南京龙凤419论坛

Anjie Technology (002635): Shixin and Weibo underperform expectations below 1H19

1H19 results were lower than our expected 1H19 results: Revenue 13.

86 ppm, with a ten-year average of 5.

5%; net profit attributable to mother 1.

78 ‰, 25 years ago.

1%, lower than our expectations.

Corresponding to 2Q19 single quarter revenue7.

18 ppm, a decrease of 15 per year.

4%; net profit may increase by 15.63 million yuan, a year back 111.

7%.

In terms of the company’s three major businesses, Shixin and Weibo’s poor performance are the essence of the 1H19 downturn: 1) The parent company (precision functional parts business) has grown steadily: revenue 5.

20,000 yuan, an increase of 18 in ten years.

0%, gross margin 33.

2%, up 4 every week.

6 成都桑拿网 o’clock.

2) Shixin (hard disk and automotive electronics) was dragged down by the hard disk business: revenue 3.

9 ‰, 18 years ago.

4%; gross profit margin 20.

4%, around ten years.

The 5 percentage point was mainly due to the poor hard disk market. The new hard customer Seagate ‘s hard disk metal parts order tray, but the cost reduction was limited, resulting in both revenue and profit margins.

3) Weibo Precision (consumer electronics metal parts) is still sluggish: Revenue 4.

3 ppm, 10-year average of 13.

9%; gross margin of 13.

1%, down 16 in ten years.

5 o’clock.

Weibo’s poor performance is still affected by the poor performance of the mobile phone metal parts market, and even the 3D hot press case has a good performance, but it is still difficult to offset the downward impact of metal parts.

杭州夜网论坛
At the same time, the company’s increased inventory processing speed also significantly affected the level of profitability.

Development trend Precision function parts are expected to benefit from the 5G trend: Anjie is one of the main suppliers of precision function parts for brands such as Apple and Huawei.

With the promotion of 5G mobile phones, Anjie will benefit from the increasing demand for heat dissipation and shielding in 5G mobile phones.

Next year, Apple will also usher in a big year of innovation represented by 5G, with increased functions and internal design changes that will help increase the value of precision functional parts.

Earnings Forecasts and Estimates Due to the poor performance of Sun Shine and Weibo Precision, we cut 19 / 20e EPS 31% / 27% to 0.

82/1.

05 yuan.

The current contradiction corresponds to 19 years 17.

7 times price-earnings ratio.

However, considering the overall boom in the electronics industry and the comparable company’s estimates moving upwards, we maintain our Outperform rating and 21.

00 yuan target price, corresponding to 19e 25.

The price-earnings ratio is 6 times, which has 45% upside compared with the current one.

Risks Smartphones go down remotely; hard drive demand is poor.

Sanhua Intelligent Control (002050): The expected proportion of profit of the auto zero business is expected to continue to increase as its performance meets expectations

The core view performance is in line with expectations.

In 2018, operating income was 108.

36 ppm, an increase of 13 in ten years.

1%, achieving net profit attributable to mother 12.

92 ppm, a ten-year increase4.

6%, net of non-return to mother’s net profit 12.

950,000 yuan, an increase of 19 in ten years.

3%, EPS is 0.

61 yuan.

The company intends to distribute cash dividends for every 10 shares to all shareholders2.

5 yuan (including tax), the capital reserve will be transferred to all shareholders for every 10 shares 3 shares.

　　R & D continued to be invested and cash flow from operating activities improved.

Gross profit margin in 2018 was 28.

6%, a decline of 2 per year.

6 averages.

Expense rate for the period 13.

8%, down by 1 every year.

7 units.

R & D funding 4.

370,000 yuan, an increase of 33 in ten years.

6%, continue to strengthen the core competitiveness of strategic products.

Net cash flow from operating activities was 12.

880,000 yuan, a sharp increase of 93 a decade ago.

89%, mainly due to the increase in cash received for sales of goods and services.

The ending inventory is 20.

27 ppm, a ten-year increase of 9.

2%.

　　New energy vehicle thermal management business continued to develop rapidly.

Company’s auto zero business income 14.

32 ppm, an increase of 18 years.

3%, accounting for 13% of the company’s operating income.

2%, increasing by 0 every year.

59 averages with a gross margin of 29.

4%, 10-year average 1.

5 units.

The company’s new energy thermal management products have evolved from parts to components and segments.

Company executives have successively received orders from customers such as Farley, Mahler, Volkswagen, Mercedes-Benz, BMW, Volvo, Tesla, GM, Geely, BYD, SAIC, etc. The maximum bicycle value is close to 5,000 yuan.

With the increase in the volume of new energy vehicles of major auto companies, the construction advancement of Tesla’s Shanghai plant and the expansion of model 3 capacity, it is expected that the company’s new energy vehicle thermal management business will maintain a higher growth trend in 2019, and the profit proportion 南京夜生活网 is expected to continue to increase.　　Refrigeration, air-conditioning and electrical components business grew steadily.

The company’s refrigeration and air-conditioning electrical components business income was 94.

40,000 yuan, an increase of 12 in ten years.

3%, accounting for 86% of the company’s operating income.

8%, gross margin is 28.

5%, the company uses new technologies and new materials to carry out product innovation, expand the application field of high-performance products, increase industry penetration, and enhance core competitiveness.

It is expected that the company’s refrigeration and air-conditioning electrical parts business will continue to grow steadily in 2019.

　　Financial forecast and investment advice: slightly adjust the gross profit margin and forecast EPS0 in 2019-2021.

72, 0.

83, 0.

93 西安耍耍网 yuan (the original 19-20 years 0.

72, 0.

86 yuan), comparable companies are automotive thermal management parts and home appliance related companies, comparable companies 19 years PE average valuation 25 times, target price of 18 yuan, maintain a buy rating.

　　Risk reminder: new energy vehicle thermal management package, home appliance cooling package volume is lower than expected, micro-channel and Yaweike business are lower than expected, affecting earnings growth; the original growth exceeds expectations and the risk of exchange rate changes.

Foster (603806): New material for photovoltaic film faucet is about to be released
Recommendation logic: The company’s global leader in photovoltaic film is stable. Since 2013, the market share has been stable at about 50%.In the next few years, the company’s photovoltaic film business will also benefit from: (1) the beginning of the photovoltaic parity era, increased installed growth and stable cash flow, and improved industry cash flow; (2) product structure upgrades brought by the increased penetration of double-sided modules.Expected 2019?The sales volume in 2021 will be 72.912 million, 90.272 million and 105.152 million square meters.At the same time, the company is actively expanding other membrane products horizontally, and it is expected to become a platform-based membrane company in the future, opening up growth space. The overseas market for photovoltaics has ushered in both local and structural improvements: After 18 years of experience of the “May 31st” New Deal, the prices of photovoltaic industry chain products have fallen rapidly, declining by about 25% on average, and the cost of electricity has dropped by 10%.15%, the cost has been prominent in many countries and regions. Based on this, overseas reserve projects are started ahead of schedule and reorganized. Photovoltaic power generation is more conducive to competition and has a positive impact on the long-term energy structure adjustment.The new overseas installed capacity in 2018 was 59GW, an annual increase of 25%, accounting for 60% of global photovoltaic installed capacity, and the importance of the overseas market has increased.At the same time, the concentration of the PV module export market continued to decrease, with a CR5 of 67 in 2017.1%, 18 years CR5 is 53%.The situation of “decentralization” and “flowering everywhere”, mainly in South America, Central and Northeast Africa, continues to develop. The company’s photovoltaic film cost advantage is obvious, and the double-sided module promotes the upgrade of the product structure: as of the end of 2018, three domestic companies, Foster, Swift, and Haiyou New Materials, respectively accounted for 49 in the global EVA film market.4%, 11.4%, 8.2%, has formed a market pattern of oligopoly.Due to the strength of the company’s production scale, there are scale effects in terms of raw material procurement and cost control, so the company’s gross profit margin has reduced the industry level.We expect that through the large-scale application of double-glass modules in the future, the company’s product structure will continue to improve, and the sales ratio of high-value white EVA film and POE film will increase, thereby driving the company’s gross profit margin to stabilize and recover. Orderly advancement of photosensitive dry film, large import substitution space: Due to high technological content, large equipment investment, 杭州夜网论坛 high market barriers, significant scale effects, and high industry concentration, photosensitive dry film as the upstream material of PCB, Changxing Chemical, Asahi Kasei, HitachiInto the three manufacturers accounted for more than 80% of the global market share, the previous self-sufficiency rate was much lower than 10%.Photosensitive dry film is currently the company’s major new material development, the dispersion continues to grow rapidly, only 1.59 million square meters sold in 2017, an increase of 386 in 2018.4% to 7.75 million square meters, with H1 sales of 6 million square meters in 2019+.With the company’s gradual expansion of the photosensitive dry film production project in 2020, the company is expected to reach 200 million square meters of photosensitive dry film expansion by 2020, at which time the revenue and profit of photosensitive dry film will further increase. Earnings forecasts and investment advice.The EPS for 2019-2021 is expected to be 1.45 yuan, 1.75 yuan, 2.21 yuan, corresponding estimates are 29X, 24X, 19X.The company is an absolute leader in photovoltaic film. At the same time, it actively expands and expands new film varieties to limit the market space of a single downstream industry. It covers for the first time and gives an “overweight” rating. Risk warning: New photovoltaic installations in 2020 may not meet the expected risks, the company ‘s new product expansion may not meet the expected risks, and the company ‘s capacity expansion may not meet the expected risks.

Sany Heavy Industry (600031): 2020 Outlook Optimistic Market Share and Profitability Aim to Maintain Growth

Recent situation of the company We recently invited Sany Heavy Industry to participate in the 2019 CICC Strategy Conference. The company also exchanged views on the recent operating situation and future development prospects. The main contents are as follows.

Commentary predicts that the demand for excavators will increase steadily in 2020, and the company’s growth rate will continue to lead the industry.

The company believes that the sales growth of the excavator industry is expected to reach about 10% in 2020. The company’s sales growth rate is expected to exceed the industry’s 10ppt. The company’s market share in the third quarter is about 26?
27%, gradually increasing by 3?
4ppt, this trend is expected to continue in 2020.

The increase in industry demand is mainly due to the decline of the industry cycle change, the continued replacement of the replacement demand, and the increase in the proportion of small mining sales under the labor replacement trend.

The company also expects that the gross profit margin of the excavator business segment will stabilize at around 36%.

Truck crane sales expected to grow by 10 per year in 2020?
20%.

The sales volume of truck cranes in the third quarter did not increase, mainly due to the higher base of the 2H18 industry. The company expects that the sales growth rate of the 4Q19 industry will increase sequentially, and the industry sales growth rate will reach 10 in 2020.
20%.

From the perspective of gross profit margin, the company’s truck crane business currently has a gross profit margin of only about 25%, compared with a historical high of 37% and there is still room for further improvement.

It is expected that concrete machinery will continue to grow in 2020, and the growth rate of 无锡桑拿网 pumping products will accelerate.

The company’s global market share of concrete machinery has reached about 60%, and has gained global leading competitiveness.

The company expects concrete machinery to maintain steady growth in 2020, with pump truck sales increasing the most, concrete mixer trucks second, and concrete mixing stations to grow the most robustly.

Overseas export business continued to grow rapidly.

The company expects that overseas exports (excluding Germany’s Putzmeister) are expected to achieve a growth rate of about 40% this year, of which Europe’s growth rate will reach about 80%, while Indonesia is the largest single export market, and revenue in 2019 is expected to exceed 200,000Yuan.

The Indian market is growing by about 20% this year, which is an improvement over previous years, but the future 西安桑拿 development potential is huge.

The company plans to further strengthen channel construction overseas.

Actively promote the independence of core components.

The company currently includes 70 in the four-wheel belt, the cab, and the mechanical structure.
80% of parts and components have been autonomous. The company stated that it will continue to promote the localization of core parts such as hydraulic parts and engines in the future.

It is recommended to maintain the company’s profit forecast and “Outperform” rating.

The company currently expects to correspond to 10 / 9x P / E in 2019/20.

We maintain our target price of 18.

00 yuan, corresponding to 13/11 times P / E in 2019/20, which has 29% upside compared to the current one.

Demand from risk industries was lower than expected.

First Capital Holdings (600376) 2019 First Quarterly Report Review: Steady increase in performance and increase in gross profit margin
19Q1 revenue quarter + 35%, 杭州桑拿网 performance growth + 15%, gross profit margin and minority shareholders’ equity significantly increased in 19Q1 to achieve revenue 83.2 ‰, +35 per year.2%; net profit attributable to mother 3.600 million, +15 for ten years.3%; deduct non-net profit 2.9 trillion, +87 a year.9%; gross and net profit margins are 38.1%, 4.3%, respectively +18.3pct, -1.0pct.Three expenses cost 10.7%, +0 per year.6pct, mainly because the company’s financial expense ratio has increased; the company’s revenue has reached 0.10 yuan, +23 a year.0%; the high revenue growth was mainly due to Q1’s settlement area of 37.70,000 countries, +48 a year.1%, of which 87% are projects outside Beijing.8%, +44 per year.3pct, the carry-over of foreign projects with higher gross profit margins increased sharply, and the gross profit margin of Q1 settlement increased sharply 北京桑拿洗浴保健 by 18.3 points.The company’s performance growth rate is lower than the revenue growth rate, mainly due to the Q1 minority shareholders’ equity accounted for 70.5%, +59 per year.6pct, corresponding to the amount of 8.600 million.In view of: 1) The company plans to complete 465 in 19 years.30,000 countries, +35 per year.9%; 2) The final receipt in 19Q1 reached 633.400 million, previously +20.4%, covering 18 years revenue reached 1.6 times, will jointly guarantee the stable release of subsequent performance. Sales in 19Q1 were 10.3 billion, a decade of + 3%. The proportion of foreign companies in Beijing continued to increase, which will help improve gross profit margins and achieve signing amounts of 102 in 19Q1.7 trillion, +2 for ten years.5%, complete the initial plan 10.2%; sales area 41.70,000 countries, ten years +10.0%, complete initial plan 11.7%, by region, 9 in Beijing.80,000 countries, +55 per year.4%, accounting for 23.6%, sales outside Beijing 31.80,000 countries, one year +0.9%, accounting for 76.4%, the proportion of sales outside Beijing continued to increase.Considering that the proportion of 17-19Q company’s sales area outside Beijing continues to increase, due to the proportion of equity in projects outside Beijing, the gross profit margin is higher than that in Beijing. It is expected that the proportion of minority shareholders’ equity in 19-20 will be relatively low, and the gross margin may be lowSlightly improved.The company plans to sell 10.1 million yuan in 19 years, +0 in ten years.3%, considering: 1) The planned start of 19 years is 4.35 million, which was -41 in the past.1%, but still higher than 18 years of sales, plans to resume work 15.62 million, up and down +34.1%, plans to resume work 1,997.60,000 countries, +4 a year.9%, 17% and 18% plan completion rates are 166% and 173%, indicating that 19 years of saleable resources are still relatively abundant; 2) Continued recovery of the first and second lines will promote the 19 year sales rate increase; will jointly ensure 19 years of salesContinue to grow steadily. Land acquisition / investment accounted for 61% in 19Q1, and continued to expand outside Beijing. The profit contribution of future shed reform projects will soon be increased by 19Q143.0 million countries, +8 a year.2%, of which there are no new construction sites in Beijing, and the new construction sites outside Beijing are located in Suzhou; the corresponding land acquisition amount is 62.5 ‰, at least -1.0%; take the average price of 14,543 yuan / square meter, ten years -8.5%.The proportion of land acquisition is relatively 61%, and land acquisition outside Beijing continues to expand.As of 19Q1, the company had not completed 2,000 earth reserves, of which 76.3% are in strong first- and second-tier cities (Beijing accounts for 32.0%), excellent soil storage structure to ensure continued sales growth in the future.Q1’s new construction area was 73.70,000 countries, at least -24.3%, completed the initial plan 16.9%; area completed 47.Ten thousand countries, ten years -47.7%, completed the initial plan 10.1%; The company’s asset-liability ratio and net debt ratio at the end of 19Q1 were 81.4%, 180.7%, double +0 respectively.0pct, +7.1pct; 18-year comprehensive financing cost 5.36%, ten years +0.21pct, still at the allowable level.In addition, it is expected that the company will have 7 shed reconstruction projects under construction in the next 4 years that will contribute revenue of nearly 5.5 billion to 6 billion. Among them, 2 shed conversion projects are expected to enter the market this year, which will additionally help the company’s performance to grow steadily. For the important targets of the Beijing State Reform, actively explore diversified incentive mechanisms. The advantages of the integration of state-owned assets in Beijing have been outstanding for 18 years. The Beijing Municipal Government has successively issued three-year action plans and supporting documents for the State Reform.With the introduction of the incentive budget, Beijing’s national reform has accelerated significantly.At the same time, Shoukai has launched two rounds of cash incentive programs, which are among the state-owned enterprises that earlier explored diversified incentive mechanisms. It can be said that the company survives in the market-oriented reform gene; instead, the company has total assets and net assets.Indicators such as operating income and net profit are far ahead of other Beijing state-owned housing companies, giving them a clear advantage in the horizontal integration of 14 Beijing state-owned housing companies. The recent opening of the first merger of the real estate group or heralded the beginning of the integration, the companyIt is expected to further expand the quality soil reserves in Beijing. Investment suggestion: steady increase in performance, increase in gross profit margin, and important targets of the Beijing State Reform, re- “strongly promote” the first opening of shares as Beijing state-owned housing enterprises, in the context of the acceleration of the Beijing State Reform, make full use of rich experience in incentive plans and BeijingThe significant advantage in the integration of domestic capital is expected to be an important target of the national reform. Since the company was reorganized and listed in 2007, the company has actively changed, deeply cultivated in Beijing, and actively expanded outside Beijing to promote rapid sales growth, becoming the first domestic 100 billion local state-ownedReal estate companies; the company’s current layout is mainly strong first-tier and second-tier, and is the king of Beijing’s land reserve. Recovery of first-tier and second-tier transactions can use its supplementary sales flexibility.We maintain the company’s annual revenue for 2019-201.41, 1.63 yuan, corresponding to 19 years of PE is 6.3 times, the net asset value discounted to 55%, according to the 19-year target PE9.0 times, maintaining target price of 12.67 yuan, again “strong push” level. Risk Warning: Tighter-than-expected tightening of real estate development policies and weaker-than-expected improvement in industry funds