Dongshan Precision (002384): Multi-services welcome development in 5G wave

Dongshan Precision (002384): Multi-services welcome development in 5G wave

Event Overview The company released the first three quarters of 2019 performance report, and the first three quarters of 2019 achieved revenue of 163.

69 ppm, achieving net profit attributable to shareholders of the parent company.

RMB 880,000; revenue in the third quarter of 2019 was 63.

90,000 yuan, an increase of 3 in ten years.

15%, achieving net profit attributable to shareholders of the parent company.

86 ppm, a 10-year increase of 16.


At the same time, the company foresees that the net profit attributable to shareholders of listed companies in 2019 is expected to increase by 30% -50%, that is, the net profit attributable to shareholders of listed companies will be 10 in 2019.

500 million?


Benefiting from the 5G base station construction and replacement wave, the performance of the PCB business unit can be expected to acquire Mflex and Multek, and the printed circuit board business unit is gradually growing. The company acquired Mflex in 2016 to enter the FPC business and become a mainstream FPC supplier for international brand manufacturers.1. In 2018, the company acquired Multek and cut into the PCB business to replace the company’s vacancy in the hard board field and further improve 深圳桑拿网 the layout of the circuit board division.

Since 2015, the company’s revenue and net profit have achieved an increase in growth rate. After the completion of the acquisition of Mflex and Multek, Dongshan Precision has carried out in-depth integration and management. The operating efficiency has significantly improved the overweight wireless communication module business and improved the overallCompetitiveness expanded after entering the 5G era. As the number of base stations will increase in the 5G era, 5G antennas will become active, and the integration of RRU and antennas into AAU will bring a comprehensive upgrade of manufacturing processes and materials.

The company has integrated leading industry production capacity and complete business layout in filter, antenna, PCB, die-casting and other communication equipment component products. It has integrated integrated production capacity and technical conditions, and will provide integration through the company’s internal business integration.The wireless communication module products will further enhance the company’s comprehensive competitiveness in the communications field and increase the company’s profitability.

Investment recommendations We expect the company to achieve operating income of 223 in 2019-2021.

5 billion, 272.

50 ppm, 322.

500,000 yuan, the annual growth rate was 12.

73%, 21.

92%, 18.

35%; net profit attributable to mothers is 11 respectively.

1.5 billion, 15.

5.7 billion, 22.

21 trillion, the annual growth rate is 37.

48%, 39.

63%, 42.

65%; corresponding EPS are 0.

69 yuan, 0.

97 yuan, 1.

38 yuan.

With reference to the Shenwan Printed Circuit Board Index, the PE (TTM) of the past two years is about 36 times; we give the company 30 times the PE of 2020 EPS with a target price of 29.

1 yuan, covering for the first time, give “buy” rating.

Risks prompt the transition and restructuring effects of downstream application market fluctuations, 5G base stations and replacements exceed expectations, etc.

Shanghai Electric Power (002463): Performance meets expectations and waits for 5G + IDC demand to be released

Shanghai Electric Power (002463): Performance meets expectations and waits for 5G + IDC demand to be released

Brief evaluation of performance The company released the 2019 annual performance forecast, which is expected to achieve net profit attributable to mothers in 2019.


500 million, a year-on-year growth rate of 101.


1%; For the first three quarters of the consolidated results, it is expected that net profit attributable to mothers will be achieved in the fourth quarter of 2019.


0 million yuan, corresponding to a growth rate of 60%?
114%, month-on-month growth rate of -19%?

Q4 is in a vacuum period, and the company ‘s performance is basically stable. This year, the communications sector is welcoming 4G supplementary construction, 5G initial initialization, and foreign exchanges being upgraded to 400G. The company is a leading manufacturer in the field of communications PCBs, covering carrier networks and data centers.In each application area, the world’s well-known equipment manufacturers are deeply bound to achieve double growth in performance.

Although Q4’s growth rate is slightly lower, according to Prismark’s expectation, Q4’s single-quarter PCB industry output value growth rate replaced Q3’s 11.

8% score to 0.

7%, indicating that the overall demand for Q4 is weak. The tender for the first half of 5G next year will be completed next year and the 4G supplementary construction is nearing completion. The demand for communication boards has not been released. Therefore, we believe that it is not easy for the company to maintain stable performance in this demand vacuum season.Performance 北京桑拿洗浴保健 is in line with expectations.

The overall environment will pick up next year, and 5G + IDC is still the general direction: According to Prismark, PCB is expected to grow by 1% in 2020?
3%, about 1% overall growth rate in 2019?
3%, the overall recovery trend of the industry has been set.

From the perspective of subdivisions, next year will be a year of true large-scale construction of 5G. In addition to the launch of optical communication plug-ins, Broadcom ‘s Tomahawk 4 chip will begin to deliver 400G cloud equipment after it is delivered. Next year, PCBs in 5G and IDC will be kept as fast as possibleGrowth trend.

Qingye factory continues to be high-end, waiting for Huangshi and Huli to improve: Qingye factory’s product structure is adjusted to high-end communication boards (5G and switch-related boards, etc.),南京桑拿论坛 while low- and medium-end communication boards gradually become Huangshi Phase I;Under the trend of high-end penetration of the factory, the specifications of the communication board overflow orders undertaken by the Huangshi Phase I plant have gradually increased from within 10 to 16 floors, and part of the Huangshi Phase II process has also begun testing and production.Demand impacts and performance is under pressure, but even under such circumstances, the company’s gross profit margin for auto plates is still considerable, and it can be seen that the re-demand will improve and the auto plate business will make a significant contribution.

Investment advice we maintain the company 2019?
Net profit attributable to mothers in 2021.

4, 16.

7, 20.

The profit forecast of 200 million US dollars, according to 30 times next year’s estimated level, maintain a target price of 29 yuan, and continue to give a “buy” rating.

Risks suggest that demand is below expectations; PCB prices for 5G and IDC are below expectations; the company’s market share is below expectations.

Semir Apparel (002563) 2019 First Quarterly Report Review: Endogenous Extensions Promote Continuously High Revenue Growth Supply Chain Upgrade Promotes Profitability

Semir Apparel (002563) 2019 First Quarterly Report Review: Endogenous Extensions Promote Continuously High Revenue Growth Supply Chain Upgrade Promotes Profitability

Investment Highlights: Event: The company disclosed the 2019 first quarter report, and the company realized 深圳桑拿网 operating income of 41.

180,000 yuan, an increase of 63 in ten years.

90%, net profit attributable to shareholders of listed companies.

47 ppm, an increase of 11 years.


Performance growth was in line with expectations.

KIDILIZ’s consolidated income increased rapidly, excluding the endogenous growth factor of the consolidated factor, the growth rate was close to 30%.

In the first quarter, the company’s overall growth rate was the fastest, and the company still maintained rapid growth.

The company’s endogenous growth in the first quarter is based on categories: children’s wear has maintained rapid growth, with a growth rate exceeding 27%; adult casual wear has maintained steady growth, with a growth rate of 20% -25%.

In terms of channels: offline, the company’s new store openings in 2018 will be reduced, and it will start to contribute revenue growth in the first quarter of 2019; on the online side, online growth in the first quarter is still booming, with an expected growth rate of over 30%.

Looking into the future, the incremental increase of new stores and the deterministic replacement of high increase in online channels and high revenue growth.

The speed of opening stores is maintained, and overseas markets can be expected.

The company opened new stores in 2018 for the time being, and there will be digestion time in 2019. It is expected that the new stores will be slightly distorted earlier than 2018, but it is expected that there will be more than 200 new stores each for children’s and casual wear (the number of stores will increase by 5%)the above).

In addition to the extension of store openings, the internal store-same store, benefiting from the company’s internal reforms in the past few years, especially the upgrade of the supply chain, the company’s store efficiency will continue to improve.

At the same time, the company is expected to aim at the development of overseas markets. The overseas business online and offline are making great efforts to contribute more increments in 2019. The offline stores of the company are mainly directly operated stores. The refined management will help the sustainable development of overseas business.On the online front, the company cooperates with Ali’s cross-border e-commerce “AliExpress” to launch cross-border business and penetrate the global market.

Global supply chain integration is expected to further improve the company’s efficiency, help Kidiliz reduce losses, and improve overall profitability.

The company’s gross profit margin for Q1 2019 was 41.

68%, an increase of 2 per year.

59 pct, mainly because Kidiliz’s gross profit is higher than domestic business, and consolidated the overall gross profit level.

In terms of expense ratio, the company’s expense ratio for the period of 2019Q1 increased by 7.

7pct, is mainly a consolidation factor.

Endogenously, the company’s original business profit growth in the first quarter was about 20%, which was slightly lower than the revenue growth mainly due to the company’s rapid business development and increased expenses.

In terms of consolidation, Kidiliz overall is still in the shortening period, and consolidation factors will drag down the accumulated net interest rate level.

However, the company has now reached a relatively high level of supply chain integration capabilities, and the efficiency of the company will increase with the effective use of global suppliers.
Profit forecast and investment rating: We believe that the company has gained a number of mature brand operation experience. In the future, multi-brand development can be expected, and the company can enjoy a higher profit premium.

We raised the company’s profit forecast 北京夜网 and expect the company to achieve operating income of 214 in 2019-2021.

1.2 billion, 244.

5 billion, 279.

920,000 yuan, an increase of 36 in ten years.

22%, 14.

19% and 14.

49%; realized net profit 19.

8.4 billion, 23.

93 ppm and 28.

07 million yuan, an increase of 17 years.

97%, 20.

65%, 17.

31%.Give 20X estimate, target price 14.

8 yuan, with 31% space.

Maintain the “Highly Recommended” rating.

Risk warnings: 1. Terminal consumption expectations continue to be sluggish; 2. New store development is less than expected

Shengnong Development (002299): The industry’s prosperity continues to grow steadily

Shengnong Development (002299): The industry’s prosperity continues to grow steadily

In 2019, the tight supply of chicken meat will intensify the demand growth, the price of chicken will rise significantly, the company’s integration of unique integrated industrial chain advantages and management advantages will steadily increase, and profitability will increase significantly.

Looking forward to 2020, the pig supply gap still exists. Chicken meat is the main force to supplement the animal protein gap. The high prosperity market of the broiler chicken market has continued, and we continue to strongly recommend Shengnong development!

Event: On December 9, the company released a monthly sales briefing.

In November 2019, the company sold chicken 8.

06 First, it falls by 2 every year.

98%, a decrease of 0 from the previous month.

92%; realized sales income11.

5.5 billion, an increase of 18 per year.

84%, down 1 from the previous month.

twenty four%.

The company’s sales of chicken meat have increased, mainly due to the dual effects of shortage of chicken market supply and rising demand. The industry’s prosperity has continued to increase, driving the overall price of chicken meat.

The tight supply has exacerbated the growth of demand. In 2020, the progress of the broiler industry continued to be high. Affected by the introduction and transformation in 2018, the recovery of the breeder stock was slow.

At the same time, under the background that the swine fever in Africa has not stabilized, and the pig inventory has been extended significantly, the pig supply gap is obvious.

As the main force of the protein gap in rehabilitation animals, chicken demand has increased significantly.

With tight supply and rising demand, chicken prices have risen significantly. According to data from the National Development and Reform Commission, the average retail price of chicken meat in 36 cities across the country was 14 on November 29.

69 yuan / jin, up 24 before.


According to data from the Ministry of Agriculture, as of the end of November 2019, the number of fertile sows in stock was 20 million, a decline of 34 per year.


Affected by the uncertainty and repetitiveness of the non-plague epidemic, the rate of production recovery is slow. Therefore, looking forward to next year’s supply gap for pigs, chicken is the main substitute for pork, and the broiler market will continue to boom in 2020.

During the period, the expense ratio decreased and profitability increased.In 2019, the company strengthened internal control, improved production and operation efficiency, and effectively controlled operating costs and expenses.

Financial expenses for the first three quarters1.

300 million, a decline of 24 every year.

62%; selling expenses 2.

700 million, down 7 every year.

57%; administrative expenses 1.

1.8 billion, down 7 every year.


In the future, with the company’s continuous expansion of production capacity and management efficiency, the company’s market share and performance stability will gradually increase.

Earnings forecast and estimation: It is estimated that the company’s net profit attributable to mothers in 2019-2021 will be 36.



93 billion, corresponding to EPS 2.



58, give 10-12 times PE in 2020 to obtain a target price of 31.


04 yuan, the earlier current price has 30%-56% growth space, maintaining the “strongly recommended -A” grade. Risk warning: Chicken meat demand declines, chicken prices rise less than 成都桑拿网 expected, sudden large-scale uncontrollable epidemic diseases, and raw material price fluctuations.

New Coordinates (603040) Quarterly Report Review: Confirmation of Performance Meets Expected Operating Turning Point

New Coordinates (603040) Quarterly Report Review: Confirmation of Performance Meets Expected Operating Turning Point

Net profit for the first three quarters of 2019 increased by 10.

29% of companies released the third quarter report of 2019 on the evening of October 24, and achieved operating income 2 in Q1 2019.

3.7 billion (+8.

15%) and realized a net profit of 8708.

70,000 yuan (+10.

29%), deducting non-net profit 7693.

30,000 yuan (+10.

40%), corresponding to EPS 1.

11 yuan, performance in line with expectations.

The company’s performance increased. The hydraulic tappets of gas-phase valve transmission products were exported to Europe and the diesel tappets of diesel engines gradually increased. The net profit attributable to mothers increased by 10 in the third quarter.

90%, an increase of 12 from the previous month.


We maintain the company’s profit forecast for 2019-2021, and expect the company’s EPS for 2019-21 to be 1.

60, 2.

01, 2.

72 yuan with a target price of 32.


2 yuan, maintaining the “overweight” level.

  The cost control ability is strong, the net profit rate will not rise but the company’s 2019 Q1-3 net profit will increase by 10 every year.

29%, a ten-year growth rate over operating income (+8.

15%) high 2.

14 points.

2019Q3 operating income increased by ten in ten years.

68%, an increase of 7 from the previous month.

45%; net profit attributable to mothers increases by 10 per year.

90%, an increase of 12 from the previous month.


The company’s gross profit margin for the first three quarters was 62.

49%, down by 1 every year.

7pct, the net interest rate is 37.

70%, rising by 1 every year.

48pct, the initial increase in net interest rate is: every 10 decrease in selling expenses.

55%, and management costs fall by 16 each year.

69%, financial expenses fell 166.

22% (resulting from exchange gains), the growth rate of research and development expenses (+ 4%) is lower than the growth rate of revenue (+8).


Cash flow from operating activities was 8132.

0.2 million yuan (+10.74%), the improvement is due to the extension of customer credit cycle, sales of goods, and increased cash received for labor services.

  The company will benefit from the growth of exports and diesel engine mechanical tappets in the future. According to statistics from the China Automobile Industry Association, China ‘s auto production and sales 西安耍耍网 in January-September 2019 decreased by 11 from the same period of the previous year.

4% and 10.

3%, we expect the company’s third-quarter performance growth to continue the mid-report logic, mainly from exports and diesel engine tappet growth.

The export of hydraulic tappets and the delivery of mechanical tappets for diesel engines are on the slope, and mass production and sales of Volkswagen in Brazil, Deutz in Germany, and Generac in the United States will help support the company’s future growth.

The company’s larger overseas layout has gradually applied for a number of overseas patents for tappets, rocker products and core processes through the PCT and Paris Convention channels.

  We maintain the company’s profit forecast for 19-21 and maintain the “overweight” rating. We maintain the company’s profit forecast for 2019-2021 and expect the company to achieve 3 in 2019-2021.



5.2 billion yuan of income, net profit attributed to the mother1.



16 trillion, corresponding to EPS 1.

60, 2.

01, 2.

72 yuan.

Comparable companies have a PE average of 17 times in 2019 (previous value: 16 times). Considering the company’s profitability and leading position in segmented industries, the company is given 20-22 times PE (previous value: 19-21 times) with a target price of 32.


2 yuan, maintaining the “overweight” level.

  Risk warning: poor customer sales affect the company’s sales; new capacity release of precision cold forgings for valve groups is not up to expectations; downstream customers, slower-than-expected development of new overseas markets; capacity utilization is not up to expectations after the subsidiary goes into production

Brother Technology (002562) Comment Report: Rising upstream raw material prices push up vitamin product prices

Brother Technology (002562) Comment Report: Rising upstream raw material prices push up vitamin product prices

Report reading event: Affected by the “South Africa power cut” incident, South Africa ‘s chromium ore export shifted, creating a certain supply gap. The price of imported chrome ore rose after the year, driving up the prices of downstream products.

The company’s 北京养生会所vitamin K3 product prices have risen.

Key points of investment: The price of vitamin K3 has risen, driving the company’s performance to improve. The company’s main products are vitamin products and leather chemicals. Vitamin products are the main source of company profits. The company’s main vitamin products are vitamin K3, vitamin B3, vitamin B1, andthbrthdrexvbdr.
Vitamin K3 accounts for more than 20% of the company’s business revenue.

The upstream raw material of vitamin K3 is sodium in red employees, and sodium in red employees is the downstream product of chrome ore. The increase in the price of vitamin K3 is mainly due to the increase in the price of chrome ore to the price of downstream products.

The major increase in the price of chrome ore prices in the southern category was affected by the blackout event. According to China News Agency, in early February, the South African National Electric Power Company announced through the official website that it has started to implement second-level blackouts across the country (South African blackout sub-levels).), “Level 1” means a reduction of 1,000 MW in the State Grid, “Level 2” means a reduction of 2,000 MW, and so on).

On the 11th, the State Power Corporation of South Africa raised the power restriction level to “Level 4 power restriction”.

It is worth mentioning that this is the first time that South African Guodian Corporation implemented a four-level power restriction.

The expansion of vitamin B3 and B5 has a short-term impact on gross profit margin. New project construction continues to advance the company’s annual output of 13,000 tons of vitamin B3, 5,000 tons of calcium pantothenate and 2,000 tons of 3-cyano free radical projects.


In the next 1-2 years, the two varieties will provide incremental revenue and profit for the company.

Due to changes in the supply structure and industry demand in the short term, the company’s vitamin B3 and B5 prices have fallen to low levels, so the expansion of production capacity will affect the company’s gross profit margin in the short term.

The company’s major varieties are already part of the industry leader. In the future, under the high pressure of environmental protection, it will gradually enjoy the market dividend brought by the increase of industry concentration.

At present, the company continues to plan 1,000 tons of iodine contrast agent raw materials and intermediate projects, and 20,000 tons of hydroquinone and 31,100 tons of hydroquinone derivatives continue to advance.

Established a pharmaceutical industry fund, and long-term growth-quality companies have gradually started to develop their vitamin business after listing. The original main business was leather chemical products, vitamin K3 and a small part of vitamin B1. After listing, the company’s financing strength increased.The technological improvement of the vitamin K3 process has improved gross profit, and the production capacity of medical-grade vitamin B1 and vitamin B3 has been increased. Subsequently, the construction of vitamin B5 power generation is planned and is currently in production.

At present, the company has set up four major business divisions, and the Jiangxi production base plans to use 3,000 acres of land. The current usage is less than half. In addition to making strong substitute products such as small varieties of vitamins, it will expand stable cash flow varieties such as perfume intermediates and iodine contrast agents.With the development model of “DSM”, it has become a domestic high-quality raw material and intermediate company.

Earnings forecast and forecast The company is expected to achieve operating income for 2018-202015.

9.4 billion, 19.

02 ppm, 24.

50,000 yuan, the growth rate is 1.

93%, 19.

32%, 26.


Net profit attributable to parent company is 0.

3.1 billion, 1.

2.9 billion,合肥夜网 2.

1.8 billion yuan, with growth rates of -92.

19%, 312.

68%, 68.


The company’s EPS is expected to be 0 in 2018-2020.

04, 0.

15, 0.

25 yuan / share, corresponding to PE of 109.

82, 26.

61, 15.


Risk Warning 1. The price of vitamin products has fallen sharply.


New project construction progress is less than expected

Speech to the car CEO review?

Merkel denies car companies

Speech to the car CEO review?
Merkel denies car companies

German Chancellor Angela Merkel said on the 7th that some media reports claim that Volkswagen and other car companies are not true. The government will not be affected by car companies in terms of decision-making and will not give speeches to car CEOsReview.

  The German “Sunday Mirror” reported that the relationship between the government and the car company in Volkswagen’s headquarters in Lower Saxony is unusual.

According to this report, the governor of Lower Saxony, Stefan Weil, is a member of the company’s supervisory board and has asked Volkswagen to revise his speech.

  A Volkswagen staff member told the Sunday Mirror newspaper that Weir wrote a criticism of Volkswagen ‘s emissions gates in a speech in October 2015, but after he submitted the speech to the Volkswagen company for review,The other party deleted a few paragraphs of criticism.

  After the speech was revised, Weir not only criticized Volkswagen’s executives in his speech, but instead said that the company was a pearl of German industry.

  This report caused public outcry.

Weir defended himself on the 7th, saying that the report was baseless.

He said: This statement is baseless, and the core part of the speech has no layout at all.

According to him, due to the severity of the emissions gate incident, he had previously given his speech to Volkswagen in order to help the other party check for facts and legal errors.

  Merkel also made a statement later on the 7th, clarifying the relationship with car companies.

Merkel 杭州桑拿 said via Democrat Ulrich Demer: The Prime Minister’s Office has never submitted a speech to an external agency for review.

  Demer also said that although the German government maintains communication with car companies and relevant equity institutions every day, there will be no incidents of car company administration.

She said: Democracy, the federal government operates very independently according to its own decision-making steps.

(Zhang Jing) (Xinhua News Agency Special) Original title: Speech to the chief reviewer of automobile companies?

Merkel denies car companies

Chongqing Beer (600132) 19th Annual Report Review: Mid-Range Forces Raise Multiple Revenues and Improve Profit

Chongqing Beer (600132) 19th Annual Report Review: Mid-Range Forces Raise Multiple Revenues and Improve Profits
I. Overview of the event On August 23, 19, Chongqing Beer released the 19-year Interim Report.At the core of the report, the company achieved revenue 18.33 trillion, +3 for ten years.92%, net profit attributable to mothers2.39 trillion, +13 for ten years.75%. Second, the analysis and judgment of mid-range products to drive 19H1 revenue growth, 19Q2 product ton price accelerated acceleration 19H1 companies to achieve revenue 18.33 trillion, +3 for ten years.92%, equivalent to Q2 single quarter revenue 9.9.9 billion, +5 in ten years.11%, the growth rate increased Q1; 19H1 achieved net profit attributable to mother 2.930,000 yuan, +13 for ten years.75%, equivalent to Q2 single quarter net profit attributable to mother 1.53 trillion, ten years +13.95%, the growth rate remained stable.In general, the company continued to make certain breakthroughs against the background of the high base in the same period last year, and both revenue and net profit attributable to the company reached a record high in H1.In terms of different products, the company’s revenue growth was mainly due to the increase in revenue of mid-range beer. Driven by the volume of Chongqing Guobin’s upgraded product “Ming Guobin” which was listed at the beginning of the year, 19H1 mid-range beer achieved revenue12.0.94 million yuan, ten years +9.63%, in addition, premium beer achieved revenue2.740,000 yuan (ten years +0.23%), low-grade beer achieved revenue 2.220,000 yuan (one year -2.98%).From the perspective of sales volume: 19H1 company achieved a total sales volume of 48.270,000 kiloliters, previously +2.27%, more than +0 at the beginning of the same period.8% level, of which 19Q2 achieved 25 sales.780,000 liters, basically flat for a year (decade -0.(04%), considering the 19Q2 rainwater merger, sluggish night market consumption, and the high-level base of the same period last year, the sales performance of 19Q2 was generally better than pessimistic expectations; from the perspective of ton price: the product structure was upgraded and promoted (19H1 middle and high-end products accounted for 87.60%, an increase of 1 over 18H1 / 17H1.2/41.45 units), 19H1 company beer ton price reached 3796.86 yuan / kilogram, ten years +1.61%, still ahead of the Tsingtao Beer 3499 yuan per thousand liter level, of which 19Q2 unit price reached 3876.66 yuan per kiloliter, +5 for ten years.15%, +4 from the previous quarter.62%, our analysis believes that it is the Q2 local brand “Alcohol State Guest” + Chongqing Pure Health and international brand “Special Carlsberg” with a significant volume. Three factors interweave and increase the gross profit margin; the five factor resonance promotes the net profit margin to increase the gross profit margin: the gross profit margin of the company in 19H1 reached 40.69%, ten years +1.28 units. Against the background of the continuous rise in prices of 无锡桑拿网 glass bottles and barley in the first half of this year, the gross profit margin increased against the trend, mainly due to the continuous optimization of product structure + falling prices of packaging materials such as corrugated paper and aluminum cans + a decrease in the increase rate;19H1 company net profit reached 14.77%, ten years +1.49%, mainly due to the increase in gross profit margin and the proportion of revenue from asset disposal income + tax and additional revenue share and reduction in management / financial expense ratio: (1) Tax or additional revenue share or zero.36%, first of all, the continuous increase in ton price replaced the consumption tax rate, which caused the consumption tax revenue ratio to exceed -0.23%, in addition to the expected reduction in interest rates led to education revenue additional revenue accounted for twice -0.04%; (2) The overhead rate is -0 per second.37%, mainly due to the salary and remuneration of managers accounted for half a year.26%; (3) Financial expense ratio-0.27%, mainly due to the increase in interest income in the current period compared with the same period last year; (4) Revenue from asset disposal income accounted for more than +0.65%, mainly due to the company’s non-current asset disposal gains of 1131.280,000 yuan, significantly higher than -466 in the same period last year.830,000 yuan. In addition, the 19H1 selling expense rate is -0 per second.02%, of which advertising and marketing expenses revenue ratio +0.60%, transportation and handling rate is -0 per year.48%, the change in the structure of the sales expense ratio indicates that the company has further focused on the core markets of Chongqing, Sichuan and Hunan (mainly Changde) in the report. In partnership with Carlsberg, the company can expect that in 2013, Chongqing Beer will become a member of the Carlsberg Group. According to Carlsberg’s commitment to avoid potential peer competition at that time, Carlsberg will be a domestic beer with potential competition with Chongqing Beer by December 2020Assets and business injected into Chongqing Beer.Carlsberg has developed well in Yunnan, Xinjiang, Tibet, Ningxia, Qinghai and other places, and its profitability is stronger than Chongqing Beer. Therefore, in the future, Carlsberg and the company will realize a strong alliance. The company’s profitability and market share are expected to further increase. Third, investment advice Regardless of the expected injection of Carlsberg’s assets, the company is expected to achieve operating income of 37 in 19-21.23 ppm / 40.3.5 billion / 43.41 trillion, ten years +7.4% / 8.4% / 7.6%; net profit attributable to listed companies is 4.92 ppm / 5.8.1 billion / 6.67 trillion, ten years +21.9% / 18.0% / 14.8%, equivalent to 1.02 yuan / 1.20 yuan / 1.38 yuan, corresponding to PE is 44X / 38X / 33X.The average forecast of comparable companies in 19 is 43 times, and the company’s expectation is slightly higher than that of comparable companies. Considering that the product structure upgrade is promoted during the same period, the efficiency of cost allocation is increased to cater to the existence of the joint expectation with Carlsberg. It is expected that the company’s performance growth will be faster thanComparable company average.In summary, maintain the “recommended” level. 4. Risk warning: the price of raw materials rises, new product promotion is less than expected, food safety risks, etc.

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.

Chuancai Securities-Semiconductor packaging and testing boom picks up

Chuancai Securities: Semiconductor packaging and testing boom picks up, advanced packaging demand strong (shares)

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  Original title: Chuancai Securities: Semiconductor packaging and testing boom rebounded, demand for advanced packaging strong (with shares) Source: Chuancai Securities Chuancai Securities said that semiconductor packaging and testing boom picked up, and advanced packaging demand was strong.

Point One: The rapid growth in demand for new applications has brought about a rebound in the semiconductor industry.

In addition to current consumer electronics, the future development of industrial applications such as artificial intelligence (AI), 5G, and the Internet of Things (IoT) will bring unprecedented new space to the semiconductor industry, and the global semiconductor industry is expected to usher in a new boom.cycle.

Point two: Moore’s Law is 北京桑拿洗浴保健 approaching the limit, and advanced packaging is expected to become a complementary market driver.

The acceleration of Moore’s Law; as well as transportation, 5G, consumer, storage and computing, Internet of Things, artificial intelligence (AI) and efficient computing (HPC) and other megatrends, advanced packaging has gradually entered its most successful period.

Aspect Three: The construction of wafer fabs in developing countries ushered in a peak (Jin Qilin analyst), driving direct demand for packaging and testing.

According to SEMI, by 2020, there will be 18 semiconductor projects under construction, up from 15 this year. Mainland China accounts for 11 of these projects, with a total investment scale of 240 billion U.S. dollars.

With the release of a large number of newly-built wafer fabs, it has brought more new requirements 无锡夜网 for semiconductor packaging and testing.

Aspect 4: The maximum capacity of semiconductor foundry companies, the packaging and testing industry is expected to welcome the new boom cycle.

The production capacity of SMIC and Huahong Semiconductor’s two domestic foundries has increased significantly. The increase in foundry revenue and capacity utilization will drive the development of its downstream packaging and testing manufacturers.

At the same time, the three major packaging and testing plants of domestic Changdian Technology, Huatian Technology, and Tongfu Microelectronics have extended their third-quarter revenues. The data from the previous quarter is obviously better. The internal packaging and testing industry will usher in a new economic cycle.

It is recommended to pay attention to the packaging and testing of the three strong long-power technology, Huatian Technology, Tongfu Microelectronics; at the same time, it is recommended to pay attention to the Jingfang technology mainly based on camera sensor packaging and testing; Huaxu Electronics featuring SiP packaging.