Archives 2020

Shiji Information (002153): Internationalization + platformization continue to promote steady growth in performance

Shiji Information (002153): Internationalization + platformization continue to promote steady growth in performance
Event: The company released the third quarter report of 2019, and the first three quarters realized revenue24.3.7 billion, an annual increase of 22.43%; net profit attributable to mothers3.2.2 billion, an annual increase of 1.83%; deduct non-net profit 3.1.3 billion, an annual increase of 6.66%. The performance has grown steadily, and the period of transition and expansion has affected profit performance.Third quarter company revenue 9.2 billion, an annual increase of 25.27%; net profit attributable to mother 1.1.3 billion, an annual increase of 1.29%; deduct non-net profit 1.100 million, an increase of 5.71%.In terms of expenses, due to the company’s transitional business expansion period and the consolidation of Hisense Smart, expenses performance improved in the third quarter and the sales expense ratio continued to increase1.33 points to 10.90%, the R & D expense rate increased in ten years.96 points to 9.66%, the management expense rate increased by 0 in ten years.97 points to 19.59%.We believe that the company’s overseas business is in a period of rapid expansion. Faced with the continued expansion of cloud PMS and POS and other product research and development, pressure from overseas channel expansion and personnel recruitment is a necessary transition stage. With the company’s SaaS business scale, profit performance will steadily rebound. Internationalization accelerated, and cloud POS achieved a breakthrough.In 2019, the company continued to expand its spending overseas. Shiji United States successively acquired 60% equity of Touchpeak and 100% equity of ICE Portal; Shiji Singapore acquired 100% equity of quick check.At the same time, relying on the technical strength in the field of cloud POS, the company successfully entered the peninsula in the selection of cloud hotel software by international hotel groups. Hyatt, Intercontinental, Marco Polo and other top hotel technology standards. In the first half of the year, the number of cloud POS hotels + catering customers has exceeded 1,000.We believe that hotel cloudification is an inevitable direction for the development of the industry. The breakthrough of the 重庆耍耍网 company’s scale through the extension of accumulation technology and channels into the cloud POS can build a good reputation for the company in the hotel group and lay a solid foundation for future cloud PMS penetration. The platformization strategy continued to advance, and the direct connection business continued to grow.The company relies on the advantageous areas of the hotel, catering and retail industries to open up information systems and customer booking channels.At present, there are more than 150 internal channels in the hotel industry, with direct-connected output of more than 4.1 million nights. At the same time, the total payment business transactions exceed $ 73.5 billion. The company’s booking and payment platforms have maintained rapid growth. Profit forecast: The company’s operating income is expected to be 38-20 in 2019-2021.4/46.1/53.0 million yuan, the budget income is 0.45/0.53/0.60 yuan, corresponding to PE is 86/74/65 times, given “overweight” rating. Risk Warning: The expansion of overseas business is less than expected; competition in the industry is intensifying.

Caesar’s culture (002425): The game’s boutique effect will be significant in 19 years and will enter the harvest period

Caesar’s culture (002425): The game’s boutique effect will be significant in 19 years and will enter the harvest period

Event: The company achieved operating income in 20187.

4.5 billion (+ yoy5.

79%), realizing net profit attributable to mothers2.

7.8 billion (+ yoy9.

3%), deducting non-net profit 1.

29 ‰, an average of 43% a year, of which gaming business income is 4.

1.6 billion, accounting for 55% of revenue.

88%, supporting the company’s core business; the company’s operating income in the first quarter of 20192.

6 billion (+ yoy78.

54%); net profit attributable to mother 1.

1.7 billion (+ yoy100.

63%), near the median of the Air Force’s performance forecast interval.

The game has achieved remarkable results, and the company’s net interest rate has steadily increased.

17, 18 and 19Q1 companies gradually increased their net profit attributable to parent companies, which were 36 respectively.

17%, 37.

37% and 45.

06%, mainly due to the company’s “game quality” strategy effect is significant, such as the old game “Three Kingdoms” in the two months before 19 months reached over 100 million, and some heavy IP products “Naruto” and other overseas distribution rightsThe sole agent of the right confirms revenue; in terms of gross profit margin, the company’s overall gross profit margin for the 18 years was 55.

31%, compared with 66 in 17 years.

The interest rate of 57% is due to the drag on the traditional low-margin textile and apparel business and the impact of the suspension of the version number. In the future, the proportion of income from conversion of entertainment business will continue to increase, and the gross profit margin will increase significantly. The gross profit margin in 19Q1 was 77.

13% was mainly due to the bright performance of the gaming business.

The company’s management capabilities are stable. The expansion of game development and promotion in 18 years has laid the foundation for potential release in 19 years.

In terms of period expenses, the company’s sales expense ratio in 18 years increased from 8 in 2017.

86% dropped to 6.

25%; after deducting R & D expenses, the 18-year management expense ratio is 16 in 17 years.

76% dropped to 13.

83%, fully reflecting that the company’s overall management and control ability is good and is in a healthy development stage.

In terms of R & D expenses, it increased 47 years in 18 years.

79%, mainly in order to promote the company’s high-quality game. At present, the company’s blockbuster game “Three Kingdoms Powerless” (“Three Kingdoms 2018”) has obtained the version number, is about to go online, overlapping the high-quality performance of old games, it is expected that the company will welcome in 19 years.Come to the game harvest period.

Internal and external efforts are made simultaneously, IP reserves are abundant, and future cash can be expected.

The company has always focused on the development of the pan-entertainment business; it has accumulated a large amount of high-quality IP through acquisitions and cooperation in the upstream, and has developed game development and operation in the downstream. The company ‘s games have “Fairy Tail”, “Yu You Bai Shu”, and “Soul Mountain in the past”,Global R & D and distribution rights for a number of popular game IPs such as “The Gate of the Xuanjie”.

According to the company’s announcement, it is expected that 四川耍耍网 net profit attributable to mothers will be 1 in the first half of 2019H1.


5.8 billion, an increase of 70% -120% in the same period, corresponding to a profit of about 0 in 19Q2.


41 trillion. Earlier Q2 returns to net profit of 0.

With a growth rate of 39% to 139% in a year, the company’s performance is growing strongly.

Profit forecast and investment grade: Considering that the company has many new games to be launched in 19 years, such as “Fairy Tail”, “Yuyu Hakusho”, “Naruto”, “formerly Sword Mountain” and other blockbuster IP gamesThe company is expected to achieve operating income from 2019 to 2021.


31 ppm, an increase of 148 in ten years.

5%, 30.

8%, 8.

7%; net profit attributable to mother 5.



7.7 billion, an increase of 113 in ten years.

5%, 29.

6%, 13.

9%, corresponding EPS is 0.

73 yuan, 0.

95 yuan and 1.

08 yuan, considering the company’s performance flexibility and comprehensive strength, 15X PE per year in 19, target price 11.

0 yuan, maintain “Buy” rating.

Risk Warning: The game flow is lower than expected, the new game is expected to be launched, and the game industry’s policy supervision risks.

China Sports Industry (600158) Annual Report Review: Three-dimensional layout advantage highlights the absolute leader of sports platform companies

China Sports Industry (600158) Annual Report Review: Three-dimensional layout advantage highlights the absolute leader of sports platform companies

Event: The company achieved an operating income of approximately 14 in 2018.

500 million US dollars, an annual increase of 33%; net profit attributable to shareholders of listed companies is 8391 million, an annual increase of 44%; net profit after deduction is 82.12 million yuan, an increase of 46%; realized income of 0.

0994 yuan, an increase of 44 in ten years.


Key points of investment: The development of the sports platform business model to promote the growth of the company’s performance. The report on the growth of the alternative main business of the Chinese sports industry is obvious. The highlight is that the sports business achieves revenue5.

60 ppm, an increase of 30 in ten years.

57%; gross margin is 28.

84%, basically stable for one year.

From the perspective of performance, the company’s “sports + multiple industry resources” business model has begun to release performance, and the pulling effect produced by the sports industry has gradually emerged. It has shifted from relatively independent types of sports services to cross-domain and cross-industry.The transformation of platform-based services, through the construction of service platforms, has obvious effects on business linkage and resource integration.

Sports business: The strength of the event matrix has increased significantly, and the company’s eye-catching report on the performance of the brokerage business has resulted in the rapid growth of the sports business, which is mainly due to the increase in revenues from the two major business of event management, operations and brokerage, in which the event business revenue has increased by 48.

12%. Brokerage business revenues increase by 82 per year.

72%, very eye-catching performance.

In terms of event business, the company added the Guangzhou Marathon in 18 years and became the operator of the three top marathons in North Malaysia, Wuma and Guangma. At the same time, it also won the Beijing Half Marathon. “Circle China, Qinling Mountains, Quanzhou Bay, Panzhihua”Four road cycling races, as well as cooperative projects such as sailing, aviation, smart sports, and national fitness, have greatly increased the IP competition and overall strength of the company’s events.

We believe that the Chinese sports industry has become the largest sports event operating company in China with operating capacity and potential for expansion, and the continued development of core business will continue to increase the company’s operating scale and estimated level.

The company’s sports brokerage business mainly provides market development agency services for national sports teams such as the General Administration of Sport Training Bureau, the National Diving Team, the synchronized swimming team, the short track speed skating team, the Winter Center and other national teams, such as Wu Dajing, Liu Guoliang, Ye Shiwen, etc.By the 2020 Tokyo Olympics, the company’s sports brokerage business will also continue to develop capabilities.

In terms of internationalization, the company is the absolute leader in the realization of the “Belt and Road” in the sports industry, providing business extension and international interfaces for the company’s sports industry chain.

The report summarizes that the company has implemented sports technical assistance projects for athletes such as Bolivia, Madagascar, Jamaica, Uruguay, and Tonga, organizing competitions, and performing large-scale celebrations. The team has successfully implemented the gymnastics performance techniques for the opening and closing ceremonies of the South American Games.Assistance projects, traditional technical cooperation projects for stadiums such as Sierra Leone, Niger, Uganda; also completed 5 sports research courses in cooperation with the Ministry of Commerce, and undertook the recruitment of sports services trade section of the first China Import Expo.

In addition, the company’s major highlights in 19 years are the market development of the 7th World Military Games and the franchise retail business of the 2022 Winter Olympics and Winter Paralympic Franchise Plan.

We believe that the company’s current resource advantages in the industry have continued to emerge, and the development of traffic for national fitness, Olympic Day and other activities has begun. Its upstream event resources and downstream sports space content and operations can form a significant synergy effect, so these resourcesThe huge commercial value will be gradually released, making the company the most comprehensive sports industry operation platform in the country, and at the same time, the performance can continue to grow.

The sports lottery business reorganization was greatly underestimated by the market for 18 years. The company started major asset reorganization work. It is planned to inject the supplementary lottery company under the State Sports General Administration and merge the relevant equity of the certification company into the body.

The main business of Sports Lottery Technology Co., Ltd. and China Sports Lottery Printing Co., Ltd. belongs to the upstream sector of sports lottery services. The main business of China National Sports Certification Corporation and Huaan Certification Corporation belongs to sports standardization services and certification testing related industries.China Sports Lottery Technology is the core system technology developer and operator of domestic sports lottery. The domestic competition barriers and operating advantages are very obvious.

If the reorganization is successful, the company will fully cover the upstream R & D operations-equipment-printed copies of sports lottery and become the 杭州桑拿网 absolute leader in the sports lottery industry.

We believe that the company’s existing strength and development potential in the sports lottery business are seriously underestimated by the market, and investors are advised to remain highly concerned.

Investment rating and profit forecast We believe that the company’s three-dimensional layout of the sports industry and business platform management model have a clear thinking. When internal business resources are integrated and integrated, it is used in sports event operations, sports brokerage, sports complex development and operation, and sports lottery business.The absolute advantages in this area are obvious. At the same time, the advantages of resources have begun to be released continuously. The flow effects covering users can be organically combined with information 重庆耍耍网 technology, big data and other scientific and technological means, and the operating status has continued to improve. It is an absolute platform leading company in the domestic sports industry.

Looking forward to 2019, the company’s biggest point is that the commercial value of the sports event matrix will continue to be released. At the same time, the sports lottery business is expected to gain stronger competition and business capabilities through asset reorganization, and the sports foreign aid business will continue to contribute performance; thus the company willThe potential energy of the spatial layout will be demonstrated in the medium and long term.

Therefore, the company’s overall business has great potential for development and its ability to achieve sustained growth. We give the company an “overweight” investment rating. Regardless of the replacement passed by the company’s restructuring, the company’s EPS for 2019-2021 is expected to be 0.

14, 0.

20 and 0.

26 yuan / share, it is recommended that investors continue to pay attention.

Risks remind the policy risks of the sports industry, the company’s business development is not up to expectations, major changes have taken place in the business, and the real estate industry continues to be sluggish.

SINBON PHARMACEUTICAL (002390): The performance of the company under medical insurance control pressure under pressure CBD detection is the future: SINBON PHARMA

SINBON PHARMACEUTICAL (002390): The performance of the company under medical insurance control pressure under pressure CBD detection is the future: SINBON PHARMA

Event: The company released three quarterly reports. The report showed that the company’s operating income for the first three quarters was 50.

18 ‰, a decrease of 0 per year.

14%; Net profit attributable to shareholders of listed companies.

00 ppm, a decrease of 24 per year.


  Factors such as medical insurance control costs continue to put pressure on the company’s performance, and the operating results for 2019 are expected to turn into losses for the first three quarters of the company’s operating income.

18 ‰, a decrease of 0 per year.

14%; Net profit attributable to shareholders of listed companies.

00 ppm, a decrease of 24 per year.


The company’s third quarter operating income17.

41 trillion, a year down 0.

62%, net profit attributable to shareholders of listed companies is 0.

79 ppm, an increase of 15 in ten years.


Policy factors such as medical insurance control fees and the current situation of bed replacement in the medical service sector have put pressure on the company’s performance.

The company promoted to reverse the decline in performance through measures such as improvement of hospital beds, follow-up of medical services, and promotion of in vitro diagnostic reagent products.

The company expects that the net profit of 2019 will be turned into a profit by combining with the same period of last year, reaching 2.


700 million.

  The cannabinoid detection industry has developed and overseas markets have taken the lead. Cannabinoids such as industrial cannabis extract CBD are considered to have positive effects on promoting human health and improving the flavor and function of consumer products.

On December 20, 2018, industrial cannabis was legalized at the federal level in the United States.

Rising market demand and policy requirements are driving the rapid development of the cannabinoid product testing industry.

According to ZIONMarket Research data, the global cannabinoid detection market value is about 9 in 2017.

$ 100 million.

We believe that under the background of the rapid development of the cannabinoid industry, the related testing business is also expected to maintain a high growth rate. In the future, the global cannabinoid detection scale is expected to exceed $ 10 billion.

  The company’s cannabinoid detection technology is leading, and a new generation of CBD detection products enters overseas markets. The company’s subsidiaries entered the field of in vitro diagnostic reagents in 2005 and obtained certification from the US FDA and other agencies.

  In 2018, the company’s sales of THC-containing diagnostic reagent products exceeded 80 million, and the products were mainly sold to the United States, Canada, Europe and other overseas markets.

Against the background of the rapid development of industrial marijuana in overseas markets, Kangyong Bio-Tech introduced a new detection equipment, CBD cannabinoid extract detection equipment, which was developed by the company’s team located in the Silicon Valley R & D Center in the United States.

The new generation products have the advantages of high accuracy and fast detection time.

We believe that the development of the North American market and the requirements of policies are opportunities for rapid development of cannabinoid testing 四川耍耍网 companies. The technical advantages and benefits of Kangyong Bio’s cannabinoid testing in the United States and other overseas market channels will help the company to quickly open overseas markets.The CBD inspection business will become a new aspect of the company and further contribute to the company’s performance.

  Earnings forecast and investment recommendations We expect the company’s operating income for 2019-2021 to be 64.

7.6 billion, 72.

9.4 billion, 85.

1.9 billion yuan.

Because the company’s business types are diverse, we use the segment estimation method to estimate the company. It is estimated that the corresponding market value of the three parts of medical services, pharmaceutical distribution and the pharmaceutical industry will be 27 in 2020.

27, 13.

08, 136.71 ‰, the company’s reasonable total market size is 177 ‰, the corresponding target price is 11 yuan.

  Risk reminder: Industrial cannabis should be strictly differentiated from intermediate cannabis, recreational cannabis / drugs, and resolutely oppose the legalization of recreational cannabis. Industrial cannabis-related businesses may contain risks of policy changes, legal compliance risks, business management risks, transaction risks, tax risks, Natural risks, R & D operational risks, and uncertainties in cooperation; industrial marijuana that has not yet been approved for use in medical and food additions; there is uncertainty about the specific implementation progress and effects; liquidity pressures such as reduced net cash flow from the company’s operating activities.Impairment and inventory pressure

Yonggao shares (002641): Interim report verifies the logical and logical capacity expansion of hardcover rooms opens up growth space

Yonggao shares (002641): Interim report verifies the logical and logical capacity expansion of hardcover rooms opens up growth space

19H1 was basically in line with expectations, with rapid growth in performance. On August 12, 2019, the company released its 2019 Interim Report. 19H1 achieved operating income of 28.

0.2 million yuan, a year-on-year increase of +20.

80%, increase by 2 every year.

56 points; net profit attributable to mother 1.

9.8 billion, a year-on-year increase of +138.

41%, an increase of 106 a year.

89 points.

Among them, 19Q2 achieved operating income of 16.

1.3 billion, a year-on-year increase of +15.

83%; net profit attributable to mother 1.

40 ppm, an increase of 85 in ten years.

20%, the performance basically meets our expectations.

The company is one of the leading domestic plastic pipe companies, benefiting from the trend of hardcover houses and increasing the main business of plastic pipes. At the same time, it has deployed diversified businesses such as solar energy and electrical switches.



60 yuan, maintain “Buy” rating.

Profitability remains high, and the structure of assets and liabilities needs to be optimized. The company’s profitability will increase, and the gross profit margin for sales in 19H1 will be 24.

74%, an increase of 0 a year.

89pct, net sales margin 7.

07%, an increase of 3 per year.

49pct; the company’s cost control has been further strengthened, with an expense ratio of 15 in 19H1.

73%, a decrease of 1 per year.

96 points, of which the sales / management / financial expense ratio decreased by 1.



10pct, R & D expense ratio rose by 0.

35pct; asset-liability structure needs to be optimized, 19H1 asset-liability ratio 44.

34%, rising by 0 every year.

29 pct.

Benefiting from the trend of hardcover houses, the cost rate is diluted and the net interest rate is increased. The trend of hardcover houses has profoundly affected the business model of the plastic pipe industry and favored the engineering model.

Provinces and cities across the country have successively introduced hardcover housing policies, and the proportion of hardcover housing is expected to steadily increase, thereby driving the growth rate of B-side home improvement building materials.

Yong Gao shares mainly focus on 2B business, and its direct sales model accounts for more than half of real estate projects. Therefore, the increase in the proportion of hardcover houses directly drives the company’s revenue growth.

The company’s net profit 厦门夜网 margin for the 18 years was 4% +, which was significantly lower than the level of China Union Plastics’ 10% + for the same period. It was caused by similar gross profit margins but different expense ratios.Leading closer to comparable companies.

In 19H1, the company’s PVC, PPR, PE, and solar products achieved revenue 14 respectively.




47 trillion, a year-on-year increase of +21.85% / 4.

47% / + 14.

87% / + 26.

twenty one%.

Expansion of production capacity of plastic pipe main business, opening up room for growth The company has responded to the current trend of overweight plastic pipe main business and plans to issue convertible bonds to expand production capacity.

On June 25, 2019, the company disclosed the plan for the public issuance of convertible corporate bonds. The company intends to publicly issue convertible corporate bonds with a size not exceeding RMB 700 million, and plans to use 3 respectively.


5 billion raised funds in Yueyang, Taizhou each newly built 8/5 injection plastic pipe production capacity.

After the above production capacity is completed, the company will increase the production capacity of 13-inch plastic pipes, and the production capacity will increase by about 20%.

The company focuses on the main business of plastic pipes, seizes the larger favorable time window of the trend of hardcover houses in the industry, and realizes rapid growth in operating income and profits.

The company’s profitability continued to be repaired. Maintaining the “Buy” rating benefited from the trend of hardcover housing and the integration of internal resources. The company’s 19H1 revenue growth continued to be stable and its profitability continued to be repaired. We maintain the company’s EPS forecast for 19-21 for 0.



60 yuan, reference can be better than company 14.

The estimated level of 42x. Considering that the company is benefiting from the trend of continued growth of hardcover housing, we believe that the company’s 19-year PE range is 15-16x, and the corresponding target price is 6.


4 yuan, maintain “Buy” rating.

Risk warning: The price of raw materials has risen sharply; the price of products has fallen; the growth rate of sales has fallen short of expectations.

Guanglianda (002410): Benefit from China Construction Informatization Take-off Investment Rating Upgraded to Buy

Guanglianda (002410): Benefit from China Construction Informatization Take-off Investment Rating Upgraded to “Buy”

The investment level of the event was revised from “overweight” to “buy”.

Investment Points 1.

The company is a beneficiary of China’s construction informatization flight. In 2018, China’s construction informatization penetration was zero.

1%, compared with about 1 in the US over the same period.


It is predicted that the compound growth of China’s construction informatization market in the next three years will be about 杭州桑拿 20%.


The company is the joint leader of China’s construction informatization, especially in the field of engineering cost (the business’s 1H19 operating income accounts for 71%), the market share exceeds 50%, the leader is significant, and provides cross-selling opportunities such as engineeringConstruction (1H19 operating revenue accounts for 23%).


In the rapid advancement of cloud transformation, in 2017, 2018 and 1H19 cloud revenues accounted for 3%, 18%, and 38%, respectively, benefiting from the addition of 10 new large-scale cloud transformation regions in 2019. We predict that cloud revenues will account for 2019.The proportion of project cost income will increase to 55%, and it is predicted that by 2021, cloud conversion will be basically completed.


The engineering construction business is 杭州夜网 at a fast-growing level. At present, the penetration rate of China’s construction business is extremely low. In the process of market competition, the company’s huge marketing network and cost business segmentation have benefited the company.Strengthen sales layout for construction business.

Earnings forecast and investment rating We predict that in 2019, the revenue in 2020 and 2021 will be 36.

200 million, 45.

2 ppm and 58.

USD 300 million, with annual growth rates of 26%, 25%, and 29%, respectively; net profit attributable to mothers is 3, respectively.

900 million, 5.

400 million, 8.

5 megabytes, corresponding to a maximum growth rate of 26%, 38%, and 58%, respectively, and the investment rating was revised from “overweight” to “buy”.

Risks suggest that the market is less likely to tolerate technology stocks.

Ansteel (000898): Bills receivable decrease and operating cash flow improves

Ansteel (000898): Bills receivable decrease and operating cash flow improves
19 profit in the third quarter 2.9.7 billion, 南宁桑拿 YoY-88% / QoQ-71% On October 29, the company released the third quarter report for 2019: the first three quarters of 2019 achieved operating income of 776.230,000 yuan (YoY-0.24%); net profit attributable to shareholders of the parent company17.2.2 billion (74.88%).3Q19 achieved operating income of 265.4.9 billion (YoY-1.49%, QoQ-0.23%); net profit attributable to shareholders of the parent company2.9.7 billion (YoY-87.70%, QoQ-70.54%), in line with previous expectations.We expect the company to have EPS 0 in 2019-21.23, 0.25, 0.27 yuan, target price 3.24-3.46 yuan, maintain “neutral” rating. 19Q3 gross margin decreased, cost ratio improved month-on-month It is said that China United Steel, 19Q3 five major steel prices fell month-on-month, thread, wire, hot rolled, cold rolled, average price of plate (excluding tax) were 3473, 3701,3352, 3893 and 3,441 yuan / ton, which were changed by -8 several times.7%, -7.4%, -9.4%, -7.3%, -9.5%, the chain changes -4.3%, -2.4%, -3.9%, -1.0%, -3.7%, the downturn in automobile production and sales dragged down the coil.The company’s products have multiple coils, and the ore price has been increased, and the company’s gross profit margin has decreased.19Q3, the company’s gross profit margin 7.1% (YoY-8.8pct, QoQ-4.5pct).During the same period, the company’s period expense ratio was 5.5% (+0 year-on-year.1pct, QoQ-0.4pct), the chain ratio exceeded sales mainly, and the R & D expense ratio all changed -0.2pct. The cash flow improved significantly from the previous quarter. The size of bills receivable decreased by 19Q3. The company’s net operating cash flow was 2.6 billion (QoQ + 47%). The cash generated from sales of goods and labor services accounted for 94% of operating income (QoQ + 9pct).Momentum increased.19Q1-Q3, payable by the company, prepaid items accounted for 13% and 5% of operating costs (YoY-3pct, -0.3pct); receivables, pre-received items account for 9% and 7% of operating income (YoY-8pct, -2pct), and the company’s ability to occupy downstream funds has increased.At the end of 19Q3, there were 25 trillion notes receivable, which was earlier and the interim reports were 65% and -51%, mainly because the company increased the ratio of currency receipts and increased the discount of notes.In addition, according to the company’s three quarterly report, company 4.9.4 billion were later discounted by the recourse party to recover the due unpaid bank acceptance bills or transferred accounts receivable. Looking forward to the improvement of automobile production and sales, it is beneficial to the coil. According to the China Automobile Association, after May 2019, dealers will promote “National Five”, manufacturers will stock “National Six” to promote automobile production, and sales will show an upward trend in the month.Under the background of low inventory of auto plants and improvement of dealers’ inventory, a low base of 18Q4 is superimposed. It is expected that the growth or improvement of automobile production and sales in 19Q4 will benefit downstream demand for steel companies that include automobiles, and the company’s performance will benefit. The management of bills receivable has been improved, and the company’s bills receivable that maintain a “neutral” rating have dropped significantly. The company’s loss probability of unaccepted bank acceptance bills remains to be seen. We do not make provision for the time being, but suggest possible one-time losses.We expect the company to have EPS 0 in 2019-21.23, 0.25, 0.27 yuan, BVPS is 5.58,5.77, 5.96 yuan, PB 0.55, 0.53, 0.51 times, the average value of comparable company PB (2019E) is 0.63 times, considering that the price and demand of coils in Northeast China exceed North China and East China, the company will be given PB 0 in 2019.58-0.62 times, target price 3.24-3.46 yuan, maintain “neutral” rating. Risk warning: The growth rate of automobile production and sales is lower than expected; unaccepted bank acceptance bills are not recovered.

Jinjia Co., Ltd. (002191): Leader in the cigarette label industry, with new tobacco development highlights

Jinjia Co., Ltd. (002191): Leader in the cigarette label industry, with new tobacco development highlights

Core Views Leading companies in the tobacco label industry, color boxes, and new tobacco development are interesting.

The company was incorporated in Shenzhen in 1996 and listed on the Shenzhen Stock Exchange in 2007. Its current business position is in the research, production, and sales of high-end packaging prints and packaging materials. Its main products include cigarette labels, color boxes, and laser packaging materials. It is a leader in the tobacco label industry.At the same time, the company is actively exploring the field of new tobacco products, and a new point of performance growth is formed in the later stage.

In 2018, the company benefited from the continuous improvement of the tobacco market, the development of color box products market, and the company’s operating income 33.

74 trillion, +14 ten years ago.

56%; due to the slightly lower gross profit margin of the color box business, which lowered the company’s overall gross profit margin, the company transferred three fee controls, increasing investment income and realizing net profit attributable to mothers7.

25 trillion, +26 a year.


In terms of revenue structure, the proportion of each business is: Cigarette Mark 76.

1%, laser packaging material 18.

0%, color box 13.

2%, internal interference -20.

0% and other about 12.

7%; due to the higher gross profit margin of the cigarette label business, the gross profit contribution accounted for nearly 80%, which is the main source of performance elasticity.

In historical performance, the company’s revenue and its compound net profit attributable to mothers during the period from 2014 to 2018 were 9.

8%, 5.

8%, average growth performance, and income statement due to non-operating income and expenditure, tax disturbance, performance is weaker than the income side.

In our opinion, the company’s current focus lies in: 1) the recovery of the industry and the optimization of the structure of the tobacco label business, which will continue to grow steadily in the next few years, making the company’s performance a good tone; 2) the business of color boxes and packaging materials is expanding rapidly, And gradually contribute to the performance flexibility; 3) the new tobacco business is still in the strategic layout period, or into a long-term profit growth point.

Tobacco label business: The short-term benefit of the cigarette industry is picking up, and the optimization of the industry structure in the medium term also has some highlights.

The tobacco label business is highly related to the cigarette industry. The short-term benefits of the tobacco market have improved. In the medium term, the company gradually changed the industry consolidation opportunity to increase market share: 1) After destocking in 2016, the industry’s production and sales and revenue growth gradually picked up. The tobacco market in 2018Significant improvement, according to the data of the State Tobacco Monopoly Administration, a total of 11,556 tax advantages and disadvantages.

20,000 yuan, an annual increase of 3.

69%; The company seized the industry’s stability and improved, the cigarette brand structural upgrade, optimized the company’s product structure, expanded new markets and new products, and achieved a growth in cigarette label sales in 20187.

97%, revenue growth 8.

05%, performance industry; 2) Transformed into the national “level cigarette strategy” implemented by cigarette brands, and the standards of cigarette level include “continuous optimization of cigarette structure, continuous improvement of grades, stable price, stable sales growth”, etc.In several aspects, we believe that under the background of industry integration and optimization, the number of cigarette brands will continue to decrease and gradually gather to the mid-to-high end, which will help market leaders to accelerate business expansion and integration through mergers and acquisitions.

In the next few years, the company’s cigarette label business will still be the company’s core business and major performance contribution point, with a high probability of continuous industry average performance, and the growth rate is expected to remain at 5% -10%.

Color box and laser packaging materials business: rapid growth, and gradually contribute to the elasticity of performance.

1) Color box business: Revenue from color box business in 20184.

460,000 yuan, an increase of 67 in ten years.

09%, meanwhile, the business development is gratifying, which is to increase the customer base in the later period.

The company’s scale has been continuously improved by strengthening its post-press manufacturing capabilities, improving the performance of automated equipment, and increasing production capacity and sales; through reorganization, the company has maintained “China (Jinzhongzhi)”, “Nanjing (nine-five years honor)”, and “Yunyan” (largeNine)), “Moutai alcohol”, “Yanghe” and other well-known tobacco and alcohol brand color box packaging market share, while continuing to grow the market, product development efforts, continue to add new customers to expand new products, has obtained British American Tobacco, Renault Tobacco, Philip Morris International, Yue Ke and other well-known brands of new tobacco products qualified supplier qualification; well-known liquor brands such as “Jinjiu”, “Red Star Erguotou”, “Jiang Xiaobai” outer packaging, etc., for the subsequent continuous high-growth growth customersBasics; 2) Laser packaging materials: the short-term growth rate has improved, and the promotion of investment projects has some highlights.

In 2018, the company’s laser packaging materials achieved revenue6.

08 million yuan, an increase of 4 in ten years.

62%, which is equivalent to the improvement in the growth rate in 2017; we believe that with the completion of the 2019 fund-raising project “China Toyota Optoelectronics Technology Reconstruction and Expansion” and in conjunction with the company’s recent active expansion of extended customers, the business can return to medium-speed growth and can be expected.
New tobacco: It is still in the strategic layout period, or it may become a point of long-term profit growth.

The development of the new tobacco industry that the company pays close attention to has already been carried out through the parent company and part-time subsidiaries in the early strategic layout, or has become a point of long-term profit growth: 1) Jinjia Technology, a subsidiary, actively promotes its products to tobacco companies.Has cooperated with China Tobacco companies in Yunnan, Shanghai, Henan, Shandong, Guangxi, Chongqing; 2) Shenzhen Jinjia Health, a wholly-owned subsidiary, and Shenzhen Qianhai Fosun Ruizhe Asset Management Co., Ltd., a subsidiary of Fosun Group, have established joint venturesPromote investment and mergers and acquisitions of high-quality targets in the field of new tobacco and health technology; 3) The company establishes a joint venture with Beijing Miwu Technology and Shenzhen Nanqiao Qianhai Innovation Fund Partnership to make use of the advantages of various parties in technology and capital to promoteThe development of new tobacco products; 4) The company and Yunnan Tobacco Industry signed a strategic cooperation framework agreement to jointly promote the research and production and sales of new products in the field of new tobacco products. Jinjia Technology and its subsidiary Shenzhen Huayu Technology Development jointly invested to establish a joint venture companyTo achieve the implementation of strategic cooperation.

Earnings forecast and rating: The company’s EPS for 2019-2021 is expected to be 0.

58 yuan, 0.

65 yuan and 0.
72 yuan, currently corresponding to 2019-2021 price-earnings ratios of 20 respectively.
2 times, 17.

9 times and 16.

1x coverage for the first time, giving the company a “cautious recommendation” rating.

Risk reminders: The boom of the cigarette industry is shifting; the advancement of new tobacco strategies is blocked.

Shengyi Technology (600183): 3Q19 performance in line with expectations 5G construction cycle brings continued high prosperity

Shengyi Technology (600183): 3Q19 performance in line with expectations 5G construction cycle brings continued high prosperity

3Q19 results were in line with expectations for 1-3Y19 results: revenue 94.

700 million, five years growth.

5%; net profit attributable to mother 10.

4 percent, an increase of 28 per year.


Among them, the third quarter revenue was 35.

0 million yuan, an increase of 10% in ten years; net profit attributable to mother 4.

13 ppm, a 49% increase in one year, in line with our expectations.

Gross profit margin in the third quarter increased by 1 compared with the second quarter.

3ppt to 28.

4%, reflecting the increase in the proportion of high-frequency boards and high-speed boards driven by 5G communication equipment.

Development Trend The 5G construction cycle will drive a high level of communication CCL / PCB, and the company will continue to benefit.

Terminating in the third quarter, Huawei, the main 5G equipment supplier, has signed more than 60 5G commercial contracts with leading global operators, and more than 400,000 5G Massive MIMO AAUs have been sent to around the world for 150,000 times in several months.The expansion of 2,5G base stations has accelerated significantly.

As the 深圳桑拿网 core partners of Huawei, ZTE and other companies in 5G CCL / PCB, we believe that the company will continue to benefit from the steady progress in conversion to 5G construction.

CCL’s economic climate has picked up in the second half of the year, and raw material prices have stabilized.

Looking at the overall situation in the third quarter, the downward trend of copper prices has slowed down, and the prices of glass fiber and epoxy resin have stabilized.

The company’s products are mainly used for communication products. Through the acceleration of the 5G process, the prosperity of the third quarter has obviously improved and rebounded. The gross profit margin increased by 1% from the impact of the increase in the proportion of 5G.

3ppt to 28.


Looking forward to the fourth quarter, we believe that the company is expected to maintain a high degree of prosperity, and the proportion of 5G products will also continue to increase, which is beneficial to the company’s profit growth.

High-frequency and high-speed products and good capacity expansion progress will bring growth momentum for the company.

The company’s Nantong CCL has contributed revenue since April and has made good annual progress. We believe that it is expected to gain customer share in the future to replace American customers.

The company plans that the Jiangxi convertible bond raising project is expected to be put into production at the end of the year or early next year. The planned production capacity is 18 million square meters per year (the company’s revenue in 2018 is 85 million square meters), which is expected to lay a good foundation for the company’s growth next year and welcome the 5G construction volume.

At the same time, the production expansion of Shengyi Electronics PCB continued.

In terms of 5G communication PCB prices, we expect a gradual volume explosion, and prices may improve slightly, but for the company, it will still increase its performance contribution.

Earnings Forecasts and Estimates As 5G ‘s gross profit margin for copper clad laminates exceeds expectations, we raise our 2019/2020 earnings forecasts and earnings per share by 10% / 9% to RMB 0.

65 yuan / 0.

78 yuan.

Shengyi is currently expected to correspond to 39.

3x 2019 P / E ratio and 32.

7 times 2020 price-earnings ratio.

Maintain Outperform rating. Due to the increased certainty of the 5G construction cycle, considering the overall P / E ratio of the sector, we raised our target price by 13% to RMB 26, corresponding to 40 times the 2019 P / E ratio and 33 2020 P / E ratio, which is 2 compared to the current pioneer.% Upspace.

Risk 5G construction progress is less than expected; product prices continue to decline.

Dongfang Yuhong (002271): Real estate replenishment inventory is not over yet fast growth is confirmed in 2020

Dongfang Yuhong (002271): Real estate replenishment inventory is not over yet fast growth is confirmed in 2020

The company released the 2019 performance report, and the company realized revenue of 181 in 2019.

4 billion, an annual increase of 29.

1%, net profit attributable to mother 20.

900 million, an increase of 38 in ten years.


Comment: The fastest growth in Q4 revenue was mainly due to the high base in the same period of 18 years and the early quarter of the 20th Spring Festival. Q1, Q2, Q3, and Q4 revenues were 26.

9, 52.


9 and 52.

400 million, an increase of 41 each year.

0%, 40.

8%, 35.

2% and 10.

3%, Q4 growth rate has slowed down We judge mainly due to the high base of Q4 in 18 years (18 years Q1 revenue growth rate of 27.

2%, and accelerated to 42 by Q4.

3%). Another reason is that the Spring 杭州桑拿网Festival in 2020 was earlier, and many construction sites in the northern region began to stop work after New Year’s Day, which directly affected the company’s replacement in late December.

Net profit grew faster than revenue, mainly due to the increase in gross profit margin and the decline in expense ratio. In terms of quarters, Q1, Q2, Q3, and Q4 net profit were 1.

27, 7.

89, 6.

50 and 5.

1.9 billion, an increase of 28 each year.

89%, 51.

77%, 30.

11% and 31.


The growth of profits is higher than the growth of revenues. We judge that there are two main reasons. The first is the decline in the expense ratio during the period. The company optimized its internal management structure in the fourth quarter of 2018. It generated significant results in 2019, and the expense ratio fell during the first three quartersAbout 1 federation.

Gross profit margin is another reason why the company’s net profit is growing faster than revenue growth. Asphalt prices continued to fall after rising in March 2019, but continued to increase from the beginning of the year to November before falling.

The overall performance is still excellent, and the expected impact of the epidemic on the company is limited to 23 in 2019.

3%, an increase of 2.

With 9 units, the company, as the industry leader, still performs well in 2019.

20 years of real estate replenishment continues, as the company’s waterproof 2B end leader, maintaining a high degree of certainty of rapid growth.

Considering that the first quarter itself is the off-season of revenue and profit, February itself has been the worst month in the first quarter, and the overall impact of the epidemic on Q1 depends on the resumption of work in March.

Due to the relatively flexible production capacity of the downstream construction industry, and with reference to the situation in Guangdong and Beijing during the SARS period, there has been a noticeable rush to work after the epidemic has improved. Therefore, from this point of view, we judge that the company is limited by the epidemic.

Maintaining the “Buy” rating, we estimate that the company’s operating income for 2019-2021 will be 181.

400 million, 220.

200 million, 264.

1 ppm, an increase of 29 each year.
1%, 21.
4%, 19.

9%; net profit attributable to mothers is 20.

100 million, 25.

500 million, 31.

200 million, an increase of 38 each year.

2%, 22.

2%, 22.


The EPS for 2019-2021 is expected to be 1.

40 yuan / share, 1.

71 yuan / share and 2.

10 yuan / share, corresponding PE is 20/17 / 14x respectively. The replenishment of real estate construction projects is not over, and the increase in the proportion of precision-furnished houses means the accelerated expansion of the waterproof material 2B market. The company, as an industry leader, is determined to benefit and is expected to continueFast growth, maintain “Buy” rating.

Risks suggest that real estate investment is worse than expected; macro policy direction changes.