Depth-Company-Qumei Home (603818): Mergers and Acquisitions Make Performance Short-term Pressure and Wait for Synergy to Appear

Depth * Company * Qumei Home (603818): Mergers and acquisitions make short-term pressure on performance wait for 成都桑拿网 synergy to appear

The company released the 2018 annual report and the 2019 first quarter report: the company achieved revenue of 28 in 2018.

900 million, +37 per year.

9%, net profit attributable to mother-59.06 million yuan, -124 for many years.

0%, attributable to non-net profit of -35.34 million yuan, a year of -115.


Among them, 18Q4 achieved revenue of 12.

0 million yuan, +80 for ten years.

9%, net profit attributable to mother -1.

50,000 yuan, at least -315.

4%, attributable to non-net profit -1.

200 million, previously -313.


The company achieved revenue of 10 in Q1 2019.

1 ‰, +154 per year.

8%, net profit attributable to mother is 11.79 million yuan, -57 for many years.

9%, deducted non-net profit of 2 million yuan, a year -92.


The main points of the support level are Ekornes’ consolidated revenue, and the performance of custom furniture is outstanding.

Ekornes completed the consolidation in August 18 and contributed revenue9.

3 ‰, net profit 87.04 million yuan, of which Stressless / IMG / Svane contributed revenue 7.



500 million, accounting for 25.

2% / 5.

0% / 1.


If the impact of consolidation is excluded, the company’s 18-year revenue will be extended by -6 due to the decline in the industry’s business climate and intensified competition.

4% to 19.

600 million, of which custom furniture / finished furniture / accessories and others were +40 respectively.

2% /-17.

9% /-35.

8% to 5.



600 million, accounting for 20.

5% / 40.

1% / 3.

3%.As the synergy between the company and Ekornes in the supply chain, production, channels, etc. is strengthened, sales accelerate accelerated volume.

The company actively promoted the sample of cabinet doors and stores, and basically completed the channel layout of the cabinet product line in your + living hall, with a cumulative growth rate of over 300% in 18 years, and began to test the wooden door business in direct channels.

The channel has expanded steadily, and the layout has begun to emerge.

As of 2018, the company’s B8 whole-house custom / you + life hall / home + life hall / direct store has a net increase of 79/30/45/7 to 306/649/60/21, covering Stressless / IMG / Svane The company has 3271/1713/410 stores and a total of 6,430 specialty stores, contributing 24 revenue.

800 million, an increase of 45 in five years.

1% of which are directly operated stores-8.

0% to 2.

100 million, dealership +53.

0% to 22.

800 million.

There are 1036 stores in the United States and 2269/1273/1422/430 in Ekornes’ European / Asia-Pacific / North American / Other regions, and the channel layout has been initially realized.

In addition, the company’s online / bulk / other channels have more than two years of revenue.

0% /-1.

2% / + 270.

0% to 0.



2.1 billion.

If divided by city level, the company’s revenue in first-tier / second-tier / third-tier cities in 2018 was 26 respectively.

6% / 33.

5% / 36.

8%, first-tier and second-tier cities dominate.

M & A expenses put pressure on performance in the short term.

The company’s gross profit margin will be +3 in 2018.

5% to 42.

4%, net interest rate is -13 per second.

7% to -2.

0%, 2019Q1 company gross margin +10.

4% to 46.

7%, net interest rate -5.

1% to 2.

0%, main reasons: 1) The consolidated Stressless / IMG gross margin is higher, which was 56 in 2018.

5% / 46.

0%, the scale effect strengthened to help the custom furniture business gross profit margin in 2018 half a year +1.

8% to 43.

0%; 2) Affected by the merger intermediary costs, loan interest, exchange gains and losses and other related costs incurred from the acquisition of Ekornes, and the Ekornes consolidation, the company’s sales / management / R & D / financial expense ratios increased by 7 in 2018.

9% / 5.

0% /-0.

2% / 5.

1% makes the period expense rate +17 per second.8% to 42.

2%, an increase of 7 in the first quarter of 2019.

8% / 6.

6% /-1.

7% / 2.

5% makes the period expense rate +15 per second.

1% to 42.


The synergy effect has been strengthened, the amortization of acquisition costs has been completed, and the profit level is expected to improve.

It is estimated that the company’s large home product matrix will continue to improve, and the synergy with Ekornes will be accelerated. In the short term, due to the consolidation of Ekornes, the performance will be under pressure, and the company’s profit forecast will be reduced.



69 yuan (previous forecast was 0.


98 /-yuan), previously +468.

6% / 27.

7% / 21.

7%, corresponding to 2019PE18X, downgrade from buy to increase holdings.

The main risks facing rating The real estate boom continues to decline; Eknornes’ synergies fall short of expectations; debt pressure risks.

Fuchun Environmental Protection (002479) Research Bulletin: Endogenous Extension and Simultaneous Profits Promote Rapid Repair

Fuchun Environmental Protection (002479) Research Bulletin: Endogenous Extension and Simultaneous Profits Promote Rapid Repair

I. Overview of the event Recently we participated in company research 青岛夜网 and exchanged information on future development strategies.

2. Analysis and judgment The “solid waste disposal + energy saving and environmental protection” model is continuously replicated in different places. The company with rich solid waste disposal content started in the early years by providing heating and sludge disposal services for Fuyang Paper Park. After listing in 2010, it was acquired through mergers and acquisitions.The sludge disposal and coordinated heat and power co-generation projects in five parks, including Donggang Port and Changzhou Xingang District, have gradually formed a waste disposal capacity of 1,000 tons / day and sludge disposal capacity of 7,000 tons / day, and successfully replicated “solid waste disposal + energy conservation and environmental protection”Industry model of circular economy.

In addition to continuously increasing the heating scale of the park in the future, the connotation of the company’s solid waste disposal business will also extend from the previous waste incineration and sludge disposal to the harmlessness and recycling of hazardous waste.The layout is leading and it is expected to become a new growth point.

Sluggish demand, rising coal prices led to profit growth in 2018, profit trends in the second half of the year quickly repaired by environmental protection inspectors in 2018, and other factors affected the company’s customer demand for steam and increased coal costs.As a result, the company gradually realized net profit attributable to its mother.

2.5 billion, the previous interest rate was 64%.

According to the Fuyang government plan, Samsung Thermal Power, which competes with the company in the second half of the year, will be shut down, and the company will take over the remaining customers in its park. The heat load will tend to increase significantly.With the gradual increase of steam volume and the gradual fall of coal prices to the green range, the company’s profit is expected to be quickly repaired in the second half of the year.

The planned acquisition of Platinum Ruirui Energy continued to expand, and the large-scale repurchase demonstrated the confidence in holding shares.

500 million U.S. dollars of self-owned funds to acquire 85% equity of Borui Energy and integrate its cogeneration projects in Jiangxi Xingan, Xiaolan, Nanchang, Zhejiang Taizhou and other places. After the completion of the transaction, the company’s industrial scale will be realized on the existing basisDoubled.

In October 2018, the company disclosed the repurchase plan.
The repurchase of the company’s shares at a price of no more than 7 billion US dollars per share of 400 million US dollars demonstrates the company’s confidence in future development.

Third, investment 深圳桑拿网 suggestions are optimistic about the company’s “solid waste disposal + energy saving and environmental protection” circular economy industrial model of remote replication, the company is expected to 2019?
In 2021, the EPS will be 0.



52, corresponding to the current expected PE 18/15 / 12x.

The company predicts PE 18x in 2019, which is less than 90% of the value since listing. The average PE with a distance of 30x in the past three years has room for penetration repair, and it is covered for the first time.

4. Risk warnings: 1. The project’s commissioning progress is less than expected; 2. M & A progress is less than expected; 3. Coal prices continue to increase.

Longma Sanitation (603686) Interim Review: 2Q Performance Trends Brighten to Better Sanitation Service Business

Longma Sanitation (603686) Interim Review: 2Q Performance Trends Brighten to Better Sanitation Service Business
1H19 results are in line with expectations, maintaining a “Buy” rating. According to the company’s announcement, 1H19 company achieved operating income / net profit attributable to mothers / net profit attributable to non-mothers19.1/1.2/1.1 ‰, +18 a year.8% /-9.1% /-16.6%, quarterly, 2Q achieved operating income / net profit attributable 杭州桑拿网 to mother 10.5/0.7 megabytes, + 25% / + 21% a year ago. Revenues reached a single quarter high since the listing. The net profit attributable to mothers has shifted in the first four quarters, mainly benefiting from the substantial increase in sanitation service revenue (previously +83.8%).Considering that the 2Q performance trend is better, we maintain the previous net profit return to mother, and it is estimated that the company’s net profit to mother will be 2 in 19-21.6/3.1/4.0 ppm, due to equity changes, the corresponding EPS is adjusted to 0.87/1.03/1.35 yuan (previous value was 0.87/1.02/1.34), given a 19-year 20-23x target P / E, corresponding to a target price of 17.49-20.12 yuan, maintain “Buy” rating. The performance trend in 2Q19 is improving. The revenue hit a single-quarter high since listing. The sanitation 南京桑拿网 service business is eye-catching. The 2Q19 company realized operating income / net profit attributable to mothers / net profit attributable to non-mothers.5/0.7/0.600 million, +24 a year.5% / + 21.4% / + 14.1%, +11 from the first quarter.9 points / + 53.6 points / + 53.9pct, the single-quarter high of revenue since the listing was launched. Net profit attributable to mothers / net profit attributable to non-mothers has reversed the trend of the previous four quarters, mainly benefiting from the steady implementation of previous sanitation service projects, and overlapping local governments to increase wasteThe revenue from sanitation service business brought by category promotion increased, and the revenue from sanitation service business increased in 2Q.21 trillion, +83 a year.8%.As of August 26, the annual contract amount of the company’s on-hand sanitation service project was 21.5.6 billion (previously +47.8%), the total contract amount is 226.0 trillion, we are optimistic about the future revenue contribution ability of this sector. Strengthening the sanitation service business and grasping the development potential of waste classification. 2Q19 added new bids for environmental sanitation service projects such as Ruijin City, Anyang City, Dingyuan County, Sanya City, and actively promoted the implementation of road maintenance projects in Shishi City, Cangzhou City, and Xiamen Highway Bureau.In 1H19, 29 new sanitation service projects were awarded, with a total annual amount of 5 in the first year.5 trillion, the total value of the newly signed contract is 70.0 ppm, an increase of 1 in ten years.92 times.Since 2017, the company has accumulated a comprehensive industry and rich operating experience in the waste sorting business from front-end propaganda mentors and collection and transfer equipment to stacking processing equipment. In 1H19, the company won 11 waste sorting projects with a total contract amount2015 million yuan, through the early implementation of early garbage classification policy, is expected to further improve the economic benefits for the company. We maintain our previous forecast of net profit attributable to mothers, and maintain a “Buy” rating. Taking into account the company ‘s 2Q19 performance trend, we maintain our previous forecast of net profit attributable to mothers. We expect the company’s net profit to be attributable to mothers to be 2 in 2019-21.6/3.1/4.0 million yuan, due to the company’s implementation of repurchases in the first half of the year resulted in a reduction of 210 shares.80,000 shares, corresponding to EPS adjusted to 0.87/1.03/1.35 yuan (previous value was 0.87/1.02/1.34).The reference P / E median for 2019 is 19x, giving the company a target P / E of 2019 to 20-23x, corresponding to a target price of 17.49-20.12 yuan, maintain “Buy” rating. Risk warning: The project progress is less than expected, and the number of new bids is less than expected.

Joy City (000031) Research Report: It is worth looking forward to the completion of the accelerated growth

Joy City (000031) Research Report: It is worth looking forward to the completion of the accelerated growth

After integration, the advantages are particularly prominent to achieve 1 + 1> 2.

COFCO’s respective two platforms are integrated to bring synergy into play and enhance their overall advantages.

The company sets development goals and strives to further develop from 45 to 50 cities in 2021 based on the existing 32 cities; Joy City Commercial Project will open 10 projects in the next three years; residential sales strive to achieve a three-year contract to exceed 10 billion,It is 合肥夜网 worth looking forward to the accelerated development in the future.

The fund-raising will be completed and Taiping Life Insurance becomes the second largest shareholder.

Recently, the company issued an announcement that it has issued 360,443,001 shares of non-public offering to Taiping Life Insurance Co., Ltd. and ICBC Credit Suisse Investment Management Co., Ltd., a decrease of 6.

The price of 73 yuan, complete 24.

2.6 billion matching funds raised.

The regular increase of supporting funds will help the company to further optimize the asset-liability structure, reduce the asset-liability ratio, improve capital strength and anti-risk capabilities, and provide support for subsequent development.

After Taiping Life became the second largest shareholder of COFCO Group, it subsequently realized strategic cooperation with Joy City Holdings and enhanced the expectation of synergy and win-win.

The acceleration of the ideal scale of operation and sales can be expected.

The company achieved operating income of 223 in the first three quarters of 2019.

32 billion, an annual increase of 68.

28%; Attributable net profit 24.

35 billion, an annual increase of 47.


  The company’s first three quarter results increased by 47%, which is satisfactory.

In the first three quarters, the company signed a contracted sales area of 209.

10,000 square meters, an increase of 111.

19%; contracted sales amounted to 441.

2.0 billion, an increase of 45%, leading the industry in sales growth.

Actively accelerate the acquisition of development power from soil storage.

The company has gradually entered a total of 32 cities, and the company plans to enter 45 to 50 cities in the next three years, focusing on the first and second tiers and strong third tier cities with industrial support.

The company’s overall regional layout is good, and positive development can be expected.

As of the end of the third quarter of 2019, the company has a cumulative building area of approximately 16 million square meters, of which 76% are sales and 24% are held; the total sales value reached 270 billion US dollars.

The land reserve is relatively abundant, which can support the subsequent rapid development and sales growth.

Summary and investment advice.

The company divided the state-owned enterprise reform “Double Hundred Enterprises” list; the reorganization of assets with Joy City Real Estate successfully landed; meanwhile, in recent years, it has actively expanded the layout of soil storage and achieved rapid development.

After the asset integration, the company combines the advantages of the two listed platforms, and it is worth looking forward to improving efficiency and competitiveness.

  Performance continues to grow rapidly, and investors can expect to continue to return to investors at a high level of dividend rates.

The company’s EPS for 2019-2020 is predicted to be 0.

63 yuan and 0.

71 yuan, corresponding to the current sustainable PE is 11 respectively.

5 times and 10 times, give “recommended” rating, suggest attention.

risk warning.

Tighter liquidity, real estate sales and business development exceed expectations

Baby-friendly Room (603214) 2018 Annual Report Comments: Performance Meets Expectations, Orderly Expansion

Baby-friendly Room (603214) 2018 Annual Report Comments: Performance Meets Expectations, Orderly Expansion

The company’s 2018 revenue increased by 10 in ten years.

12%, net profit attributable to mothers grows 28 per year.

23% of companies announced their 2018 annual report: operating income in 201821.

35 ppm, an increase of 18 years.

12%; net profit attributable to mothers1.

20 trillion, converted to a fully diluted EPS of 1.

20 yuan, an annual increase of 28.

23%; net profit deducted from non-attributed mothers1.

30,000 yuan, an increase of 19 in ten years.


In terms of single quarter breakdown, operating income in the fourth quarter of 20186.

15 ppm, an increase of 19 in ten years.

16%, an increase of less than the increase of 22 in the third quarter of 2018.

37%; net profit attributable to mother is 0.

54 ppm, an increase of 18 years.

18%, performance in line with expectations.

The company plans to distribute cash dividends to all shareholders for every 10 shares3.

6 yuan.

Comprehensive gross profit margin rose by 0.

36 averages, the expense ratio rose by 0 during the period.

The company’s consolidated gross profit margin in 2018 for the 56 years was 28.

77%, a year-on-year increase of 0.

36 units.

Company period expenses in 2018 21.

37%, a year-on-year increase of 0.

56 singles, of which sales / management / financial expense ratios are 18 respectively.

22% / 2.

96% / 0.

19%, a change of 1 over the same period last year.

23 / -0.

55 / -0.

12 units.

The channels expanded in an orderly manner. It is expected that the business area will continue to expand. The company will open 34 net stores at the end of the reporting period.

Initial same-store growth rate reached 5.

2%, same store floor effect 1.

900,000 yuan.

With the growth of the company’s number of channels and strict control over product quality, the company’s brand power and membership stickiness have continued to increase.

It is reported that all company members reached 3.25 million, and active member sales accounted for 86 of total sales.32%.

In terms of channels in 19 years, the company plans to add 50-60 stores, mainly targeting the existing advantage areas of East China and South China.

In addition, the company actively promoted the acquisition of the Chongqing Taicheng project to enter the Southwest market.

We have slightly raised our profit forecast and maintained our “overweight” rating to the company ‘s store expansion and cross-regional operating performance. We have slightly raised our profit forecast for the company for 19-20 years to 1.


86 yuan (previously it was 1.


81 yuan), plus 2 for the 21-year forecast.

28 杭州夜网 yuan.

The company’s regional operating advantages are expected to maintain the “overweight” rating.

Risk warning: Cross-region operation is not up to expectations, and the development speed of new stores is not up to expectations.

Inspur Information (000977) Posts Comment: Considering Fair Incentive Fees Increased 19 Growth Is More Prominent

Inspur Information (000977) Posts Comment: Considering Fair Incentive Fees Increased 19 Growth Is More Prominent

The company released the 2019 performance forecast: it is expected that 19 will return to the mother’s net profit8.

6 billion?

9 ‰, 30% increase in ten years?
50%, with a median growth rate of 40%; net profit attributable to non-attributed mothers7.

3 billion?

60,000 yuan, an increase of 19% in ten years?
40%, with a median growth rate of 30%.

Considering the increase of 19 equity 深圳桑拿网 incentive expenses, the company’s endogenous growth is more prominent.

And 19Q3 score: 19Q4 returns to the median net profit forecast of 4.

4 billion, an increase of about 65% from the previous month; 19Q4 deducted the median non-attribution net profit forecast 3.

2.6 billion, an increase of about 43%.

In addition, since the non-recurring gains and losses for the first three quarters of 19 were 49.01 million yuan, the estimated non-recurring gains and losses for Q4 was approximately 78.37 million yuan.

If 18 and 19 years of net profit attributable to mothers and net profit attributable to non-mothers are added back to the corresponding distribution of incentive costs, the net profit attributable to mothers will be increased by a median growth rate of approximately 53%.The median growth rate is about 44%, and the 北京桑拿洗浴保健 endogenous growth is more prominent.

The company’s EPS for 19-21 is expected to be 0.

72 yuan / share, 1.

01 yuan / share, 1.

39 yuan / share.

Forecasting company 19?
21-year revenue was 555.



900 million, net profit attributable to mother is 9.

3, 13.

1, 17.

9 trillion, the digits are 41%, 41%, 37%, and the corresponding price-earnings ratios based on the latest closing price are 42, 32, and 23 times.

Considering that the company’s overseas, channel, and operator’s multi-dimensional development and scale effect in the next few years will lead to improved operating efficiency, the expected profit growth will be faster, and the 19-year growth rate will exceed expectations. We believe that the company can be given 45 times PE in 19 years.Estimated value, corresponding to a reasonable value of 32.

34 yuan / share, give “Buy” rating.

Risk warning: AMD server share rises faster than expected, and the company’s follow-up may be slower than short-term risks of friends.

Some Internet customers may turn to the risk of ODM vendors purchasing servers.

Uncertainty in overseas market expansion and external environment.

Risk of asset impairment due to large amount of accounts receivable and inventory.

Business growth and fair incentives may lead to the risk of rapid R & D expenses, financial expenses, and management expenses rising.

Satellite Petrochemical (002648): PDH’s profitability improved, net profit attributable to mother increased 8% month-on-month

Satellite Petrochemical (002648): PDH’s profitability improved, net profit attributable to mother increased 8% month-on-month

The company released the 2019 third quarter report.

In the first three quarters of 2019, the company achieved operating income of 80.

23 ppm, an increase of 15 in ten years.

81%; realized net profit attributable to mother 9.

22 ppm, an increase of 48 in ten years.


Among them, in 2019Q3, the company realized operating income of 28.

63 trillion, ten years +11.

44%, net profit attributable to mother 3.

6.5 billion, +23.

36%, +8.


2019Q3PDH spread significantly improved.

In the third quarter of 2019, the average price difference of PDH was USD 442 / ton, an increase of 19% year-on-year and a 50% increase month-on-month. The company currently has 100 tons of PDH capacity and has benefited significantly from the improvement of PDH profitability.

However, in terms of acrylic acid and ester content, due to the completion of new production capacity and the completion of maintenance of some units, combined with the general downstream demand, 深圳桑拿网 acrylic acid and ester can be replaced profitably in the third quarter of 2019, of which acrylic acid is 0.

7 * Nylon price difference is 2710 yuan / ton, at least 20% MoM, butyl acrylate-0.

87 * Acrylic acid spread was 4,139 yuan / ton, down 9% from the previous month.

The comprehensive price difference from acrylic acid to butyl carbonate is 8385 yuan / ton, which is 4% higher than the chain ratio.

Looking forward to the fourth quarter of 2019, we believe that the downstream demand for carbonic acid and esters is difficult to solve, and the industry will still be at the bottom.

Construction in progress in Q3 2019 increased by 8.

3 billion.

The company is currently constructing the C2 project. According to the semi-annual report for 2019, the construction of the first-phase project with an annual output of 36 inches of crystals and 36 acrylates has begun, so the company’s new project construction expenditure has gradually increased.

As of the end of the third quarter of 2019, the company’s projects under construction (including engineering materials) 27.

4.3 billion, an increase of 8 from the previous month.

3 billion.

As of the end of the third quarter of 2019, the company had cash and cash44.

2 billion, we think the company’s funding pressure is not great in the short term.

In addition, the net cash flow from operating activities in Q3 2019 was 13.

84 ppm, a significant increase from Q2, mainly due to a decrease of 6 in Q3 2019.

5.8 billion.

Multiple financing channels have helped Lianyungang project construction.

According to the company’s semi-annual report for 2019, the company has obtained approvals for the issuance of corporate bonds with a size not exceeding 2.8 billion.

The inter-bank financing plan with a size of no more than US $ 3 billion has been approved by the company’s board of directors. The non-public issuance of raised funds not exceeding US $ 3 billion received a “Notice of a Feedback Review of the Administrative License Project of the China Securities Regulatory Commission” on October 15, 2019We believe that this financing plan is progressing steadily and is conducive to advancing the construction of the Lianyungang project.

Profit forecast and investment rating.

What do we expect the company 2019?
The EPS in 2021 will be 1.

19, 1.

31 yuan, 2.
21 yuan, according to 2019 EPS and 12-14 times PE, corresponding to a reasonable value range of 14.

66 yuan; follow BPS 8 in 2019.

64 yuan and 1.


0 times PB, corresponding to a reasonable value range of 14.


28 yuan.

To sum up, we choose PE assessment, with a reasonable value range14.


66 yuan, maintaining the “long-term market” investment rating.

Risk warning: the project construction progress is less than expected; product prices fluctuate significantly.

Orikin (002701): Uncertainty in the future becomes clearer and value the bottom of metal packaging faucets

Orikin (002701): Uncertainty in the future becomes clearer and value the bottom of metal packaging faucets

Event description Recently, due to the impact of the Red Bull trademark case and the impairment of goodwill accrual in the annual report, Orijin continued to be under pressure. The company’s current PB / PE (excluding the impact of goodwill impairment) has replaced the historical bottom.

We hereby sort out and analyze the information we have disclosed.

Commentary on the incident Red Bull’s trademark dispute entered the trial period or was resolved on a win-win basis.

China Red Bull is the company’s core large customer, and its revenue accounted for 60% in 2017.

At present, China Red Bull is operating normally. Against the background of steady upward demand for functional beverages, China Red Bull has brand power and channel power, and its market dominance is difficult to shake.

Judging from the case, China Red Bull has cultivated domestically for 30 years, involving more than 4.3 million people in employment, and gradually paying more than 30 billion yuan in taxes. The related business is a profound historical foundation.

Recently, some cases have started to be heard, and the court has rejected Thai Red Bull’s application for compulsory liquidation to further protect the normal operation of China Red Bull.

Therefore, we believe that the development of the event may solve the problem in a win-win manner. If the situation continues to improve, the company’s future performance is expected to improve.

The asset impairment of the annual report was implicated by the affiliated enterprise, and the operation of related parties was not affected.

In 2018, Origin accrued more than US $ 500 million in asset impairment, which was mainly implicated in the trademark arbitration of the joint venture COFCO Packaging (Origin holds 23%) and JDB.

This incident has no impact on the actual operation of the company and its associates. At the same time, the Jiaduobao incident is being gradually resolved, including: the former chairman of COFCO becomes Jiaduobao, and the resumption of COFCO’s supply to Jiaduobao.It is unlikely that the relevant assets will continue to be impaired.

The prosperity of the two-piece can industry has been rising. Mergers and acquisitions have been steadily advancing, and the performance flexibility can be expected after the improvement of the layout.

The previous two-piece tank industry suffered from the excessive expansion and deterioration of overcapacity. Profits continued to decline, and even the entire industry was not profitable. The industry is currently undergoing positive changes, including: 1) the industry ‘s concentration has increased significantly; 2) the excess capacity has gradually increasedDigestion; the industry’s prosperity is in the boom upward range.

After the merger of Ao Ruijin Boer, it will become the largest two-piece can packaging in the country, and it will benefit from the improvement of industry profits 重庆耍耍网 in the future. It is expected that the company will continue to contribute profit increase and even flexibility.

Cherish the bottom, optimistic about the company’s long-term investment value.

As a domestic metal packaging leader, the company integrated Boer’s Asia-Pacific to optimize the industry structure. At the same time, the company benefited from the downward trend of good products and raw material costs due to the Red Bull incident.

The company’s PB / PE are currently at the bottom of history, and the company’s basic EPS is expected to be 0 in 2019-2021.



53 yuan, corresponding to PE is 13/11/9 times, the performance evaluation value is significant, and maintain a “buy” rating.

Risk Warning: 1.

Industry risk: With the rapid expansion of production capacity, the supply and demand scale of the industry is rapidly deteriorating; 2.

Company Risks: Uncertainty in acquiring Boll; Red Bull trademark case; Anonymous uncertainty in Jiaduobao trademark

CV Source (002841): Transforming Ultra-high-definition Video Display Control and Education Informatization Leader to Continue High Growth

CV Source (002841): Transforming Ultra-high-definition Video Display Control and Education Informatization Leader to Continue High Growth
In the future, 4K / 8K TV will guide the transformation of TV technology. As the leader of display card, the company will fully benefit from the next wave of smart TV update. The unit price of TV card is expected to increase significantly, and the company’s board business revenue will continue to grow rapidly.The television industry has experienced the development of different display technologies such as black and white CRT, color CRT, PDP, LCD, LED, etc., and is moving towards 3D and further (4K, 8K). The average quality of smart TV boards is 2-2 of traditional LCD boards.5 times.In the future, when TV boards are further upgraded to 4K / 8K TV boards, the processor, operating system and image processing will be more difficult, and the unit price of TV boards will continue to increase steadily.At the same time, the development of the VR / AR industry market is expanding rapidly. According to Goldman Sachs research, the size of the VR / AR industry is expected to reach 182 billion U.S. dollars in 2025, of which hardware revenue can reach 110 billion U.S. dollars. The display screen is the most basic hardware facility in the VR / AR industry.The seamless, high-definition LED small-pitch display will also be aimed at the fast development of VR / AR, ushering in a period of demand explosion, and driving the demand for LCD main control boards.It is expected that, driven by early ultra-high-definition video technology, the company’s display and control boards will continue to grow rapidly. The company’s education informationization “Xivo” product line is gradually 杭州桑拿 enriched. New products and new markets in the future will promote the company’s education informationization market share to steadily increase, so that the education informationization business continues to grow rapidly.Sivo’s business was originally positioned as a “three educations”, and its product line has gradually been enriched: providing teachers with college tools in teaching, self-developed various application software for portable devices, and through in-depth research on user feedback and needs, Sivo started from”” Extends to the “three services”, extending from the classroom application scenario to the complete education information application scenario of schools and school districts, realizing the upgrade from “products” to “intelligent education overall solutions”, helping schools to rebuild from teaching toManagement intelligence education information platform.Informationization of future education 2.Phase 0 has evolved from “banbantong” to “renrentong”. New products launched by the company: electronic class cards, teaching recording and broadcasting systems, and electronic schoolbags and other new products will promote the continuous high growth of the company’s education informationization. Is it expected that 2019?In 2020, the company’s education informatization business will maintain a compound growth rate of 40%. Investment suggestion: The company has obvious advantages in the application of display products in vertical industries, especially in TV boards, education informatization, and office interaction scenarios.In the future, the display screen will further drive the company’s display card to 4K / 8K and even VR technology. The company’s revenue in the field of education has maintained rapid growth in the past 4 years. With the continuous development of new products and new markets, we expect the company to be in 2019.The high growth of education informatization will continue.At the same time, the performance of Shanghai Xianshi, which was acquired by the company in 2018, will also maintain rapid growth, which will help the company’s high performance in 2019.What do we expect in 2019?In 2020, the company’s net profit will be 13.2.3 billion and 1.6 billion, please focus on investors. Risk reminder: The company ‘s display card and education information business have lower gross profit margins, leading to lower-than-expected performance; the expansion of innovative businesses such as the company’s Maxhub does not meet the expected risks;

Jiangsu Leasing (600901): Assets and Capital Advantages Drive Expected Growth

Jiangsu Leasing (600901): Assets and Capital Advantages Drive Expected Growth

This report reads: The company’s asset-side and capital-side advantages have expanded, and subsequent growth is expected to maintain high ROE, low non-performing overlapping A-share scarcity, and give the company 1.

9X P / B estimate, corresponding to a target price of 7

54 yuan, overweight.

Investment Highlights: Cover for the first time, give “overweight” rating, target price 7.

54 yuan.

The company’s asset-side capabilities are outstanding, focusing on small and medium-sized customers, and transitioning to equipment 重庆耍耍网 leasing. The asset-side rate of return and non-performing ratio indicators clearly exceed those of its peers.

After the listing, the company’s direct financing channels are more smooth, and the endurance advantage of the capital end is the basis for continued growth and growth of assets.

We expect the company’s net profit to be 16 in 2019-21.



400 million, EPS is 0.



78 yuan per year +29% / + 21% / + 21%.

Under the advantages of assets and funds, the company is expected to maintain a high ROE and low non-performing, and at the same time the company has sufficient provisions and is scarce (the only golden lease target of A shares), which is given to the company1.

9X P / B, corresponding to a target price of 7.

54 yuan.

Key assumptions: Leverage has steadily increased and net 杭州桑拿 interest margin has remained stable.

1) At the end of 18, the company’s lease surplus was 58 billion yuan. Compared with the industry, it still needs to increase its growth space, and the company’s capital and asset side advantages have shifted. We assume that the company’s lease scale in 19-21 will be compounded annually + 22%.7
4 times.

2) Net profit margin of the company for 2 years.

95% reflects the expected asset-side and capital-side capabilities. The decline in market interest rates is expected to drive the expansion of the spread in 19 years, assuming that the company’s net interest margin will remain 3 in 19-21.


The transformation of asset leasing to equipment leasing under the vendor model has significantly improved the capacity of the fund end after listing.

1) The company has successively cooperated with world top 500 manufacturers and distributors such as agricultural machinery, medical equipment, information technology, and automobile manufacturing (there were 416 at the end of 18), and used the advantages of the scene to develop the industry and risk control.Finance has grown rapidly, and supplementary contracts have tripled in 17 years.

2) After the listing, the company has raised 10 billion funds through direct financing (4 billion IPO + 6 billion financial bonds). The “listing + license” brings smooth financing capabilities.

3) The advantages of assets and funds are prominent. The company is expected to benefit from economic transformation and financial supply-side reform in the long run.

Catalysts: The transformation of asset-side structure drove the company’s performance beyond expectations; the credit risk improved when the economy stabilized.

Risk reminders: the economic downturn has caused the company’s non-performing rate to be too high; liquidity risks under tight funds.