Youxuan Software (430208): Research and Development Performance Continues High Growth

Youxuan Software (430208): Research and Development Performance Continues High Growth

Youxuan Software released the 2018 annual report and the 2019 quarterly report: the company achieved revenue in 20184.

870,000 yuan, an increase of 48 over the previous year.

72%; net profit attributable to mother is 0.

5.3 billion yuan, an increase of 8 over the previous year.

99%; net profit after deduction is 0.

50 ppm, an increase of 5 per year.


Initial income is 0.

61 yuan.

At the same time, the first quarter report of 2019 was released, and the revenue in 2019Q1 was 9622.

400,000 yuan, an increase of 66 in ten years.

15%, net profit attributable to mother 169.

840,000 yuan, a decrease of 32 per year.

10%, mainly due to an increase of 54% over the same period last year.

07%, R & D expenses increased by 69 compared to the same period last year.


Good reputation and comprehensive qualifications help the company develop better: The company and its products have multiple comprehensive qualifications, such as: information security service qualification, national-level emerging enterprise qualification, Beijing-level enterprise science and technology research and development institution, confidential qualification, Ministry of Public SecuritySales of WHQL certification and other important qualifications, customers in government, military, energy, telecommunications, finance, medical, education and other fields, has rich industry experience and successful cases.

The company has the highest reputation, and its products have a high degree of recognition in the market.

The company is at the forefront of the industry in the field of core data security protection.

The company has always put technology research and development first, and the investment in research and development has accounted for more than 20% of the company’s revenue for many years.

Have a complete national marketing service system: branches have been established in key regions of the country and major provincial capitals, and full coverage of areas with high information security needs can effectively reduce the cost of company technical services and increase customer demandSpeed 合肥夜网 of response.

At present, the company has established a total of 11 internal subsidiaries in Sichuan, Xi’an and Shanghai; 13 branches in Guangzhou, Chongqing and Henan; and 12 offices in Shandong and Tianjin.

The company has established a three-tier linkage management service network with Beijing headquarters as the center and radiating nearly 30 provinces (autonomous regions, municipalities) across the country.

Profit forecast: We expect the company’s operating income to reach 6 in 2019-2021.

10, 7.

40 and 8.

920,000 yuan, the net profit attributable to mother is 0.

82, 1.

10 and 1.

28 ppm, EPS is 0.

89, 1.

19 and 1.

39 yuan, according to the closing price of 15 on May 6, 2019.

25 yuan for calculation, corresponding to 2019-2021 dynamic PE is 17 respectively.

1X, 12.

8X and 11.

0X, give “recommended” 杭州桑拿 investment rating.

Risk reminders: (1) intensified competition in the industry; (2) risk of technical loss of confidentiality and loss of core technical personnel; (3) risk of bad debts.

Tongyu Communication (002792): 5G Antenna Leader with Accelerated Interim Results

Tongyu Communication (002792): 5G Antenna Leader with Accelerated Interim Results
Event: The company released its semi-annual report for 2019, with revenue of 19H18.0.6 million yuan, an increase of 18 in ten years.8%; net profit attributable to mother 0.51 ppm, an increase of 27 in ten years.25%. Comments: 1. The interim report had a good performance and continued to improve sequentially. 1) 19Q2 achieved revenue 4.16 ppm, an increase of 5 in ten years.2%, an increase of 6 from the previous month.7%; 19Q2 achieved net profit attributable to mother 0.69 ppm, an increase of 38 in ten years.12%, a significant turnaround from Q1.Achieve sequential improvement and annual improvement for two consecutive quarters. 2) Revenue continued to improve month-on-month, initially including: first, heavy domestic farming + network expansion + 5G market expansion; second, the foreign 4G market is still under construction, and the company’s market share is still steadily increasing, and the company experienced 8月 月印度两大运营商合并带来的短暂订单重复之后,目前订单恢复正常. 2. The domestic market maintains its advantages, continues to lead the 5G market, and its foreign market share increases steadily. 1) In terms of different regions, the revenue of the Chinese market in 19H14.5.5 billion (+ 30% year-on-year.13%), the domestic market continues to maintain its advantage, and at the same time there is an increase in sales of 5G products to domestic customers; overseas revenue3.5.1 billion (+6 year-on-year.75%), the foreign 4G market continues to increase its share.From the perspective of gross profit margin, overseas gross profit margin is 45.21% (+0 year-on-year.56pp), the overseas market with high gross profit continued to grow, driving the company’s comprehensive gross profit margin to continue to improve. 2) In terms of products, the revenue share of each product is basically stable; in terms of gross profit margin, the gross profit margin of base station antennas is 37.21% (+0 year-on-year.91pp), RF device 14.03% (+5 compared to the same period last year).82pp), microwave antenna 16.60% (+11 compared to the same period last year).08pp), the gross margin recovery of RF devices and microwave antennas mainly benefited from the optimization of product and customer structure. 3) 19H1 inventory 4.97 million, rating increased by 1 in 18 years.300 million, a substantial increase in inventory realized continuous order delivery expected to continue to grow. 3. The effect of cost control is obvious.The company’s selling expenses increase by 32 each year.46%, mainly due to the company’s further increase in 5G supplementation and the layout of the overseas 4G market; management expenses decreased by 17%.5%, mainly due to the company’s achievements in increasing cost control; research and development costs increased by 19.24%, mainly for the company to increase investment in 5G products.Overall, the four expense ratios total 20.92%, down from 24% in 2018 by 3.。With a score, cost control and scale effects begin to highlight the effect. 4. The 5G field is leading the way, and it is expected that the 5G tide will gradually accelerate.In terms of the layout of 5G products, the company continued to expand its research and development. In 2017, the company joined the China Mobile 5G Joint Innovation Experimental Center as the first antenna R & D company; in August 2018, the company won the bid for “2018 Industrial Strong Foundation Engineering” subcontracting 15G medium and high frequency communication massive MIMO antenna “project; as of the 2018 annual report, the company has 83 patents for 5G related patents, and can also insert 5G products.US $ 300 million, which shows that the company is forward-looking in the layout of 5G and is expected to become a key beneficiary manufacturer of 5G.With the United States, Japan, and South Korea as the first echelon of the country to gradually heat up 5G network construction, China’s Ministry of Industry and Information Technology also officially delivered 5G commercial licenses to the three major operators on June 6, 2019. We expect the company to act as EricssonAnd ZTE’s important partners will focus on benefiting from the construction of these markets first. Investment suggestion: The replacement of the operator’s wireless network construction under the domestic 4G post-cycle in the past two years, the company’s performance is under pressure, but since the first year of 5G in 2019, it can continue to expand smoothly through the company’s overseas market, while internal internal trafficThe rapidly growing demand for the expansion of 4G networks, and 5G will gradually enter the volume phase in 2019. We believe that the company is expected to enter a new phase of rapid 都市夜网 growth in 2019. This interim report also meets our preliminary judgment.We look forward to the upcoming 5G cycle in 2019. The company’s forward-looking technology reserves and layout have made the company’s leading industry a winner of a new round of industrial opportunities, and continue to be optimistic.We estimate the company’s net profit for 19-21 years1.2, 3.1,4.1 trillion, maintaining the overweight rating. Risk warning: 5G scale development is less than expected; market competition brings decline in industry profitability

Nupuxin (002215): Acquired 55% stake in Jinsui Group and cut into agricultural planting

Nupuxin (002215): Acquired 55% stake in Jinsui Group and cut into agricultural planting
Investment points: Acquire 55% equity of Jinsui Group and cut into the agricultural planting field.The company announced that it intends to purchase 55% of Jinsui Group through a combination of shares issuance, convertible bonds and cash payment.The underlying asset is priced at 5.48 trillion, of which the cash consideration is 82.17 million yuan, the issue of convertible bonds is 54.78 million yuan, and the issue of shares is 4.1.1 billion (issued at 6.02 yuan / share).Through the acquisition of Jinsui Group, the company can further penetrate into the fruit cash crop market, form complementary complementarities and synergies with the preparation business, and accelerate the transformation to an integrated agricultural service provider. The main business of Jinsui Group is the cultivation of bananas and dragon fruits, organic fertilizer, drip irrigation, etc., and the company’s preparation business belongs to the planting industry chain.Jinsui Group is one of the leading agricultural enterprises with the largest scale, the highest degree of industrialization, and the most advanced equipment and technology in developing countries. It has a mature modern agricultural planting business model.Jinsui Group’s existing standardized production technology of bananas and dragon fruits, the products sell well in 38 prefectures and cities in 26 provinces across the country, and have cultivated two domestically-owned independent brands, “Green Water River” and “Ginana”.The acquisition promises that the net profit of non-attributed mothers for 2019-2022 will be 1.34 billion, 1.6.8 billion, 1.98 billion, 2.3.4 billion, including agriculture-related government subsidies that are included in non-recurring gains and losses. Business model form.The sales model of Jinsui Group is mainly: order system, super-docking mode for farmers and merchants, industrial integration mode, and e-commerce mode.The order-based model is mainly aimed at local direct sales, supplemented by market sales, and the supply and demand sides negotiate their product demand, prices and other factors that prevent the contract from becoming an agreement; the agricultural and commercial super-docking model is in line with modern consumer habits.Etc., such as direct procurement or procurement cooperation, which has strict requirements on product scale and agricultural product supply chain;北京桑拿洗浴保健 the industrial integration model focuses on the integration of the secondary and tertiary industries, and develops deep processing of agricultural products to pick and sell the defective fruits producedThe production of banana flour, pulp and other products involves market gaps and improves industrial efficiency; the e-commerce model is to reconnect Internet tools to sell agricultural products to remove intermediary and fast circulation. Based on the pesticide preparation business, it gradually transformed into an integrated agricultural service provider.Nuoxin is a national leading pesticide formulation company, ranking first in China’s top 100 pesticide formulation companies for several years, with sales scale and market share ranking first in China.At the same time, it is also one of the few manufacturers that can provide both plant protection and nutrition and environmental 天津夜网 protection products.The company has established a regional platform, directly operating large stores and village-level service stations in central townships and towns, bringing together plant protection technical experts, crop experts and planting experts to provide farmers with complete crop solutions and supporting agricultural services. profit prediction.The company is a leading enterprise in domestic pesticide formulations, has a wealth of agricultural materials products and distribution channels, gradually increased its entry into the downstream agricultural planting field, and is committed to creating a leading regional platform for agricultural materials distribution and agricultural services.We expect the company’s EPS for 2018 to be 0.36/0.48/0.57 yuan, giving 16-20 times PE in 19 years, corresponding to a reasonable value interval 7.68-9.6 yuan, maintaining the sustainable market rating. Risk warning: raw material prices fluctuate; the progress of e-commerce agricultural resources platform is slow.

Shenzhen Expressway (600548): Deducting non-performance is in line with expectations. Financial costs have dropped significantly; it is expected to continue to grow rapidly in the future.

Shenzhen Expressway (600548): Deducting non-performance is in line with expectations. Financial costs have dropped significantly; it is expected to continue to grow rapidly in the future.

The non-performance in the first quarter of 19th was in line with the expected revenue of Shenzhen Expressway in the first quarter of 19th.

310,000 yuan, at least -0.

8%, gross profit is -5% per year, gross profit margin is re-inserted into 2ppt (the above index deviations are brought about by the resettlement of the three highway projects).

Deduct non-net profit profit +6.

5%, in line with our expectations of + 7%; net profit attributable to mother 4.

67 trillion, ten years +17.

7%, corresponding to EPS 0.

21 yuan.

Non-recurring gains and losses increase by 4,000 trillion per year, mainly due to the decrease in the value of swap instruments used for currency exchange losses of 64 million yuan, equivalent to 14% of 1Q18 net profit.

The non-profit growth mainly comes from: 1) For every 7% increase in the traffic volume of managed road products, the toll revenue after excluding the three projects will increase by 5% every year.

Among them, the income along the river is + 18% per year, which may benefit from the preferential policy for half price of trucks; 2) The extension of financial costs is reduced by 0.

7 trillion, mainly due to the annual reduction in interest expenses brought about by the three projects.

Development trend Expected performance will achieve rapid growth: 1) Three projects re-substitute 2019 toll reduction of 7.

3 trillion, but at the same time we estimate that the advance payment of compensation is transferred out, and the index cost is reduced by about 3 trillion, which has a slight thickening effect on the company’s net profit in 2019 as a whole.

2) Newly acquired Nanjing Wind Power increased its 19-year net profit by 2 ppt profit growth rate; 3) Meilinguan property project will start to recognize revenue at the end of 2019. We expect to contribute 12-17 ppt of annual profit growth of the company from 2019-2021.

Pay attention to the progress of new road projects.

1) We plan to complete the second 北京桑拿洗浴保健 phase of the Yangtze River and the Outer Ring Expressway this year.

The completion of the second phase of the Yangtze River will drive the growth of traffic volume of the first phase, and in conjunction with the half-price concession for truck traffic, the profitability of the Yangtze River will be significantly improved; we combined with the sustainable development report to predict that the outer ring will be realized from 2021.

2) Jihe ‘s reconstruction and expansion and the Shenzhen-Shanshan Second Corridor are still actively underway, trying to contribute more profit in the future.

Earnings forecast is unchanged from EPS forecast for 2019/2020.

94 yuan (-40% YoY, deduction + 17% YoY) / 1.

06 yuan (+ 12% YoY).

The estimates correspond to the proposed current A / H estimates.


6 times 2019 P /北京夜网 E, 4.

2% / 5.

2% 2019 dividend yield.

A / H shares have outperformed the market every year since 2013, and gradually outperformed 154 / 165ppt from 2013-2018.

As the top choice for the current highway sector, we maintain our recommended rating and target price.

01 yuan / 10.

HK $ 99, corresponding to 13/12 times 2019 P / E, 18% / 14% space.

Risks: The macroeconomic environment is sluggish, and the Meilinguan project and environmental protection projects have not advanced as expected.

Zhao Chi (002429) Interim Report Comments: Revenue Restores Stable Growth and Profitability Improves

Zhao Chi (002429) Interim Report Comments: Revenue Restores Stable Growth and Profitability Improves

Core point of view: After the substantial factors have subsided, the growth rate of revenue has stabilized, and the profitability has increased.

10,000 yuan (+3 year-on-year.

9%), net profit attributable to mother 3.

800 million (+58 compared to the same period last year).

1%), corresponding to a net profit margin of 6.

5% (+2 year-on-year.

2pct); The company achieved revenue of 33 in the second quarter of 2019.

500 million (+22.

6%), net profit attributable to mother 1.

900 million (+160 year-on-year.

1%), corresponding to a net profit margin of 5.

7% (+ 3% YoY).


On the whole, the company’s revenue has achieved stable growth after eliminating the 深圳桑拿网 impact of changes.

TV ODM and accessories replenishment growth, LED capacity is expected to continue to release sub-products in the second half of the year: multimedia audiovisual products and operating services revenue.

600 million (+4 year-on-year.

2%); LED industry chain revenue 8.

600 million (+2 year-on-year.

4%): (1) Multimedia audio-visual products: Among them, the TV ODM and accessories business achieved a volume increase of 30% when the overall volume and price of the industry’s retail market fell. The independent brand JVC and Pinduo had a multi-level strategic cooperation agreement.In the future, the two parties are expected to explore more in terms of products, design, marketing and promotion; (2) LED industry chain: the first phase of the report has increased the production of 1,000 new packaging lines, and the production has gradually reached production, but in the context of intensified market competitionThe revenue of the company dropped slightly, and the LED packaging business realized revenue7.

500 million (YoY-2.

4%) and realized a net profit of 88.31 million yuan (YoY + 28.

6%), of which small-pitch Mini RGB products are expected to be mass-produced in 2019H2; instead, the company’s new LED epitaxial wafer project will also be officially put into production in the second half of the year and gradually ramp up. After full production, the monthly production capacity is about 500,000-600,000 4-inch epitaxial wafers., Is expected to contribute new revenue growth points for the company.

By region: domestic sales revenue 41.

900 million (YoY-4.

8%); export revenue 16.

200 million (YoY + 1.


Cost and financial expense ratios have decreased, profitability has increased, and the company’s reported gross margin has fallen.

1% (+0 compared to the same period last year).

7pct), mainly benefiting from the decline in prices of major components such as DRAM, FLASH and LCD panels.

In terms of expenses, the company’s sales, management, research and development, and financial expense ratios are 2 respectively.

7% / 1.

9% / 2.

5% /-1.

7% (0% YoY.

5 points / +0.

1 point / +0.

9 points / -3.0pct), where financial costs decrease by 1.

7 ppm is mainly due to the increase in interest income and the decrease in exchange losses, but it should be noted that due to the impact of shrinking investment and financial management scale, the report estimates that investment income has decreased by approximately 74.6 million yuan.

Earnings forecast predicts that the company will return to its parent net profit in 2019-2021.



1 ppm, an increase of 28 in ten years.

1% / 10.

1% / 13

3%, the latest closing price corresponding to the 2019 PE estimate is 22.

9x, with reference to the industry’s comparable company PE estimate of 27.

9x, we give the company a PE estimate of 28x in 2019, corresponding to a reasonable value of 3.

64 yuan / share, maintaining the “overweight” rating.

Risks suggest that the development of private brands is less than expected; the demand for TV terminals is less than expected; how the price of raw materials changes; the range of exchange rate changes.

Zhongjing Electronics (002579): Performance exceeds market expectations. Internal adjustment structure continues to expand. New capacity is expected to grow in the future.

Zhongjing Electronics (002579): Performance exceeds market expectations. Internal adjustment structure continues to expand. New capacity is expected to grow in the future.

The company released its 2019 performance report, with a total operating income of 21 in 2019.

20,000 yuan, an increase of 19 in ten years.

37%, net profit attributable to mother 1.

59 trillion, a sharp increase of 94 in ten years.

60%, which is close to the upper limit of the performance forecast guidance.

Basic income is 0.

42 yuan, 100% increase every year.

The main reasons for the performance increase are: optimization of the product structure, continued increase in the proportion of HDI, expansion of related new products, further improvement of comprehensive profitability; steady growth of flexible circuit boards (FPC / FPCA), and synergy between rigid circuit boards and flexible circuit boardsBenefits gradually emerged; in addition, disposal of equity in Zhongsheng Technology made investment gains.

Comment: The main products of PCB manufacturers with complete product lines are divided into double-sided boards, multilayer boards, high-density interconnect boards, flexible circuit boards, rigid-flex boards and flexible circuit board components.

According to the semi-annual report for 19 years, rigid circuit boards accounted for 68% of revenue.

36%, of which HDI accounts for about 35% of the rigid board, and flexible circuit boards account for 14.

03%, flexible circuit board components accounted for 16.

34% and others accounted for 1.


Listed companies have formed a full range of PCB product portfolios covering rigid circuit boards (multilayer boards and HDI as the core) and flexible circuit boards (single and double panels, multilayer boards, rigid-flex boards), providing customers with comprehensive services for PCB product integration.

In the past, the growth rate continued to be high, and the gross profit margin could be improved. The total operating income in 201921.

20,000 yuan, an increase of 19 in ten years.

37%, net profit attributable to mother 1.

59 trillion, a sharp increase of 94 in ten years.


Since 2015, the company has achieved breakthrough orders in multilayer boards, with total operating revenue from 5 in 2015.

7.9 billion increased to 21 in 2019.

02 trillion, with an average annual composite strength of 38.


Net profit attributable to mothers was 0 in 2015.

3 million to 1 in 2019.

59 trillion, a compound growth rate of 51.


At the same time, the gross profit margin also increased from 16 in 2015.

34% rose to 23 in Q3 2019.


Mainly due to the improvement of the gross profit margin of multi-layer boards, the full production of HDI, and the company’s optimization of the product structure, increasing the volume of rigid, flexible, and rigid-flex boards with high gross profit.

With the rapid growth of revenue, the company has maintained sound levels of management and sales expenses, management expenses, and research and development expenses through a sound system. The company’s gross profit margin has a lot of room for improvement in the industry.

HDI has an early layout. The industry-funded job-seeking company is one of the early PCB companies that put into production HDI. Since 2011, HDI has been listed as the core of the company’s business.HDI.
Production reached the second half of 17 years.

At present, the company’s HDI products account for about 35% of the volume of rigid circuit boards.

We believe that the demand for HDI will continue to expand. At the same time, due to the expansion of production capacity, the scale of supply and demand for HDI is relatively tight.

HDI is more widely used in smartphones.Smart phone terminals are the most important application area of HDI.

Benefiting from the 5G drive, the increase in the number of mobile phone components and driving the increase in the use of HDI, benefiting from 5G, other parts of the electronics field will also adopt HDI.

武汉夜网论坛Since HDI production has strict requirements on capital, environmental protection, and water discharge, and some Taiwanese manufacturers convert part of their production capacity to any level, we believe that HDI will be in a state of seeking alternative funding for a period of time.

Acquired Yuansheng’s oversized soft board production capacity and invested in the Zhuhai Fushan project to expand its production capacity. The company tapped its own production potential through production line transformation. The endogenous growth and the outbound merger and acquisition merged to expand the company’s production capacity.

Yuansheng Electronics mainly develops, manufactures and sells flexible printed circuit boards (FPCs) and components (FPCA) for the military.

The current annual production capacity is 200,000 square 南京桑拿网 meters of single-sided panels, 210,000 square meters of double-sided panels, 20,000 square meters of multi-layer and rigid-flex panels (equivalent to an annual output of approximately 71 single-sided panels).

30,000 square meters).

The Zhuhai Fushan Project Factory is currently in the process of implementing infrastructure construction and is progressing smoothly. The first phase is expected to invest 1.5-1.6 billion yuan and be completed and put into production in 2021.

The ratio established in accordance with industry regulations exceeds approximately 1: 1.

4 Calculated, Zhuhai plant reached an output value of about 2.1 billion?
twenty two.


Super company currently has more than double the company’s production capacity.

Covered for the first time and given a “Buy” rating. Taking into account the consolidation of Yuansheng Electronics, we expect the company’s operating income to be 21 in 2019-2021.

05 billion, 25.

8.2 billion, 32.

28 ppm, an increase of 19 each year.

55%, 22.

64%, 25.

00%; net profit attributable to mothers is 1.

5.7 billion, 2.

1.8 billion, 2.

8.7 billion, an increase of 93 each year.

0%, 38.

4%, 32.


The share capital of M & A Yuansheng’s production capacity increased, and it is expected that the EPS for 2019-2021 will be 0.

40 yuan / share, 0.

55 yuan / share and 0.

73 yuan / share, the corresponding PE is 40x / 29x / 22x.

HDI industry suppliers need to be nervous to facilitate the company’s product speed adjustment structure. We are optimistic about the company’s improved operating capacity to improve the gross profit margin; at the same time, the transfer of the Zhuhai Fushan project to gradually land, the company’s production capacity will increase, we are optimistic about the company’s future high-speed growth.

Covered for the first time and given a “Buy” rating.

Risks indicate that the Zhuhai plant’s commissioning progress is less than expected; HDI demand is less than expected; competition in the PCB industry is increasing.

Xusheng shares (603305) third quarterly report comments: gross margin improvement expected high growth after Tesla localization

Xusheng shares (603305) third quarterly report comments: gross margin improvement expected high growth after Tesla localization

Event: On October 24, 2019, Xusheng Co., Ltd. released the third quarter report for 2019; the first three quarters achieved revenue7.

$ 7.7 billion, a five-year average of 5.

8%, net profit attributable to mother 1.

36 yuan, 40 in the past ten years.

8%, net profit after deduction to mother 1.

290,000 yuan, an average of 42 in ten years.


The gross profit margin of Q3 improved month-on-month, and the company’s Q3 performance increased by 8 when the rate of four fees increased and the profit was diluted.

9%, more than ten years.

53%; gross margin for the third quarter alone was 35.

3%, an increase of 2 from the previous quarter.

49 points; gross profit margin 33 in the first three quarters.

72%, more than six years.

83 points.

In the first three quarters of 2019, the proportion of four fees increased by 6.

48pct, reaching 13.

36%, mainly due to 1) the increase in the number of management personnel led to an increase in expenditure, management costs exceeded the increase of 66.

80%, and 2) the company’s increased R & D investment leads to an annual increase in R & D expenses of 0%.

99pct, reaching 4.

71%, 3) Financial expenses were increased by an increase in interest expense on convertible bonds and a decrease in exchange gains2.

12pct, reaching 0.


Sales of Model S / X increase, and it is expected to be equipped with domestic Model 3 in the future. The value of bicycles will increase to 3 in the third quarter of 2019.

50,000 units (a 41% reduction a year ago), Q3 ModelS / X production in 2019 was only 1.

630,000 vehicles, a decrease of 39 every year.

35%; although Model 3 output increased significantly by 135% to 21.

50,000 vehicles, but still cannot completely replace the impact of increased production of the high-profit Model X / S.

With the foundation laying of the Tesla Shanghai Super Factory, according to the currently announced progress, the project is progressing smoothly. The overall plant engineering construction has been basically completed, and 武汉夜生活网 it has entered the installation stage of production equipment.3,000 Model 3s are produced each week.

As the demand for new energy vehicle products increases, the level increases, and the proportion of high-end components continues to increase. The cooperation with Tesla has laid a good foundation for the company to explore the new energy vehicle market.

The development of new customers, the optimization of production capacity, and the company’s future business development. The company is expected to seize the possibility of Tesla setting up factories in China, strengthen the cooperation between the two sides, and reduce the friction between China and the United States through the acquisition of incremental business in China.At the same time as the overall impact of the tariff measures on the company, it has opened up cooperation 佛山桑拿网 with Polaris, Ningde Times, Great Wall Motors, Eaton, Valeo-Siemens, Flextronics, and obtained the fixed point of GAC new energy reducer housing in the first half of the year;The debt fund is mainly used for the 5 million new energy vehicle chassis suspension system forging project; on October 15, 2019, it passed the production capacity of 6.85 million new energy vehicle precision castings and forgings; the subsequent domestic demand for new energy vehicles continued to expand, the companyFund-raising products are expected to open up new growth space.

Therefore, we expect the company’s net profit for 2019-2021 to be 2 respectively.

2.6 billion, 3.

01 billion and 4.

24 ppm; corresponding to PE 41x, 31x, 22x; maintaining “overweight” rating.

Risks suggest that the macroeconomic growth is lower than expected, the car sales are lower than expected, and the company’s business expansion is lower than expected.

Tongyu Communication (002792): 5G antenna leader is about to enter the fast track of growth

Tongyu Communication (002792): 5G antenna leader is about to enter the fast track of growth
Core point of view 5G highly flexible varieties, greet huge growth potential.Tongyu Communication is a manufacturer of base station antennas, radio frequency devices and microwave antennas in mobile communication systems. It is a leader in the field of base station antenna segmentation.The company’s industry is affected by the influence of the operator’s capital expansion, and the company’s operating performance has been dragged down in the past few years.When the new round of network construction potential comes, the performance of companies in the industry can often reflect high flexibility.Facing the potential of 5G, according to estimates, the company’s profit is expected to maintain a compound growth rate of more than 95% in the next three years. The advantage of scale research and development is an important competitive element of the company.In the early stages of technological progress, the maturity of the various transformations of the industrial chain was not high. In order to ensure the quality of their own product delivery, equipment manufacturers usually choose to cooperate with companies with relatively strong technical strength to jointly promote the development of new products.Therefore, companies with technological advantages can be the first to enter the cooperative supply chain of equipment manufacturers.In this process, the antenna company on the right has a large-scale R & D advantage.Tongyu and several other leading companies ranked R & D in a leading position.We believe that the company’s scale research and development advantage will help the company to obtain a higher market share with the equipment supplier, so that the company can take advantage of technology to enjoy early high profit margin dividends. Excellent cost control capabilities are conducive to maintaining market share.In the period of mature technology and large-scale product scale, the company’s excellent cost control ability is an important factor for the company to maintain market share in equipment manufacturers.The company has improved production and management efficiency by increasing automation costs in all aspects of production, optimizing the production process, and adopting the amoeba business model.As the technology matures, the company is still expected to maintain a high level of competitiveness in the competition. Financial Forecast and Investment Recommendations We predict that the company’s net profit attributable to its mother in the years 19-21 will be 1.19/2.70/4.33 trillion, the corresponding gain is 0.35/0.80/1.29 yuan.Given that the company’s 5G products will start to scale in 2020 and contribute major revenue,武汉夜生活网 referring to the adjusted P / E ratio of 33 times for the comparable company in 2020, given the company’s forecasted annual net profit growth rate will be higher earlier, it will be given a 15% evaluation premium and 38 times the P / E ratio.The corresponding target price is 30.40 yuan, the first coverage given to “overweight” rating. Risk warnings: 5G construction progress and company-equipment cooperation fall short of expectations, profitability declines rapidly, and sudden systemic risks in the sector

Ping An of China (601318) Company Quarterly Review: Outstanding Investment Performance New Business Value Rate Increases Significantly

Ping An of China (601318) Company Quarterly Review: Outstanding Investment Performance New Business Value Rate Increases Significantly

Investment Highlights: Ping An Life Insurance’s product structure has been optimized, although the premiums of its life and health insurance business in the first quarter fell by 10 per year.

8%, but the new business value still achieved 6% positive growth, and the new business value rate was 36.

8%, an increase of 5 per year.


We expect the growth rate of new business value in 2019 to reach more than 10%.

Ping An Property & Casualty’s life insurance business has grown steadily. Fintech has improved its efficiency and estimates. It is expected that it will continue to decipher in the future.

Ping An of China announces first quarter report for 2019: 1) Ping An of China achieved operating profit of USD 341 million in the first quarter of 2019, a year-on-year increase of 21%; net profit attributable to mothers of USD 45.5 billion, a gradual increase of 77%;USD 318 million, an increase of 4 per year.

2%, 2) Ping An’s net assets at the end of the first quarter of 2019 reached 599.1 billion, an increase of 7 from the end of 18 years later.


3) Ping An Life’s new business in the first quarter was worth 21.6 billion yuan, an annual increase of 6.


The high growth of net profit attributable to mothers is mainly due to the improvement in investment returns driven by the growth of the equity market.

1) Annual growth rate of net profit attributable to mothers: life insurance (123%), property insurance (77%), banks (13%), trusts (16%), securities (31%), other asset management (18%)Technology (-24%).

2) The size of the company’s insurance fund investment portfolio is nearly 2.

88 trillion, an increase of 3 from the beginning of the year.


Annualized net investment yield in the first quarter3.

9% (3 in the same period in 2018.

7%), with an annualized total investment yield of 5.

1% (3 in the same period in 2018.


Life insurance: Optimized product structure and significantly increased NBV margin.

1) In the first quarter, the company proactively adjusted its product structure and focused on the operation of high-value products. In the first year of life insurance and health insurance business, premiums decreased by 10 each year.


2) The new business value rate is 36.

8%, an increase of 5 per year.

The increase in the new business value rate was mainly due to the company’s reduction in the sales of short-term savings products, and more emphasis on the sale of long-term protection and mixed products of long-term protection savings.

3) Due to the rapid development of the size of agents in the past few years, in order to improve the quality of the team, the company strengthened its basic management actions and strict manpower assessment. The number of life insurance agents at the end of March was 131.

10,000, compared with 141 at the beginning of the year.

70,000 people fell 7.


4) In 2019, the company will pay more attention to high security and sales of high-value products. Through continuous optimization of its business structure, it will effectively increase the overall new business value rate.

We expect the growth rate of new business value in 2019 to reach more than 10%.

Property insurance: The high profit growth comes from the increase and decrease in investment income.

1) Ping An Property & Casualty Insurance’s original premium income in the first quarter was 69.2 billion yuan, an annual increase of 9.

5%, 杭州桑拿 of which auto insurance premiums increase by 8.

4%, non-auto insurance increased by 7 in three years.
4%, accident and health insurance increased 45 in ten years.


2) The comprehensive cost ratio of Ping An Property & Casualty Insurance reached 97.

0%, 95 earlier than the same period in 18 years.

9% rose by 1.


3) Benefiting from the improvement of the cost structure, the fee rate has decreased and the factor has continued to decline.

Ping An Property & Casualty’s first-quarter profit before tax rose 33.

8%, profit after tax increased 77.


The current consensus of Ping An of China corresponds to 1.

3x 2019 PEV, estimated to remain low.

At the end of the first quarter, the number of individual customers of Ping An Group was 1.

9.1 billion, an earlier increase of 3.

6%, of which 34.

6% of customers also hold joint venture subsidiary contracts.

Ping An Property & Life Insurance business grew steadily, and fintech improved efficiency and estimates.

Democracy is subject to downward economic and interest rate expectations, and insurance stocks are unlikely to increase significantly.

In March 2019, the PMI exceeded expectations, and the economy is expected to stabilize and recover.

At 4%, the narrowing of the spread allows for mitigation, and it is estimated that insurance stocks have room for improvement.

Give China Peace 1.


5 times the 2019 PEV, corresponding to a reasonable estimate of 93.


92 yuan, maintain the “primary market” rating.

Risk reminders: 1) the downward trend of interest rates; 2) the stock market plummeted; 3) the protection-type growth is less than expected.

Tin Industry (000960) Annual Report Comments: Increase in Zinc Production Affects Profits, Focus on Price Elasticity of Tin Lead

Tin Industry (000960) Annual Report Comments: Increase in Zinc Production Affects Profits, Focus on Price Elasticity of Tin Lead
The 18-year annual report was released, and net profit attributable to mothers increased by 24.81% of the companies released their 18 annual report on April 16th: the total operating income in 2018 was 396.10,000 yuan, an increase of 15 in ten years.09%; realized net profit attributable to mother 8.810,000 yuan, an increase of 24 in ten years.81%; net profit after deduction is 7.38 ‰, a decline of 19 per year.62%.Revenue in the fourth quarter of 2018 was 82.79 trillion, an increase of 21 a year.21%; net profit attributable to mother 1.53 trillion, down 8 a year.09%, net profit after deduction is 0.54 ppm, a decrease of 86 per year.03%.Due to the increase in zinc output and other factors, the company’s performance was lower than our expectations. As a leader in the domestic tin industry, the company’s tin price elasticity is worthy of attention. It is expected that EPS in 19-21 will be zero.63/0.71/0.89 yuan, maintaining the “overweight” level. Gross margins fell as prices fell, and non-recurring gains and losses increased. According to the Asian Metal Network, the average price of tin metal rose in 18 years.1%, zinc metal average valence temporarily doped with 2.During this period, the metal price was in a state of turbulence; under this influence, the company ‘s tin ingot business gross margin level increased by 3.87 single, the gross margin of zinc business inserted 0 horizontally and vertically.With 11 units, the company’s overall gross profit margin has been reduced by one level.25 units.The report reports that the impact of the company’s non-recurring gains and losses on profit is 1.43 ppm, mainly composed of fair value gains and government subsidies from transactional financial assets. Zinc concentrates are sold everywhere, and the output of tin ore and processing is stable. According to the annual report, the company’s 18 years of zinc concentrate production of zinc.07 maximum limit, minimum 30 throughout the year.28%; sales volume 8.87 lowest, lowest interest rate 17.72%; zinc ore metal production is 10.31 months, the previous year 17.5%.The company’s zinc concentrate has a high gross profit level, and we believe that the decline in zinc production and sales is one of the first quarters of profit growth.The company’s 18-year tin ore metal output was 3.48 Initially, it is increased by 2 each year.13%; tin ingot production is 3.53 Initially, it is increased by 5 per year.68%, tin chemical industry and tin material production have also been stable for many times. The level of tin ore production in Myanmar has fallen, and the supply and demand of the tin industry has continued to improve. According to data from the International Tin Association, in February, the content of tin in Myanmar ‘s mineral imports was about 900 tons, a 87% decrease from the previous month and a decrease of 82%; affected by raw materials. 19Annual domestic refined tin production may decline year by year.We believe that the global tin supply and demand has realized a shift from surplus to balance in 2018, and the industry is expected to show a marginal decrease in 19 years. It is expected to present a layout for alternatives in 2019-2020.In this context, we believe that the tin industry is expected to enter a booming upward cycle in 2019, and prices may benefit.As the tin industry leader and scarce target, the company needs to recognize the company’s profitability of mining resources. The domestic tin ore and 北京桑拿洗浴保健 smelting leader maintains the company’s “overweight” rating. Due to the 18-year zinc concentrate output and other factors, it appropriately lowered its zinc output assumption for 19-21.It is expected that the revenue for 19-21 will be 419.12, 428.43, 432.1.7 billion, net profit attributable to the parent company.53, 11.85, 14.81 trillion, 19-20 lower than the previous forecast of 16.7%, 19.1%, corresponding PE is 20, 18, 15 times.With reference to the estimated level in the industry (average 22 times PE in 2019), due to the scarcity of the target, a certain estimated premium will be given, and the company will be given 23-25 times PE for 19 years, corresponding to the adjusted target range of 14.49-15.75 yuan (was 10).54-11.78 yuan).Maintain the company’s “overweight” rating. Risk reminder: The decline in the price of tin, 淡水桑拿网 zinc and other metals leads to a decline in profit levels; the advancement of mining and smelting projects has not been expected to affect the release of production.