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

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.


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.

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.


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

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.


  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

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

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?

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.

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

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

Qixingxingchen (002439) 2019 Third Quarterly Report Review: Revenue Growth Season-by-Quarterly Boosts Industry Prosperity and Continues to Assist

Qixingxingchen (002439) 2019 Third Quarterly Report Review: Revenue Growth Season-by-Quarterly Boosts Industry Prosperity and Continues to Assist

The core point of view is benefiting from the growth of the company’s core business brought by the increased tolerance of industry demand. We are optimistic that the company, as an industry leader, will continue to benefit from downstream demand and market share.

Maintain 2019 EPS forecast of 0.



06 yuan, corresponding to PE45 / 38 / 31X, maintain “Buy” rating.

   Performance is in line with expectations, and revenue growth has increased quarter by quarter.

The company achieved revenue of 15 in the first three quarters of 2019.

8.3 billion, +21 a year.

57%; net profit attributable to mother 0.

97 ppm, at least -17.

93%; deduct non-net profit 0.

78 ‰, +239 per year.

18%; the company’s growth rate of non-deduction is better than that of non-maintained, mainly due to the impact of the recognition of investment income of subsidiaries in the same period last year.

  By quarter, the company achieved revenue of 7 in Q3.

01 ten percent, +24.

77%, income growth has gradually improved.

  On the expense side, the sales / management / R & D expense ratios in the first three quarters were 27.

63% / 7.

24% / 27.

74%, compared with -1 in the same period last year.

78% /-1.

27 pieces / -2.

60pcts, the company’s cost optimization results are significant.

   Waiting for insurance 2.

0 drives industry demand and the company’s core product market share leads the expected full return.

May 13th, waiting for insurance 2.

0 is officially released and implemented at least in December this year. It is expected that the medium and long-term will lead to an increase in information security 上海夜网论坛 investment.

According to the latest data released by CCID, the company’s market share of IDS / IPS, UTM, SOC, data security and other products has ranked first for many years, reaching 16 in 2018.

6%, 21.

4%, 23.

5%, 9.


The company strives to fully benefit from such guarantees2.

Expansion of industry demand brought by 0.

   Security services and result-oriented overall solutions have become a development trend, and the prospects for security operations are promising.

On September 27, the “Guiding Opinions on Promoting the Development of the Cyber Security Industry (Consultation Draft)” drafted by the Ministry of Industry and Information Technology proposed that the concept of “security as a service” is advocated for the characteristics of cyber security with strong professionalism, fast technology and difficult applicationTo encourage network security companies to shift from providing security products to providing security services and solutions.

As a total solution for the security operation business, the company has now formed more than 20 city-level security operation centers in the country, and the new operation business orders in the first half of this year exceeded 100 million US dollars.

We expect the company’s security operations center business to continue to advance, with orders expected to reach $ 400 million.   Risk factors: equal insurance 2.

0 Landing was less than expected; industry competition intensified; the construction of security operation centers was less than expected.

   Investment suggestion: Benefiting from the expansion of the industry’s demand for tolerance and the growth of the company’s core business, we are optimistic that the company, as an industry leader, will continue to benefit from downstream demand and market share.

We maintain our EPS forecast for 2019-2021.



06 yuan, corresponding to PE45 / 38 / 31X, maintain “Buy” rating.

Gu Jia Household (603816): Performance Trends Increase to Better Executives and Boost Market Confidence

Gu Jia Household (603816): Performance Trends Increase to Better Executives and Boost Market Confidence
Key points of the report Description 1. Based on confidence in the company’s future development prospects and recognition of the company’s investment value, the company’s director and senior executive Mr. Li Donglai participated in the limited partnerships, trust plans and asset management plans, etc.Self-raised funds, within 12 months from the date of this announcement, at a price of not more than RMB 55 per share, the company will increase its shareholding by not more than RMB 100 million and not more than 200 million. 2. In November 2019, the company has cumulatively repurchased 184 shares through centralized bidding transactions.930,000 shares, accounting for 0% of the company’s total share capital.31%.As of November 30, 2019, the company has cumulatively repurchased 398 shares.320,000 shares, accounting for 0% of the company’s total share capital.66%, the total transaction amount is 1.4.4 billion yuan (excluding transaction costs). Incident review The company’s controlling shareholders and executives have repeatedly increased their holdings, and the company’s proposed repurchase uses all equity incentives, demonstrating confidence in the development prospects.Based on the price of 55 yuan / share and the lower limit of 1 trillion, the minimum number of shares held by Mr. Li Donglai this time is 1.82 million shares (0% of the current total share capital).30%). Since September 2018, the company’s controlling shareholders and their concerted parties, and multiple executives have repeatedly increased the company’s stock, reflecting the management team’s confidence in the company’s development prospects. Domestic sales through product iterations and increased marketing efforts, combined completion and recovery will lead to a rebound in home prosperity, and the performance will gradually move forward; export sales will gradually build a bottom, and the medium and long-term overseas production capacity is expected to usher in new development opportunities.The company’s strong marketing and strong product competitiveness (re-titled Cat Night again in 2019,武汉夜生活网 double eleven launched a variety of new products, etc.), to achieve better orders (omnichannel retail order size on the day of double eleven reached 7).5.1 billion).In addition, the growth rate of completion since August has continued to turn positive, or it may lead to a rebound in home prosperity, further pushing the company’s domestic sales performance upward. Continue to be optimistic about the company’s product expansion and channel upgrades, and move forward to become a major home brand leader, maintaining the “Buy” rating.The company intensified its marketing efforts, continued to launch new product series, and completed the completion recovery logic. It is expected that the domestic sales growth rate in the fourth quarter is still expected to achieve better growth. The overall export sales are under control, and the extensions are stable. Do not worry too much about the issue of goodwill impairment.Looking forward to next year, through the company’s channels to gradually transition to the ground, and completion or driving home prosperity, the company’s domestic sales are expected to continue to rise, and export sales are expected to improve margins with the new production capacity put into production and this year’s low base; medium and long-term stability is optimistic that the company is based on softwareLeader, a big growth space brought by moving towards the leader of the big home retail brand.We expect the company’s EPS to be 1 in 2019-2021.96/2.32/2.65 yuan, corresponding to PE20 / 17 / 15X, maintain “Buy” rating. Risk Warning: 1. The growth rate of real estate is lower than expected; the Sino-US trade environment has deteriorated; the prices of raw materials have changed significantly; 2. The company’s channel progress was less than expected.

23rd Funding Plan-The main net reduction of 34.1 billion long list of institutions grabs 6 shares

Funding on the 23rd: The main net reduction of 34.1 billion Longhu ranking institutions grab 6 shares

[Funds plan chart on the 23rd]The net funding of main funds increased by 34.1 billion. The institutions grabbed 6 shares. Source: Securities Times. On September 23, the A-share market 北京保健按摩 fell overall.

The final close, the Shanghai Composite Index closed at 2,977.

08 points, down 0.

98%, SZSE Component Index closed at 9781.

14 points, down 1.

01%, the GEM index closed at 1684.

32 points, down 1.

twenty two%.

The two cities together traded 5080.

2.2 billion yuan, a decrease of 388 from the previous trading day.

9.8 billion yuan.

  1 The two cities have a net turnover of 341 throughout the day.

2.4 billion today the main capital of Shanghai and Shenzhen stock markets opened more than 235 net.

700 million, a net inflow of 4.

1.9 billion yuan, the net capital of the two cities can be 341.

2.4 billion.

  2 Shanghai and Shenzhen 300 today’s main fund net replacement 122.

1.1 billion Shanghai and Shenzhen 300 today’s main fund net replacement 122.

1.1 billion, GEM net reduction of 62.

200 million, a small net reduction of 70.

4.7 billion yuan.

Shanghai Stock Connect saw a net decrease of 17.

9.7 billion yuan, the net inflow of Shenzhen Stock Connect 10.

05 trillion (here the China-Shanghai Stock Connect, Shenzhen Stock Connect net net amount is based on the amount used on the day, which is slightly different from the transaction net purchase amount, but the meaning is generally consistent).

  3 Pharmaceutical and biological industry net reduction of 47.

Among the top 28 first-tier industries of 3.5 billion, only 1 electronics industry realized net capital inflow. The pharmaceutical industry, non-bank financial industry, chemical industry, machinery and equipment industries have the largest net scalable scale.47.

3.5 billion.

  4 Net inflow of integrated circuit concepts 19.

In terms of the 3.7 billion first concept segment, today’s integrated circuits, chip localization, mobile phone industry, technology leaders and other conceptual segments showed a net inflow of funds, of which integrated circuit concept net inflows.

3.7 billion.

  5 South China Futures main funds net inflow 6.

6.9 billion (Note: The main force of net inflow statistics in this table is different from the net purchase statistics of the institutions in the previous table and the next table).The data showed that the institution appeared in 12 shares, of which 6 shares including Zhaoyi Innovation showed a net purchase of institutional funds, and 6 shares including Yiwei Li Neng showed a net sale of institutional funds.

  7The top ten active stocks of Shanghai Stock Connect and Shenzhen Stock Connect today

Double Star New Material (002585): Performance elasticity in terms of polyester film boom

Double Star New Material (002585): Performance elasticity in terms of polyester film boom

Investment Highlights 2018 Annual Report Release: The company announced 2018 annual revenue38.

5.7 billion, an annual increase of 27.

6%; deduct non-net profit 2.

6 million U.S. dollars, with an average annual increase of more than 10 times; 2018 volume and price are rising, the industry boom cycle is up-the company’s polyester film sales volume is 329,560 tons, an increase of 19% year-on-year; the output is 347,730 tons, an increase of 12.

77%; ending inventory is 7.

2 First, grow by 1 each year.

8 ;;-In 2018, according to public data, the estimated price of BOPET12u film was 12,256 yuan / ton, which was a marked increase from the average price of 9,237 yuan / ton in 2017; the latest price in April was about 10,900 yuan / ton;Excluding the impact of changes in inventory and raw material prices, gross profit per ton estimated for Q1-Q4 2018 was 1,532.

5, 2,043.

5, 2,768.杭州夜网论坛

8, 1,900.

6; -Total net profit is lower than our expectation, mainly due to the unexpected change in the price of Bopet film in the fourth quarter, which affects the fourth quarter net profit; optical film and other functional filmsThe upper limit is 660 million tons / ton, and the increase is expected to decrease; the second phase of an optical film project with an annual output of 20 million square meters is still in progress. The investment quota is 19.

6 ppm, but the progress has improved from the amount of expenditure, the current progress is 48.

44%-Solar film: Company 3 inserts solar back film affected by the industry boom, and its profit has been reduced from 87.23 million in 2017 to 45 million.At 80.

5%, the operating rate is at a high level in recent years, but lower than our forecast may reach 90%; according 无锡夜网 to news reports, Fujian Baihong High-tech Materials Industry Co., Ltd. plans to invest about 2.

300 million US dollars, Baihong Industry will establish 25 in the next 3 years.

5 years / year polyester film production line; but the effect of this investment is expected to be after 2021. Generally, the capacity and operating rate in 2019 will still remain relatively high, mainly based on the downstream demand growth rate; earnings forecasts and expectations due to industry prosperityBelow our expectation, we lowered the company’s profit forecast and expect the net profit attributable to shareholders of the parent company to be 2 in 2019-2020.

7.5 billion, 2.

7.1 billion yuan.

EPS are 0.

24 yuan, 0.

24 yuan.

The corresponding PEs are 27.

8 and 28.

1x; PB is 0.

96, 0.

93. Considering that the industry’s prosperity is still expected in 2019, PE is estimated to be slightly higher, but PB is estimated to be in the expected position. Maintain Buy rating.

Makihara (002714) 2019 performance forecast comment: effective cost control performance exceeded expectations

Makihara (002714) 2019 performance forecast comment: effective cost control performance exceeded expectations

The pig price continued to rise, and the bottom of the slaughtering volume rebounded. The overlapping cost control was effective. The company expects 19Q4 profit of $ 4.6 billion to $ 5 billion.

Performance exceeded expectations.

Increase earnings forecast, maintain target price of 120 yuan, maintain “Buy” rating.

The combination of three factors resulted in better-than-expected performance.

The company expects to realize net profit attributable to mothers in 2019) of 6 billion to 6.4 billion, which is 19 billion 4 billion yuan attributable to mothers in 19Q4.

Performance exceeded expectations.
The main reasons are: 1) Affected by the African swine plague, domestic pig supply is tight and pig prices have risen significantly.

In 19Q4, the average sales price of the company’s commercial pigs was about 31 yuan / kg, an increase of 176% after that and a 53% increase from the previous month.

2) The company’s epidemic situation was properly controlled, which drove the fatal decline of its pigs, and the bottom of the slaughter volume rebounded.

In 19Q4, the company sold 2.32 million live pigs, an increase of 9 from the previous month.


3) Cost control is effective.

The total cost of fattening pigs for our pioneering company 19Q4 is about 13-14.

3 yuan / kg, a further improvement over 19Q3.

Depth of production capacity, pig price boom may be longer than expected.

Impacted by African swine fever, domestic sow productivity has been reduced by nearly half.

Although the sow inventory has gradually recovered since October 2019, most of the new sows are ternary sows, and production efficiency has declined.

And due to the lack of effective and effective African swine fever vaccine, the epidemic situation may reoccur. It is expected that the scale of domestic pig slaughter may continue to be low, and the pig price boom is expected to exceed expectations.

Leading expansion is orderly, and the market share is expected to increase rapidly.

As of 2018, the total market share of the top 20 companies in the region’s pig breeding industry was only 8%.

Affected by the African swine fever epidemic, the industry scale is obvious, and large-scale households are eliminating retail investors, and the trend of differences between high-quality and secondary faucets appears.

Judging from the third quarterly report of 2019, high-quality faucets have obvious advantages in reducing the size and repairing speed.

We judge that the next five years will be a golden period for the industry to accelerate its scale.

From the perspective of sow scale, pig production, fixed asset construction, capital expenditure, etc., Makihara is the best among them, with a high future market share.

Risk factors: Livestock and poultry prices rise more than expected; raw material prices fluctuate sharply; livestock and poultry epidemics.

Investment advice: The pig price continues to exceed expectations, the company’s cost control is excellent, and it is expanding back to a high-growth channel. We expect that the company’s profit will increase year by year in the next two years.

It has 四川耍耍网 since raised its EPS forecast for 2019/20/21 to 2.



72 yuan (was 2).



88 yuan).

Maintain target price of 120 yuan (equivalent to only 10 times PE in 2020), maintain “Buy” rating.