Dongmu Shares (600114): What is the current value of Dongmu Shares’ investment value?

Dongmu Shares (600114): What is the current value of Dongmu Shares’ investment value?

In the short term, the company’s current main business auto parts and soft magnetic material profit levels will significantly improve in 2020. In the medium term, the volume of transmission parts and the expansion of the MIM business will provide considerable incremental space. In the long term, the companyThe business has huge growth potential.

The most important thing is that the company relies on its deep technical reserves in the field of powder metallurgy, can continuously expand its own ability circle, find the latest and best track, and continue to maintain its growth capacity, because the company’s products have diverse downstream application scenarios, we screened outWith some key indicators recommended for tracking, the brakes make a reasonable analysis 南京夜网 of the company’s current and future performance.

For the company itself, the utilization efficiency of fixed assets is a large key indicator. At the same time, because the company’s automation level and team professionalism lead the industry, the return on human expenditure can also improve these bonus indicators. From the industry indicators, we recommend tracking carsDemand indicators of joint venture car companies in the business, update the proportion of replacement demand, the trend of the photovoltaic and new energy industries in the soft magnetic business, the growth rate of consumer electronics demand in the MIM industry, and the penetration of MIM parts in automotive parts and medical devicesProfit forecast and investment recommendations such as the rate situation, and the company’s maximum production capacity are expected 南京夜网论坛 to continue to improve marginally and return to high levels in 2020, which will become the main factor for the recovery of traditional PM business; the soft magnetic business has entered the brand-new market driven by the technology wave due to its participation in the listingAt the development stage, the value is expected to be revalued; if the MIM business is successfully acquired, the company will become a global leader.

In the long run, the company is a powder metallurgy technology enterprise with high barriers. The ability to continuously switch tracks under technical advantages will open up huge growth space.

At present, the acquisition of Fuchi Hi-Tech is still uncertain, so it is not included in the profit forecast for the time being.

We estimate the company’s net profit attributable to its parent to be 2 in 2019-2021.

28/3.

27/4.

5.0 billion, corresponding to 0 EPS.

37/0.

53/0.

66 yuan, the current sustainable corresponding PE for 2019-2021 is 27.

4, 19.

1 and 15.

4 times.

Maintain the “Highly Recommended” rating.

Risks remind that downstream economic recovery is less than expected downstream market acceptance of powder metallurgy products is less than expected

Xinao shares (600803): Acquisition plan meets expectations to create a clean energy integrated industrial chain

Xinao shares (600803): Acquisition plan meets expectations to create a clean energy integrated industrial chain

The company’s recent situation, Xin’ao shares announced the acquisition of Xin’ao Energy’s updated draft, this time supplemented the target price of the transaction, Xin’ao Energy 32.

8% equity is priced at 258.

40,000 yuan, of which 2 are selected investment holdings.

The consideration of 35% Xinao Energy is 27.

950,000 yuan (cash payment), held by Xinao International 29.

26% equity consideration is 230.

At 400 million U.S. dollars, Xin’ao shares sold the assets of Santos for 70.

With a value of 8.6 billion U.S. dollars, the difference between Xinao International ‘s equity in Xinao Energy and Santos ‘assets is 159.

6 trillion, for the difference part of New Austrian shares will be issued to buy 132 shares.

50,000 yuan, 27 in cash.

10,000 yuan.

Comments The acquisition consideration is reasonable and the plan basically meets expectations.

The acquisition of Xinao Energy 32.

8% equity consideration 258.

4 ppm. According to CICC ‘s profit forecast for Xinao Energy, the purchase price corresponds to Xinao Energy ‘s 2019 price-earnings ratio of 16 times, and it is estimated to be relatively reasonable. The asset Santos equity is placed at 70.

860,000 yuan, corresponding to 7.

08 Australian dollars / share, in line with guidelines.

The acquisition of Xin’ao shares will pay a total of 55 million in cash and issue a share consideration of 132.

500 million, according to 9.

Based on the issue price of 88 yuan / share, Xinao shares will issue 13 shares to Xinao International.

With 4.1 billion shares, Xinao International will hold listed companies 52 after the shares are issued.

8% equity (before supporting financing).

At the same time, Xinao Shares will raise funds to raise funds to issue shares to no more than 10 specific shareholders including the original controlling shareholder Xinao Holdings (with a subscription size of not less than 10%), and the number of issued shares shall not exceed 2.

4.6 billion shares.

Build an integrated industrial chain of clean energy, optimistic about the company’s long-term development and estimated improvement.

Xinao Energy is a city gas distributor nationwide. It has a strong natural gas distribution network and related infrastructure, and has obvious downstream customer resource advantages.

The business of Xinao Co., Ltd. mainly covers the upstream business of natural gas production, sales and energy engineering. It is mainly dedicated to the acquisition of high-quality natural gas upstream resources.

The acquisition will help achieve the complementarity of existing resource advantages and the development of an integrated industrial chain of clean energy, enhancing synergy and competitiveness.

Xinao Energy has a large profit margin and the 南宁桑拿 stability of the profitability of its gas sales business has improved. After the completion of the transaction, Xinao Energy will divide the scope of Xinao shares. We expect to increase the profitability and stability of Xinao shares.The fine granularity and scarcity of Xinao Energy is expected to obtain a better estimated premium in the stock market.

It is estimated that we will not consider mergers and acquisitions for the time being, and maintain the 2019/20 net profit return to mothers13.

5/13 billion.

The company currently meets the corresponding 2019/20 P / E ratio of 9.

1/9.

5 times.

We maintain our target price of 14 yuan, corresponding to 39% growth space and 12 years in 2019/20.

7/13.

2x price-earnings ratio, maintain outperform industry rating.

The prices of risky crude oil, coal, and methanol rose sharply, and the acquisition was not completed successfully.

Real Madrid Technology (603181) First Quarter Report 2019: Business Scale Expands, Profitability Improves Performance, Significant Growth

Real Madrid Technology (603181) First Quarter Report 2019: Business Scale Expands, Profitability Improves Performance, Significant Growth
The event company released the 2019 first quarter report on the evening of April 17, 2019, and the company achieved operating income in the first quarter of 20194.0.7 million yuan, an increase of 7 in ten years.84%; realized net return to mother’s income of 55.10 million yuan, an increase of 57% each year; realized net return to mother’s net profit of 48.75 million yuan, an increase of 46%; realized net cash flow from operating activities of 35.84 million yuan, from negative to positive each year; realizedAmplitude average ROE 3.77%, an annual increase of 1.07 averages. Brief commentary on the expansion of business scale has increased profitability, performance has increased, and the company ‘s performance has increased. The main reasons are as follows: ① The company ‘s small-scale business scale has significantly expanded.In the first quarter of 2019, the company’s sales of large and small varieties of products were 15,298 and 18,965 tons, an increase of 1% and 33% each year in 2018.The company’s small variety products accounted for 67% of its revenue, and it has once again improved its ranking in the 2018 annual report.The increase in the proportion of high-margin small-product products has also significantly increased the company’s gross profit margin: the report and the company’s comprehensive gross profit margin23.0%, an increase of 3 a year.4 units.② The spread of the company’s large and small varieties will increase each year.According to our calculations, the average price difference of the company’s large-product products in 2019Q1 is 2,201 yuan / ton, which has increased by 76 yuan / ton; the average price difference of the small-product products in 2019Q1 is 9,198 yuan / ton, which has increased by 823 yuan / ton.③ Non-recurring gains and losses.Non-recurring gains and losses of 6.35 million yuan were reported for first-tier companies, an increase of 4.73 million yuan. In terms of period expenses, the reported amount of company sales, management + research and development, and financial expenses were 819, 2487, and 2.04 million yuan, respectively, respectively + 17%, + 3%, and -57%; the three expense ratios were 2.01%, 6.11%, 0.50%, change by +0 each year.15%, -0.27%, -0.75%. Large varieties: stable infrastructure construction policy background, stable growth on the demand side The company’s large varieties of products are polyether macromonomers, which are used to manufacture concrete polycarboxylic acid water-reducing agents downstream. The demand is highly related to the infrastructure.Since the fourth quarter of 2018, the stable infrastructure construction and supplementary shortcoming policy has been frequent. The Ministry of Finance 杭州桑拿网 issued six documents on November 9, 2018, and issued 16,632 trillion financial funds to 26 provinces in advance.It is expected that the growth rate of infrastructure investment in 2019 will reach 10%, which will lead to an increase in demand for water reducing agents.The company has 11 large-capacity production capacity indicators, and the supplementary investment project supplement 3 is expected to be gradually put into production by 2019. Small variety: accurate business card position, raising capacity growth. Future high-growth business card position is accurate, competing with international giants: The company’s research and development capabilities are only the same as those of international giants such as BASF and Dow, while customer service capabilities, research and development costs, product pricesMean value advantage, obtained its own market space in the competition with international giants.Mainly for specific customers such as Momentive, German and American, Arkema: The main customer of the company’s small variety segment is Momentive, which is about 1 for Momentive in 2016.800 million, accounting for 12% of the total revenue, accounting for 26% of the small variety segment revenue, the remaining small variety segment accounted for a higher proportion of customers also include German and American, Arkema and so on.Fund-raising projects to maximize production capacity: The company’s fund-raising projects include small-capacity sector capacity5.5 anions, of which polyetheramine 0.8 anions, special polyethers and synthetic esters.7 Preliminary, preliminary production is expected from 2019-2020.The commissioning of investment projects will significantly improve the company’s capacity growth and start a new phase of high growth. It is estimated that the company’s net profit attributable to the parent in 2019 and 2020 will be 2.65, 3.4.2 billion, corresponding to PE 16.1X, 12.5x, maintain BUY rating.

Central Shares (002129): A major breakthrough in mixed reforms All shares of controlling shareholders will be transferred

Central Shares (002129): A major breakthrough in mixed reforms All shares of controlling shareholders will be transferred

This report reads: Tianjin State-Owned Assets will transfer the entire equity interest in Zhonghuan Group, the controlling shareholder of Zhonghuan Co., Ltd., and Zhonghuan Co., Ltd. will promote the transformation of the benefits brought by the mixed reform.

Maintain the “overweight” rating.

Investment 无锡夜网 Highlights: Maintain “Overweight” rating.

Maintain EPS0 for 2019-2021.

54/0.

73/1.

The 09 yuan forecast raises the target price to 21.

90 (+6.

49) yuan, corresponding to 30 times PE in 2020, the reason for the increase is the industry’s estimated hub upgrade.

According to the announcement issued by Zhonghuan, the successive controlling shareholder Zhonghuan Group has notified that Tianjin State-owned Assets Management ① Tianjin Jinzhi State-owned Capital Investment and Operation Co., Ltd. (51%) and ② Tianjin Bohai State-owned Asset Management Co., Ltd. (49%)When transferring the equity of the Central Group, the transfer ratio is 100%, that is, the entire transfer.

After 20 working days of pre-disclosure, it will enter the formal disclosure stage.

The unprecedented level of mixed reforms reflects the resoluteness of mixed reforms.

Zhonghuan Group is the controlling 厦门夜网 shareholder of Zhonghuan Co., Ltd., and also controls 712, Tianjin Pulin and other enterprises.

Tianjin State-owned Assets Co., Ltd. fully transferred the equity interest of Central Group, which has been unprecedented, and it has demonstrated the determination of mixed reform.

We believe that the contribution of an enterprise maximizes profits or equity, and there are more, higher, employment, investment and other contributions. The value of a company’s business improvement may be more important than the contribution of pure control. This is also the promotion.One of the purposes of mixed change.

Zhonghuan is expected to significantly benefit the mixed shareholders and shareholders.

We believe that industries with fierce marketization need more market-oriented mechanisms.

Zhonghuan may be the only state-owned holding company among the core photovoltaic companies, and the rest of the leading companies are private enterprises, indicating that in fiercely competitive industries such as the photovoltaic industry, private enterprises can use their decision-making mechanisms more flexibly to take advantage.

Then after the equity transfer of the controlling shareholder of Zhonghuan Group, if it is a private equity investment, it is expected to be a more flexible mechanism for Zhonghuan shares, and it will be further market-oriented in performance evaluation, which will help to improve the competitiveness of Zhonghuan shares and also help ZhonghuanShare profitability improved.

catalyst.

Non-silicon costs continue to fall, and product expansion has grown significantly.

risk warning.

International trade policy and exchange rate risks in 2020, mixed risks of uncertain changes.

6 practical tips for returning after the holiday

6 practical tips for returning after the holiday
In recent days, the peak of return journeys after the festival has ushered in all places.Many long-distance travelers stop by train to return. So what should passengers do during the train to better protect themselves?In this regard, the China CDC has put forward 6 practical suggestions: 1. Before traveling, if there are no suspicious symptoms (fever, cough, sore throat, chest tightness, dyspnea, fatigue, nausea and vomiting, diarrhea, conjunctivitis, muscle soreness, etc.), Can travel normally.If there are suspicious symptoms, it is recommended to rest at home and seek medical treatment at the local place, and then start the journey after the symptoms disappear.2. Arrange the trip reasonably. After entering the station, make sure to insert a mask (a disposable medical mask can be used).Proactively cooperate with station staff to do body temperature detection and prolong the waiting time in the waiting room.You should leave the station as soon as you reach your destination.3. Keep hands clean. It is recommended to wear gloves when riding.When not wearing gloves, reduce contact with public goods and parts, and wash your hands frequently.Wash your hands before meals. Wash your hands with running water (or soap) or run-on hands.When you are not sure whether your hands are clean, avoid touching your nose, mouth and eyes.Cover your mouth and nose with a tissue or elbow clothing when sneezing or coughing.4. Do self-monitoring and management while traveling.When you consciously have a fever, take an active temperature measurement.Personnel with suspicious symptoms found nearby should report in time.5. If there are suspicious symptoms during the journey, you should actively wear a medical surgical mask or N95 mask, try to avoid contact with other personnel, and seek 天津夜网 medical treatment in a timely manner depending on the condition.When you seek medical treatment, you should take the initiative to inform the doctor of your travel and residence history in the epidemic area of the relevant disease, and who you have contacted since the onset of the disease, and cooperate with the doctor to conduct relevant investigations.6. Properly keep the information of travel documents for inquiries.Related Tips: Trains, planes, etc. can be placed at intervals and Wang Bin, deputy director of the National Health and Health Commission’s CDC, advises travellers: · If you are taking a train, the plane can be seated in separate seats or scattered; · Appropriate for transportationNatural ventilation, increase the frequency of cleaning and disinfection of buses; · Place long-distance buses back to the working position. It is also recommended to sit in separate seats, scattered and seated. It is also recommended that long-distance buses rest in the rest area after two hours, and open windows for ventilation;Disinfection should be done before every passenger on board.☆ Epidemic prevention class ☆ Masks must wear N95?You are a step away from wearing a mask properly. How do you fight the epidemic when you go to work? How to prevent you from going home to disinfect?Experts talk about how to self-prevent the elderly in the face of epidemics? “12 tricks” to remember!Fighting the virus, how to do good psychological protection at home?Teach you 5 strokes during the epidemic prevention, will you carry disinfection of small items in life?How do I protect myself by returning to work?

Jincai Internet (002530): The financial and taxation cloud with performance in line with expectations, and the annual report of the electronic taxation business contributed a major increase in the first quarterly report

Jincai Internet (002530): The financial and taxation cloud with performance in line with expectations, and the annual report of the electronic taxation business contributed a major increase in the first quarterly report
The results of the 2佛山桑拿网018 and 2019 first quarter reports are in line with expectations. Jincai Internet released the 2018 annual report and the 2019 first quarter report.Revenue in 2018 12.6.4 billion yuan, + 27% per year, net profit attributable to the mother 2.91 trillion, ten years + 26%.Revenue for the first quarter of 20192.8.4 billion, previously + 41%, net profit attributable to mother 0.3.3 billion, up from + 49%.The performance basically met our expectations. Development Trends Fiscal and tax cloud services maintained rapid growth, and the heat treatment business progressed steadily.(1) The company’s core business finance and tax cloud services grew by 53% and long-term revenue3.48 ppm, gross margin decreased by 4.26%, the rapid growth of revenue is mainly due to the company’s major business changes in the second half of 2018, the establishment of an operating platform, enhanced the ability to support partners such as law firms, channel providers, thereby bringing rapid increase in volume and revenue for customers.(2) The number of reports. The company has served more than 10 million enterprises, and the number of users is estimated to exceed 2 million. The two figures have a significant increase from the 2018 interim report (9 million corporate users and 1.9 million users).It is a 30% increase in the number of online users and a 40% increase in revenue.(3) Revenue from electronic tax bureau business 3.46 ‰, one year + 24%, gross profit margin increased by 1.57 pcts. The combined growth rate of the electronic tax bureau business in 2018 subject to national and local taxes has changed to a certain extent. We expect the growth rate to accelerate in 2019; (4) Revenue from traditional heat treatment business5.70 ppm, one year + 16%, gross margin 16%, rising?3 pcts, according to the company’s guidelines, the operating income for 2019 will increase by 10%, and the attributable net profit will increase by 5%. The increase in revenue growth in the first quarter of 2019 may benefit from the resumption of office business.(1) 41% revenue growth in the first quarter of 2019, faster than the same period in 2018, which may be due to the rapid recovery of the bureau-side business after adjustment in 2018; (2) The gross profit margin dropped slightly by 1pct to about 40%; (3) DevelopmentExpenditure was 62.32 million yuan, an increase of 29.75 million yuan from the beginning of the previous period. We expect the company to maintain a high R & D capitalization rate; (4) Accounts receivable and bills.1.7 billion yuan, an increase of 71.89 million yuan from the beginning of the period, and an increase of 25.64 million yuan in the same period last year. Earnings forecast We maintain our 2019 / 20e earnings forecast unchanged. It is estimated and recommended that the company currently can sustain 28/23 times P / E 19/20.As the market is estimated to rise, we raise our target price by 53% to 12 based on the SOTP model (see Exhibit 1).74 yuan, corresponding to 28 times P / E in 19 years, compared with current expectations of 2%.Maintain Neutral rating. Risk fiscal and taxation service business promotion was less than expected; macroeconomic growth led to rapid weakening of customers and partners’ ability to pay; systemic estimates extended

Juneyao Airlines (603885): Optimize value at all times

Juneyao Airlines (603885): Optimize value at all times

Guide to this report: The auspicious moment in the Singapore Airlines season has been significantly optimized and its long-term value has been enhanced.

The next two years will show profit elasticity.

Investment Highlights: Maintain “Overweight” rating.

The high-quality network demonstrates its pricing power against the trend, and contains profit elasticity.

The new flight season is optimized and the long-term value is improved.

Taking into account the MAX extension, we lower our 2019-20 net profit forecast to 12/16 trillion (originally 13/17).

Excluding the impact of the sale of Huarui Leasing, the net profit for the first three quarters decreased by 2% and the long-term growth is expected to exceed 15%.

Maintain target price of 18.

18 yuan.

The new flight season is optimized and the long-term value is improved.
The industry has accumulated more than 6% in the winter, spring and new airline seasons, which is the lowest in the past few years, and the structure is optimized.

The 21 main coordinated airports have increased their flight time by two in two years.

6%, up from the past two years.

The increase in the trunk line means that the long-term value of the airline company will increase.

The company ‘s new airline season is growing by nearly 9%, matching the growth of its fleet, and it is always the top in the optimization industry.

(1) Incremental optimization.

Beijing, Shanghai, Guangzhou, Shenzhen, and the “Mainland of the Blue Sky Triangle” have the most time to increase the number of industries, with 36 new trains per week, an annual increase of 43%.

Guangzhou Baiyun Airport has the second largest increase in time.

The 64% increase in international time is a high-value Osaka to Tokyo time.

(2) Stock optimization.

Adjusting and optimizing transportation capacity to return to the trunk market, and optimizing part of it to replace high-value moments.

Revenue of the 787 fleet is expected to continue to improve.

787 network in the early days of dragging down performance.

The Finnish route opened at the end of June, and the revenue performance was better than expected.

Optimized for the new season, it will invest in high-yield routes from Shanghai to Beijing / Tokyo / Osaka.

Turnaround continues to increase, fleets are becoming larger, and unit costs will tend to be optimal.

The company is rooted in a high-quality base, and the rate of profit improvement is gradually obtained internationally.

Show profit elasticity in the next two years.

The high-quality network contains profit elasticity, and optimization at all times lays a reasonable foundation for future profit growth.

The average growth rate of the industry fleet and the time of the Singapore Airlines season, the demand has bottomed in early September, East China will take the lead to recover, usher in a turning point in performance.

risk warning.

Acquisition of international air traffic rights, economic fluctuations, oil price exchange rates, 杭州夜生活网 and risk of security accidents.

Mei Nian Health (002044): The beginning of the transformation trend is beginning to focus on changes in endogenous growth

Mei Nian Health (002044): The beginning of the transformation trend is beginning to focus on changes in endogenous growth
Incident Mei Nian Health released the third quarter report of 2019, the revenue side was in line with expectations, and the profit side was slightly higher than expected. Reporting facts The company achieved operating income from January to September 201962.80,000 yuan, an annual increase of 7.89%; realize net profit attributable to shareholders of listed companies.91 ppm, an increase of -5 in ten years.46%; From January to September 2019, net profit attributable to shareholders of listed companies was realized2.41 ppm, a ten-year increase of -29.78%. Brief comment on the third quarter of 2019 results have improved, and the trend of steady revenue and profit has initially appeared.The company achieved operating income of the company in the third quarter alone26.4 ‰, an increase of 15 in ten years.58%; the company achieved net profit attributable to shareholders of listed companies in the third quarter.740,000 yuan, an increase of 46 in ten years.8%. We expect that the recovery of the company’s revenue in the third and third quarters is related to the coming of the peak season of medical examinations and the strengthening of brand power brought by medical quality supervision.On the profit side, under the repair of revenue growth, the overall scale effect has improved, and gross margin and management expense ratio in the third and third quarters have improved compared with the same period in 2018.At the same time, the company’s single- and third-quarter 2019 sales expense ratio is about 19.9%, a decrease of about 3 compared with the same period last year.3%, we expect that this trend is related to the company’s recent reform and integration of the sales system. The company’s third-quarter performance is expected to usher in medium-to-long-term growth potential. Actively expanding individual inspections and consolidating the group inspection market are important driving forces for the company to achieve steady and endogenous growth. Substantial changes in business scale (the return of group inspection orders and the development of individual inspections) are stillCurrent tracking focus.Judging from the company’s development stage, it has entered a stable growth period. 杭州桑拿 According to our calculations, the excellent age structure of the store has become an important long-term growth support at present. Profit forecast and investment recommendations We maintain our judgment on the prosperity of the medical examination industry and benefit from the upgrading of consumption. The medical examination has gradually shifted from early group examinations to individual examinations guided by “disease detection and health management”.With the improvement of industry standards and the restoration of trust, the private medical examination sector is expected to usher in improvement.We expect the company to achieve a net profit attributable to the parent company of 9 to 2021 respectively.700 million, 11.8 billion, 14.300 million, the corresponding EPS is 0.26 yuan, 0.32 yuan, 0.38 yuan, corresponding to the 南宁桑拿 current expectations of 51 times, 42 times, and 34 times the estimated P / E.We will follow up on the latest changes in the company and update our judgment.From a long-term perspective, we continue to be bullish on the company’s long-term space and maintain a BUY rating. Risks remind the social doctor-patient risks; medical risks; the expansion of the medical examination center and the off-site replication fall short of expectations; the risk of subsequent operations leading to the gradual expected performance of the business; the risk of the economic cycle of the medical examination group testing business being less than expected; the risk of goodwill impairment;Risk of stock pledge; liquidity risk of lifting restricted stocks; risk of capital needs; risk of setting and increasing plans to anticipate expectations.

Suzhou Kodak (603660): Continue to increase R & D and expansion efforts; performance improves month-on-month; obvious long-term cloud video growth is expected

Suzhou Kodak (603660): Continue to increase R & D and expansion efforts; performance improves month-on-month; obvious long-term cloud video growth is expected
This report reads: The company ‘s business has been affected significantly. The net profit in the third quarter improved significantly from the previous quarter. Revenue growth in the first three quarters was affected to some extent by customers ‘delayed purchases, and performance is expected to grow rapidly in the fourth quarter. Investment Highlights: Maintain “Overweight” rating.The company’s first three quarters of revenue increased by 11.87%, profit fell by 83.64%, the third quarter revenue increased by 23.49%, profit increased 134.34%, R & D expenses 4.99 ppm, 28% of revenue.91%, mainly due to the adjustment of the company’s product structure. The company increased investment in research and development and sales in the early stage, and lowered its 2019 net profit forecast to 1.9.8 billion (-47.9%), EPS is 0.39 yuan (-48%), maintaining a net profit of 4 in 2020-2021.$ 6.6 billion and 6.0.6 million yuan, EPS forecasts are 0.92 yuan and 1.20 yuan, giving the company 25 times the forecast in 2020, maintaining a target price of 22.74 yuan. The overall scale of the projects undertaken has become larger, the accounts receivable has expanded significantly, and the gross profit margin has declined. 80% of the company ‘s customers budget the government to undertake projects from the original self-developed video system products, conversion projects with rich sources of imported products and increased the number of projects. Many projects began to be implemented in the third quarter, causing the company ‘s operating costs to increase significantly. Accounts receivableWith an annual 南京夜网 increase of 61%, the gross profit margin level has dropped by nearly 10 points each year. The cloud video industry has huge potential, and the company’s core technology advantages have significantly increased research and development efforts.The market generally believes that the company’s short-term performance is difficult to repair. We believe that the company has been deeply involved in the video field for many years. The issue of convertible bonds has fixed its determination to invest in cloud video technology.The cloud video industry will usher in an explosion next year, and the company’s personnel structure optimization and adjustment forecast will usher in performance conversion next year. Catalysts: Government video tenders are accelerating; cloud video vertical industry development is accelerating. Risk factors: New business landing is less than expected; industry competition is intensified; technology research and development is less than expected.

Xingyu shares (601799) first quarterly report comments: performance exceeded expectations perfect start to 2019

Xingyu shares (601799) first quarterly report comments: performance exceeded expectations perfect start to 2019

Highlights of the report The event describes the company’s first quarterly report for 2019 and achieved operating income14.

24 ppm, an increase of 21 in ten years.

2%, net profit attributable to mother 1.

700,000 yuan, an increase of 30 in ten years.

2%, net of non-attributed net profit1.

54 ppm, an increase of 32 in ten years.

8%.

Incident Review: The core customers’ sales are steady and the products are continuously upgraded, and the company’s revenue has significantly outperformed the industry.

1) Industry output in the first quarter 西安桑拿论坛 of 2019 is every ten years.

5%, the company’s core customers FAW-Volkswagen, FAW Toyota’s output growth rate increased by 16 respectively.

3% and formaldehyde 3.

7%, a significant increase in industry performance, including FAW-Volkswagen Tan Yue, Polaris sales continued to climb, the first quarter output reached 1.
.

4, 7.

90,000 vehicles, a huge contribution to the increase, the new Sagitar listing also contributed a new increase.

2) The company’s headlamp projects have increased, and its proportion of car lamp sales has continued to increase. Product upgrades have helped the company’s revenue grow rapidly.

The logic of improving the profitability of the new cycle has been strengthened again.

The company’s operating quality continued to improve, and the logic of the new cycle of profitability enhancement was strengthened again.

1) The company has entered a period of in-depth cooperation with customers from the early customer development period. The products are upgraded from small lamps to headlights, cathode / serial gas lamps to LED lamps. The continuous upgrade of products has brought the company’s gross profit margin for the first quarter of 23.

3%, an increase of 2 per year.

2 units, net profit attributable to mother 12.

0%, a year to raise 0.

9 units; 2) The company’s scale effect has been continuously strengthened, and expenses during the first quarter were 8.

9%, a decrease of 0.

19 units.

The management expense ratio and sales expense ratio are 2 respectively.

46% and 6.

32%, respectively decreased by 0.

08 and 0.

11 total, R & D expenses3.

55%, multiple stable; 3) customers continue to optimize, the company’s net operating cycle from 44.

3 days to 41.

In one day, the quality of cash flow and operating efficiency were further improved.

Looking into 2019, the company is still expected to maintain rapid growth.

The trend of LED car lamp upgrade is inevitable. LED configuration resets more than 15 million models and gradually penetrates into 10-15 million volumes.

The company officially ushered in the LED outbreak period, and profitability is expected to continue to improve.

For downstream customers such as FAW-Volkswagen, the new generation of fast-moving models, Magotan’s continuous launch and replacement, the company’s comprehensive entry into Japanese customers, will also bring a significant increase, opening new growth space.

Product customers made double leaps, and the new cycle of profit improvement continued to strengthen.
The company continued to deepen its customers and products toward high-end strategies, and strong customers such as German and Japanese ensured the company’s order volume.
The penetration rate of LED car lights increases the value of bicycles, scale effects drive down production costs and expense ratios, and the profit improvement cycle is continuously verified.

The company’s EPS for 2019, 2020 and 2021 is expected to be 2 respectively.

99, 4.

01, 5.

24 yuan, corresponding to PE 22.

5X, 16.

8X, 四川耍耍网 12.

8x, maintain “Buy” rating.

Risk Warning: 1.

Industry demand has deteriorated significantly in 2019; 2.

The price of LED car lights dropped sharply.