Depth-Company-SPDB (600000): Adjusted structure to promote interest rate repair and focus on asset quality improvement trends

In-depth * Company * SPDB (600000): Adjust the structure to promote interest rate repair and focus on the improvement trend of 天津夜网 asset quality

SPDB’s 18-year structural adjustment has shown initial results. At the same time, its exposure to public asset quality has stabilized, and its overall operating risk has decreased significantly.

The company’s asset side is proactively inclined towards retail. In the future, the focus will shift to the performance of the deposit side and retail asset risk.

Considering that the current company’s estimated level lower than the industry average has fully reflected the company’s asset quality expectations, it maintains SPDB’s Overweight rating.

Key points of official ratings Revenue growth has improved at a low level, and regulatory factors have dragged down program fees. SPDB’s 18-year net profit has increased in value3.

05%, basically in line with expectations.

Revenue previously increased by one.

73%, a slight increase of 0 compared with the first three quarters.

42 points.

The steady recovery of revenue was mainly due to the continuous improvement of net interest income, which increased in value every year4.

61% (compared to the first three quarters of 2.


Affected by the gradual and progressive impact of regulations, the program fee growth has been sluggish and has dropped by 14 every year.

4%, accounting for 4% of revenue.

29 out of 22.

7%, of which custody business dropped 39%, wealth management income dropped 55.


The asset structure adjustment has increased significantly, but the improvement of the liability side remains to be observed. The company’s 18-year asset structure adjustment has been positive, and the total asset size has only increased in value.

5%, the loan growth rate increased by 11% per year, and promoted the proportion of loans increased by 4.

38 up to 56.


In terms of credit structure, 68% of credit will be gradually increased to retail sales, of which credit card loans and other loans mainly based on consumer credit increased correspondingly.

61% and 67.

6%, which promoted loan yields and interest-earning asset yields to increase by 3bp and 6bp compared to the first half.

However, from the perspective of the aldehyde end, the weak growth of deposits persists, and the deposits in the fourth quarter fell by 1 quarter-on-quarter.

45%, the proportion of demand deposits decreases by 5 every year.

26 up to 45.

3%, resulting in the original deposit cost of SPDB increased 9BP compared with the end of the first half.

On the whole, the adjustment of the beneficiary asset-side structure and the decline in the cost of interbank debts have significantly increased the company’s net interest margin to 1.

94%, compared with the first half of the year.

The level of 77% increased significantly.

Asset quality has stabilized and improved, and bad expectations have expanded. In terms of strict asset quality, SPDB’s non-performing loan ratio in the fourth quarter dropped by 5BP to 1 from the previous quarter.

92%, which has been down for 4 consecutive quarters since 2018, but the absolute value is still relatively high among listed banks.

As of the end of 2018, SPDB’s loan / non-performing ratio overdue for more than 90 days84.

6%, bad identification has been severe.

At the end of the fourth quarter, SPDB’s provision coverage ratio increased by 2 from the previous quarter.

Twenty-eight are as high as 155%, which is only slightly higher than the regulatory 150% requirement. The level of future provisions needs to be further improved to enhance risk prevention capabilities.

It is estimated that considering the positive impact of the company’s structural adjustment on the interest rate differential and the ease of pressure on asset quality, we slightly increased the company’s EPS in 19/20 to 2.

0/2.1 yuan / share (previous forecast 1.)


98), corresponding to a growth rate of 5.

0% / 4.


At present, the overall corresponding PE for 2019/20 is 5.

51x / 5.

26x, PB is 0.

66x / 0.

60x, the main risks facing the rating: asset quality exceeds expectations, and financial supervision exceeds expectations.

Vanke A (000002) August sales data review: steady sales growth keeps positive

Vanke A (000002) August sales data review: steady sales growth keeps positive

Event: Vanke announced the company’s August sales data, and the company achieved a contracted amount of 441 in August.

3 ‰, an increase of 15 in ten years.

1%; Achieve contract 深圳桑拿网 area of 277.

40,000 square meters, an increase of 7 in ten years.


From January to August, the company gradually realized the contracted amount of 4,263.

1 ‰, an increase of 9 in ten years.

8%; cumulative contracted area reached 2,741.

100,000 square meters, an increase of 5 in ten years.

4%; from January to August, the company added 2,721 new construction sites.

90,000 square meters, down 26 every year.

7%; total land price 1,754.

2 ‰, a decrease of 12 per year.


Opinions: August sales of 44.1 billion yuan, + 15% annually, cumulative sales of 426.3 billion, ten years + 10%, steady growth in August the company achieved a contracted amount of 441.

300 million, down 8 from the previous month.

4%, an increase of 15 per year.

1%; Achieve contract area of 277.

40,000 square meters, a decrease of 11.

5%, an annual increase of 7.

8%; the average selling price was RMB 15,908 / flat, an increase of 3 from the previous month.

5%, an annual increase of 6.


From January to August, the company has accumulated a total of 4,263 contracts.

1 ppm, an increase of 9 per year.

8%, an increase of 0 from January to July.

6pct; 2,741 contracted area gradually realized.

100,000 square meters, an increase of 5 in ten years.

4%; cumulative average selling price of 15,553 yuan / square meter, an annual increase of 4.


In August, the company’s sales were stable. Against the background of first- and second-line sales, the company’s subsequent sales are expected to grow steadily.

In August, land acquisition remained positive, focusing on the first and second tiers and the metropolitan area. The proportion of land acquisition amounted to 78%. In August, the company acquired 28 projects in Zhuhai, Jiaxing, Xi’an and other places in the land market.Second-tier cities and metropolitan areas.

In August, the company added 683 facets.

70,000 square meters, a 70% increase from the previous month and an annual increase of 78.

9%; corresponding to the total land price of 343.

200 million, a decrease of 15% from the previous month, and an increase of 52.

1%; the proportion of land sales amounted to 77.

8%, down from the previous month.1%, compared with 50 in the previous year.

5% up 27.

3pct; the average floor price was 5,019 yuan / flat, a 50% decrease from the previous month and a continuous 15% decrease. The average land price was 31% of the average monthly sales price.

6%, compared with 36 in the previous year.

6% down 5pct.

From January to August, the company added 2,721 planning areas.

90,000 flat, down 26 a year.

7%; corresponding to the total land price of 1,754.

2 ‰, a decrease of 12 per year.

5%, taking up land accounts for 41% of diesel.

1%, compared with 50 in the previous year.

5% down 9.

3pct; the average floor price is 6,445 yuan / square, an annual increase of 19.

4%, taking the average price of land 41% of the average selling price.


Based on the average sales price of 1 to August.

The 560,000 yuan / ping annealing company added 4,246 trillion yuan in value from January to August, which was basically the same as 426.3 billion yuan.

Investment suggestion: Sales should grow steadily, land acquisition will remain positive, and maintain a “strong push” rating. Vanke, as the industry leader for 30 years, is advocating high turnover in advance, exploring residential industrialization, focusing on small and medium-sized fine decoration products, and establishing a three-tiered management and control structure.The layout of the three major urban agglomerations, the implementation of a number of talent programs, the deepening of small-stock trading models, and the development of innovative business are all well-deserved pioneers. The results have also been achieved in the company’s sales and performance in the past 10 years have both increased.Achieved in the industry-leading sound operation and financial indicators.

For the future, in the abnormal cycle of the small real estate cycle, Vanke will continue to take land + increase the concentration of sales and continue to maintain its leading advantages. At 南京夜网 the same time, the company is in property services, commercial real estate, logistics real estate, long-term rental apartments, pensionsSegments such as Golden Real Estate and Rail Property have also led the industry. Future performance and estimated contributions are worth looking forward to.

We maintain the company’s expected profit forecast for 2019-21 is 3 respectively.

66, 4.

41, 5.

30 yuan, maintain target price of 45 yuan, maintain “strong push” level.

Risk Warning: Tighter-than-expected tightening of real estate industry policies and Tighter-than-expected tightening of industry financing policies

Changchun High-tech (000661): Reorganize and release the rationalization mechanism

Changchun High-tech (000661): Reorganize and release the rationalization mechanism
A major asset restructuring budget was announced, and a “buy” rating company released a restructuring budget on June 5. The company intends to issue shares + convertible bonds (consideration 56).400 million) to acquire Jin Lei, which was held by Lin Dianhai 29.5% equity (restructured high-tech shareholding gold match 99.5%).The draft was voted at the shareholders’ meeting on the 21st. If it is passed successfully, it will enter the follow-up supporting process. Considering the major reorganization process, the results will be consolidated or reflected after 2020.We think this consideration is in line with market expectations and rationalizes the leadership’s interest mechanism, which is conducive to the release of performance.If we do not consider the consolidation, we expect the net profit attributable to the mother in 19-2113.9/18.0/22.0 billion (previous forecast was 14.1/18.7/23.400 million), the current price corresponds to 20 years of PE 27.7 times; if you consider the consolidation for 20 years, the net profit attributable to the mother will be 24 in 20-21.7/30.500 million US dollars (based on the direct share capital after restructuring, 20-year PE 23.7x), maintain BUY rating. Consideration scheme: Make a price of 56.400 million acquisition of Kinsey29.The details of the 5% equity consideration for this proposal are as follows: 1) Issuance price: Changchun High-tech Co., Ltd. with the existing total share capital1.Based on 700 million shares, a cash dividend of 8 yuan will be distributed for every 10 shares, and the stock issue price will be adjusted to 173.69 yuan / share; 2) Issuance method / consideration: Xiang Jinlei and Lin Dianhai won the gold 29.50% equity (of which Jin Lei 23.5% equity, Lin Dianhai 6% equity), the price of 56.4 trillion, it is planned to pay the consideration of 92 by issuing shares.02%, or 51.9 ppm; pay 7 for consideration by issuing convertible bonds.98%, or 4.5 ppm; 3) Kinsey estimates: replace the amount of Kinsey’s profit distribution in the future based on the evaluation benchmark11.3 trillion, the value of Jinsai equity transactions is 191 trillion. Shareholding structure: shareholding ratio jumped to 99.5%, the interests of both parties straighten out the changes in the equity of both parties through this transaction are as follows: 1) Changchun High-tech owns Jinsai 99.5% equity (originally 70% equity); 2) Jin Leiyuan holds 30,000 shares of Changchun High-tech stock, accounting for 0% of total 杭州夜网论坛 equity02%.Regardless of supporting financing and convertible bonds for shares, it holds 23.29 million shares in Changchun High-tech, accounting for 11 of the total share capital.65%; without considering supporting financing but considering convertible bonds to equity, it holds 25.88 million shares, accounting for 12% of the total equity.78%. We are optimistic that the share swap will deeply bind the core leadership interests of Kinsey with the listed company. Set a performance commitment and unlock period, and add new momentum to subsequent profit growth. Jinsai Pharmaceutical promises to achieve a net profit of no less than 15.558 million yuan in 2019, 2020 and 2021 (an increase of 38% year-on-year), and 19.48 million yuan.(+ 25%), 232.303 million yuan (+ 19% year-on-year), and the net profit gradually realized during the 佛山桑拿网 commitment period is not less than 5826.6 million yuan; at the same time, supporting, Jin Lei, Lin Dianhai promised to expire after the 12-month lock-up period, such asPerformance promises that the shares it holds as a result of this transaction shall be lifted in three phases at 33%, 33%, and 34%). We believe that this performance commitment is the bottom line of growth, does not rule out the possibility of unexpected growth, it is recognized that the interests are consistent, and there is sufficient motivation to release performance. Kinsey: It is expected that the consolidation will begin in 2020 and increase the company’s performance. We expect that the time span involved in the approval of the bill is relatively expected because the transaction is a major asset reorganization. Assuming that the consolidation will begin in 2020, we will use model calculations to increase the net profit of listed companies by 2020 to 24.7 ‰ (consolidated by about 7 ‰). Risk Warning: The progress of the reorganization plan is slower than expected, the price of water injection is lower than expected, and the launch of new vaccine products is not as expected.

Wuliangye (000858) 2019 Third Quarterly Report Review: Internal Goals Complete

Wuliangye (000858) 2019 Third Quarterly Report Review: Internal Goals Complete

Results and cash flow performance continued to be strong.

The company released the third quarter report of 2019 and realized operating income of 371.

0 trillion, with an increase of 26.

8%, net profit attributable to mother is 125.

400 million yuan, an increase of 32.

1%; single Q3 income 99.

500 million yuan, an increase of 27.

1%, net profit is 32.

100 million yuan, an increase of 34.

6%, solid performance, slightly higher than expected.

In the first three quarters, sales receipts also increased by as much as 60.

1%, net cash flow from operating activities was 161.

9 trillion, a three-fold increase over the same period, the cash flow performance continued to shine.

The preliminary release plan was completed ahead of time, and the combination boxing brought positive improvements.

Since the beginning of this year, the company has won high recognition for the combination of marketing channel reforms and the eight-generation Puwu makeup upgrade. Combined with the channel survey feedback, the eight-generation Wuliangye Q3 has been put in about 5,000 tons, and the first three quarters have been completed.

3 issuance plan, some dealers have added some payment.

Therefore, the company’s initial revenue of 500 billion yuan, and the goal of maintaining a growth rate of about 25% is successfully completed.

During the Mid-Autumn National Day, the company moderately expanded the scheduling rhythm and improved the approval price. However, based on the point-sweep system, the system was gradually completed and improved. Channel optimization, terminal planning, and market size management were adopted to achieve better channel and price control.Control, the current inventory level is reasonable, the approval price is still expected to rise steadily, the company’s target approval price will still reach 1,000 yuan.

  The company received advance payment 58 at the end of Q3.

600 million yuan, an increase of 140.

4%, the ring increased by 34.


The advance payment can be ground, the channel payment and stock preparation are expected to be positive, and the channel confidence is still in the period of improvement. This is a good foundation for the company to prepare for the Spring Festival payment.

  Cooperating with the eighth generation to increase marketing investment, the profit level remained outstanding.

The company’s gross profit margin in the first three quarters was 73.

8%, 0 per year.

3 points, mainly benefited from the increase in volume and price of Wuliangye’s core products and the slimming and cleanliness of a series of wine brands, with a single Q3 gross profit margin of 73.

8%, down by 1.

4pcts, it is presumed to be related to product structure and non-alcohol business quarter to quarter.

In terms of expense ratio, Q3 business tax and management expense ratio decreased by 4 respectively.

1 and 1.

5pcts, the sales expense ratio increased by 2.

2pcs to 14.

0%, mainly due to the eight-generation full listing, participating in brand marketing activities and the marketing system after the official launch of the terminal investment.

Net profit for the first three quarters was 35.

4%, the same increase of 1.

3pcts, we believe that the company ‘s brand strategy is clearer. Since the beginning, it has combed the product line and focused on the classic Wuliangye strategy.Expense rates are expected to remain stable and profitability is expected to increase steadily.

  Continue to seek the improvements brought about by the reforms to continue to deliver, and the stability of operations has improved significantly.In the construction of the company’s existing team led by Chairman Li Shuguang, it was proposed that since the second start-up, the company has gradually landed through drastic reforms, actively seeking changes, and seeing the emergence of shortcomings, reflecting good execution.

We continue to be optimistic that the improvement of company management will continue to materialize, driving the company to continue to improve in multiple dimensions such as brand remodeling, marketing transformation, and consumer cultivation.

Looking forward to next year, the traditional channel plan will not increase, and we will actively promote the development of incremental channels such as channel sinking and group purchase. The shipment volume plan is expected to continue to grow and maintain good operating stability.

  Core point of view: The company’s performance and cash flow performance remain strong, the shipment 杭州桑拿网 volume plan is finalized, and the gradual performance goal is completed. It is necessary to continue to improve management and operational rationality to bring about long-term business robustness.

We slightly adjust the company’s EPS forecast for 2019-2021 to 4.



65 yuan (previous forecast was 4).



54 yuan), the current corresponding PE is 29/23/20 times, maintaining a 12-month target price of 164.

6 yuan, corresponding to about 30 times PE next year, maintaining the “strong push” level.

Risk warning: Product demand is less than expected; channel reforms are not as effective as expected.

Aerospace Development (000547) Company comment: Long-term performance surpasses market expectations Blue Army leader can expect rapid development

Aerospace Development (000547) Company comment: Long-term performance surpasses market expectations Blue Army leader can expect rapid development
Event: On January 17, 2020, the company announced the 2019 annual results announcement.In 2019, the company expects to reach the net profit reachability of its mothers6.58-7.5.4 billion, compared to 4.48 ppm, the previous increase is expected to be 47% -68%. The scale of revenue has grown rapidly, and product and market expansion have created future competitiveness.The company is expected to realize net profit attributable to mothers in 20196.58-7.540,000 yuan, an annual growth of 47% -68%.Mainly due to the company’s focus on electronic information technology, the company has identified five major business directions of electronic blue army equipment, cyberspace security, communication and command systems, microsystems and marine equipment.In 2019, the company’s electronic blue army equipment, cyberspace security, communication and command systems entered a period of rapid development, and performance has made breakthroughs.In addition, the company reported that it expects to achieve basic profitability.41-0.47 yuan, significantly higher than 0 in the same period last year.31 yuan / share. The industrial layout is further improved, and the prospects for coordinated development are broad.In order to make use of the resource background and market advantages of military enterprises, and to seize the wave of miniaturization, chip and comprehensive development of radar and missile-borne systems, the company invested in the establishment of a new aerospace science and technology microsystem technology company and completed it in November 2018.Business registration.Aerospace Science and Technology Microsystem Technology Company has established the foundation for the development of the company’s microsystem field, marking that the company’s industrial distribution in the microsystem field has been further improved, helping the company to become a supporting unit in the microsystem field of the Aerospace Science and Industry Group.The company’s industrial layout based on the five major industries of electronic blue army equipment, cyberspace security, communication and command systems, microsystems and marine equipment has been further improved. In the future, the industries are expected to promote mutually coordinated development. The company’s future development prospects are worth looking forward to. Downstream high prosperity continued, and the company’s military business prospects are good.Extremely, the defense expenditure 杭州夜网论坛 of the downstream terminal of the military products business has maintained a steady growth, and the prospects of the military products business are good.In the new version of the national defense budget released in July 2019, it was mentioned that “the acceleration of war patterns evolves into information-based wars” and “significant progress has been made in military transformation with Chinese characteristics, but the level of informationization needs to be improved”.It can be seen that the high prosperity downstream of the military products business will continue.At the same time, the company is a domestic military tactical communication system core equipment provider, and its subsidiary Nanjing Changfeng also has a leading advantage in the field of “electronic blue army”. The field’s RF simulation test system in various institutes is constantly updated and outfield targets brought by actual trainingThe continuous consumption of ships has promoted the rapid growth of operating income of subsidiaries, and the future development of military products business is good. Promote the overall layout of the network information security field and continuously enhance the competitiveness of the communications industry.In December 2018, the company carried out asset reorganization, and newly acquired three information security companies, Rui’an Technology, Yima, Aerospace Kaiyuan, comprehensively promoted the network information security field layout, and created a professional team of network information security.In addition, the company announced in August that it plans to invest in the construction of a new mobile communication technology research institute in Chongqing Xiyong Free Trade Zone, actively explore 5G and 6G communication technologies, promote the transformation and upgrading of the company’s communications industry sector, and enhance the company’s communications industry competitiveness.On the basis of investing in the construction of a new generation of mobile communication technology research institutes, the company gradually integrates technology research, research and development, production, application promotion, talent training, and innovation and entrepreneurship bases, which is conducive to promoting the overall layout of the company’s communications industry, and continuing to be superior and strong, slimAssist the company in outstanding new development. Earnings forecast and investment advice: We predict that the company will achieve revenue of 45 to 20 years respectively.84/58.68/75.51 ppm, an increase of 30 in ten years.37% / 28.02% / 28.68%; net profit attributable to mother 7.02/9.22/11.70 ppm, an increase of 56 in ten years.57% / 31.38% / 26.88%; corresponding to 19-21 years PE is 27/20/16 times.Maintain “Buy” rating. Risk warning: The progress of military products business is less than expected; the progress of asset integration such as mergers and acquisitions is less than expected.

UFIDA (600588) 2018 Annual Report Comments: Performance Growth Meets Expectations, Cloudization Transformation Accelerates

UFIDA (600588) 2018 Annual Report Comments: Performance 南京夜生活网 Growth Meets Expectations, Cloudization Transformation Accelerates

Event: The company released its 2018 annual report, and the company achieved revenue of 77 in 2018.

30,000 yuan, an increase of 21 in ten years.

40%; net profit attributable to mother 6.

12 ppm, an increase of 57 in ten years.

30%; net profit after deduction 5.

32 ppm, an increase of 81 in ten years.

60%; net profit after deductions and after deduction of dividend incentive expenses.

660,000 yuan, an increase of 57 in ten years.


Comment: The performance growth is in line with expectations, and the operating efficiency continues to be optimized. In 2018, the company achieved revenue growth21.

40%, close to the lower limit of 20-25% of the notice; net profit attributable to mother 6.

120,000 yuan, an increase of 57 over the same period last year.

30%, which is close to the upper limit of 45% -60% of the notice.

In 2018, the company’s increase in cost control has a significant effect, with a gross profit margin of 69.

95% compared to the same period last year 1.

48pct; period expense rate 58.

73%, compared with the same period last year 3.

07pct, in which the sales expense ratio is reduced by 0.

94pct to 21.

40%; administrative expenses 0.

90pct to 35.

90%; financial expenses

24pct to 1.


In 2018, the company continued to increase R & D investment, with a total of 14 R & D promotion.

8.6 billion, accounting for 19% of revenue.

30%, of which research promotes capitalization12.

50%, a decrease of 2pct compared to the same period last year.

The cloud business has grown rapidly, and the product ecosystem has gradually improved. In 2018, the company continued to accelerate its cloud transformation. At the end of November, it released a number of products such as NC Cloud for large enterprise customers. In 2018, the company’s cloud services achieved revenue of 20.

940,000 yuan, of which non-financial cloud business achieved revenue 8.

51 ppm, an increase of 108% in ten years; by the end of 2018, the company’s cloud services gradually registered 467 users.

210,000, an increase of 74 from the same period last year.

210,000, and gradually expanded users 36.

190,000, an increase of 55% over the same period of last year; in 2018, UFIDA market entered the ecological He Guotai partners exceeded 3,000, and 4,500 ecological products and services were listed.

Investment advice and profit forecast The company is a leader in the domestic ERP industry, a scarce product-type company. At present, enterprise software services are in the transition period of the new generation of information technology represented by cloud computing. The company’s cloud transformation will gradually be realized, and it will becomeThe biggest beneficiaries of enterprise cloud transformation.

It is expected that the company will realize net profit in 2019-2021.

23, 11.

88, 13.500,000 yuan, corresponding to EPS 0.

43, 0.

62, 0.

70, corresponding to PE 78, 54, 47 times, giving the company an “overweight” investment rating.

Risk reminder: Cloud service transformation is less than expected, and the decline in manufacturing prosperity affects downstream customers’ informatization expenditure

Xingyu Co., Ltd. (601799): Centuries-old Xiaoyan resumes trading: Xingyu’s possibilities and challenges

Xingyu Co., Ltd. (601799): Centuries-old Xiaoyan resumes trading: Xingyu’s possibilities and challenges

Investment Logic: Implications for the growth and operation of global leaders in large industries for Xingyu. At present, global automotive lamp companies are European and Japanese.

Japanese companies are represented by Xiaoyao and Stanley, and they win by fine cost control; European companies are 重庆耍耍网 represented by Hella and Valeo to promote product transformation and dominance.

In addition to the old European-style car lamp companies in Japan, high-quality autonomous car lamp companies driven by the strong growth of the Chinese automobile market have also begun to break through the old competition circle and write their own history. Here, through the 100-year re-examination of Xiaoyan, cost dismantling, and SWOT analysis, Xingyu contrast to Kaiqi.

Koito’s resumption: Global expansion follows Toyota, and the current cycle of Japanese systems in China has been conservative. Through the 100-year review of Koito, we found that Koito’s global expansion since the 1980s has basically followed Toyota’s, and China’s upcoming Japanese systemIn the production capacity and model cycle, Xiaoyan’s expansion performance is 四川耍耍网 conservative (judgment indicators: property / factory / equipment, capital expenditure, depreciation and amortization, and absolute value and proportion of R & D expansion), and it has reached the input of the main engine plant.Sanfang’s independent lamp brand is expected to achieve high cost performance. In the next three to five years, Japanese Japanese models in China will break through the Japanese industrial chain.

Cost dismantling: Xingyu’s raw material procurement has a gross margin advantage, and Xiaoying has an advantage in expense ratio. Under the same GAAP specifications, a small amount of Xingyu’s net profit is high.

3pct, in detail, Xingyu’s advantages in net interest rate are mainly four aspects: 1) gross profit rate (core advantage + 4pct); 2) investment income + 2pct; 3) return rate +0.

7 pct; 4) Minority shareholders’ equity + 1 pct.

At the same time, the disadvantage of Xingyu’s small amount of net profit mainly reduced the expense ratio (-4pct).

Among them, the cost of raw material procurement is the main reason for the advantage of Xingyu’s gross profit rate, and the labor dispatch system, Toyota may be the main reason for the expense ratio advantage.

Business analysis: Xingyu R & D + mass production, both in the future, we can compare the finance of Xingyu and Xiaoyu. After research and development and technology, we find that: 1) both focus on the main business, the growth of Xingyu is more stable; 2) the profitability of Xingyu is slightly stronger than Xiaoyu3) Koito’s global expansion has been over 30 years, and Xingyu has just started the overseas expansion. 4) The proportion of R & D scale is close, and innovation + mass production are both in place. 5) Kopi is leading the mass production of LEDs, and the development of forward-looking technology is basically synchronized.

Risk reminder: the auto market is down, the price of LED lights is lower, and the advancement of new products is less than expected. The risk continues to be optimistic about the lamp industry. Maintain the buy rating. Xingyu is at a high starting point, flexible, and long-lasting track.), High-end German system), integration (Serbia construction plant) took steps.

It is estimated that the profit for 19/20/21 will be 8/10.

3/13 million yuan, PE is 26/21 / 16x, maintain the target budget of 93-104 yuan in 2020, maintain a buy rating.

Yonghui Supermarket (601933): The main business of fresh supermarket leader Yunchao has grown rapidly

Yonghui Supermarket (601933): The main business of fresh supermarket leader Yunchao has grown rapidly

The company focused on the fresh food category, and Yunchao’s main business grew rapidly. For the first time, Yonghui Supermarket was a leading company in the domestic fresh food supermarket industry. With the rapid growth of the “agricultural reform” of fresh food, 2007-2018The company has a CAGR of 30.

8%, CAGR of net profit attributable to mother is 24.


The company benefited from the dividends of the fresh consumer market, established competitive barriers to the fresh supply chain in the development process, and completed a large-scale domestic 都市夜网 layout ahead of the industry.

The company completed its business adjustment in 2018, refocused on the main business of Yunchao, and its performance has returned to rapid growth since 2019.

We expect the company’s stores to expand and single stores to enhance more sustainable space. EPS for 2019-2021 will be 0.



36 yuan, covering the company for the first time with a “buy” rating.

  The fresh food market is broad, and the domestic fresh food consumption continues to grow rapidly in response to the consumption upgrade trend. According to the China Industry Information Network, the fresh food market size in 2018 reached 1.

91 trillion, with a CAGR of 7 in 2011-2018.

92%, and its market size is expected to reach 2 in 2020.

16 trillion.

At present, fresh food consumption is concentrated in the farmer’s market, but fresh food supermarkets have a better purchasing environment, more transparent prices, high quality and stable products, and meet the needs of young consumers. In the future, they will be transformed into a farmer’s market.The impact on the line is small.

According to Euromonitor data, the proportion of supermarket channels in fresh food consumption from 2008 to 33.

7% increased to 40 in 2018.

At 1%, we expect that the operation of fresh food supermarkets will be more complete, and this improvement trend is expected to accelerate.

  The company’s fresh supply chain has high barriers, and the channel layout is ahead of the company’s fresh production in 2018, which reached 316.

With USD 6.3 billion, fresh products accounted for 47%, and the procurement scale had significant advantages. The company’s direct fresh harvest ratio was as high as 75%, and the overall loss rate was about 3-4%, leading the industry.

In terms of upstream extension, the company has established more than 20 agricultural planting cooperation bases, and reached cooperation with South Korea’s Cijie Group and New Hope Liuhe to ensure the advantages of raw material procurement. In terms of logistics and warehousing, the company’s logistics centers have covered 17 provinces and cities nationwide.Operating area of 450,000 square meters.

In addition, the company’s channel expansion has broken through geographical restrictions, and its store layout leads the industry. As of the third quarter of 2019, the company has 825 hypermarket stores, a net increase of 117 compared to 2018, maintaining a steady expansion.

  Exploring the mini format is expected to open up new performance growth space, and the short-term performance will have a limited period of impact. By the third quarter of 2019, 510 mini stores have been opened, concentrated in Chongqing, Fujian, Sichuan and other areas where the density of Yonghui hypermarkets is relatively high.

Compared with hypermarket scores, the mini store has a smaller area and more than 50% of fresh produce, which caters to the development trend of small businesses in the community.

In addition, the mini store can cooperate with the traditional hypermarket business in sales drainage, logistics and warehousing, and resource sharing. It is expected that the drag on profits will be limited in the short term.

  Return to Yunchao’s main business, with rapid growth in performance after operating adjustments. For the first time, companies with a “Buy” rating were refocused on the Yunchao business. Since 2019, performance has resumed rapid growth.

We estimate the company’s net profit attributable to its parent to be 22 in 2019-2021.



3.1 billion.

The reference industry averages 24 in 2020.

2 times price-earnings ratio, taking into account the company’s 2018-2021 CAGR of 32.

3% (the industry average of 17.

7%), and the company has completed a multi-regional layout, and its future performance stability and growth predictability are high. It gives the company a PE valuation of 32-35 times in 2020 and a target market value of 879.


40,000 yuan, corresponding to a target price of 9.


05 yuan, the first coverage given a “buy” rating.

  Risk warning: the macroeconomic downturn; the new industrial development is not up to expectations; intensified competition in the fresh produce industry; and the supply chain integration and upgrade is not up to expectations.

Depth-Company-Lixun Precision (002475): Old customers new products + old products new market growth momentum is sufficient

Depth * Company * Luxun Precision (002475): Old customers new products + old products new market growth momentum is sufficient

The company released the 2019 first quarter report: in the reporting period, it achieved revenue of 90.

190,000 yuan, an increase of 66 in ten years.

90%; net profit attributable to mother 6.

160,000 yuan, an increase of 85 in ten years.


Highlights of the support level The first-quarter performance was impressive, with high R & D funding to reserve new products.

The company’s first-quarter performance forecast shows that the expected net profit attributable to the mother is in the range of 5.

6.6 billion yuan-6.

32 ppm, with an annual increase of 70% -90%.

The net profit of this quarterly report is 6.

160,000 yuan, an increase of 85 in ten years.

04%, in the range of performance forecast.

In terms of expenses, 19Q1 sales expense subsidies were 0.

80%, a decline of 0 every year.

44 units; administrative expenses 2.

07%, a decrease of 0 per year.

59 units; financial expenses1.

44%, down by 1 every year.

33 in total, the cost indicators have improved significantly.

In terms of R & D funding, the company continued to expand R & D investment, with R & D expenses at 6 in 19Q1.

88 ppm, a 68-year increase of 68.


The continued high R & D investment shows that the company’s investment in new product reserves has broken through, providing a basis for long-term sustainable growth.

Based on core customers, expand product categories.

With the advantages in manufacturing technology, R & D and operation management, the company’s product categories in customers continue to develop.

In 2018, new products such as wireless charging, LCP antennas, and linear motors were introduced to customer A. It is expected that in 2019, the increase in supply time, share, and number of materials will continue to drive the company’s performance growth.

In addition, due to the hot sales of Airpods, the company’s Airpods business in 2018 contradicted the company’s performance growth. It is expected that the Airpods business in 2019 will still be an important driving force for the company’s performance growth.

The first half of the year guided high growth, and the long-term high growth trend is expected to continue.

According to the company’s guidance for the first quarter report, the net profit range for the first half of 2019 is expected to be 14.

04 武汉夜生活网 billion-15.

69 ppm, with a ten-year increase range of 70% -90%.

We believe that the company adheres to the development ideas of new products for old customers and new markets for old products and new customers, with clear growth logic and continuous growth.

It is estimated that the company’s EPS for 2019-2021 will be 0.

85, 1.

10 and 1.

34 yuan, corresponding to PE is 31, 24 and 19 times.

We are optimistic about the company’s long-term growth as a precision manufacturing leader and maintain the buying level.

The main risks facing rating Apple’s sales volume growth; new products gradually exceed expectations; customer non-mobile product sales fell short of expectations.

Jingwang Electronics (603228): Plans to expand production of high-layer and HDI to meet the 5G era

Jingwang Electronics (603228): Plans to expand production of high-layer and HDI to meet the 5G era

Event summary ① The company intends to issue convertible bonds to raise funds17.

800 million, occupying the 杭州桑拿网 first phase of Jingwang Electronic Technology (Zhuhai) Co., Ltd.-an annual output of 1.2 million square meters of multilayer printed circuit board project.

② The company intends to use its own funds26.

89 million budget Jingwang Electronic Technology (Zhuhai) Co., Ltd. Phase I project-600,000 square meters of high-density interconnected printed circuit board project.

Analysis and judgment: It is planned to expand production of high-layer boards, share 5G infrastructure and follow-up dividends. The working frequency of 5G is high, and the base station network density is about 4G.

5 times, 2019 is the first year of 5G base station construction. The next few years will be the peak period of 5G network deployment, and the demand for communication base station PCBs will rise rapidly.

According to Prismark forecast, the average annual compound growth of PCB output value of wireless communication infrastructure from 2018 to 2023 will reach 6.

0%, 31 in 2023.

$ 0.3 billion.

5G high-speed transmission, processing and storage will require high-performance servers, and the demand for high-layer printed circuit boards will be more sustained.

According to Prismark statistics and forecasts, the server (including data storage) PCB market output value changes in 201849.

US $ 7.7 billion, an increase of 21 over the previous year.

3%, it is expected that the average annual compound growth from 2018 to 2023 will be 5.


In the middle and late stages of 5G business, connected cars and auto driving will further boost the demand for automotive PCBs, especially high-end PCBs such as millimeter wave radars.

According to Prismark statistics and forecasts, the global automotive PCB output value in 2018 was 76.

USD 1.6 billion, expected to reach 100 in 2023.

USD 2.0 billion, with an average annual compound strength of 5.


The company’s convertible bond investment project builds a national first-level specialized high-layer printed circuit board factory. Its main products are 5G communication equipment, servers, and multilayer printed circuit boards for automobiles. The construction period of the project is 3.

5 years.

After the investment project is completed and put into production, it is expected to realize tax-free annual sales income21.

90,000 yuan, total annual profit before tax is 36,678.

340,000 yuan.

Proposed HDI, meeting the high-end needs of 5G mobile phones. The company plans to invest 268,895.

50 million new high-end HDI (including mSAP technology) production lines, forming a 600,000 square meter high-density interconnected printed circuit board production capacity.

Project planning and construction period 4.

In 5 years, construction will begin in the fourth quarter of 2019, and it is planned to be completed in the first quarter of 2024 and reach production in 2025.

With the upgrade of the chip manufacturing process, mobile phone motherboards are simultaneously moving towards miniaturization and integration. The limit line width and line spacing of the iPhone X motherboard have been reduced to 30um, which may be further reduced to 20um in the future. The thinness and shortness represent the development direction of mobile phone motherboards.

The shrinking of the mobile phone motherboard will drive a wide range of functional components such as cameras, antennas, wireless charging, buttons, and charging interfaces to use FPC, and FPC demand will show high industrial growth.

The company has FPC capabilities and has become a supplier of well-known domestic mobile phone brands. In the future, it will further expand HDI, which is expected to achieve comprehensive coverage of mobile phone motherboards and flexible boards, which will increasingly enhance the competitiveness of the industry and are optimistic about the company’s long-term development trend.

Investment suggestion Zhuhai Elasticity, a subsidiary, is still in the merger period. We expect the business to expand by approximately $ 100 million. In the future, with the internal collaboration and equipment personnel integration in place, it is expected to turn around next year.

The pre-construction stage of the proposed investment project and the initial ramp-up of production capacity will be supplemented. We adjust 2019?
In 2021, the net return to mothers will be 8.

5.9 billion, 10.

5.6 billion, 13.

1.8 billion (previous forecast was 9).
4.5 billion, 13.

1.5 billion, 16.
66 ppm), corresponding EPS is 1.

43 yuan, 1.

75 yuan, 2.

19 yuan.

Reference Shenwan Printed Circuit Board Index In the past 2 years, the PE (TTM) is about 37 times. Since the company went public in 2017, the average PE (TTM) is 32 times, and the change range is 25 times.
42 times.

Give a target price of 52.

5 yuan, equivalent to 30 times PE in 2020, maintain “Buy” rating.

Risks suggest macroeconomic downturn, systemic risk; raw material price risk; exchange rate fluctuation risk; increased competition in the industry.