Seagull Living (002084): The front runner in the air conditioning of the sanitary industry

Seagull Living (002084): The front runner in the air conditioning of the sanitary industry

Invest in a logic-listed company that integrates large-scale 上海夜网论坛 production of complete bathrooms.

The company is one of the largest domestic high-end faucet and sanitary hardware product manufacturing service providers. Since 2015, the company has laid out complete sanitary wares, and has three major production bases in Suzhou, Qingdao and Zhuhai.

With the promotion of policies, the whole bathroom industry has started an explosive development period.

1) In February this year, the Ministry of Housing and Construction announced the “Specifications for Residential Projects (Draft for Solicitation of Comments)”, which requires that new residential houses in cities and towns should be fully furnished and delivered, and “waterproofing of bathrooms should be no less than 20 years”.

In addition, the “Technical Standards for the Application of Prefabricated Integrated Bathrooms” has been officially implemented on May 1 this year.

We estimate that the new policy will quickly generate a billion-dollar residential commercial housing complete bathroom market.

2) Relevant policies such as long-term rental apartments and talent programs have been gradually implemented since 2015, which have also indirectly promoted the selection of cost-effective packaged sanitary products for apartment projects.

Unique tools to solve the pain points of the whole bathroom, high-end, low-end products “matched.”

The company acquired Suzhou Youchao, which has rich experience in the production of packaged sanitary wares, and reached technical agreements with Panasonic and Siemens successively. With the company’s absolute strength in the sanitary hardware industry for many years, it has reached world-class production technology.

The surface mount technology and flexible mold technology developed by the company ensure the production capacity of customized products for different needs.

There are two-wheel drive of Chaos and Furunda, which realize the full category coverage of short-term talent apartments, convenient hotel projects, mid-to-long-term refined decoration commercial housing, and luxury residential projects.

Sufficient orders and the gradual release of capacity have entered the harvest period.

The company has successfully entered the integrated sanitary ware collection system of developers such as Vanke and Longhu, and is the only supplier that has obtained both Vanke SMC and color steel plate integrated sanitary ware collection qualifications.

In the fourth quarter of 2018, there were two self-made sanitary ware business segments, Chaos and Furunda, which achieved profit for the first time. In 2018, the operating income reached 68 million yuan, accounting for 3% of the company’s operating income.

With the continued advancement of fund-raising projects, it is expected that the company’s capacity increase will be further released quickly.

At present, the company’s major customers have sufficient orders. The three major production bases are almost full. The production capacity is about 4,500 units / month. If the new plant is completed and put into production, it is expected to reach 9,000 units / month by the end of this year and 18,000 units / month by the end of next year.

Estimates and investment recommendations The complete bathroom industry is about to usher in explosive growth, and the company has the largest complete layout in terms of technology, channels and customers.

We predict that the company’s EPS will be zero after 2019-2021.



35 yuan (three-year CAGR is 62.

2%), giving the company 5 in the next 6-12 months.

The target price of 94 yuan, equivalent to 25 times PE in 2019, is given a “Buy” rating for the first time.

Risks The implementation of the new policy did not meet the expected risks, risks in the real estate industry, risks in the smooth progress of the fundraising project, risks in the price of raw materials, exchange rate risks, risks in the development of new businesses not meeting expectations, and macroeconomic value risks.

Hengshun Vinegar Industry (600305) 2018 Annual Report Comments: Steady Growth in Steady Growth and Profitability Steady Improvement

Hengshun Vinegar Industry (600305) 2018 Annual Report Comments: Steady Growth in Steady Growth and Profitability Steady Improvement

Performance review: FY18 performance was slightly lower than expected.

FY 2018 achieved total revenue of 16.

0.94 million yuan, ten years +9.

9%, of which the main condiment business income is 15.

28 trillion, ten years +10.

4%, net profit attributable to mother 3.

05 ten percent, +8.

4%, deducting non-net profit 2.

19 trillion, +20 for ten years.

7%, budget benefit 0.

39 yuan, the performance was slightly lower than expected.

Of which 18Q4 earned 4.

580,000 yuan, ten years +7.

3%, net profit attributable to mother 0.

86 ppm, at least -36.


FY18 gross profit margin 42.

2%, ten years +1.

6pcts, net interest rate 18.

0%, one year -0.


FY18 budget proposed dividend.

12 yuan (including tax), dividends implanted 30.


Vinegar and cooking wine are growing well, and the expansion in East China and foreign ports has been smooth.

Revenue of the company’s condiment business in FY18.

28 trillion, ten years +10.

4%, black vinegar and high-end vinegar categories continued to grow, and cooking wine actively explored the market to record a higher growth rate, of which black vinegar / white vinegar / cooking wine business income was 8.



94 trillion, +9 for each year.

59% / 13.

3% / 26.

6%, of which high-end vinegar accounted for 23% of balsamic vinegar products.

5%, ± 2.

2pcts, high-end vinegar income +15 for ten years.

1%, higher than the growth rate of vinegar.

The increase in vinegar and cooking wine was mainly due to the increase in sales, which were +8.83% / 33.

42%, reflecting the company’s precise brand publicity, the “big single product + dual brand” operation and the development of catering channels have gone smoothly.

In terms of different regions, the market advantage of East China continues, with a revenue share of 48.

7%, +4 per year.

2pcts, East China / West China / North China / South China / Central China revenue increased by 20 respectively.

3% / 17.

7% / 13.

2% / 12.

3% / 12.

3%, both achieved a benign growth of more than double digits, while accelerating the pace of expansion into overseas markets, overseas sales increased by 18.


In addition, the company reached strategic cooperation with mainstream e-commerce platforms such as Tmall and JD. Its offline stores expanded to 7 trillion.

Profitability has steadily improved, and non-net profit has been set at a record high.

In FY18, the company’s condiment business gross margin was 43.

3%, ten years +1.

82 items, of which the vinegar / cooking wine gross margin was 44.

0% / 33.

2%, ten years +2.

0 / -6.

At 31 pcts, the company continued to create “Class A core products” and “high-end products”. The vinegar category benefited from product upgrades and production scale, and its gross profit margin increased steadily. However, due to the increase in raw material costs, cooking wine category actively explored the market and caused a decline in gross profit margin.On the whole, the company’s profitability has continued to improve.

On the expense side, the long-term selling expense ratio is 14.

9% every year -0.

3pct, mainly derived from the promotion expense ratio ratio -1.

4pcts, management expense ratio (including R & D expenses) 9.

4% per year -0.

2pct, of which R & D cost is +257 for ten years.

4%, cost control is good, and operating efficiency continues to improve.

FY18 company realized non-recurring gains and losses of 0.

US $ 8.5 billion, including government subsidies, gains from changes in fair value, etc., and realized non-net profit deductions2.

19 trillion, +20 for ten years.

7%, a record high, of which 18Q4 company achieved net profit attributable to mother.

86 ppm, at least -36.

6%, mainly due to 0 in 17Q4.

The 5.2 billion asset disposal income has a high base. Excluding recurring gains and losses, the company realized a net deduction of non-attribution to its mother in 0Q0.

60 trillion, +3 for ten years.


Focus on the main business, strengthen marketing, and wait for the improvement of the mechanism to drive speed.

In 19 years, the company’s target condiment business sales growth + 12%, deducting non-net profit + 15% per year.

In the past two years, the company has stepped up marketing reforms, channel feedback policies have been continuously strengthened, and the sales staff assessment mechanism has improved. At the same time, non-main business has been dealt 南宁桑拿 with in an orderly manner, and operating efficiency has continued to improve.

In terms of market, it has consolidated traditional channels, actively expanded catering channels, and fully promoted the operation of Hengshun and Beigushan dual-brands and product classification. At the same time, it has implemented precise advertising and established a high-end brand image.Initially, the main products were raised in price, and channel feedback was good.

In the future, the improvement of expectation mechanisms will drive the acceleration of category revenue, and scale effects and cost control will continue to drive profitability to release performance flexibility.

Profit forecast, estimation and investment recommendations: The company focuses on the main business, the condiment business maintains a steady growth, the cost 北京夜网 control effect is good, the profitability continues to improve, the initial main product price increases to improve performance, channel feedback sales are good, and marketing channels improve gradually.Progress, and look forward to the follow-up mechanism reform to promote the full release of business vitality.

We predict that the company’s EPS for 2019-2020 will be 0.



60 yuan, corresponding to PE is 31/26/22 times, with reference to comparable companies in the industry, based on 30X estimates next year, the company will be given a target price of 15 yuan, maintaining a “recommended” rating.

Risk reminder: market expansion is less than expected, and marketing reform is less effective than expected.

Guiguang Network (600996) Industry Prosperity Enhances Company’s Core Competitiveness

Guiguang Network (600996) Industry Prosperity Enhances Company’s Core Competitiveness
Recently, the radio and television industry has intensive policies. Favorable policies such as 5G and ultra-high-definition video are expected to improve the prosperity of the radio and television industry in the medium and long term.On November 22, 2018, the State Administration of Radio, Film and Television stated in public that the Ministry of Industry and Information Technology had agreed to participate in the 5G license of the State Grid Corporation of China.Substantial advancement in 2019; On March 1, 2019, the Ministry of Industry and Information Technology, the State Administration of Radio, Film and Television, and CCTV issued the “Ultra HD Video Industry Development Action Plan (2019-2022)”. Based on the existing wired network advantages, the first-mover advantage is obvious.The above policy support is expected to gradually improve the traditional business under constant pressure, and the medium and long term will improve the industry’s prosperity. The company’s core competitiveness, to the C business is stable and the proportion of revenue has gradually decreased, to the B / ToG business is elastic, is expected to become the main driving force of the company’s performance in a short time. The company took the lead in completing the integration of the provincial network. (At present, only four listed radio and television companies have been completed, and the other three are Jilin, Shaanxi, and Guangxi.) The fiber optic network has covered all villagers’ groups (in the province, it is covered by the three major telecommunications operators).Wider), the intranet rate of broadband services is as high as 85%. Based on the advantages of provincial network integration, compared with the three major telecommunications operators, the company integrates competitive advantages (wider, conversion) within Guizhou Province.The company continues to invest in the construction of radio and television infrastructure network facilities. By the end of 2018, the construction of main facilities has been basically completed (the depreciation and amortization forecast for 2018 is about 3).300 million). In the future, the marginal cost of expanding the customer collection business on a complete basic network will increase, and the performance of new businesses will be more flexible. The company fully benefits from the people ‘s livelihood project: 1) the people ‘s livelihood project has received much attention and the administrative promotion has made breakthroughs; 2) after the people ‘s livelihood project has supplemented the financial budget, the stability of the business is guaranteed; 3) if the people ‘s livelihood project benefits from policy support, it will take a short time,efficient. Investment suggestion: The company’s core competitiveness is outstanding. Based on the existing resource endowment, the future performance is highly flexible.We expect the company to achieve net profit attributable to mothers from 2018 to 20203.2.2 billion, 3.5.7 billion, 4.44 trillion, corresponding to EPS 0.31 yuan, 0.34 yuan, 0.43 yuan, taking into account the company’s strategic expansion period in 2018 and 2019, we believe that the company’s net profit margin 成都桑拿网 in 2020 is a reference value; the industry’s prosperity has risen, and the company’s own competitiveness is outstanding. We give the company a PE estimate of 25-30 times in 2020, Corresponding to the target price of 11.61 yuan, maintain “Buy-A” rating. Risk reminder: the risk that the business development progress of B / G is less than expected, the risk of the deterioration of the fundamentals of C business, the three major benefits of the radio and television industry, and finally the realization of the risk of measuring the decline of the central hub.

Depth-Company-Hualan Biological (002007): Flu vaccine maintains rapid growth, blood products business stabilizes and rebounds

Deepin * Company * Hualan Biological (002007): Flu vaccine maintains rapid growth in blood products business stabilizes and rebounds

The main points of the official rating are quarterly. In 2018, the company’s revenue and net profit growth resumed growth quarter by quarter and accelerated from the second half of the year.

Starting from Q2, the company’s annual revenue and net profit growth reached 34.

63% and 39.

41%, through the Q4 influenza vaccine sales into the peak season, the company’s revenue and net profit growth rate reached 68 per year.

24% and 129.

88%, that is, the albumin channel destocking has been basically completed from Q3. Since Q4, albumin manufacturers’ inventory has started to be tight. Albumin has entered a tight supply and demand situation. In 2018, the blood product inventory decreased by 25.


By product line, a total of 852 influenza vaccines were issued in 2018.

260,0四川耍耍网00, accounting for 52 of the total number of influenza vaccines issued in the country.

85% of the vaccine business is expected to achieve revenue7.

9.8 billion, net profit 2.

0.3 billion (attributable to mother), net interest rate is 33.

83%. Due to the listing of high-margin quadruple influenza vaccine and scale effect, the gross profit margin of the vaccine business reached 83.


The total revenue of the blood products business was 24.

0.8 billion, net profit 8.

00 billion, net interest rate 33.

22%. Due to the backlog of inventory caused by the two-vote system, the ex-factory price of destocked blood products fell slightly, and the overall gross margin was 58.


Of which albumin income was 10.

25 billion, a year-on-year increase of +11.

45%, accounting for 42% of the income of blood products.

58%; Jing Cing income 6.

4.0 billion, a year-on-year increase of 10.

77%, accounting for 25% of income from blood products.

09%; Expected exemption, total exemption and exemption 4.

600 million, a year-on-year increase of + 100%, accounting for 19% of the income of blood products; it is expected that the income of factor VIII and prothrombin complex will total 3.

200 million, + 29% year-on-year, accounting for 13% of blood product revenue.

In terms of expenses, it is estimated that the sales cost of vaccine business3.

2.7 billion, with a sales expense ratio of 40.

98%, blood product sales expenses2.

1.1 billion, sales expense ratio 8.


It is expected that the sales expense ratios of vaccines and blood products will remain at 41% and 8 in 2019, respectively.


In terms of management costs, it has increased by 13 per year.

89%. It is estimated that the total annual growth rate of R & D investment and other management expenses in 2019 will be 14.

33%, basically the same as the increase in 2018.In January 2019, the company awarded stock incentives to 111 employees at a price of 19.

68. Based on the 2017 net profit, the growth rate of net profit in 19 and 20 years should not be less than 16.

7% and 14.


In terms of new products, the AC meningopolysaccharide vaccine has been approved for sale in 2018, and the EV71 hand-foot-mouth virus inactivated vaccine has obtained clinical approval. It is expected that the diabetic vaccine will be approved for marketing by the end of 2019.

In addition, the company’s adalimumab, trastuzumab, rituximab, and bevacizumab are in phase III clinical trials. Denitumumab, panitumumab, and ipilimumab have obtained clinical approval.

It is estimated that as the cost of selling blood products is slightly higher than last year’s forecast, there will still be pressure for destocking in 2019, and the sales expense rate is still high. Therefore, the profit forecast for 19 and 20 is slightly adjusted down.Net profit was 13.

92, 17.

08, 20.

3.8 billion, corresponding to an EPS of 1.

49, 1.

83, 2.

18 yuan, corresponding to PE is 30, 24, 20 times, maintaining the buying level.

The main risks facing rating competition for intensified influenza vaccines, the progress of new product launches gradually surpassing expectations, and the destocking of static propanes gradually surpassing expectations.

Aishida (002403): Online Channel Share Declines

Aishida (002403): Online Channel Share Declines

Recent situation of the company Due to the need for epidemic prevention and control, the construction of all parts of the country has been postponed to February 10; the retail monitoring data of Taobao Data has been updated recently.

Comment on the proportion of cookware affected by the epidemic situation: 1) Cookware products are convenient for online shopping. We expect that cookware products will be relatively less affected during offline control.

2) The company’s offline channels are mainly in shopping malls and supermarkets. Passenger flow from the above channels will be affected in the first quarter.

Growth rate of online retail share: 1) According to data from Taobao, the retail sales of Astar’s flagship store in 2019 increased by 16%, which clearly exceeded the growth rate of the flagship flagship store of Supor Cookware (36%), indicating that the company’s online cookware share is decreasing.

The growth rate of the company’s retail sales is low, mainly because the average retail price has dropped significantly, and the company’s share in the high-end market has decreased.

The average retail price of flagship stores in 2019 was only 115 yuan, which was clearly widened by Supor (average price of 156 yuan).

2) During the 4Q19 Double Eleven promotion, the company was insufficiently prepared. In November, the retail sales of Astar’s flagship store accumulated -27%, while the revenue of Supor increased by 89% during the same period.

This led to the company’s poor online retail performance in 4Q19.

One-time income increase of land collection and storage in 2020: According to the company’s announcement, the company’s Wenling City factory will be expropriated and reserves, and the net book value of the land 杭州夜网论坛 is 0.

24 trillion, assessing market value 2.

US $ 8.9 billion. If we can get the full compensation in 2020, we expect to bring in profit after tax2.


Estimates suggest that we maintain our 2019 EPS forecast of RMB 0.

41 yuan; considering the impact of epidemic prevention and control on domestic sales in 2020, the revenue and operating profit for 2020 will be lowered, but as land acquisition and storage will bring a one-time gain in 2020, we raise the EPS forecast for 2020 by 111%To 0.

99 yuan; dating 2021 EPS forecast 0.

49 yuan.

Maintain Neutral rating and maintain target price of 9.

00 yuan, corresponding to 22x / 9x 2019 / 20e P / E, a 15% increase in space.

The company’s current consensus corresponds to 19x / 8×2019 / 20e P / E.

Risk epidemic development exceeded expectations; domestic market demand risk.

Guizhou Moutai (600519) 19Q1 Comment: Gao Zeng’s statement welcomes opening door marketing break to help long-term development

Guizhou Moutai (600519) 19Q1 Comment: Gao Zeng’s statement welcomes “opening door” marketing break to help long-term development
Investment Highlights: Event: The company released its first quarter report for 2019 and achieved a total operating income of 216 in 19Q1.4.4 billion, an increase of 23 in ten years.9%, net profit attributable to mother 112.2.1 billion, an annual increase of 31.9%.In the performance forecast, the company forecast that the total operating income of 19Q1 will increase by about 20%, and the net profit of the mother will increase by about 30%. The company’s performance is in line with expectations. Investment Ratings and Estimates: Maintain earnings forecasts, predicting EPS for 2019-2021 of 34.49 yuan, 42.1 yuan, 47.86 yuan, an annual increase of 23%, 22%, 14%. The current corresponding PE is 28x, 23x, 20x respectively. Maintain Buy rating.In the first quarter, the company successfully achieved the “starting point”, and the growth rate was higher than the target index, which is the basis of about 14% of the revenue target. The report data is beautiful, and the month-on-month decrease in prepayments is mainly due to the overall decrease of dealers.The result of optimizing the structure is an active adjustment on the supply side rather than a passive change on the demand side. The supply and demand pattern and price performance of Moutai still remain strong.The reasons we are currently optimistic about Moutai are: 1. 2019 is the year when the Moutai channel is broken. It is expected that the company will continue to optimize its channel and product structure while maintaining a modest increase in scale in the future, and finally achieve the situation of both distribution and direct management; 2. Looking forward to 2020, as the approval price is already more than 80% higher than the ex-factory price, objective conditions for raising the factory price have once again appeared; 3. Estimated angle, through the continuous advancement of internationalization of stocks, Moutai estimates that it will benchmark overseas leaders and the center will continueUplifting; 4. At present, Moutai has firmly closed the price band of more than 1,000 yuan. Strong brand power and rich channel profits have built a solid moat. Moutai is the industry’s most certain leader. In 19Q1, the revenue of Moutai liquor increased by 24% each year, and the proportion of direct sales increased.1Q1 Moutai liquor revenue was 194.9.8 billion, an increase of 24% over the same period. Taking into account the structural improvement and the 18Q1 revenue recognition of some 819 yuan for the product (all 19Q1 is 969 yuan for the product), it is expected that the price of Moutai liquor in 19Q1 will increase by about 10%, and the corresponding sales volume of the report is 8,500 tons.-9000 tons, 10% -15% increase in ten years.Taking into account the implementation of the second quarter payment and the release of advance receipts in advance at the end of March 19, we expect that the actual increase in Maotai’s shipments in 19Q1 will not increase by about 8,000 tons (19Q1 taxes and additional reductions 4).7%, the cash received for sales of goods excluding advance receipts also slightly degraded, confirming that the actual shipment volume has not increased much.Compared with 18Q1, 19Q1 reduced the overall number of dealers (the number of dealers decreased by about 500) and reduced direct sales, but added high value-added products such as zodiac wine, boutique Maotai (matched to each specialty store), andDirect-operated stores are expected (expected to double Q1 supply), and custom memorial products will continue to ship.Series of wine income 21.3.2 billion, an 南京桑拿网 annual increase of 26%.By channel, 19Q1 direct sales revenue was 10.9.2 billion, down 21 previously.55%, accounting for 5.05%, down 2 every year.93 units, an increase of 2 from the previous quarter.Each of the 65 single sales decreased due to a significant decrease in the number of direct sales and direct sales of e-commerce, and the increase in the chain was mainly due to the volume of direct sales stores in 19Q1.At the end of the reporting period, there were 2,454 domestic distributors, a decrease of 494 distributors of sauce-flavored wines, a decrease of 39 distributors of Moutai, and a decrease of 476 distributors of Moutai from 2018 to the end of the first quarter of 2019. The gross profit margin increased by the ton price to the highest point in recent years, and the net sales margin further increased2.77pct.Gross profit margin 92.11%, a year to raise 0.8 units, mainly driven by the increase in ton price, the single-quarter gross profit margin reached the highest point, and also improved from 18Q4, indicating that the structure, direct sales and other high value-added products and channel ratio Q4 were further optimized. The tax rate is 10.71%, a decrease of 3 per year.For 02 shares, the decline in the tax rate was mainly due to the timing of confirmation of consumption tax. The tax rate was 18Q4 + 19Q113.57%, basically normal. Selling expense ratio 3.88%, down by 1 every year.26 total, management expense ratio (including R & D expenses) 6.52%, a decline of 0 every year.03 averages, indicating that the efficiency of Moutai’s operations and expenses has been continuously improved. Advance receipts decreased by 21 from the previous month.9.2 billion, slower growth in cash flow than revenue.Combining with channel feedback, the second quarter payment was executed ahead of schedule at the end of the first quarter of 19, and advance payment was 113.85 billion, down 21 from the previous month.9.2 billion, the April payment at the end of the first quarter of 18, advance receipts fell by 12 chain.5.7 billion.1Q1 Net cash flow from operating activities11.89 billion, a decline of 75 per year.91% of which received 227 in cash from selling goods and providing services.5.8 billion, an increase of 17 in ten years.52%, the slower growth rate of cash flow than income growth was mainly due to the decline in advance receipts.The decrease in the net cash flow from operating activities exceeded expectations was mainly due to the increase in taxes and fees paid and the increase in the net budget of the industry. Accelerate the implementation of direct marketing channels, and marketing growth helps growth.2019 is defined as the year when the company’s marketing system is broken. It is expected that the cancelled replacements and gradual approvals will gradually adjust the company’s independent arrangements to rationalize and improve the channel system, mainly to direct sales channels, including group purchase customers., Self-operated stores, large supermarkets, well-known e-commerce, key city airports and high-speed rail stations.Last week, the Moutai Sales Company has released the tender information. The bidders and supermarket service providers have a total supply of 600 tons of Pfeiffer.In combination with channel tracking, direct sales in some regions have increased their sales significantly.At present, the approval price of Moutai is about 1900 yuan, and the supply of high value-added products such as high-quality products and Chinese zodiac has been tight recently.It is expected that with the gradual implementation of direct sales in Q2, the approval price will fall, but because a large amount of demand has not been met in the early stage, the approval price adjustment space is limited, and a moderate decline is more conducive to ensuring the bottle opening rate.In the medium and long term, the implementation of direct sales channels is conducive to Moutai’s terminal control, profit distribution and the convenience of consumer purchases, which really benefits the company’s long-term development. Catalysts for advanced performance: Ex-factory price adjustments Core assumptions Risk: Economic downturn affects overall demand for high-end wines

Hengli Hydraulics (601100): Cycle + growth logic continues to deliver on the long-term growth of the hydraulic faucet

Hengli Hydraulics (601100): “Cycle + growth” logic continues to deliver on the long-term growth of the hydraulic faucet

The main points of the report describe the company’s release of the 2018 annual report and the 2019 quarterly report: 2018 actually achieved revenue 42.

110,000 yuan, an increase of 50.

65%, net profit attributable to mother 8.

3.7 billion, an increase of 119.

05%; 2019Q1 achieved revenue of 15.

6.9 billion yuan, an increase of 61.

63%, net profit attributable to mother 3.

2.6 billion, an increase of 108.


  Event 杭州夜网论坛 comment The dual resonance of the “cycle + growth” business helped the company’s performance continue to grow rapidly.

The growth of the company’s various segments is frequent, and in terms of products, the sales volume of internal excavator cylinders is 41.

350,000, an increase of about 51%, achieving revenue of 18.

1.1 billion, an increase of about 57%. Based on the sales volume of excavators in 18 years, the company ‘s market share of excavator cylinders increased by about 2 pct to 51%. Non-standard cylinders were gradually affected by the adjustment of production capacity to excavator cylinders, and their revenue gradually increased.

US $ 4.4 billion, a slight increase of about 10% over the past ten years, of which, shield machine cylinder revenue3.

The 4.4 billion yuan fell by about 28%, and the lifting series of 成都桑拿网 oil cylinders benefited from the prosperity of the overseas market and the company’s cooperation with high-quality customers such as Manitowoc, Snorkel, JLG, and its revenue increased significantly by 214% to 5.

9.7 billion; the market share of small digging pump valves rose to about 30%, and the large and large digging pump valves accelerated their volume, resulting in pump valve revenue4.

79 trillion, an increase of about 92%, the average, hydraulic systems, cylinder accessories and castings also increased significantly.

Looking at the first quarter, the sales volume of beneficiary excavators continued to increase rapidly and the market share of leading companies increased significantly. The company ‘s market share of excavator cylinders should be further increased. The output of Zhongda excavator pump valves was rapidly increased, and Q1 results were released more than expected.

  Scale effects and optimization of product structure are expected to drive the company’s future profitability.

The company’s comprehensive gross profit margin increased by approximately 3 in 2018 in the short term.

76pct to 36.

58%, of which excavator oil cylinder, non-standard oil cylinder, hydraulic pump valve are raised by 2 each time.

55, 3.

34, 11.

09pct to 41.

35%, 35.

07% and 29.

66%, with the scale effect, especially the rapid growth of the scale of revenue after the pumping of the Zhongda pumping valve, the overall gross profit margin still has room for improvement.

In addition, the company’s three fees have been further reduced, and its 18-year net interest rate has continued to increase ROE.

  The boom in the excavator industry continued, the market share of excavator pump valves continued to increase, and new non-standard pump valves and motors injected continuous growth momentum.

Real estate stabilized, infrastructure increased, environmental protection and the release of updates promoted the continued prosperity of the industry. The company bound with leading customers, and the excavator cylinders gradually continued to benefit from the steady increase in the market share of the leading market. At the same time, as the production capacity of Zhongda’s pump valves approached full capacity, 19 Annual pump valve revenue is expected to double. According to our calculations, the domestic market for excavator pump valves exceeds USD 7 billion. In the future, the company ‘s pump valve market share will still increase; therefore, the company will expand non-standard pump valve development efforts.The developed 6-50t class excavator rotary motor was installed and verified at the main engine factory, and gradually made contributions in 19 years.

Emerging businesses are expected to help companies cross the cycle.

  Optimistic about the company’s long-term growth ability as a core component company.

It is expected that the net profit attributable to mothers will be 11-21 in 19-21.

91, 14.

87 and 16.

44 ppm, with the latest equity and current sustainable calculations, EPS is 1 respectively.

35, 1.69 and 1.

86 yuan / share, corresponding to PE of 23, 18 and 17 times, maintain “Buy” rating.

Risk reminders: 1) Significant increase in infrastructure and land growth; 2) The company’s capacity release is less than expected; 3) China-US trade talks progress is less than expected; 4) Raw material prices increase.

Zhejiang Dingli (603338) 2018 Annual Report Comments: Performance hits record high and breaks through production capacity

Zhejiang Dingli (603338) 2018 Annual Report Comments: Performance hits record high and breaks 南京夜网论坛 through production capacity

Event: The company released the 2018 annual report, and the company achieved internal operating income17.

08 million yuan, an increase of 49 in ten years.

89%; net profit attributable to mother is about 4.

80 ppm, a 69-year increase of 69.


Basic company income1.

94 yuan, it is planned to pay a cash dividend of 3 for every 10 shares.

50 yuan (including tax) and 4 additional shares.

The performance reached a new high, and lean management helped reduce costs and increase efficiency: In 2018, the company achieved rapid growth in domestic and overseas markets.

In the domestic market, the company strengthens cooperation with domestic high-quality leasing companies, and the annual domestic market revenue reaches 7.

16 ppm, an increase of 84 in ten years.

twenty three%.

At the 深圳桑拿洗浴网 same time, the company continued to expand its overseas market development efforts to achieve overseas revenue9.

25 ppm, an increase of 30 in ten years.


From a product perspective, the arm-type aerial work platform achieves 2.

$ 10.3 billion in revenue, an annual increase of 103.

22%; benefiting from economies of scale, the gross profit margin of arm-type products increased to 34.

58%, an increase of 9 over the previous year.

35 units.

In 2018, the company continued to strengthen lean management, fully implemented cost reduction and efficiency enhancement, and the management expense ratio increased from 6 in 2017.

3% fell to 3 in 2018.


R & D expenses continued to grow at a high rate, with an increase of 98 in ten years.

09% of production capacity continues to be released, constantly breaking through capacity growth: insufficient capacity has been an important factor in the development of some companies in the past.

The company invested RMB 15 million in the “Technical Transformation Project of 15,000 Intelligent Miniature Aerial Work Platforms”, which was put into production in July 2018, helping the company to further increase the capacity of miniature scissor-type products, reduce production costs, and improve profitability.

The “Large Intelligent Aerial Work Platform Construction Project” is currently in the final stage of construction and equipment procurement. After being put into production, it can add 3,200 large intelligent aerial work platform construction projects, which can effectively increase the company’s production capacity of arm products and help market development of high-end products.

Profit forecast and investment grade: Zhejiang Dingli is a leading enterprise in domestic aerial work platforms, expanding outstanding core competitiveness.

We believe that the demand for aerial work platforms at home and abroad is still strong, and the scale effect of overlapping companies is becoming increasingly prominent. We raise the company’s profit forecast for 2019-2020, and the net profit will be 6.


63 trillion is raised to 6.


380,000 yuan, plus a predicted net profit of 2021 for 11.

500,000 yuan, the corresponding EPS is 2 respectively.



64 yuan, currently expected to correspond to 28X / 21X / 17X, maintaining the “overweight” level.

Risk warning: intensified competition in the industry, risk of exchange rate changes, weak development of new products or market expansion; risk of fluctuations in raw material prices.

Zhaoyi Innovation (603986): Storage MCU dual-header layout DRAM 100 billion market

Zhaoyi Innovation (603986): Storage MCU dual-header layout DRAM 100 billion market

Event: The company announced the 2019 annual performance pre-announcement announcement: The company expects to achieve a net profit attributable to shareholders of listed companies of approximately 6.

10 billion to 6.

50 ppm, an increase of 1 from the same period last year.

95 to 2.

45 ppm, an increase of 48 per year.

15% to 60.


The net profit attributable to shareholders of the listed company is about 5.

28 to 5.

78 ppm, an increase of 1 from the same period last year.

67 to 2.

1.7 billion, an increase of 46 every year.

26% to 60.


Investment summary: In the fourth quarter of 2019, the company’s net profit continued to increase compared with the same period last year.

According to the forecast of the performance forecast, the company achieved net profit1 in Q4 2019.


0 ppm, compared with a net profit of only 0 in Q4 2018.

$ 3.8 billion, a substantial increase of 295% throughout the year?

The outbreak of downstream demand for the company’s products has driven the company’s performance to grow rapidly.

TWS headsets continue to be hot, driving demand for Nor Flash to continue to increase.

Since Apple released the latest AirPods Pro on October 29, 2019, the heat of TWS headphones has been ignited again.

According to the latest data from Counterpoint Research, the global TWS headset switching volume in the third quarter of 2019 reached 33 million units, while the second quarter conversion volume was 27 million units, an increase of 22.

twenty two%.

In the third quarter of 2019, the global TWS headset implanted amounted to US $ 4.1 billion.

In the third quarter of 2019, Apple’s performance was still eye-catching, and its single-quarter market share of 45% still stood out ahead of other manufacturers.

The company is a supplier of Apple’s AirPods series of Nor Flash. Benefiting from the popularity of Apple headphones, the company’s Nor Flash demand continues to increase.

AMOLED market penetration increased, Nor Flash demand.

At present, the penetration rate of AMOLED in the field of smart phones and TVs continues to increase, and AMOLED display solutions require external Nor Flash for optical compensation, which will increase market demand for Nor Flash.

The MCU market has broad space, and the company has a large development space as a domestic MCU leader.

According to IC Insights data, the global MCU market revenue in 2018 reached $ 18.6 billion, while the company’s MCU product revenue in 2018 was only 4.

04 ppm, there is huge room for development in the MCU field.

The company is currently the leader of domestic MCU enterprises in China, ranking third in the domestic MCU market in 2018, second only to STMicroelectronics and NXP.

In the field of 32-bit MCUs, it broke through foreign monopolies and took the lead in launching RISC-V core MCUs.
Acquired Sili Micro Layout Sensors.

The core product fingerprint recognition chip of Siliwei has grown rapidly in recent years. At present, the products have also entered the supply chain of Huawei and OPPO.

According to HIS data, the number of global under-screen fingerprint module allocations in 2018 was 9 million, and it is expected that it will exceed 300 million in 2020.

With the expected increase in the number of fingerprint modules under the screen, Siliwei, as the core supplier of products, will benefit simultaneously.
It is set to increase 43 megabytes and start the layout of the DRAM field.

In the storage market, the DRAM field is the largest segment.

According to IC Insights data, the global DRAM market size reached USD 98.9 billion in 2018, accounting for 58% of the storage 佛山桑拿网 market.

In 2017, the company began to cooperate with Hefei Changxin to carry out DRAM projects, and an initial increase of 4.3 billion was established. The company directly began independent research and development and industrialization of DRAM chips.

At present, the company is expected to achieve mass production in 2021, and gradually start a series of product development and mass production after 2022.

Investment advice: What do we expect the company to do in 2019?
The operating income in 2021 will be 36.

100 million, 48.

9 ppm and 64.

20,000 yuan, the net profit attributable to shareholders of listed companies is 6, respectively.

2.9 billion, 9.

62 ppm and 13.

09 million yuan, the budget income is 2 respectively.

21 yuan, 3.

38 yuan and 4.

60 yuan, corresponding PE is 125X, 82X, 60X.

Give “overweight” 深圳桑拿网 rating.

Risk warning: downstream demand is lower than expected, industry development is less than expected, new project progress is less than expected

China Metallurgical (601618) 2019 Interim Report Comments: Results Meet Expectations Strong Overseas New Strongly Signed Housing Construction Metallurgical Orders

China Metallurgical (601618) 2019 Interim Report Comments: Results Meet Expectations Strong Overseas New Strongly Signed Housing Construction Metallurgical Orders

The company’s performance was in line with expectations, Q2 revenue and profit accelerated, overseas orders were strong, and housing construction and aluminum alloy orders increased rapidly.

Considering the moderate recovery of infrastructure and abundant orders in hand, we maintain EPS forecast for 2019-21 of 0.



35 yuan, the corresponding PE is 9 respectively.



9x, maintain “Buy” rating.

The performance was in line with expectations, and the business segments were differentiated. Housing construction income in the engineering business increased rapidly, and Q2 revenue and profits were faster than Q1.

The company’s 2019H1 revenue is 1590.

20,000 yuan (ten years +26.

1%), net profit attributed to mother 31.

600 million yuan (+8 per year).

6%), the performance was in line with expectations.

In terms of business, the engineering / real estate / equipment manufacturing / resources business revenue was US $ 145.04 / 104/37 / 2.3 billion, which is +30 per year.

4% /-1.

0% / + 14.

3% /-29.

4%; metallurgical / house construction / transport infrastructure / other engineering income in the engineering business was 294/674/310/172 trillion, +12.

0% / + 55.

9% / + 11.

8% / + 23.


By quarter, Q2 achieved revenue of 959.

1 ‰, +35 per year.

2%, net profit attributable to mother 13.

9 trillion, +11 for ten years.

5%, Q2 revenue and profit growth have increased compared with the previous Q1.

The company plans to generate 3,050 trillion in revenue in 2019, completing 52 in the first half of the year.


Inflated gross profit margins and increased R & D expenditures have led to higher expense ratios.

The company’s 2019H1 consolidated gross profit margin is 11.

0%, year -1.

2pcts, of which the gross profit margin of engineering / real estate / equipment manufacturing / resources business is 9 respectively.

4% / 27.

6% / 11.

4% / 19.

2% per year -0.twenty one.

9 / + 0.

1 / -17.

At 8pcts, the cost of raw materials for engineering business rose, the macro scale of the land affected, and fluctuations in prices such as nickel and cobalt caused drifts in the gross profit margin of each segment.

The company’s comprehensive expense ratio is 6.

7%, +0 per year.

7pct, of which sales / management / R & D / financial expense ratio is 0.

6% / 2.

6% / 2.

3% / 1.

1% for ten years + 0 / -0.

4 / + 1.

2pct / -0.


In addition the company’s investment net income -1.

9.8 billion yuan (0 in the same period last year.

6.3 billion yuan), mainly due to bills receivable and account receivables that are transferred after discounting, factoring, asset securitization, etc. 2

500 million losses.

Net operating cash substitution 52.

300 million (net decrease of 81 in the same period last year.

100 million); net reduction in investment cash by 33.

5 trillion (net decrease of 63 in the same period last year.

600 million); net cash inflow from financing 18.

300 million (net inflow of 167 in the same period last year.

300 million).

Overseas orders were strong, and housing construction and steel orders increased.

The new contract of 2019H1 company is 3,815 trillion, +20 a year.

5%; of which 1.31 million yuan was newly signed overseas, +68 throughout the year.

9%, mainly for newly signed Vietnam waste incineration power plant projects (19.

700 million), Indonesia OBI nickel-cobalt project (12.

600 million), Sri Lanka highway project (5.

600 million) and other large projects.

In the new millennium, the number of single-project contracting projects was 366.5 billion yuan, which is +22 per year.

3%; of which, construction / infrastructure / metallurgical projects were newly signed for 674.310 / 648 billion (10,000 yuan + 56% / + 12% / + 46%).

Metallurgical engineering grasps the displacement of technological transformation and relocation, and comprehensively deploys new infrastructure areas such as pipe corridors, theme parks, and water treatment.

In traditional metallurgical engineering business, the company grasps changes in production capacity replacement, steel plant relocation, and industrial upgrading, and gradually the metallurgical order is expected to maintain a better situation; the company’s overall layout of new infrastructure, in the corridor / theme park / industrial environmental protection / waterGovernance / characteristic small towns and other areas expand the layout.In 2019H1, there are 31 key orders in these areas.




2/67.300 million; the company is in the leading position in the pipeline corridor market. On July 30, the company won the first bid for infrastructure in Xiong’an New District. The project includes construction of pipeline corridors, roads, bridges and other projects.

Risk factors: non-ferrous metal prices fluctuate; real estate, infrastructure investment falls short of 深圳spa会所 expectations; business conversions fall short of expectations.

Investment suggestion: The company’s performance is in line with expectations, Q2 revenue and profits are accelerating, overseas orders are strong, and housing construction and metallurgical orders are increasing.

Considering the moderate recovery of infrastructure and ample orders in hand, we maintain our EPS forecast for 2019-2021.



35 yuan, the corresponding PE is 9 respectively.



9x, maintain “Buy” rating.