investment Highlights: Events.The company announced its 2018 annual report.At the core of the report, the company achieved operating income of 72.82 million, an increase of 16 per year.64%; Net profit attributable to shareholders of listed companies.11 ‰, increasing by 0 every year.84%; fully diluted expected return of 0.41 yuan.  In 2018, driven by the increase in the number of carry-over commercial buildings, the company’s revenue increased by 16%.64%; At the same time, the company achieved net profit attributable to mother 6.11 ‰, increasing by 0 every year.84%.According to the company’s 2018 annual report, in 2018, the company completed the contracted sales area of commercial housing 47.840,000 square meters, a decrease of 4 a year.25%; contract sales amount 67.13 ppm, an increase of 2 per year.99%.As of the end of the reporting period, the company has completed construction on sale and is under construction.930,000 square meters, including 111 houses.710,000 square meters, business 20.220,000 square meters.During the year, the company’s newly-built commercial land reserve area was 43.790,000 square meters, with a total building area of 73.440,000 square meters.In 2018, the company’s tourism real estate enhanced the added value of its products by enhancing the linkage effect between tourism projects and surrounding residential development.Among them, the Suzhou New Suzhou Paradise supporting projects include Encounter Mountain, Jade Seasons, and Elephant Mountain 天津夜网 House, which expanded the sales area at the end of the consecutive reporting period.210,000 square meters, sales amount 46.0.8 billion; Xuzhou Paradise supporting projects in Xuzhou area include Wanyue City and Future City, and the sales area at the end of the reporting period was terminated at 34.890,000 square meters, the sales amount is 30.04 billion.In 2018, the company’s tourism business completed revenue1.6.1 billion, 127 tourists.170,000 person-times.In 2018, Dongling Vibration achieved operating income3.57 ppm, an increase of 11 years.56%.As of the end of the reporting period, the company’s Ronglian Fund has completed a total of 21 investment projects with an investment amount of 2.US $ 80.2 billion, withdrawing from three projects. The shares of Lihu, which have been invested in, have been listed in October 2018, and two other invested companies are planning to enter the IPO process.  According to the company’s 2018 annual report, in 2019, the company’s commercial housing planned construction area is 195.270,000 square meters, 106 new construction area.910,000 square meters. The planned new commercial housing projects are Suzhou Industrial Park Lots 3 and 4, Lot 4 Industrial Park Project, Hefei Central Mansion Project, etc.Promote the construction of Suzhou World Forest World, Xuzhou Paradise Happy World, and upgrade the company’s tourism products.  Investment Advice.Establish the strategy of “cultivating and investing operators in emerging industries” and “integrated market” rating.  Based on the strategic positioning of “emerging and developing investment industries for emerging industries”, the company focuses on the layout of innovative real estate, energy conservation and environmental protection, upgrading and upgrading of strategic emerging industries, strengthening the integration and development of non-bank finance and other industries, and gradually realizing industrial structure adjustment and development through the development of industrial investment.Layout, establish a two-round value-driven business model of “innovative real estate + emerging investment”.We expect the company’s EPS to be 0 in 2019 and 2020, respectively.62 and 0.77 yuan, the corresponding RNAV is 14.85 yuan.We refer to the 2019 average dynamic assessment of innovation and transformation parks, and companies have 16-20 times dynamic PE in 2019, corresponding to a reasonable value range of 9.92-12.40 yuan, maintaining the company’s “preliminary market” rating.  Risk Warning: The company faces risks of interest rate hikes and policies, as well as the risk of unsuccessful transformation.

Zhejiang Dingli (603338) 2019 Third Quarterly Report Review-Growth Interference Focusing on Arm-type Product Opportunities at High Base

Zhejiang Dingli (603338) 2019 Third Quarterly Report Review-Growth Interference Focusing on Arm-type Product Opportunities at High Base

The impact of North American tariffs is expected to be gradually digested by the market, the company’s profitability will remain high, the promotion of arm-type products will be smooth, and the growth space is still broad. The company’s net profit for 2019-2021 is expected to be 5.

57 and 7.

01, 8.

US $ 8.3 billion, maintain “Buy” rating.

Profitability remained high during the single quarter transition period under a high base.

The company achieved revenue 14 in the first three quarters of 2019.

4.5 billion, an increase of 9.

02%, realizing net profit attributable to mother 4.

4.4 billion, an increase of 12.

02%, realizing net profit deduction 4

1.4 billion, an increase of 15.


Achieve operating income in the third quarter alone 5.

9.7 billion, an increase of 10.

41%, net profit attributable to mothers1.

8.3 billion, down 3.


Reporting average, the company’s gross margin is 40.

85%, compared with 40 last year.

66% slightly improved, compared with 41 in the first half of 2019.

A 73% drop from the previous month may be related to factors such as tariffs and income structure in the US market, and a net interest rate of 30.

69% high stable.

In the first three quarters, the company realized a repayment of 16.

28 trillion, net operating cash flow 3.

2.9 billion, ending accounts receivable5.

680,000 yuan, compared with 6 in the middle of the year.

12 ppm is down from the previous month, and the four expense ratios total.

05%, down by 1 per year / mo.

97 and 2.

10 pieces, the overall operating ability continued to excel.

The impact of North American tariffs may gradually be digested, and the domestic market is still the focus.

During the year, the company ‘s lowest product in North America has fully considered the impact of tariffs. At present, picking up goods is gradually recovering. The market is gradually digesting the impact of tariffs. It is expected that exports from Europe and the Asia-Pacific region will also form a positive hedge.

The domestic market is benefiting from the scissor margin bonus of rising labor costs and falling equipment rents, and sales are expected to continue to increase.

The company announced that it will increase the capital of its wholly-owned subsidiary by US $ 100 million. It is expected that it will enhance the financial strength, financing capacity and operating capacity of the subsidiary, provide better financial leasing services to the leaser customers, and promote the company’s product sales.

Arm-type products are advancing smoothly and are expected to become new growth engines.

We visited the Asia International Aerial Work Machinery Exhibition 2019. From the perspective of grassroots discoveries, leasing customers generally report that they are very optimistic about the rental level and leasing demand of boom products, and have a good evaluation of Dingli’s new arm products.

According to the company’s WeChat public account, the company has received nearly 800 leasing companies, and the arm-type intention order has exceeded 1,000 units.

At present, the domestic arm-holding ratio accounts for less than 20%, and the penetration rate still 北京夜网 needs to continue to improve. The company’s annual investment is planned to be invested.The US $ 9.8 billion new plant is advancing smoothly and is expected to drive revenue to a new level through arm-type products.

Risk factors: Less than expected development of domestic aerial platforms, changes in the exchange rate of the RMB, gradual expansion of overseas markets, and uncertainty in trade disputes.

Earnings forecasts, estimates and investment ratings.

The impact of North American tariffs is expected to be gradually digested by the market. The company ‘s profitability remains high. Arm-type products are advancing smoothly. There is still room for growth. Considering the impact of tariffs on the US market during the year, we lowered the company’s net profit 杭州桑拿网 forecast for 2019-2021 to 5.

57 and 7.

01, 8.

8.3 billion (previous forecast was 6.

06, 7.

75, 10.

7.2 billion), corresponding to EPS 1.



54 yuan, maintain “Buy” rating.

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

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.

Xiaomi’s live broadcast conference brings several sections of the fire to collect A-share concept stocks

Xiaomi’s live broadcast conference brings several sections of the fire to collect A-share concept stocks

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

  The live broadcast conference of the new product of Xiaomi Mi 10 not only brought the gallium nitride (the representative of the third-generation semiconductor) on fire, but also made WiFi6 popular quickly, allowing securities firms to quickly launch research reports, and the relevant stocks responded with rising voices.

  As of the close of February 17, Tianyi shares, Gongjin shares daily limit, Broadcom Integration, Espressif Technology, and Zhongying Electronics followed suit.

  Why is Xiaomi’s first WiFi6 router, the Xiaomi AIoT Router AX3600, so hot?

  The primary reason is that prices are low and speeds double.

  It is reported that the router is equipped with AIoT’s exclusive 600M dual-band WiFi chip, which can support up to 248 devices.

On the surface of the city, thousands of yuan are broken down. Xiaomi AX3600 is only 599 yuan.

  WiFi6 is the latest generation of WiFi technology IEEE 802.

The popular name of 11b is about 802 used by existing home routers.

11n, the expected acceleration of WiFi6 can reach 9.

6Gbit / s is 2 for WiFi5.

7 times.

  Xiaomi is a “price killer” for electronics.

In the view of an electronics industry personage, once Xiaomi intervenes in a certain product or technology, it means that its cost can be made sufficiently low, which also means that the product or technology is about to enter a commercial outbreak.

  Data show that in 2019, 11% of new products launched in the market support Wi-Fi6.

Due to the higher price and performance of the technology door, the next generation, only Samsung S20, Apple 11 and a few other mobile phones on the market support WiFi6.

  After the price drops, it will detonate other companies to follow, eventually forming an industrial trend.

Intel predicts that by 2022, 56% of products on the market will support WiFi6.

  As for WiFi6, market participants have also given enthusiastic attention, and long-term securities firms have launched urgent research reports.

  CITIC Construction believes that in the era of the Internet of Things, the coordinated development of WiFi and 5G has a bright future for WiFi6; the commercialization of WiFi6 will accelerate, and industry chain companies will benefit from it. It recommends focusing on opportunities in the WiFi6 chip, module and router industries.

  The reporter learned that Xiaomi’s AIoT router AX3600 uses Qualcomm’s chips. Due to the high technology of biology, at present, manufacturers in the field of WiFi6 chips mainly include Broadcom, Qualcomm and other giant companies.

  Among A-share companies, although there is currently no company that directly provides WiFi6 chips, the companies in the upper level of the industry chain are also worthy of 南京桑拿网 attention.

For example, Espressif Technology, Broadcom Integration, etc. have WiFi chip business, and Universal Asahi Electronics has WiFi6 module business.

  According to the CITIC Investment Research Report, in terms of chips and modules, Espressif’s WiFi 6 chip is nearing the end of design and is yet to be taped out; Broadcom’s integrated WiFi 6 products continue to be developed and progressed in line with expectations; Huanxu ElectronicsIt is the largest supplier of iPhone 11 WiFi 6 modules. It is expected that Apple’s new 5G product launch in the second quarter of this year will benefit significantly.

  CITIC believes that in terms of terminals and foundry, Tianyi is the only domestic WiFi 6 manufacturer with supply qualifications within the telecommunications operator system. Its WiFi 6 router has been maximized in 杭州桑拿 November 2019. It is expected thatThe order volume is in the level of millions; Gongjin’s WiFi 6 project has been expanded in batches; Starnet Ruijie also has WiFi 6 related products.

  Soochow Securities mentioned that in the WiFi6 industry chain, it also pays attention to WiFi supporting chips and WiFi antennas and modules.

Zhuo Shengwei’s RF front-end chip products are widely used in products from Samsung, Huawei, Xiaomi, vivo, OPPO and other well-known terminal manufacturers.

Xinwei Communication and Qualcomm reached a cooperation in the field of 5G chip LCPRF antennas. The company has become an antenna supplier for Apple, Samsung, Huawei, Xiaomi and other well-known terminal manufacturers.

  Guosheng Securities believes that the spiraling network speed under the consolidation of mobile is the fundamental.

WiFi6 will drive the accelerated upgrade of fixed network-related infrastructure, with optical transmission / access equipment and optical modules as core components. The industry boom will continue to heat up and enjoy the deterministic demand growth dividend.

In addition to the WiFi industry chain, Guosheng Securities also recommends paying attention to fixed network access providers such as ZTE, Xinyisheng, and Zhongji Xuchuang.

  Edit: Quan Zeyuan