Recco Defense (002413): High-quality military-civilian integration company with BIT background pays attention to the acquisition of Hengda Microwave

Recco Defense (002413): High-quality military-civilian integration company with BIT background pays attention to the acquisition of Hengda Microwave
Company NewsCompany Status The company is a high-quality military-civilian integration enterprise incubated by Beijing Institute of Technology. It has a complete industry-university-research system. We sort out the company’s business and update the latest status.  The comment teamed up with North Industries Research Institute of Weapon Industry Group to deepen cooperation around the military 成都桑拿网 “Beidou +”.  The company and Orient Lianxing (North Industries Research Institute of Weapon Industry Group Holdings), Hefei High-tech Construction Investment Group jointly established Northern Recco in April (tentative), focusing on the deployment of military Beidou navigation baseband, RF chip development, and militaryBeidou + “, in-depth cooperation in areas such as military-civilian integration.The company has been deeply cultivating in the field of Beidou for many years, and has developed a series of Beidou-2 military baseband processing chips and complete products, and has won the “Beidou-2 Outstanding Contribution Collective Award” and other honors.With the successful networking of Beidou III, the company will help the industrialization of the initial autonomous controllable chip. We are optimistic about the growth prospects of its Beidou + business.  Actively expand the civilian sector and focus on business progress.The company actively deploys the areas of autonomous driving and ADAS (advanced driver assistance systems), and joins Baidu’s unmanned development platform to form a leading domestic millimeter wave radar product and AEB (automatic emergency braking) automatic emergency braking system.The company took the lead in this field, and participated in the formulation of “AEBS Aftermarket Technical Specifications and Performance Testing Requirements for Commercial Vehicles (T / CSIA001-2019)”, which was officially released and implemented on May 15, 20191.As the penetration rate of AEBS in passenger bus installations continues to increase, we believe that the AEBS aftermarket business is expected to become a new growth point for the company’s civilian products.  Follow the progress of Hengda Microwave’s acquisition.The company headquarters announced that it plans to acquire Hengda Microwave (100% of Xi’an Hengda and 100% of Jiangsu Hengda) to realize the layout of the entire radar communication industry chain.  Hengda Microwave has been in the microwave field for more than 20 years. It mainly involves antennas, turntables, and active and passive device conversion in the radar communication industry, which can form a high synergy effect with the company’s existing business.  Hengda Microwave expects 2019?In 2021, the total net profit will be 40,200,500, 65 million yuan, with a compound annual growth rate of 27%, and the growth will be stable (we expect that this acquisition will increase 2019/20 / 21e EPS 16% / 16% / 17%).  It is recommended to take into account the early termination of the fair incentive plan, adjust the forecast of the expense ratio during the period, and lower the net profit forecast for 2019/2020 by 6% / 8.8% to 1.72 ppm / 2.2.3 billion.The company currently expects to prepare for the P / E test corresponding to 34x / 26x 19 / 20e. We lower our target price by 9% to 7.12 yuan, corresponding to 39x / 30x 19 / 20e pro forma price-earnings ratio, potential increase of 14%.Maintain Neutral rating.  Uncertainty in risk acquisitions; civilian products business was less than expected; uncertainty in military product orders and delivery.

Industrial Bank (601166): Steady performance growth maintains outperform industry rating

Industrial Bank (601166): Steady performance growth maintains outperform industry rating

The 2019 performance report is in line with expectations. Industrial Bank released the performance report: 4Q19 recorded revenue / net profit growth of 2 per year.

4% / 9.

4%, the revenue / net profit recorded in the ten years of 2019 will increase by 14 per year.

6% / 8.


The company recorded ROE 14 at the end of 2019.

02%, we believe that the value of the company’s stock is significantly undervalued and maintain its Outperform rating.

Maintain target price of 23.

71 yuan is unchanged, corresponding to 0.

90x 2020eP / B and 21.

7% upside.

Points of Attention It is expected that the net interest margin will stabilize or increase slightly from the previous month. The net interest margin at the beginning and end of the single quarter period will be 1, respectively.

49% / 1.

49% / 1.

53%, considering the loose funding environment, 4Q net interest margin is 成都桑拿网 expected to remain flat or slightly increase.

A negative rate of 1 was recorded at the end of the period.

54%, down 1bp from the previous quarter.

Considering that the Industrial Bank of the developing countries has strictly implemented loan classification and accrual, it is expected that the provision coverage ratio will continue to improve.

Based on static net interest margin calculations, non-interest income may exceed certain growth rates by entering certain data.

Maintain 2019/2020 profit forecast and profit in 2021: 10-year revenue growth rate11.

0%, the growth rate of net profit attributable to mothers is 7.

1%, corresponding to 0.

7x P / B and 5.

3 times P / E.

Estimates and recommendations Currently Industrial Bank is trading at 0.

At 74x 2020e PB, the core of the estimation lies in the sentiment of asset quality assessment. The core profit indicators and asset quality indicators of 2H19 are improving channels.

Maintain target price of 23.

71 yuan is unchanged, corresponding to 0.

90x 2020e P / B and 21.

7% upside.

Maintain Outperform rating.
Risk macro fluctuations exceeded expectations and asset quality was below expectations.

Antu Bio (603658): Chemiluminescence continues high-growth pipeline and mass spectrometer enters harvest period

Antu Bio (603658): Chemiluminescence continues high-growth pipeline and mass spectrometer enters harvest period

The first quarter report was in line with expectations, and the new strategic products began to enter the harvest period. The company released the first quarter report for 2019 and achieved revenue5.

4.8 billion (+31.

85%), net profit attributable to mother 1.

2.1 billion (+26.

1%), net profit after deduction of 1.

180,000 yuan (+30.

14%), in line with expectations.

Magnetic powder chemiluminescence continued to grow at a high rate driven by the development of newly installed instruments and categories, and driven by the high base in the first quarter of 2018, it continued to maintain a high growth of more than 30%.

2019 is the harvesting period of the company’s strategic new automatic pipelines and microbial mass spectrometers, especially the installation of automatic pipelines, which will increase binding customers, enhance competitive advantages, and drive the next round of accelerated development of the company.

As the annual report is slightly lower than expected, we slightly reduce the company’s net profit attributable to its parent to 7 in 2019-2021.

39 (-0.

17) / 10.

03 (-0.

08) / 13.

63 ppm, corresponding EPS is 1.

76 (-0.

04) / 2.

39 (-0.

02) / 3.

25 yuan.

The current anniversary corresponds to 36 in 2019-2021.

1, 26.

6 and 19.

6 times, maintaining the “highly recommended” level.

Magnetic powder chemiluminescence continues to grow rapidly, and new assembly lines will accelerate chemiluminescence, which is the field with the lowest IVD production rate in China. The company, as a leader in domestic immunodiagnosis, will continue to benefit from the background of import substitution.

In the first quarter, it is estimated that more than 200 chemiluminescence installations will be added, and the chemiluminescence of magnetic particles will increase by about 45%, and the increase in installations is expected to exceed 1,000.

Under the background of import substitution, with the further enrichment of testing instruments and categories and the promotion of hierarchical diagnostic policies, the company’s chemiluminescence will continue to maintain rapid growth.

The company’s 2018 assembly line only achieved the first floor installation and was a low-speed line.

As the pipeline has a certain scheduling period and installation and commissioning period, 2019 will be the harvest period when the pipeline’s intention order is converted into a new installation. It is expected that the new installation of the pipeline will accelerate in 2019.

With the landing of the assembly line, multiple energies bind customers in depth, which enhances the competitive advantage of chemiluminescence, and at the same time can boost the revenue of biochemical reagents. 杭州桑拿网 The role of the “big inspection” platform will be further highlighted.

The layout of the “big inspection” platform has been completed, and the launch of new strategic products has driven a new round of accelerated development. The company has increased its capital and shares in MobidiagOy, Finland, and completed the layout of molecular diagnosis. So far, the company has completed the “big inspection” of biochemical, immune, microbiological, and molecular through acquisition and participation.”” Platform layout.

2019 is the harvest of the company’s strategic new products. The assembly line will be transformed from intentional orders to supplementary installations, and the volume of microbial mass spectrometers will also usher (50-60 units are expected to be sold in 2019).

Driven by the launch of new strategic products, 天津夜网 the company will usher in a new round of accelerated development.

Risk reminder: the pipeline advances low expectations, and the product’s price is significantly reduced.

Francais (603966) Company Dynamic Comment: Gross profit margin hits record high over the same period, mergers and acquisitions achieve win-win situation

Francais (603966) Company Dynamic Comment: Gross profit margin hits record high over the same period, mergers and acquisitions achieve win-win situation

Core point of view events: On October 29, 2019, the company released the 2019 third quarter report.

On January 9, 2019, the company realized revenue 7.

850,000 yuan, an increase of 52 in ten years.

64%, achieving net profit attributable to mother 0.

780,000 yuan, an increase of 63 in ten years.

11%, the net profit deducted from non-return to mother 0.

69 ppm, a 58-year increase of 58.


One quarter of Q3 achieved revenue 3.

410,000 yuan, an increase of 63 in ten years.

11%, achieving net profit attributable to mother 0.

3.4 billion, an annual increase of 64.

46%, the net profit deducted from non-attribution to zero.

3 ‰, an increase of 50 in ten years.


At the same time, the company expects that net profit in 2019 will increase by 50% compared to 2018.

Consolidated results increased performance, gross profit margin hit a record high over the same period, and cash flow from operating activities improved significantly.

On January 9, 2019, the company’s revenue, net profit and 杭州夜网 net profit after deductions were all increased at a rapid rate, which were 7 respectively.



69 ppm, an increase of 52 in ten years.

64% / 63.

11% / 58.


In terms of profitability, the company’s net profit margin for the first three quarters of 2019 was 9.

87%, an annual increase of 0.

63pct, sales gross margin is 26.

38%, an annual increase of 1.

96pct, gross profit hit a record high over the same period.

In addition, the company’s cash flow from operating activities has improved significantly. In the first three quarters of 2019, the company’s cash flow from operating activities / cash flows from investment activities / cash flows from financing activities were 1.


09 / -0.

76 trillion, respectively changed by 149.

61% / 36.

06% /-296.

04%, of which the cash flow from operating activities increased significantly, due to the increase in the company’s execution of projects and changes in payment methods; the increase in cash flow from investment activities was due to the unexpired wealth management products;The company repaid debts.

Both domestic and foreign acquisitions have gone hand in hand, and a win-win situation has shown synergy and continued to improve the industrial layout.
In terms of overseas mergers and acquisitions, in December 2018, the company acquired 100% equity of Austrian special crane giant Voithcrane, and significantly increased the company’s profits.
In addition, through the acquisition of Voithcrane, the company will gain internationally leading automation and intelligent material handling technology to enhance the company’s competition in the high-end crane and material handling industry. At the same time, Voithcrane has Siemens, BMW, Audi, Shule and other internationally renowned corporate users, Will help the company further develop overseas markets.

For domestic mergers and acquisitions, the company issued an announcement on August 22, 2019, intending to use cash18.

8.1 billion acquired 75% of Guodian Power.

The ultimate shareholder promised that the non-net profit deduction for 2019-2021 will not be less than 2000, 2800 and 37.5 million yuan, respectively, and the CAGR in the next three years will reach 23.

31%, the company’s profitability is expected to continue to improve.

In addition, the company is expected to create a win-win situation through mergers and acquisitions.

As Guodian Power is the right-hand supplier of domestic water and water cable cranes, this merger promotes the expansion of the company’s application scope of crane machinery to the field of construction and installation of hydropower projects, further improving the company’s industrial layout.

Guodian Power will also rely on the Franchise listing platform to obtain more resources and further expand its business scale, so as to give full play to its scale advantage.

The company is the first to deploy European-style cranes and explore new growth points in performance.

Compared with the traditional Soviet-type cranes and domestic cranes, European-style cranes are smaller in size and lighter in weight. They can reduce the overall investment of the plant through the customer, improve production efficiency, and run smoothly.

With the transformation and upgrading of the manufacturing industry, crane lightweighting, intelligence and energy saving will become the industry trend. Demand for high-end European cranes will also increase accordingly. At present, its market share is less than 10%, and the prospect is broad.

The company has been producing European-style cranes since 2002 and is committed to the research and development of high-end products and core components. It has now become a leading company in domestic high-end European-style cranes, with a market share of 20% -30% in the mid-to-high-end crane market.The high-volume market cake of the European crane market opens up new performance growth points.

Investment suggestion: Considering the company’s consolidation and significantly increasing the company’s performance, it is the first to lay out the dividend performance of overseas markets. According to our model calculations, it is estimated that the net profit attributable to the mother in 2019 and 2021 will be 1.

02 ppm, 1.

2.7 billion yuan, 1.

55 ppm, EPS is 0.

48 yuan, 0.

60 yuan, 0.

73 yuan, PE is 22.

66 times, 18.

23 times, 14.

98 times.

Risk reminder: raw material, energy price fluctuation risk, exchange rate risk, fixed asset infrastructure investment scale is less than expected, causing the company’s crane and other business income to fall short of expected market risk.

Gree Electric (000651): Global leader in HVAC

Gree Electric (000651): Global leader 深圳桑拿网 in HVAC

The quality of strategic development in the “new consumption” era is excellent, and the image of good air conditioners has won the hearts of the people: 1) Gree focuses on consolidating product quality, improving user experience, and has a good reputation.

2) The slogan of “Good Air Conditioning, Gree Manufacturing” is simple and effective, and the brand image is deeply rooted in the hearts of the people.

3) Benefiting from this, Gree gradually established a brand premium advantage in the Chinese market.
In 3Q19, the average offline retail price of Gree air conditioners was 4,559 yuan per unit, which is 20% higher than the average price of the industry.

Utilizing the celebrity effect of the chairman, the marketing method is avant-garde: 1) Ms. Dong Mingzhu, chairman of Gree, has personally endorsed Gree’s 杭州桑拿网 products since 2014, creating a precedent for the chairman to endorse products in China.

Combining the personal image of the chairman with Gree’s products, using the celebrity effect to enhance the persuasiveness of Gree’s quality endorsement, while also saving marketing costs for the enterprise.

2) The gambling contract between Ms. Dong Mingzhu and Xiaomi Lei Jun has been widely spread, which has a wide publicity effect on the Gree brand.

Infrastructure construction, the rise of Chinese brand strength in the central air-conditioning market: In the central air-conditioning market, we believe that Chinese brands are gradually replacing alternative brands and will benefit from the central air-conditioning demand brought by the new round of infrastructure construction.

Gree has been in the field of commercial central air conditioning since 1996, and has successively introduced modular units, duct machines and unit units.

After that, Gree continued to overcome the technical difficulties in large-scale units.

  For example, Gree is the sole host supplier of the largest ice storage system energy station in the terminal area during the construction of Daxing International Airport. In addition, Gree’s air-conditioning products have served the construction of rail transit in 26 cities across the country, and the winning bids include the Hong Kong-Zhuhai-Macao BridgeZhuhai Port, Guangzhou Baiyun Airport, Wuhan Tianhe Airport and many other important transportation hubs.

Master the core technology: 1) Gree actively deploys the field of intelligent manufacturing. At present, it has mastered key technologies in the field of intelligent manufacturing such as industrial robots, intelligent storage and logistics, and automation integration through major high-end equipment business sectors such as intelligent equipment, precision molds, and robots.

2) Gree actively promotes the research and development of air-conditioning semiconductors to realize the import substitution of air-conditioning semiconductors.

  It is estimated to maintain EPS forecast for 2019/204.

74 yuan / 5.

20 yuan.

Maintain Outperform rating and maintain target price of 71.

00 yuan, corresponding to 19x / 17x 2019 / 20e P / E, 22% increase in space.

  The company’s current consensus corresponds to 12.

3x / 11.

2x 2019 / 20e P / E.

  Risk Market demand fluctuation risk; market competition risk.

Yuyue Medical (002223) Quarterly Report Review 2019: Waiting for Expected New Capacity

Yuyue Medical (002223) Quarterly Report Review 2019: Waiting for Expected New Capacity
Introduction to this report: Performance is in line with expectations.Subsequent production capacity is released, driven by the volume of core high-margin products, and the operating trend is expected to continue to improve. Key points: Maintain the “overweight” level.The company achieved operating income in the first quarter of 201912.10,000 yuan, net profit attributable to mother 2.470,000 yuan, deducting non-net profit2.3.9 billion, an increase of 15 each year.33%, 15.41% and 16.36%, performance is in line with expectations.We maintain our earnings forecast EPS0 for 2019-2021.87/1.08/1.30 yuan, maintaining a target price of 28.71 yuan, corresponding to 2019 PE33X, maintaining the “overweight” level. The overall business maintained 杭州夜网论坛 steady growth.We expect that the company’s core varieties such as blood glucose meters and electronic sphygmomanometers will continue to grow rapidly, and some products such as ventilators will slightly adjust in a single quarter to maintain large and rapid growth.Other small varieties such as forehead guns, electric wheelchairs, etc. are in good volume.The upper-level machinery of the subsidiary is still in the process of technical transformation. Since Zhongyou was the traditional off-season in the first quarter, its performance increased slightly, and the emergency business channel was transformed into an ideal state. R & D expenditure increased, and abnormal expenditures affected short-term cash flow.The parent company’s caliber R & D expenditure was 50.64 million, a year-on-year increase of 37.44 million, and R & D 杭州夜网 continued to grow.Net cash flow from operating activities of the company is -1.1.9 billion, down 555 before.84%, mainly due to the impact of participating in Tmall activities and prepaid hospital purchases in the first quarter totaling 76 million abnormal expenditures.The sales expenses and administrative expenses are well controlled. catalyst.The company continuously enriches and optimizes its product structure through mergers and acquisitions and R & D.Continue to build platform brand operators and medical service providers.With the subsequent release of production capacity, the volume of core high-margin products will be driven, and the business trend is expected to continue to improve. risk warning.There is a risk that the price of raw materials will rise too quickly, and mergers and acquisitions will be less integrated than expected.

Wandong Medical (600055): DR wins bids for Hunan and Yunnan Dadan, second-half results are expected to gradually pick up

Wandong Medical (600055): DR wins bids for Hunan and Yunnan Dadan, second-half results are expected to gradually pick up

The event company released its 2019 Interim Report.

The short evaluation of revenue is in line with last year’s flat, and the non-profit deduction has increased to achieve revenue in the first half of 20193.

7.8 billion, a decline of 0 every year.

61%, net profit attributable to mothers is 44.34 million, an increase of more than 4%.

20%, deducting non-net profit of 39.29 million, an annual increase of 7.


Realized operating income in the second quarter 2.

1.6 billion, down 12 before.

At 07%, net profit attributable to mothers was 38.63 million, a decrease of over 0.

90%, deducting non-net profit of 37.51 million, an annual increase of 8.


In the first quarter, the growth rate of non-attributed net profit was -1.

21% has improved.

It is normal for equipment industry companies to improve their quarterly results due to the timing of order confirmation.

The first half of the year is generally the off-season for the equipment industry. Among them, the 2018 interim report revenue is 40% of the expected, and the net profit attributable to the mother is 37% of the expected.

As the company has two large DR orders in the first half of the year, and its nuclear and DSA sales are better, it is expected that the second half of the year will gradually improve its performance.

DR sales have improved, nuclear magnetic and DSA sales are good. We expect DR sales to decrease by more than 10%. Basically, the procurement index for primary hospitals has finally decreased. At the same time, private hospitals have undergone medical insurance inspections and economic conditions, which have led to a reduction in procurement.

The procurement of primary-level hospitals is expected to improve in the second half of the year; in the first half of the year, the company won the bid for the DR of Hunan and Yunnan, which is expected to contribute about 50 million yuan in revenue in the second half of the year.

We expect the maximum expansion of NMR and DSA orders, mainly benefiting from 1.

The 5T nuclear magnetic configuration certificate was decentralized to the provincial level, and the DSA configuration certificate was cancelled.

Due to the expected nuclear magnetic and DSA site decoration and equipment installation time, revenue is expected to be recognized in the second half of the year.

Continue to upgrade equipment, the proportion of sales in the mid-to-high-end market will gradually increase. The company will upgrade equipment for the county market. It is expected that the proportion of sales in the mid-to-high-end market will gradually increase, and the proportion of private hospital sales will decline.

The company completed the new 1 in the first half of 2019.

CFDA registration of 5T superconducting MRI and new DSA vascular interventional treatment system.

New type 1.

The scanning speed and image quality of 5T superconducting MRI have been significantly improved, and advanced sequence scanning functions such as lipid suppression imaging, magnetic sensitive imaging, and abdominal diffusion imaging have been achieved, which meet the clinical inspection requirements of county-level and above medical institutions.

The new DSA products optimize the imaging dose and image quality, which will help the construction of interventional treatment centers in county-level hospitals after the DSA configuration certificate is cancelled.

CT is expected to be listed in the second half of the year. Color Doppler will be listed in the first half of next year. The 16-row CT transition hospital will focus on CT interventional surgery. It will complete product stability and reconstruct image quality improvements.

The company quickly prepared CFDA registration for its own brand of ultrasound products, completed a number of ultrasound product prototypes for primary hospitals and county-level hospitals, and has begun to deliver repeats, completing the production site, production staff, sales and after-sales teams of ultrasound products.Preparation for formation.

Wanliyun’s business is growing rapidly. It is expected that the profit side will turn around and Wanliyun’s online business will continue to grow rapidly. The average daily reading volume will be stable at more than 50,000. New 3 third-party imaging centers will be built.About 50%; perfect the construction of specialized cloud film, cloud storage, cloud service platforms; artificial CT reading of lung CT, healthy lungs, bones and joints, etc. continue to carry out large-scale experiments.

Financial indicators are basically normal. In the first half of 2019, the company’s gross profit margin was 46.

55%, an increase of 2.

21 units.

The expense ratio during the period remained stable, of which the sales expense ratio was 18.

73%, a decrease of 0.

23 units, R & D + management expense ratio 18.

52%, an increase of 0.

92 units, financial expense ratio -0.73%, a decrease 天津夜网 of 0.

38 single, budget operating cash flows-0.

24 yuan, down 25 every year.

04%, due to advance purchase and supplement of Wanliyun’s new projects

Profit forecast As the company’s higher-end new products continue to be introduced and the company’s sales capabilities increase, the company’s product structure will gradually upgrade to a high-end structure. In 2019, revenue growth and gross profit margin will increase.

In 2019, the company’s budget consolidated operating income was 11% (an increase of 15%), and the budget belonged to the parent company’s net profit of 2% (an increase of 30%).

We expect revenue to increase by 15% annually from 2019-2021.

4%, 15.

4%, 14.

4%, the growth rate of net profit attributable to mothers was 31.

3%, 29.

0%, 28.

0%, corresponding to PE is 28, 22 and 17 times, maintaining the overweight rating.

Risks indicate that the launch of new products is less than expected, and the number of successful bids for centralized procurement is less than expected.

Jinke Co., Ltd. (000656): Accelerating the pace of high-quality development and improving the long-term incentive mechanism

Jinke Co., Ltd. (000656): Accelerating the pace of high-quality development and improving the long-term incentive mechanism
Core opinion The company’s performance forecast on July 7th shows that the company expects to realize net profit attributable to its mothers in the first half of 2019, which is an increase of 200-290% year-on-year.The company’s grasp of the high prosperity market in the southwest market is the basis for a new round of national expansion. The solid development and operation capabilities and the improvement of long-term incentive systems promote the accelerated cash flow of high-quality resources and maintain EPS 0 in 2019-2021.96, 1.27, 1.Earnings forecast of 64 yuan, maintain “overweight” rating. The carry-over cycle is expected to continue. In the first half of the year, the growth rate of the industry is the highest. We believe that the company’s first-half performance was higher than expected mainly because: 1. The sales growth in 2017 and 2018 was as high as 93% and 81%. 2. Gross profit margin jumped 7 in 2018.3 up to 28.At 6%, high-margin projects in the southwest region have entered the carry-over cycle, and the profit level in 2019 has advanced to maintain a high level.According to the data of Yihan, the company achieved sales of US $ 821 billion in the first half of 2019, ranking 17th in the country, with a cumulative sales amount of + 41%, and the conversion growth rate ranked third in mainstream A-share housing companies.The high prosperity of the Chongqing market overlaps with the precise layout of core second- and third-tier cities as the basis for continued growth and growth of performance. The national layout effect appears, and property management is expected to be 北京桑拿会所 strong.In 2018, the company’s national layout effect will appear. Hefei, Zhengzhou, Nanning, Wuxi and other key cities have market share ranges.6% -2.7%, doubled in 2018.In 2018, the company’s land investment was 7 million yuan, +52 in ten years.2%, the value of the first and second-tier cities in the new soil reserves accounted for more than 75%, and continued to cultivate the core 25 cities.At the end of 2018, the saleable area exceeded 41 million square meters, and the total value of goods calculated at the average sales price of 2018 was about 363 billion yuan.In 2019, the company plans to start 30 million square meters of new construction, ten years +11.1%, plans to add a saleable value of 3,200 trillion, is expected to move towards the 150 billion sales target.In addition, the property management area reached 2 at the end of 2018.With a growth rate of 400 million yuan, revenue and net profit reached 41% and 49% respectively. The carry-over of development business is expected to continue the strong performance of property management. Improve long-term incentive mechanism and stabilize medium-term development expectations On June 6, the company announced the employee stock ownership plan for 2019-2023. The participants are employees of the company within Dong Jiangao; it plans to expand the shareholding ratio to no more than 10%; the first phase of fundsThe scale does not exceed 3.2 billion (self-funding and financing of employees does not exceed 1.6 billion); the completion of the second to fifth periods based on the performance of 2019-2022%), According to the net profit attributable to the mother for the year 3.5% withdraw special funds to serve as funding sources for subsequent plans.The company’s employee shareholding plan cuts the relay to increase stock incentive unlocking and exit in 2015; for people, the long-term incentives for dating special funds are gradually improved to improve the long-term incentive mechanism to stabilize the company’s development expectations. Deeply cultivate the southwest + national layout and maintain the “overweight” rating. The company’s grasp of the high prosperity market in the southwest market is the basis for a new round of national expansion. Solid development and operation capabilities and long-term incentives promote the turnover of high-quality resources.The EPS for 2019-2021 is maintained at 0.96, 1.27, 1.64 yuan profit forecast.Refer to comparable companies for July 2019.1x PE estimate. Considering the company’s high growth expectations, we believe that the company’s reasonable PE estimate for 2019 is 8-9 times and maintain a target price of 7.68-8.64 yuan, maintaining the “overweight” level. Risk reminders: Affected by the Southwest market; the current shareholding structure is relatively scattered; industry policy risks.

Zhongzhi Shares (600038) 2019 Interim Report Review: Performance Growth Exceeds Expectations Optimistic for Long-Term Development

Zhongzhi Shares (600038) 2019 Interim Report Review: Performance Growth Exceeds Expectations Optimistic for Long-Term Development of the Company

This report reads: The company released its 2019 Interim Report. The performance of the Harbin segment grew rapidly, and the profit of the Jingdezhen segment increased by more than 30%, driving the company’s performance beyond expectations.

Investment Highlights: Maintain target price of 58.

35 yuan to maintain the “overweight” level.

The company released its 2019 Interim Report and achieved operating income of 6.9 billion yuan, an annual increase of 28.

75%, net profit attributable to mother 2.

410,000 yuan,南宁桑拿 an increase of 35 in ten years.

5%, performance exceeded expectations.

Maintain the company’s EPS forecast for 2019-2021.



57 yuan, maintaining a target price of 58.

35 yuan, space 24.

14%, overweight rating.

Revenue from aviation products recovered, and the performance of the Harbin segment increased significantly.

The 2019 Interim Report shows that the company’s aviation product revenue increased by 29%, and aviation product delivery increased.

Harbin branch revenue increased significantly by 98.

57%, profit growth increased by 255.

9%; Jingdezhen’s revenue increased by 11.

6%, profit growth 37.

43%, the performance of the company’s two major divisions improved significantly.

Since the third quarter of 2018, the company’s revenue growth has increased quarter by quarter. We believe that the company’s performance is positive and clear. We are optimistic about the company’s high growth.

The initial release of demand is bullish on the company’s long-term development.

The company is a leader in conventional military helicopters. At present, the axial helicopter gap is extended, and after the proportion of equipment costs in the defense military has increased and the impact of military reform has weakened, downstream demand has gradually released.
Catalyst: Release of downstream demand.

Risk Warning: 杭州桑拿论坛The growth rate of military expenditure and the implementation rate of equipment costs are lower than expected; the progress of demand release is gradually expected.

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.



5.0 billion, corresponding to 0 EPS.



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