Month: March 2020
Zhenhua Co. (603067) Company Annual Report Comments: Domestic chrome salt faucet production and sales rose, performance steadily increased
The performance of domestic chrome salt leaders has steadily increased, and the attributable net profit for 18 years increased by 45 each year.
The company achieved operating income in 201814.
50,000 yuan, an increase of 18 in ten years.
51%, achieving net profit attributable to shareholders of listed companies.
46 ppm, an increase of 45 in ten years.
The main reason for the increase in net profit is that the company maintains its scale advantage and actively explores the market to achieve an increase in product sales and a steady increase in operating income.
At present, the company’s comprehensive output of chromium salt products ranks first in the industry. Through the increase of the company’s R & D expansion and the continuous development of new customers, the market will further increase.
In 2018, the company’s average purchase price of chromite was 1629 yuan / ton, a continuous decline of 25.
39%, while applying new technologies, the production environment has been continuously improved, and scale effects have gradually emerged.
Production and sales of main products increased, and profitability improved.
Dichromate, chromium oxide and chromium sulfate are the company’s main products, and the total sales revenue accounts for 85% of the main operating income.
In 2018, dichromate products achieved revenue3.
08 million yuan, an increase of 32 every year.
87%, realized gross profit 6811.
130,000 yuan, an increase of 3959 per year.
The 170,000 yuan is basically the decrease in the production capacity of domestic dichromate manufacturers. Due to the decrease in foreign production capacity, the number of imports has dropped sharply, and the export of goods has increased slightly.
During the same period, the price of dichromate rose, and the gross profit margin of the product was 22.
13%, an increase of 9 per year.
Revenue from chromium oxide products8.
61 ppm, an increase of 17 per year.
69%, with a gross profit of 28327.
49 million, an increase of 7441 every year.
960,000 yuan, the first is that domestic manufacturers reduce production capacity, the company’s total sales volume increased significantly over the same period last year.
The gross profit margin of chromium oxide products is 32.
90%, an increase of 4 per year.
Both domestic and foreign sales revenues have risen, and the metallurgical industry has a large demand.
The company achieved territorial revenue in 201813.
24 ppm, an increase of 18 per year.
12%, export sales account for a relatively low, the main categories of domestic metallurgical industry demand for chromium-related products decreased, the company’s current sales are mainly domestic customers.
Clients are mainly developing countries in East China, South Central China and North China.
With the rapid growth of the macro economy and the intensification of competition 合肥夜网 in the domestic market, the company continuously strives to increase the development of the international market and its products are exported to Southeast Asia, Europe and the United States.
Foreign income in 2018 was 7,659.
650,000 yuan, an increase of 26 every year.54%, accounting for 5 of the main business income.
47%; the company has the right to operate import and export, and overseas sales are completed through self-employment.
The backward production capacity of the absolute chromium salt industry has been eliminated, creating a market pattern for environmentally friendly production enterprises.
As a domestic chrome salt leader, the company adheres to the green development path, cleanliness, and obvious advantages in scale.
We predict that the company’s net profit for 2019-2021 will be 1.
7.9 billion, 1.
9.8 billion, 2.
150,000 yuan, the corresponding EPS is 0.
58 yuan, 0.
64 yuan and 0.
Give the company 20-24 times PE in 2019, corresponding to a reasonable value range of 11.
92 yuan, maintaining the sustainable market rating.
Risk warning: raw material prices rise, product prices fall.
China Railway Construction (601186) Q3 order review in 2019: Q3 order speeds up again, infrastructure recovery company’s performance expected
Matters: The company announced the first three quarters of 2019 orders: 19Q1-Q3 gradually new transformation orders 11152.
34 trillion, +25 for ten years.
07%, a gradual increase of 7 compared with the second quarter.
07 pp, the highest value since 2018.
Looking at each quarter, Q1-Q3 each quarter is 6.
30%, especially in the third quarter.
Comment: Q3 orders speed up again, ample orders to escort the company’s performance: 19Q1-Q3, the company gradually changed the new order 11152.
34 trillion, +25 for ten years.
07%, a gradual increase of 7 compared with the second quarter.
07 pp, an increase of 25 pp from earlier Q1 to Q3.
In terms of quarters, Q1-Q3 had a single unit of 297.4 billion / 421.3 billion / 396.5 billion in the new quarter, and the single-season alternation was +6.
30% / + 27.
99% / + 40.
30%, Q3 orders are accelerated again. We believe that it is mainly the restoration of infrastructure and the acceleration of major projects, especially railway and highway projects with revenue characteristics.
In terms of 重庆耍耍网 regions, the number of new years in the country is 10,165.
87 trillion, gradually extended by +24.
71%, new chronic single overseas 986.
48ppm, up to 28 per year.
97%, domestic and overseas orders increased simultaneously.
Many orders have blossomed, and the highway has improved significantly. In terms of business types, the company’s engineering contract orders have grown strongly, and new 9518 contracts have been gradually signed.
9.3 billion, accounting for 85.
35%, +30 per year.
30%, of which, railway orders are gradually extended by +14.
78%, a narrower increase than Q23.
8 pp, highway order improvement is the most obvious, the cumulative extension of +26.
70%, an increase of 25% over Q2.
We believe that the rapid growth of engineering contract business orders is mainly due to the following: 1) In the 18Q1-Q3 years, the engineering contracting / railway / highway transformation growth rates are each 2.
43%; 2) The traffic construction layout has been accelerated since August, and investment approval has reached a peak, especially in the transportation sector. The policy scale is good for the company’s business.
Among other businesses, the survey and design, real estate development and logistics businesses also ushered in improvements, each with a transition period of -25.
64%, an increase of 9% over the previous Q2.
0, 8.16, 5.
01 pp; industrial manufacturing continued to expand, new extensions increased by a single increment of 10.
90%, an increase of 4% over Q2.
With the recovery of infrastructure, the company is expected to take advantage of the momentum: we still adhere to the previous investment logic: 1) real estate policy is still tightening, the growth rate of manufacturing industry is not changing, and infrastructure will become an important player under the counter-cyclical adjustment.
According to the investment data released in September last week, generalized infrastructure recovered weakly for two consecutive months, gradually increasing the growth rate by 0.
25 pp to 3.
49%; 2) The transportation sector is an important focus of this round of infrastructure restoration. The “Western Land and Sea New Corridor Master Plan”, “An Outline for the Construction of a Powerful Country for Transportation”, “Guiding Opinions on Accelerating the Construction of Special Railway Lines” and other documents have been passed.Signal, but the data-side transportation investment has achieved phase growth. We believe that it is mainly due to policy lag and construction progress. Transportation investment is expected to recover from the fourth quarter of this year to the first quarter of next year. 3) The company has abundant orders and new high-speed growth.With more blossoms, the company is expected to be repaired through the expected improvement in infrastructure.
Earnings forecast and rating: We maintain our company’s EPS forecast for 2019-2021.
85 yuan, calculated PE is 6x, 6x, 5x.
Infrastructure continued to recover, benefiting from gradual investment, the company’s single-quarter order growth rate reached a new high in recent years, and overlapping orders ensured stable growth in the next few years; we believe that infrastructure recovery and high order growth have brought expected repairs, Give 2020 target PE is 8 times, raise target price to 13.
2 yuan, at the same time raised to “strong push” level.
Risk reminder: The macro economy fails to meet expectations, the infrastructure growth rate does not meet expectations, and the project advancement fails to meet expectations.
Hikvision (002415): Short-term performance under pressure and long-term optimistic about new requirements such as infrared and digital transformation of enterprises
Company status Recently, we organized investors to communicate with Haikang.
We see that although the performance of Haikang 1Q20 will change to some extent due to the epidemic, in the long run, the epidemic will increase the awareness of the company’s employee health management and informatization system construction, and will promote the long-term improvement of the digitalization of enterprises, which will benefit infrared and other new technologies.demand.
To reflect the impact of the epidemic, we lowered our profit forecast for 2020 by 7%, and maintained our “Outperform Industry” rating and unchanged target price of RMB 40.
Commenting on the impact of the epidemic, Haikang’s first quarter results may show significant changes.
1) Demand: Domestically, due to the stagnation of business in the corporate sector, the demand for security construction has decreased, and the demand of the government sector has also been indirectly affected. We believe that the impact of EBG and SMBG is greater than that of PBG, while the impact of overseas business is limited.
2) Production capacity: The company strictly adheres to the resumption time regulations in each operating area. Production, R & D and testing are gradually resumed, and most of the staff are remotely located.
We believe that there is a production capacity recovery cycle in the resumption process, and the company’s automation measures help accelerate the pace of resumption.
3) Supply chain: Although there are some pressures on the company’s supply chain due to transportation, complications of upstream and downstream resumption, etc., we believe that Haikang, as an enterprise, is relatively affected.
We believe that 1) the pressure that Haikang faces is a problem that manufacturing companies generally face in a special stage, and 1Q’s revenue share is limited (1Q18 accounts for 19% of the year’s revenue), while the base in the same period of last year has decreased; 2) EBG demand has not disappearedThere may be a rebound in changing the epidemic situation and recovery; and the need for PBG in this epidemic situation is further clear.
Long-term optimistic about infrared and other multi-sensor products and enterprises’ digital transformation and development opportunities.
Infrared thermometers are key materials for epidemic prevention and control. We believe that in addition to large-scale applications at airports, stations, customs, hospitals, business resumption and school resumption will also generate a lot of demand.
Hikvision subsidiary Hikvision has the mass production capability of non-refrigerated infrared sensors with core components, which forms a good complement in the market environment where outsourced infrared sensors are scarce. We believe this is the core competitiveness of Hikvision in the infrared product market.It is expected to quickly open up the first-mover advantage of the market monopoly.
Although the current infrared business volume is limited, it is difficult to fully compensate for the overall impact.
However, we can see that the epidemic prevention and control has promoted the promotion of multi-sensor products represented by infrared thermometers to a certain extent, and has promoted the awareness of enterprise information system construction. We have long been optimistic about the development brought by multi-sensor products and the digital transformation of enterprises.opportunity.
It is recommended to take into account the impact of the epidemic on the income of 1Q20, and the costs are relatively rigid. We lower our profit forecast for 2020 to 138%.
800 million, maintaining profit forecast for 2021.
It currently corresponds to 24 in 2020/21.
1x / 18.
6x P / E.
We believe that the short-term impact of the company will not change the long-term competition and may cause the epidemic situation to worsen market demand.
Maintain target price of 40 yuan, corresponding 北京夜网 to 26 in 2020/21.
9x / 20.
8x P / E with 12% upside.
The development of the risk epidemic exceeded expectations; new demand was released less than expected.
Suning Global (000718): Typical “small and beautiful” real estate enterprises with excellent soil reserves and stable cash flow
The company’s core highlights are: a. Rich 天津夜网 and high quality soil reserves (high profitability), low interest resistance and stable cash flow; b. The margin of safety is significant, and the current market value is about 45% discount to NAV; c. The company actively gives back to shareholders, and the company’s 18 years of repurchase amount4.5.3 billion, dividends of about 8.6.8 billion (dividend rate of 85%), 19 years of repurchase amount5.470,000 yuan, a conservative estimate that the 19-year dividend rate of 50% corresponds to a potential dividend rate of over 5%.In addition, the new business is proceeding cautiously and steadily, with little capital consumption.Maintain “Highly Recommended-A” investment rating and target price of 4.94 yuan / share (25% discount to NAV). (1) The soil reserve is rich and high-quality. Thanks to the low land value and the preferential classification of half of the land reserve, the profitability is very strong.In the past two years, the company has generally maintained a scale of 3 billion to 4 billion, without new land, and the settlement profit has maintained a scale of 1-12 billion.As of H1 in 2019, the company’s unfinished construction area is about 3.2 million square meters (equity ratio of 100%), corresponding to an unfinished value of about 58 billion yuan. Structurally, Nanjing / Wuhu / Shanghai accounted for 68% / 19% / 6% (construction).Surface) caliber), of which the construction area of Nanjing Venice Water City alone accounted for 52%, and the total value of the goods is based on the 18-year sales volume. It is realized that the development has been rich for more than 10 years, and the soil reserves are rich for many years.Before the acquisition, the floor price was low, and the Nanjing Venice Water City plot benefited from the interest rate preferential policy for subsequent land acquisition. The relative increase in the tax increase rate of the land delivered, gradually reducing the trend of house prices, and driving the company’s settlement gross profit / net interest rate to continue to improve.The 18-year comprehensive net profit margin is as high as 30%, and this high profitability is expected to continue. (2) “Strive for stability while progressing” orderly promote industrial transformation and upgrading.One. As for the sports industry, the layout of the industrial chain has been initially completed.Specifically, Wen Chan Group actively promoted the construction of a comprehensive platform for artworks and began to take shape; the performance effect of Suning Art Museum was prominent; Hongyi Culture positioned itself as a film and television culture and entertainment agent, and its affiliated artists were incorporated into the formation of international men’s groups through variety shows.b. In terms of the medical beauty industry, we are focusing on building Suya’s medical beauty brand positioning and upgrading, and appropriately adjusting and improving its business strategy. Currently, there are about 5 stores, which are still in the cultivation stage. They have been slightly reduced but are still manageable. (3) The volume of interest-bearing debt is small and the financial structure is extremely stable.As of the end of the third quarter, the company had an interest rate of approximately US $ 3 billion, an increase of approximately US $ 900 million (mainly long-term borrowing) compared with the end of last year; the company had approximately US $ 2.3 billion in cash on hand, a decrease of approximately US $ 600 million from the end of last yearThis caused the net debt ratio in 19Q3 to increase to 9% compared with the end of 18, but it still belongs to the industry’s extremely low level; the protection ratio of cash against spot interest resistance at the end of the third quarter was as high as 2.7 times, the company’s financial structure is extremely stable. Maintain “Highly Recommended-A” investment rating and target price of 4.94 yuan / share.The company’s core highlights are: a.Rich and high quality soil reserves (high profitability), low interest resistance and stable cash flow; b. The margin of safety is significant. The company’s outstanding value of nearly 60 billion yuan, assuming an average settlement net interest rate of about 28%, is discounted based on 8-10 years of development, and considering the compound annual growth rate of 4%, it can roughly contribute to the assessment of value added.120 billion US dollars, equivalent to nearly 7.8 billion US dollars of equity net assets, equivalent to a net asset value of about 20 billion US dollars, the current market value is about 45% discounted from the net asset value; c. The company actively gives back to shareholders, and the company’s 18 years of repurchase amount4.5.3 billion, dividends of about 8.6.8 billion (dividend rate of 85%), 19 years of repurchase amount5.470,000 yuan, assuming that the scale of the 19-year repurchase and dividend payout has remained at the level of 18 years, it means that the 19-year dividend rate has reached 68%, and even a 50% dividend rate may reach a dividend rate of over 5%.In addition, the new business is proceeding cautiously and steadily, with little capital consumption.It is expected that EPS for 2019-2021 will be 0.37, 0.39, 0.40 yuan / share, the corresponding PE is 10 respectively.1X, 9.7X, 9.2x, maintain “Highly Recommended-A” investment rating, target price 4.94 yuan / share (25% discount to NAV). Risk Warning: The conversion effect is less than expected, and the dividend rate is less than expected.
Xingsen Technology (002436) 2018 Annual Report Review: IC Carrier Board Gradually Improves Profitability
The company’s 18-year revenue increased by 6%, and net profit attributable to mothers increased by 30%, in line with market expectations of 18-year revenue of 34.
73 ppm, a five-year increase of 5.
80%; net profit attributable to mother 2.
15 ppm, an increase of 30 in ten years.
Q4 revenue 8.
69 ppm, a ten-year increase of 7.
93%, down 4 from the previous month.
72%, net profit attributable to mother 0.
380,000 yuan, an increase of 544 in ten years.
54%, down 51.
The company’s 18-year revenue and net profit have exceeded steady growth, mainly due to the company’s key projects on track.
The single Q4 net profit has almost no substantial increase, mainly due to the decrease in the base in 17 years, but a decrease from the previous quarter, mainly due to the company’s impact on the factors, and the financial expense ratio increased due to exchange rate reasons4.
71pct, as well as the year-end accrual of expense expenses, management expenses, and sales expense supplements have increased, resulting in a Q4 net profit margin of -4.
The IC package substrate project performed well, with major subsidiaries operating well1, and PCB revenues26.
32 ppm, a ten-year increase4.
19%; gross profit margin 30.
07%, slightly pitch 0.
93pct, the overall performance of the PCB business is stable.
Among them, Guangzhou factory Xingsen Express revenue 18.
1.9 billion, + 18% a year, net profit 1.
6.3 billion, previously + 116%, showing more outstanding operating conditions.
Sales revenue of Fineline 11.
0.6 million yuan, ten years + 0.
17%, net profit is 0.
730,000 yuan, at least -22.
49%, the decline was mainly due to the impact of Sino-US trade friction, and the weakness of overseas markets.
Revenue of the subsidiary Yixing Silicon Valley 3.
89 trillion, +3 for ten years.
20%, small error of 0.
At 09 ppm, its operating conditions in the second quarter improved significantly and remained stable; the British subsidiary EXCEPTION’s 杭州夜网论坛 operations improved significantly.
2. The company’s IC semiconductor business increased rapidly with revenue 5.
7.4 billion, previously + 17%, gross margin of 15.
75%, ten years +2.
Among them, the IC package substrate business performed well and achieved revenue2.3.6 billion, previously + 64%.
The company’s storage products account for more than 70% of the volume, and its production capacity has reached full production capacity. By September 2018, it has passed Samsung certification and became Samsung’s sole domestic supplier in the mainland. The transformation of Samsung’s demand and the introduction of the company’s IC substrate capacityExpand production capacity to 1.
800,000 square meters / month, profitability is expected to increase again.
With an “overweight” rating, we expect to gradually implement the Yixing factory and IC carrier board business. The company’s net profit and profitability will significantly improve, and its performance is expected to usher in an upward turning point.
We expect the company’s 2019-2020 net profit of 297/370 million yuan, EPS 0.
25 yuan, corresponding PE is 29 / 23X, given the “overweight” rating.
The prosperity of the PCB industry was less than expected, and the company’s business improvement exceeded expectations.
Collis (603808) Interim Review: Q2 revenue growth of 27% significantly accelerates the multi-brand matrix to show vitality
Investment Highlights: Net profit attributable to mothers in the first half of 191.
9% ten percent, an increase of 18% in a year, in line with expectations.
1) 19H1 realized income of 12.
7 ppm, an increase of 17 in ten years.
1%, net profit attributable to mother 1.
9 ‰, an increase of 18% in ten years, net of non-attributed net profit1.
8 ‰, an increase of 10% in ten years; 2) The growth in the single quarter of 19Q2 clearly accelerated.
40,000 yuan, an increase of 27% in ten years, net profit attributed to the mother1.
0 million yuan, an increase of 25% in ten years, deducting non-attribution net profit of 92.64 million yuan, an increase of 16% a year.
The main brands performed steadily, emerging brands performed well, and each brand maintained healthy growth.
1) The main brand ELLASSAY is robust.
In the first half of 19, the income of the ELLASSAY brand increased by 7 per year.
0% to 4.
8 ‰, gross profit margin decreased by 1.
09pct to 70.
At 2%, there were 16 to 296 net-off stores, and the number of same-store outlets increased by 7.
0%. After the adjustment of inefficient stores, the offline operation quality will be higher.
2) IRO’s global layout, with domestic high-end mall stores opening, showing strong growth.
In the first half of 2019, IRO’s global revenue reached 3.
400 million, of which excluding revenue growth in China62.
4%, China’s growth of 208%, strong global growth, has 53 directly operated stores, currently has 18 stores in China.
3) Ed Hardy and Ed Hardy X are slightly adjusted.
Ed Hardy’s revenue decreased by 6 in the first half.
2% to 2.
3 ppm, gross margin is 69.
7%, 7 to 174 stores in Jingguan, unique totem tattoo designs.
4) LAUREL brand maintains high gross profit.
LAUREL brand revenue increased by 3 in the first half.
8% to 54.22 million yuan, with a gross profit margin of 81.
2%, with strong profitability, with 3 to 40 net stores.
5) Designer brands VVT and JPK entered Gaoding.
In the first half of the year, VVT saw a net increase of one store to 14 with revenue of nearly 1 billion. The first mainland store of JPK is expected to open in 2019.
6) Establish a joint venture subsidiary with self-porait, a well-known global luxury brand, to promote the brand’s mainland business and strive to open new growth points.
In the first half of the year, store adjustments will be the main focus. In the second half of the year, it is expected to resume store opening and improve offline operation quality.
1) In the first half of the year, 15 stores were closed to 577 stores, with online auxiliary inventory clearance mainly, and gross margin slightly decreased.
The company’s offline sales revenue increased by 12 in the first half of the year.
0% to 10.600 million, accounting for 95.
0%, gross margin 68.
0% remains high.
Mainly online inventory cleaning, accounting for less than 5% of revenue, gross profit margin of 45.
7% compared with last year’s average of 8.
04pct, mainly due to increased clearance efforts.
2) The direct management resumed growth first, and the distribution is expected to follow.
Direct sales revenue grows by 17.
4% to 6.
7 trillion, distribution revenue increased by 5 in ten years.
9% to 4.
5 ‰, gross margin decreased by 3.
75 points to 63.
3) Baiqiu, a generation operation, continued to grow at a high speed. It entered Southeast Asia in 18 years, and future growth is expected.
Revenue in the first half of 2019 increased by ten years.
9% to 25.75 million yuan.
The slight decrease in gross profit margin remained high, the overall expense ratio decreased, and the asset quality was healthy. 1) The gross profit margin decreased slightly due to the change in brand structure, and the net profit margin was slightly higher.
19H1 company’s gross profit margin fell by 1.
55pct to 68.
6%, the net profit margin increased slightly by 0.
74pct to 18%.
2) The cost control is good, and the cost rate has been steadily decreased.
19H1 sales expense ratio decreases by 1 every year.
2pct to 30.
3%, the management expense ratio is slightly reduced by 9.
9%, R & D expense ratio 3.
66 maintained a high level.
3) Inventory scale growth matches revenue growth, operating cash flow is abundant, and overall asset quality is healthy.
As of 19H1, accounts receivable3.
50,000 yuan decreased by 0 compared with the end of the year.
230,000 yuan, inventory 5.
3 ‰, an increase of 15 in ten years.
4% matches income.
Net cash flow from operating activities was 2.
300 million, an increase of 29%, asset quality is healthy.
The company is a domestic 北京夜网 leader in light luxury fashion. The main brands have continued to grow steadily. The performance of acquired brands has been strong. New brands such as IRO have entered the period of performance release and maintain an “overweight” rating.
The company’s recovery trend in 19Q1 has continued, and Q2’s growth has been more robust, which is in line with our previous performance that will be lower and higher, and judged to be better quarter by quarter.
We maintain our original profit forecast and expect the net profit attributable to mothers to be 4 in 19-21.
400 million, corresponding to PE is 11/9/8 times, maintaining the overweight rating.
Fire Communication (600498): The first quarter results are stable and the R & D effort will increase.
Investment Highlights Event: In the first quarter of 2019, Fiberhome Communications achieved operating income of 48.
810,000 yuan, a ten-year growth rate of 14.
90%, net profit attributable to mother is 1.
67 trillion, a growth rate of 19 in ten years.
71%, achieving a basic profit of 0.
Operating income has steadily increased, and R & D has accumulated 5G development: the first quarter results have achieved steady growth, while R & D efforts have continued to increase. In the first quarter of 2018, management expenses (including R & D expenses) increased compared with the same period last year.
7%, of which R & D expenses are 5.
80 ppm, an increase of 9 per year over the same period last year.
73%, accounting for 11 of total operating income.
The repayment situation improved, and cash flow from operating activities improved: The reported net cash flow from operating activities was -17.
30,000 yuan, an increase of 41 over the same period last year.
38%, benefiting from the increase in sales income and the recovery of repayments, the cash received for selling goods and providing services was 43.
9.6 billion, the amount of repayment increased.
At the same time, the net cash flow from investing activities was -3.
56 trillion, an increase of 69 over the same period last year.
Global 5G construction is progressing as scheduled, and the performance of equipment vendors is about to be released: 5G industry continues to advance, 5G enters the critical stage of commercial deployment, and major countries in the world will start 5G pre-commercialization in preparation for 5G large-scale commercialization. We expect that in the third and fourth quarters of 天津夜网 2019Domestic operators will start large-scale procurement. At that time, they will focus on releasing the performance of equipment manufacturers. Beacon will continue to cultivate and innovate in the network field. It will develop steadily in the fields of cloud computing, big data, information security, and the Internet of Things., A comprehensive ICT solution provider, has become a trusted ICT expert for operators and industry partners.
Earnings forecast and investment grade: We continue to be optimistic about the Fiberhome communications business, and we estimate that the operating income for 2019-2021 will be 299.
23 ppm, 372.
1.7 billion and 467.
00 ppm, the net profit attributable to mothers is 10.
4 billion, 13.
32 trillion and 17.
1.5 billion, EPS is 0.
89 yuan, 1.
14 yuan and 1.
47 yuan, the corresponding evaluation is 33/25 / 20X, we give a “buy” 北京夜网 rating.
Risk warning: 5G deployment progress is less than expected; network construction progress is less than expected; product development progress is less than expected.
Kang Hong Pharmaceutical (002773): Compaq continues to increase its traditional business in an attempt to improve
Investment Highlights Event: The company achieved revenue in 201829.
2 ‰, an increase of 4 in ten years.
7%; net profit attributable to mother 6.
10%, an increase of 7 per year.
9%; net profit after deduction 6.
30,000 yuan, an increase of 0 in ten years.
2 for every 10 shares.
80 yuan (including tax). At the same time, the capital reserve will be transferred to all shareholders by 3 shares for every 10 shares.
The performance was slightly lower than expected, and Lang Mu showed a rapid growth trend.
The company’s 2018 revenue and attributable net profit growth rates were 4 respectively.
7% and 7.
9%, lower than expected performance, the company’s business is mainly divided into three major sectors of proprietary Chinese medicines, chemical drugs and biological products (Lang Mu).
By segment: 1) Biological products: 2018 revenue reached 8.
80,000 yuan, an annual increase of 42.
8%, accounting for 30% of the company’s overall revenue.
In terms of gross profit margin, the gross profit margin of biological products in 2018 reached 94.
7%, up 5 per year.
Seven averages, Kanghong Bio’s 2018 net profit was 2.
05 ppm, net margin reached 23.
2%, a substantial increase of about 8 each year.
First, after Lang Mu entered the national medical insurance, although the price has been reduced, the scale effect has been further reflected, and the profitability has been significantly improved; 2) Chemical drugs: the income in 2018 was 11.
7 ppm, a ten-year increase of 8.
0%, gross profit margin rose by 0.
22 single, 重庆耍耍网 basically in line with expectations; 3) Chinese patent medicines: 2018 revenue is 8.
600 million, down 20 a year.
4%, gross margin decreased by 0.
87 units, a drag on the company’s overall performance.
In terms of period expense ratio: In 2018, the company’s sales expense subsidy was 47.
1%, rising by 1 every year.
3 units, management expenses 21.
1%, rising about 3 integers per year.
The company’s overall gross profit margin was 92.
2%, up by 1 each year.
The 8 averages were mainly due to the increase in the proportion of Lang Mu’s income.
Compaq market space is further opened, and the non-biopharmaceutical sector is expected to improve.The company’s flagship product, Compaq’s sales, has a higher growth trend, and is currently developing in the field of new indications, and the market space is expected to further open.
1) Domestic: New indications for diabetic macular edema (DME) have entered priority review and are expected to be approved in the second half of 2019; retinal vein (RVO) indications are in phase III clinical trials and are expected to be approved in the next two years.
2) Overseas: The company has started a phase III clinical trial of non-inferior counterparts with aflibercept, focusing on the advantages of low injection frequency.
Composip is similar in structure to aflibercept and has higher affinity than ranibizumab, but it can replicate all VEGF-A isoforms, VEGF-B and PLGF. After the indication is approved, the overseas market space will be significant着 Extended.
As for the non-biological medicine segment, the company is adjusting the sales structure and improving operating efficiency. The revenue growth rate of chemical medicine and proprietary Chinese medicine in 2018H1 was 3 respectively.
7% and -27.
0%, the growth rate in 2018 was 8 respectively.
0% and -20.
4%, the scale of the second half of the performance has improved significantly, we expect the non-biological medicine sector in 2019 will stop the downward trend and resume stable growth.
Profit forecast and rating.
We expect EPS to be 1 in 2019-2021.
36 yuan, 1.
76 yuan and 2.
32 yuan, corresponding estimates are about 41 times, 32 times and 24 times respectively.
Considering that Compaq’s growth is good, the non-biopharmaceutical sector has the potential for continuous improvement, maintaining the “overweight” rating.
Risk warning: the risk of drug prices falling; the risk of new drug approval progress is lower than expected.
Review of Perfect World (002624) Annual Report 2018 and First Quarter Report 2019: “Perfect World” Performs Better than Expected
Event: 南京桑拿网 The company released its 2018 annual report and 2019 first quarter report.
Opinion: Net profit of Q1 in 19 was slightly higher than the upper limit of performance forecast.
The company achieved operating income of 80 in 2018.
34 ppm, an increase of ten years.
The sharp increase in initial revenue was mainly affected by the version policy, the pace of new product launches moved backwards, and the disposal of cinema assets in July last year.
In terms of profit, in 2018, the company achieved net profit attributable to mothers in 201817.
0.6 million yuan, an increase of 13 in ten years.
38%, net profit after deduction to return to mother 14.
47 ppm, a 10-year increase3.
The conversion of key products in 2019 was launched in early March, driving the company’s revenue and profits to rebound.
Q1 achieved operating income of 20.
42 billion, an annual increase of 13.
26%. Excluding the impact of the theater business, the company’s game and film and television business revenue actually increased by 32.
Q1 returns to net profit of the mother 3.
8.6 billion, an increase of 34 in ten years.
95%, net profit after deduction 4
63 ppm, an increase of 56 in ten years.
In Q1, the growth rate of net profit attributable to mothers was slightly higher than the upper limit of the first quarter performance forecast. The performance of the key product “Perfect World” mobile games slightly exceeded our expectations.
“Perfect World” mobile game performance exceeded market expectations, thickening the company’s performance In March 2019, the company’s key product “Perfect World Mobile Game” was officially launched. The first month of sales is expected to exceed 1 billion, and it will be online for nearly two months.The position of TOP2 on the best-selling list, we expect the game to contribute more than 3 billion in the company’s first-month revenue.
At the same time, considering the IP influence of the “Perfect World” end-game also occurring overseas, the overseas distribution space is also huge, and it is worth looking forward to.
Investment advice and profit forecasting The company is warped among the top domestic boutique game developers, starting from end-games, and has developed research and development expertise in the second echelon outside Tencent NetEase, creating the company’s core competition barriers.
We believe that the company will greatly benefit from the arrival of the era when products are king.
At present, the company ‘s key product “Perfect World” performed slightly better than market expectations in the first two months, becoming the biggest explosion in the current 19 years, and continued to verify the company ‘s excellent R & D capabilities.
We estimate that the company’s EPS for 2019-2021 will be 1.
04, the corresponding PE is 17/15/14 times, and the level is raised to “buy”.
Risks remind that the transition of old products is too fast, the key new game products are less than expected, and the policy risks
ZTE (000063): First coverage of expected performance Double repair communications equipment leader cannot be shaken locally
Key elements of the report: ZTE has entered the top five communication equipment suppliers in the world since 2007, focusing on mainstream markets and mainstream products, and providing “cloud management end” ICT industry chain overall solutions.
At present, the company’s production capacity has been fully restored. At the same time, the market has been relatively fatigued by the impact of Sino-US trade frictions. At present, the company has largely recovered to the level before the suspension.
In addition, the company’s R & D growth continues to grow, the number of patents ranks high, and 5G cooperation has been extensively carried out with 30 operators around the world. In the 5G era, the global market voice has gradually expanded.
Investment points: The global communications giant is basically unchanged, and its advantages as a 5G end-to-end solution provider are prominent.
ZTE Corporation is one of the world’s leading listed companies in integrated communications equipment manufacturing and one of the global integrated communications information solution providers. Since 2007, it has entered the ranks of the world’s top five equipment suppliers.
Combined with the performance of the top five communications equipment vendors in 2018, we believe that in the process of 5G commercial launch of digital transformation, ZTE’s advantages as the world’s only 5G end-to-end solution provider will become increasingly prominent.
In the 5G era, China has become a leading country, and ZTE has reached 5G pre-commercial level.
With the expansion of user scale and the increase in related infrastructure needs, the 5G market will usher in a period of high growth for 4 years.
The capital expansion of the three major domestic operators in 2019 may exceed 300 billion yuan. By 2020, the capital expansion of operators will enter the upward channel.
As of January 2019, ZTE has successfully completed NSA and SA laboratories and field tests. The results show that the main functions are in line with market expectations and the company’s products have reached the pre-commercial level of 5G.
Since September 2018, ZTE Corporation has basically integrated the impact of trade friction-related events.
After lifting the ban, the average value of upstream suppliers and downstream operators was fully supported. Large orders helped ZTE resume production quickly, and the company’s production capacity has been fully restored.
The 2018 annual report shows that the core regions and businesses have suffered less, and the overall upward trend of gross profit margin has not changed.
The market has been relatively fatigued by the impact of the trade war, and the company has gradually recovered to its pre- suspension level.
With R & D as its absolute core, ZTE has hit the top three in the world in the 5G era.
The company focuses on mainstream markets and mainstream products, and provides “cloud management end” ICT overall solutions.
In addition, the company’s R & D investment continued to increase, the number of patents ranked high, and technology accumulation merged into the moat.
The company has extensively carried out 杭州夜网论坛 5G cooperation with 30 operators around the world. The 5G era has gradually increased the voice of the global market.
Profit forecast and investment advice: It is estimated that the company will realize net profit attributable to mothers in 2019, 2020 and 2021 respectively.
2.1 billion, 61.
36 billion, 71.
7.9 billion, corresponding to 1, respectively.
13 yuan, 1.
46 yuan, 1.
71 yuan; corresponding to the current expected PE is 27 times, 21 times, 18 times; for the first time to give the “overweight” rating.
Risk factors: 5G construction fails to meet expectations, country risks, and Sino-US trade frictions intensify