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.

BOE A (000725): The turning point has arrived

BOE A (000725): The turning point has arrived

The Korean factory ‘s LCD production capacity is gradually withdrawing, and the market supply and demand usher in a long-term turning point. From the history of industrial development history, LCD has been driven by investment in the past. The transformation has driven excess production capacity. The production capacity of high-generation lines is used to compete with low-generation production linesPressure, so the economy cuts the size and moves up, and promotes demand through the cost of advantages, and forced the gradual withdrawal of backward production capacity.

The industry’s low economic performance in 2016 forced the Korean factory to begin the first scale production capacity withdrawal. Among them, Samsung closed the 160K 7-generation line in 16H1 to improve market supply and demand. Then the prices of LCD TV panel products of various sizes began to rise.Interest rates and operating results have started to improve significantly.

The 17H2-19H2 industry experienced another two downward price periods, mainly due to the rapid growth of domestic production capacity and the withdrawal of large-scale production capacity on the supply side. The demand side from 18H2 was affected by trade frictions to a certain extent.

In 19Q3, the number of leading manufacturers decreased again, and the industry’s bottom-up signal was generally corrected.

With the adjustment of overseas production capacity, prices began to stabilize in November 1919, and are expected to start rising in January 2020.

The dominant products of the Korean factory in the past are mainly 55 “TV panels and the downstream terminals are mainly exported to North America and other markets.

18Q1 and 19Q1 followed BOE 10.

The 5th generation line and the Huaxing Optoelectronics 11th generation line began mass production, which has now caused the price of 65 ”products to fall by a 17-year high of 60%.

Since the Korean factory has no 10.

5th generation line, 8.

The production of products over 65 ”on the 5th generation line has caused persistent serious defects.

And the Korean factory has shifted its TV panel business focus to OLED display, Samsung focuses on QD-OLED, LG focuses on WOLED, and Korean factory will gradually withdraw from large-scale LCD production capacity, which will be a deterministic trend.

We consider the Samsung L8-1 LCD 8 based on a self-built model.

The 5th generation line was converted to 120K, and Foxconn Sharp Guangzhou 10.

After the production capacity of the 5th generation line temporarily eased the impact, in the absence of other additional capacity exits, the global large-size display panel throughput growth in 19-21 was 9% and 8% respectively.

28%, 11.


Based on the 19-year global production capacity, Samsung and LG currently have an LCD display panel production capacity of 10% of the global large-size display production capacity.

5%, 15.

6%, Taiwan’s 5/6 generation line capacity accounted for 15%.

According to Qunzhi Consulting’s forecast data, LGD’s production capacity area is expected to decrease by 35% in 2020, and Samsung will reduce it by 28%. Affected by this, the global LCD TV panel production capacity growth rate will increase by about 1 in 2020.

7%, the lowest in the past five years.

According to our self-built model, after considering the corresponding reduction in output of the Korean plant in 2020, our revised capacity growth rate in 2020 will be reduced to -0.

12%, 2020 and 2019 global production capacity growth is expected to be flat.

On the demand side, according to Qunzhi Consulting data, the area of LCD TV panel panels is expected to increase by 5% in 2020. Among them, the penetration rate of 65-inch and other products will increase significantly, and it is expected to exceed 15%.


Considering that overseas manufacturers have set up factories earlier and production efficiency needs to be improved, there are still a lot of Korean and 杭州桑拿 Taiwanese factories that can withdraw from production capacity, and we believe that the long-term inflection point of supply and demand in the LCD market has already appeared.

Judging from the increase in the supply side, the main uncertainty in the future lies in the addition of other domestic manufacturers10.

5th generation line capacity.

At present, except for BOE and Huaxing Optoelectronics, two have been planned separately.

Outside the 5th and 11th generation lines, other domestic manufacturers10.

The production capacity of the 5th generation line is facing uncertainty, mainly due to factors such as funds (bank loans), supply chain supporting (glass substrates) and other factors.

Considering the uncertainties of supply-side supplementary production capacity and the withdrawal of production capacity of overseas manufacturers such as South Korea and Taiwan, the supply and demand of the LCD market will improve overall after 2021.

65 / 75-inch products do not increase the room for further price declines, and the supply and demand changes caused by the suspension of investment are attenuated. We believe that the industry is gradually changing from the past price cycle attribute to the cash flow attribute. The stability and sustainability of the industry ‘s earnings will be significantly improved, andDriven by the estimated premium of the sector companies, the long-term investment value has already appeared.

Flexible OLED drives companies to turn to growth attributes, and high profit margins bring high performance. Flexible flexible OLEDs are the core business that drives panel manufacturers to change from the periodic nature of LCDs to the growth attributes.

This growth is manifested by the continuous upgrade of its own display technology, the expansion of downstream application markets, and the substantial growth shared by domestic manufacturers.

The industry’s high barriers also bring benefits to the industry’s bargaining power, which is the core business that can drive the panel “Davies Double Click”.

The industry’s high barriers are mainly reflected in the two dimensions of mass production yield and mass production capacity conversion of flexible OLEDs.A large part of the cost of display panel manufacturing is depreciation of production line equipment. Yield and capacity utilization are sensitive factors affecting profitability.

In fact, the early applications of flexible OLEDs are still dominated by the traditional mobile phone market. The flagship model of mainstream brands has certain requirements for the scale supply capacity of upstream panel manufacturers. In the long term, flexible OLEDs will still be mainly positioned in mid-to-high-end mobile phones.Market, which determines the leading advantages of leading manufacturers on the right.

Considering the barriers in these two dimensions of the industry, we believe that flexible OLEDs must reach the LCD era in terms of supply structure and profitability.

Taking BOE’s Chengdu B7 production line as an example, we made elastic forecasts of performance through self-built models.

Based on the current unit price of US $ 60, a single production line uses 2/3 of the capacity utilization rate and a 60% yield corresponding to the break-even point. It is estimated that the unit cost is currently around US $ 30 (the equipment depreciation cost is calculated separately).

Scenario 1: 60% yield, full production operation, annual revenue is about 258.

3 ‰, gross margin is about 28%, net margin is about 10%; Scenario 2: 75% yield, full production operation, annual revenue is about 322.

8 ppm, gross profit margin is about 42%, and net profit margin is about 22%.

The revenue and profit elasticity of flexible OLEDs are much higher than LCDs.

Considering that the price and cost of flexible OLED products still have room to continue to decline, we believe that the revenue scale of a single production line will be affected in the future, but its profit margin will continue to remain at a high level.

From 2020, with the further increase in the volume of BOE flexible OLEDs, the emergence of profit inflection points, the introduction of more international customers and product models, domestic OLEDs will drive the company’s long-term growth.

Investment Ratings and Estimates We forecast the company’s revenue to be 1128 in 2019-2021.

87, 1254.

96, 1360.

3 billion yuan, net profit attributable to mother is 20.

32, 40.

84, 80.

68 ppm, EPS is 0.

06, 0.

12, 0.

23 yuan, corresponding to PE is 82X, 41X, 20X, the existing company PB is 1.

91X, we think the reasonable interval of PB is 2.


0X, giving the company a “strong recommendation” rating.

Risks indicate changes in market supply and demand, and the industry’s prosperity is increasing. The production capacity distribution and yield climbing progress are gradually expected.

Hexing Packaging (002228) Company Review: Short-term Revenue Under Pressure, Gross Margin Improves Season by Quarter

Hexing Packaging (002228) Company Review: Short-term Revenue Under Pressure, Gross Margin Improves Season by Quarter

Event: Hexing Packaging released the third quarter report of 2019, and the company achieved revenue of 82 in the first three quarters of 2019.

500 million, a decline of 9 per year.

7%; net profit attributable to mother 1.

94 ppm, a six-year increase of 6.

6%; net profit after deduction of non-return to mother 1.

770,000 yuan, an annual increase of 2%.

The company achieved revenue of 27 in the third quarter alone.

7 ‰, exceeding 16% of the maximum net amount; achieving net return to mother of 60.71 million yuan, each increase of 2%; realizing net profit of returning to mother after deduction of 56.39 million yuan, an increase of 1.


Net cash flow from operating activities of the company 2.

34 ppm, an increase of 371 in ten years.


The additional demand for base paper price reduction is sluggish, and the short-term company’s volume and price are under pressure.

In the first three quarters of 2019, the price of finished paper in the packaging paper industry was lower.

8% / 19.

5%, of which the average market price in the third and third quarters was 3907/3107 yuan / ton, down by 23.

2% / 28.


The decline in upstream paper prices usually at least renegotiates the prices of packaging enterprise customers, leading to lower product prices.

At the same time, due to the impact of macroeconomics and international trade, downstream packaging demand is under pressure. In 2018, the containerboard / corrugated paper industry’s consumption fell by 6 each time.

6% / 7.

At 6%, demand pressure is expected to lead to growth indicators for the expansion of enterprises.

At the same time, the growth rate of the company’s PSCP platform is ultimately one of the reasons for the increase in revenue (the company’s industry chain service industry achieved revenue of 14.

7 ppm, a ten-year increase of 7.

5%, the industry chain service industry revenue will increase by 150% in 2018).

The gross profit margin improved quarter by quarter, and the expense ratio increased significantly each year.

In the first three quarters of 2019, the company’s comprehensive gross profit margin was 13%, surpassing 0.

9 points.

Among them, Q1 / Q2 / Q3 gross profit margins are 12 respectively.

3% / 13.

1% / 13.

8%, a decline of 0 per year.

2pct / rise 0.

8pct / up 1.


We believe it is mainly due to the release of cost-side pressure due to the decline in base paper prices.
The company’s sales expense ratio for the first three quarters was 4.

3%, a year increase of 0.
7pct; management expenses (including R & D expenses) rate 4.

8%, increase by 1 every year.

2pct; financial expense ratio is 0.

7%, flat for one year.

Company net interest rate 2.

4%, a year to raise 0.


The issuance of convertible bonds accelerates capacity expansion, and the PSCP platform facilitates strategic upgrades.

In August 2019, the company’s convertible bonds were issued smoothly, with a total issue size of 5.

957.5 billion.

The proceeds from the public offering of convertible bonds will be used for the environmentally friendly packaging industry4.

0Smart factory project and carton production and construction project of Qingdao Hexing Packaging Co., Ltd.

After the completion of the two major projects, the company will be able to expand the production capacity of carton products to further meet customer needs; at the same time, the company will build smart factories in strategic layout areas according to development needs to upgrade the company’s production processes, improve production efficiency and reduce production costs.

In addition, in January 2019, the company’s “Union Packaging Network” network system2.

Version 0 is officially launched. It provides partners with production, system, R & D, 北京桑拿洗浴保健 and finance services throughout the industry chain.

The PSCP platform has about 1,600 customers in the first half of the year, an increase of about 300 from the end of 2018, helping the company achieve asset-light expansion in the process of value redistribution in the packaging industry chain.

Investment suggestion: We expect the company to achieve revenue of 115 in 19-21.

6, 127, 143.

1. Annual decline of 5% and increase of 9.

8%, an increase of 12.

7%; net profit attributable to mother 2.

4, 2.

$ 700 million and $ 300 million, growing by 4 per year.

9%, 9.

7%, 11.

8%; EPS are 0.

21 yuan, 0.

23 yuan and 0.

26 yuan, maintaining the “overweight” level.

Risk warning: the risk of rising raw material prices, the risk of business expansion falling short of expectations, and the risk of increased competition in the industry

Commodity City (600415): Q3’s beautiful performance continues to advance

Commodity City (600415): Q3’s beautiful performance continues to advance

The event company announced the third quarter report of 2019: the company achieved revenue of 30 in Q1 2019.

USD 9.9 billion, an annual increase of 18.

28%; net profit attributable to mother 10.

22 trillion, a decrease of 24 a year.

78%; single Q3 company achieved revenue of 12.

95 ppm, an increase of 60 in ten years.

07%; net profit attributable to mother 3.

48 ppm, an increase of 140 in ten years.


A brief review of Q3 revenue, profit growth faster than expected single Q3 company revenue growth rate of 60 in ten years.

07%, an increase of 59% over Q2.

98pct, an increase of 99 a year.

49 points; net profit attributable to mother increased by 140.

39%, an increase of 144 over the Q2.

44pct, up 168 per year.

52 points.

The performance of the company in Q3 was outstanding and exceeded expectations.

The gross profit margin increased significantly, and the expense ratio decreased. The gross profit margin of Q1-3 companies was 62.

63%, an increase of 12 a year.

31 pct, significantly improved profitability.

In terms of expense ratio, Q1-3’s expense ratio during the sales period was 16.

03%, a decrease of 3 per year.

38 pct, the overall expense ratio decreased significantly, of which the sales / management / financial expense ratio decreased by -0.

11 / -1.

15 / -2.

12 pct to 2.

76% / 7.

61% / 5.


The company’s gross profit margin and expense ratio are better, but disposal income was generated due to the transfer of the ownership package of Yinmeng Lake in 2018.

3.8 billion boosted early investment income, Q1-3 company’s net sales margin fell 18.

86 pct to 32.


In the single quarter, the growth rate of Q3’s net profit attributable to mothers has been infinitely affected by the transfer of free packages in Dream Lake, and Q3 net profit attributable to mothers has increased.

39%, which is expected to be driven by the thickening of the real estate business and the continuous improvement of the fundamentals of the main business sector.

Actively promote dynamic integration, and continuously increase the growth momentum. The company has changed the differentiated rental price system under the direction of “encouraging self-employment, branding, and standardization”. It continues to promote the dynamic integration of the industry, promote the concentration of market resource elements to high-quality operating entities, and conduct effective businessBit resources are activated.

2019H1 company completed 1.

360,000 households have renewed leases due to expiry, and actively introduced outstanding operating entities, and the overall occupancy rate of leased spaces has further increased to 97.7%.

In addition, the company actively deployed the four major emerging business sectors of import + warehousing + supply chain + international, and its growth momentum continued to increase.

Investment suggestion: Q3’s performance is outstanding, reflecting the continuous enhancement of the company’s core competitiveness.

We are optimistic about the company’s strategic direction of “data + finance + trade”, from the traditional market operation to the transformation of high value-added data, 成都桑拿网 finance, and supply chain-driven integrated service providers.

We estimate that the company’s net profit for 2019-2020 will be 1.2 billion and 1.3 billion, corresponding to PE 18X and 16X, and maintain the “overweight” level.

Risk factors: intensified competition in the industry; increased scale of the real estate market; less-than-expected new business cultivation

CITIC Securities (600030) 2019 Third Quarterly Report Review: Comprehensive Strength Industry Continues to Lead

CITIC Securities (600030) 2019 Third Quarterly Report Review: Comprehensive Strength Industry Continues to Lead

CITIC Securities released three quarterly reports, and reported steady growth in the reporting year, with operating income of 327.

74 ppm, an increase of 20 in ten years.

45%; net profit attributable to mother is 105.

22 ppm, an increase of 43 in ten years.


Single-quarter operating income for the third quarter was 109.

830,000 yuan, an increase of 52 in ten years.

18%; net profit attributable to mother is 40.

77 ppm, an increase of 43 in ten years.


The company’s nominal ROE is 6.

68%, an increase of 1 each year.

87 units.

Brokerage, investment bank, asset management, self-employment, and index net income accounted for 17 respectively.

4%, 9.

1%, 12.

51%, 37% and 5.


The investment bank’s performance is dazzling, and many businesses rank first in the industry. The company with rich IPO project reserves has an investment bank business income of 29.

81 ‰, an increase of 9 in ten years.


Among them, IPO financing was 26.4 billion, refinancing scale was 90.4 billion, bond underwriting scale was 699.2 billion, and market share was 12.

91%, ranking first in the industry.

At the end of the third quarter, the company’s IPO reserve projects were 142.

Outstanding self-employed contribution, stable credit business development The company’s stock self-employed business focuses on high-quality growth companies, combined with the perspective of macro asset allocation, continues to adhere to the absolute return orientation, and achieves steady growth in performance.

Reporting intelligence, the company realized investment returns 121.

27 ppm, an increase of 73% per year.

At the end of the third quarter, capital raised increased by 17 compared with the early period.

At 7%, financial assets purchased under resale 杭州夜网论坛 agreements decreased compared with the beginning of the year.


Net interest rate income for the first three quarters of 201917.

8.6 billion yuan, an increase of 19% each year.

Cumulative credit impairment losses in the first three quarters.

2.5 billion, down 41% in a year.

Wealth management transformation is accelerating and active investment capabilities are enhanced. The company’s brokerage business will continue to transform and upgrade to wealth management. The report indicates that the company’s brokerage business income is 57.

3.0 billion, down 2% a year.

Revenue from asset management business was 41.

It is 10% in 01, a year-on-year decrease of 1%. Under the environment of severe regulatory supervision, the decline in performance is lower than the industry average. Investment advice In the context of a multi-level capital market construction, the company’s capital strength, derivatives pricing capabilities, risk management capabilities, and average advantages in institutional customer structure are expected to benefit significantly.

The company acquired the expansion of Guangzhou Securities and planned the employee shareholding plan to show development confidence.

The company’s PB assessment is currently 1.

48 times, it is estimated that the premium is not yet obvious, and it is estimated that the center is expected to continue to improve and maintain the “overweight” level.

Risks prompt stock market fluctuations to impact self-employed investment returns; market trading activity has declined.