Jianlang Hardware (002791) quick review of major events: single-quarter results continue to exceed expectations and raise earnings forecasts

Jianlang Hardware (002791) quick review of major events: single-quarter results continue to exceed expectations and raise earnings forecasts

Event: The company released the 2019 annual performance forecast on January 22, which is expected to be 4-4.

4 percent, an increase of 132 per year.

39% -155.


Guoxin Building Material’s point of view: 1) Achieve high growth performance, single-quarter performance continues to exceed expectations: Based on the company’s performance forecast range, Q4 single-quarter net profit is expected to be achieved.


71 ppm, an increase of 138 in ten years.

3% -211%, of which Q1, Q2, Q3 single quarter growth rates were 123%, 87.

6% and 73.


2) Launch of employee stock ownership plan, showing confidence in future development.

3) Integrate and adjust internal business and structure, further optimize internal management, and improve management and operation efficiency.

4) Risk warning: excessive expansion brings management pressure; new product promotion and sales are less than expected.

5) Investment suggestion: As a leading company in the field of construction hardware, the company actively develops in the direction of integrated suppliers of building accessories. The advantages of channels and products are gradually realized. The revenue continues to grow rapidly. The single-quarter performance continues to exceed expectations and the performance flexibility graduallyRealization is prominent, and it is expected to make further accumulation in the future with huge room for growth.

Increase 19-19 EPS to 1.



41 yuan / share (the original EPS was 1.



88 yuan / share), corresponding to a growth rate of 144% / 34.

3% / 37.

5%, corresponding to PE of 32.



3x, maintain “Buy” rating.

Comment: The long-term performance is high, and the single-quarter performance continues to exceed expectations. Based on the company’s performance forecast range, Q4 is expected to achieve net profit attributable to its mother in the single quarter.


71 ppm, an increase of 138 in ten years.

3% -211%, of which Q1, Q2, Q3 single quarter growth rates were 123%, 87.

6% and 73.


We believe that the company’s performance has grown strongly, and its single-quarter performance has continued to exceed expectations. The main reasons are the company’s sales channel layout and new category extensions. The channel advantages and product integration advantages have gradually been realized. The expense ratio has been effectively diluted.The leading enterprise of the company, the company has initially formed a strategic layout of building accessories integration suppliers with building doors, windows, curtain wall hardware as the core, and will gradually increase accumulation in the future.

Launch of employee shareholding plan to show confidence in future development The company launched the first phase of employee shareholding plan in December 2019. The participants are 1 senior management of the company and no more than 249 core employees, which is conducive to the establishment and improvement of employees, shareholdersThe benefit-sharing mechanism enhances the sense of responsibility and mission of employees, and mobilizes the enthusiasm and creativity of employees to stimulate the vitality and motivation of team development.

At the same time, performance evaluation standards are proposed at the company and individual levels. The size of the company is based on the 2016-2018 operating income itself. In 2019, 2020, and 2021, the operating income reduction shall not be less than 55%, 95%, 140%.That is, the operating income for 2019-2021 is not less than 50.

32, 63.

31, 77.

920,000 yuan, corresponding to a growth rate of 30 per second.61%, 25.

81%, 23.

08%, showing the company’s confidence 杭州夜生活网 in future development and performance growth.

Integrate and adjust internal business and structure to further optimize internal management. In January 2020, the company established a wholly-owned subsidiary-Guangdong Jianlang Building Materials Sales Co., Ltd. to be responsible for the implementation and operation of internal sales business. It will conduct sales related personnel in accordance with laws and regulations.When transferred to a sales company, all revenue and expenses generated by the corresponding sales business are also undertaken by the sales company.

Based on the continuous expansion of the company’s development scale and continuous expansion of its product line, by integrating internal business, adjusting the structure, and optimizing the core business chain operation process, it is conducive to better 苏州夜网论坛 improve the company’s operating efficiency and strengthen the scientific management and assessment and settlement of each core business module.Reduce operating costs, improve management efficiency, and improve service and support to sales markets and customers, and better leverage the strategic advantages of building accessory integration suppliers.

Investment suggestion: The single-quarter performance continues to exceed expectations, raise profit forecasts, and maintain a “buy” rating. As a leader in the field of construction hardware, the company actively develops around the direction of integrated suppliers of building accessories, and gradually realizes channel advantages and product integration advantages.Revenue continued to grow rapidly, single-quarter results continued to exceed expectations, and performance elasticity gradually became apparent. In the future, there will be a gradual increase in accumulated reserves and huge growth.

Increase 19-19 EPS to 1.



41 yuan / share (the original EPS was 1.



88 yuan / share), corresponding to a growth rate of 144% / 34.

3% / 37.

5%, corresponding to PE of 32.



3x, maintain “Buy” rating.

Jingyuan Environmental Protection (A19385): The performance of industrial water treatment equipment manufacturers turned into a period of rapid growth

Jingyuan Environmental Protection (A19385): The performance of industrial water treatment equipment manufacturers turned into a period of rapid growth

Manufacturers of industrial water treatment equipment have high influence in the power and chemical industries.

The company focuses on the field of industrial water treatment equipment. Its business is mainly to provide large-scale enterprise customers with special industrial water treatment equipment and system integration, engineering contracting and design and consulting. In 2018, the three parts of the business accounted for 71 revenue.

49%, 27.

39% and 1.


The company is currently in the forefront of the industrial wastewater treatment field in the power 北京夜网 industry, and is looking forward to the development of non-electrical industry industrial water treatment fields such as chemical industry and metal products.And Sinopec Ningbo Engineering Company.

On the signing date of the final prospectus, the actual controller of the company was Mr. Li Wulin and his spouse and Ms. Li, who directly and indirectly held the company.

15% stake.

Performance has grown rapidly, the debt ratio has fallen, and the return on investment has stabilized at a relatively high level.

Company 2016?

The operating income in 2018 was 96.72 million yuan, 1.

$ 6.6 billion and 2.

53 ppm; net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses were 16.9 million yuan, 29.02 million yuan, and 53.52 million yuan, with a compound annual growth of 77.


The company’s asset-liability ratio has shown a downward trend as a whole since 2016, and the asset-liability ratio at the end of March 2016, 2017, 2018 and 2019 was 41.

57%, 26.

06%, 31.

49% and 28.


2016?The weighted average ROE in 2018 was 22 respectively.

37%, 17.

74%, 22.

15%, overall stability and at a high level.

Independent research and development, a number of industrial wastewater treatment technologies have reached the leading level at home and abroad.

Since its establishment, the company has been focusing on the field of industrial water treatment, and has self-developed core technologies such as industrial wastewater electronic flocculation treatment technology, zero-discharge technology for highly difficult wastewater and electrocatalytic oxidation technology for highly difficult wastewater.

Appraised by the Chinese Society of Environmental Sciences, the company’s industrial flocculation technology for electronic flocculation treatment and high-efficiency wastewater zero-discharge technology-related systems and their application effects have reached international advanced levels.

Appraised by the Guangdong Environmental Protection Industry Association, the company’s “baffled electrocatalytic oxidation wastewater treatment equipment” has reached the domestic leading level.

The company’s “JYLP-30 MVR zero-emission wastewater treatment unit” was identified as the first (set) major equipment of Jiangsu Province in 2018 by the Jiangsu Provincial Department of Industry and Information Technology.

The company currently has 6 invention patents, 19 utility model patents and 30 software copyrights.

The specific listing criteria selected by the company are: the expected market value is not less than RMB 100,000, the net profit in the last year is positive and the operating income does not exceed RMB 100 million.

As the environmental protection industry is still in the growth stage, the company has achieved performance growth momentum, and its profits have become sustainable. It should be converted using a comparable company’s PE valuation method.

Risk Warning: Industrial Wastewater Technology Iterates, Potential New Competitors Appear

Meiya Optoelectronics (002690) Research Report: Rapid growth of dental medical imaging equipment by the digitization of oral cavity

Meiya Optoelectronics (002690) Research Report: Rapid growth of dental medical imaging equipment by the digitization of oral cavity
This report reads: The company’s color sorter business has grown steadily. Under the background of digital medical, oral CT + oral scan + CADCAM are expected to contribute long-term increase. Investment points: Conclusion: The company ‘s overseas revenue growth rate for color sorters bottomed out, and domestic color sorter sales expanded from rice, miscellaneous grains, and tea to various categories, bringing an overall upward breakthrough.Based on the company’s reputation in oral CT business, service, technology, cost and other competitive advantages continue to accumulate, the city’s share is expected to continue to increase in the future.The company’s 19-21 EPS is maintained at 0.81/0.97/1.16 yuan, given the company’s 19-year estimate of 42 times for the target medical device, raise the target price to 34 yuan, and maintain an overweight rating. The color sorting machine category continued to expand, and overseas exports resumed growth: ①In terms of the domestic market, the company’s rice and non-rice color selection revenues are each about half, of which rice is growing by about 5% each year; except rice, including miscellaneous grains, plastic recycling, etc.The growth of new internal categories drives the overall performance improvement; it is judged that the company’s domestic color sorting 南宁桑拿 machine revenue for 19 years will maintain an increase of about 10%; ② The overseas market has resumed growth since 19Q1, bringing an increase.We believe that in the medium term, there is greater room for development in the internal Southeast Asian market, including India; in the long term, the company’s overseas color sorter revenue is expected to maintain a growth of about 15%; oral CT is growing rapidly, and it is expected that the volume of mouth scans will be listed: ① Based on the same period in 18The base number is small, the company’s product competitiveness has improved, and the company’s 19Q1 oral CT sales have grown rapidly; ② According to our understanding, the company has received more than 360 orders at the group purchase meeting in March 19, and it has increased substantially at the same time in about 18 years.Will be converted into revenue one by one, judging that the company’s oral oral CT sales are expected to exceed the 2,000 mark; ③ At present, the oral CT penetration rate in China is about 10%, and the long-term judgment is expected to reach 35%; and oral scanning is a multi-use product with long-term penetration rate.Expect higher.The company’s mouth scan is in the clinical stage, and strives to enter the market early, which is expected to contribute to long-term growth. Catalyst: Equipment such as mouth scanners get registration certificates and go on the market Risk factors: Changes in the economic environment of exporting countries for color sorters

UBS: Expansive A-share expansion expected in 2020 to reach $ 300 billion

UBS: Expansive A-share expansion 武汉夜网论坛 expected in 2020 to reach $ 300 billion

Come to Sina University of Finance and listen to Xu Zhiyan’s lecture “Easy to step out of ETF investment” and learn to use ETFs to allocate assets.

Sina Finance News on January 13th, today, UBS predicts that assuming that the MSCI division factor is not increased in 2020, the foreign exchange income flowing into A shares may reach 300 billion yuan.

Landlord Ming, director of UBS China’s Global Financial Markets Department, said that in 2019, China’s financial liberalization has made significant progress. At present, the cumulative amount of foreign exchange entering the Chinese A-share market through northbound funds exceeds US $ 200 billion, and the size of funds held through QFII has reached 100 billionUS $, with a total investment of US $ 300 billion.

  Gao Ting, head of Nomura Oriental International Research Department, believes that in 2020, the market will be institutionalized and incremental long-term funds will have a transfer allocation requirement for A shares. It is estimated that in 2020, total incremental institutional capital inflows will be about 460 billion yuan (66 billion US dollars).
  In addition, Nomura also pays attention to investment opportunities brought by three structural trends: 1) Industrial upgrading and increasing concentration: changes in the industrial structure and the rise of industry leaders change the profit structure of A shares.

For investors with shortened investment periods, this means that the investment style of overweight leaders will still be applicable in 2020; 2) The rise of new consumption: cross-border mergers and acquisitions will increase the leader’s potential, and product substitution will boost consumption.

In addition to the growth of high-quality leaders, there are also technological advances that stimulate consumption. Among them, we are optimistic about 5G mobile phones and wearable devices (TWS); 3) Regional development: Regional development differences will increase, local governments are expected to improve, and local state-owned enterprise reforms are achievedSpeed up.

In general, the development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta is the most concerned.

  According to the Nomura China macro team’s view, under the pressure of tight fiscal revenues, falling real estate, weak exports, and limited space for monetary and fiscal policies, the economic growth rate will be 5 in 2020.


Basically, they predict that the growth rate of Shanghai and Shenzhen 300 operating income and net profit will be 6 in 2020.

3% and 7.


  They set the CSI 300 target at the end of the year to 4400, corresponding to a static assessment of 12.

6 times, there is about 8% upside compared to the current point.

The main upside risks are the continued improvement of Sino-US relations and the stimulus exceeding expectations, while the downside risks come from a gradual rise beyond expectations and the downturn in the real estate industry.

  With the warming of the policy, Nomura is optimistic about the performance of the first quarter, and pays attention to two main investment lines in the short term: 1) industries with a marginal improvement in prosperity, of which the focus is on technology infrastructure (5G base station equipment) in the infrastructure sector,Municipal infrastructure (listed companies in the machinery and computer industries), and real estate post-cycle consumer goods that are expected to be driven by the recovery in real estate completion; 2) The automotive industry with high cost performance.

According to the Nomura automotive team, it is expected that the growth rate of ride-hailing sales in 2020 will return to 5 in 2020.

1%, focusing on the improvement in the evaluation of car companies driven by the recovery in passenger car sales growth.

  On January 10, Nomura Oriental International Securities released the first research report in Shanghai since its opening.

The strategy report recalled that the rise in the market at the beginning of the year reflected the policy relaxation in the second half of 2018 and the short-term economic rebound in the first quarter of 2019, after which the main index substitution continued to fluctuate.

Looking at 2018-19, China’s economic growth rate, the overall performance of the stock market is weak, and the large consumer sector clearly outperformed the market.

  Regarding the consumer sector, Liu Peng, chief analyst of the food and beverage industry of Tianfeng Securities, said in the first reporter training camp of Shanghai Guijiu Media Academy: “In the past few years, tremendous changes have taken place in the liquor industry, driven by consumer upgrades.
These changes are mainly reflected in three aspects: first, the continuous improvement of the management level of liquor enterprises; second, the attributes of consumer goods of liquor are getting stronger; third, the marketing tools of the liquor industry are constantly changing.

“Liu Peng believes.

  ”In general, the overall demand for liquor has been expanding vigorously, but because consumers have a certain pursuit of brands and there are too many high-end liquor brands, the competitive advantage of companies in the industry sector is obvious, while mid-end brands have lower prices and barriers to entry.Influence has formed a fierce competition status quo.

“Peng Liu said,” In the future, the concentration of the liquor industry will further increase. Liquor companies located in the middle of the industry want to make breakthroughs, and they must focus on opportunities brought by differentiated needs.

In addition to increased concentration, consumption upgrades, infrastructure investment and investment collections will all become growth drivers for the liquor industry.

In addition, Liu Mingying, head of China strategy at UBS Investment Research, said that there are four investment themes in 2020.

First, the industry leaders and the overall economy in the entire listed company sector and the overall economy tend to have better income and profitability trends; second, there will be more investment income related to the reform of state-owned enterprises, and the distribution and incentives around local state-owned enterprises will be partially distributed; third,Independent innovation of the company’s budget; Fourth, the efficiency of interest rate growth in the bank loan market is expected to increase, and the issuance of long-term government bonds will also lead to lower borrowing costs.

(Sina Finance Xu Zou Zou Zheng)

Tianshun Wind Energy (002531) Annual Report Review: Performance Meets Expectations Leading Wind Tower Leading Industrial Chain Extension

Tianshun Wind Energy (002531) Annual Report Review: Performance Meets Expectations Leading Wind Tower Leading Industrial Chain Extension

Investment Highlights The company released its 18-year annual report: The company achieved operating revenue of 3.7 billion yuan in 2018, an increase of 16 per year.

8%, achieving net profit attributable to the parent company4.

700 million US dollars, flat for one year, net deductions to non-attributed net profit4.

4 ‰, an annual increase of 4.

5%, performance is in line with expectations.

The dividend plan is 0 for every 10 shares.

06 yuan.

Management expenses decreased significantly and the proportion of accounts receivable decreased: the company’s total expense ratio during the period was 13.

8%, an annual increase of 0.

1 unit.

Among them, management expenses are 3.

6%, a sharp decline of 1 previously.

2 units, mainly due to the company’s efficiency improvement after technical transformation, cost reduction effect is significant.

The 18-year sales rebate optimization has been significantly optimized, with a total of 18 receivable invoices.

100 million, the proportion dropped by 2.

6 averages to 14.


The wind tower’s short-term profitability is under pressure, and the long-term production capacity is released. Profit repair: The company’s sales of wind towers reached 38 digits in 18 years, and its revenue reached 30.

600 million, an increase of 12% in ten years.

Affected by the price of raw materials, the gross profit per ton decreased for ten years.

5%, gross margin is 21.

6% downgraded by 3 per year.

7 units.

The company’s four major production bases have been formed, and technological transformation has increased production capacity. It is expected that the production and sales volume will increase in 2019, and the profit is expected to be repaired under the background of rush installation.

Orderly expansion of operation scale, redundant grid connection growth of on-hand projects: The company added 165MW of grid-connected capacity in 18 years, and its cumulative grid-connected capacity reached 465MW.

The average power generation in 2018 was 7.

600 million kWh, realizing power generation revenue3.

600 million, an increase of 51% in ten years.

At the same time, the company is constructing a wind farm of 215MW, planning to start 199MW, and adding 120MW of approved projects, 重庆耍耍网 and has extended the 2980MW development agreement, which is the basis for the company’s continuous growth of the wind farm scale.

The ramp-up of blade production was completed and the production and sales growth was completed. The main business collaboration was completed: the first-stage production capacity of Changshu was completed and the ramp-up was completed. In 2018, the company sold 266 blades and 18 molds to achieve operating income2.

51 ppm, an increase of 52 in ten years.

6%, gross margin reached 20.

97%, an increase of 17 per year.

7 units.

With the release of production and sales and the development of domestic and foreign customers, the blade business will become a new growth point for the company’s performance and form an effective synergy with wind towers and operations.

Earnings forecast:杭州桑拿 We adjusted our earnings forecast and expect the company’s EPS in 19-21 to be zero.

42 yuan, 0.

57 yuan, 0.72 yuan, corresponding to (April 24) the implementation of PE is 13.

3 times, 9.

8 times, 7.

8 times, some prudently increase the rating.

Risk warnings: Abandoned wind power restriction worsens; wind power installed capacity is less than expected; steel prices gradually change; exchange rate fluctuations, etc.

Fidelity International: A Shares Still Have Opportunity to Recommend Oversold High-Quality Company Stocks

Fidelity International: A Shares Still Have Opportunity to Recommend Oversold High-Quality Company Stocks

Original Title: Fidelity International: The A-share market still has the opportunity to recommend oversold high-quality company stocks Source: Shanghai Securities News, Shanghai Securities News, China Securities News, Fidelity International China Equity Investment Leader, Fund Manager Zhou Wenqun issued his opinion on the 3rdEven though the A-share market has recently undergone some adjustments, there is too much positive news in the market. She believes that there is still a chance in the A-share market, and investors are advised to buy oversold high-quality company stocks.

  ”The Chinese government has taken a variety of measures to provide support to the market, in particular, to gradually lower the interest rate by 10 basis points through open market operations1.

The US $ 2 trillion government bond reverse repurchase operation also introduced a number of financing needs to support the expansion of the serial bus. It is expected that more support measures will be introduced in 无锡桑拿网 the future.

Zhou Wenqun said.

  Zhou Wenqun believes that there are still opportunities in the current market. For example, all online-related sectors including online games, video platforms, and online education have become market winners.

At first glance, she believes that intelligent manufacturing, flexible manufacturing and industrial automation will also benefit.

In addition, she believes that the ability to use mechanized equipment to increase productivity in the short term after an epidemic is particularly important.

  ”Considering that the overall impact of the epidemic is short-term, some oversold high-quality company stocks can be copied.

Zhou Wenqun said that as far as the market sector is concerned, she thinks that the theme of short-term consumption upgrade may be frustrated, but in the long run, the 西安耍耍网 general trend of consumption upgrade will not change.

  In the bond market, Fidelity International Fund Manager Cheng Hao said that the market is expected to switch to a hedging mode in the short term. In the process, the yield on interest rate bonds will reduce credit bonds.

(Tang Cuiling)

Cree Electromechanical (603960): Convertible bonds land in the market value of 10 billion and set sail again

Cree Electromechanical (603960): Convertible bonds land in the market value of 10 billion and set sail again

The event company issued a convertible bond issuance announcement on November 27 to raise funds.

800 million, the initial conversion price is 27.

86 yuan / share.

The funds raised are all used for two types of products, such as the intelligent final assembly of on-board energy feedback controllers and on-line testing production lines, and the complete set of equipment for fatigue and aging test systems for drive motors of new energy vehicles.

  Opinion investment projects support core customers United Electronics / Bosch’s new product capacity and strong demand.

Raised funds 1.

All 8 billion are used for the expansion of new energy automotive electronics production lines, rebuilding the core product lines of UMC / Bosch, which supply Bosch: BRM production line, IB2 production line, 48DCDC production line, 3U driver production line and the latest eAlxe bridge production line; supply jointElectronics: Complete equipment for fatigue aging test system of new energy vehicle drive motor.

Among them, the BRM and IB2 production lines are second-order orders. The production lines of 48DCDC, 3U drivers, eAlxe bridges, and drive motor fatigue aging test systems are intended orders. The investment in new energy capacity at home and abroad is booming, and the potential demand is very strong.

  Benefit calculation: The average annual income of the investment projects after the completion of the project is 2 trillion, and the internal rate of return (IRR) after tax is 16.

60%, dynamic payback period after tax is 6.

1994 (including 1).

5 years construction period).

  Investment logic: Leading automotive electronics automation, fully enjoying the dividends of domestic new energy investment.

Exclusively supply SAIC MEB automotive electronic automation equipment; set up a joint venture with Volkswagen to accelerate penetration of Volkswagen’s supply chain automation.

  2) Bind to Bosch and enjoy the dividend of overseas new energy expansion (BMW is a big customer of Bosch).

Joint Bosch research and development of multiple new product automation lines, strong demand, strong order continuity, huge future space.

  3) Acquisition of Zhongyuan: Enjoy the national five-liter price increase.

Mainly for the 杭州夜网论坛 Volkswagen Fuel Distributor, expand Audi, GM.

The prices of products from National V to National V increased twice, and continued to be replaced.

  Profit forecast and investment suggestions continue to be optimistic about the company: the track is good (new energy automobile electronics investment is booming), the customer is good (Bosch + Volkswagen), the technology is good (deeply cultivated for 20 years), and the growth is good (19-21 years compoundGrowth rate is over 40%).

  Forecasted revenue for 2019-2021 8.


2 / 1.5 billion, net profit attributable to mother is 1.



0.5 billion, EPS is 0.



17 yuan, corresponding to 49/35/25 times the PE.

Give 40 times PE in 2020 with a target price of 33.

6 yuan, “Buy” rating.

  Risk reminders: Automotive electronics automation market 北京保健按摩 demand is less than expected; customer concentration risk; Bosch orders are less than expected; market competition intensifies risk; profit level declines risk

Baolong Technology (603197) 2018 Annual Report Commentary: One-time Expenses Slow Down Performance, Optimistic for 19 Years of Performance Recovery

Baolong Technology (603197) 2018 Annual Report Commentary: One-time Expenses Slow Down Performance, Optimistic for 19 Years of Performance Recovery

The event company’s 2018 annual report disclosed that it achieved operating income23.

05 ppm, an increase of 10 over the same period last year.

77%; net profit attributable to shareholders of the listed company is 1.

55 ppm, a decrease of 10 per year.

93%; the net profit attributable to shareholders of listed companies in place of non-recurring gains and losses is 1.

29 ppm, a year-on-year cancellation of 19 ppm.


In addition, the company’s basic profit income is zero.

9400 yuan / share, down 20 each year.

61%; and intends to distribute a cash dividend 杭州桑拿网 of 2 to every 10 shares for all shareholders.

50 yuan (including tax).

The overall performance was in line with expectations, and the one-time cost compression profit company achieved operating income in 2018 23.

50,000 yuan, an increase of 10 in ten years.

77%; net profit attributable to mother 1.

55 ppm, a decrease of 10 per year.


Net profit decreased initially by three points: 1) The tariffs increased by 1031 due to the impact of the Sino-US trade war.

220,000, logistics costs rose 890.

980,000, and due to the rush to install the market in the fourth quarter of last year, the product was shipped to the United States in advance, the cost growth space is small this year; 2) To expand the market, the overseas market service fee increased by 1,493.

910,000 yuan, as well as intermediary fees and labor costs due to joint ventures and acquisitions increased by 1,175.

530,000 yuan, 2,291.

960,000 yuan; 3) The budget and equity incentive expenses totaled 1029.

310,000 yuan (including 6.35 million yuan of equity incentive expenses).

TPMS is greatly affected by the auto market. The traditional business with stable growth company TPMS mainly supplies its own brand SUVs, which is affected by the sluggish domestic auto market (passenger car production and sales decrease -4).

2%, -2.

8%), sales were less than expected (2018 sales totaled 972.

250,000), TPMS income 5.

48 ppm, a ten-year increase of 11.

53%; valve and exhaust fittings rose 7.

49% and 8.

08%, income reached 5.

91 percent.

1.7 billion.

In addition, due to the increase in the prices of raw materials stainless steel, copper and zinc in the report, the gross profit margin of the product decreased.

44 units.

TPMS strong match, the total emission of National VI, the company’s expected growth in business growth is converted to the integration of TPMS mandatory policies and the Q2 inventory pressure has gradually changed, and the logic of TPMS penetration has remained unchanged; while the company reduced the implementation of National VI emission requirements and pressure for mass productionSensors and structural lightweight projects are also promising.
Therefore, we estimate the company’s net profit attributable to its parent to be 2 in 2019-2021.

2.4 billion, 2.
9.5 billion and 3.

310,000 yuan, corresponding to PE 21x, 16x and 14x; maintain “Buy” level.

Risks suggest that the macroeconomic growth is lower than expected, the downstream sales of automobiles are lower than expected, and the project expansion progress is lower than expected.

Shuangliang Energy Saving (600481) Dynamic Research: Energy Saving Business Revives and Profits Increase Significantly

Shuangliang Energy Saving (600481) Dynamic Research: Energy Saving Business Revives and Profits Increase Significantly

Investment Highlights: All businesses are improving, and performance has recovered significantly.

The net profit attributable to mothers on January 12, 2018 is expected to be 2.


6.4 billion US dollars, a year-on-year increase of 155-15%, air coolers, bromine coolers, heat exchangers, gradual reduction furnaces and many other flowers.

1) The annual investment in thermal power construction in 2018 is USD 77.7 billion, once every 9 years.

4%, but the construction capacity in the northern and central regions is connected, the company’s air-cooler order execution is better, and the increase is significant.

2) Bromine chiller continues to lead the industrial waste heat utilization market. The domestic coal chemical industry, steel and other continuous industries have improved balance sheets and increased investment in technological transformation. At the same time, regional petrochemicals in Southeast Asia and other regions have achieved breakthroughs in energy-saving business needs in the textile industry.

3) Heat exchangers have made breakthroughs in air separation, transition, and international markets, maintaining steady growth.

4) The preliminary reduction furnace industry is leading, with multiple large orders and significant business growth.

Leading domestic energy-saving industry companies to build energy-based system integration.

The company is a domestic leader in heat exchange, energy-saving equipment manufacturing, lithium bromide refrigerators (heat pumps), interstage coolers for air separation compressors and other products occupying a leading position in the industry, of which the bromine refrigerator market share exceeds 30%.

Focusing on the industrial advantages of equipment manufacturing, the company develops process packages around core technologies, builds engineering system integration, and forms solutions for the first and second class heat pump integration and brominated silicate and air cooling solution process development to meet customer energy saving and water saving., Environmental protection and other needs.

Building energy efficiency is a blue ocean market in the field of energy conservation, providing companies with new directions for development.

According to the statistics of China Building Energy Conservation Association, buildings have a potential share of 20% of national energy consumption.

6% of construction carbon emissions account for 19% of national energy carbon emissions.

4%, of which the height of public buildings is significantly higher than that of urban and rural residential buildings, about 3-4 times.

The “Thirteenth Five-Year Plan” for energy conservation of public institutions proposes that the total energy consumption of public institutions should be controlled to 2 by 2020.

Within 2.5 billion tons of standard coal, water consumption should be controlled within 14 billion cubic meters. Based on 2015, the unit building area will decrease by 10% in 2020.

According to a calculation by the Ministry of Housing and Urban-Rural Development, the planning goal for energy-saving renovation of public buildings during the “Thirteenth Five-Year Plan” period in all provinces and cities nationwide is 1.

500 million square meters, the minimum financing needs will also reach about 13 billion, is a blue ocean market in the field of energy conservation.

The company 杭州桑拿 accelerated the market development in the field of energy efficiency in public buildings, and cooperated with Alibaba Cloud to develop and apply the Shuangliang Smart Energy Efficiency Cloud Platform, implement key expansions in the hospital and government fields, and add multiple smart energy management projects and smart operation and maintenance projects.

Maintain the company’s “overweight” rating: the company’s strategic focus on energy-saving businesses, and its industry-leading advantages in the manufacturing of key equipment such as bromine refrigerators, air-cooling systems, and gradual reduction furnaces, and further enhance the company’s product market competitiveness through system integration.

With the improvement of environmental protection requirements, the investment in technological transformation brought about by the improvement of the balance sheet of the cyclical industry is expected to increase, and the company’s traditional energy-saving business has entered a recovery.

At the same time, the building energy blue ocean market is gradually released, and the company’s card slot layout has obvious advantages, which will provide a new direction for business development.

Based on the company’s performance forecast and the development prospects of the energy-saving industry, we appropriately increase the forecast of the company’s profit forecast. It is expected that the company’s EPS for 2018-2020 will be 0.

15, 0.

19 and 0.

23 yuan / share, corresponding to the current maximum PE is 28.

04, 22.

90 and 18.

87 times, maintaining the company’s “overweight” rating.

Risk Warning: The production and sales of related products are lower than expected risks; the risk of rising raw material prices; the risk of weak downstream industrial demand; the risk of falling prices due to fierce market competition; the political and economic risks of overseas market expansion.

Huanxu Electronics (601231) 2019 Third Quarterly Report Review: High Season Drives UWB Product Prospects

Huanxu Electronics (601231) 2019 Third Quarterly Report Review: High Season Drives UWB Product Prospects

Event: The company released the third quarter report of 2019, and the company’s first three quarters of revenue (259.

710,000 yuan, +17.

27%), net profit attributable to mother (8.

610,000 yuan, +10.

76%), net of non-attributed net profit (7.

1.6 billion, -5.


Investment Highlights: The peak season of the industry drove the company’s profitability up in the third quarter and its performance rebounded.

Company revenue for the first three quarters of 2019 (259.

710,000 yuan, +17.

27%), net profit attributable to mother (8.

610,000 yuan, +10.

76%), net of non-attributed net profit (7.

160,000 yuan, -5.

18%), of which single-quarter revenue in the third quarter (113.

700 million, +21.

68%), net profit attributable to mother (4.

710,000 yuan, + 22.

39%), net of non-attributed net profit (4.

6.6 billion, +25.


Net profit after deduction for the first three quarters of 2019 is (7.

1.6 billion, -5.

18%), mainly due to the substantial increase in the amount of non-recurring gains and losses of the company (1.

44 trillion, +554.


The company’s 2018 annual report and 2019’s interim report showed negative growth in net profit attributable to the mother, and the third quarter of 2019无锡桑拿网 achieved transformation, mainly due to consumer electronics products, communications products in the second half of the year to replace the peak season revenue growth and industrial productsIncome continued to grow at a rapid rate.

The demand for industrial products fluctuates slightly. At this stage, the market demand is clear. If it is sustainable next year, it is expected to continue to grow.

Gross profit margin decreased slightly, and the speed of R & D investment continued to increase.

The company’s gross profit margin for the first three quarters (9.

90%, -0.


In the first three quarters, communication products accounted for 35%, consumer electronics accounted for 36%, and the annual performance of computers and storage was under pressure, accounting for 11%. Industrial products experienced rapid 夜来香体验网 growth, accounting for 12%.

Automotive electronics accounted for 5% of the total environmental impact.

Since industrial products are new products, some learning processes are still needed during the introduction of products from Mexican plants, and the cost side still needs to be controlled, so its rapid rise in proportion has reduced the company’s gross profit margin.

In addition, higher computer and storage revenues from higher gross profit margins have also caused shifts in product gross profit margins.

In terms of three fees, the company’s sales expense ratio (0.

9%, + 0% pcts), overhead rate (5.70%, +0.

08pcts), financial expense ratio (0.

03%, +0.


In terms of sales expenses, shipping costs and export expenses have been increased to cope with the expansion of overseas plants, which is the same as the trend of revenue growth.

Management expenses in a single quarter mid-decade 6.

73%, controlled.

In terms of research and development expenses, the company’s third quarter expenditure (9.

5.3 billion, +12.


The company plans to participate in revenue growth in research and development expenses and sales expenses in the future.

Company bills receivable (0.

310,000 yuan, +40.

91%), accounts receivable (77.

900,000 yuan, +10.

03%), inventory (50.

870,000 yuan, + 3.

94%). Accounts receivable have improved with the increase in company revenue. The increase in inventories indicates that the company is preparing for an increase in pickup in the peak season.

Cash flow from operating activities in the third quarter3.

42 trillion, compared with the same period last year, from negative to positive.

The addition of UWB products strengthens the company’s wireless communication product strength and has a bright future.

The company’s new UWB this year has many advantages such as high positioning accuracy, good security, high transmission rate, large system capacity, can be reduced, and strong anti-interference ability.

Now UWB technology has reached a setting method that can accurately estimate the position using the coordinates of the surrounding mobile device.

In practice, the accuracy can be further reduced to 5 mm level, far exceeding Bluetooth 5.

0 1 meter accuracy with Wi-Fi.

In addition, UWB also has a high-speed data transmission function.

UWB technology has great potential in terms of equipment interconnection, close-range high-speed, and advanced information transmission.

Future iOS devices, Android devices, and smart home devices can enhance the interconnected experience through UWB, and the market is vast.

The company’s profitability will gradually increase with the continuous penetration of products.

Investment recommendations We expect the company’s net profit attributable to its mothers to be 12 in 2019-2021.

87 billion, 15.

8.8 billion and 19.

9.3 billion, EPS is 0.

59 yuan, 0.

73 yuan and 0.

92 yuan, corresponding to PE is 23, 19, 15 times.

According to 24 times PE in 2020, the corresponding target price is 17.

52 yuan / share, give “Buy” rating.

Risk reminder: The company’s Hong Kong, Macao and Taiwan and overseas product sales account for 68%.

61%, there is a risk of exchange rate fluctuations; the company’s customer concentration is high, and there is a risk of customer dependence; the company’s receivables increase significantly, and there is a risk of repayment lag; the company’s main raw materials are electronic components such as ICs, PCBs, etc.Price fluctuations are large, and there is a certain risk of price fluctuations of raw materials.