Meiya Optoelectronics (002690): Oral CT volume hits record high net margin as scheduled

Meiya Optoelectronics (002690): Oral CT volume hits record high net margin as scheduled
Meiya Optoelectronics released the third quarter report of 19: the first three quarters of 2019 achieved revenue of 10.49 ppm, an increase of 21 in ten years.99%, net profit attributable to mother 4.10,000 yuan, an increase of 25 in ten years.46%, slightly more than expected.The color sorter is currently developing steadily, and oral CT is on schedule.Net profit is expected to be 5 in 19-20.57 billion / 6.4.5 billion, corresponding to 39 times / 34 times the PE, maintaining the level of “prudent recommendation-A”.  The first three quarters of results were in line with expectations, and the net profit margin hit a record high.The company achieved revenue of 10 in the first three quarters.500 million US dollars, an 夜来香体验网 annual increase of 21.9%; net profit attributable to mother 4.10,000 yuan, an increase of 25 in ten years.5%.Gross margin for the first three quarters of 55.5%, little change, net interest rate 38.2%, increasing by 1 pct per year, setting a record high with a sales expense ratio of 12.5%, overhead cost rate 8.35%, the average annual decline slightly, mainly due to good cost control and lean company management, profitability continued to increase.The operating cash flow is in good condition. The net cash flow of Q3 was 300 million, which has not changed much on many occasions.  The oral CT group purchase effect is better, and business growth can be expected.In 2019, the company’s innovative group buying model has a better market effect. In South China, Beijing, and Shanghai CDS Dental Shows, it has received 362, 605, and 337 orders (only intention orders), which have increased by 39.77%, 112%, 82%; At the same time, the company also actively expanded wide downstream channels through marketing. It mainly established new overseas marketing platforms through zero-distance contact with new products and differentiated marketing routes such as stomatological public welfare academic sharing conferences.strength.  Although the competition in the low-end market is fierce and severely eroded, leading to downward pressure on CT terminal prices, the gross profit margin is basically stable at 60%. In essence, the yield is improved. Many processes have been deleted or improved during the production process. Intelligent production has reduced personnelExpenses and cost control have also been improved.At present, the price has stopped the decline. Through the industry clearing, the terminal will at least remain stable in the future.At present, the oral CT market share is maintained at about 30%, and the dominant force is extremely strong.  The color sorter market is driven by both domestic and foreign markets, and its future growth momentum is redundant.The initial company ‘s color sorter business revenue accounted for more than 60%. The color sorter has entered a steady growth stage and is the company ‘s largest source of revenue.Benefiting from the emergence of the resource sorting market under the large scale of garbage classification, the stock update market, stable support, and the continuous expansion of the application range to ensure growth, the future performance growth of the color sorter business is abundant.In addition, Meiya has formed a global marketing network system covering more than 100 countries and regions.In the long term, the domestic market is expected to be the same as the domestic market (ie 50%). The penetration rate of overseas color sorting machines is much lower than that of China (mainly referring to the third world countries), and the market size is much larger than domestic.Major international competitors include Buhler, Satake, Tao Long, etc. The early expansion was to export rice sorting machines to Southeast Asia. However, in recent years, markets such as India, South America, and Bangladesh have gradually expanded. The development has been rapid, and overseas offices will gradually expandAfter leveling, overseas business will become an important growth point of the company’s profit.Benefiting from the dual drive at home and abroad, the market for color sorter demand is broad.  The company’s new product research and development continued to advance, and the research and development promotion continued to increase.In the first three quarters of 2019, the company released three series of 2019 artificial intelligence color sorters: “Zun”, “Zhen” and “Pin”, and relied on MAGA (Meiya Advanced Global Architecture) to achieve efficient research and development and intelligent production.In terms of medical imaging equipment, the company launched the Meiya AI orthodontic analysis system, which realizes intelligent measurement analysis, customized measurement analysis, numerical tracing, image fusion, and intelligent tracking.True color intraoral scanners are under development and are expected to break through the monopoly of imported equipment near the chair in the future.In the first three quarters of 2019, the company’s R & D investment increased by about 14 million yuan over the same period of the previous year, an increase of 34.37%.Continuous innovation research and development and conforming to the trend of intelligent manufacturing will become one of the company’s advantages.  Maintain the level of “Careful Recommendation-A”.In the future, the most flexible segment of Meiya is oral CT. The import substitution logic is smooth and the incremental market is anchored. It is estimated that the sales volume is more than 2,000 units.The overseas market of color sorting machines in the second half of 19 is expected to bring “surprises”. Oral CT is on schedule, and the new product chairside repair system is expected to contribute significant revenue in 2020 and endorse high growth performance.Estimated 19-20 year net profit5.57 billion / 6.4.5 billion, corresponding to 39 times / 34 times the PE, maintaining the level of “prudent recommendation-A”.  Risk reminders: (1) Less than expected overseas expansion: The main incremental market for the company’s color sorter products is overseas. During the expansion process, overseas expansion may be less than expected due to differences in culture, laws, and working habits; (2) The exchange rate is too high: The company ‘s overseas business is denominated in US dollars. If the exchange rate of the US dollar against the RMB is too large, it will have a certain impact on the company ‘s performance; (3) The unit price of dental CT is too fast: The oral CT industry is still the blue ocean in China, and competitors are market-basedThe goal, if it is to bring about a vicious price war, will significantly affect the company’s net profit.

Hikvision (002415): The company is fully prepared to be affected by the US supplementary entity list

Hikvision (002415): The company is fully prepared to be affected by the US supplementary entity list

Event: The official website of the US Department of Commerce released information on October 8th, Beijing time (October 7th local time), indicating that 28 entities including Hikvision, Dahua, and other Chinese technology companies will have alternate export controlsList of entities.

On the afternoon of October 9, 2019, Hikvision hosted a telephone briefing about being replaced by the US Department of Commerce with a “physical list.”

Meeting points and comments: The merger of the entity list is mainly restricted on the procurement side: The US Department of Commerce’s decision to divide Hikvision and other companies into “entity list” was implemented at 12:00 noon, October 9, 2019, Beijing time.

The restrictions on listing in the entity list are mainly 青岛夜网 concentrated on the procurement side: (1) the import of US-originated goods, technology or software from the United States or other countries is restricted; (2) the import of goods from other countries, if the value of US controlled items accounts forMore than 25% are restricted; (3) The products are directly produced using US-originated technology or software, or manufactured by factories constructed using US-originated technology or software, which are restricted.

There will be no restrictions on the company’s internal business and the provision of products and services to customers in the United States and other countries.

The company adopts various methods to ensure the stability of the supply chain: Since May 2018, the company has made various preparations to ensure the stability of the supply chain: (1) The 北京夜生活网 company sorts out all American materials and fully implements the replacement of American componentsWork, at present most American component manufacturers can replace directly or through new design solutions, which will not affect product performance or have a slight impact; (2) the company has increased the inventory method (2019H1 raw material cost increased by 90%)It should deal with a small amount of materials that are too late to replace, so that the company expects excess replacement processing time; (3) A small amount of materials The company adjusts its business strategy, purchases by customers, and uses them in combination with the company’s products.

(4) The company will further increase R & D investment and increase R & D efforts in basic areas, from products and systems to detectors and processors.

We believe that through more than a year of preparation from increasing inventory to replacement solutions to increasing research and development, the company will improve the stability of the supply chain, and it is expected that it will have a small impact on product delivery.

Although the short-term performance fluctuates, the long-term development trend is not changed: the supplemented entity list may have a short-term performance of the company in the short-term, which has some impact, but after more than a year of preparation and continuous communication with customers, downstream customers are currently accepting the entity listThe degree of trust is fair, and the company has a high degree of trust. We expect that the actual impact will be limited.

In the medium and long term, as a global leader in the field of video surveillance, the company has obvious advantages in technology and services, and its reserves in video IoT and AI replace its peers, which can better develop its potential.

We believe that the short-term impact of some entity list events will not change the company’s long-term development trend.

Earnings Expectation: Considering that the company’s merger into the entity list may cause changes in short-term performance, we correspondingly lower our earnings forecast for the company.

We expect the company to achieve a net profit of 120 in 2019 and 2020, respectively.

600 million, 127.

80,000 yuan, a year-on-year increase of 6.

2%, 6.

0%, EPS is 1.

29 yuan and 1.

37 yuan, the current sustainable corresponding dynamic PE is 25X, 24X, we still maintain the “hold” investment proposal.

Risk warning: the impact of the intensified trade war; government and business investment recovery is not as expected

Yangtze Power (600,900) company dynamic comment: $ 3.6 billion acquisition of Peru’s distribution of electricity assets new performance growth point

Yangtze Power (600,900) company dynamic comment: $ 3.6 billion acquisition of Peru’s distribution of electricity assets new performance growth point
Event: The company announced an investment in a South American power distribution project.This comment is as follows: A wholly-owned subsidiary acquired Peru’s assets such as electricity distribution and distribution, and its core asset was Peruvian listed company LDS Company83.64% equity.The company purchased Sempra Energy, a company listed on the New York Stock Exchange, on the grain exchange and other assets through a wholly-owned subsidiary, Changdian International Bidding, and signed the Equity Acquisition Agreement on September 28.The underlying assets of this investment are 100% equity of SAB company held by Sempra Netherlands and approximately 50% of POC company.0% equity, of which the remaining 49 of the POC company.9% of the shares are held by SAB.The core assets owned by SAB and POC are LDS 83, a company listed on the Lima Stock Exchange.64% equity.The transaction base acquisition price was 35.9 billion US dollars, the final purchase price will be adjusted based on the basic purchase price based on the price adjustment mechanism.After the completion of the above acquisition, the remaining amount of LDS companies will be triggered no more than about 13.A mandatory tender offer of 7% of the shares. The tender offer price will be determined by an appraisal company designated by the Peruvian Securities Commission.After the completion of this investment, the company will indirectly hold LDS companies no less than 83.64% stake. Transaction price: The basic transaction amount is 35.9 billion US dollars, the final transaction amount will be determined based on the price adjustment mechanism.That is, on the delivery date, the initial purchase price required to be paid in advance for compensation is the base transaction price, plus the expected adjusted working capital, the adjusted net debt is expected in advance, and then the initial transaction cost is regained; after the delivery date, the replacement will be basedAudit the situation on the delivery date and determine the final purchase price based on the audit results on the delivery date.In order to meet the investment funding requirements, Changdian International intends to apply to an international syndicate 杭州桑拿 for financing of no more than 4 billion U.S. dollars, and the company intends to provide a guarantee for the above-mentioned financing of Changdian International. Payment method: The consideration for this transaction is paid in cash. Trigger the remaining 13.A 7% compulsory bid for shares is determined by a third-party independent valuation company.LDS is a listed company listed on the Lima Stock Exchange. SAB and POC jointly hold approximately 83 LDS companies.64% stake.After the completion of the acquisition, the remaining amount of LDS will be triggered no more than about 13.A mandatory tender offer of 7% of the shares. The tender offer price will be determined by a third-party independent evaluation company designated by the Peruvian Securities Commission.Within 4 months after the completion of the acquisition or within 5 working days after the third-party independent evaluation company issues an evaluation report (whichever is earlier), the POC company will issue an application to the Seed Securities Commission. Delivery conditions include federal anti-colonial review, supplementary financial bureau approvals, etc .: The main conditions for the acquisition and delivery include the company’s shareholder meeting, bill rebuttal review, alternative financial approvals such as the Financial Bureau, and other conventional delivery alternatives. LDS is currently the largest electric power company in Peru. It carries out distribution and sales of electricity in the capital Lima. It also has 100,000 kilowatts in production and 73.70,000 kilowatt reserve hydropower project.The core asset owned by SAB and POC is LDS. LDS was established in August 1996. The company is a company listed on the Lima Stock Exchange. It is currently the largest power company in Peru, mainly in the capital of Peru.The region’s distribution and distribution of electricity business, which accounts for about 28% of Peru’s national market, is an important public utility company in Peru.In addition to the power distribution business, LDS also has 100,000 kilowatts of hydropower assets in operation, and approximately 73.70,000 kilowatt hydropower reserve project.In the past three years, LDS has been operating better overall, with long-term stable profitability and abundant cash flow.LDS’s main business is the distribution of electricity under the supervision of the government. The return on investment is a reasonable allowable income approved by the government.Foreign exchange gains are denominated in U.S. dollars, and conversion fees are adjusted monthly based on exchange rate, long-term and other factors. LDS’s 2018 revenue9.$ 600 million, net profit1.6 billion US dollars, net assets 8.$ 100 million. Audited by Deloitte Touche Tohmatsu, as of December 31, 2018, the asset consolidation of LDS’s consolidated financial statements was approximately 17.700 million US dollars, net assets are about 8.1 billion US dollars, in 2018, the operating income of the LDS company’s consolidated financial statements is about 9.6 billion US dollars, net profit is about 1.6 billion dollars.According to the binding quote report issued by a third-party financial adviser, the estimated base date is December 31, 2019. Using the segment totalization method, the value of the underlying asset company is about US $ 4.3-5.1 billion and the equity value is 37?$ 4.5 billion. LDS’s revenue is mainly based on the electricity distribution business. In 2018, the main business income increased 4.6%, net profit grows by 15 per year.3%.Among the main business income in 2018, the distribution of electricity, generation and leasing accounted for 96.1%, 3.8%, 01%.Revenue from the electricity distribution business increased by 4 per year.2%.Among them, the electricity sales increase by 2 every year.5% to 91.4.5 billion kWh, the average electricity price increased by 1.0% to 0.0952 USD / kWh (equivalent to 0.68 RMB / kWh).With the increase in electricity sales and the rise in electricity sales prices, the company’s comprehensive gross profit margin for 2018 was 27.7% rose to 29.2%; With this, the company’s gross profit in 2018 increased by 10.2%.Net profit grows by 15 per year.3%. In 2018, in the LDS electricity sales structure, residents, commercial, industrial, and exchange customers (only exchange customers who do not sell electricity and charge customers) accounted for 32 respectively.8%, 24.6%, 6.8%, 31.5%.Among them, the sales volume of dispatch customers increased by 49 in 2018.6% is an increase in overall electricity sales2.5% of prime.The number of tons of carbonates sold by residents, businesses, and industries increased by 2.3%, -6.7%, -20.5%. LDS has strong profitability and superior cash acquisition ability.In 2018, LDS’s net profit margin started from 15.5% rose to 17.1%, diluted ROE from 18.2% rose to 19.6%.In 2018, LDS’s net cash flows from operating activities, investment activities, and financing activities were 1.70, -1.01, -0.$ 6.1 billion. Investment suggestion: The pioneer of the world’s hydropower industry, maintain a highly recommended level.For the time being, regardless of the impact of the acquisition of Peru’s electricity distribution assets on earnings, the company is expected to be in 2019EPS will remain at 1 in 2021.06 yuan, corresponding to 17 times the price-earnings ratio.The perpetual benefit is 0 and the WACC is 5.The assumption of 7%, Yangtze Power FCFF estimate is 22.97 yuan / share.The acquisition of high-quality power distribution assets reflects the company’s outstanding investment and financing capabilities, and provides new growth points for Wudongde and Baihetan before commissioning. Risk Warning: Peru ‘s progress in the purchase of electricity distribution assets may exceed expectations; water supply may be lower than expected; on-grid electricity prices may drop unexpectedly

Policy efforts to boost confidence and rebuild production in an orderly manner

Policy efforts to boost confidence and rebuild production in an orderly manner

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  Original headline: Policy efforts to boost confidence and resume production in an orderly manner. □ Reporter 昝 Xiuli resumed production is an urgent need to prevent and control the epidemic and protect people’s livelihood. It is also an inevitable choice for listed companies to continue their operations.

In order to help enterprises resume production at an early date, multiple departments introduced “combination boxing” to boost corporate confidence.

As the “superior student” in the enterprise, the merged listed company resumed orderly production and resumed production, giving full play to the role of “leader”, and contributed to the rational operation of the economy.

  There is a difference in the rhythm of resumption of work. ”
In the end, the company’s rate of return to work was close to 90%, which effectively achieved both epidemic prevention and control and the resumption of production.

“Puluo Pharmaceutical recently announced that during the Spring Festival, the production subsidiaries of the company have kept the front-line production work running steadily.

After the holiday, on the basis of strictly controlling the epidemic situation, the company further effectively and orderly promoted the resumption of production and production of its subsidiaries.

  As the impact of the epidemic gradually eased, the resumption of work in various industries gradually became the focus of market attention.

  Guosheng Securities recently counted the resumption of work in 108 sub-sectors and listed companies, and divided the overall profile into three categories: normal production during the Spring Festival, most companies resumed work around February 10, and a few companies were up to around February 17 or to be determined.

Among them, the normal production of the Spring Festival is mainly extractive industry, pharmaceutical and 杭州桑拿 biological industry, transportation industry, environmental protection industry, commercial retail (supermarket).

The industries that resumed work around February 10 mainly include: non-ferrous metals (copper), construction (outside Hubei), machinery, steel, food and beverage, home appliances, building materials, automobiles, textiles and clothing, and finance (securities industry).(Resumed), electrical equipment, new energy, communications, electronics, military, light industry manufacturing (outside Hubei).

  ”The pace of return to work varies greatly across industries.

According to the analysis of the macro team of Tianfeng Securities, due to the different degrees and organizational methods of different industries, the general order of resumption of work is as follows: heavy manufacturing (capital-intensive), production 上海夜网论坛 services, necessary consumer services; general manufacturing (labor-intensive), businessService industry, construction industry; life service industry.

  GF Securities comprehensively sorted out the supply and demand of 29 major industries and sub-sectors, and the situation of supply and demand.

In terms of subdivisions, military, power equipment, oil and gas equipment, aviation airports, consumer electronics, supermarkets and other industries have been fully resumed. Catering, construction engineering, movie theater lines, jewelry department stores and other industries are all in a small part of the resumed or replaced.Return to work status.

  The accelerated recovery of the industrial chain varies depending on the time of resumption of work in various places. There are differences in the operating conditions of enterprises. Some industrial chains have shortages of raw materials or insufficient capacity. Therefore, the supply of logistics, energy, and raw materials has become the key.

At present, listed companies at a critical moment in the industrial chain are accelerating production recovery and the industrial chain is accelerating recovery.

  In order to ensure the smooth production capacity of the supply chain, enterprises have also resorted to “unique tricks”. While ensuring that the epidemic prevention and control work is in place, they are working hard to ensure that the company improves the capacity utilization rate and the supply of raw materials.

  Coal supply and supply are related to power security and the development of upstream and downstream industries.

Jizhong Energy formulates a plan to ensure the supply of thermal coal, and fully protects the supply of thermal coal.

Baosteel has maintained normal operations and production is currently stable.

The company will strengthen research and judgment in the upstream and downstream industries to improve its supply chain security capabilities.

In terms of logistics, Sinotrans’ overseas offices make use of the social resources of the countries in which they are located, and provide services such as free customs clearance and ground operations for relief supplies in multiple locations.

Satellite Petrochemical is a leading domestic C3 industrial chain manufacturer of polycarbonate-polypropylene and acrylic-polymer new materials. This material is the main raw material for masks and disinfectants in the fight against epidemics. In order to give priority to the needs of manufacturers of epidemic prevention products,The company guarantees the full-load operation of the above-mentioned production equipment and ensures the stable supply of the above-mentioned raw materials.

  ”Industrial chains are intertwined, and resumption of work is not synchronized, etc. will cause some industrial chains to face restructuring risks.

“Guo Yiming, the investment consultant director of Jufeng Investment Gu, suggested that only by improving the public service’s ability to protect the labor and raw materials during the epidemic prevention and control period, and the shortage of funds to prevent and control the material, can enterprises resume work and resume production, and promote economic and social stability.

  In order to help enterprises resume production as soon as possible, the regulatory authorities recently issued supportive policies.

  Temporarily, the five departments including the China Securities Regulatory Commission jointly launched 30 policy measures, continued to expand financial support in key areas, and introduced a large number of special measures in terms of financing, mergers and acquisitions, restructuring, and letterpress to reduce the burden on listed companies in areas with severe epidemics.

  After the outbreak, supervision services will not be closed.

The Securities Regulatory Commission announced recently that the issue of the purchase of assets by FAW Car Co., Ltd. and Boya Biopharmaceutical Group Co., Ltd. will be held on February 18.

  Support policies for the resumption of work and production have been successively launched in various parts of the country, mainly by reducing the burden on enterprises, strengthening financial support, increasing fiscal and taxation support, increasing job placement, and other measures to promote the restoration of production.

  On top of strict targets, Jiangsu Province, with preventive measures, focusing on “three required industries” and “six types of industrial enterprises”, organized personnel to return to work and return to work in an orderly manner, coordinated and coordinated transportation security, and made good use of each.The policy of benefiting similar enterprises promotes the precise resumption of work.

The Guangdong Provincial Government issued policies and measures to support the resumption of production and restart production, from further increasing the efforts to ensure the resumption of production and resumption of production, reduce the labor costs of enterprises, reduce the operating burden on enterprises, increase financial support, and optimize government services.Various enterprises affected by the epidemic resumed work and resumed production.

The Liaoning Provincial State-owned Assets Supervision and Administration Commission recently issued ten policies and measures to guide and promote provincial enterprises to respond to the epidemic situation and organize the resumption of work.

Red Sun (000525) 2018 Annual Report Comments: Restructuring of gross profit margin drags down profits optimistic about long-term performance growth

Red Sun (000525) 2018 Annual Report Comments: Restructuring of gross profit margin drags down profits optimistic about long-term performance growth
Core point of view The company’s revenue grew steadily in 2018, and gross profit margin restructuring dragged down profits.However, we are optimistic that the company will improve the industrial chain through the deployment of new production capacity, and long-term performance growth can be expected.Due to lower product prices in the short term and higher-than-expected increase in raw material costs, we have lowered the company’s 2019/20 net profit return to motherhood to 7.02/8.76 million, cut target price to 24.2 yuan (origin target price of 30 yuan), maintain “Buy” rating. Operating income grew steadily, and gross profit margins dragged 厦门夜网 down profits.The company achieved revenue of 59 in 2018.08 thousand yuan, ten years +16.5%; sales of major products such as paraquat, diquat, and chlorpyrifos have driven sales upward.The company achieved first-class net profit attributable to mother 6.370,000 yuan, at least -10.8%, lower than expected.The company’s profit growth was mainly due to the shrinking supply of upstream raw materials, which led to rising production costs and a decline in gross profit margin.8 pieces to 28.9%. We believe that in the future, under the tightening policy environment of Anhuan, tightening supply and demand is expected to drive product prices upward, and the company’s gross margin improvement can be expected. Layout of multi-product capacity, long-term performance growth can be expected.In 2018, the company 1 candidate biochemical enemy grass fast, 1 involved in biochemical VB3, 2.The production capacity of 5 free radical biochemical phospholipid bases and 3,000 tons of biochemical glufosinate were successfully completed and put into operation. At the end of 2018, the company signed an investment framework agreement for the Chongqing Longevity Production Base Project and plans to invest 16.$ 8 billion to build 2 initial biochemical glufosinate projects.We are optimistic that the company will improve the integrated industrial chain by actively deploying new production capacity and launching new bases.After the above-mentioned production capacity is fully released, the company is expected to realize its production capacity and cost advantages to further increase market share, and long-term performance growth is expected. The acquisition of Chongqing Zhongbang was completed, and the industrial chain was effectively coordinated.In 2018 the company started with 11.8.6 billion yuan completed the acquisition of 100% equity of Chongqing Zhongbang, and the promised acquisition target net profit for 2018-2020 is not less than 64,449 / 8,477 / 11,214 yuan; in 2018, it achieved net profit of 68,200,000 yuan, exceeding the performance commitment.Chongqing Zhongbang’s feasible 2,3-dichlorothiophene and ZPT production capacity form an effective synergy with the company’s existing industry chain.We believe that the company’s market expansion is expected to increase under the background of the dichloro radical leading companies’ limited production and tight supply and demand pattern. Risk factors: intensified competition in the industry; less-than-expected release of production capacity; declining global demand for pesticides. Investment suggestion: As product prices decline in the short term and raw material costs increase more than expected, we lower the company’s 2019/20 net profit return to motherhood to 7.02/8.76 trillion (previous forecast was 11.49/13.560 thousand yuan), the corresponding EPS is 1.21/1.51 yuan; we predict that net profit attributable to mothers will be 10 in 2021.830,000 yuan, corresponding to EPS1.86 yuan.Based on the industry’s average expected level, the company was given 20 times PE in 2019, and the target price was reduced to 24.2 yuan (origin target price of 30 yuan), maintain “Buy” rating.

HKUST Xunfei (002230) Company Research: Steady growth in business performance, smart education and other business lines help frontline epidemic

HKUST Xunfei (002230) Company Research: Steady growth in business performance, smart education and other business lines help frontline epidemic
Event: HKUST Xunfei announces 2019 performance forecast: In 2019,深圳spa会所 the company will realize net profit return to mother.3 eight percent.900 million, an annual increase of 35% -65%. Performance has grown steadily, with a median forecast of 50% for the full year.In 2019, the company’s revenue is expected to exceed 10 billion U.S. dollars, and the scale of revenue has entered a new transformation; the net profit attributable to mothers will be 7.3 ppm-8.USD 900 million, an annual increase of 35% -65%; the estimated net operating cash flow is USD 1.5 billion.In 2019, based on the world’s leading artificial intelligence technology, the company continued to advance the “platform + track” strategy, and the results continued to appear. The winning of two large orders for smart education marked a significant change in the procurement model of education business.In December 2019, they won the US $ 1.6 billion project of Bengbu Smart School and the 800 million project of Qingdao Artificial Intelligence + Education, totaling 2.4 billion education orders, accounting for 30% of the 18-year revenue and 1 of the 18-year education business revenue.2 times, the large order represents a gradual demonstration application of the company’s education business.At the same time, important marginal changes have taken place in the procurement target. In the previous smart campus, smart classroom and personalized learning procurement, schools were used as the purchasing unit, the order amount was small, the approval process was long, and standardized implementation was poor.The two successful bidders launched this time were the Bengbu Education Bureau, the Huangdao District Education and Sports Bureau, and the Education Bureau ‘s project order scale as a unit. The higher the standardization of the school, it also means that the channel for education business has occurred.A noticeable change. Medical, education, government and other business lines are dispatched to support frontline epidemic prevention and control.Recently, the HKUST Xunfei Open Letter announced that in the fields of medical treatment, education, justice, government services, and operators, the use of independently controllable technologies and products to help prevent and control the epidemic, and form three-dimensional assistance.In the medical field, HKUST’s Feizhi Medical Assistant has analyzed 2.42 million primary medical records; in the education field, HKUST’s Feifei provides intelligent air classroom services to Hubei and other regions; in the government affairs field, the 19 million registered terminal government affairs app”On-line” new pneumonia prevention and control topics “; in the field of politics and law, artificial intelligence is used to assist police departments and help the government to effectively manage personnel involved in affected areas. HKUST’s net profit attributable to the parent company for 2019-2021 is estimated to be 8, respectively.4 billion, 14.0 billion, 21.90,000 yuan, maintain “Buy” rating. Risk warning: market competition is intensified; technology research and development is lagging behind and investment is not up to expectations; brain drain; increased accounts receivable and customer returns are not up to expectations; expenses may increase further.

Shiji Information (002153) Company Performance Express Review Comments: Performance Express Meets Expectations Platformization, Significant Progress in Internationalization

Shiji Information (002153) Company Performance Express Review Comments: Performance Express Meets Expectations Platformization, Significant Progress in Internationalization
Event: On the evening of February 27, the company released the 2018 performance report. The report stated that the company achieved a total operating income of 30.31 ppm, an increase of 2 over the same period last year.38%; net profit attributable to shareholders of listed companies4.35 ppm, an increase of 3 over the same period last year.71%. Investment advice: The company’s performance is in line with expectations and is at the bottom of the notice.In 2018, the company accelerated its transformation from a software supplier to the entire large consumer sector, with big data-driven application service platform operators, and made significant progress in platformization and internationalization.The growth rate of net profit attributable to mothers is 1 percentage point higher than the growth rate of operating income, and the operating efficiency has steadily improved.As a leading company in the large consumer field, the company has a clear industry pattern in the hotel sector. Cloud-based products have also been shortlisted for the international hotel group supplier list. In the retail sector, they have launched in-depth cooperation with Ali to lend Ali’s strongCapabilities, coupled with Shiji’s deep-seated informatization technology and resource accumulation for many years, among which Qiangqiangqiu tries to lead the new retail outlet in the future, and its future development is worth looking forward to.We predict that the company will achieve revenue of 30 in 2018-2020.3.2 billion, 34.00 ppm, 38.7.7 billion, achieving net profit4.3.5 billion, 6.1.9 billion and 7.9.3 billion yuan, EPS is 0.41 yuan, 0.58 yuan and 0.74 yuan, with reference to the closing price of 31 on February 27.99 yuan, corresponding to PE is 79 times, 55 times and 43 times, respectively, giving a highly recommended grade. Cloud-based products have achieved another breakthrough in the internationally renowned hotel group: According to the company’s official website on February 11th, Hyatt Hotel Group officially selected Infrasys Cloud, which Shiji belongs to, to manage numerous hotel restaurants and catering stores, which means that the company ‘sCloud POS products have officially entered the Hyatt Global Purchasing System.The entry of Hyatt’s global procurement system means that Shijiyun’s POS products have made another breakthrough in the world’s top hotels.At present, InfrasysCloud, the cloud-based POS product, has taken the lead in gaining recognition and adoption from top hotel major customers. In May 2018, Shiji’s cloud POS products achieved major customer breakthroughs for the first time and entered the InterContinental Hotel’s global procurement system.It is reported that Hyatt Hotel Airport uses the version of an overseas manufacturer. This shortlist of global cloud POS also increasingly shows that Shiji’s cloud POS has gained good product competitiveness and has been gradually recognized by major customers of the group.In the field of cloud POS, it has realized the replacement of overseas competition. Platformization and internationalization strategy continue to advance: In terms of platformization, business development is in a good shape. Through the continuous play of the company’s retail business sector synergy, the company’s payment platform traffic has maintained rapid growth, and the Changlian booking platform technology has further improved, and transaction traffic has achieved healthy growth.In terms of internationalization, in addition to cloud POS being favored by overseas customers, the company has also established new subsidiaries in India, Japan, Dubai, Macau, Thailand and other places, and strives to expand the company’s high-end hotel information system business to overseas markets and provide services to global customersIn terms of international investment, the company continued to focus on the hotel business. In 2018, it wholly acquired StayNTouch, Inc., a mobile hotel information system provider., Hotel big data analysis service provider Snapshot GmbH, golf and spa management solution provider CONCEPTEK-SISTEMAS DE INFORMAOS.One. Full cooperation with Ali in the field of large consumption: In the field of hotels, the two sides first conducted in-depth cooperation. As a provider of direct connection technology, Shiji linked the hotel information management 南京桑拿网 system with Ali’s travel management system, including the hotel system directly.The four areas of credit, product development of credit and living, connection of member service platform, and payment of bills by scanning code are convenient for Shiji Information’s hotel customers to better develop e-commerce business.In the field of catering, Shiji has opened the interface between the existing catering software and Alibaba related platforms, and successfully opened social restaurant and hotel group users from meal reservations, pre-orders, table scanning, ordering, electronic bill push,The closed-loop O2O business of online payment, takeaway and member registration, membership points, consumer voucher management, and electronic ticketing functions has improved restaurant marketing capabilities and reduced restaurant operating 杭州桑拿 costs.In the field of retail and payment business, the company has also conducted extensive direct cooperation with related platforms of Ali.The retail sector is still further integrating large-scale retail subsidiaries. The Shiji Retail Committee has been established. The specific cooperation with Ali’s new retail business includes cooperation on Hema Xiansheng, Taoxianda, and smart stores. Risk reminder: The development of new technology in the industry will gradually lead to technical risks; market and policy risks of the company’s traditional business relying on the development of the hotel industry; business management risks brought by the expansion of company assets and business scale; overseas investment risks; and progress in cooperation with Internet companies is uncertainSexual risk.

Taihe New Materials (002254): Spandex layout optimized, aramid production expansion drives growth

Taihe New Materials (002254): Spandex layout optimized, aramid production expansion drives growth

Introduction to this report: After the company’s spandex production capacity was shifted to the Ningxia plant, the cost advantage became apparent; the aramid technology led, the profit margin increased, and the production capacity was further expanded.

Investment Highlights: The first coverage is given an “overweight” rating with a target price of 12.

76 yuan.

We estimate that the company’s net profit attributable to its mother for 2019-2021 will be 1.

900 million, 3.

100 million, 4.

600 million, EPS is 0.

31 yuan, 0.

51 yuan, 0.

75 yuan, the growth rate is 22%, 63%, 46%, corresponding to PE is 34/21/14.

We use segment assessment to give the company a market value of 77 in 2019.

9.4 billion, corresponding to a target price of 12.

76 yuan, 19 years away from the current sustainable.

70% space.

The spandex 四川耍耍网 production capacity was gradually shifted to Ningxia. After the cost dropped, the losses gradually turned into profit.

The spandex industry is in a period of deep integration, and the company invested in Yantai Park1.

5 Introduce high additional balanced spandex to replace the old capacity. Invest 6 conventional spandex in Ningxia factory. The cost will decrease by RMB 1,000 / ton after the production.The net profit reached 1,200 yuan and the net profit was 90 million yuan, turning losses into profits.

Aramid capacity expanded and profitability increased significantly.

After the new capacity is put into production in 2021, the company will have zero.

6 cationic para-aramid production capacity, 1.

2 Insert meta meta aramid production capacity, according to the increase of application areas, respectively according 深圳桑拿网 to 3.

Calculating the net profit of 20,000 yuan and 20,000 yuan / ton, the company will achieve a net profit of 3 in the aramid sector in 2021.

70,000 yuan, ranking 2018 profit increased by more than 90%.

The localization of aramid is accelerated, and the production capacity of environmental protection is cleared.

Regarding the company’s positioning in the market as an alternative to traditional chemical fiber manufacturing enterprises, we believe that the company, as a leading company in the domestic aramid industry, belongs to the core technology of new materials companies, and can truly compete with overseas companies.

In particular, aramid’s main application areas are military protection and optical fiber, and trade friction will accelerate localization; at the same time, environmental protection will become stricter and the industry’s backward production capacity will be cleared naturally, and the company’s market share will further increase.

Risk warning: The project is put into production less than expected; the price of spandex continues to fall; the price of aramid raw materials rises.

China Pet Holdings (002891): Homeopathic and Expected Performance Release

China Pet Holdings (002891): Homeopathic and Expected Performance Release

Follow the trend and focus on the domestic market.

In the past three years, the company’s business has further focused on the domestic market and gradually completed the transition from export OEM to independent brand sales. The proportion of internal business in the next five years is expected to exceed 50%.

We believe that under the background of the rapid increase of domestic market demand and the continuous improvement of regulatory policies, high-quality domestic brands will usher in a golden period of development. The company focuses on the domestic market and builds independent brands is the correct choice to comply with industry trends.

Product + channel + brand strategy together create the prototype of a platform-based enterprise.

At the stage where the actual number of pet-raising people is driving the development of the industry, judging platform companies are trying to stand out.

In terms of the company’s product structure, while ensuring the steady development of snacks and canned food, it vigorously develops high-margin categories-pet dry food, and builds a full-category product structure of snacks + canned foods + staple foods. In terms of channels, it effectively identifies the current competitive situation where channels are king.In the past two years, we have vigorously developed online sales channels, and multiple sales channels have basically formed. In terms of brands, we have actively created a “naughty” multi-brand matrix with high, medium, and low coverage, which effectively covers the needs of multiple pet breeders.

Based on comprehensive judgment, the prototype of the existing company’s platform-type enterprise has basically formed, and the continuous improvement of its own competitiveness in terms of channels and brands is the key to performance release.

At the current stage, the company’s short-term performance is under pressure due to two factors, namely, the substantial increase in costs and the continuous increase in expenses.

However, we think the company’s gross profit margin is expected to stabilize and recover within the next three years.

In terms of expenses, the current brand and channel construction is the main investment direction of the expense side. We believe that in the current stage of development, vigorous brand and channel construction is the key to improving the company’s competitiveness and ensuring the release of future performance, 佛山桑拿网 so there is no need to over-allocate.

Investment suggestion: We predict that the company’s territorial business income will reach 3 in 2019-2021.


200 million, operating income reached 17 respectively.



400 million, the company’s net profit reached 0.



8.8 billion yuan, corresponding to the current PE of 59.



21 times, give “Buy” rating.

Risk warning events: industry growth is not up to expectations, food safety issues, etc.

CICC Gold (600489): Thickening resources and overlapping assets injected into the gold price upward performance can be expected

CICC Gold (600489): Thickening resources and overlapping assets injected into the gold price upward performance can be expected

Investment Highlights: Event: The company releases its semi-annual report for 2019.

The company achieved operating income of 167 in the first half of 2019.

0.7 million yuan, an increase of 3 in ten years.

75%; net profit attributable to mother is 0.

73 trillion, down 41 a year.

08%, deducting non-attribution net profit 0.

61 ppm, down 43 years ago.

9%; the company’s basic earnings are reduced by 50% to 0.

02 yuan.

Gold reserves tend to increase, and resource thickening is expected to be strong: It is reported that the company’s gold metal resource reserves have reached 509 tons, making it the third-largest listed company in the country in terms of gold reserves.

Among them, the gold metal reserves of the company in 2018 and 2019H1 increased by 24 respectively.

6 tons (+ 5%) and 12.

6 tons (+2.

5%), the ongoing performance of the increase in resource reserves.

In addition, as the sole gold resource business platform of the China Gold Group, the company has obtained non-competitive commitments from China Gold.

China Gold Group has a total of 1,907 tons of gold resource reserves and 1022 cathode copper metal reserves, which will provide continuous protection for the company’s subsequent thickening of resources.

The output of main gold products decreased, and the output of copper increased slightly: the company’s 夜来香体验网 main gold product output increased in the first half of the year, of which the output of mineral gold, refined gold and smelted gold was -4.

53%, -10.

65% and -13.

66% to 11.

18 tons, 33.

10 tons and 7.

90 tons.

However, copper output increased slightly, and the company’s mineral copper and electrolytic copper each increased by +7.

12% and +1.

62% to 0.

Chapters 938 and 14.

4 nominal.

The decline in gold output is related to the company’s mine rectification in response to environmental protection policies, and the increase in copper output benefited from the completion of the second phase of the Zhongyuan Smelter.

H1 Zhongyuan Smelter’s debt-to-equity swap results in the company’s return to its parent’s net profit: Zhongyuan Smelter is an important source of profit for the company, and its contribution to the company’s net profit in 20183.

5.5 billion (second only to Sanxin Gold Copper 3).

900 million profit scale), accounting for 94% of the company’s maximum net profit.

2% (3.

7.6 billion); 2019H1 realized net profit1.

9.5 billion, but the ownership of the company replaces 0.

7.6 billion.

The high debt ratio of the Central Plains Smelter (87%) caused the company to carry out a debt-to-equity operation and increased minority shareholders’ equity to 60.

98% (the company’s shareholding is expected to be 39.02%).

Excluding this factor, the company realized a net profit of approximately 2 in the first half of the year.

66 trillion, ten years +2.


Multi-asset injection will boost the company’s performance: the company intends to purchase the Central Plains smelter through additional issuance and cash payment.

98% equity and 90% equity of Inner Mongolia Mining.

The Central Plains Smelter already has an annual output of 33.

With a capacity of 8 tons, 360 tons of silver and 35 tons of copper, its net profit in 2019 may be close to 400 million US dollars.

Inner Mongolia Mining has an initial annual production scale of 2475 and 17.

6-year service period, which verified the amount of copper metal 233.

4 Nominal @ 0.

144%, the amount of molybdenum metal is 55.

1 nominal @ 0.

034%, and there are 1,572 tons of associated silver.

Based on 88% copper and 74% molybdenum recovery rates, the mine produces approximately 5 inches of copper per year and 0 per year of molybdenum.

564 tons, with an annual output of nearly 33 silver.

2 tons, can meet July 2019.

4.6 billion net profit performance commitment.

Gold is still in an upward cycle, and the company estimates that there is room for improvement: the average domestic base gold price has been changed from H1’s 287.

7 yuan / gram (+5.

9%) to 297.

3 yuan / gram (+9.

5%), taking into account the continuation of the gold safe-haven premium, liquidity premium and exchange rate premium, and the consistency and continuity of the gold exchange behavior, the price of gold is still in an upward cycle, and the gold price will break through $ 1600 during the year.

As an upstream gold production company, the substantial increase in mineral gold reserves and output will push the company’s estimated space to open.

Profit forecast and investment grade: We estimate that the company’s operating income in 2019-2021 will be 36.8 billion yuan and 389 respectively.

500 million, 397.

7 ppm; EPS is 0.

11 yuan, 0.

13 yuan and 0.

19 yuan, corresponding PE is 90, 72 respectively.

5 and 50.


The first coverage was given a “Recommended” rating.

Risk warning: The price of gold and copper has fallen sharply, the company’s gold output has fallen short of expectations, and additional issuance and acquisition risks.