Petrochemical Oil Service (600871): Ensuring domestic energy security and ensuring medium and long-term development

Petrochemical Oil Service (600871): Ensuring domestic energy security and ensuring medium and long-term development
The core point is that oil prices will remain at a high level, domestic energy security investment will increase, and overseas investment growth in 2019-2025 will maintain.Due to Iran’s energy sanctions, OPEC’s postponement of production delays, and shale oil production growth rate fluctuations due to multiple factors, it is expected that oil prices will remain high in the medium and long term.Sinopec’s investment in exploration and development nearly doubled in 2018. In 2019, the investment in exploration and development 成都桑拿网 of three barrels of oil continued to grow at a high speed to ensure domestic energy security.Data and analysis company GlobalData said that between 2018 and 2025, capital expenditures on 615 projects in the global oil and gas sector will reach $ 811 billion. Domestic natural gas and crude oil exploration and development investment will become the main guarantee for the company’s performance. In recent years, natural gas demand has maintained a rapid growth of more than 10%. In 2018, demand increased by 44 billion cubic meters.It is expected that after the establishment of the National Pipe Network Company, domestic pipeline investment and gas storage investment will reach 150 billion / year and 50 billion / year, respectively. The company’s market share in this construction field is about 2-3%, which benefits significantly.The parent company Sinopec has benefited from increasing domestic high-quality production scales, such as Shengli and Northbound, to accelerate the production capacity of Liling, Weirong, West Sichuan and Dongsheng gas fields. The company is one of the country’s largest oilfield service targets and one of the world’s largest oilfield service targets. It has 716 drilling rigs, 134 2500 and 3000 fracturing vehicles in the world, and has integrated global oil and gas exploration and development equipment and technical capabilities.The company has continued to reduce costs since its listing, and made two major impairments during the low period of the industry in 2016-2017, reducing asset risk.The company resumed profitability in 2018, achieved cap removal and resumed the Hong Kong Stock Connect seat. For the first time, the company’s ROE rating reached 7.7%, ranking high among comparable companies.The company has a high share in domestic cities and overseas markets also have a competitive advantage. Under the policy background of ensuring national energy security and meeting natural gas infrastructure construction, domestic business volume will continue to increase, reduce amortization, and the company will continue to reduce costs and increase efficiency.Investment opportunities are gradually revealed.It is estimated that the operating income for 2019-2021 will be 70, 78, and 86 billion yuan, and the realized EPS will be 0.07, 0.10, 0.13 yuan / share, corresponding to PE, 34, 24, 18 times, for the first time to cover the “overweight” rating. Risk reminder: The implementation rate of OPEC production limit agreement is too low, the US shale oil and gas production increase far exceeds expectations, the international demand for refined oil products and oil and gas reform plan have not been substantially improved.


AVIC Sunda (000043): Focus on Potential Industry Giants in Property Services

AVIC Sunda (000043): Focus on Potential Industry Giants in Property Services

Event: On April 29, 2019, AVIC Sunda issued an announcement that the shareholder AVIC International Holdings transferred 22.

35% of the shares are to China Merchants Shekou, the transfer price is 8.

95 yuan / share, after the transfer is completed, China Merchants Shekou will become the company’s largest shareholder.

In addition, the company plans to issue shares to China Merchants Shekou and Shenzhen China Merchants Real Estate to purchase 100% equity of China Merchants Property.

The issue price for the purchase of asset shares is 7.

90 yuan / share, the target value of this transaction and the transaction price have not yet been determined.

Historical evolution: AVIC Sunda (formerly known as AVIC Real Estate) was established in 1985. The original core business was real estate investment, development and management.

In 2016, the real estate development business was gradually divested. The company’s strategy focused on the property asset management business.

Property services: Focus on institutional properties and steadily increase net profit.

AVIC Property, a wholly-owned subsidiary of the company, is the main body of the property service sector. As of December 2018, AVIC Property Management covers an area of 53.07 million square meters.

The company’s property management business has maintained rapid growth for five consecutive years, with a five-year compound revenue growth rate of 27.


The net profit of the property sector in 2018 was 1.

64 ppm, an increase of 36 in ten years.

72%, 5-year compound growth rate is as high as 35.

56%, exceeding the growth rate of revenue during the same period.

Non-property service sector: Real estate development has been shrinking year by year, and commercial operations have been combined.

AVIC Sunda’s real estate business is mainly reflected in the inventory of real estate development and investment real estate at fair value.

In the first quarter of 2019, the company’s inventory book value was 17.

In terms of investment real estate, as of December 2018, AVIC Jiufang managed 15 projects 深圳丝袜会所 with a management area of 1.27 million square meters. In the first quarter of 2019, the company’s investment real estate book value reached 69.

20 billion.

China Merchants Property: a comprehensive service provider for the real estate value chain.

China Merchants Property Business covers more than 40 cities and regions across the country, employs more than 16,000 people, manages more than 500 properties, and covers an area of more than 75 million square meters.

By the end of 2018, the total assets of China Merchants Property16.

980,000 yuan, operating income in 2018 29.

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

35%, net profit attributable to mother 1.

450,000 yuan, an increase of 114 years ago.


Investment suggestion: Property service companies belong to the asset-light industry and have stable cash flow. PE’s estimated center has support around 20-30 times and has the company’s holding real estate book value. At present, it has always been on the safety margin.

Give “Buy” rating.

Risk Warning: The restructuring fails, the property development is less than expected, and the company’s real estate projects are impaired.


GEM welcomes heavy weight again How to screen index funds to seize opportunities?

GEM welcomes heavy weight again How to screen index funds to seize opportunities?

Original title: GEM welcomes heavy profits again, how to choose index funds to seize opportunities?

Source: Xiaoziguan On the evening of Friday (November 8), the GEM ushered in a heavy positive.

The CSRC publicly sought opinions on revising the Measures for the Administration of Securities Issuance of Listed Companies and the Interim Measures for the Administration of Securities Issuance of Listed Companies on the Growth Enterprise Market.

  This is regarded as a comprehensive loosening of the refinancing of listed companies. The main amendments are: support for listed companies to date strategic investors; the non-public offering price must not exceed 10% or 20% of the average price of the 20 trading days before the pricing benchmark date;The lock-up period was shortened from the current 36 months and 12 months to 18 months and 6 months respectively; the validity period of the refinancing approval was extended from 6 months to 12 months.

The contents specifically formulated for the GEM mainly include the condition that the asset-liability ratio at the end of the most recent period when the GEM is cancelled is more than 45%, and it is profitable for 2 consecutive years.

  The GEM was launched in October 2009. In the past ten years, GEM listed companies have expanded to 776 companies.

As of November 8, 2019, the GEM has 2 companies with a market value of more than 100 billion and 66 companies with a market value of more than 10 billion, cultivating a number of industry leaders such as Mindray Medical, Aier Ophthalmology, Ningde Times, Lepu Medical, Oriental Fortune and other industries.Business.

  At present, the indexes that characterize the overall trend of the GEM are the GEM index and the GEM 50 index.

The GEM Index (399006) was released on June 1, 2010 and consists of the top 100 stocks with a market capitalization of GEM and a high level of trading activity.

The GEM 50 (399673) is the top 50 stocks selected from the 100 sample stocks on the GEM Index, and they value activity more.

  For investors who want to capture GEM investment opportunities, index funds can be a low-cost tool that can avoid individual stock risks.

  The first is the ETF index fund. A certain index base needs to be selected in terms of product size and liquidity, because ETFs are used for daily real-time trading. If the size is insufficient, the average daily trading volume is insufficient, which can easily cause quotes.Matching difficulties, increasing friction costs in the transaction process.

At present, the two products that are both excellent in terms of size and liquidity are Hua’an GEM 50 ETF and E Fund GEM ETF.

  The E Fund GEM ETF has been established for more than 8 years, and its first-mover advantage is obvious. Therefore, it has the largest scale among similar GEM ETFs, with an average daily turnover of 5 in January.

56 billion.

Hua’an GEM 50ETF is also the largest among similar GEM 50ETFs with significant liquidity advantages.

  Source: Choice For over-the-counter index funds, the size of the fund is more important. If the fund size is too small, it is easy to be liquidated, and the index investment generally focuses on the long-term, especially when the investment is fixed, only long enough to waitSmile curve.

  Of the OTC GEM-related index funds, E Fund’s GEM ETF connection and the rich country’s GEM index classification have advantages.

Both of these were established relatively early, with the largest ETF ETF connection scale of 19.3 billion, and the wealthy GEM index scale of 45.

7 billion.

  Source: Choice’s current policy has a clear attitude towards GEM. Various policy support has also been launched, and high-level executives have repeatedly stated their views. It will promote the reform of GEM and become a reference to the implementation of the registration system for the science and technology board.

If investors want to capture the investment opportunities on the GEM, they can consider the index tools selected above to help everyone.


Jinshi Resources (603505): Single-quarter results are slightly lower than expected and demand is picking up

Jinshi Resources (603505): Single-quarter results are slightly lower than expected and demand is picking up
The event company released the third quarter report of 2019. The company’s total operating income and net profit attributable to its mother in the first three quarters were 5, respectively.4.4 billion and 1.6.6 billion, an increase of 47 each year.65% and 133.56%. Weak demand has dragged down fluorite sales, and demand reversals at extremely low downstream starts can be expected. According to the company’s announcement, the company’s third quarter single-quarter performance was about 55 北京桑拿洗浴保健 million, an annual growth of 93.14%, a drop of 20 from the previous month.53%.The decrease in the company’s chain performance was mainly due to the poor demand downstream after entering August, resulting in a decline in product sales.According to the company’s announcement, we estimated that the company’s sales of fluorite products in the first three quarters were 5, 9, and 7 pins respectively, while the industry average replacement of acid-grade fluorite powder in the first three quarters was: 2871 yuan / ton and 2882 yuan / ton.At 3044 yuan / ton, the overall price is still on the rise, and the prosperity level remains high.Looking forward to the fourth quarter and next year, at the current operating rate of hydrofluoric acid is only about 60%, and most companies show the state, we think that downstream companies rebound soon,厦门夜网 coupled with the gradual opening of the next generation of refrigerant next year, a large number of third generation refrigerantThe strong demand for hydrofluoric acid and fluorite started production, we continue to be optimistic about the future development of the fluorite industry and gold stone resources. The Ministry of Industry and Information Technology intensive research on fluorite, fluorinated chemical industry chain, and the pattern of the fluorite industry are reshaping. Wang Wei, the director of the Ministry of Industry and Information Technology’s Raw Material Industry Division, intensively studied Zhejiang Amethyst Mining of Juhua and Jinshi Resources on October 14-20In the Xiangzhen factory area of Inner Mongolia, there are also many expert symposiums and special report meetings in the industry during the same period.After years of development, the long-term fluorine chemical industry chain has become the world’s largest and an important chemical sub-industry that affects all aspects of national life.As the source of fluorite, fluorite’s strategic position is self-evident. At present, the private mining, stolen mining, and waste of small mines in the fluorite industry are still very serious. It is believed that under the protection of national policies, the fluorite industry pattern is expected to beReshape quickly. Earnings forecast and rating: The company’s third quarter results are expected to be slightly lower than our expectations. We adjust the company’s net profit forecast for 2019-2021 to 2.66, 3.58 and 4.1.8 billion (previous forecast 2).93, 3.54 and 3.9.5 billion).The current anniversary corresponding to 2019-2021 PE is 18, 13 and 12 times.We have long been optimistic about the company’s growth potential as a fluorite leader in resource integration, and maintain the “highly recommended” level. Risk warning: fluorite prices rise sharply; production safety risks; downstream demand is less than expected


Supor (002032): Small kitchen appliances grow steadily and new products continue to expand

Supor (002032): Small kitchen appliances grow steadily and new products continue to expand
The company ‘s recent retail monitoring data in November showed that market demand for small kitchen appliances and cookware was solid, and Supor performed well; market competition for chefs ‘wires was fierce, and Supor grew rapidly; new environmental products expanded and grew faster.  Commenting on small kitchen appliances, the performance of the cookware market is stable: 1) Small kitchen appliances, the demand for cooking appliances is less affected by the economic cycle, and the demand is relatively stable. Aowei monitoring shows that the 11-month small appliance market has online and offline retail sales exceeding + 9%, + 10%.2) During the “Double Eleven” period, Supor actively promoted, and the whole network is seasonal 12.500 million, a 50% increase in ten years.Affected by this, the online retail sales of Supor’s small appliances in November were + 27% (Aowei) every six months, and the flagship store of cookware each time increased by + 89% (Amoy data), which clearly exceeded the industry growth rate.3) In the future, the company plans to tap the younger segments and the mother and baby segment market, launch more targeted products, and use new marketing methods to expand brand influence.  Competition for cost-effective brands on chef wires is fierce: 1) Driven by the “Double Eleven” promotion, the demand for chef electronics retail sales improved slightly in November, and the industry retail sales increased by +8 once.2%, of which online retail sales for a decade + 13%.2) The growth rate of cost-effective brands in the online market is accelerating. For example, Midea and Haier ‘s retail sales of kitchen appliances in November reached 31% and 45%, respectively.3) In 2018, Supor experienced rapid expansion in the kitchen appliance industry. The growth rate has gradually changed since 2019. Retail sales increased by 11% in November. The marginal contribution of the kitchen appliance category to the company’s revenue growth weakened.  Environmental new product expansion has grown rapidly: 1) Supor’s expanded product expansion capability has continued to show good growth in the vacuum cleaner and air purifier markets.Emerging categories are becoming more fierce online, and Supor has avoided its strong potential and has gained share mainly through offline channels.2) Aowei data shows that in November, the retail sales of Supor offline vacuum cleaners and air purifiers increased by + 53% and + 14%, respectively, which significantly replaced the industry (+ 12%, -38%) and increased market share.To 4%, 13%.3) Emerging product category optional product substitution, the overall growth rate in 2019 obviously replaced.We expect domestic demand to recover moderately in 2020, and demand for emerging categories may improve.  Estimates suggest that we maintain our 2019 / 20e EPS forecast2.35 yuan / 2.77 yuan.Maintain Outperform rating and 91.The target price of 43 yuan, corresponding to 39 times the 2019 price-earnings ratio and 33 2020 price-earnings ratio, has 21% more upside than 杭州夜生活网 the current one.The current contradiction corresponds to a P / E ratio of 32x / 27x in 2019/2020.  Risk market fluctuations have resulted in lower-than-expected revenue.


Shuanghui Development (000895): Performance meets expectations and expectations are more expected to hedge cost pressures

Shuanghui Development (000895): Performance meets expectations and expectations are more expected to hedge cost pressures

Key points of investment: The company announced its 18-year report with 18-year revenue of 487.

$ 7 trillion (excluding interest), -3 per year.

3%, net profit attributable to mother 49.

100 million, +13 a year.

8%; 18Q4 revenue 122.

500 million, a year -7.

0%, net profit attributable to mother 12.

600 million, +8 per year.


The company proposes to send a cash dividend of 0%.

55 yuan (including tax).

Ping An’s point of view: The performance is basically in line with expectations: The company’s 4Q18 revenue growth rate is slower than our -1% expectation, mainly because fresh food sales have gradually exceeded expectations, and net profit growth has basically met our + 5% expectation.

Increasing prices of meat products dragged down sales, and the new channel volume is worth looking forward to: the company’s 4Q18 meat products sales are about 38.

In July, at least -2.

3%, mainly due to the company’s December price adjustment on 1/3 of the product affected sales, 4Q18 ton price rose +2.


The price of pigs and chickens continues to rise. Although the price increase of products has been hedged, the cost pressure is still prominent, and 4Q18 tons of profit are -1% per year.

Looking forward to 19 years, the company’s meat product sales may improve. Delicatessen and steaming two new channels are expected to contribute to the increase. Delicatessen has more than 100 years at the end of the year. The single store has achieved a break-even.The company plans to invest 20,000 steamers to develop steaming channels, and the 杭州桑拿网 current market feedback is good.

Although African swine fever may continue to drive up the prices of major raw materials, the company plans to raise prices again in the second and third quarters, and reserve low-cost stocks around the Spring Festival. Tonality may not fluctuate.

The widening regional spread has promoted the improvement of slaughtering heads. Imported meat may become a new growth point in 19 years: the hog transfer caused the company to slaughter only 4.28 million heads in 4Q18, more than + 2%, and the sales of fresh products 38.

4 Initially, at least -10.

5%, but the national effective plan to earn inter-regional spreads, slaughtering head up to 85 yuan, ten years + 85%.

Looking back, the hog transportation needs to be limited, the slaughter volume growth rate will still be affected to a certain 淡水桑拿网 extent, and the regional high spreads will continue to exist, thus replacing the impact of rising pig prices, which will help Tuli continue to maintain a better level.

In addition, through the easing of the Sino-U.S. Trade war, the company’s 2H19 imported meat scale may return to high growth, thereby earning high domestic and foreign pork spreads, which is expected to become a new growth point for performance.

The performance under the pig cycle is still expected to remain stable, maintaining the “strong recommendation” level.

The price of pigs has entered an upward cycle, but the adjustment of imported meat, product price increases, and structural upgrades are expected to keep the overall profit stable. Meat products are undergoing comprehensive business adjustments. The volume of Chinese products is worth looking forward to. The policy has promoted a clearer slaughter growth logic and long-term growthPositive highlights.

Considering the far-reaching impact of African swine fever, we set the company’s 20-year EPS forecast from 1.

66 yuan down to 1.

54 yuan, 19-21 predicted EPS are 1 respectively.

49, 1.


70 yuan, each year +0.

1%, +3.

6%, +10

2%, the corresponding PE is 17 respectively.

0X,, 16.

4X, 14.

9X, maintaining “strongly recommended” rating.
Risk reminders: 1. Risk of weak macro economy: slower economic growth, consumption upgrades are not up to expectations, leading to faster consumer growth; 2. risks of major food safety incidents: consumers are particularly sensitive to food safety issues.Major food safety accidents. In the short term, it takes a long time for consumers to overcome the freezing point and reshape their confidence in the brand. 3. Raw material price rise risk: The price of pork and chicken, the main raw materials of the product, fluctuates.


Cement sector has increased its strength

Cement sector has increased its strength

In the afternoon, the strength of the cement sector rose.

In the final release, stocks such as Wannianqing, Shangfeng Cement, Tongli Cement, Huaxin Cement, Sichuan Shuangma, Fujian Cement, Qilianshan, etc. were collectively pulled up.

  According to the Securities Daily reported on the 14th, people in various countries generally believe that multiple positives will continue to push up cement stocks.

  First, the performance data is dazzling.

As of now, a total of 24 listed companies in the cement industry have disclosed their 2017 annual reports and performance bulletins or notices. In 2017, 21 companies achieved net profit or are expected to achieve growth, accounting for 87.


Among them, 14 companies realized or doubled their net profit in 2017, and Sichuan Jinding, Lion’s Head, * ST Qingsong and other three companies turned their performance into profit.

  First of all, resumption of work may come.

China Merchants 重庆耍耍网 Securities pointed out that due to the better implementation of suspension of production in most regions, and the time for resumption of production is mostly in mid-March, demand needs to be activated, and inventory is expected to adjust to normal levels.

Overall, prices are expected to rebound in mid-late March.

  Again, price increases are expected to be strong.

Anson Securities believes that through demand activation, inventory is expected to return to normal levels, and it is unlikely that the overall price will continue to fall sharply. It is expected that prices will usher in a stable rebound in the middle and late three months.

  Finally, institutions sing more collectively.

Since March, a series of institutions including Huachuang Securities, BOCI Securities, CICC and other companies have expressed optimism 杭州桑拿网 about the opportunities in the cement industry.

Among them, China Merchants Securities stated that it is optimistic about the short-term profit growth of the cement industry and the improvement of the industrial structure brought about by long-term supply-side structural reforms.

The medium- and long-term supply-side structural reforms will make the industry profitable in different regions and different companies, and the estimates of leading companies will also be improved in this round of industry consolidation.

It is recommended to focus on regional markets with stable demand and mature markets, such as East China; focus on western markets that benefit from investment in key infrastructure projects, such as Guizhou and Shaanxi; recommend focus on stable profits and benefit from the supply-side structural reform of leading companies Conch Cement.


Golden Mantis (002081) Quarterly Review: Maintaining Robust Revenue and Orders, Increasing Redundant Cash in Hand to Provide Performance Growth Guarantee

Golden Mantis (002081) Quarterly Review: Maintaining Robust Revenue and Orders, Increasing Redundant Cash in Hand to Provide Performance Growth Guarantee
The company’s latest report for the third quarter of 2019 released revenue of 227 in the third quarter before 2019.41 trillion, the same increase of 22.66%; net profit attributable to mother 17.500,000 yuan, an increase of 10.47%.The comments are as follows: The quarterly order growth has increased, but the incremental growth rate is still at a high level. The excess orders in hand provide protection for future performance. The company has a total of 334 new orders in the first three quarters of 2019.2.4 billion, an increase of 17.30%.The public order is 185.60 billion, an increase of 15.57%, the growth rate in the first three quarters of 2019 was 45.17% / 7.94% / 1.04%, the year-on-year growth rate was positive or benefited from the steady growth of infrastructure and real estate investment; incremental residential orders were 126.51 trillion, the same increase of 17.90%, the growth rate in the first three quarters was 12 in each quarter.94% / 42.42% / 3.The high growth rate of 22% in the first half of the year may benefit from the steady advancement of the hardcover business line.At the end of the third quarter of 2019, the company has gradually signed uncompleted orders for 645.4.7 billion, representing 2018 revenue2.57 times, the excess orders in hand provide a guarantee for high future performance.深圳桑拿网 The company’s revenue continued to grow at a high level, and the gross profit margin improved. The company completed operating income of 227 in the first three quarters of 2019.41 trillion, the same increase of 22.66%, still at a high level, or mainly due to the steady increase in C-end home improvement revenue, and the restoring growth of public order in the second half of last year and the continued development of B-end home improvement business.The company’s gross profit margin is 18.05%, down by 1 every year.51 digits. The improvement of points in this period may be due to the improvement of the proportion of B-end home improvement business.Since the second half of 2018, the number of C-end home improvement stores has improved. In the future, the growth rate of C-end home improvement may stabilize, and the company’s 深圳SPA会所 overall gross profit margin is expected to be limited. The R & D expense ratio increased significantly, the growth rate of net profit attributable to mothers improved, and the company’s expenses during the period8.81%, a decline of 0 every year.27 units.Of which selling expenses are 2.29%, a decline of 0 per year.4 units; management expenses 3.26%, a decrease of 0.11 units; financial expenses budget 0.44%, an increase of 0.35 samples, or due to the increase in the proportion of long-term expenditure and the decline in the holding of wealth management products; R & D expenditure 2.82%, a decline of 0 every year.11 units.The company accrues asset impairment and credit asset impairment.670,000 yuan, a decrease of 0 from the previous value.200000000.The company’s net margin is 7.65%, a decrease of 0 compared with the same period last year.Combined, 85 singles, this year the company completed the first award of a supplementary stock incentive plan, and the lifting of the ban requires that net profit growth in 2019-2021 reach 150% / 13.1% / 11.6%, we believe that the company is likely to meet the requirements for lifting the performance of the ban. The operating cash flow has improved, and the company may adopt various measures to ensure that the cash ratio of the company with too much cash in hand is zero.8877, an increase of 1.27 units; the company’s cash-out ratio was 0 during the same period.9033, a decrease of 0 every year.51 units.Net cash flow from previous operating activities decreased by eight.09 billion, an earlier value less replaced by 1.2.7 billion.Company asset and liability accounting 58.97%, a decrease of 0 from the end of 2018.18 units.In the context of the industry’s overall liquidity environment has not yet recovered significantly, the company is ensuring its own cash on hand through multiple channels. At the end of the third quarter of 2019, the company has cash on hand39.2 billion, an increase of 8 earlier.3.3 billion.First of all, against the background of steady growth in the first three quarters of 2019, the company has ensured that cash flow from operating activities has improved from the same period last year by strengthening project repayments. Second, the company’s investment cash flow substitution has dropped significantly.With 700 million yuan, the company purchased more other current assets by reducing wealth management products, and its surplus decreased by 60 compared with the beginning of the period.39% (down 16.200 million), the company’s other debt investment decreased by 63 compared with the beginning of the period.46% (down 1.600 million), mainly due to the company’s purchase of the fund trust plan due refund refund. Investment suggestions The company’s performance in the first three quarters of 2019 maintains a steady growth. The company’s orders on hand are at a high level. The conversion company guarantees that it has sufficient cash on hand through multiple channels, and it has better guarantees for future performance.As a leader in subdivided industries, the company’s performance has grown steadily, its financial structure is good, and its offline store revenue has been gradually increased. It is recommended to discover the company’s consumption attributes.We believe the company is expected to obtain a higher estimated premium against the background of the overall order growth in the public service industry.The company’s EPS for 2019-2021 is expected to be 0.94, 1.08, 1.21 yuan / share, corresponding to PE is 9, 8, 7 times.Maintain “Buy” rating. Risk reminder: The growth of long-term fixed asset investment is accelerating and the company’s business repayment is not up to expectations


Northern Huachuang (002371): Q3 revenue and profits accelerate growth 2019 equity incentive plan released

Northern Huachuang (002371): Q3 revenue and profits accelerate growth 2019 equity incentive plan released

Events: ① The company recently released the 2019 third quarter report, and the company achieved revenue 27 in the first three quarters of this year.

370,000 yuan, an increase of 30 in ten years.

24%; realize net profit attributable to mother 2.

190,000 yuan, an increase of 30 in ten years.


② The company released the equity incentive plan for 2019 and plans to grant no more than 4.5 million stock options to about 448 people.

Q3 revenue accelerated, and management fee rates dropped to bring performance flexibility.

In Q3 single quarter, the company achieved revenue of 10.

820,000 yuan, an increase of 53 in ten years.

2%, maintaining a high growth trend.

Termination of the company’s inventory at the end of the third quarter35.

89 ppm, an increase of 19% over the end of 2018. The semi-annual report shows that it is mainly raw materials, and the increase in products is the basis for future revenue growth.

The company’s Q1 / Q2 / Q3 gross profit margins were 44 this year.

9%, 42.

7%, 39.

6%, overall continued at a relatively high level; in terms of period expenses, Q3 single quarter sales / management / R & D / financial expenses were 5

04%, 11.

33%, 13.

11% and 2.

66%, with annual changes of -0.

59, -9.

61, 4.

76, 1.

05 pct, management fee rate dropped drastically to drive rapid growth in performance.

The steady increase in R & D expenses helps the company maintain a leading competitive advantage.

New applications such as 5G are expected to drive a recovery in global semiconductor demand.

Statistics from the Japan Semiconductor Association show that global semiconductor equipment bids for the first half of 2019 were US $ 27.1 billion, a year-on-year decrease of 19.

7%, mainly due to the downturn in the downstream 3C industry.

In the 5G era, the increase in the number of terminals and cloud devices such as base stations and server throughput will drive the growth in storage, computing, and communication needs, which will effectively promote the recovery of the global semiconductor industry.

Leading domestic semiconductor equipment, 2019 equity incentive plan released.

The company has undertaken major national science and technology projects, has additional items of internally licensed patents, and has a professional and international R & D team.

The company’s semiconductor process equipment has successively entered domestic 8-inch and 12-inch integrated circuit memory chip, logic chip and specialty chip production lines, and some products 淡水桑拿网 have entered the world-class chip production line and advanced packaging production line, making it a leading domestic semiconductor equipment leader.

The announcement shows that the company’s 2019 equity incentive plan was released, and it is planned to grant no more than 4.5 million shares to approximately 448 people at an exercise price of 69.

2 yuan / share, saving the grant price of 34 shares.

6 yuan / share, which will further improve the company’s incentive mechanism and release staff vitality.

Earnings forecasts and investment advice.

It is estimated that the company will realize revenue 43 from 2019 to 2021.

6.8 billion, 56.8.9 billion, 73.

2.8 billion, respectively, to achieve net profit attributable to mother.

5.1 billion, 5.

2 billion and 7.

3.9 billion.

Give Buy-A rating, 6-month target price 杭州桑拿网 of 87.

78 yuan.

risk warning.

Localization of equipment was less than expected, and total semiconductor demand.


Oriental Fashion (603377) company comment: 19Q4 return to mother’s net profit + 53% net interest rate +6.

6PCT; VR synergy effect gradually appears

Oriental Fashion (603377) company comment: 19Q4 return to mother’s net profit + 53% net interest rate +6.

6PCT; VR synergy effect gradually appears

Revenue in 2019 11.

1.3 billion, a five-year growth of 5.

92%; net profit attributable to mother 2.

4 ‰, an increase of 8 in ten years.

54%, of which the net profit of Q4 attributable to mothers increased by 53% each year.

Q1-4 revenue was 2 respectively.

01 ppm, 3.

1.9 billion, 3.

3.5 billion, 2.

58 ppm, with annual growth rates of -5.

73%, +3.

07%, +17.

69%; Q1-4 net profit attributable to mother is 0.

2.9 billion, 0.

7.2 billion.

900 million, 0.

4.9 billion, the previous growth rate was 108.

26%, -27.

78%, 16.

54%, 53.


  Specifically, 厦门夜网 the performance of Beijing driving school has increased in 2019, and the performance of other operating subsidiaries outside Beijing has increased by a gap or achieved deviations and reduced losses, thereby steadily improving the company’s overall operating capabilities.It is still at the stage of market development and brand cultivation to realize profit.

  Net interest rate increased by 6PCT to 21.

62%, of which 19Q4 net profit increased by 6.

6PCT to 19.


  The synergy effect of VR appeared, and the performance of subsidiaries outside Beijing grew rapidly.

  Continued profit forecast, giving buy rating companies to continuously improve service quality, adjust teaching plans and extensive market promotion, further increase market share, and achieve scale, process and standardization in the industry, number 南宁桑拿 of inputs, number of graduates,The number of employees, the number of training vehicles and the area of the training venue are among the highest in the industry.

Under the preliminary guarantee of high-quality services, driving training institutions with rich training experience and good reputation will be more likely to gain the favor of the literature.

Considering that VR applications significantly reduce labor costs and improve efficiency, we maintain the company’s profit forecast. We expect the company’s net profit for 2019-2021 to be 2 respectively.

34 billion, 2.

4.7 billion, 2.

7.1 billion, PE is 59x, 56x, 51x.

  Risk warning: the enrollment situation is less than expected, the fee increase effect is less than expected, the speed of new school is gradually expected, and the VR effect is gradually expected