Perfect World (002624) 2019 annual report performance preview comment: film and television business drags down the overall performance in the future, light loading and optimistic, optimistic about 20 years of game products

Perfect World (002624) 2019 annual report performance preview comment: film and television business drags down the overall performance in the future, light loading and optimistic, optimistic about 20 years of game products

I. Event Overview (1) The company announced the 2019 annual report performance forecast, and it is expected that the net profit attributable to mothers in 2019 will reach 14.


5 ppm, a ten-year average of 9.


01%; Non-recurring gains and losses in 2019 are approximately USD 400 million, mainly due to the uncompleted compensation gains of Tianjin Tongxin Film & Television Media’s performance commitments, which are included in the government subsidies for the current profit and loss, and the profit or loss of the client’s investment or management assets2.

600 million; net profit after deducting non-attribution reached 10.


5 ppm, a ten-year average of 20.

5% -27.


(2) The net profit attributable to the mother in the single quarter of 19Q4 was -0.



750,000 yuan, 3 in 18Q4.

900 million; net profit after deduction is -3.


700 million, 18Q4 is 3.


Second, analyze and judge the overall performance of the film and television business dragged down the overall performance, inventory, goodwill accrued depreciation, impairment preparations are completed, the performance of light-loaded companies in the future is expected to gradually return to the mother net profit of 9% in 19 years?
15%, 19Q4 single quarter net profit attributable to mother is -0.


7.5 billion US dollars, mainly because the film and television business is affected by factors such as the market and the industry’s overall environment, and its performance has continued to decline, which is expected to reach 3-3.

600 million.

Mainly 1, the company intends to make provision 3 for the inventory.

5-4 million, the provision for falling prices is mainly for inventory products (projects that have been filmed and issued licenses, 19H1 is 7.

8.6 billion).

The TV drama industry generally has an 18-month production cycle. From mid-2018 to the third quarter of 2019, it is at a stage of high costs (high cost of shooting inventory) and low revenue (lower channel-side prices).The inventory photographed at that time made provision for price reduction, and the risk of price reduction of the remaining inventory was small.

2. The company intends to make provision for impairment of the goodwill of Tianjin Tongxin Film and Television Media.


800 million (19H1 goodwill is 6.

9.8 billion), which basically lies in the fact that 70% of Beijing Youth Hello Culture Media Co., Ltd. of Tongxin Film & Television Holdings Co., Ltd. cannot fulfill its performance commitments in 2019, so it makes provision for impairment of goodwill.Net profit is not less than 1.

300 million, 1.

4 trillion, 19H1 company’s original good book carrying ratio of 13.
6 trillion, impairment provision has been made to 3.

At 9 trillion, the goodwill of Tianjin Tongxin Media accounted for 72% of the goodwill without provision for impairment. The remaining goodwill has a lower risk of impairment in the future.

We believe that the company’s inventory, goodwill accrual provision is completed, and the boots have landed, so they can be loaded lightly in the future.

The performance of the game business is dazzling, optimistic that the company will continue to play games for 20 years. The company’s game business is expected to achieve a net profit of 18 in 2019.


2 trillion, brilliant performance, compared with 13 in the same period last year.

7 trillion, is expected to grow 35 per year.
2% -40.


In 19 years of the company ‘s game products, mobile games such as “Perfect World”, “Four Seasons Songs in Cloud Dreams”, “The Legend of Condor Heroes 2”, “My Origins”, “New Swordsman” and othersGames, 2019.


The performance of the new “Smiling Swordsman” launched on the 19th exceeded market expectations. The iOS game bestseller ranking is currently stable at the top 20 and the highest 4th. It once again verifies that the company has mature and excellent product power in heavy MMORPG games, and continues to be optimistic about the company’s presence in MMORPG. Long-term game operation + long life cycle, company 2020.


9 On-line second-dimensional development of the business game Mengjianji series sequel “Mengjianji Cygnus” has a good reputation, the iOS game bestseller ranking is currently stable in the top 100, optimistic about the company’s continued deep cultivation and category in the two-dimensional game categoryWiden.

The company ‘s game products are still a big year for 20 years. We are optimistic about the outstanding performance of new games such as “New God Demon Continent”, “Dream God”, “Remains of War” and “Magic Tower” which are expected to be launched next year.

Third, the investment proposal estimates the company’s net profit for 2019-202114.



0 million yuan, EPS 1.



5 yuan, corresponding to PE40 / 23/18 times, the current market value of 59.1 billion, PE (TTM) at 53% points since 17 years.

Short-term optimistic about the company’s new online launch in the future to contribute to the performance, medium- and long-term optimistic about the company’s heavy MMORPG game long-term operation + long 上海夜网论坛life cycle and research and development strength in the cloud gaming era has a first-mover advantage, maintaining a “recommended” rating.

Fourth, risk warning: film and television content supervision is becoming tighter, film and television performance is less than expected risk; existing game product flow declines too quickly; risk of new game flow is lower than expected risk.

Goertek (002241): Achievements in VR and TWS are setting sail

Goertek (002241): Achievements in VR and TWS are setting sail

Goertek: The multi-faceted accumulation of acoustic and optical technology blossoms, and its performance is expected to rebound in 2019. Goertech was established in 2001, mainly engaged in the research and development, manufacturing and manufacturing of acoustic-optical precision components, acoustic intelligent machines, and intelligent hardware.Sales.

Affected by weak consumer electronics demand and intensified competition in acoustic products, Gore’s revenue in 2018 fell and its performance was under pressure.

We believe that GoerTek’s performance in 2019 is expected to rebound, due to: 1) strong revenue growth in the demand for TWS headphones and smart speakers, TWS headphones turn losses and reduce the profit margin of the entire acoustics; 2) acoustic upgrades and end products squeeze precision componentsRevenue growth; 3) 5G commercialization promotes growth of VR / AR and wearable device industry.

We expect the EPS for 2019-2021 to be zero.



59 yuan.

The first coverage was given a “Buy” rating.

Acoustic accessories are upgraded to optimize the product structure, and terminal applications are the main driving force for growth. From the very beginning, GoerTek has focused on the development and production of precision components. In terms of materials research and development, material processing, precision injection molding, simulation test verification and other technologies, processes and processesHas deep strength and experience.

Although smartphones have entered the stock market, we believe that the demand for acoustic accessories such as waterproof and dust-proof and stereo sound can be transformed into low-end smartphones. Goertech is expected to optimize the product structure through years of technology accumulation, and promote the unit price of products to increase the revenue of acoustic components.

In addition, the demand for smart speakers and other terminal equipment has driven up the demand for MEMS microphones, and Gore’s precision component revenue has helped stabilize and rebound.

TWS demand continues to be strong, torsion loss of smart wireless headphones improves ready-made inflection points, leading industrial design, acoustic design and electronic design capabilities, 北京夜生活网 and rich experience in product development, production and testing. Goertech successfully entered the international first-tier brand TWS headphones and smart speaker supply chain.

Subject to Bluetooth 5.

0 Technological upgrades and market attention have increased. We believe that new product releases such as Airpods 2 and Huawei TWS headsets will become the main driving force for the continued rapid growth of the TWS headset market.

In addition, the strong demand for smart speakers is expected to bring a new increase to GoerTek’s smart acoustics business.

We judge that Gore’s TWS production line has turned around in 1Q19, and the profit margin has been continuously optimized with the improvement of yield.

5G commercial strengthens the social attributes of VR / AR, the first optical release bureau strengthens 北京夜生活网 the competitive advantage Gore has exclusively produced Sony PSVR and Oculus since 16 years, and the volume of mid-to-high-end VR / AR products accounted for more than 70% of the world’s total.Than 30%.

According to IDC data, the growth of global VR / AR headsets resumed growth in 1Q19, with an expected long-term growth of 29%.

We believe that 5G commercial will strengthen the social attributes of VR / AR, and Goer ‘s first release bureau in the field of acoustics and optics in the VR / AR industry will fully assist the development of intelligent hardware business.

In addition, the replenishment of wearable devices and game accessories is also expected to achieve positive growth in the wave of consumption upgrades and entertainment demand.

The first coverage is given a “Buy” rating with a target price of 12.



21 yuan is based on the rapid development of the TWS market and Gore’s TWS business turning losses. We are optimistic about Gore’s potential to rebound significantly in its 19-year results.

At the same time, we believe that Goertech is ahead of the industry’s forward-looking layout in the field of VR / AR optics, and is a cornerstone for Goertech to fully grasp the rapid development opportunities of the VR / AR market in the 5G era.

We refer to the 19-year industry average PE 31.

1 time, give 19 years 33?
38 times the expected PE and get a target price of 12.


21 yuan.

The first coverage was given a “Buy” rating.
Risk warning: TWS headset sales are lower than expected, VR / AR demand recovery is lower than expected, and downward pressure on gross profit margin caused by continued decline in unit price of products due to intensified competition in the end product market.

Zhejiang Mida (002677) Quarterly Report Commentary: Results Exceed Expected Expenditure Continued to Increase

Zhejiang Mida (002677) Quarterly Report Commentary: Results Exceed Expected Expenditure Continued to Increase

Revenue and profit maintained a relatively high growth, and overall exceeded market expectations. The company disclosed the first quarter report of 2019: 2019Q1 the company achieved revenue2.

900 million (+31 year-on-year.

6%), the net profit attributable to mother is 75.35 million yuan (YoY + 22.

1%), corresponding to a net profit margin of 26.

0% (YoY-2.


Expenditure continued to increase, and the prosperity of the integrated stove industry is still high-income: According to Zhong Yikang’s forecast, the scale of the integrated stove market in 2019 will reach 2.43 million units, corresponding to a retail value of 18 billion (+ 39% year-on-year).

On the whole, the integrated stoves are still in the background under the continuous decline of real estate completion data to curb the demand for kitchen appliances, maintaining a higher degree of prosperity.

With the continued expansion of Zhejiang Meida ‘s product research and development and diversified channel construction, the growth rate of related business revenues rose again month-on-month; costs and expenses: major raw materials such as cold-rolled sheet rebounded again at the end of 2018, leading to the company’s gross profitSlightly down to 53.

8% (YoY-0.

7 pct); the company’s period expense ratio reached 15 respectively.

5% / 8.

9% /-0.

5%, change 4 every year.

9 / -3.


1pct, in which the company increased its advertising expenditure on high-speed rail, anti-aircraft guns, new media, etc., which was the increase of the sales expense ratio, and the approach to the end of the payment of stock and share payment expenses was the reason for the decline in the management expense ratio.

Earnings forecast We believe that kitchen appliances still have room for growth in long-term latitudes.

Integrated stoves have functional differentiation advantages, and the penetration rate is still increasing from low to high. Meida, as an industry dragon, will continue to benefit.

Considering that the existing company’s channel layout is more biased to third- and fourth-tier 深圳桑拿网 cities and the old pressure of short-term land completion, the industry may still face pressure on the demand side.

It is estimated that the company’s net profit attributable to the parent in 2019-2021 will be 4 respectively.

5, 5.


800 million, the annual growth rate was 18.

1%, 15.

3%, 12.

5%, the latest closing price corresponds to 19 in 2019 PE.

3 times.

Give the company 20.

A 3x estimate has a reasonable value of 14.

0 yuan, corresponding to 20 in 2019 PE.

3x, based on the compound growth rate over the next three years, the PEG is 1.

3. PEG is lower than comparable companies in the kitchen appliance industry and maintains an “overweight” rating.

Risks suggest that the real estate boom continues to decline; the wide-spread publicity expense is less than expected; industry competition is deteriorating.

Zhejiang Dingli (603338) quarterly report comments: Q3 starts to improve and looks forward to the future quarter by quarter, and item by item improvement of the entire arm car industry is out of stock 2020

Zhejiang Dingli (603338) quarterly report comments: Q3 starts to improve and looks forward to the future quarter by quarter, and item by item improvement of the entire arm car industry is out of stock 2020

Q3 revenue started to improve, gross margin and cash flow remained stable, and overall optimism 1) Revenue in the first three quarters14.

500 million (+ 9% year-on-year), net profit attributable to mother 4.

400 million (+ 12%), net profit after deduction 4

1 billion (+ 15%).

Gross profit margin is 40.

85%, net interest rate is 30.

7% (40 in the same period last year.

7% and 29.

9%); 2) Third quarter revenue 5.

97 billion (+ 10% year-on-year.

4%), net profit attributable to mother 1.

8 billion (-3.

9%), after deducting non-return to mother’s net profit1.

7.9 billion (+6.


Gross profit margin 39.

6%, net interest rate 30.

7% (43 in the same period last year.

6% and 35.

3%); 3) Cash received for selling products 16.

300 million, net operating cash flow 3.

3 billion.

The overall revenue growth and profit fluctuations were within the expected range, and the overall receipts and cash flow were in good condition.

Data comparison, profit fluctuations are a normal phenomenon. The sustainability of main business growth will be verified in the fourth quarter. Comparing the data at the end of September 18/19, changes in profits can be explained: 1) Long-term receivables: 2.

14 billion / 4.

09 billion, is expected to significantly increase the financial leasing business of its subsidiaries. It is expected that the proportion of sales around the parent company’s AWP in its business will increase significantly in the future, especially the emphasis on high-quality, such as Hongxin,都市夜网 Wynn, Tongguan, etc.Customer support efforts.

2) Inventory: 2.

8 billion / 5.

700 million, 19Q2 increased inventory due to domestic and foreign sales growth. Considering that domestic sales generally lag behind in development tickets, and domestic demand is strong, it is expected that Q4 statement inventory will decline, domestic revenue will increase significantly, and physical inventory certification has gone.Obvious.

3) Financial expenses: 20.93 million / 37.83 million, which are mainly exchange loss gains and index income. During the period, the exchange rate of USD to RMB was 6 respectively.


At 0729, according to the estimated assets of USD 94.72 million at the end of the year, the exchange loss gain was estimated at RMB 18 million, which is consistent with the data.

4) Investment income: 5上海夜网论坛6.69 million / 20,200,000, of which the investment income of associates in the consolidated statement is 4,317.

70 thousand / 1219.

60,000, CMEC is expected to face high pressure in the first half of the year and the pressure of tariff sharing in the second half of 19 years, so investment income projects have been significantly reduced.

The domestic market is short of supply of arm vehicles, which will be intensified in 2020. It will significantly increase and will significantly increase the recovery of manufacturing investment and export growth. The domestic market is in short supply due to four main reasons: First, the exhibition centers invested by local governments, high-speed rail/ Light rail, municipal complex and other projects and panels, semiconductors and other large factories have seen significant growth in investment. This brings 16?
The gap in the demand for 30-meter boom trucks; the second is that the 18-year-old leaser has better profits and converts the profits into 19-year purchases; the third is the participation of the financial industry, such as the rapid expansion of Zhongneng United and the Hornet;The expansion of supply has reduced costs and further stimulated demand growth.

Due to the high unit price of arm bikes, funding barriers determine the scarcity of the industry is expected to continue for several years, and the financing advantages of large leasing companies have become more prominent. In the future, the concentration of the industry will be realized in this boom cycle.
The reduction in leasing rates and rents proposed by Scissor, which mainly requires the construction of industrial plants and logistics centers, in 19 years, is related to the increase in supply in 19H1. We believe that overall manufacturing investment will resume growth in 2020, and the demand for Scissors will increase.promote.
The company’s export business will resume export growth after the announcement of the exemption list.

Profit forecast and investment advice: The company’s product strength, brand advantage, scale advantage and global channel construction have been verified for several years. Therefore, under the background of Sino-US trade friction, it can grow through the domestic market and the European market. The North American market will grow, and new production capacity will continue in the future.Against the backdrop of launching and realizing ramp-up in production capacity, the company is expected to maintain rapid growth in the coming years.

Based on the changes in expense ratios and non-recurring gains and losses in the third quarterly report, we lowered the company’s “investment income” account expectations, but overall we remain optimistic about the continued growth of our main business sales. We are particularly optimistic about the sales of new arm vehicles in the next two years and readjustedProfit forecast after: 19?
21 year net profit adjusted to 5.

9 (previous value was 6.

1.7 billion), 8.

600 million (previous value was 8.

6.5 billion) and 12.

3.5 billion (previous value was 12.

0 billion), EPS is 1.

70, 2.

47 and 3.

56 yuan, maintain “Buy” rating.

Risk reminders: China and the US economic downturn lead to reduced export demand; the increase in tariffs caused by Sino-US trade friction affects export growth; raw material price increases or exchange rate changes affect profitability; new capacity releases are expected to increase future performance.

Zhejiang Meida (002677): Different tracks are different

Zhejiang Meida (002677): Different tracks are different

Investment Thinking: Focus on “Differences”.

There is a significant difference in product design, channel structure, and development stages between integrated cookers and traditional kitchen appliances. Therefore, the business strategy of integrated cookers is bound to be different from traditional kitchen appliances companies. We take Zhejiang Meida as an example to analyze.

Integrated stoves are in the early stage of industry development, and have combined decoration attributes, customized delivery of orders, and channel inventory replacement; high requirements for installation determine the existence of offline channels, and online channels are in the initial layout stage; early in the industry’s growth, distributors are generallyThe scale is small, and most of them start from the third and fourth lines. The future market expansion will still require the support of manufacturers’ expenses.

According to this, the future growth path of Midea mainly comes from: 1) Improving the efficiency of single stores under the current small and sophisticated terminal sales form; 2) Expanding offline channels, laying out online channels, and complementing the sales network; 3) CanadaLarge marketing expenditures to leverage scale growth 北京桑拿洗浴保健 with better marketing results.

Looking ahead, we believe that the long-term coexistence of integrated stoves and traditional split-type kitchen appliances will be a development trend, meaning that the scale of the integrated stove industry is still limited. Mida Group has also been considering entering into industries with synergy with the main industry, and thinking long.

  Integrated stove industry bonus: high product power, low penetration rate.

Compared with the traditional range hood, the integrated stove has two core advantages: one is the extremely high net fume absorption rate; the other is to save the space above the stove.

It is estimated that the penetration rate of integrated stoves in the kitchen appliance industry in 2018 is about 9%, which is still at an approximate level, and has shown a clear upward trend, and the industry has considerable growth potential in the future.

Recently, many integrated stove companies have launched production expansion plans, which fully demonstrates their confidence in the development of the industry.

  Zhejiang Meida: The advantage is obvious, go forward bravely.

Zhejiang Meida ranks first in the market for integrated stoves, and has obvious first-mover advantages in terms of production capacity, brand, and channel.

The company’s equity structure and corporate governance have been gradually optimized, and core employees and the company’s interests have been highly unified through the equity incentive plan. In the second half of 2017, the new chairman took office, and has made efforts in various aspects such as marketing, channels, research and development, and basically has a strong upward momentum.

  Maintain “Highly Recommended-A” investment rating.

The current focus on the kitchen appliances sector is: 1) the completion data of the second, third and fourth tier real estate can improve the prosperity of the kitchen appliances industry; 2) whether the channel inventory is reasonable; 3) whether the price (price increase) bonus in the past ten years cancontinue.

The characteristics of Zhejiang Meida are: 1) the industry is in the early stages of growth, and once it breaks through its penetration rate, the elasticity of growth will increase; and the third- and fourth-tier markets start, and the product is cost-effective, directly benefiting from the completion of the third- and fourth-tier markets;, The quality of performance is guaranteed; 3) online channels are in the early stages of layout, without the trouble of online and offline spreads.

Therefore, the United States integrated stove is still worthy of attention at the moment.

It is expected that the company’s revenue side and net profit side will still achieve 20% + growth in 2019. 2019 dynamic PE19.

5 times.

  Risk reminder: The penetration rate of integrated stove products is lower than expected, and the channel expansion speed is lower than expected.

Op Lighting (603515): In-depth layout is committed to creating a lighting ecosystem

Op Lighting (603515): In-depth layout is committed to creating a lighting ecosystem

Guide to the report OP Lighting released the 2018 annual report and the 2019 first quarterly report on the evening of April 22, and released 10 planned 4 profit distribution plans.

Investment highlights Revenue continued to rise steadily, service upgrades and growth growth companies achieved revenue in Q1 of 201916.

6.3 billion (+12 year-on-year.

17%), net profit is 0.

86 billion (+ 22% year-on-year.

76%), after deducting non-zero.

40 billion (+ 10% year-on-year.

68%), net cash flow from operating activities -2.

9.8 billion (-2 in 2018Q1).

1.7 billion).

The company’s non-recurring profit or loss was 0 in 19Q1.

460,000 yuan, achieving EPS of 0.

11 yuan, achieving ROE of 1.

97%, rising by 0 every year.

06pct, single quarter gross margin was 36.

26%, with a net interest rate of 5.

17%, 1 year down.

52pct and rising 0.

44pct, affected by the real estate policy, the company’s home lighting products sales will be affected in stages. Through the upgrading of service capabilities, maintain a rapid growth trend.

In-depth layout and actively expanding sales channels The company’s home lighting business sales are one of the company’s main sources of revenue. Facing the downward pressure on reality and the diversified trend of consumer purchasing channels, the company actively promotes the transformation of channel capabilities and comprehensively empowers distributorsThe business model of “selling” and “selling products” to “selling solutions” has changed; the management system of distribution channels has been further improved. Until the end of 2018, the number of circulation outlets exceeded 100,000厦门夜网; the company’s e-commerce business sales accounted forThe forefront of the industry, and the “Double 11” activity sales for the sixth consecutive year won the lighting home improvement industry first.

In terms of commercial business, the company continues to produce multiple benchmarking projects in various sub-sectors; in terms of overseas business, the company has achieved rapid growth in Europe, the Middle East, South Africa, India, Indonesia and other places; in 2018, the home service platform focused on the focusIn the city, 6 urban service centers have been established, with service centers as the carrier.

Household hard-installed (non-lighting) segment, 1) The company established the Electrician Converter Division in 2018 to coordinate the layout of the electrical product category, 2) The integration and assembly business focuses on the design and transformation of indoor spaces, and integrates on the integrated wallOn the basis of integrating ceiling, floor, drying rack and other products, categories such as changing wall cabinets and standard background walls are added to gradually improve the supporting products for home.

With lighting application as the core, we will create Op smart lighting ecosystem.

As of the end of 2018, the initial proportion of the company’s intelligent lighting products (including intelligent control modules) has exceeded 20%.

In-depth cooperation with Huawei to build a smart home ecosystem.

The company has developed integrated multi-functional light pole products such as smart security, 5G communication micro base stations, charging pile management, public broadcasting, and environmental monitoring. As a carrier, it has created a street light control platform based on the NB-IOT narrowband IoT technology.Well meet the urban management needs of smart cities.

Earnings forecast and estimation We expect the company to achieve a net profit of 10-21 in 19-21.



91 trillion, the corresponding EPS is 1.

41, 1.

75, 2.

24 yuan / share.

We are optimistic about the company’s profitability and future growth space, and give a “Buy” rating.

Risks suggest that the industry’s growth rate is lower than expected, and competition is intensifying.

Sanli Spectrum (002876): 19Q1 adverse factors have been digested and there are too many orders and the production and production line provides continuous growth momentum

Sanli Spectrum (002876): 19Q1 adverse factors have been digested and there are too many orders and the production and production line provides continuous growth momentum

Company Announcement: Release the first quarter report of 2019 to realize revenue2.

41 ppm, an increase of 50 in ten years.

5%, the net profit attributable to the mother is 14.22 million yuan, with an increase of 206%, and the net profit range from January to June 2019 is estimated to be 10 million to 10 million yuan.

Revenue slightly exceeded expectations and net profit was in line with expectations.

Revenue growth in the first quarter benefited from full orders at the Hefei plant and improved industry structure. It is expected that the company’s profitability will improve significantly this year.

The Hefei factory has two production lines, of which a 1490mm wide 10 million square meter production line has been mass-produced in 2018. We expect sales to reach 7 million square meters this year. At present, there is a serious supply gap in the industry. The company’s products have achieved a slight price increase.It is expected that the annual price will still increase space. Another 1330mm wide 6 million square meter production line will be trial-produced in 2018. It is expected to gradually climb in the second half of this year.

In addition, the IPO investment project is expected to be replaced in the first half of 2020. It is a 1490mm wide 10 million square meter production line, mainly targeted at small and medium-sized customers.

Gross margin in the first quarter was 5.

3% bottomed out, the second quarter is about to rebound, the second quarter of the Hefei plant has a strong certainty of single-quarter profit.

For each 17pct reduction in gross profit margin, it will decrease by 12 sequentially.

67pct, depending on the rising cost of raw materials due to exchange rate factors, the amount of raw materials in inventory last year1.

3.8 billion, part of which is the purchase of large-size polarizer product reserves. As the company’s raw materials are denominated in Japanese yen and US dollars, affected by the exchange rate in 2018, the average cost increased by about 5%. The purchase in the fourth quarter 都市夜网 was mainly for large-scale stocks, which was realized as 2019Q1The cost of materials has increased by 5-10%; in addition, the Hefei production line has not yet reached full production, which also has a certain impact on gross profit margin.

We expect the Hefei production line to be fully operational in the second quarter of 2019, with a single quarter profit, and a slight loss in the Hefei plant in the first half of the year.

Sufficient orders and launch of production lines provide continuous growth momentum.

The company recently launched a non-public offering, raising no more than 1.1 billion U.S. dollars, constructing a 2,500mm wide new production line, and currently has four TFT-LCD polarizer production lines.

With domestic 8.

5th generation and 10.

The 5th generation panel line was put into production, which brought a lot of demand for polarizer procurement. It is estimated that the demand for LCD panel polarizers from mainland panel companies (excluding the need to set up factories in mainland China) is 2.

With 700 million square meters, the global panel companies’ demand for LCD polarizers is about 500 million square meters. At present, the self-sufficiency rate of existing polarizers is less than 20%, so we expect that domestic polarizer companies will still face development space.

We expect that after the new production line is put into production, it is expected to start contributing in the second half of 2022. At that time, the company’s TFT-LCD polarizer production capacity will reach 61 million square meters. From the perspective of product size, it will cover small to large sizes and 65 inches or more.Super-sized polarizer products promote the maximization of production capacity and the bargaining power in upstream and downstream.

The demand for large-size polarizers has opened, driving the company’s performance inflection point to maintain the “buy” level.

The company, as a domestic leading manufacturer of polarizers, has decided to benefit from the alternative trend of localization of polarizers, and no domestic company will join the competition in the next three to five years. At this stage, the company ‘s fundamentals are turning to the inflection point.It is verified that the Hefei plant is expected to turn a profit in the second quarter of 2019. Maintaining the profit forecast, it is expected that the net profit for 2019-2021 will be 1.

16 billion, 1.

88 billion, 2.

4.7 billion, the current corresponding EPS is 1.



09 yuan / share, corresponding PE is 28X / 17X / 13X, if 16 million shares are not publicly issued, completed in early 2020, it is expected that the EPS after full dilution in 2019-2021 will be 1.



57 yuan / share.

Hua Tailai (603659): Performance growth in line with expectations Expansion of production capacity accelerated acceleration in ten years in 2019

Hua Tailai (603659): Performance growth in line with expectations Expansion of production capacity accelerated acceleration in ten years in 2019

Investment highlights: Event: The company released its 2018 annual report, and the company achieved revenue of 33 in 2018.

110,000 yuan, an increase of 47 in ten years.

2%, to achieve net profit attributable to mother 5.

0.94 million yuan, an increase of 31 in ten years.

8%, performance growth in line with Shen Wanwanyuan expectations.

The company plans to distribute cash for every 10 shares4.

2 yuan (including tax), the amount of dividends accounted for 30% of net profit attributable to mothers in 2018.


The company issued a public plan for the issuance of convertible corporate bonds, with a plan 佛山桑拿网 to issue no more than 8.

7 trillion convertible bonds.

Permanent materials-related business revenue has grown rapidly, increasing raw material costs and compensating for declines have dragged down gross profit margins.

The raw materials approved by the company have been recognized by leading companies such as ATL, CATL, Samsung SDI, LG Chemical, BYD, etc. In 2018, the global demand for power batteries has grown rapidly, and the company has sold supplementary materials2.

93 for the first time, growing 24 per year.

34%; revenue of anode materials and graphitization processing increased by 5 respectively.

13 and 3.

46 trillion, contributing the main revenue increase.

Affected by rising raw material costs and new energy vehicle replenishment declines, the gross margin of the increased business decreased by 5 respectively.

32 and 8.

39 units.

In 2018, the company’s lithium battery equipment and replacement insertion business revenue and gross profit increased steadily.

Taken together, the company as a whole achieved gross profit10.

570,000 yuan, an increase of 27 in ten years.

1%, short range of comprehensive gross profit margin5.

05 averages.

At present, the company’s high-energy-density series anode materials for EVs have entered the large-scale supply stage. Through the 2019 Inner Mongolia Zhuozi graphitization processing base and Puyang Ziyan long-term material base put into production, the company’s outsourcing processing ratio for key processes will graduallyLowering is expected to reduce costs and increase turnover.

Continued high R & D investment, large investment income contributed to performance increase.

In 2018, the company expanded R & D investment, and R & D expenses increased by 0.

5 ppm; the increase in management costs and financing costs brought by the expansion of production capacity will cause a certain drag on profitability.

In 2018, the company completed the remaining 66 of Liyang Yuequan.

67% equity acquisition, through step-by-step acquisition, the original long-term equity investment is remeasured at fair value to confirm investment income of 0.

4.4 billion.

Under the influence of many factors, the company achieved net profit attributable to mothers in 20185.

0.94 million yuan, an increase of 31 in ten years.

8%; net profit deducted from non-attributed mothers4.

950,000 yuan, an increase of 16 in ten years.


Accelerated launch of tungsten and tungsten carbide in 2019, further concentration of production bases, and significant industrial synergy.

In 2018, the company continued to promote the construction of four major production bases.Among them, the Jiangxi Fengxin production base short-term material expansion project and Ningde Zhuogao alternative production base were gradually put into production in 2018; Inner Mongolia Zhuozi Park 5-inch graphitization processing project is expected to be put into production in 2019, improving the company’s graphitization of alternative materialsSupporting capabilities; the company also started to plan the implementation plan of Jiangsu Zhuogao Composite Sheet and Puyang Excellent Aluminum-Plastic Packaging Film Project. The projects raised by Puyang Ziyang and Puyang Jiatuo were also implemented in an orderly manner. It is expected that the above projects will be partially completed and put into production in 2019.

In addition, the company intends to publicly issue no more than 8.

700 million convertible bonds, of which 4.

Construction of a 32-million-dollar proposed production base for high-safety lithium-ion battery functional coatings, 2.

$ 33 million proposed 3-year advanced lithium-ion battery anode material project.

The company’s permanent and cumulative production capacity is accelerating its expansion, which is expected to meet the rapidly expanding power battery market supporting needs and contribute considerable revenue to the company.

Downgrade profit forecast and maintain “Buy” rating: Due to the change of the previous forecast time span, we adjusted the profit forecast based on the company ‘s recent operating conditions. We lowered our 2019 forecast, plus the 2020 and 2021 profit forecast. We expect the company to be 2019-2021.年 年公司归母净利润为7。
42, 9.

54 and 10.

RMB 670,000 (the original forecast for 2019 before adjustment was 8).

98 ppm), the corresponding EPS is 1.

71, 2.

19, 2.

45 yuan / share, currently expected to correspond to PE of 32, 25 and 22 times.

Maintain “Buy” rating.

Dashenlin (603233): Q2 performance significantly accelerated again to verify the arrival of the turning point in 19 years

Dashenlin (603233): Q2 performance significantly accelerated again to verify the arrival of the turning point in 19 years

Event: On August 27, the company released its semi-annual report for 2019: the first half of 19 achieved revenue 52.

5.2 billion, an annual increase of 28.

65%; net profit attributable to mother 3.

8.1 billion, an annual increase of 32.

21%; deduct non-net profit 3.

7.3 billion, an increase of 33 in ten years.

93%; net cash flow from operations 5.

7.5 billion, an increase of 253 in ten years.



73 yuan / share.

The company’s profit growth in the first half of the year exceeded our previous expectations.

Comments: 1.

Q2’s performance has accelerated rapidly. It is verified again that the company’s revenue and profits have maintained rapid growth in the first half of the 19th year, and Q1 and Q2 have achieved revenues of 25 respectively.

7.8 billion (+26.

77%), 26.

7.4 billion (+30.

51%); net profit attributable to mother 1.

8.4 billion (+25.

20%), 1.

9.7 billion (+39.

52%); deduct non-net profit1.

7.7 billion (+27.

58%), 1.

9.6 billion (+40.


Q1 started to increase compared to 18 years, and Q2 continued to speed up significantly, and once again verified the arrival of the company’s performance inflection point: the 1145 new stores in 16-17 are expected to enter the profit period in 19 years, and the proportion of new and old stores in 19The highest value in history (second new store revenue growth rate is the starting point in the life cycle of the store, the old store has the highest net interest rate), the proportion of old stores increased year by year in 19-21, and the performance is flexible.

The company’s net cash flow from operating activities increased by 253 compared with the same period last year.

06%, mainly due to capital investment brought by increased net profit and inventory optimization (such as effective control of procurement expansion).

In the first half of 19, the inventory turnover rate was 1.

63, the same period of earlier 18 years1.

36 has improved.

In terms of gross profit margin, the gross profit margin for the first half of 19 was 40.

00%, 41 earlier than the same period in 18 years.

67% fell slightly; net interest rate (attribution / income), 19 net interest rate 7.

25%, 7 in the earlier period of 18 years.

0% up 0.
The first is through the expansion of stores in various regions, further sharing of management costs, the simultaneous fermentation of brands and economies of scale, the company’s bargaining power in commodity procurement and sales cooperation has been greatly improved, and the acceleration of profitability has been accelerated.


The company’s ability to expand across provinces has gradually increased, and regional barriers to competition have continued to rise in the first half of the year. The company’s number of stores reached 4,153, with a net increase of 273 in the first half (129 in the first quarter and 144 in the second quarter).

Looking at the split, in the first half of the year, there were 313 new stores (156 new openings + 118 acquisitions + 39 joining), and a net increase of 273 stores (40 closed).

By quarter, Q1 and Q2 opened 104 and 52 new stores, acquired 51 and 67, closed 26 and 14, respectively. In the first half of the year, self-built stores accounted for 57% of new stores (excluding franchise), and Q2 may receive licensed pharmacists.The impact of the policy tends to be severe, and self-construction has made a difference.

In the second half of the year, the remote review party was gradually promoted, the industry purchase price fell, internal employees were encouraged to participate in the practising pharmacist exam, and 1 billion convertible bonds were in place., An average of 800,000 new construction / merger of a store).

In terms of different regions, the average effective monthly average efficiency of South China, East China and Central China increased by 1 compared with the same period last year.

37%, 1.

64%, 20.

69%, the average school in central China has grown significantly.

Among them, 164 were newly added in Guangdong, with an income growth rate of 22.

03%, 48 new companies in Guangxi, revenue growth of 48.

61%, the region outside Guangdong Province is in a period of rapid growth.

The company mainly builds itself in advantageous areas (Guangdong, Guangxi), re-integrates brand and scale advantages to quickly occupy the market, and has gradually covered most of the counties and towns in the two provinces.

In other regions, M & A and self-construction have taken a two-pronged approach. Guangxi, Henan, and Fujian have made significant breakthroughs in their regional performance. In the first half of the year, they entered Baoding, Hebei through acquisitions.

The number of medical insurance stores accounted for a slight decrease in 19H1, mainly due to the newly opened stores in the second half of last year. Stores can only apply for medical insurance qualification after operating for more than one year, temporarily reducing the proportion of medical insurance stores.

From the perspective of the retail subsidiary’s net profit in the first half of 19, Foshan Dashenlin 8.

88% (6 in 18).

92%), Shunde Dashen Lin 15.

11% (December 18.

86%), Maoming Dashen Forest 10.

09% (9 in 18).

17%), Zhanjiang Great Ginseng Forest 11.

55% (10 in 18).

51%), and the profitability has gradually expanded from 18, consolidating the regional leading advantage.

In 2019, the company started to develop franchise stores, and the 19H1 termination has gradually opened 39 franchise stores (13 in the first quarter + 26 in the second quarter), and the layout is accelerating.

Through unified brand identification, transportation management management, personnel training, commodity prices, and health service management, strengthening quality risk management and store compliance management will further increase the company’s scale and brand influence.


Actively undertake prescription outflows and bring about flexibility in performance. Under the background of prescription outflows, the company’s 19H1 prescription drug revenue accounted for 28%.

6%, year on year.


The number of medical insurance stores in 119H1 accounted for 76.


In terms of DTP, the company completed the establishment of a 35DTP professional pharmacy, and established a complete DTP professional pharmacy management system and team. The professional DTP management team works closely with leading prescription drug manufacturers. In terms of chronic disease management, the companyThe disease management special team implements customer file management, builds professional chronic disease service stores, and improves the ability of pharmacy services. In terms of the construction of prescription platforms, the company has already launched pilot prescription sharing platforms in Guangxi, Guangdong, and Henan provinces.Achievements have brought tremendous increase to the development of enterprises.

At the same time, the successful purchase of “4 + 7” cities with limited volume purchases has 武汉夜网论坛 limited impact on the company. The company reduced stock replacement by backing out and adjusting stocks, reducing prices and pushing down in affected areas, merging prices of different factories with the same name and the same name, and developing other growthThe number of varieties and other factors will further reduce the impact.

Profit forecast: The newly opened stores have gradually entered the profit period, with sufficient funds and great flexibility in performance. Therefore, the expected performance of 19 is raised, and the net profit for 2019-2021 is 7 respectively.

23, 9.

43, 12.

09,000 yuan, corresponding to PE is 39, 30, 23 times.
Maintain “Buy” rating.
Risk warning: Store performance after mergers and acquisitions is less than expected.

SDIC Power (600886) 2019 First Quarterly Report Review: Results Meet Expected Changes in Electricity Prices

SDIC Power (600886) 2019 First Quarterly Report Review: Results Meet Expected Changes in Electricity Prices

Operating income for the first quarter of 2019 increased by 7.

64%, net profit attributable to mothers increased by 6.

14% of the company’s 2019Q1 operating income +7.

64% to 101.

1.5 billion, net profit attributable to mother +6.

14% to 10.

5 billion yuan, performance in line with expectations.

The growth of water supply and the new installed capacity of thermal power drive the growth of power generation12.

74%, electricity price 上海夜网论坛 profit 7.

03% of the company’s 2019Q1 total power generation +12.

74% to 378.

6.6 billion kilowatt-hours; of which hydropower generation +9.

39% to 198.

7.4 billion kilowatt-hours, mainly because the Yalong River has better incoming hydropower, with a power generation capacity of +7.

40% to 172.

09 billion kilowatt hours.

Thermal power generation +15.

72% or 23.

3.6 billion kWh to 171.

9.7 billion kWh was mainly put into operation in June 18 of the second phase of Beijiang, and the northern Xinjiang company issued 17 in 19Q1.

3.3 billion kilowatt-hours; Gansu’s outbound electricity supply increased, and Jingyuan No. 2 Power Plant added 7.

1.4 billion kilowatt hours.

The company’s average on-grid tariff including tax is -7.

03% to 0.

308 yuan / kWh; of which hydropower-12.

50% to 0.

254 yuan / kWh, mainly the Yalong River electricity price -14.

14% to 0.

258 yuan / kWh; thermal power price -4.

05% to 0.

360 yuan / kWh.

With the expected interest rate reduction of 3 pct since 19Q2, we expect that the electricity price index will improve the comprehensive gross margin and yield slightly earlier in 19Q1. ROE will decline slightly.

45 pct to 39.

91%, rated ROE drops to 0.

58 pct to 2.


We judge that the slight decline in comprehensive gross profit margin is the hedging result of lower electricity prices and lower coal costs.

Company investment income +35.30% to 1.

100,000 yuan, mainly due to the increase in profits of participating companies; other income -83.

53% to 0.

1.8 billion, mainly because the Yalong River and Dachaoshan tax refund policy expired.

The asset-liability ratio was steadily declining, driving the financial expense ratio downward, the cash flow continued to increase by 19Q1, and the company’s asset-liability ratio was downgraded by 3.

07 pct to 67.

28%; financial expenses -1.

57% to 11.

84 ppm; decrease in financial expense ratio by 1.

09 pct to 11.

71%; during the period, the expense ratio drops to 0.

62% to 14.

81%; net operating cash flow +0.

55% to +41.

9.5 billion.

Investment suggestion: highlight the value of allocation and maintain the “overweight” rating. We maintain our forecast for the company’s revenue in 2019-2021 to be 419.



6.7 billion, net profit attributable to mother 46.



5.7 billion, corresponding to a dynamic PE of 11.

7x / 11.

1x / 10.

4 times.

The hydropower business provides defensiveness, and expects the subsequent investment in the construction of Yazhong Units; the thermal power business’s flexibility in the downward cycle of coal prices; maintaining the “overweight” level, a reasonable estimate10.


01 yuan.

Risk Warning: Saturation of incoming water, increase of electricity price, decrease of electricity demand