Shentong Express (002468): Volume increase, price reduction, profitability infringement and cracking

Shentong Express (002468): Volume increase, price reduction, profitability infringement and cracking

Event: The company released the third quarter report of 2019, and the company achieved operating income of 156 in the first three quarters.

5.6 billion, an annual increase of 41.

01%, achieving net profit attributable to mother 11.

06 ‰, a decrease of 31 per year.

35%, net profit after deducting non-attribution is 10.

49 trillion, a decrease of 16 a year.


Revenue maintained a high growth and profit decreased significantly.

Because the company sold Shenzhen Fengchao Technology Co., Ltd.’s equity in the third quarter of last year to generate a large amount of investment income, resulting in changes in net profit attributable to mothers in the third quarter.

In the single quarter, the company achieved operating income of 57 in the third quarter.

85 ppm, an increase of 29 in ten years.

67%, net profit after deduction of non-return to mother is 2.

670,000 yuan, an average of 38 in ten years.


Against the impact of industry price wars, the company’s average single ticket revenue in the third quarter was 2.

80 yuan, an average of 13 for ten years.

13%, ring-on-epoxy 8.

30%, the industry has the highest price drop.

At the same time, the company built a new transshipment center and directly operated the center around the average daily processing capacity of 35 million units, which caused the company’s operating costs to increase by 40 per year in the third quarter.

37% squeezed profit growth.

Affected by this, the third quarter gross profit margin was 8.

94%, compared with the previous two quarters13.

03% / 14.

66% is very obvious.

In exchange for price, business volume growth leads the industry.

Stimulated by low prices, the company’s business volume increased significantly, and the completed business volume in July, August, and September was 6, respectively.

3.5 billion votes / 6.

7.5 billion votes / 7.

2.5 billion votes, with a 10-year growth of 52.

15% / 55.

53% / 50.

73%, the third quarter business volume growth led the industry, the first three quarters business volume accounted for 11 of the industry size.

49%, an increase of 1 over the same period last year.


In September, the company’s average daily order volume was about 24 million 杭州桑拿 orders.

Continue to consolidate and speed up the construction progress of the transfer center.

The company’s existing fixed assets are 27.

76 ppm, an increase of 88 in ten years.33% in the third quarter was 7 projects.

640,000 yuan, an increase of 2 from the first half of the report.

1 billion yuan, the company continued to increase the construction of transshipment centers and direct transformation.

Investment suggestion: The industry’s fierce price wars will reduce competitive profits, while the company’s transshipment center construction and business volume increase will take time, and it will still bear acceptable cost pressure in the short term.

The company’s EPS for 2019/2020/2021 is expected to be 1.



77 yuan, PE is 18x, 15x, 12x, downgraded to “overweight” level.

Risk warning: 上海夜网论坛 The growth rate of e-commerce is rapidly expanding, the price war is intensifying, and the cost is increasing significantly.

Tongling Nonferrous (000630) Company Annual Report Comment: High-end lithium-ion copper foil production capacity is gradually delivered and the company’s future performance is stable and better

Tongling Nonferrous (000630) Company Annual Report Comment: High-end lithium-ion copper foil production capacity is gradually delivered and the company’s future performance is stable and better
The substantial increase in net profit attributable to the company is in line with expectations: Recently, Tongling Nonferrous Metals released its 2018 annual report, and the company achieved revenue of 845.89 ppm, a ten-year increase2.62%; net profit attributable to mother 7.09 million yuan, an annual increase of 31.99%; net profit after deduction 5180,000 yuan, an increase of 17 in ten years.62%; the profit distribution plan is 0 cash for every 10 shares.3 yuan (including tax).Through the management of corresponding receipts and accounts, the company’s operating cash flow realized from negative to positive, reaching 55.6.5 billion.Affected by the increase in financing costs and the net exchange loss caused by the depreciation of the RMB, the financial expenses for the period rose to 10.62 ppm, an increase of 100 in ten years.02%, a slight drag on performance, but benefited from the rise in prices of main products such as copper, gold and sulfuric acid, and the company’s overall gross profit margin rose by 0%.35 shares per share, the combined asset impairment over the current period decreased by more than 41.09%, forming a certain support for performance, the company’s performance is in line with expectations. Copper business volume continued to grow The volume and price of sulfuric acid business rose: the company produced 132 copper halides in 2018.86 for the first time, growing by 3 per year.92%; copper content of copper concentrate 5.37 for the first time, growing by 14 per year.96%; copper processing material 35.05 for the first time, with an annual increase of 4.78%; sulfuric acid 422.At the beginning of 28, it increased by 11 every year.61%.The production and sales of main products continued to grow, forming a support for the company’s performance.Affected by environmental protection inspections in 2018, the price of sulfuric acid rose sharply, an increase of more than 30%, and the volume and price of the company’s sulfuric acid products rose, significantly increasing the company’s performance.We expect that the environmental protection inspectors will continue to move forward in the future, the price of sulfuric acid is expected to remain high, and the company’s sulfuric acid business will continue to contribute substantial profits. The high-end lithium-electric copper foil production capacity gradually 无锡夜网 releases the Group’s high-quality mining development injection: the company’s first-stage advanced energy storage ultra-thin electronic copper foil project Phase I has been completed and gradually delivered capacity.After reaching the production capacity, the company will have the capacity of 4 copper foils, including standard foil 2.25 inches (ton profit 7,000 yuan), lithium battery copper foil1.75 tons (ton profit 10,000 yuan).Against the background of the rapid development of the new energy automobile industry, the high-end lithium-ion copper foil has gradually promoted the company’s performance.In addition, the Group’s overseas mining construction has entered the stage of completion, with strong injection expectations, and the company may become a leading source of stocks and smelting in the future. Investment suggestion: We expect the company’s EPS for 2019-2021 to be 0.08 yuan / 0.09 yuan / 0.11 yuan, the corresponding PE is 34.25/28.75/24.07 times, maintaining the “recommended” level. Risk reminder: Copper processing fee declines New energy vehicle production and sales are less than expected Project advancement is less than expected

Industrial strategy: the combination of Big Innovation 50 targets

Industrial strategy: the combination of “Big Innovation 50” targets

Source: XYSTRATEGY Investment Highlights ★ “Big Innovation 50” Portfolio: Directions for the allocation of large innovation sectors worthy of long-term attention-The Prosperity Strategy team has been forward-looking since 2017, and has pointed out the opportunities related to the major innovation sectors.

The 2018 strategy “Great Innovation Times”, the second quarter of 2018 strategy “Big Dance of Social Innovation and Core Assets”, the second half of 2018 investment strategy “Spring of Great Innovations”, the 2019 strategy “Restructuring Innovations Great Times” and periodsThe special report and conference call conducted high-frequency and continuous review of investment opportunities in the sector.

  -Combining the opinions of industry experts, we have selected and merged the “Big Innovation 50” portfolio.

  ★ At present, the big innovation sector has this catalyst-laying the foundation for the intelligent interconnection of all things, and paying attention to the big innovation industry chain.

Innovative development promotes the “To C” for everyone to replace the new “To B” for the intelligent interconnection of everything.

The rapid development of the industry is inseparable from the large-scale expansion of supporting infrastructure.

At the same time, the infrastructure required for the large-scale development of innovation in the future is continuously improved.

  -Innovation and growth industries make up for shortcomings, and policy scale is expected to continue to support.

Fair pledge relief relief is ongoing, and the corporate liquidity environment has greatly improved.

R & D decomposes, the potential incremental decrease and further improvement of corporate fundamentals.

Refinancing policies have been relaxed, market restrictions have been relaxed, and the securities market has been activated.

  ★ The big innovation industry chain focuses on the industry-the network foundation of the big innovation industry chain: The advent of the 5G era is driving the development of the communications and terminal industries.

In the field of communication, we focus on the 4G / 5G wireless side, the main communication equipment on the optical transmission side, optical devices, especially optical modules, upstream devices, and downstream optical communication equipment.

The electronics field focuses on industries such as PCBs, antennas, RF front-end devices, and panels.

  -Key applications of the large innovation industry chain: The domestic market has a broad prospect for development, and cloud computing, localization, and financial technology are expected to usher in demand for scale.

  -The core hardware of the big innovation industry chain: the development of high-end manufacturing drives the supporting investment first, focusing on semiconductor equipment, lithium battery equipment, automation and industrial robots.

  -Technical guidance for the large innovation industry chain: military industry that is expected to usher in a three-year performance turning point, an innovative drug with a tortuous road but a bright future.

  The “Big Innovation 50” portfolio of the report-issuing strategy team that deserves long-term attention has been forward-looking since 2017, and promptly pointed out the opportunities related to the big innovation sector.

In the 2018 Annual Strategy of “Great Innovation” released in November 2017, we proposed that the interior is at the beginning of a new round of innovation cycles, and these conditions have been basically fulfilled.

This round of innovation is mainly characterized by the technological innovation of large companies, and is catalyzed by six factors: big country strategy, infrastructure, innovative talents, leading trends, first-level pilots, and policy guidance.

  At several important times since 2017, the Xingzheng Strategy Team has continuously recommended the direction of “big innovation” and has repeatedly sorted out related investment opportunities.

In the second quarter of the 2018 strategy “Big Dancing of Big Innovation and Core Assets”, we mentioned that under the policy warming, capital market support for big innovation is rapidly increasing, and the main direction of big innovation is more clear.

In the investment strategy “Spring of Great Innovation” in the second half of 2018, we believe that the cycle of innovative growth stocks can be seen in 2-3 years. In the broad perspective, 2018 is just the “spring” of great innovation. Spring needs to be actively planted in order to enjoyIt will be midsummer and autumn harvests in the future, but it will be warm and cold in spring and it is not yet in full bloom. You need to have a high understanding of fundamentals and grasp the changes in trends.

In the 2019 strategy “Rebuilding the Great Era of Innovation”, we once again predict that the current era is both the era of return and the era of innovation.

2019 is a year of succession, with market fluctuations less than 2018 and more opportunities than in 2018. Grasp China’s transformation and global restructuring to enhance opportunities brought by risk substitution.

From a global perspective in the medium and long term, the current equity market in China will be a rare opportunity for strategic deployment.

Between these important moments, we have repeatedly combed through specific investment directions through special research, conference calls and other forms.

  Does the big innovation sector have some kind of target worthy of long-term attention?

With the gradual implementation of the policy, the market risk appetite has also been picking up, and some targets have already had a certain allocation value.

Therefore, we have sorted out and selected the major innovation targets suggested by various industries, and built the “Great Innovation 50”, a selection combination worthy of long-term attention.

  What are the current catalysts for the big innovation sector?

  Build the foundation for the intelligent interconnection of all things, pay attention to the innovation and development of the large innovation industry chain, and promote the “to C” for everyone’s interconnection to the new “to B” replacement for the intelligent interconnection of everything.

Interconnection can be divided into three categories: people-to-people connections, people-to-things connections, and things-to-things or machine-to-machine connections.

In the past, whether it was social or e-commerce, advertising or video development, in fact, all benefited from the development of the “to C” end of people.

In the context of the Internet traffic dividend gradually peaking and the development of the “to C” end approaching transformation, intelligent interconnection of everything represented by machine intelligence, industrial Internet, and intelligent manufacturing is the general direction of future innovation and development.

For devices, intelligent interconnection will become the new “To B”.

  The rapid development of the industry is inseparable from the large-scale expansion of supporting infrastructure.

In 2008 and 2012, the response to the international financial crisis intensified the investment in infrastructure construction, which is the foundation for the future development of the express logistics industry.The performance improvement and popularity of smartphones since 2010, and the scale construction of 3G / 4G networks have created conditions for the rapid development of mobile Internet, mobile video, and online video markets.

  Analogous to the past, the infrastructure required for the future development of innovation in the field is constantly improved.

5G in the field of communications, cloud and big data in the field of computers, equipment manufacturing in the fields of semiconductors and new energy, etc., the infrastructure required for interconnection is constantly expanding, and the opportunities for the development of the new “to B” industry chain are constantly increasing.Emerged.

  Innovation and growth industries make up for shortcomings, and policy priorities are expected to continue to support innovation and growth in the field. Favorable policies continue, and it is expected to continue to land in the future to solve worries for enterprises.

The most important issue to be resolved in the near future is fair pledge relief.

A shares are almost “no shares and no bets”. From the perspective of the nature of the enterprise, the proportion of private equity pledged by private enterprises exceeds that of state-owned enterprises. From the perspective of sector distribution, more privately-owned small and medium-sized enterprises are distributed.Medicine and so on are the direction where pledge accounts are relatively high.

After the equity transfer certificate occurred, the decision-making level and the supervisory level have stated their positions. Local governments, insurance companies, and securities firms have quickly followed up and invested to formulate assistance plans.

The local government contributed gigabytes, insurance assets under management amounted to 78 billion yuan, and brokerage asset management plans were in the order of 100 billion yuan.

These policy support coupled with the recent market rebound, especially the rebound in the growth of equity pledged redemptions, have been more and more favorable, and the equity pledged detention bureau has gradually replaced.

The spread of liquidity risks was effectively prevented, and corporate equity pledges began to enter a substantive solution phase.

  Refinancing policies have continued to relax.

On October 12, the China Securities Regulatory Commission issued the “Related Questions and Answers on Listed Companies Issuing Shares and Purchasing Assets While Raising Supporting Funds and Relevant Funds (Revised in 2018)”, which came into effect on the date of issue.

The more noticeable purpose of this revision is to relax the use of refinancing funds, and provide for the use of matching funds to supplement the company’s working capital and repay debt obligations, the proportion of which exceeds 25% of the transaction price;%.

In 2016, relevant documents supplemented liquidity and paid off debts.

On November 9, the CSRC revised the corporate financing supervision requirements again, further relaxing the proportion of companies used to supplement the company’s working capital, repayment of debt, and refinancing intervals. Securities can directly support the improvement of corporate cash flow and focus on supporting innovative companies.

At the current moment, relaxing the use of refinancing can always supplement new sources of liquidity in the context of tight liquidity of the enterprise. It can reduce financing costs and leverage through the enterprise to prevent large-scale liquidity risks.

  The deduction of R & D expenses will reduce the potential incremental increase in the future and further release the corporate innovation vitality.

On September 21, 2018, the Ministry of Finance, the State Administration of Taxation, and the Ministry of Science and Technology issued the “Notice on Increasing the Proportion of Research and Development Expenses before Taxes,” stipulating that the period will be from January 1, 2018 to December 31, 2020.75% of the actual incurred amount is added and replaced before tax; if an intangible asset is formed, it is amortized before tax at 175% of the cost of the intangible asset during the above period.

The pre-tax deduction ratio has been increased from 50% to 75%.

Based on the net profit of listed companies in 2017, under rough calculations, the addition of research and development expenditures will replace the increase in profits of all listed companies with research and development expenditures1.

6%, of which military, communications, computers, machinery, electronics and other advanced manufacturing industries in 2017 increased profits thicker proportion.

  In terms of minimum deductions, we assume that the specific measures for the phase-out of the third and second steps will be to reduce the standard tax rate from 16% to 13%, and the preferential tax rate from 10% to 6%. The original 6% preferential tax rate remains unchanged.

Overall, the performance of A-share listed companies will increase by 250 billion yuan, and profits will increase by 5 percent.

5 averages.

From the perspective of different company attributes, state-owned enterprises (including local and central government) will benefit significantly from the replacement of “three and two”. It is expected that the scale of performance increase will reach 150 billion yuan, which will account for the increase in performance of listed companies due to excessive tax reduction.We suspect that most of the central SOEs are manufacturing industries; the scale of private companies’ performance increase is about 560 billion, accounting for 25% of the total performance increase of super-listed companies, second only to state-owned enterprises.

But in terms of efficiency, the percentage of collective enterprises’ performance increase is the highest, close to 20%, and the remaining state-owned enterprises and private enterprises are about 8%.

  A-share manufacturing companies are picking up growth in construction and fixed assets.

In 2018Q3, the growth rate of many projects under construction that replaced the petroleum and petrochemical manufacturing industry[1]was 10.

82%, has risen for the fifth consecutive quarter, and the previous growth rate of fixed assets has also rebounded to 6.


Considering that the construction in progress is about one year to one and a half years ahead of fixed assets, the growth rate of construction in progress at that time was experiencing a bottoming out.

Therefore, these data show that the growth rate of fixed assets in the future may also enter a continuous recovery channel.

Relevant policies support efforts to maintain the growth rate of manufacturing companies.

  [1]The “manufacturing industry” here includes coal, petroleum and petrochemicals, non-ferrous metals, steel, basic chemicals, building materials, defense industry, machinery, power and public utilities, power equipment, automobiles, home appliances, light industry manufacturing, and electronic components, Communications, food and beverage, medicine, textiles and clothing a total of 18 CITIC Tier 1 industries, than the non-financial petroleum and petrochemical industry integration.

  The major innovation industry chain focuses on the network foundation of the industry industry chain: the advent of the 5G era to promote the development of the communications and terminal industry. The 5G network foundation: operators start to build 5G.

In the first quarter of 2017, China Unicom launched an unlimited data package with only 15% of 4G network utilization.

China Telecom followed up in September 2017.

2018Q1 In the context of the State Council’s request to continue to “speed up and reduce fees”, China Mobile joined the unlimited data package in April 2018.

In the third quarter of 2018, the DOU of all mobile users of China Unicom was about 6.

45GB, which is 2 in the same period in 2017.5 times.

The DOU for all mobile users of China Mobile in the third quarter of 2018 was about 4.

6GB, which is 3 in the same period in 2017.

6 times.

After the telecommunications network reaches a maximum of 70%, it must be expanded in order to avoid network congestion.

The unit traffic cost of 5G is only 1/10 of 4G. With the upper limit of the capacity limit of 4G network, 5G has become the natural choice.

4G / 5G wireless side, optical transmission side communication master equipment, optical devices, especially optical modules, upstream devices, downstream optical communication equipment and other related companies promote continued benefits.

  5G network core component end: The rise of the Internet of Things is expected to directly drive the growth of the MEMS industry.

The characteristics of 5G networks with large capacity, low latency, and wide coverage are that people-to-people, people-to-things, and things-to-things interconnection are possible.

The connection between people is “billion”, and the connection between things is “billions”. The number of connected devices required by people and things, things and things far exceeds the situation of people-to-people interconnection.

The IoT terminal not only needs MEMS filters with “wireless connection” as its core function, but also requires a large number of MEMS sensors that sense the surrounding environment, which is also the basis of device intelligence.

The demand for manufacturing highly biological MEMS filters and MEMS sensors under the Internet of Things is expected to grow rapidly.

Yole predicts that the global MEMS market size will reach 17 in 2017-2023.

The 5% growth rate will increase from US $ 11.8 billion in 2017 to US $ 31 billion, and the amount of reorganization will be 26.

7% concentration.

  5G network terminal equipment: In the long term, the pull of 5G and automotive electronics to the terminal equipment industry will gradually emerge.

The domestic 5G construction is expected to proceed smoothly. Spectrum will be issued at the end of 2018, and a license will be issued in 2019.

OPPO, VIVO, and Xiaomi are all expected to release 5G mobile phones in 2019. The three major operators are actively trial-commercially, and they are expected to start a new wave of smartphone replacements.

Smart phone RF front-end will achieve both volume and price.

High-frequency transmission has higher requirements for the number and technology of RF devices. It is expected that the cost of 5G RF will exceed three times that of 4G mobile phones. The main value increments include BAW filters, inductive gallium elements, antennas, LCP materials and other fields.

PCB is expected to become a sub-industry driven by protected 5G to drive elastic resonance, followed by antennas, RF front-end devices, panels and other industries.

  Key applications of the industry chain: cloud computing, localization, etc. are expected to usher in scale demand. Cloud computing: Accelerating penetration brings Iaas / SaaS opportunities across the industry chain.

The cloud computing market has surged in recent years. Both the market size and the maturity of the technology have shown a rapid increase. According to Gartner’s prediction, the global cloud computing market will reach a scale of 411.4 billion US dollars in 2020.

The advantage of cloud computing technology is that it can effectively guarantee voluntary and efficient utilization by establishing a flexible resource sharing pool.

However, at present, domestic cloud computing is mainly based on “To C” terminals such as games, video, e-commerce and social networking.

With the gradual expansion of the financial and medical, industrial and other physical industries, cloud computing is expected to usher in faster growth in the new “ToB” field.

  Medical informatization: policy promotion + gradual expansion, which is expected to continue a high prosperity.

Medical information technology takes electronic medical records as the core, and through the 武汉夜网论坛 information technology, realizes the informationization of multiple business lines in the hospital, and finally achieves the purpose of prompting and assisting clinical diagnosis and treatment based on big data.

On August 28, 2018, the “Notice on Further Promoting the Informatization Construction of Medical Institutions with Electronic Medical Records as the Core” issued by the Japanese National Medical Administration and Hospital Administration requires that all tertiary hospitals in the country reach Level 4 of electronic medical records in 2020Above level.
As of 2018, the average application level is limited to 2.

At level 11, there is still much room for improvement.

The policy time is expected to bring tens of billions of levels of demand for medical informatization.

  Localization substitution: The performance is gradually approaching.

Chinese market companies attach great importance to the construction of independent brands, and the consciousness of being localized is gradually increasing. The government is gradually increasing its efforts to maintain domestic companies’ competition and competition in the market, thereby promoting the formation of a complete industrial chain and the realization of the standardThe right to speak.

Some sub-sectors and fields have already surpassed their competitiveness and even gained a higher market share in the international market.

In the field of high-end hardware, there are certain technical differences between domestic and foreign manufacturers.

However, areas such as military, national defense, aerospace, and electricity that have higher requirements for information security have taken the lead in implementing domestic substitution.

In the memory and X86 server industries, domestic brands have participated in the competition and began to show their strengths in overseas markets.

The technology of domestic brands of basic software is becoming more and more mature, and domestic middleware, databases, operating systems, etc. have competed for a certain market space.

There are a lot of application software, management software represented by ERP, security protection software represented by firewall / VPN, and office software, etc., which have shifted market competitiveness.  Artificial intelligence: an important engine for a new round of IT revolution.

1) In recent years, the country has paid close attention to the development of the artificial intelligence chip industry and has successively issued a series of industrial support policies.

The “White Paper on Artificial Intelligence Standardization (2018 Edition)” newly released in 2018 announced the establishment of the National Artificial Intelligence Standardization General Group and the Expert Advisory Group, which is responsible for overall planning and coordination of artificial intelligence standardization work.

In the context of both the artificial intelligence and the chip industry as national-level strategies, the AI chip industry is trying to lead China’s “core” forward.

2) Capital promotion is another important factor for the rapid development of AI chips.

Initially, major domestic AI chip production research participants have obtained large amounts of financing on many occasions.

A large amount of capital investment has accelerated the research and development process of AI chips, and further promoted the expansion of the AI chip market.

After 2015, a number of AI chip startups have emerged, and some unicorn companies have also been born.

  Driven by policy and capital, the domestic AI chip market is expected to reach US $ 5.2 billion in 2021, with an annual compound development rate of 53%.

BAT has successively deployed the field of unmanned driving, which has driven traditional car companies to enter the market and accelerate the commercialization of AI landing applications.

  Fintech: Technology empowers finance and demand is expected to pick up.

The requirements of the “New Asset Management Regulations” to establish independent subsidiaries are expected to drive supporting IT construction.

The accelerated implementation of supply chain finance and blockchain technology will gradually bring about commercial value.

An important one of the new rules on asset management is to require commercial banks with securities investment fund custody business qualifications to set up subsidiaries with independent legal person status to carry out asset management business.

At present, there are 27 domestic commercial banks with qualifications for custody. According to requirements, independent subsidiaries need to be established to carry out asset management business before the end of 2020, and the corresponding IT construction is likely to be completed before this deadline.

Asset management subsidiaries need to go online with core templates such as consignment systems, settlement systems, investment trading systems, and estimated accounting systems. The total investment is expected to be around 40 million (software, hardware, operation and maintenance, etc.).

The 27 custodian banks expect the total plan to exceed 10 billion.

To meet the new regulatory requirements, other banks, funds, trust companies, insurance and other financial institutions will also add procurement modules or upgrade inherent wealth management and variable modules, and the corresponding demand will increase in the next three years.

We conservatively estimate that the new capital management regulations will bring more than 2 billion new expenditures to the financial IT industry.

Hang Seng Electronics currently has 158 banking customers, and its overall wealth management accounted for 70%. The related business will be greatly affected by the new regulations.

  The formal introduction of the new rules on capital management will significantly promote the launch of new systems and the upgrading of built-in systems in the financial IT industry in the next three years.

Many financial institutions will put forward new IT construction requirements in order to meet the requirements of the new asset management regulations, which will help increase the business volume of financial IT suppliers such as Hang Seng Electronics.

  The core hardware of the industrial chain: the development of high-end manufacturing drives supporting investment to advance semiconductor equipment: the transfer of production capacity to the mainland releases a lot of demand.

According to the latest report issued by the International Semiconductor Equipment and Materials Industry Association SEMI, the world is currently in the planning or construction stage and is expected to be in 2017?
Approximately 78 semiconductor wafer fabs will be constructed in 2020, of which 30 are in China.

Finally, the total investment scale of the 12-inch wafer fab that was under planning and construction in China last year1.

07 trillion, corresponding to about 700 billion in investment needs for future equipment.

In 2018, the size of the semiconductor equipment market in mainland China is expected to exceed that of China’s Taiwan market, reaching US $ 11.8 billion, an increase of 43 over the same period.


In addition, domestic equipment manufacturers have matured a number of core process production equipment for 28nm process processors, and they have the conditions for volume. Some manufacturers’ 14nm equipment has entered customer production lines for verification. In 19 years, domestic semiconductor equipment companies are expected to continue volume.

  Lithium battery equipment: Global giants are accelerating the construction of China’s lithium battery capacity, which is expected to bring secondary growth.

Under the dual stimulation of policies and the market, the demand for new energy vehicles has steadily increased, and the penetration rate will continue to increase in the future.

As the world’s largest new energy vehicle market, China’s industry development trend continues to increase. It is expected that China’s new energy vehicle output will grow at an average compound growth rate of over 42% from 2017 to 2020. In 2020, the output will exceed 2.2 million units, and gradually increase the amount of charged bicycles.Increase, corresponding to the lithium battery demand to reach 116Gwh in 2020, with an average annual compound growth rate exceeding 51%.

Under the background of increased concentration, the right-side battery cell companies, high-nickel battery production equipment companies and automotive electronics related companies will benefit.

  Laser processing, robotics: Industrial automation upgrades continue to increase penetration.

1) In the context of industrial automation upgrades, industrial production has higher requirements for accuracy, efficiency, reliability and other aspects, and the cost-effectiveness advantage of laser processing has become increasingly apparent.

Lasers are continuously expanding the application fields from both breadth and depth, and gradually penetrate into multiple areas of the national economy.

Gradually becoming the world’s largest consumer market for lasers, laser equipment and key component companies are expected to usher in development opportunities.

2) In 2017, the density of industrial robots in mainland China rose to 97 units per 10,000 people, a significant gap from industrial changes.

The per capita holdings of South Korea, Singapore, etc. reached 710 units per 10,000 people and 658 units per 10,000 people in 2017. Japan and Germany also exceeded 300 units per 10,000 people. The remaining robot densities in the United States, Denmark, Taiwan, and other regions averaged 200Taiwan / 10,000 people.
There is still huge room for growth in the mainland market.
With the increase of labor costs and the decline of robot prices (the investment recovery period has reached less than 2 years, ideally up to 1 year), the demand for these robots is expected to maintain rapid growth.

Focus on leaders in subdivided fields with high-tech barriers and larger automation system integration companies.

  Technical guidance of the industrial chain: military industry, innovative medicine, military industry is about to usher in a big turning point in 3 years performance.

Military reform personnel, after the impact of structural adjustment is eliminated, compensatory procurement efforts are expected to exceed expectations, and non-main battle equipment manufacturing units will usher in a turning point to release performance flexibility.

In the context of intensive stereotypes of main battle equipment represented by the “20th generation” of aviation equipment in the past two years, the acceleration of batch production of equipment will accelerate the release of performance of main battle equipment manufacturing enterprises.

  Civilization of military technology is also one of the important sources of economic innovation.

Technical innovations such as the Internet and satellite positioning were initially involved in the military field.

The civilianization of military technology can promote the landing of technology and provide a market for the transformation of technology into actual results. It can also promote the further development of technological innovation and form a virtuous circle.

  Pay attention to the demand for stable main battle equipment and elastic non-main battle equipment enterprises.

In the next 3 years, the main battle equipment camps represented by AVIC Shenfei and Inner Mongolia No. 1 OEM and core supporting enterprises such as AVIC Mechanical and Electrical will maintain steady growth; represented by electronic information, communication and navigation, and support equipmentNon-main battle equipment with multiple main businesses, fragmentation, popular participation in the army, and low securitization rate is expected to gain performance flexibility under the pull of compensatory procurement.

  The future of domestic innovative medicines is bright and the road is tortuous.

Domestic medicines are dominated by generic drugs, and the market for innovative drugs is still small.

According to IMS statistics, the global innovative drug market size was nearly US $ 600 billion in 2015, but the market that can be replaced is less than US $ 10 billion.

At the same time, the domestic market is dominated by generic drugs, and most of the innovative drugs on the market are Me-too drugs, lacking first-in-class drugs (first-class).

By comparing the world’s best-selling drugs in 2016 with China’s best-selling drugs, it can also be found that there are obvious differences: the main parts of bio-patent drugs in the global list, the bio-medicines in the domestic list are few, but there are many auxiliary drugs and expired patents.Variety.

  Comprehensive policy support encourages research and development of innovative drugs and gradually integrates with international standards.

Since 2015, in improving the quality of drug research and development, policies such as self-examination of clinical data, reform of chemical drug registration classification, and consistency evaluation of generic drugs have been introduced. In terms of encouraging and accelerating the development of new drugs, the system of gradually holding drug marketing licenses has been gradually expanded.To give priority to review and speed up the progress of new drug market, cancel the GLP certification system of clinical trial bases, adopt a filing system to ease the replacement of clinical trial production capacity at the current stage; stipulate a 60-day time limit for clinical application trials of new drugs, speed up the market review of innovative drugs, and on-site inspectionProgress, removing the speed limit step and accelerating the development of new drugs. Gradually, the Drug Administration has become a member of the International Human Drug Registration Technical Coordination Committee (ICH) and a member of the ICH Management Committee. It has further integrated internationally from drug review supervision and drug quality.
  Innovative medicines still have long-term opportunities.

From a specific direction, innovative drug leaders or companies that are in the process of transitioning to innovative drugs and expanding breakthroughs, and “emerging leaders” in some segments are still expected to stand out in the long-term competition.

Hailan House (600398): Steady operation of main brand and improved operating cash flow

Hailan House (600398): Steady operation of main 佛山桑拿网 brand and improved operating cash flow

Key points of the report describe the first quarter of Hailan House’s revenue of 60.

8.9 billion, an increase of 5.

23%, net profit attributable to mother 12.

10 billion, an increase of 6.

96%, net of non-attributed net profit11.

5.4 billion, an increase of 3.


  Comment on the incident The growth of the Hailan House series is steady, and the increase in the growth rate of direct-operated stores has led to improvement in the income side.

In this issue, the Haiyi brand was merged into the Hailan House series of brands. The 19-year opening number and 18Q1 data were adjusted simultaneously.

In terms of different brands, the revenue of Q1 Hailan House series increased by 2.

16% to 49.

9.3 billion, iju rabbit revenue increased by 1.

06% to 3.

At 43 billion, San Keno’s revenue increased by 11.

45% to 4.

With a growth rate of 9.3 billion, Hailan House’s series has enjoyed steady growth, and San Keno’s revenue has performed well.

In terms of different channels, the revenue of directly-operated stores also increased by 114.

88%, franchise stores and other revenue increased by 1.

65%, benefiting from the increase in direct sales growth, offline channel revenue increased by a total of 5.

69% to 57.

1.1 billion; online channel revenue fell by 5.

90% to 2.

6.1 billion.

  The improvement of the gross margin of the Hailan House series and San Keno led to an increase in the overall gross margin.

The gross profit margin of Q1’s apparel business increased by 3.

53pct to 44.


In terms of different brands, the gross profit margin of Q1 Hailan House series increased by 4.

74pct to 45.

At 70%, the gross margin of Aiju Rabbit decreased by 8.

19 points to 17.

41%, San Keno’s gross profit margin increased by 3.

28pct to 52.

98%; by channel, the gross profit margin of offline channels increased by 3.

96 points to 43.

98%, the gross profit margin of online channels fell by 4.

20pct to 50.

25%.The improvement of the gross margin of Hailan House series and San Keno is the main driving force for the improvement of the overall gross margin.

  The increase in direct store expenses and advertising expenses led to an increase in the sales expense ratio.

In 19Q1, there were 31 directly-operated stores to 322, an increase of 267 in the earlier 18Q1 directly-operated stores.

The increase in direct store expenses and advertising expenses led to an increase in the sales expense ratio2.

81 points to 9.

32%, during which the expense ratio increased by 2.

98 points to 14.

20%, part of the compensation increased gross margin.

  The inventory turnover rate decreased, the accounts payable turnover rate increased, and the net operating cash flow improved.

In 19Q1, the inventory turnover rate also decreased by 0.

04 times to 0.

Thirty-six times, the payable turnover rate increased by zero.

13 times to 0.

60 times; net operating cash flow increases by 1.

2.8 billion to 12.

22 billion.

  The long-term gradual reduction of the major brand’s operating stability and the clear improvement of the medium-term growth direction have long been a factor in reducing the system, and local mass brand leaders 杭州桑拿网 are expected to enter the era of “deterministic premium”.

The 18 annual report company disclosed a cash dividend of 3 for every 10 shares.

80 yuan (including tax) dividend plan, the dividend rate advantage is significant, at the same time disclosed the share repurchase plan (the first phase) plan to repurchase 6.


9.8 billion shares.

It is expected that in 19 and 20 years, the net profit attributable to mothers will be 36.

3.8 billion, 39.

3.1 billion, corresponding to 0 EPS.

81 yuan, 0.

87 yuan, the corresponding PE is 10.

94 times, 10.

13 times.

The company’s steady growth & high dividend yield have obvious advantages, and maintain the “Buy” rating.

Risk reminders: 1. Channel encryption diverts the risk of old store sales; 2. Risks that the new brand promotion progress is less than expected.

Sanhua Intelligent Control (002050): The gross profit margin has increased significantly, and new energy orders are abundant, reflecting the flower of management

Sanhua Intelligent Control (002050): The gross profit margin has increased significantly, and new energy orders are abundant, reflecting the “flower of management”

1H19 results exceeded our expectations. Sanhua Smart Control announced 1H19 results with revenue of 58.

3 ‰, an annual increase of 4.

31%, net profit attributable to mother 6.

93 ppm, a ten-year increase2.

35%, net profit after deduction 6

42 ppm, 10-year average4.

82% yuan.

Corresponds to 2Q19 revenue of 30.

500 million a year.

2%, net profit attributable to mother 4.

30,000 yuan, an annual increase of 1.

3%, after deducting non-return to mother’s net profit fell slightly.


In the second quarter of 19, gross profit margin improved significantly month-on-month, as performance exceeded our expectations.

Development Trend In the short term, gross profit margin and cash flow from operating activities have improved significantly from the previous month, reflecting the “flower of management.”

The company’s gross profit margin in the first quarter was 25.

2%, the lowest in the past 4 years, but the gross profit level in 2Q quickly rose to 31.

1%, the same month improvement of 3.

4ppt / 5.


We believe that there are four main reasons for the improvement in gross profit margin. 1) From the perspective of revenue structure, the proportion of high-margin auto-zero businesses has increased.

5ppt to 13.

11%; 2) Thanks to the strong sales of the new energy model in 1H19, the gross profit margin of the auto-zero segment has been increased by 2.

7ppt; 3) 2Q19 is better than 1Q19 RMB and the US dollar exchange rate has improved and depreciated; 4) More importantly, in the face of a flat production and sales environment in the air-conditioning industry, the company achieved price pressure upstream and upstream to achieve 1H19 refrigerationThe gross profit margin of the sector increased by 0 compared with the same period last year.


At the same time, due to better inventory control, the net cash flow from operating activities in 2Q19 reached 5.

500 million, an increase of 121% / 95% from the same period last quarter, reflecting the company’s excellent management capabilities.

New energy vehicles have abundant orders on hand, and the R & D expense rate has increased accordingly.

The company mentioned in its investor relations activities that it has received orders for new energy platforms such as Volkswagen, Daimler, BMW, Volvo, PSA, etc. We expect the company to have orders close to 13 billion yuan by 2024. It is expected that orders will start to land in 2020, Can guarantee the company’s new energy business in recent years high 天津夜网 growth.

The company’s R & D expense ratio in the second quarter increased by 0 from the previous quarter.


5ppt to 4.

5%, with the corresponding increase in the depth of project reserves.

Earnings Forecasts and Estimates Although the new energy vehicle environment is facing many policy changes, we believe that there are two obvious trends. 1) It is expected that the growth rate of joint venture car companies in the next year will exceed that of autonomous car companies; 2) the importance of new energy thermal management systemsFurther improvement.

We keep the profit forecast for 2019 unchanged and slightly increase the profit forecast for 20201.

5% to 16.

900 million.

The current consensus is 20/2019/2020.9 times / 17.

5 times price-earnings ratio.

Maintain Outperform rating and 16.

A target price of 00 yuan corresponds to 31.

2x 2019 P / E ratio and 26.

1x 2020 price-earnings ratio, 49 from the previous previous.

1% upside.

Risks: Inventory depletion in the air-conditioning industry in 2H19 is intensified; new energy vehicles from joint venture car companies have fallen short of expectations.

The transcripts of listed companies reflect the strength of China’s economy

The “transcripts” of listed companies reflect the strength of China’s economy

Original title: The “transcripts” of listed companies reflect the source of vitality of the Chinese economy: Securities Daily has recently released “transcripts” of listed companies in 2019.

According to statistics from Oriental Fortune Choice, as of 17:00 on February 24, 2279 listed companies in Shanghai and Shenzhen have announced last year’s performance previews, of which 1365 were happy, accounting for 60%.

A total of 244 listed companies disclosed their performance reports and 10 companies disclosed their annual reports. A total of 254 companies reported their results. Of these, 201 companies achieved net profit growth, accounting for 79% of the companies with disclosed results.

At present, the overall profitability of A-share listed companies is expected to remain stable and increase, reflecting the stable development of the macro economy.

  The author believes that listed companies 天津夜网 are excellent representatives of Chinese enterprises and are also the backbone of the Chinese economy, which basically represents the “score index” of the Chinese economy.

Therefore, it is possible to grind from this “transcript”, the listed companies as a whole maintain a high level of profitability, and the stable and good development trend has not changed, which is also an important basis for the Chinese economy to remain full of vitality.

  On February 24, the State Council held an antique press conference, and the member of the National Development and Reform Commission’s party group and secretary general Cong Liang said at the press conference that the epidemic situation cannot change the long-term positive trend of China’s economy.

As the world’s second largest economy, the impact of the epidemic on China’s economy is temporary and short-term.

During this epidemic, some industries have grown against the trend, and online shopping, online classrooms, remote offices, online entertainment and smart manufacturing have accelerated their growth.

All these show the huge potential and potential of the Chinese economy.

  From the perspective of the industries of the currently listed companies, the vigorous development of emerging industries represented by 5G, new energy, new materials and biomedicine is injecting more vitality into the Chinese economy.

According to incomplete statistics, as of now, in the A-share market, there have been more than 1500 listed companies in strategic emerging industries, accounting for about 40% of all listed companies.

Colonial innovation-type and growth-type enterprises have achieved rapid development through the capital market and become “converters” for economic development momentum.

  Data from the National Bureau of Statistics show that the value added of industrial enterprises above designated size in 2019 will increase by 5 over the previous year.

7%, of which the growth value of emerging manufacturing and strategic emerging industries increased by 8 over the previous year.

8% and 8.

4%, the growth rate is faster than industries above designated size3.

1 fact and 2.

7 averages.

This means that the new economy, which reflects the new momentum of China’s economy, is growing rapidly.

  On February 23, General Secretary Xi Jinping proposed at the conference on co-ordinating and advancing the prevention and control of the new crown pneumonia epidemic and economic and social development that the epidemic is both a challenge and a possibility for industrial development.

Some traditional industries have been impacted, and emerging industries such as smart manufacturing, unmanned distribution, online consumption, and health care have shown strong growth potential.

We must gradually take the opportunity to transform and upgrade traditional industries and cultivate and grow emerging industries.

  From this point of view, under the epidemic situation, there is an organic crisis, and some industries may usher in industry inflection points and new development trends in the crisis. For listed companies that are the backbone of the enterprise, how to turn crisis into opportunity is also the current situation.Questions to think about.

  In addition, the author believes that the listed company is almost the “basic disk” of the real economy. In the emerging epidemic, the listed company has also shown that it is also a “vanguard” who is brave enough to take an active role in social responsibility.

  In the face of the epidemic, many listed companies have assembled their own industry characteristics, doing their best to actively expand social responsibility.

Statistics show that as of February 23, a total of 1,088 listed companies in A shares joined the “anti-epidemic” team, of which 28 science and technology board companies actively contributed.

For example, during the epidemic period, Jinshan office specially launched a free Jinshan document statistics template to help various organizations organize the health status of personnel; Shuo Shi biological teamed up with the health of the United States and it is worth having 3,000 new crown detection reagents.

  In fact, listed companies in the automobile, real estate, real estate, textile and apparel, software, and pharmaceutical industries have also taken urgent actions. Cross-border investment or transformation of production lines, supporting the production of masks, protective clothing, alcohol and other protective supplies have become the epidemic of war.An important supply team.

  The author believes that listed companies have played a “head goose effect” in promoting economic development. They have played an important role in enhancing new economic momentum and consolidating economic fundamentals. The actual development of listed companies is also our confidence in the Chinese economy.There is an important basis for confidence.

Gujing Gongjiu (000596) Annual Report Commentary: Bright operating data continues to exceed expectations

Gujing Gongjiu (000596) Annual Report Commentary: Bright operating data continues to exceed expectations

The profit growth rate in 2018 exceeded expectations, and the first quarter of 2019 achieved a good start. In 2018, Gujing Gongjiu achieved operating income of 86.

86 ‰, an increase of 24 per year.

65%; realize profit 23.

69 ppm, an increase of 46 per year.

94%, the performance exceeded the established operating income of 79 set in 2017.

6.5 billion, profit 19.

With an annual operating target of US $ 3.9 billion, the company’s net profit attributable to mothers exceeded our expectations.

In the first quarter of 2019, the company’s operating income was 36.

69 ppm, an increase of 43 in ten years.

31%; net profit attributable to mother 7.

8.3 billion, an increase of 34 in ten years.


The company’s 2019 operating goal is to achieve operating income of 102.

About 2.6 billion, with a total profit of 25.

1.5 billion, an increase of 17 each year.

74%, 6.

19%, we adjusted the EPS for 19-21 to 4.

60 (up 20%), 5.

90 (up 30%) and 7.

66 yuan, maintain “Buy” rating.

  The report pointed out that the company has launched a variety of new products, and the proportion of liquor sales has further increased in 2018. The company has launched a new version of its original pulp, China Fragrance, which has been listed for 20 years, and has launched a series of new products such as Xiaozizi Wine and Huanghelou Daqing Fragrance.

The 南京夜网 quality of wine puree products has been comprehensively upgraded, further highlighting the taste style, and constantly satisfying the market with the ultimate wine.

In 2018, the company’s liquor business product operating income was 85.

20 ppm, an increase of 24 in ten years.

89%, accounting for 97% of the company’s revenue from 2017.

90% increased to 98.

09%; driven by the increase in the proportion of high-end products, the gross profit margin of liquor products increased by 1 year-on-year.

28 up to 78.


In Q1 19, the company’s gross profit margin was 78.

21%, down from the same period last year.

52 units.

  The sales expense ratio remained high. The company expanded the R & D investment intensity report scale. The company focused on market construction and consumer growth, focused precisely, optimized 南宁桑拿 resource allocation, and improved the accuracy of cost placement and use.

In 2018, the company’s selling expenses were 11.

68 ppm, an increase of 23 in ten years.

61%, selling expenses 30.

88%, a slight decrease of 0 compared with the same period last year.

26 units.  In the first quarter of 2019, the company expanded its marketing efforts with a sales expense of 11.

68 ppm, a 47-year increase of 47.

06%, sales expense ratio increased to 31.


In 2018, the company increased investment in research and development, and the number of research and development personnel reached 968, an annual increase of 56.

13%, R & D expenses are zero.

24 ppm, an increase of 91 in ten years.


  The net cash flow from operating activities increased, and the advance receipts in 19Q1 were basically the same as at the end of last year in 2018. The cash received from sales of goods and the provision of labor services increased, and the company’s net cash flow from operating activities was 14.

41 trillion, an increase of 54 in ten years.

78%; In the first quarter of 2019, the company’s net cash flow from operating activities was 3.

32 ppm, an increase of 421 in ten years.


In 2018, the company’s advance receipts were 11.

49 trillion, an increase of 6.

46 ppm; In the first quarter of 2019, the company received advance accounts11.

1.5 billion, basically unchanged from the end of last year.

  The company expects heavy volume of high-end products and maintains a “buy” rating. We believe that in 2018 the company focuses on consumer education for high-end products.
21 years of sales revenue 112.

55 (up 10%), 141.

48 (up 20%) and 175.

1.2 billion, an increase of 30%, 26% and 24% each year.

At the same time, the company will focus precisely on the release of costs and optimize the allocation of resources. We lowered the sales expense ratio for 19-21 (down 1).

Five, one.

4 and-individuals), 19-21 EPS to 4.

60 (up 20%), 5.

90 (up 30%) and 7.

66 yuan, the average PE of comparable companies is 23.

2 times, considering that the company is still in a period of rapid expansion, given 28 in 2019?
30 times PE estimates, the target price range is 128.


00 yuan, maintain “Buy” rating.

  Risk Warning: Market competition is intensifying, market demand is not as expected, and food safety issues.

Depth-Company-Bank of Ningbo (002142): Interest spread continues to widen, profitability remains outstanding

Depth * Company * Bank of Ningbo (002142): Interest spreads continue to widen, profitability remains outstanding

The Bank of Ningbo’s profitability remains outstanding, its performance growth rate and ROE level maintain the forefront of the industry, its asset quality performance is at a relatively high level in the industry, and the company has a strong provision for risk, and its ability to defend against it is strong.An important factor in the premium.

Maintain overweight rating.

  Key points of the support level The widening of the interest margin promoted the growth of net interest income, and the decrease in fee income narrowed. The highest net interest income of the Bank of Ningbo increased by 16.

7%, an increase of 10.

Four averages, the main improvement factor comes from the widening of the spread.

The increase in the growth rate of net interest income led to a further increase in revenue growth by 16BP to 14 compared with the first three quarters.


The growth rate of the initial purity profit has decreased compared with the first three quarters.

3 good to 19.

9%, mainly due to the company’s initiative to increase provisioning efforts.

The initial program fee income decreases by 1 every year.

72%, a decrease from the first three quarters (-2.

76%) narrowed, among which the rapid growth of bank card revenue under the rapid development of credit card business (15.

(7% compared with the same period of last year), part of the impact of hedge financial income on the company’s fee income due to the impact of new asset management regulations.

  The interest margin has improved significantly, and the maximum net interest margin of the Bank of Ningbo is 1.

97% (compared to the first three quarters of 1.

90%), we believe that the widening of interest margin is mainly due to the improvement in asset-side yield.

Credit to higher yields on corporate asset structure (6.

34%, QoQ) tilt.

In addition, in the company’s securities investment, it reduced the allocation of interbank certificates of deposit while increasing the allocation of credit bonds, ABS and non-standard assets, and the adjustment 杭州夜网论坛 of the allocation strategy promoted the company’s investment-side income to increase, with a return rate of 4 in the first half of the year.

52% increased to 4.


In the fourth quarter, the company’s deposits increased by 14 quarter-on-quarter.

4% / 0.

27%, the highest growth rate of deposits is expected to be at the forefront of the industry.

The company’s water absorption and energy storage advantages have improved the stability of the source of capital and cost of the terminal, and reduced the cost of the terminal.

47%, unchanged from the first half.

  Asset quality remained outstanding, and the level of provision was ahead of the interbank Ningbo Bank. Overdue loans that were overdue for more than 90 days at the end of the fourth quarter / non-performing loans were 82%, an improvement from the end of the first half (74%), but the overall awareness of non-佛山桑拿网performing loans was strict.In the third quarter, it dropped slightly by 1bp.

We estimate that the company’s annualized bad write-back rate in the fourth quarter is about 0.

82%, up 32BP / 51BP from the same month last quarter. We believe that due to the increasing downward pressure on the economy and the increase in write-offs at the end of the quarter, the absolute value is at a low level in the industry.

The company’s provision coverage ratio at the end of the fourth quarter further increased to 522%, leading its peers.

  It is estimated that we maintain the previous growth rate of Bank of Ningbo’s 2019/20 net profit at 19.

0% / 16.

4%, currently expected to correspond to a 2019/20 market surplus of 8.

31 times / 7.

14 times the city’s net carbon dioxide 1.
46 times / 1.

25 times, maintaining the overweight rating.
  The main risks faced by the rating: the economic downturn has worsened asset quality than expected, and the Sino-US trade friction has further escalated.

UFIDA (600588) Annual Report 2018 Review: Financial Indicators Promote Rapid Growth in Cloud Business

UFIDA (600588) Annual Report 2018 Review: Financial Indicators Promote Rapid Growth in Cloud Business

Matters: The company released its 2018 annual report and achieved operating income of 77.

30,000 yuan, an increase of 21 in ten years.

4%; net profit attributable to mother 6.

12 ppm, an increase of 57 in ten years.

3%; net profit attributable to non-attributed mothers 5.

32 ppm, an increase of 81 in ten years.


At the same time, according to the company’s dividend distribution plan, it is planned to transfer 3 shares for every 10 shares to all shareholders and pay a cash dividend2.

5 深圳桑拿网 yuan (including tax).

Comment: Performance has grown rapidly, and various financial indicators have been positive.

In 2018, the company’s revenue increased by 21 in ten years.

At the same time, the company effectively controlled the growth of expenses, and the sales expense ratio and management expense ratio decreased by 0.

94 digits and 0.

89 units.

Thanks to the rapid growth of revenue and improvement in operating efficiency, the company achieved net profit attributable to its mother.

12 ppm, an increase of 57 in ten years.


At the same time, the company’s financial indicators are positive, showing the benefits of cloud transformation, and net cash flow from operating activities.

430,000 yuan, a sharp increase of 42 before.

8%; advance payment is 10.

80 ppm, an increase of 26 in ten years.

3%, of which the advance payment of cloud business3.

10,000 yuan, at least 224%.

Revenue structure was optimized and the proportion of cloud business increased significantly.

In terms of revenue structure, the company’s cloud services business income20.

0.94 million yuan, an increase of 72 in ten years.

9%, accounting for 27 of the company’s operating income.

2%, a significant increase from 19% at the end of 2017.

Among them, non-financial cloud services income8.

500 million, an increase of 108% in ten years.

Payment service income1.

55 ppm, an increase of 81 in ten years.

8%; Internet investment and financing information service income 10.

88 ppm, an increase of 51 in ten years.


Software business realized income 55.

79 ppm, a ten-year increase of 8.

7%, the growth rate has improved. We judge that it is mainly affected by the macroeconomic environment. UFIDA continued to make efforts to expand the service boundaries of the enterprise with an ecological layout.

Expansion, the company continued to increase investment in research and development, accelerating the creation of explosive products, cloud ERP products for large enterprise groups, NC Cloud products have been launched, mid-range cloud ERP and U8 Cloud 3.

0 Product and segmented industry solutions are also planned to be released to the market, which will provide good support for the large-scale growth of the company’s cloud business.

At the same time, UFIDA’s ecological integration strategy quickly landed. In 2018, the cloud market entered 3,542 partners, including JD Logistics, Founder Electronics, Lenovo New Vision and other well-known enterprises. The ecological layout further expanded the service boundary of enterprises.

The Industrial Internet entered the stage of landing, and UFIDA’s smart and intelligent platform took the momentum.

“Industrial Internet” has been written into the government work report for two consecutive years. National and local industrial policies and financial support have continued to accelerate. We believe that 2019 will be a year of accelerated industrial Internet development.

UFIDA Smart Industrial Internet Platform is committed to empowering manufacturing enterprises in the cloud era. It has signed strategic cooperation agreements on enterprise cloud and industrial Internet with Jiangxi, Zhejiang, Hubei, Hunan, Shanghai, Tianjin and other provincial and municipal government departments, and has been selected as the Ministry of Industry and Information Technology”Internet test and test platform” has outstanding first-mover advantages and is expected to fully benefit from rapid development.

Investment suggestion: Considering the possible impact of changes in the macroeconomic environment on the company’s software business, we adjust the company’s net profit return to mother to 2019 from 7.

9.8 billion, 9.

99 ppm (previous forecast was 9.

45 billion, 12.

2.9 billion), corresponding to PE is 80 times, 64 times; the company’s net profit attributable to mothers in 2021 is expected to be 12.

3.9 billion yuan, corresponding to 52 times the PE.

With reference to comparable companies’ estimates, the company’s cloud business is given 15 times PS using the PS estimation method, corresponding to a target market value of 243.

9 times; using PE estimation method to give the company’s software business and financial business 55 times, 22 times PE, corresponding to a target market value of 485.

9.7 billion, 54.

5.7 billion; the company’s reasonable estimate for 2019 is 784.

44 trillion, corresponding to a target price of 40.

92 yuan, maintaining the “recommended” level.

Risk warning: Macroeconomic outlook deteriorates; cloud business growth is less than expected.

Texhong (002419) Interim Review: Second-quarter same-store data improves supermarket sector’s continued efforts

Texhong (002419) Interim Review: Second-quarter same-store data improves supermarket sector’s continued efforts

Event: On August 15, 2019, Tianhong issued the 19-year interim report, and the company achieved operating income of 96 in the first half of 2019.

76 ppm, an increase of 1 per year.

61%; net profit attributable to shareholders of the parent company5.

30,000 yuan, an increase of 3 every year.


Basic income is 0.

42 yuan, basic income after excluding non-recurring gains and losses.

38 yuan, basically in line with our expectations.

Opinion: The growth rate of comparable store revenue narrowed in the second quarter, and supermarket convenience stores were better than department stores.

Consumption in the first half of 2019 is still in an overall weak state, and the zero spending of the company has increased by 8 in the first half of the year.

4%, a growth rate of 1 unit lower than the same period last year.

In terms of categories, the three categories of food, clothing and daily necessities, which have the strongest correlation with the company’s main business, show an average expenditure.

In this external environment, the company’s comparable store revenue in the first half of the year grew at -0.

76%, -2 faster than the first quarter.

The 75% reduction was narrowed, and the maximum profit of comparable stores increased by 6 per year.


From the perspective of different types of business, the supermarket and convenience store formats have a positive growth in revenue due to mandatory consumption, and their growth rates are 9 respectively.

07% and 4.


Department store and shopping mall formats were dragged down by optional consumer goods, with revenue growth rates of -6.

11% and -0.


In terms of maximum profit growth, except for department stores, the growth rate was -3.

36%, supermarkets, shopping malls, and convenience stores have an annual growth rate of 20 respectively.

20%, 56.

64%, 86.


The gross profit margin continued to increase, and the three-fee rate continued to increase.

The company’s consolidated gross margin for the first half of 2019 was 28.

38%, an increase of 1 per year.

78 units.

The gross profit margin of the first half of the retail business was 26.

92%, a year to raise 0.

8 units, the gross profit margin of the real estate sector was 37.

94%, an increase of 10 per year.

51 units.

In terms of categories, except for food, catering and entertainment, the gross profit margin decreased compared to the previous period. The clothing, daily necessities, cosmetics, leather shoes, leather goods, household children’s products, and electrical appliances all had different margins from the previous period.The gross profit margin of operating business increased.

In terms of fees, the company’s three fee fees replaced 21 in the first half of 2019.61%, up 1 every year.

6 supplements, priced at 19.

62%, management fee expenses 2.

08%, financial expenses rose -0.

07%, increase by 1 each year.



10 units.

The report said that two new shopping centers were opened.

In the first half of 2019, the company opened two new stores, namely Foshan Tianhong Shopping Center and Jiangxi Ji’an City South Tianhong Shopping Center.

As of the first half of 2019, the company held a total of 15 shopping malls (including 4 franchise management outputs) in 25 cities in 8 provinces and cities, 68 department stores (including 3 franchise stores), and 82 supermarket stores (including independent supermarkets).9), 152 convenience stores.

In the first half of the year, the company signed a total of 5 new shopping mall and department store projects and 8 independent supermarket projects. The signing speed accelerated compared with the first quarter, and the reserve stores were abundant.

Earnings forecast and rating: We estimate 武汉夜生活网 that the company’s net profit attributable to its parent in 2019-2021 will be 10 respectively.

7.1 billion, 12.

2.7 billion, 13.

5.3 billion; diluted earnings are 0.

89 yuan, 1.

02 yuan, 1.

13 yuan.

Maintain the “overweight” rating.