China Railway (601390) In-Depth Tracking Report: Rail Track Spring Wind Is Rising, Income Structure Gets Better

China Railway (601390) In-Depth Tracking Report: Rail Track Spring Wind Is Rising, Income Structure Gets Better

The railway has entered a new year of completion, and after the restart of the urban rail plan, the boom will continue.

We expect that the company’s railway and urban rail orders will gradually pick up in 2019, and the acceptance of municipal orders will gradually realize the revenue, and the gross profit margin will continue to improve.

We maintain our 2018-20 profit forecast and the corresponding EPS is 0.

76/0.

80/0.

88 yuan, giving the company 11 times PE in 2019, corresponding to a target price of 8.

8 yuan, maintain “Buy” rating.

One of the world’s largest construction engineering contractors: rooted in railways, full bloom.

Since its establishment in 1950, the company has participated in two-thirds of China’s railway construction with railway engineering as its main business. At present, its business covers almost all infrastructure areas (railroad, highway, urban rail, municipal engineering, housing construction, etc.), among which railway / cityRail construction market share is above 45% all 佛山桑拿网 year round.

Structurally, railway / municipal / urban rail / highway is the main sector of infrastructure business. In 2018, the proportion of railway / municipal / urban rail / highway orders accounted for 17 respectively.

7% / 44.

8% / 16.

5% / 21.

0%, constant, municipal and urban rail sectors have become a new driver of growth in infrastructure orders.

Railway investment remained at a high level, and the boom of the urban rail transit boomed, and the municipal PPP started again.

National infrastructure is expected to recover moderately at around 8% in 2019, with improvements in various sub-sectors, among which railways, urban rails and municipalities are the sectors with better growth.

1) In 2019, the railway is expected to take the lead in the overall recovery of the infrastructure sector: from the policy 杭州夜网论坛 surface, railways are the direct investment infrastructure of the central government. In the environment of limited leverage for preventing local hidden risks and solving the problem of corporate leverage, the central government may have financial overweight.In a better direction, it is expected that railway investment will maintain a high level of more than 8,000 ppm. From the perspective of construction planning progress, only an increase of 21% in the “13th Five-Year” operating mileage plan will be completed in 2016-17, and about 1 will be completed in 2019-2020.

70,000 kilometers, accounting for 56% of the total traffic mileage during the “Thirteenth Five-Year Plan” period. We believe that 2019-20 will be a year of railway completion and investment. Railway projects under construction will accelerate construction.

2) The city rail planning plan was approved to restart, and it still maintained a high degree of prosperity midway: in terms of new mileage, the total operating mileage CAGR of the city rail in the next three years is expected to be 18%; in terms of cost, the cost per kilometer will steadily increase, and the city rail is expected to increase in the next three yearsThe cost per kilometer is 800-900 million, and we estimate that the total investment in urban rail will be about 3 in the next three years.

2 trillion, of which about 1 trillion in civil investment.

3) Through the detailed advancement of the “remediating shortcomings” and the PPP is ready to go after the supervision and regulation, the municipal engineering is expected to gradually pick up in 2019.

Three major advantages help the company lead the infrastructure and benefit from the high structural prosperity of the infrastructure.

1) Leading qualifications and technology, laying down half of the country’s urban rail.

The company has 18/17 top-level qualifications for railway / city rail construction, ranking first in the industry. Technically, it has 3 national key laboratories. Under the environment of increasing railway bridge-tunnel ratio and rapid development of urban rail, the company is building railways.The advantages of the tunnel spindle technology will enhance the competitiveness of the acquisition project.

With qualified technical advantages, the company has participated in the construction of more than 60% of national railways and urban rails.

2) The proportion of high-margin business income such as urban rail and municipal services has increased year by year, and the optimization of the business structure has promoted the company’s infrastructure business gross profit margin to steadily increase.

3) The company makes full use of the capital market for financing, and the financial expense ratio and capital cost are low in the industry.

With the above advantages, the company is competitive in railway, urban rail and municipal construction, and can fully benefit from the current high prosperity of the infrastructure structure.

Railway rail orders are expected to meet the turning point, and the company’s gross profit margin continues to improve.

For the “14th Five-Year” railway construction planning, we believe that the amount of bidding will reverse the trend since 2016 and it is expected to pick up. Railway orders are expected to grow steadily in 2019. Benefiting from the intensive planning approval since the second half of last year, orders in 2019 are expected to be in succession.It is expected that the turning point of urban rail order orders will pick up in 2019; combined with our expectations of steady increase in highway and municipal orders, it is expected that the company’s infrastructure order growth rate will increase in 2019.

At the same time, the conversion of existing municipal orders will gradually realize the revenue, the proportion of municipal business revenue will continue to increase, and the gross profit margin of infrastructure will continue to improve.

In addition, the advancement of debt-to-equity swaps will provide more positive growth momentum. Combined with the company’s steady increase in orders, sufficient orders in hand and improved gross margin, we expect the company’s performance to grow steadily.

Risk factors.

The bidding volume of railways and urban railroads fell short of expectations, and the debt-to-equity swaps fell short of expectations.

Earnings forecasts, estimates and investment ratings.

The railway and urban rail industry are expected to meet the point in 2019. The railway enters the year of completion. The urban railroad will continue its high prosperity after the planned restart.

We expect that the company’s railway and urban rail orders will pick up in 2019. Municipal orders received in the past will gradually realize the revenue, improve the quality of revenue and increase performance.

Taking into account the dilution of debt-to-equity equity in 2019, we maintain our 2018-20 profit forecast and the corresponding EPS is 0.76/0.

80/0.

88 yuan.

With reference to the assessment level of similar companies, we give the company 11 times PE in 2019, corresponding to a target price of 8.

8 yuan, maintain “Buy” rating.

Yili shares (600887) completed the acquisition of New Zealand WESTLAND announcement comments: acquisition of high-quality dairy companies in New Zealand to optimize the global milk source layout

Yili shares (600887) completed the acquisition of New Zealand WESTLAND announcement comments: acquisition of high-quality dairy companies in New Zealand to optimize the global milk source layout

I. Overview of the event On August 2, Yili issued an announcement that the company ‘s wholly-owned subsidiary, Hong Kong Golden Port Commercial Holdings Co., Ltd., had completed the acquisition of 100% equity of New Zealand Cooperative Dairy Products Co., Ltd. on August 1.

On the day of settlement, King Kong Holdings paid the entire settlement payment to the shareholders of the target company, and the transaction consideration was a fact.

41 New Zealand dollars, the total consideration is 2.

437.7 billion New Zealand dollars, the acquisition has been fully implemented.

Since the completion of the equity settlement, Golden Port Holdings holds 100% of the equity of the target company.

Second, the analysis and judgment of the acquisition of New Zealand’s second largest dairy cooperative, to maintain changes in raw milk supply The target of this acquisition is New Zealand’s second largest dairy cooperative, whose raw milk supply accounts for about 4% of New Zealand’s total raw milk supply.

Through this transaction, the company can obtain high-quality and stable New Zealand milk sources, thereby optimizing the company’s milk source layout and increasing competitiveness, which is conducive to consolidating the company’s leading position in dairy products.

The target company’s products are sold to more than 40 countries; its subsidiaries are engaged in the production, sales and distribution of EasiYo brand in the UK, Europe, Australia and other regions.

The acquisition assists the company to form a radiation to the global market and expand overseas business, which is of great significance to the company’s long-term development and strategic 成都桑拿网 layout.

From a PB perspective, the consideration is reasonable. The significance of the layout of the acquisition of the milk source is greater than the financial significance. The target company’s asset size for fiscal year 2017/2018 is 5, respectively.

68/5.

S $ 8.8 billion; net assets are 2.

52/2.

S $ 3 billion; operating income is 6.

30/6.

S $ 9.3 billion; net profit was S $ 1.515 million.

Based on the purchase considerations, the PB for FY17 / 18 were 0.

98/1.

07 times; PE is 163/439 times.

From a PB perspective, the company paid the consideration equivalent to the net assets of the target company and the acquisition price was reasonable.

The target company was originally a public company composed of 350 dairy farmers’ shareholders, and the largest shareholder’s shareholding was limited to 4.

5%.

After the completion of the acquisition, the long-term milk supply agreement with dairy farmers for many years is still valid, and high-quality source supply has been guaranteed for a long time.

Therefore, the significance of the layout of the milk source acquired this time is greater than purely financial significance.

Continued upstream and downstream cross-border mergers and acquisitions, and the pace of internationalization to ensure the company’s growth space In 2013, the company built a 47,000-ton-per-year infant formula project in New Zealand; in November 2018, the company acquired Thailand’s largest local ice cream company THE CHOMTHANA COMPANY, and achieved direct targets through acquisitionThe company’s mature logistics system and local market resources; the same year, the company’s “Joy Day” ice cream successfully listed in multiple cities in Indonesia.

By merging this acquisition, the company is improving its gradual industrial layout by acquiring upstream milk sources and downstream consumer dairy companies.

We believe that international expansion will become an important source of momentum for the company to maintain its growth after completing its 100 billion revenue target.

Third, profit forecast and investment recommendations The company is expected to achieve operating income of 898 in 19-21.

95/1006.

83/1122.

61 ppm, + 13% / + 12% / + 12% a year ago; the net profit attributable to the parent company is expected to be 69 in 19-21.

83/78.

43/88.

30,000 yuan, + 8% / + 12% / + 13% per year corresponding to the latest EPS of the corresponding EPS is 1.

15/1.

29/1.

45 yuan, the current expected PE is 27/24/22 times, which is 36 times lower than the overall dairy industry.

Maintain the “Recommended” level. 4. Risk warning: product sales are lower than expected, integration defects are higher than expected after the merger and acquisition, gross profit margin has increased significantly, sales costs have continued to rise, and food safety issues have risen.

Xusheng shares (603305) in-depth report: deeply bound Tesla and electric vehicles take off

Xusheng shares (603305) in-depth report: deeply bound Tesla and electric vehicles take off

Executive summary of this issue: Seize the opportunity in the electric vehicle market and deeply bind benchmarking companies.

The company is a domestic leading company in aluminum die-casting components, grabbing the strategic potential of new energy vehicles, forming a clear first-mover advantage and competitive advantage.

Tesla is an important strategic customer of the company. In 2018, the company accounted for 61% of Tesla’s revenue.

08%.

Tesla’s sales volume continues to grow rapidly, and the company continues to deepen its cooperation with Tesla to continuously develop a good foundation for the electric vehicle market.

The orderly progress of the Tesla Shanghai plant project is expected to provide new opportunities for the company’s development.

The investment and investment capacity was released in an orderly manner, and the product system became more complete.

The IPO’s investment capacity was released in an orderly manner, convertible bond projects steadily landed, and non-public stock issuance steadily advanced.

The orderly investment capacity was released in an orderly manner to meet the growing demand for orders from customers such as Tesla.

The company’s product system with rich high-end components such as automobile suspension systems explores new space for subsequent development.

The acceleration of the electrification market has opened up new space for lightweighting.

Electrification is a major trend in the development of the global automotive market, and China’s electric vehicle market has accelerated its expansion.

Automobile emission regulations have forced car companies to increase research and development efforts to reduce the weight and provide new space for aluminum parts.

Earnings forecast and investment grade: We estimate that Xusheng’s operating income from 2019 to 2021 will be 15 respectively.

600 million, 20.

500 million and 25.

300 million, the net profit attributable to the parent company is 3.

860,000 yuan, 4.

9.5 北京夜网 billion and 6.

15 ppm, corresponding to a diluted EPS of 0.

96 yuan, 1.

24 yuan and 1.

53 yuan.

Tesla’s localization progress is progressing in an orderly manner. The company is the beneficiary of the electrification of the automotive industry. For the first time, we have covered the “overweight” rating given to the company.

Cumulative catalysts: Tesla’s domesticization progress has progressed in an orderly manner; investment and investment capacity has been gradually released.

Risk factors: The automobile market is expanding significantly; the pace of customer order release is less than expected; the price of raw materials fluctuates; single customers are overly dependent.

Zhongxin Pharmaceutical (600329) Interim Review: Rapid Growth of Core Varieties Changes in Performance of US-China Schmidt Affect Performance

Zhongxin Pharmaceutical (600329) Interim Review: Rapid Growth of Core Varieties Changes in Performance of US-China Schmidt Affect Performance

Event: The company released its 2019 Interim Report and achieved an operating income of 35.

34 yuan, an annual increase of 13.

54%, net profit attributable to shareholders of listed companies.

470,000 yuan, an increase of 10 in ten years.

64%, net profit after returning to the mother after deduction.

25 ppm, a six-year increase of 6.

61%.

  Various indicators have returned to high growth, and the endogenous power has a quarterly increase. In the second quarter of 2019, the growth rate of single quarter revenue and net profit attributable to mothers were 18 respectively.

92% and 11.

94%, an increase of 10 over 2019Q1.

36pct and 4.

97pct, performance began to resume rapid growth.

In the first half of the year, Sino-SmithKline achieved operating income12.

5.2 billion (+ 5%), net profit 2.

58 ppm (-25%), resulting in a decline in the company’s recognition of investment income from associates / joint ventures in the first half of the year.

26% to 84.16 million yuan.

The operating profit (operating profit-investment income) contributed by the company’s main business in the first half of the year was 306.74 million yuan, a long-term growth of 24%; gross profit was 15.

33 ppm, an increase of 12 in ten years.

14%, showing that the company’s 杭州夜网 pharmaceutical industry is still in a state of rapid growth.

  The expense ratio was basically stable, and the cash flow improved significantly. The company’s selling expenses were 9.

9.4 billion (+6.

67%), with a sales expense budget of 28.

14%, down 1.

81pct, the overall control of sales expenses is good; management expenses 4.

75%, slightly increased by 0.

68 points; net operating cash flow is 1.
.

5.7 billion (-26.

37%), mainly due to the increase in salaries and taxes paid to employees.

  Large variety groups continued to increase volume, quick-effect Jiuxin pills increased in volume and price. The company continued to rapidly change its marketing model, activate the market value of key varieties, enhance product market competitiveness, strengthen brand promotion, strengthen cooperation with chain drug store leaders, and develop medium and large chain storesMore than 50.

Among the core varieties, the income of Suxiao Jiuxin Pill increased by 24 per year.

60, the growth rate is the highest level expected; the sales revenue of Shunaoxin drip pills increased by 37.

14%; Qingfei Xiaoyan Pill sales revenue increased by 18 per year.

88%.

In the future, the concentration of the conversion pharmacy industry will increase, and the cooperation between brand OTC and brand pharmacies (chain pharmacies) will become closer and closer. There will be chain pharmacies in the part of the price increase.Advantages, OTC market share has gradually improved sustainable profit forecast and investment rating. We believe that the company has ushered in an inflection point in terms of performance and operation.

The ex-factory price of quick-acting Jiuxin Pills has increased, and the second-tier varieties will significantly increase their performance.

The new leader’s new role and national improvement process will also release the company’s performance.

We estimate that the company’s net profit attributable to the parent in 19/20/21 will be 6, respectively.
3.8 billion, 8.
04 billion and 9.

700,000 yuan, the growth rate is 14% / 26% / 21%, the corresponding EPS is 0.

83 yuan, 1.

05 yuan, 1.

26 yuan, PE is 16X, 13X and 10X.

Maintain “Buy” rating.

  Risk Warning: Changes in Sales of Quick-Acting Jiuxin Pills; Second-tier Variety Growth Slower Than Expected; Slow Progress in National Progress; Sino-US SKE Performance Changes

Hikvision (002415) Interim Review: Q2 revenue improvement target is still above 20%

Hikvision (002415) Interim Review: Q2 revenue improvement target is still above 20%

Event: The company announced the semi-annual report for 2019 on the evening of July 19, 2019, and the semi-annual revenue for 2019 increased even more14.

60%, performance increases by 1 every year.

67%.

The company also expects that the growth rate of January to September 2019 will be in the range of 0-15%.

The opinions are as follows: Q2 performance driven by domestic demand is better than previous pessimistic expectations.

The company announced the 2019 half-year report, of which the first half of the year realized operating income of 239.

23 ppm, an increase of 14 in ten years.

6%, achieving net profit attributable to mother 42.

1.7 billion, an annual increase of 1.

67%, in line with the -10% -10% of the United Nations company, but only in May, Sino-U.S. Trade led to market expansion overseas and overall revenue gradually increased, but in the second quarter of the quarter, the operating income of US $ 14 billion in the single quarter increased by 21.

46%, net profit attributable to mother 26.

81 ‰, an increase of 15% in ten years, and revenue in the second quarter increased by 40 compared with the first quarter.

62%, obviously improved.

From the perspective of revenue contribution: (1) From a regional perspective, the domestic demand side is better than expected, which drives the overall compound expectations.

Of this, domestic revenue was 16.9 billion, an increase of 16 per year.

5%, according to the company’s Air Force classification of EBG, PBG, SMBG, of which the EBG growth rate is relatively obvious, mainly due to new requirements for fragmentation scenarios such as waste classification, ETC, and AI intelligent transformation of stock security, while foreign revenue is 69.

43 ppm, an increase of 10 in ten years.

29%, mainly due to the hesitation of customers affected by Sino-U.S. Trade and short-term pressure, but in the medium and long-term, the needs of developing countries such as India, Vietnam, and the Philippines are more obvious, and some products are being upgraded and developed overseas.Growth momentum consensus; (2) From the perspective of revenue structure, the company’s new business, smart home and innovative business, increased its proportion and maintained a high growth rate of 55%.

At present, the company’s smart home and innovation 南京夜网论坛 business together account for 7 of the company’s revenue.

22%, and the growth rate is about 55%, specifically in terms of fluorite business, Hikvision robots, Hikvision drones, automotive electronics, storage business markets are gradually opening up, and gradually become the company’s new growth momentum.

The expected performance in the third quarter is in the range of 0-15%, and the median growth rate of the quarterly Q3 single-quarter performance is about 15%.

According to the company’s mid-term outlook for the third quarter, the expected performance in the third quarter is 0-15%. If the growth rate of performance in January-September 2019 is in the range of 0-15%, the median value is 7.

5%, the third quarter performance is about 37.

3.4 billion, an increase of 15% and 39% month-on-month. According to our assumptions about the improvement of the domestic economy & Xueliang project in the second half of the year, EBG, SMBGAI and other improvements continue to be made, and under the assumption of rapid growth of innovative business, we forecast the company’sThe income growth rate is 22.

60%, performance growth at 17.

80%, remain cautiously optimistic, and from the perspective of the company’s second quarter profit, the gross profit margin is 47.
.

39%, an increase of 2 from the previous month.

57%, although affected by the decline in restricted tax rates, some progress has been made in cost management and control; in addition, innovative businesses such as smart homes and robots have turned losses into profits, which has also led to increased profits.

Cloud edge integration continues to deepen, and AI is gradually and steadily advancing.

The company deepened and integrated the AI Cloud “two pools, one library and four platforms” product line based on the cloud-based integrated computing architecture in 2018, such as the company’s access control attendance, consumption, visitors, ladder control, personnel access, etc. in 2018Promote the landing of AI Clond in multiple scenarios, but from the actual progress, the advancement of AI in the PBG field is better, mainly because the government is not sensitive to the price of security, and it is the first choice for security performance requirements.(The G-end promotes industrialization), and the current AI-based intelligent security helps the government-side governance in terms of efficiency and quality, but the slower EBG promotion is replaced by poor macroeconomics, and EBG companies have no rigid need for intelligent transformationThe suspected enterprise-side customer does not have the government-side resource advantage on the data side. Closed loops and limited data limit the promotion of AI in the enterprise, and intelligent retail, which can quickly bring cost-effectiveness to the industry, is the first AI landing scenario, but a comprehensive view of AIThe degree of penetration is the main driving force that affects the industry to bring more development.

Profit forecast: Based on the company’s first quarter of 2019 performance inflection point, the improvement in the second quarter will be realized, and the long-term AI-enabled integration of material and information will drive the company. We maintain the company’s operating revenue for 2019-2020 is $ 61.1 billion and $ 74.3 billion, respectively, at least 22%.

6%, 21.

50%, net profit attributable to mother was 133 respectively.

74, 161.

USD 5.9 billion, with annual growth of 17.

8%, 20.

8%, corresponding PE is 18, 15 respectively.
Comprehensively consider the long-term AI intelligent empowerment bonus of the security monitoring industry, hardware to hardware and software combined with operation and maintenance services, and the company’s R & D, brand and other leading competitive advantages, as well as the company’s historical contrast, to give 23-25 PE in 2019, maintain”Buy” rating.
Risk warning: Xueliang project is less than expected; AI product progress is expected; Sino-US trade impact; market competition

Social security, pension fund investment roadmap exposed in three quarters: bets on soaring stocks

Social security, pension fund investment roadmap exposed in three quarters: bets on soaring stocks
Social security funds and basic endowment insurance funds have always been known for their prudent investment style, and have been regarded by investors as valuable investors.  With the disclosure of the first three quarterly reports in 2019, the shareholding trends of social security funds and basic pension funds that have received much attention have gradually shown to the public.  In the third quarter, did they fall in love with certain areas?And what kind of company did you “ruthlessly” leave?  1 The warehouse was busy. According to the statistics of Oriental Fortune, the reporter of the International Financial News found that in the third quarter of this year, many old social security funds bought 8 new stocks such as Ophelia, 杭州桑拿 Negotiable Food, and Willie; many social security old funds reduced their holdingsIncluding six listed companies such as Fiyta A, Antarctic E-commerce, Qiaqia Food, etc., and many old social maintenance funds withdrew from the top ten circulating shareholders of some stocks.  Data source: Oriental Fortune Choice data shows that the National Social Security Fund has 105 portfolios and 117 portfolios. Both of them have become the top ten circulating shareholders of Qiaocha Foods, each holding 662.360,000 shares, 3.6 million shares.The National Social Security Fund 115 portfolio has reduced its holding of 200,000 shares of Qiaqia Foods, with the latest holding of 10 million shares.In addition, the basic pension insurance fund 805 portfolio also reduced its holdings of Qiaochao Food a little, with the latest holding of 9.6 million shares.  At the same time, many social security funds are optimistic about Xinghui Entertainment.Data show that the National Social Security Fund 102 portfolio holds Xinghui Entertainment for three consecutive quarters, and the number of shares held remains 1,718.50,000 shares remain unchanged.In the third quarter, the 108 portfolio of the National Social Security Fund increased its holdings of 18 million shares to 35.08 million.  The Hongqi chain was also increased by the National Social Security Fund 115 portfolio and the Basic Pension Insurance Fund 805 portfolio, each holding 2288.950,000 shares, 18 million shares.  It is obvious that the two social security funds of the National Social Security Fund Group 101 and 108 Groups withdrew from the top ten circulating shareholders of Muyuan; the National Social Security Fund group 604 withdrew from the top ten circulating shareholders of Changliang Technology.  2 According to the data that has been disclosed, the three quarterly reports show that individual stocks held by social security funds and basic pension insurance funds have performed well.  Oriental Fortune Choice data shows that among the 16 stocks currently held by the social security fund and the 3 stocks held by the basic pension insurance fund, the net profit attributable to the mother is all positive, indicating the social security and pension fund’s operating quality requirements for the investment targetHigher.  From the perspective of industry preferences, the social security and pension funds previously added positions in the third quarter were mainly electronics, food, environmental protection, and entertainment companies.  According to Wind data, as of the close of October 18 this year, the stocks currently held by social security and pension funds have grown, and at the same time, a large number of gains have outperformed the broad market.Among them, Xinghui Entertainment, Hongqi Chain, Qiaqia Foods, Welley, Antarctic E-commerce, Aosikang, Lanxiao Technology performed well, with gains of 75.1%, 69.25%, 71.26%, 64.11%, 58.91%, 57%, 52.43%.  Reporter Luo Gemei

Yijiahe (603666) 2019 Third Quarterly Report Review: Long-term Performance of Double Increase in Inventory Predictable

Yijiahe (603666) 2019 Third Quarterly Report Review: Long-term Performance of Double Increase in Inventory Predictable

The report guide reads the company’s announcement for the third quarter 上海夜网论坛 of 2019 and reports the realization of main business income3.

69 ppm, an increase of 31 in ten years.

89%; net profit attributable to the parent company1.

24 ppm, an increase of 38 in ten years.

12%.

The revenue recognition of the robot business in Q3 is at a normal pace. Due to the R & D investment and the layout of internal provinces, the increase in sales expenses and management expenses is in line with our expectations, so the level of profitability is comparable to our expectations.

At the end of the third quarter, the company’s inventory was 1.

7.4 billion, an increase of 65 in ten years.

83%, a ten-year advance increase of 381.

74%, which confirms that the company’s subsequent growth momentum is sufficient.

Last year’s orders in hand have not been fully confirmed. In addition to a new year’s order, the 杭州桑拿网 company has too many orders in hand. According to the rhythm of the company’s revenue recognition, the fourth quarter is the peak period of revenue recognition.Expected growth rate.

Live working robots break through technical barriers and are expected to bring increased performance next year. At present, the company’s live working robots have entered the user trial and test stage, and orders are expected to land next year.

Live working robots are used for ground line maintenance and construction. Machine replacement is just needed, and the potential market space is 20-30 billion. Live working robots try to open up the company’s market space outside the province, and at the same time significantly increase the company’s technological competition barriers.

Pan American Electricity Internet of Things white paper is released, inspection robots are expected to usher in large-scale inspections Recently, State Grid released the “Pan American Electricity Internet of Things White Paper 2019”. State Grid intelligent investment has promoted from about 12 billion to 40-50 billionSpace improvement, inspection robots as intelligent data collection terminals, is expected to usher in large-scale in the next three years, providing the core driving force for the company’s development in the next three years.

Earnings forecast and estimation We expect the company’s net profit for 2019-2021 to be 2 respectively.

600 million / 3.

5.4 billion / 4.

5.1 billion, an increase of 41 in ten years.

22% / 36.

37% / 27.

3%, corresponding to an EPS of 2.

6/3.

6/4.

6 yuan / share, corresponding to PE is 24/17/14 times.

We are optimistic about the company’s inspection robots to accelerate penetration and the amount of live work to maintain the “buy” level.

Risk reminder: core control component price increases.

Weixing New Materials (002372): Greater than expected revenue growth, focus on regional expansion and new business development

Weixing New Materials (002372): Greater than expected revenue growth, focus on regional expansion and new business development

Event: The company released the 2019 first quarter report.

The company achieved revenue in the first quarter of 20197.

82 ppm, an increase of 17 in ten years.

89%; realized net profit1.

3 ‰, an increase of 21% in ten years; net profit after deductions1.

20,000 yuan, an increase of 16 in ten years.

2%.

  The revenue growth exceeded expectations, and the increase in raw materials stocking resulted in a net decrease in operating cash flow.

Revenue in Q1 2019 increased by 17.

9%, under the decline of overall real estate demand and a high base in the same period last year, still achieved rapid growth, it is expected to benefit from the recovery of new home sales and second-hand housing transactions in first-tier and second-tier cities, the retail business continued good sales since the second half of 18 yearsGrowth trend; gross profit margin 43.

7%, down by 0 every year.

The number of seven is expected to be mainly affected by the improvement of rising raw material prices; the overall expense ratio has declined, of which the selling expense ratio has dropped by 0.

58 single items, the management expense ratio (including the R & D expense caliber) increased slightly, the financial expense ratio remained flat for ten years; the operating net cash flow was -1.

From the point of view of the cash-to-cash ratio of 4.1 billion, the cash-to-cash ratio is 87%, which has been extended by 7 ratios. The cash repayment remains good, and the cash-to-cash ratio is 124%, which has gradually increased by 28 mergers. The net cash flow is mainly affected by raw materials.Due to the increase in stockpile purchases, the company’s inventory at the end of the period7.

7 trillion, an increase of 1 earlier.

1.8 billion, an increase of 2 at the end of 武汉夜生活网 the first quarter of 2018.

6.4 billion.

  Retail, engineering two-wheel drive, waterproofing and other new businesses add new impetus.

Retail and engineering two-wheel drive. In the future, the company will continue to consolidate the core advantage areas of East China and North China, further channel sinking, and continuously increase single store sales around a concentric circle strategy. At the same time, it will accelerate the development of western and central China, and increase market share.The Xi’an production base was officially put into production in March this year to help the company’s development in the central and western regions; through the consumption upgrade trend, PPR is the core product to expand the industrial chain, from single product sales to product system promotion; two major extensions of water purification and waterproofingThe orderly progress of the business has added new impetus to the company’s development. The waterproof coatings business has followed the “product + service” differentiated competitive route. Professional services have formed and accumulated a waterproof brand image. It is expected that regional development will be enhanced in 19 years.

  Investment suggestion: The company’s “retail + engineering two-wheel drive” strategy has obvious effects, which can improve brand services and channel development, and further increase market share; engineering business expands the market in real estate, gas, municipal and other fields while ensuring income quality.

The waterproof coatings business has been promoted in an orderly manner, and product sales have been formed. As the company’s key business development, it will gradually change the existing retail channels and service systems in the future, rapidly expand the market, and bring new points of profit growth; the continued stable and high proportion of dividends make the companyBecome a high-quality “cash cow” in the capital market.

We expect the company’s EPS for 2019-2021 to be 0.

87, 1.

02, 1.

19 yuan, corresponding PE is 22, 19, 16 times; maintain the “overweight” level.

  Risk reminders: the risk of downward macroeconomic growth and related policy changes, the risk of sharp changes in raw material prices, the risk of intensified market competition, and the risks brought about by new business expansion.

Jiangling Motors (000550): Performance Exceeds Expectations, Waiting for New Cars

Jiangling Motors (000550): Performance Exceeds Expectations, Waiting for New Cars

Event: The company released its 2018 annual report: 2018 realized operating income of 282.

5 ‰, a ten-year average of 9.

9%; net profit attributable to mother 0.

9 ‰, an average of 86 in ten years.

7%; deduct non-net profit -2.

8 ‰, 269 ten years ago.

5%; intends to distribute a cash dividend of 0 for every 10 shares.

4 yuan (including tax).

  The intensified competition in the auto market has led to sales growth and pressure on performance. In 2018, the domestic auto market boom has been sluggish, and the sales volume of automobiles has changed.

8%, passenger car sales decreased by 4 each time.

1%.

The company’s overall sales in 2018 were 28.

50,000 vehicles in the past ten years8.

1%, causing the company’s operating income to decrease by at least 9.

9%.

The company’s net profit attributable to its mother temporarily decreased by 86.

7%, exceeding the margin far exceeds revenue, which was initially caused by the company’s promotion of promotion costs and changes in sales structure in response to increased competition in the auto market.

In a single quarter, the operating income of the company in 2018Q4 was 80.

6 ‰, 9 years ago.

6%, net profit attributable to mother -1.

3 ‰, 367 from the previous decade.

8%, there have been 2 single quarter quarters in a row, showing that the company’s performance is still bottoming out, but the company’s net cash flow from operating activities in 2018Q421.

90,000 yuan, compared with -13 in 2018Q3.

$ 800 million reversed.

In general, the company’s product power has declined in the past few years, the business climate of overlapping industries has been sluggish, and performance has been inevitable, but lower than our expectations.

  Promotions affect gross profit margin, and the expense ratio drops significantly. The company’s gross profit margin in 2018 was 13.
.

6%, compared to 6 in the same period in 2017.

5pct is basically: 1) The downturn in the domestic auto market has led to increased competition, and the company expanded terminal discounts to benefit consumers.

  2) The decline of the company’s model product power has led to pressure drops on some models.

The company’s three rates for 2018 are 12.

4%, compared with the same period last year 4.

1pct, basically caused by the sharp increase in the sales expense ratio, the management expense ratio and financial expense ratio were basically the same as the same period last year.

The company’s sales expense ratio in 2018 was 天津夜网 4.

3%, compared to the same period last year 4.

3pct, the main reason is that the company changes the accounting standards and does not count the fare.

In our opinion, the conversion company’s new car market was listed, the company’s product structure was optimized, and its gross profit margin tried to stabilize and recover.

  Earnings forecast and investment recommendations The listing of new aircrafts in the industry to optimize the product structure will bring breakthrough performance elasticity. Whether the company is expected to be extremely successful, and the performance restoration is worth looking forward to.
Expected company 2019?
In 2021, the EPS will be 0.
69 yuan, 0.

83 yuan, 0.

93 yuan, corresponding to 2019?
In 2020, the PE will be 31.

3 times, 26.

0 times, 23.

1 times.

Upgrade the company’s 深圳桑拿网 rating to “overweight.”

Shanghai Xiba (603200) Annual Report Comments: 18 Years of Performance + 39% High Growth Comes On Schedule

Shanghai Xiba (603200) Annual Report Comments: 18 Years of Performance + 39% High Growth Comes On Schedule

The performance of the scarce industrial water treatment target increased by 18% + 39%, and the high growth realized the company’s revenue / net profit for 2018 as scheduled.

1/0.

800 million, previously +37.

5% / 39.

3%, the performance was in line with expectations, and the growth in performance mainly came from: EPC projects / Ningbo Volkswagen and Nanjing Volkswagen Projects / Henan Tianchen BOT project, as well as related businesses in the petrochemical industry, growth of sales and installation of pharmaceutical equipment for civil projects.

In terms of downstream industries, 夜来香体验网 environmental protection relocation has driven high growth in water treatment revenue for the steel industry, and solid growth in the petrochemical / automotive / civilian sectors. Considering that the company’s three-fee rate is slightly lower than the previous forecast, the profit forecast is slightly increased. EPS 1 in 19-20.

44/1.

91 yuan (previous estimate was 1.

40/1.

86 yuan), dating 2021 EPS is 2.

20 yuan.

With reference to comparable company 19 average P / E22x, maintaining the company’s 19-33x P / E with a target price of 41.

76-47.

52 yuan / share, maintaining the “buy” high growth performance of the steel sector. The papermaking sector is widely expected to be divided into products. Water treatment system operation management / chemical sales and service / medicine equipment sales and installation / air ductThe combined revenue of cleaning / water treatment equipment for ten years was +12% / + 13% / + 78% /-9% / + 230%, and the gross profit margins became -6 respectively.

1 / -1.

6 / + 15.

8 / -0.

04 / -1.

2pct; The decrease in gross profit margin of the water treatment system operation management business is due to the increase in the hazardous waste disposal price of the Volkswagen Project.

In terms of downstream industries, the petrochemical / automotive / steel / papermaking / civilian sector revenue time was +14% / + 11% / + 114% /-18% / + 9%, and gross profit margin decreased by -4.

6 / -5.

3 / -10.

4 / -26.

4 / + 8.

3pct; The gross profit margin of various industries generally exceeded the increase in the cost of major materials and labor costs. The addition of EPC orders in the steel industry dragged down the gross profit margin of the plate.
Steady growth in operations, EPC’s flexible operation segment (water treatment system operation management + chemical sales and services) has grown steadily (18% revenue growth rate 13%, revenue ratio 65% / gross profit ratio 81%), downstream customersMainly from the petrochemical / automotive / steel / papermaking / civilian sector. Customers have been serving large state-owned enterprises for many years. Customers and project resources are high-quality and stable.The development of the EPC project accelerated, and the joint bid for Hegang 3 was won in 18 years.

700 million EPC orders (the company undertakes about 2.

700 million, accounting for 65% of 18 revenues), and the future is determined to obtain its operating orders.

Asset-light operating attributes do not change, and cash-in-hand companies with excess cash do not change their asset-light operating attributes. 18 Net operating cash flow is -0.

1.6 billion, down from 0 previously.

7.3 billion, mainly due to the increase in prepaid account expenses, such as the increase in engineering and procurement expenses of Hegang Leting EPC project, account receivables, etc. (accounts receivable accounted for 81% in one year)The EPC project order was settled, and it continued to accept operating orders, and the cash flow was expected to improve.

The company has sufficient funds (18 in cash on hand 4).

0 billion / idle funds to buy wealth management 2.

800 million), 18 asset-liability ratio is only 18% (future outdated deposit plus leverage space).

Maintain target price of 41.

76-47.

52 yuan / share, maintain the “buy” rating considering the company’s three-fee rate is slightly lower than the previous forecast, slightly increase the profit forecast, EPS1 in 19-20.

44/1.91 yuan (previous estimate was 1.

40/1.

86 yuan), dating 2021 EPS is 2.

20 yuan.

With reference to the average P / E 22x of comparable companies 19, the company’s operating business has a high proportion / ample cash flow / excellent growth, maintaining the company’s 19-33x P / E for 19 years and maintaining a target price of 41.

76-47.

52 yuan / share, maintain “buy”.

Risk reminder: The project progress is less than expected, the gross profit margin is reduced, the company ‘s 14 million (accounting for 18% of net profit 17%) investment in private equity funds may suffer significant losses due to mutual management violations, the investment principal and income may not be honored or paid on schedule.A reasonable assessment of asset losses is still pending.