Zhejiang Dingli (603338): Strengthening Non-North American Market Expansion

Zhejiang Dingli (603338): Strengthening Non-North American Market Expansion

Revenue for the first half of the year 6.

49 ppm / decade +8.

05%, net profit attributable to mother 2.

60 ppm / decade +26.

79% of companies released semi-annual report: Company revenue in the first half of 20196.

49 ppm / decade +8.

05%, net profit attributable to mother 2.

60 ppm / decade +26.

79%, lower than market expectations.

Gross profit margin 41 in the first half of 2019.

73%, net interest rate is 30.


The reasons for the increase in revenue and attributable net profit in the first half of 2019 were: (1) changes in the company’s internal and external marketing markets; (2) the expansion of domestic leasing companies’ purchases; (3) the company’s product competitiveness increased.

The company’s EPS for 2019-2021 is expected to be 1.



72 yuan, giving an estimated PE of 36 in 2019?
38x, corresponding to a target price of 62.



12 yuan to maintain the “overweight” level.

Flexibly adjust internal and external market strategies and actively explore the Asian, European and domestic markets. In the first half of 2019, in order to prevent the impact of Sino-U.S. Trade friction on the company, the company flexibly adjusted its internal and external market sales strategies to reduce the North American market sales share and enhance Europe.Asia and other markets and domestic market share.

The company achieved main business income in the European market1.

49 ppm, a 47-year increase of 47.

16%, accounting for 38% of the income from overseas main operations.

79%, an increase of 16.

93 single; main business income in Asia and other markets1.

09 million yuan, an increase of 21 in ten years.

84%, accounting for 28% of the income from overseas main operations.

30%, an increase of 9.

04 single; the main category of rising domestic market share Domestic leasing procurement is too large, the company achieved internal main business income in the first half of 20194.

10,000 yuan, an increase of 35 in ten years.

22%, accounting for 51.

13%, an increase of 12 over the same period last year.

05 averages.

The growth rate of arm-type products, technical innovation consolidates the competitive strength. In the first half of 2019, the demand for arm-type products gradually increased, and the company’s domestic revenue in the first half of the year was zero.

72 ppm, an increase of 88 in ten years.

18%, accounting for the proportion of domestic main business income.
84%, an increase of 5 over the same period last year.

02 units.
The company’s BT30RT straight-arm aerial work platform has leading technological advantages and product performance, and won the “TOP50 China Construction Machinery Product of the Year 2019”.

The upgraded version of the new arm type has been produced and deployed in small batches. The fundraising project “Large Intelligent Aerial Work Platform Construction Project” is in the final stage of construction and equipment procurement. During the installation phase, the company is expected to complete it in 2019. After the production, an additional 3200 largeIntelligent aerial work platforms are expected to drive the company’s performance to continue to grow.

Leading companies in high-altitude operation platforms, maintaining the “overweight” level were affected by the friction between China and the United States. The company’s main business income from North America exceeded its share of its total overseas revenue and declined.

It is expected that the company’s net profit attributable to its parent in 2019-2021 will be 6.

02 ppm / 7.

8.2 billion / 9.

45 ppm, a ten-year average of 25.

24%, 29.

99%, 20.

77% (average 6 before 2019-2021).



5.3 billion), the corresponding EPS is 1.



72 yuan.

Considering that the company is located in the aerial platform industry and is a high-growth enterprise in the construction machinery sub-industry, reference to the comparable company Wind consistently predicts the average PE average in 2019.

73. In May next year, large-scale new-arm fundraising and investment projects will start production, strengthening business expansion in non-North American regions, giving a PE estimate of 36 in 2019?
38x, corresponding to a target price of 62.


12 yuan to maintain the “overweight” level.

Risk warning: there is 杭州桑拿 pressure in overseas markets, expansion is less than expected, and industry demand growth is lower than expected.

Shanghai Jahwa (600315) Annual Report 2019 Review: Marketing shortcomings have improved ROI, youthfulness still needs improvement

Shanghai Jahwa (600315) Annual Report 2019 Review: Marketing shortcomings have improved ROI, youthfulness still needs improvement

The main brand Liushen grows steadily in 2019, and Herborist gathers pressure to go offline. Online is still the main channel to drive growth: e-commerce revenue growth has increased by over 20%, and the distance between special channels has been nearly 50%. Looking forward to 2020, social media marketing will improveROI attracts young customers. Herborist’s promotion of new products and marketing are the priorities.

   Performance was lower than expected.

In 2019, the company realized revenue / attributable net profit of 7.6 billion / 5.

600 million, ten years +6.

4% / + 3.


  Q4 company achieved revenue / attributable net profit18.

600 million / 0.

2 ‰, +8 a year.

4% /-80.


The non-recurring gains and losses such as the proceeds from the initial factory relocation of assets, gains and losses from changes in the fair value of Ping An Fund.

800 million; after deduction, non-attributable net profit will be deducted in 20193.

800 million, a year -16.


The company achieved net operating cash flow in 20197.

500 million, a year -16.


   E-commerce is still the main channel to drive growth.

By channel: In 2019, the company strengthened online driving and scene marketing promotion, and the proportion of social media promotion increased to 53%, achieving online revenue of 25.

8 megabytes, + 30% a year; excluding the effects of special channels and other one-time factors, online growth has exceeded 20%.

Sub-brand: Leveraging online livestreaming, Yuze ‘s revenue growth rate was 80% +, and its revenue exceeded 300 million; Herborist is still falling slightly during the adjustment period; the growth rate of Liushen to a small number; the US and Canada ‘s net large single digits have fallen, GoffDouble digits dropped; Jia’an, Pien Tze Huang, Qi Chu fell by 40% + / 35% + / 25% +.

   The gross profit margin was slightly under pressure, and the selling expense ratio increased significantly.

In 2019, Qingpu plant increased the use of depreciation stalls, and the proportion of products with reduced gross profit margins such as masks increased, resulting in a decline in comprehensive gross profit margin -0.

92pct to 61.


The selling expense ratio / administrative expense ratio in 2019 were 42.

18% / 12.

40%, ten years +1.


03pcts, of which the marketing expense rate is as high as 31.

59%, ten years +2.


   Looking forward to 2020: The impact of the epidemic will be limited, and social media marketing such as star single products, IP co-branding, content and live broadcast will help younger and higher-end.

Brand: Focus on resources to create explosive models. In 2020, the new products will continue to focus on the Tai Chi series, and at the same time, the Yuze acne series will be upgraded and updated. In combination with the epidemic situation, Liushen will comprehensively sterilize and disinfect bacteria.

Marketing: Increase social media investment and use big data for accurate marketing; switch from traffic marketing to enhanced scenarios and word-of-mouth marketing; cooperate with Dunhuang IP to launch the 22nd anniversary gift box.

   Risk factors: New product sales fall short of expectations; emerging brands diverge; M & A integration falls short of expectations.

   Investment suggestion: The company has outstanding comprehensive strength in categories, positioning, research and development, and channels. At the same time, it needs to break through to create 重庆耍耍网 explosive models, younger customer groups, increase the proportion of online sales, and precise marketing to improve the return on investment.Considering that brand revival still needs to resist marketing expenses, the impact of the epidemic on Q1 revenue (equivalent to interest rate -5%), and some expenses under the new accounting standards to offset revenue (accounting for -10%) and other reasons, the company’s operating income for 2020-21 was reducedThe forecast is 72.

700 million / 80.

300 million (Originally: 83.

700 million / 91.

800 million), corresponding to at least +6 in 2020 without considering the impact of the new revenue ratio.

4%, lowered the attributable net profit forecast to 4.

5 billion / 5.

0 billion (was: 6.

500 million / 7.

1 ‰), plus operating income / attributable net profit forecasts for 2022 are 89.

300 million / 5.

6 trillion, corresponding to 0 to 2020-22 EPS.



84 yuan (the original forecast for 20/21 was 0.


05 yuan; EPS forecast for 2022 is new), maintain “Buy” rating.

Everbright Bank (601818) Annual Report Comments: Strong Revenue Growth, Stable Asset Quality Overall

Everbright Bank (601818) Annual Report Comments: Strong Revenue Growth, Stable Asset Quality Overall

Investment highlights: Event: Everbright Bank releases 2018 annual report.

In 18 years, the company achieved operating income of 1,102.

4.4 billion (+20.

(03%, year-on-year), and achieved net profit of 336.

5.9 billion yuan (+6.

70% year-on-year).

At the end of 18, the company’s non-performing loan subsidy1.

59%, unchanged from the end of 2017.

The income side and pre-provision profits increased rapidly, and the card fee growth rate was bright.

The company’s operating income and pre-provision profit growth continued to improve in Q4, of which, the operating income growth rate increased by 1 from the previous quarter.

77 up to 20.

03%, net profit growth before provision increased by 6.

54 up to 25.

62%, the growth rate of operating income and net profit before provisioning maintained the best level of the stock company.

Among the operating income, the growth rate of comparable index net income is as high as 20.

42%, basically a significant improvement in net interest margin; net income from litigation fees and commissions increased by 19.

89%, of which the fastest increase in card fees was the most prominent (+40.

(60%, year-on-year), guarantee commitments, settlement and agency fees also achieved better growth, and financial management fees were significantly reduced by 74% due to the new rules for asset management.

Non-performing rate, attention rate and overdue rate rebounded slightly in the second half of the year.

At the end of 18, the company’s non-performing loan ratio rebounded from 0 at the end of Q2.

08 averages to 1.

59%, compared with loans at the end of Q2 rebounded 0.

06 averages to 2.

41%, overdue loans accounted for a rebound of 0 at the end of Q2.

07 single to 2.


Obviously, the company’s non-performing recognition increased in the second half of the year. At the end of 18, the proportion of loans overdue for more than 90 days to non-performing loans decreased by about 6 substitutes to 83 at the end of Q2.


The gradual trend of adverse consequences is estimated to have a certain impact on the company’s non-performing rate.

The company continued to increase its provision in the second half of the year. At the end of 18, the company’s provision coverage ratio increased slightly by 3 compared with the end of Q3.

5 up to 176.


Continue to digest the non-performing assets in the problem industries and control the overall risk of asset quality.

In the second half of 2018, the company’s newly-increased non-performing assets were mainly concentrated in the low-end manufacturing industry, and the newly increased non-performing loans in the industry were 35.

1.5 billion, accounting for 75% of newly added non-performing loans.

90%, asset quality in other areas remained stable.

In the end, the company actively adjusted the structure of the credit industry around the direction of economic structural adjustment and transition and upgrading. The proportion of loans in non-performing high-income areas, such as manufacturing, wholesale and retail, steadily declined. The company’s continuous adjustment of the distribution of the loan industry helped the company to consume the bad burden.The rebound of the NPL ratio in the second half of 18 was mainly caused by the bad exposure of a single industry, and the company’s overall asset quality risk was controllable.
The Group and Cloud have a unique advantage in payment of fees, and they have room for breakthroughs.

The company has a shareholder background with diversified operations, synergies in production and finance, and full financial license.

Everbright Group has a complete financial industry and has the advantages of a full financial license.

At the same time, the Group also has an industrial sector, which provides a platform for the company to carry out comprehensive financial services and synergies between industry and finance.

Everbright Group purchases customer resources, and fintech and professional talents support China Everbright Bank to accelerate development.

China Everbright Bank’s cloud payment fees and other key businesses have maintained rapid growth, becoming a company feature and leading advantage. Cloud payments will provide strong support for the acceleration of China Everbright Bank in terms of customer resources, value-added service mining and 南京夜生活网fintech.

Investment Advice.

The company is expected to have a BVPS of 6 in 19-20.

03 and 6.

55 yuan, according to 4 on March 28.

Calculating the closing price of 00 yuan, the corresponding PB is 0.

66 and 0.

61 times.

As of March 28, the company’s PB (LF) was 0.

72 times, lower than the industry average.

The overall asset quality of the company is stable, and the improvement of the income side is obvious. The distinctive advantages of the shareholder group and fintech have room for breakthroughs, and the company maintains an investment rating of “overweight”.

Risk Warning: The quality of assets deteriorates severely.

Huagong Technology (000988) in-depth report: The localization of laser equipment steadily promotes 5G optical modules is worth looking forward to

Huagong Technology (000988) in-depth report: The localization of laser equipment steadily promotes 5G optical modules is worth looking forward to

The leading laser manufacturing equipment-level optical device supplier company was established in 1999 and was listed on the 深圳桑拿网 Shenzhen Stock Exchange in June 2000. It is the first high-tech company in central China to be listed by a university industry reorganization.

The core business covers four major sectors: advanced laser manufacturing equipment, optical communication devices, laser holographic anti-counterfeiting, and sensors.

After 20 years of development, the company has accumulated a certain competitive advantage in the field of advanced laser manufacturing equipment and transformation, and the company is also a leader in the field of optical transmission modules in the telecommunications market.

The demand for massive optical devices brought by 5G will benefit the company in the long run to meet the application scenarios of 5G. It needs greater transmission capacity and transmission rate support. The optical device modules need to be upgraded accordingly, which brings demand for massive optical devices.

The company has always occupied an important position in the field of pre-transmission optical modules in the telecommunications market. It is a Huawei gold supplier. It has ranked first in the 4G optical module market in the 4G era. It is also the first company in China to receive orders for Huawei 5G optical modules.

We expect the future transformation to be a constructive and continuous advancement of 5G, and front pass optical module products are expected to become the company’s new growth point.

The laser market has a bright future, and the company has a well-established layout. It is expected that China’s laser industry will start late, but through the rapid development of China’s equipment manufacturing industry, China’s laser industry has developed rapidly.

In 2018, the size of China’s laser equipment market exceeded 60 billion yuan, with an annual growth rate of more than 20%.

The company’s products are complete, covering laser cutting systems, laser welding systems, and laser marking equipment.

With the advent of 5G mobile phone replacement, the company’s demand for laser equipment is expected to enter a new cycle of prosperity; and the company’s continuous breakthroughs in high power, inverters and overseas will continue to promote a steady rise in gross profit margin, and are optimistic about the company’s subsequent performance.Free up space.

We are optimistic about the company’s development in the field of optical devices and laser equipment, and upgrade to the “Buy” rating. We are optimistic about the company’s leading position in the field of front-end optical modules in 5G networks, as well as an important aspect in the progress of domestic laser equipment replacement.

It is expected that the company’s operating income for 2019-2021 will be 53.



7.2 billion yuan, net profit attributable to mothers was 5.



58 million US dollars, with annual growth rates of 95% / 18% / 17% (the faster growth rate in 19 was due to the transfer of income from changes in the fair value of trading financial assets), and the current dynamic PE is 37/31/27 times, Upgrade to “Buy” rating.

Risk reminders: the downturn in the global auto market and the risk of increased competition in the industry; the risks of Sino-US trade frictions on upstream chip procurement; the macroeconomic downturn, and the risks of 5G construction investment falling short of expectations.

Gujia Household (603816) 2019 Third Quarterly Report Review: Endogenous Revenue Speeds Up, Operation Quality Continues to Optimize

Gujia Household (603816) 2019 Third Quarterly Report Review: Endogenous Revenue Speeds Up, Operation Quality Continues to Optimize
The company’s announcement for the third quarter of 2019 is in line with our expectations: the company achieved revenue of 77 in the first three quarters.800 million, an annual increase of 21.6%; Realize net profit attributable to mother 9.17 ppm, an increase of 16 in ten years.8%; 19Q3 revenue of 27 in a single quarter.65 ppm, an increase of 17 in ten years.9%, net profit attributable to mother 3.580,000 yuan, an increase of 18 in ten years.3%.Domestic export double drive, 19Q3 endogenous increase significantly.Excluding consolidation factors to see endogenous: We estimate that after excluding the effects of acquisition consolidation, endogenous income in 19Q1-3 increased slightly, of which the endogenous growth in the third and third quarters was about 5-10% (vs. 19H1 only 0.57%), mainly due to: 1) the successful launch of 816 and other marketing activities, domestic sales growth has picked up (about 15% in the third and third quarters); 2) the decline in export sales has narrowed, and the company has promoted the strategy of major customers through the overseas production capacity layout, andWith the improvement of supply chain efficiency, the export share has risen against the trend, excluding consolidation factors, and the net profit of the mother has increased by about 8%. The difference in the timing of dividend investment income recognition has led to quarterly changes in the growth rate of non-net profit.Reduction of non-base deduction: Q1-3 Company deducted non-attribution net profit 6.65 ppm, a ten-year increase4.3%.The decrease in non-deduction growth rate was mainly due to the high base in 18Q3: 18Q3 received a 45.52 million yuan dividend from Evergrande Real Estate (Ruican Investment Enterprise of Suzhou Industrial Park, dividends included in investment income), resulting in a high base in 18Q3 (after eliminationShould be 2.5.8 billion), excluding this effect, the growth rate of the company’s net profit attributable to the parent in 19Q1-3 should be 23.9%.The dividend income of Evergrande Real Estate in 2019 is expected to be included in 19Q4, so we expect the company’s gradual deduction of non-net profit growth will pick up. The quality of operations improved, and cash flow continued to improve.The company achieved net operating cash flow of 14.3 trillion, an increase of 202% in one year, accounts receivable decreased by 0 compared with the beginning of the year.9.6 billion, inventory decreased by 2.10,000 yuan, advance receipts increased by 60.62 million yuan, cash flow improved significantly. Revenue side: the continuous development 南京桑拿网 of multi-category, multi-series, and multi-brand expansion development, and each business segment achieved steady growth.The marketing activities of the company were successful in 19Q3. We expect the growth rate of endogenous domestic sales to be about 15%. At the end of the 19Q3 period, the company’s advance receipts will increase 66%, indicating that the trend of terminal orders is improving. We expect 19Q4 revenue to continue to maintain a rapid growth rate. 1) Multi-category development: As the company’s traditional main business, the sofa business has a strong customer base and brand attributes, maintaining steady growth.According to the company’s multi-brand development strategy, meet the needs of different consumer groups.2) Continuously promote channel construction: In 2019, the company has optimized the store opening process, combined with a unified construction team, integrated resources, changed the store opening cycle, and expanded the number and quality of channel stores. 3) Optimization of management structure: The company’s management team keeps improving and meets the needs of market development, and its talent reserve and organizational execution are leading.In the second half of 2018, the company gradually changed from the original business unit system to a regional marketing center model, with clear team building ideas and a good team foundation for the company’s long-term strategic development. Supply chain management optimization: The company continuously optimizes the logistics transportation system and storage management system, digitizes the delivery plan, logistics freight calculation, and transportation routines, and gradually delivers the cycle.In terms of warehousing, an offline container loading model was established, and demand management, requisition models, and procurement and return processes were streamlined and optimized to ensure that the company reduced warehousing and logistics costs and increased inventory turnover in the development of multiple categories. Inventory turnover costs4.77 times, 0 in a year.08 times. Profit side: affected by consolidation factors and the cost of issuing convertible bonds, profitability has shifted slightly.1) Gross profit margin: 19Q1-3 The gross profit margin extended slightly and decreased by 0.6 points.2) The financial expense ratio is increased by 0 in advance.5pct is mainly due to the increase in interest expenses caused by the issuance of convertible bonds and the impact of consolidation factors, which results in an increase in the net increase in index expenditure by 81.53 million yuan;6pct, although export costs, employee compensation, etc. have increased, the company’s precise marketing, streamlined advertising costs, and optimized supply chain management, the cost rate is still falling. Actively develop categories, the leading level of the software home furnishing industry is remarkable, a series of supply chains continue to be optimized, and the company has the foundation to steadily contribute to the large home furnishing market.The company’s main product sofas benefit from the improvement of industry concentration; gradually promote the gradual expansion of category expansion to create a superior product matrix; the channel expansion is continuously strengthened; the company will continue to promote O2O integration to realize the layout of new retail channels.The initial incentive was granted for the first time, and the convertible bonds successfully raised funds to promote the sustainable development of the company’s business.The expansion of production capacity has been gradual and gradual, and the energy storage large home strategy module.Based on the acceleration of the company’s endogenous growth and the increase in non-recurring earnings in 2019, we raised the company’s EPS to 1 in 2019-2021.95 yuan, 2.28 yuan, 2.66 yuan profit forecast (was 1.90 yuan, 2.18 yuan, 2.51 yuan), net profit attributable to mother is 11.75/13.70/16.02 trillion, the growth rate was 18.8% / 16.6% / 16.9% currently total (35.(97 yuan) corresponding to PE of 2019-2021 is 18, 16, 14 times, benefiting from the increase in the concentration of the leading household industry, the company’s incentive mechanism is in place, and the endogenous growth logic is improving.We are optimistic about the company’s medium- and long-term development prospects, and look forward to the company’s various categories to develop a beautiful layout in the home sector to maintain an increase in holdings.

Dongfang Cable (603606): Submarine Cable’s Gross Margin Growth Exceeds Expectations Maintains High Growth

Dongfang Cable (603606): Submarine Cable’s Gross Margin Growth Exceeds Expectations Maintains High Growth

Note: Net profit attributable to mothers in the first half of 20191.

800 million US dollars, the previous growth rate of 220%, submarine cable gross profit growth exceeded expectations. The company’s semi-annual report shows that the semi-annual revenue in 2019 is 14

9 trillion, net profit attributable to mother is 1.

800 million, an increase of about 1 every year.

24 ppm, an increase of approximately 220% from the same period last year.

The net profit attributable to subversive non-recurring gains and losses is 1.

78 ppm, an increase of about 1 per year.

230,000 yuan, a year-on-year increase of about 222%.

The company’s performance in the first half of the year continued to maintain rapid growth, with annual growth rates exceeding the first quarter, achieving an unexpected growth.

This is mainly due to the annual increase in revenue of submarine cable products of approximately 33%, and the gross 深圳SPA会所 profit growth of submarine cable products exceeded expectations.

  In addition, quarterly, the company’s submarine cable revenue in the first quarter was about 2.

9 trillion, submarine cable single quarter revenue of about 3 in the second quarter.


In the first quarter, the company’s net profit attributable to its parent was zero.

49 trillion, second quarter net profit attributable to the mother is 1.

310,000 yuan, an increase of about 167%.

We believe that the gross profit margin of the company’s submarine cable products has achieved significant growth due to the impact of individual major projects and the supply and demand situation of submarine cables. The estimated score in 2018 is an increase of about 15 percentage points, which is another major reason for the company’s rapid increase in net profit.

Driven by the offshore wind power industry, the company’s current submarine cable production is full, and it is expected to maintain a high growth trend in 2019.

  1.3 billion new submarine cable orders have been awarded in 2019, ensuring future high-performance companies that have announced successful bids for submarine cables this year have reached $ 1.3 billion.

In 2018, the submarine cable orders announced by the company reached a record high of about 2 billion, and the total orders in 17 and 18 years exceeded $ 3 billion, ensuring stable growth of the company’s performance. The company currently has about 26 billion outstanding orders in hand.Most of them will be implemented in 2019, which will bring growth momentum to the company’s performance this year.

  In 2018, incomplete statistics, domestic approval of about 30GW of offshore wind power projects, and about 7GW of projects under construction.

In addition, the recently announced “Notice on Improving Wind Power On-grid Tariff Policy” adjusts offshore wind power prices in the next few years. The electricity prices of approved offshore wind power projects that have not been fully commissioned before the end of 2021 will be reduced, and the approved projects in the next three years will be gradually promoted.Speed up construction.

We estimate that the offshore wind power and submarine cable market in the three years from 2019 to 2021 will have nearly US $ 20 billion. According to the analysis of the progress of existing projects, the company will still receive profitable orders in the future. The order amount in 2019 is expected to exceed 2018, which will guarantee the companySubmarine cable revenue will increase significantly in the future.

  The laying engineering business has begun to exert its strength and is expected to become a new driving force for performance growth in the future.
In 2018, the company completed the industrial and commercial registration of two subsidiaries of Yangjiang Dongfang Submarine Cable Technology Co., Ltd. and Dongfang Ocean Engineering Co., Ltd., and the company will further expand the submarine cable business.

Dongfang Offshore Engineering Subsidiary will mainly engage in submarine cable laying, operation and maintenance and other businesses. The company currently has 2 professional submarine cable construction vessels, Dongfang Offshore 01 and Dongfang Offshore 02. In the future, it will also strengthen the construction of offshore engineering teams.And promote the development of offshore engineering market, improve the ability and level of undertaking offshore engineering.

Haigong No. 01 completed the 220kV33km submarine cable construction and deployment task for the Three Gorges Jiangsu Dafeng Project for the first time. The current submarine cable laying market is connected to the market. The company will use the advantages of the product to enter the market and add new momentum to the company’s future performance.

  The Yangjiang subsidiary will mainly engage in the production and sales of submarine cables. In the past two years, the offshore wind power market in Guangdong has started rapidly, and Guangdong has planned 66 projects.

85GW, of which offshore shallow water9.

At 85GW, the non-production project has been approved to be close to 20GW. The company’s Yangjiang subsidiary will bring breakthrough business increase to the company.

  In addition, the company changed the implementation location of the raised capital investment project. It plans to invest USD 1.5 billion in Ningbo Beilun to implement a high-end marine energy equipment cable system project. It is expected that the project will be officially put into operation in 2021. The company’s new production capacity will ensure that the company accepts orders.Capacity, future performance will continue to grow.

  Maintain “Buy” rating and target price of 12.

00 yuan We increase the company’s net profit attributable to mothers in 2019-2021, which are 3.



42 trillion, EPS is 0.


98 yuan, the growth rate is 120%, 25%, 36%.
Taking into account the company’s performance growth rate, the future development speed of the submarine cable industry, and the supply and demand pattern of the submarine cable market, the target price is 12.

00 yuan, corresponding to 19, 20, 21 for 21, 16, 12 times the PE level, maintaining the “buy” level.

  Risks suggest that the company’s approved order projects will be extended and affect the company’s revenue recognition; the company’s capacity expansion progress is less than expected, resulting in the inability to expand its revenue scale; the development of domestic offshore wind power is less than the “13th Five-Year Plan” target.

Huaneng Hydropower (600025): Energy Transformation Cloud Power Delivery Beneficiaries

Huaneng Hydropower (600025): Energy Transformation Cloud Power Delivery Beneficiaries

Investment highlights cover Huaneng Hydropower Company (600025) for the first time with an outperforming industry rating with a target price of 5.

77 yuan, corresponding to 佛山桑拿网 22 in 2019/20.


5x P / E and 2.


2 times P / B.

The reasons are as follows: Yunnan’s largest hydropower operator increased the proportion of outsourced electricity to enhance the level of return on assets.

At the end of June 2019, the company’s holding installed capacity reached 22.

9GW, accounting for 42% of the installed capacity of Yunnan Tongtong Water and Power Plant, the largest in the province, second only to Yangtze Power in the country.

1) Since last year, the commissioning of the upstream power plant of the Lancang River has driven the company’s external power consumption ratio to 70%, and the outbound electricity price is 20% higher than the provincial electricity price.
30% to enhance the level of return on assets.

2) We expect that the industrial relocation to Yunnan Province will lead 武汉夜网论坛 to the recovery of power consumption growth, and the local new installed capacity is cautious. The oversupply of electricity in the province leads to a better situation, leading market-based transactions or the possibility of upward electricity prices.

Endogenous, epitaxial double toxicity achieves future profit growth.

Huaneng Hydropower’s long-term development still has highlights: 1) Endogenous: Toba generator (1.

4GW), we expect to start production in 2025; research and development of the Tibetan section of the upper reaches of the Lancang River is supported by local governments, and Southeast Asian investors are in the ascendant.

2) Asset injection: Huaneng Group’s only hydropower asset integration platform. It is predicted to inject group non-listed hydropower assets such as Huaneng Sichuan within three years of listing in 2017. Its electricity price is better than existing units, its profitability is stable, its debt is insufficient, and cash flow is abundantWe believe that once injected will further increase the company’s cash flow level.

The strong cash characteristics of the hydropower industry are prominent, and the attractiveness of asset values in the interest rate reduction cycle has increased.

Hydropower has large capital investment and high fixed cost in the early stage, but clean and stable power generation, low cost of electricity and abundant cash flow.

At present, hydropower development has come to an end, and assets are scarce.

In the interest rate reduction cycle, hydropower companies may benefit first, and financial costs will drop (we estimate that every 25bps reduction in financing costs in 2019 will increase the company’s profit by 5%), risk-free returns will decline, and risk returns will narrow, leading to higher valuations, andHigh payout traits increase attractiveness.

What makes us different from the market?

We expect the company’s capital expenditure to decline significantly in 2020, leading to a further rise in free cash flow, which may provide higher dividend payouts.

From the perspective of 2020 free cash flow yield, it is estimated that there is still room for improvement.

Potential catalysts: more aggressive dividend payout; clearer asset injection schedule.

Profit forecast and estimation
The 20-year EPS is 0.

26 yuan, 0.

27 yuan, if excluding the impact of a one-time investment income of US $ 3.7 billion brought by the disposal of 23% equity in the company, the core EPS in 2018 is 0.

16 yuan, the core 2018-2020 compound growth rate is 28%.

The current company complies with the corresponding 2019/20 17.


7x P / E and 1.


7 times P / B.

According to the DCF assessment method (WACC 6.

0%), given a target price of 5.

77 yuan, 29% upside compared to the previous period, corresponding to 2019/2022.

5x P / E and 2.

2 times P / B.

Risks Water fluctuations; electricity price risks; insufficient consumption; lower-than-expected interest rate cuts; gradual preferential changes.

Antu Bio (603658): Continuation of high growth momentum slightly worse than expected

Antu Bio (603658): Continuation of high growth momentum slightly worse than expected

The results for the first quarter of 19 slightly exceeded expectations. The company released 南京夜网 the 2019 first quarter report on April 29, achieving operating income of 5.

4.8 billion (+31.

85%), net profit attributable to mother 1.

2.1 billion (+26.

10%), deducting non-attributed net profit1.

180,000 yuan (+30.

14%), slightly more than expected.

We are optimistic about the company’s long-term development and maintain its profit forecast. It is expected that the company’s EPS for 2019-2021 will be 1.



57 yuan, maintaining a target price of 72.


29 yuan, maintain “Buy” rating.

The gross profit rate increased, and the R & D expenses increased steadily. At the same time, the revenue ratio of high-margin magnetic particle chemiluminescence reagents and other products increased. The company’s gross profit rate decreased by 0 in 1Q19.

41pct, reaching 65.


The company’s 1Q19 sales 苏州夜网论坛 expense ratio, management expense ratio (excluding R & D) and financial expense ratio reached 21 respectively.

27%, 5.

29% and 0.

47%, an increase of 0 every year.

48pct, increase by 0.

47pct and increase by 0.


The company’s R & D expenses in 1Q19 were 6421 million, an annual increase of 33.

90%, accounting for 11 of operating income.

68%, an increase of 0 every year.

15 marks.

We believe that the steady growth of the company’s R & D expenses in 1Q19 is the basis for ensuring the robust vitality of the company’s product line.

The growth rate of magnetic particle chemiluminescence reagent reaches 45-50%.

The company’s main chemiluminescence sales prototype is A2000 plus. We expect the company’s 1Q19 magnetic powder chemiluminescence meter to have more than 200 units installed, and it is expected to have 1,000 units installed in 2019, and the market holdings will exceed 4,000 units.?out.

We estimate that the revenue of biochemical reagents in 1Q19 is about 15 million yuan, and the company’s revenue in 2019 is expected to reach zero.


0 million.

We believe that if the company’s biochemical reagents accompany the agent’s Toshiba biochemical analyzer sales, it will help promote the continued rapid growth of biochemical reagent sales.

Biochemical Immunity Line and Mass Spectrometry Synthesis Company Brand Image

Microbial mass spectrometry has internationally leading microbial detection technology, and is an important product for which the company has been recognized by high-end customers.

We expect to install 60 sets of microbial mass spectrometry in 2019, and at the same time drive the company’s sales of microbial detection related products.

We expect the company’s microbiological testing products to achieve 20% sales growth in 2019. Leading domestic IVD companies, maintaining a “buy” rating company 1Q19 performed well, we maintain our profit forecast, and expect the company to return to its parent net profit for 2019-2021.



81 ppm, an annual increase of 27% / 24% / 22%. The current expected corresponding PE for 2019-2021 is 37x / 30x / 25x, respectively.

Considering the strong growth momentum of the company, we maintain the company’s target PE estimate of 43x-45x in 2019 and maintain a target price of 72.


29 yuan, maintain “Buy” rating.

Risk warning: New product promotion is less than expected; IVD purchase price cut exceeds expectations.

Daylight Star (002439): Interim Report Meets Expectations Continuously Landing of City Operation Center

Daylight Star (002439): Interim Report Meets Expectations Continuously Landing of City Operation Center

The company released the 2019 semi-annual report on the evening of August 5, 2019: the company realized operating income in the first half of the year8.

82 ppm, an increase of 19 years.

13%; Net profit attributable to shareholders of listed companies is approximately 13.75 million yuan, a decrease of 40 per year.

97%; non-recurring profit or loss attributable to shareholders of listed companies was -21 million, a long-term growth of 96.


In the first half of the year, the overall performance of the revenue end and performance was in line with expectations, and growth expectations were improved quarter by quarter.

In the first half of this year, it is covered by equal insurance2.

With the impact of policies such as 0, the domestic cybersecurity industry as a whole has shown a high degree of prosperity, and the company’s military business orders have also recovered, driving the company’s revenue growth rate in the first half of the year better than the same period last year, and it is 淡水桑拿网 expected to show a quarter-by-quarter improvement trend.The net net profit under the parent caliber has gradually increased as a change in the previous annual accounting method. The company confirmed that the investment income of the joint-stock company Hengan Jiaxin reached 87.23 million yuan.

At present, Hengan Jiaxin has been approved at the meeting of the Science and Technology Board Listing Committee, and the company holds Hengan Jiaxin13.

68% equity, if the new listing of Hengan Jia this year will have a penetrating effect on the company’s investment income and net profit.

The city operation center is the company’s strategic business for the next 5 years. Currently, the implementation of the city operation center in various cities is progressing smoothly, and it has clearly become a first-mover advantage.

At present, the company’s national operation center system has basically formed four operation business support centers in Beijing, Chengdu, Guangzhou, and Hangzhou and more than 20 city-level operation centers.

In the first half of the year, the company has completed the infrastructure construction and team building of city operation centers in various regions, and divided the layout of the main subdivisions of the industry. The company has replaced the obvious first-mover advantage, and in the first half of each year, new city operation center business orders have exceeded 100 million.
In the future, the company’s city operation center business will continue to extend to the government, central enterprises and key infrastructure operation and service areas, and continue to sink to other second- and third-tier cities.

Profit forecast and investment advice: (without considering the impact of the listing of Hengan Jiaxin on the company’s statements), the company is expected to achieve operating income of 30-20 in 2019-2021.

95, 38.

72, 48.

4.0 billion, with a net profit of 6, respectively.

5, 8.

0, 10.

0 million yuan, a 10-year growth of 15%, 23%, 25%.

The corresponding PE in 2019 is 39 times.

Maintain the “Highly Recommended” rating.

Risk reminder: the risk of the city operation center falling short of expectations; industry policy risks; the risk of Hengan Jiaxin’s new listing progress not meeting expectations

Aviation Development Control (000738) dynamic review: revenue growth cost control performance achieved rapid growth

Aviation Development Control (000738) dynamic review: revenue growth cost control performance achieved rapid growth
Key points of investment: increase the cost of income quality control costs, and the company’s performance has grown rapidly.On the revenue side, profits, demand for aero-engine control products has steadily 杭州夜生活网 increased, and revenue in 2018 increased by 6.31%; reorganization, the company further improved the expected development, the international cooperation business shifted to high value-added products, and international cooperation business revenue increased 24.75%.On the cost side, refined management is expected to gradually increase, and management costs only increase by 0 each year.38%.With the increase of revenue, the control of expenses, and the increase of overlapping exchange gains, the company achieved net profit attributable to mothers in 20182.590,000 yuan, an increase of 19 in ten years.15%. Engine technology breakthroughs have increased, and demand for control systems has grown rapidly.As the heart of military aircraft, aero engines are the foundation of the development of aviation equipment, and they have always been the direction that the country attaches great importance to and highlights.With continued high investment, domestic engines have continuously made breakthroughs. The Cobra F-10B maneuver at the Zhuhai Air Show in 2018 has demonstrated the progress of 杭州桑拿 domestic engine strength.In fact, through the increase in military aircraft purchases and the increase in the number of engines in stock, the increase in engine control systems and the need for maintenance have also grown rapidly. The company expects to sell products to related parties by 201924.960,000 yuan, an increase of 15% in ten years. Earnings forecast and investment rating: Maintain Overweight rating.The improvement of domestic engine technology complements the growth of military aircraft purchases, the rapid increase in demand for engine control systems, and the company’s performance has entered a stage of rapid growth.It is expected that the net profit attributable to mothers for 2019-2021 will be 3.08 thousand yuan, 3.5.9 billion and 4.40,000 yuan, the corresponding EPS is 0.27 yuan, 0.31 yuan and 0.35 yuan, corresponding to the current expected PE is 56 times, 48 times and 43 times respectively, maintaining the overweight level. Risk reminders: 1) The company’s product demand is less than expected; 2) The refined development effect is less than expected; 3) The company’s profit is less than expected; 4) Systemic risk.