Ningbo Huaxiang (002048) Company In-depth Report: Volkswagen Strong Cycle + Overseas Loss Reduction + Hot Forming

Ningbo Huaxiang (002048) Company In-depth Report: Volkswagen Strong Cycle + Overseas Loss Reduction + Hot Forming

High-quality supplier of auto parts: The company was established in 1988 and listed on the Shenzhen Stock Exchange in 2005. The main products are divided into four categories: interior parts, exterior parts, metal parts and electronic and electrical components. Traditional business interior and exterior parts have stable performance.Emerging business electronic and electrical devices have grown rapidly.

The company is a component supplier for Volkswagen, BMW, Ford, GM, Jaguar Land Rover, Mercedes-Benz, Toyota, Volvo, SAIC, FAW, Dongfeng and other well-known domestic and foreign car companies. The company has high-end product positioning and global production bases.Changchun, Shenyang, Tianjin, Chengdu, Changsha, Wuhan, Nanjing, Foshan, Chongqing, Qingdao and other places have established production bases. Internationally, production bases have been established in Germany, the Czech Republic, Romania, the United Kingdom, and the United States.

The core profitability of the company’s core holding and participating subsidiaries is stable, and it continues to contribute substantial profits to the company, forming a complete global supply network.

Core customers’ strong cycles help the company grow: SAIC Volkswagen and FAW-Volkswagen’s top two customers accounted for 14% and 13% of revenue in 2017, respectively.

FAW-Volkswagen started a super-strong cycle in 2018. In 2018-2019, 16 new and replacement models (including 8 new SUVs) were launched intensively, and a new “Jetta” sub-brand (including 3 new cars) was launched to penetrate the low-end market.The scale of the five strategic bases of FAW-Volkswagen was completed in 2018, and the production capacity increased by 55% and 1.05 million units on the basis of a combined 1.9 million units, opening up space for the company’s supporting expansion.

SAIC Volkswagen launched a total of 7 new and replacement models in 2018-2019, which once again helped the company grow.

Germany Huaxiang continued to reduce losses, and a turning point in performance appeared: Germany Huaxiang in 2015 due to product quality accidents.

1.4 billion US dollars, resulting in a substantial increase in the company’s net profit.

Loss reduction continued in 2016, replacing 2 in 2016.

180 thousand yuan, 2018 H1 expected amount is 0.

At 86 ppm, the financial improvement in the third quarter of 2018 has been slightly obvious. It is expected that breakthroughs in loss reduction will be achieved in 2018. The trend of continuous loss reduction has basically changed, and the company’s business in Europe has begun to normalize.

At the same time, since the products of the Mercedes-Benz MFA2 深圳桑拿网 platform project at the plant there were put into production in 2018 and mass production began in 2019, and new products at the US plant are about to start production in 2019, it is expected to further improve the situation of Huaxiang in Germany.

After the completion of the normal operation of Huaxiang in Germany, it will bring significant benefits to the company’s performance.

Fundraising projects such as thermoforming and lightweighting have brought new growth points: the company will raise funds in December 201720.

US $ 100 million, invested in thermoforming lightweight projects, carbon fiber and natural fiber projects, interior technology renovation projects and automotive electronics technology renovation projects, which are suitable for attractions such as lightweight and green environmental protection.

The 武汉夜网论坛 thermoforming lightweight project is mainly supported by FAW-Volkswagen. It has abundant orders on hand and a high gross profit margin. The production line installation and commissioning have been basically completed. It has begun to be replaced and used in the second half of 2018. The production capacity has climbed, leveraging FAW-Volkswagen’s strong cycleThe project income can be expected, which will further bring new growth points to the company’s performance.

Rich experience in domestic and overseas mergers and acquisitions and strong resource integration capabilities: The company has more than ten years of successful domestic and overseas mergers and acquisitions experience. It is one of the companies with the most extensive overseas mergers and acquisitions experience in the domestic auto parts industry. It has strong international and domestic resource integration capabilities.The core subsidiaries established through mergers and acquisitions have solid profitability and continue to contribute substantial profits to the company.

In the end, the company merged and acquired more than a dozen leaders in overseas auto parts segmentation, continuously digested and absorbed core technologies, and continued to expand its wide business area.

Strong resource integration capability is one of the important factors for the company’s rapid development and growth, which will enable the company to accelerate the development of new technologies in the industry. The company gradually pays attention to the industry such as lightweight, intelligent, electrified outbound M & A orWill exceed expectations.

Investment advice: The core customer FAW-Volkswagen ushers in a super product cycle from 2018 to 2019, intensively launches 16 new and replacement models, releases the new “Jetta” sub-brand to penetrate the low-end market, and increases the capacity of new plants by 55%.The company opens up market space; Huaxiang, Germany continues to reduce losses, and will soon boost the company ‘s performance. The company ‘s European business has begun to fully normalize; the company ‘s capacity to increase investment in thermoforming and lightweight projects has begun to climb, leveraging FAW-Volkswagen ‘s strong cycleThe project benefits are expected; rich domestic and overseas merger and acquisition experience and strong international resource integration capabilities will enable the company to accelerate its progress in new industry technologies.

The company’s total revenue for 2018-2020 is expected to be 152 in turn.

4.7 billion, 175.

82 ppm, 189.

880,000 yuan, the growth rate is 3 in turn.

0%, 15.

3%, 8.

0%, the net profit attributable to mothers in 2018-2020 is 7, in turn.

10,000 yuan, 8.

1.9 billion, 10.

12 trillion, the growth rate is -12 in turn.

1%, 16.

7%, 23.

6%, currently expecting 12.

80 yuan corresponds to PE in order of 11.

7 times, 10.

0 times, 8.

1x, the first coverage is given a “recommended” rating.

Risk reminders: ① the risk of rising raw material prices; ② FAW-Volkswagen ‘s production capacity is less than expected; ③ the domestic automobile market is sluggish; ④ the impact of policy risks

Zhongnan Construction (000961): 1H19 results in line with expectations

Zhongnan Construction (000961): 1H19 results in line with expectations

1H19 profit 0.

35 yuan, an increase of 42% per year, in line with expectations of the 1H19 results announced by China South Construction: operating income of 23.3 billion US dollars, an increase of 52% over the same period, net profit attributable to the mother of 1.3 billion, an increase of 42%, corresponding to zero profit.

35 yuan, consistent with the performance report.

Real estate carry-over income increased rapidly, and gross profit margin dropped slightly.

In the first half of the year, the company’s real estate business settlement income increased by 47% to $ 15.4 billion (mainly due to the increase in primary settlement projects).

The gross profit margin of the real estate business decreased by a proportion to 23 from the same period last year.

4%, after-tax comprehensive gross margin fell 1.

5 up to 17.


We estimate that the company’s pending resource profit margin level in the second half of the year is significantly higher than the same period last year, and it is expected that it will drive the company’s gradual margin increase.

The net interest rate declined marginally, 夜来香体验网 and the debt structure continued to optimize.

The company’s net interest rate at the end of the period increased 6 times from the beginning of the year to 186%. Interest-denying interest rates increased by 18% to US $ 68.6 billion from the beginning of the year. However, the proportion of interest-interest denials due within one year fell from 31% to 24%.

Cash in hand increased by 22% to 249 trillion in the early and early stages, which is one of the interest-resistant maturities within one year1.

5 times (1H18 is 1.

3 times, 2018 1.

1 times).

The minimum budget for the development trend is expected to reach 200 billion yuan, more than 40% of the added value.

The company achieved contract budget / sale area of 95.9 billion / 7.65 million square meters from January to July, an increase of 21% and 22% respectively.

Considering that the company’s push for goods will accelerate in the second half of the year and the base was reduced last year, sales growth will gradually increase.

We expect the company’s budget to total 2000 trillion, corresponding to a 36% growth rate.

Speed up the ground in the second half of the year.

In the first half of the year, the company added 4.2 million square meters of new land reserves in Xi’an, Nantong, Huai’an and other places, a year-on-year decrease of 63%; the amount of land acquisition amounted to US $ 26.9 billion, which gradually decreased by 45%, and the corresponding equity ratio increased by 35 to 84%.Second-tier cities account for 16 to 54% of the uplink; the average floor price has increased by more than 47% to 6,300 yuan / square meter.

At the end of the period, the company’s end stock soil reserves (unfinished caliber) increased by 5% earlier to 45.23 million square meters, and there was more demand for supplementary land storage.

We expect the company to actively replenish high-quality soil storage resources in the second half of the year, with preliminary land acquisition expenditures expected to exceed 50 billion.

Earnings forecasts and estimates We maintain the company’s 2019/2020 earnings forecasts unchanged.

Currently leading trades at 6.


0x 2019/2020 P / E ratio, maintain outperform industry rating and target price of 10.

30 yuan, corresponding to 9.


5x 2019/2020 target P / E ratio and 38.

5% upside.

The risk financing environment has been further tightened; the main layout urban land planning policies have tightened more than expected.

Annual report series of special analysis of environmental protection companies (8): Jingyu Environment (832507): Strategic transformation successfully achieved leakage + industrial two-wheel drive of concentrated brine

Annual report series of special analysis of environmental protection companies (8): Jingyu Environment (832507): Strategic transformation successfully achieved leakage + industrial two-wheel drive of concentrated brine

Event: The company released its 2018 annual report and achieved total operating income3.

08 million yuan, an 成都桑拿网 increase of 99 per year last year.

64%; net profit was 4,416.

640,000 yuan, an increase of 141 every year last year.


Committed to the “last mile” of sewage treatment, involving the field of waste leakage and industrial sewage: The company’s areas of involvement mainly include zero leakage of waste leakage and industrial wastewater crystallization resource utilization, and mainly covers electroplating wastewater in the field of industrial sewage treatment.Photovoltaic wastewater treatment and chemical industry, coal chemical industry, petrochemical industry, chemical industry park, coal mine water, metallurgy, power desulfurization wastewater, pharmaceutical industry industrial salt water crystallization and utilization of zero discharge business.

The company has 66 patented technologies, including 19 invention patents, 45 utility model patents, and 2 design patents.

The technology is in a leading position and the industry has rich experience in operation: the company has the core technology of waste leakage, which can deeply process the high-concentration concentrated liquid generated during the waste leakage treatment process, and improve the reuse rate of waste leakage through water production to 95% Or more, until zero emissions are achieved through the evaporation crystallization process.

At present, the company has gradually completed nearly 70 garbage leakage projects, ranking China’s leading position according to the performance of the E20 platform in terms of water treatment capacity.

After a long-term technical accumulation, the company took the lead in achieving salt separation by qualitative crystallization. The waste leakage and salt in industrial concentrated brine were pretreated and evaporated to produce pure sodium chloride and potassium chloride for industrial use.Utilize and achieve zero emissions.

At present, the company has completed and is currently constructing a total of nine industrial brine concentrated crystallization resource utilization and zero-emission facilities construction, two BOO projects, five operation management projects, the annual water treatment capacity of more than 600.

The company has the intellectual property rights of the core equipment of the zero-discharge full process of industrial concentrated brine crystallization resource utilization, the entire process of proprietary technology and parameters, and the continuous, long-term, safe and stable operation experience of complex chemical wastewater treatment water systems.Leading technology in concentrated brine zero discharge.

From a single infiltration and leakage project to enter the industrial brine business field, the business model shifted from EPC to EPC & operating income: The report increased the company’s industrial brine sales revenue ratio to 65.

5%, the contract and project winning amount is about 500 million yuan.

The company’s business model has shifted from a complete breakthrough in EPC to a combination of EPC and operating income. Consolidated statement operating income has reached 37.65 million yuan, accounting for 12% of reporting and operating income.

twenty two%.

First-tier companies reporting 1) Undertook the full sewage treatment water system operation of Yitai’s 120-micron fine chemical demonstration project; 2) The subsidiary Panzhihua Tongyu Environmental Technology Co., Ltd. completed the construction of the Panzhihua Excellence and Zhuyu Zero Vanadium Wastewater BOO Construction ProjectCommercial excellence begins.

3) Subsidiary Jingtai Environmental Technology signed the Hongqinghe mine water BOO project; 4) The company won the bid for the dense zero-emission EPC + O project in the Huaibei Lintong Coal Chemical Industry Park, and the number of operating and under construction projects reached 5 with an operating water volume of more than 600 ounces.

The market development is advancing steadily, and winning multiple bids to ensure future growth: It is reported that the company maintains the technology and market advantages of the waste incineration power plant leakage treatment market and gradually realizes it; in the field of industrial concentrated brine crystallization and utilization of zero-emission treatment,The company’s technological advantages are gradually recognized by the market.

Report, the company and its subsidiaries signed or won the zero-emission brine project of Huaibei Lintong Industrial Park, Xinjiang Yihua Chemical Co., Ltd. high-concentration brine distillation and salt treatment project, Inner Mongolia Huineng Coal Chemical Co., Ltd. coal-to-natural gas project (Phase I project) High brine concentration and salt crystallisation technology reform project (EPCC project), etc.

Investment suggestion: As of the latest, the company’s market size is 2.

23 ppm, corresponding to PE is 5X, it is recommended to pay attention.

Risk reminders: market competition risks, receivables payable risks, high asset-liability ratio risks

HKUST Xunfei (002230): Core Business Sector Continues High Growth Expects Better in Second Half

HKUST Xunfei (002230): Core Business Sector Continues High Growth Expects Better in Second Half
Event: The company released its semi-annual report for 2019: Report integration to achieve revenue 42.280,000 yuan, an increase of 31.7%; net profit attributable to shareholders of listed companies1.8.9 billion, an increase of 45.1%.  The consumer and education sectors continued to grow at a high rate. The performance of the automotive sector was eye-catching. In terms of business structure, it reported that a series of company education products and services achieved revenue9.7.9 billion increased by 48.9%, covers more than 15,000 schools in 32 provincial-level administrative regions, and the marginal contribution is expected to be significant.With the help of new products such as translators, voice recorders, and smart office books, the open platform and consumer business achieved overall revenue14.1.8 billion increased by 30.5%, of which the open platform realized revenue4.8.5 billion increased by 55.7%, smart hardware achieves revenue 4.9.3 billion increased 47.8%.In addition, the in-car environment is one of the best vertical scenes for voice interactive applications, and the company’s automotive sector has achieved revenue1.7.3 billion with an increase of 43.3%, an increase of more than 90 new model cooperation projects.Comprehensive gross profit margin of 50.A slight increase of 44% is mainly due to changes in business structure.  Expense rates continue to improve, and we look forward to better reporting of consolidated company comprehensive expense rates, sales expense rates, and management expense rates including R & D expenses in the second half of the year.93%, 20.86%, 26.07%, a year-on-year decrease of 1 year.55, 1.99, up 0.44 averages, marginal improvement in overall cost rate.After three years of layout, the company has basically completed the core talent reserves of all business lines and the construction of the national sales network. Under the background that the personnel growth rate is significantly lower than the revenue growth rate, we look forward to the improvement of the company’s expense ratio 杭州桑拿 in the second half of the year.obvious.The artificial intelligence industry is in a strategic development period. While maintaining the core technology leadership, it is a complementary path choice to continuously explore commercial applications based on technological breakthroughs.As a leading company in the domestic AI field, the company is leading the technology and deeply cultivating the industry. When the possibility of the industry comes, the company’s leading advantage will be more significant.  Investment suggestion: Considering that the company’s revenue is slightly lower than our expectations, the company’s net profit attributable to the parent company for 2019-2021 will be reduced to 9 respectively.22, 12.72, 16.99 million, corresponding to 0 EPS in 2019-2021.42, 0.58, 0.77 yuan / share, maintaining the “overweight” rating. 杭州桑拿 Risk reminder: The promotion of smart lessons does not meet expectations, the expense ratio continues to be high, and market competition intensifies.

Pengding Holdings (002938) Annual Report Review Report: Steady Growth in 18 Years of Performance and Significant Improvement in Per Capita Growth

Pengding Holdings (002938) Annual Report Review Report: Steady Growth in 18 Years of Performance and Significant Improvement in Per Capita Growth
Event: The company announced its 2018 annual report on March 31, 2019, and the company achieved revenue of 258 in 18 years.55 ppm, a ten-year increase of 8.08%, net profit attributable to mother 27.71 ppm, a 51-year increase of 51.65%, gross margin is 23.19%, an annual increase of 5.3%, net interest rate 10.72%, an annual increase of 3.08%; operating cash flow increased by 271 in ten years.18% can reduce earnings to 1.3 yuan shares, an annual increase of 39.78%, with an expected ROE of 19.75%, an increase of 2 each year.64%.The company’s 19-year capital expenditure is expected to be 33.US $ 7.3 billion. The 19-year performance indicators are revenue, profit, and net profit, each growing 0-10% each year. Opinion: We are steadfastly optimistic about the company’s new momentum and medium and long-term growth.The company is a global PCB leader, and its 18-year product structure improvement performance has shown steady growth; the automation effect has appeared, the gross profit margin, the per capita revenue as a whole has shown an upward trend, and it has been active in large customers.Looking forward to 19 years, Android customers: The company introduced Huawei’s FPC project in 18 years, and it is expected that the performance will increase in 19 years. Apple: In 19 years, the material and structure of the new antennas will be changed to increase the value of single devices and create performance growth points.In the medium and long term, the company will continue to benefit from the introduction of 5G terminals (Apple / Android accelerated penetration FPC / SLP) / related smart devices such as AR / VR / TWS headsets, and smart / lightweight trends in automotive electronics.At the same time, we are optimistic about the company’s active expansion of production, technological transformation 合肥夜网 and automation to improve product structure and profitability. The “One Bird House” product system highlights the competitive advantages and the steady growth of its main business; the development performance of automation and the per capita efficiency continue to increase.In 2018, the company completed the integration of product architecture, and its products covered FPC / HDI / R-PCB / SLP / Rigid Flex / COF, etc., and achieved revenue of 258.55 trillion, of which the communication board realized 204 revenue.16 ppm, a ten-year increase of 8.41%, gross margin is 8.41%; revenue from the consumer electronics segment was 54.24 ppm, a ten-year increase of 7.17%, gross margin is 26.12%; the card position is leading among large customers, and the revenue of the largest customer is 70.27%, an increase of 6 per year.98%.In addition, the company’s product structure is optimized + SLP 杭州品茶夜网 production and sales are stable, overlapping automation is improved, and gross margin growth is increasing.3pct, net interest rate increased by 3 in ten years.08pct, per capita revenue increased by 9 in ten years.340,000 / person, 72.870 thousand / person. Looking forward to 19 years, the company has developed an active card slot 5G reinforced leading structure, proactively expanded production to meet demand, continued technological transformation, continuously improved automation, and improved profitability.In terms of R & D expenditure, the company’s R & D expenditure in 2018 was 12.23 ppm, an increase of 19 in ten years.63%, the company’s research and development in 19 years focused on development to meet customer needs, actively expand the product line business layout and enhance competitive advantages, and strengthen the position of 5G leader; meanwhile, the capital expenditure in 19 years was 33.7.3 billion, in addition to the investment and investment projects, external investment projects include the construction of the headquarters and the construction of the second plant in Shenzhen, which will further expand production capacity to meet demand, while continuing to carry out technical transformation under the original production, increase high-end production equipment, meet product upgrade requirements, and improve automationThe production level and profitability are expected to be sustainable.Under the implementation of the progressive “stable growth, structural adjustment, innovation, and risk control” business strategy, the company’s 19-year performance indicators are revenue, profit, and net profit have all increased 0-10%. Investment suggestion: Based on the company’s 19-year guidance outlook, the EPS for 2019-2020 will be changed from 1.44、1.78 yuan / share adjusted to 1.32, 1.53 yuan / share, net profit from 33.27, 41.1.6 billion to 30.54, 35.$ 3.5 billion, maintain “Buy” rating. Risk warning: Apple sales continue to deteriorate, customer expansion and improvement are less than expected, 5G progress is slow

Zhou Laojiao (000568) Interim Review: The improvement of income from the previous quarter has a significant effect on the cost-effectiveness ratio

Zhou Laojiao (000568) Interim Review: The improvement of income from the previous quarter has a significant effect on the cost-effectiveness ratio

Event Luzhou Laojiao released the 2019H1 Interim Report, which achieved operating income of 80 in 2019H1.

1.3 billion, +24 a year.

81%; net profit attributable to mother 27.

500,000 yuan, +39 a year.


2019Q2 achieved operating income of 38.

44 trillion, ten years +26.

01%; net profit attributable to mother 12.

35 trillion, +35 for ten years.

98%, in line with expectations.

Investment Highlights Accurate sales strategy has led to a faster month-on-month revenue growth, and various operating indicators are remarkable.

The company’s Q2 revenue increased by 26.

01%, the speed of improvement in the first quarter of the earlier period, in addition to the company’s consistent excellent operating capabilities, the adjustment of competing sales strategies also contributed.

In terms of products, high-end wine / mid-range wine / low-end wine had incomes of 43 in the first half of the year.



8.4 billion, an increase of 30 each year.

47% / 35.

14% / 0.

68%, of which: 1) The high-end wine is significantly accelerated, which is related to the sales of Q2 for new products. The price of the new slender controller is quite high. Of course, it is also the embodiment of the company’s accurate grasp of the sales rhythm.Growth, the amount contributed about 20pct; 2) After the adjustment, the mid-range wine continued to grow rapidly and became an important waist power of the company. In terms of quantity and price, the price contributed more than 10pct; 3) The adjustment of the low-end wine was nearing completion.

The company’s budget financial indicators are also remarkable: 1) Cash flow growth, cash repayments of about 4 billion in the first half of the year increased by 32%, and net operating cash flow was 17.

07 million yuan, an increase of 316 in ten years.

36%, cash flow has improved significantly; 2) Advance receipts in the first half of the year were 13.

920,000 yuan, an increase of 27 in ten years.

23%, reflecting the company’s thickening of the reservoir.

The increase of cost-effectiveness ratio can greatly improve the company’s efficiency.

Due to the unique brand franchise company model, some expenses cannot be reflected in the statements, and the company’s advantage cost-effectiveness ratio will help the company’s performance increase.

The company’s supply price to the brand franchise company has decreased, but under the condition that the profit margin of the dealer channel is fixed, the increase in the terminal transaction price and the increase in the cost-effective ratio of the brand franchise company can increase the company’s ex-factory price in disguise.

Reported the gross profit margin of alcohol in first-tier companies as 79.

85%, compared with 74 in the same period last year.

78%, gross margin increased by 5 per second.

At 07pct, the obvious reason for the increase in gross profit margin was 1) the product structure continued to be optimized, and the company reported continuous high-end and mid-range products that grew significantly faster than low-end products; 2) the actual settlement price increased, and gradually the company ‘s settlement price rose as the terminal price rose.According to channel research feedback, the cash price of Guojiao 1573 increased from 740 yuan to 780 yuan, and the special song terminal price increased from about 200 yuan to 210-220 yuan. The company’s cost-effective ratio can be used to increase the actual settlement price.Expansion is to give full play to the thrust of the channel, and the company’s expense expenditures have been enlarged and extensive. While seizing the expansion demand, it is inevitable that there will be waste. For example, the company’s cost reduction control this year will help improve the quality of operations.

Settlement of sales expenses 19.

20%, an average annual increase of 64bp in the same period each year, the growth rate of sales expenses and income growth rate is basically the same, the cost of expenditure is stable; management expenses expenditure4.

25%, a year-on-year decrease of 1.

28pct is the result of the company’s enhanced control.

Taken together, the net interest rate is 34.

69%, an increase of 2 per year.98 points, the profitability has improved significantly.

It is optimistic about the comprehensive advantages of company management, channel model, brand and product layout in the medium and long term, and optimistic about the profit flexibility brought by cost-effectiveness ratio in the short term.

In the medium and long term, the company’s comprehensive strength is outstanding: 1) Merged from the front line, rich in actual combat experience, strong in combat strength, current cooperation and solid operation; 2) the brand franchise company model can greatly motivate dealers and employees; 3)The fragrance originator brand has a rich accumulation; 4) The five single products have distinct levels, rich echelons, and strong anti-risk capabilities.

In the short term, we believe that increasing the cost-effectiveness ratio of the company can greatly release the flexibility of the company’s performance.

Investment suggestion Laojiao has a clear fee control policy for this and next two years, with clear price management. It points out that 深圳桑拿按摩网 it is full of motivation with dealers. We are very optimistic about the company’s long-term performance flexibility and brand strength. We maintain our previous profit forecast.3.

13 yuan, 4.

02 yuan, 4.

96 yuan, corresponding to the closing price on August 28, 2019, the PE in 2019 is 37x, maintaining the “prudent overweight” rating.

Risk reminder: Macroeconomics is less than expected, cash flow competition for famous wines affects industry competition, and cost control effects are not as expected

Bethel (603596): Annual report performance surpasses expectations and raises profit in 2020

Bethel (603596): Annual report performance surpasses expectations and raises profit in 2020

Event: The company released a 2019 annual performance forecast in the evening, and the previous net profit is expected to increase by 1.


0 billion, previously + 65% -85%; non-net profit after deduction increases by 1.


700 million, previously + 60% -80%.

Fourth quarter results continued to improve, raising 20 results to 6.

0 billion, EPS is expected to be 1 in 19-21.



86 yuan, corresponding to a maximum of 18Xpe in 20 years, maintaining the “strongly recommended -A” level.

Comments: 1. The fourth-quarter performance exceeded expectations. The 2020 profit forecast was raised based on the company’s performance forecast range. The company’s long-term net profit is expected to be 3.


400 million (+ 65% -85%), of which in the fourth quarter was 86 million-1.

3 billion (+ 630% -1030%).

Taking into account the company’s accrual of BAIC Yinxiang’s receivables and inventory impairment of 84 million 深圳桑拿网 yuan in the fourth quarter of last year, we expect that based on careful consideration, a certain proportion of expenses will still be accrued in the fourth quarter of this year.

If you look back at the respective costs of 18Q4 and 19Q4, it is expected that the internal net profit of 19Q4 will be about 1.


800 million (previously + 33% -83%), a month-on-month increase of + 12% -54%; it is expected that the return to retrospective fee performance in 2019 will be 4.


800 million.

Tracing back to the source, the endogenous performance was better than the previous year, exceeding the market expectations.

We believe that the main reasons include the following aspects: First, the company’s lightweight business continued to increase, bringing revenue and profit flexibility.

The gross profit margin of lightweight business is above 30%, and the profit structure is constantly optimized.

GM’s Mexico business continued to climb, with new signings in the US and Canada. The business began to climb in small batches, bringing pure incremental growth.

Second, the EPB business is growing rapidly with the new supporting models Changan CS75Plus, Geely Binrui, and Binyue.

In the third and fourth quarters, the production volume of automobiles recovered, and traditional discs had a recovery performance.

2. Race track 1: Chassis brake car electronics leader, epb domestic replacement fast uptake, BBQ 2020 mass production EPB electronic parking segment industry to maintain a growth of more than 15%, we expect the company to be in the 800-85 million in 19 yearsIt is an absolute leader of independent brands, but the current industry market share is only about 7%, and domestic alternative space transmission.

With the penetration rate of superior customers Chery, Geely, and Changan increasing, they entered the supply chain of Dongfeng Nissan and JMC Ford, and also actively contacted other joint venture brands, making rapid progress.

It is expected that the EPB business will maintain a growth of more than 30% in 20 years.

At the same time, the company ‘s disc brakes—EPB electronic parking—brake-by-wire products have a clear technical route. It is expected that the brake-by-wire products will be put into production in 2020. The brake-by-wire is suitable for new energy and smart driving products above the L2 level.
3. Track two: Lightweight chassis system supplier supporting GM North America. The multi-category expansion company is the leader in domestic lightweight steering joints. Recently, it has combined with GM Mexico, the United States, and Canadian factories to add 500 million annualized orders to prove its strength. BasicCovers all models except A-class vehicle platforms.

The volume of North American business is expected to contribute + 50% business growth, meanwhile, the lightweight chassis business industry is growing rapidly, and the gross profit margin above 30% optimizes the profit structure.

Seeing subsequent growth and reorganization, the company actively cooperates with other OEMs in the North American market to obtain incremental space, reorganization, the company reduces composite processes such as low-pressure die-casting, forging, and continuously expands categories on the basis of steering knuckles to increase the value of bicycles and lighten the value of chassis and bicyclesAt around 3,000 yuan, the company’s steering knuckle products range from 200-400 yuan for bicycles with space penetration.

Risk Warning: 1.

Downstream customer volume is less than expected risk; 2.

The possibility of bad debts of customers at the end of the independent brand; 3.

Risks of Business Volatility in the U.S. Market

Hua’an Securities (600909): Self-employed income increased sharply Net profit for half a year + 128%

Hua’an Securities (600909): Self-employed income increased sharply Net profit for half a year + 128%

Investment points: While consolidating the business of trading channels, brokers will vigorously develop wealth management and institutional brokering.

Affected by the market recovery, net investment income has increased significantly.

Reasonable value interval 7.


96 yuan / share, maintaining “Expand Market” rating[Event]The company achieved revenue of US $ 1.4 billion in the first half of 2019, with a ten-year growth of + 77%; net profit attributable to its parent of US $ 600 million, exceeding + 128%; corresponding EPS 0.

15 yuan.

In the second quarter, operating income was 4 ‰, ten years + 14%; net profit attributable to mothers was 1 ‰, 7% per year.

The increase in net profit was mainly due to a substantial increase in investment income (including fair value).

In the first half of 2019, brokerage / underwriting / asset management / index / self-employment accounted for 27% / 2% / 3% / 18% / 43% respectively.

  The company achieved brokerage income of 40,000 yuan in the first half of 2019, + 23% per year.

The company’s brokerage business continued to deepen the transformation of operating models, promote the concentration of back-office business and the lightweight transformation of outlets; the new establishment of a wealth management committee, the adjustment and establishment of a private financial department based on a customer service center, and the acceleration of the construction of a wealth management system, while continuously improving investment consultingTalent training mode, exhibition mode and assessment mechanism to deepen the connotation of wealth management services.

  Investment bank business income was basically flat, and IPO reserve was raised.

The company achieved 0 in the first half of the year.

2.5 billion, previously -2%.

  The underwriting scale of equity is 16 million, ranking 35th.

The scale of bond underwriting was 11 million, with the highest scale of -57%, ranking 90th. The scale of local government bond underwriting reached 11 million.

There are 16 IPO reserve projects, ranking 34th, including 1 SME board, 2 science and technology board, and 2 GEM board.

In the first half of the year, the company’s investment banking expanded its industry research and analysis work, and became an outstanding research talent, enriching the team’s investment and research capabilities; gradually and actively adjusting its business strategy and increasing the development of bond business.

  Proactive product development was strengthened, and the proportion of active management increased significantly.

Revenue from asset management business in the first half of the year was 0.

4.5 billion, an average of -7%.

The company has continuously expanded its active management product 四川逍遥网 development efforts. As of the end of June 19, the scale of entrusted asset management was USD 86 billion, which was -15% compared with the beginning of the year.The percentage is 27%, an increase of 11 percentage points from the beginning of the year.

  Affected by the market recovery, self-operated investment income increased significantly.

Net investment income (including fair value) of 600 million in the first half of 19 years, + 220% thereafter.

The fixed income business achieved investment returns through appropriate allocation strategies and trading strategies9.

35%; the equity investment business actively adapts to new indicators and requirements in terms of risk appetite, position management and stock selection and stock selection, and achieves an investment yield of 12%.


  Investment suggestion: The company’s 2019/20 / 21E revenue will be 21 respectively.



91 ppm, one year + 23% / 0% / 2%; net profit is 6 respectively.



63 ppm, +21% /-2% /-1% at the beginning of the year; corresponding EPS is 0.



18 yuan.

The company is estimated using a comparable company valuation method and given to it in February 2019.0-2.

2x PB, corresponding to a reasonable value interval 7.


96 yuan / share, corresponding to 40.


2 x 2019 EPE, maintain “Permanent Metropolis” rating.

  Risk Warning: The continued downturn in the market will lead to the expansion of business scale and further strengthening of market supervision.

Liuyao shares (603368): annual report tracking performance to maintain rapid growth and diversified distribution efforts

Liuyao shares (603368): annual report tracking performance to maintain rapid growth and diversified distribution efforts

Core points: 1.

Event: The company released its 2018 annual report.

The company achieved revenue of 117 in 2018.

15 ppm, an increase of 24 in ten years.

00%; achieve net profit attributable to shareholders of listed companies 5.

28 ppm, an increase of 31 in ten years.

59%; net profit deducted from non-attributed mothers5.

29 ppm, an increase of 31 in ten years.


Implement EPS2.

04 yuan.

The net cash flow generated by the company’s operating activities was 22.3 million yuan. It is estimated that it changed from negative to positive last year, mainly due to the company’s enhanced collection work and the increase in cash-settled payment.

  The company’s performance has grown rapidly and all three sectors have performed well.

The company’s wholesale business realized revenue of 102.

24 ppm, an increase of 20 in ten years.

04%, accounting for 87% of the company’s total revenue.

28%; gross profit margin of wholesale business 8.

11%, a year increase of 0.


Revenue from retail business13.

0.6 million yuan, an increase of 50 in ten years.

54%, accounting for 11 of the company’s total revenue.

15%; gross profit margin of retail business 26.

40%, increase by 1 every year.


Revenue from the pharmaceutical industry sector1.

63 ppm, a 57-year increase of 57.

14%, accounting for 1 of the company’s total revenue.

39%; gross profit margin of the pharmaceutical industry 43.

39%, an increase of 21 per year.


  Benefiting from the increase in gross profit margin, the company’s profitability improved.

The company achieved gross profit margin of 10 in 18 years.

76%, an increase of 1 per year.

15pp, mainly due to the increase in the proportion of pure sales in the wholesale business, the increase in high-margin varieties in the retail business, and the increase in the proportion of industrial sector revenue.

The company’s three fees as a percentage of revenue have increased, of which the sales expense ratio is 2.

39%, an increase of 0 every year.

25pp; overhead cost ratio 1.97%, increasing by 0 every year.

31pp; financial expense ratio is 0.

54%, an increase of 0 every year.


The increase in management expenses and sales expenses was mainly due to the increase in retail pharmacies in the main categories, the corresponding increase in labor costs, rents and decoration expenses; the increase in financial expenses was mainly due to the company’s reduced fixed-income financing in 2017, which resulted in a smaller financial expense base in 17 years.

As the gross margin increased more than the expense ratio, the company achieved a net profit margin of 4.

85%, a year to raise 0.


  In terms of quarters, the company’s Q1-Q4 revenue exceeded 25 growth rates.

32% / 23.

06% / 23.

72% / 24.

02%, stable growth performance.

The company’s Q1-Q4 gross profit margins were 9 respectively.

63% / 10.

82% / 10.

38% / 12.

14%, the net interest rate is 4 respectively.

35% / 5.

40% / 4.

51% / 5.

15%, of which the gross profit margin of Q4 increased mainly due to the acquisition of Wantong consolidation.


Our Analysis and Judgment (I) The company’s pharmaceutical business area leader is becoming more and more stable. The company’s business sector is growing faster than the industry level, and the company’s regional leader is gradually increasing.

At present, the company’s business is dominated by pharmaceutical wholesale and retail, and its annual revenue growth rate is 24%, which is significantly higher than the industrywide level of pharmaceutical commerce.

As the regional leader in pharmaceutical wholesale and retail in Guangxi, the company has a competitive advantage in the context of increasing industry concentration and continues to maintain rapid growth.

Benefiting from the integration pressure of the “two-vote system”, the company continued to integrate the Guangxi wholesale market.

The company’s wholesale business accounted for 87% of the company’s total revenue.

28%, an increase of 20 per year.


The wholesale business of the company continues to benefit from the integration advantages of regional leaders. At present, the company has established good business relationships with 100% of tertiary hospitals and more than 90% of secondary hospitals in Guangxi, and has basically achieved full coverage of middle and high-end hospitals in autonomous regions.

Benefiting from the trend of pharmacy chaining and the company’s “zero integration” advantage, the company’s retail business has developed rapidly.

The absolute retail industry chain rate has continued to increase, and the company has taken advantage of its regional advantage in Guangxi to quickly deploy retail pharmacies.

The company currently has 443 pharmacies, with a total increase of 173 in 18 years, and plans to increase about 150 in 19 years.

The company’s Guizhong Pharmacy ranks 27th among the top 100 pharmaceutical retail chains in China.

In addition, the company also uses the good cooperative relationship established between the wholesale business and hospital terminals to actively develop DTP pharmacies, hospital stores and e-commerce models.

  (2) Optimization of the structure of the commercial sector, significant improvement in profitability The structure of the wholesale business continued to be optimized, and gross profit margin increased significantly.

In terms of business types, benefiting from the “two-vote system”, the low-margin transfer business is gradually replaced by high-margin direct sales, which effectively improves the profitability of the wholesale business.

In 2018, the company’s hospital direct sales business achieved revenue of 88.

6 ‰, an increase of 24% in ten years; the transfer business realized income 6.2 ‰, an average of 27% over a ten-year period; the direct sales business has a significant substitution effect on the transfer business.

The company’s 18-year wholesale business gross margin 8.

11%, ranking increased by 0 last year.

In terms of product structure, devices with higher gross profit margins have grown faster, which helps the company’s wholesale business to increase its gross profit margin.

At present, the company’s pharmaceutical business income is about 111.

US $ 200 million, of which the hospital direct sales segment was approximately US $ 8.4 billion, a year-on-year increase of 23%; the device business was approximately 4.

500 million, basically targeted at the hospital, with an annual increase of 55.


The company’s equipment business gross margin was 13.

34%, higher than the gross margin of the pharmaceutical business10.


Considering that the pharmaceutical business also has retail pharmacies and the pharmaceutical industry with higher gross profit, the difference between the gross profit margin of devices and pharmaceuticals will only be higher in the wholesale business.

In addition, the company actively expands the value-added services of the supply chain beyond the traditional distribution model. According to the traditional distribution business, the value-added services of the supply chain can effectively enhance the company’s profitability.

  The company’s retail business layout has accelerated, and DTP pharmacy business has developed rapidly.

As the regional pharmaceutical business leader in Guangxi, the company has taken advantage of the pharmacy chain to transform its own “unification and integration” advantages and quickly and actively deploy retail business.

The wholly-owned subsidiary of the company’s retail business, Guizhong Grand Pharmacy, has directly maintained rapid growth in the number of stores and operating income.

In 2018, the number of self-built pharmacies exceeded 100, and the store layout was accelerated through acquisitions.

As of the end of the reporting period, Guizhong University Pharmacy owned 443 pharmacies (including the acquired pharmacies), of which 283 were medical insurance pharmacies, and it has completed pharmacy coverage in 14 core cities in Guangxi.

In the reporting year, the company’s pharmaceutical retail business increased by 50 compared with the same period of the previous year.

54%, much faster than the company’s overall revenue growth.

The company’s retail business gross margin reached 26.


Although the gross profit margin of DTP pharmacy prescription drugs will be low, thanks to the company’s strengthening of category management and structural adjustment, the Chinese medicine decoction pieces have grown rapidly, and the company’s retail gross profit margin is still higher than last year1.

46 averages.

The gross profit margin of the retail business is higher than that of the wholesale business. The proportion of the company’s retail business to total revenue has increased year by year, which has strengthened the company’s profitability.

  Benefiting from the increase in the company’s gross profit margin, the company’s profitability has improved.

The number of reports, the company’s gross profit margin increased by 1.

15 up to 10.

76%. Although the management expense ratio, sales expense ratio and financial expense ratio have all been improved, the company ‘s net profit margin has increased by 0 due to the continuous increase in the gross profit margin.

32 up to 4.


The increase in the company’s financial expenses this year is mainly due to the company’s continued fixed increase in 17 years to address some of its capital needs. In 18 years, compared with 17 years, the company mainly financed debt financing, and the financial costs increased.

Considering that the overall interest rate is in a downward trend, it is expected that the pressure on the company’s financial expenses will be eased in the future.

  (3) Diversified distribution efforts, large companies with potential for growth in the pharmaceutical industry have stepped into the upstream pharmaceutical industry, and cultivated new profit growth points.

The report summarizes that the company’s Xianzhu Chinese Medicine Technology Pieces achieved operating income of 11,259.

850,000 yuan, net profit 1,366.

870,000 yuan, an increase of 133 over the same period last year.

91%, 187.

74%.The report summarizes that the company completed the acquisition of 60% equity of Vantone Pharmaceuticals.

In 2018, Vantone Pharmaceuticals achieved operating income of 16,510.

740,000 yuan, an increase of 33 in ten years.

51%, of which consolidated income contributed about 50 million yuan; net profit of 8639.

360,000 yuan, with an annual increase of 31.


The company ‘s joint venture with the Pharmaceutical Factory of Guangxi Medical University has completed the construction of the plant and the installation and debugging of facilities and equipment, and gradually started trial production of the product.

The company’s advantages in downstream channels can quickly promote the pharmaceutical industry’s pharmaceuticals, and the upstream and downstream synergy advantages of the industrial chain are obvious.

We expect the company’s pharmaceutical industry to rapidly increase volume, and the industrial sector will become a potential new growth point.

In addition, the company jointly invested with Shanghai Runda Medical Technology Co., Ltd. to establish Guangxi Liurun Medical Technology Co., Ltd. to develop the IVD market and jointly promote the regional inspection reagent business.

  (4) The company’s estimate is relatively low. The improvement of the pharmaceutical business policy environment as of April 2nd, the company’s price-to-earnings ratio (TTM) is 15.

63. The median price-to-earnings ratio (TTM) of Shenwan’s third-level pharmaceutical industry is 23.

16. The company’s price-earnings ratio is lower than the industry median.

Considering that the company’s existing product structure is optimized, profitability is enhanced, and the pharmaceutical industry has great potential for future growth, we believe that the company’s current estimate is low and has investment value.

  In addition, national policies have helped the pharmaceutical business reach its inflection point.

With the end of the implementation of the “two-vote system”, the impact on the industry’s interest rate has been eliminated, and the industry performance growth has reached an inflection point.

At the same time, the current pharmaceutical policy anticipates the pressure of reimbursement from pharmaceutical companies, and the recent centralized procurement policy has also focused on ensuring the speed of repayment to enterprises. We believe that there has been a problem of funding pressure for pharmaceutical businesses for a long time.Mitigation, and the industry’s operating environment improved.

As a lightweight regional leader in the industry, the company has investment value.


Investment recommendations The company’s performance is excellent, and we are optimistic about the company’s future development prospects.

First of all, we are highly optimistic about the prospect of the company merging the regional leader in Guangxi and conducting market integration.

The company’s advantages in Guangxi’s regional advantages have enabled it to integrate the wholesale market under the measures of “two-vote system”, and have a good relationship with hospitals as well as the advantages of “zero-integration integration” to vigorously expand the layout of chain drug stores.

Improvement, we are optimistic about the company’s business structure optimization to promote profitability.

With the help of the “two-vote system”, the company’s wholesale business was able to resume more direct sales business with higher gross profit, while the device business with higher gross profit margins grew rapidly; the company’s retail business benefited from category management, and the proportion of Chinese medicine decoction pieces increased to drive gross profit marginPromotion.
In the end, we are optimistic about the company’s industrial layout. In addition to the increased production capacity of Xianzhu Traditional Chinese Medicine Technology Decoction Pieces, the company has also completed the acquisition of Wantong Pharmaceutical. The company’s pharmaceutical industry products take advantage of the company’s overall industrial chain layout to rapidly advance the volume.

We are optimistic that the company’s future performance will maintain rapid growth. It is estimated that the net profit attributable to mothers will be 6 in 2019-2021.



79 trillion, corresponding to EPS 2.



55 yuan, corresponding to PE is 11.



00 times.

Maintain the “Recommended” level.


Risks suggest that the wholesale market integration is less than expected, the chain drug store layout is less than expected, and the volume of industrial products is less than expected.

Yinlun shares (002126): The performance is in line with expectations, and new energy thermal management is expected to maintain high growth

Yinlun shares (002126): The performance is in line with expectations, and new energy thermal management is expected to maintain high growth
The core view performance is in line 南京桑拿网 with expectations.The company achieved operating income of 50 in 2018.19 ppm, an increase of 16 in ten years.1%, realizing net profit attributable to mother 3.49 ppm, an increase of 12 in ten years.3%, net of non-attributed net profit 3.40,000 yuan, an increase of 3 in ten years.8%, EPS is 0.44 yuan.The company plans to distribute a cash dividend of 0 to every 10 shares for all shareholders.5 yuan (including tax). The company’s profitability remained stable.Gross profit margin in 2018 was 25.5%, a decline of 0 per year.6 per share, the gross profit margin of the capillary business was 26.34%, a decline of 0 every year.12 averages, remaining stable.Gross margin in the fourth quarter was 27.4%, an increase of 1 per year.4 units, an increase of 2 from the previous month.Five averages, gross margin improved significantly.Selling expense ratio 4.7%, increasing by 0 every year.The two totals were mainly due to the increase in sales and transportation and business expenses; the management expense ratio was 10.6%, increasing by 0 every year.Three units, mainly due to the increase in employee compensation, depreciation and amortization of intangible assets.Net cash flow from operating activities was 3.50,000 yuan, an increase of 9 in ten years.8%.The company’s ending inventory was 8.90,000 yuan, an increase of 17 in ten years.3%. Revenue from new energy vehicle thermal management products is expected to grow rapidly.Since 2018, the company’s new energy vehicle products have received Geely’s PMA pure electric platform heat exchange assembly products, Changan Ford BEV-A battery cooling water plate, Geely BE12 pure electric platform liquid cooling plate, and Jiangling New Energy Vehicle GSE heat pump air conditioner orders.Orders are increasing rapidly.In April 2019, the company acquired Setrab AB of Sweden to improve the thermal management technology of new energy vehicles and expand the mid-to-high-end car enterprise customers.With the increase in the volume of new energy vehicles for corporate customers, the revenue of new energy thermal management business is expected to grow rapidly. The traditional automotive thermal management business has grown steadily.Annual revenue for 2018 was 36.48 ppm, a ten-year increase of 11.2%, continued steady growth.Traditional automotive thermal management products have received orders for Jaguar Land Rover engine oil coolers, Dongfeng Renault engine oil coolers, GM CSS625T platform water air coolers, and MANN + HUMMEL passenger car water air coolers.With the improvement of the company’s thermal management product technology and product competitiveness, 天津夜网 it is expected to obtain more independent brand and joint venture and foreign brand car orders in the future.  Financial forecast and investment advice: slightly adjust gross profit margin and forecast EPS0 for 2018-2020.53, 0.67, 0.82 yuan (the original 19-20 years 0.55, 0.69 yuan), comparable companies are automotive heat exchangers and parts related companies, comparable companies 19 years PE average income 22 times, target price 11.66 yuan, maintain BUY rating.Risk reminder: after-treatment of exhaust gas, new energy vehicle thermal management system supporting quantity is lower than expected, and replacement supporting quantity is lower than expected.