Gree Electric (000651): 3Q19 results are not astounding. The future will focus on mixed reform of state-owned enterprises

Gree Electric (000651): 3Q19 results are not astounding. The future will focus on mixed reform of state-owned enterprises

The 3Q19 results were in line with our expectations of the company’s 3Q19 results: operating income of 577.

4.2 billion, previously flat; return to net profit 83.

670,000 yuan, an increase of 0 in ten years.


Corresponds to 1550 in 1Q-3Q19 operating income.

400 million, an annual increase of 4.

3%; net profit attributable to mother 221.

2 ‰, an increase of 4 in ten years.


The company’s performance is in line with our expectations.

Product price reduction in 3Q19, retail improvement: 1) In 1H19, Gree’s high product pricing led to a decline in retail market share. Online and offline retail sales accounted for -3 respectively.

3ppt, -2.合肥夜网


2) 3Q19 Gree products are appropriately reduced in price.

In June, the online and offline price differences between Gree and Midea were 923 and 783 yuan / unit, respectively, and the price difference narrowed to 900 and 436 yuan / unit in September.

3) After the price reduction, the decline in Gree’s retail share has improved significantly. In September, Gree’s offline retail sales accounted for 45%, an increase of 15 ppt from the previous month, and an increase of 2.


Behind the 3Q19 results are not surprising: 1) 3Q18 companies have too much inventory, which leads to a high base in 3Q19.

The ability to achieve revenue and profit stability has demonstrated the company’s strong industrial chain control.

2) 3Q19 gross profit margin 28.

7%, down by 1 each year.

6ppt, down 2 from the previous month.

6ppt is definitely the company’s significant retail price reduction in 3Q19.

In addition, we estimate that the domestic sales of air conditioners have a small margin, and the sales structure also has an impact.

3) Abundant cash. Net cash flow from operating activities from 1Q to 3Q19 was 3.27 million yuan, + 117% over ten years; the balance of monetary funds was 136.2 billion yuan.

4) The balance of advance receipts 113.

500 million US dollars, the highest level in history over the same period, reflecting the market downturn.

Development Trend The air-conditioning industry is in a slump cycle, and 2H18 companies are overstocking. Under the background that the existing high channel inventory has not been fully digested, the market does not expect the company’s income statement to show high growth.

From the financial statement indicators, the company has a very strong control of the industrial chain.

Considering the company’s low estimate and the high dividend expectation after the mixed reform of state-owned enterprises, we are optimistic about the company’s forecast to increase.

In the fourth quarter of 19, the net profit for the same period was low, and we expect the company’s net profit to grow at a high rate.

Earnings forecasts and estimates remain at 2019 / 20e EPS forecast4.

74 yuan / 5.

20 yuan.

Maintain Outperform rating and 71.

00 yuan target price, corresponding to 15.

0 times 2019 P / E ratio and 13.

6 times 2020 price-earnings ratio, 21 compared with the same period last year.0% upside.

The current sustainable correspondence is 12/2019/2020.

4 times / 11.

3 times price-earnings ratio.

Risk Market demand fluctuates; State-owned enterprise mixes improve more than expected risks.

Shanghai stock index regains 2900 points, plate strength reverses cycle + consumption makes up

Shanghai stock index regains 2900 points, plate strength reverses cycle + consumption makes up

China Securities Net Sun Yue on Tuesday, the Shanghai and Shenzhen markets fell slightly in the early trading, and then the Shanghai index took the lead in counterattack, closing successfully to recover 2900 points, the Shanghai index achieved seven consecutive Yang, six consecutive gains.

However, the GEM index, which led the terror rally, fell all the way, closing down 0.


  On the disk, there is a seesaw effect in which the strength of the industry reverses.

Mask concepts, medical waste treatment, disinfectant, telecommuting and other major main durations; coal, steel, building materials, big finance and other sectors led the strong rise; real estate, tourism, catering and other sectors affected by the epidemic also appeared to increase their competitiveness.

  Cycle and consumer sector to meet price increases Since the beginning of this week, the hot stocks in the online office and pharmaceutical sector have continued to be active. However, due to the resumption of work, the cycle sector appears to be moving.

  Following the collective surge in cement stocks on Monday, the steel sector also ushered in to make up.

Yesterday, the steel industry rose strongly, and the sector as a whole increased by one.


As for individual stocks, Anyang Iron & Steel, CITIC Special Steel, and Bayi Iron & Steel rose more than 6%.

  In addition, the consumer sector, which has been more affected by the epidemic, also has the highest rise.

The household appliances sector as a whole rose by 2.

72%, Midea Group, Shenzhen Konka A rose more than 4%.

In the liquor sector, Laobai dry liquor and Luzhou Laojiao rose by more than 4%.

  China National Securities believes that in terms of the repair opportunities of some sectors after the future epidemic situation, two main lines can be laid out: First, with the introduction of counter-cyclical hedging policies, steel, building materials, chemical, machinery and other cyclical industries may usher in repairs.

The second is that the suppressed consumer demand in the early stage may usher in explosive growth, and the recovery in demand will drive the profitability and cash flow of consumer companies to improve.

Especially for film, aviation, catering, tourism, commerce and other service-type consumer industries, the impact of the epidemic may only cause consumers to postpone consumption, and then the epidemic situation is transferred, and consumer demand may be released intensively.

  The main line of the financing customer plus warehouse technology is still optimistic. Since February, the transaction size of the two financial markets has gradually picked up, and the financing balance this week has continued to grow.

According to Oriental Fortune 深圳spa会所 Choice data, as of February 10, the balance between the two cities and the two financial institutions was 10,418.

3.2 billion yuan, an increase of 59 over the previous trading day.

7.5 billion yuan.

  Judging from the changes in the financing balance of individual stocks, keen financing funds also actively increase positions in some industries that are expected to improve cyclical stocks.

For example, the biggest increase in financing surplus on Monday was San Aifu, the latest financing surplus of the stock3.

5.7 billion yuan, an increase of 132 over the previous trading day.


In addition, Xingyuan Environment, Yangnong Chemical Co., Ltd., and other rising stocks also ranked among the top.

  Looking ahead, BOC International believes that from a high-level perspective, the current position will become the most certain allocation opportunity during the year.

In terms of industry configuration, in the short term, banks and medicines are used as defense, and they can intervene in technology leaders at dips.

From an overall perspective, the value of technology mainline allocation is still prominent.

The downstream demand of new smart phones, smart wearable devices, semiconductors and new energy vehicles is weakly related to the epidemic, and the trend of the industry’s prosperity is more clear.

  Zhang Xia, chief strategy analyst of China Merchants Securities, believes that under the expectation of steady growth, the financial, real estate, construction, and automotive sectors that have been affected by the policy have increased their attention; in the medium and long term, they believe that A-shares are in the two and a half years that will start in 2019Cycle, the blessing of 5G technology and the increasing demand for information technology will become the direction in which the technology sector will continue to grow in the next few quarters.

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.


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

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.


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.


91 yuan (previous estimate was 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.


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.


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.


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.


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.

Science and Technology and Environmental Science (002322) In-depth Research Report: Environmental Protection + Energy Two-Pronged Approach to Create an Intelligent Integrated Information Service Provider

Science and Technology and Environmental Science (002322) In-depth Research Report: Environmental Protection + Energy Two-Pronged Approach to Create an Intelligent Integrated Information Service Provider

Energy and the environment go hand in hand.

The company deeply cultivated power monitoring, informatization and environmental monitoring, and repaired two major sections.

Electric power monitoring, as the company’s traditional main business, includes a complete product matrix such as an intelligent substation online monitoring system and a transformer oil chromatography online monitoring system.

At the same time, the company cut into the power engineering project construction information service field through the acquisition of Bowei new technology, and fully assisted in the construction of the power Internet of Things.

In terms of environmental protection business, the company’s Shangyang Huanke Group and Azure Huanke Group have undertaken environmental monitoring and soil remediation, and all business segments can collaborate on customer resources and informatization.

Monitoring and soil remediation have a huge market potential.

The company’s environmental protection field mainly includes water quality, online automatic monitoring and supporting services for the atmosphere, and soil remediation services.

At present, the focus of the monitoring industry has been built by the network, and pollution source monitoring has shifted to the improvement of overall monitoring quality. We estimate that the total market size of environmental quality monitoring + pollution source monitoring in 2018-2020 is expected to reach 90.4 billion, and CAGR remains above 15%.

The company’s water quality monitoring technology and operating experience are outstanding, with new orders added in 20186.

40,000 yuan, orders in hand at the end of 20188.

500 million.

Among them, the national-level water quality monitoring orders since 2018 have further consolidated the company’s leading category. In 2018, the revenue of Shangyang Huanke increased by 102% to 4%.

200 million, net profit increased 43% to zero.

8.3 billion.

The soil remediation market is also promoted by policies such as ten soils and soil embedding methods. The market space for soil remediation of sites and arable land in 2018-2020 will exceed 270 billion.

The company’s soil governance benefits and profits improved due to the impact of engineering volume, but the company still has a stable advantage in terms of technology, customer resources, etc., transforming the release of market demand and the rationalization of the project, and the collaborative monitoring and monitoring business of the soil remediation business will improve the performance of the environmental protection sector.

The lower part of the faucet with complete power monitoring products is stable, and informatization will help the construction of the Internet of Things to realize software-consulting value-added services.

Driven by the advancement of the construction of the electric power Internet of Things, the company’s electric power monitoring system, as an important terminal for the supporting layer of the electric power Internet of Things, has gradually transformed the demand for supporting monitoring of low-voltage equipment in various places to achieve stable growth, and the company’s broad product coverageAnd leading market expansion is expected to further open the growth ceiling.

Power informatization takes Bowei’s many star products (power engineering cost tool software, power engineering customized software, etc.) as its spear, and cuts into the power grid and power engineering operations from multiple dimensions such as design consulting, information services and data operations.

Bowei’s strong R & D strength and high market share have taken the lead to benefit from the upcoming peak period of intelligent power construction.

The continued advancement of repurchases demonstrates confidence.

The company implemented repurchases in early 2018 and early 20返回码: 500 网站打不开?重查19, and announced in January 2019 that it intends to use zero.


0 trillion repurchase of shares (not more than 5% of total shares).

As of the end of February, the company gradually repurchased 5.23 million shares, accounting for 1.

32%, average repurchase price 9.

56 yuan / share.

The company’s two-year repurchase for fair incentives is not only conducive to continuous management and efficiency, but also shows the company’s full confidence in future development.

In addition, the actual cost of the Air Controller’s actual controller increase is about 23.

3 yuan / share, with the current expected degree of inversion is still possible.

Earnings forecasts, estimates and investment ratings.

We expect the company to achieve net profit attributable to mothers in 2019-2021.

4 billion, 4.

4 billion, 5.

300 million, an annual increase of 32%, 28%, 23%, corresponding to PE is 18, 14, 11 times.

Considering that the company has synergistic effects in monitoring (electricity, environment) and information business in terms of data and services, coupled with the ubiquitous construction of the electric power Internet of Things and its close integration with the company’s business, it has a significant boost to the estimation.

Therefore, based on the estimated net profit of the company’s various businesses and with reference to the price-earnings ratios of various sectors, we give the company 25 times PE in 2019 and raise the target price to 21.
25 yuan, maintaining the “strong push” level.
Risk warning: Project advancement and power engineering projects are less than expected; intensified industry competition reduces profitability.

Meiya Optoelectronics (002690): Dental CT business continues to grow at a high rate

Meiya 深圳桑拿网 Optoelectronics (002690): Dental CT business continues to grow at a high rate
Event: The company released its 2019 Interim Report.Report the core company’s operating income5.8.8 billion, an annual increase of 19.57%; net profit attributable to mothers2.07 million yuan, an increase of 21 in ten years.84%; net profit after deduction to mother 1.76 ppm, an increase of 24 in ten years.98%. Opinion: The company’s color sorter business has transitioned from a high-speed development stage to a stable development stage. Driven by the rapid growth of oral CT business, the company’s half-year performance has steadily increased, in line with expectations.In the medium and long term, benefiting from the opening of the domestic CBCT market driven by private dental clinics, the company’s growth cornerstone has been consolidated, and investment ratings are strongly recommended. The continuous growth of dental CT business has driven the company’s performance to grow steadily.2019H1 company achieved operating income5.880,000 yuan, an increase of 19 in ten years.57%, stable performance, in terms of business: ① As a pillar industry of the company, the color sorter business has transitioned from a high-speed development stage to a stable development stage, and the report has realized revenue3.6.3 billion, an annual increase of 6.38%; ② oral CT achieved income 1.93 ppm, a 55-year increase.20%, accounting for 32% of the company’s revenue.92%, an increase of 7.56 units are the biggest driving force for the company’s 2019H1 performance growth.In 2019, the company’s two group purchase fairs sold 967 units of CBCT, with a total order amount of about 300 million yuan (including tax), a record high. Considering that the company still has group purchase fairs in the second half of the year, the oral CT business volume has a high degree of certainty. The gross profit margin of the main business steadily increased, and the company’s profitability was further enhanced.The profit growth rate of profit-making companies reported is higher than the income growth rate, and profitability has improved.① Looking at the gross margin, the gross profit margins of the implanted color sorter and oral CT were reported to be 51.14% and 60.82%, an increase of 0 over the same period last year.68 and 1.10 average values, driven by the increase in the proportion of high gross margin X-ray industrial inspection machine business, the overall gross profit margin of the company in 2019H1 increased by 1.The 51 averages reached 55.37%.With the continuous upgrade of subsequent main products and the scale effect of oral CT, the company’s gross profit margin will still increase the potential for improvement.② On the expense side, the increase in oral CT and overseas marketing expenses was reported, and the company’s sales expenses increased by 23.49%, affected by this, the company’s period expense ratio increased by 0 compared with last year.The 45 samples, although suppressing the net profit to some extent, are still smaller than the increase in net profit brought by the increase in gross profit margin. CBCT’s continued high growth is highly deterministic, and the foundation for medium and long-term growth is solid.We believe that CBCT will inevitably undergo three stages of development in the country. In the short term, it will mainly supplement the demand growth driven by private dental clinics, and in the medium and long term, the demand for CBCT brought by the increase in penetration and the upgrading of existing equipment will have sufficient market space. As the leader of the domestic CBCT market, the company has always been at the forefront of import substitution, with a market share of more than 30%. Based on the continuous breakthrough of product performance and the opening of sales channels such as group purchase, we judge that the company’s 杭州桑拿网 CBCT business has achieved the potential of rapid growth. In addition to CBCT, the company is also actively deploying other medical device products. New products are expected to replace CBCT and lay the foundation for rapid growth and further open up the company’s growth space. Investment suggestion: We expect the company’s net profit for 2019-2021 to be 5, respectively.42, 6.52, 7.7.7 billion, the previous growth rate was 20.97%, 20.31% and 19.12%; corresponding EPS are 0.80, 0.96, 1.15 yuan, the corresponding PE is 40.90, 33.99, 28.54 times, maintain “strongly recommended” investment rating. Risk Warning: The demand for color sorter is lower than expected, the growth of overseas business is lower than expected, the discrete amount of CBCT is lower than expected, and the product price is significantly reduced

Fu Ana (002327): The fundamentals of pressure on performance during channel adjustment period are stable

Fu Ana (002327): The fundamentals of pressure on performance during channel adjustment period are stable

Channel adjustments caused pressure on performance in the first half of 19th.

The company released its semi-annual report for 2019 and achieved operating income11.

0.5 billion, a decrease of 3 per year.

58%; net profit attributable to shareholders of listed companies1.

55 ppm, a reduction of 16 per year.

22%; net profit attributable to shareholders of listed companies1.

26 ‰, a decrease of 21 per year.

11%; basic profit return is 0.

19 yuan.

Main income decreased by 3.

58%, e-commerce increased by 23%.

Main business 北京夜生活网 income 11.

0.5 billion, a decrease of 3 per year.


In terms of categories, the suite category is reduced by 9 per year.

84%, reduced by 1 core.

28%, mainly due to the high base last year and channel adjustments; in terms of channels, offline revenue is about 5.

6.3 billion, of which direct sales accounted for about 55%, dealers accounted for about 45%, online revenue was about 3.

98%, an annual increase of 23%.

Compared with 19Q1 single quarter revenue improved, 19Q1 / Q2 single quarter revenue was 5 respectively.


830,000 yuan, at least -5.

55% /-1.

76%, indicating a positive trend in sales.

Vigorously promote channel adjustment and focus on the sustainable development of distributors.

1) As of the first half of 2019, a total of 1350 stores nationwide; 150 square meters stores accounted for 60%; large stores greater than 300 square meters accounted for 25%; street stores accounted for 60%; first-tier and second-tier city stores accounted for over 50%.

2) In the first half of the year, the company’s evaluation of dealers was mainly changed from sales to payment recovery. At the same time, a channel service team of one hundred people was set up to help dealers improve the quality of channel operations and long-term development capabilities.

3) The unified access to the terminal POS system across the country has been completed to reduce the risk of channel inventory and improve the efficiency of single stores. Through the unification of the POS system, the company’s control and response speed to the terminals has been improved.

Gross margin decreased slightly by 0.

36 to 50.

30%, the increase in expense ratio is related to channel reform.

Gross profit margin for the first half of 2019 was 50.

30%, a decline of 0 every year.

36 pcts, of which the gross margin of the suite category is 53.

01%, the gross profit margin of quilts was 49.


Settlement of sales expenses 29.

68%, an increase of 2 per year.44 pct; overhead costs4.

34%, R & D expenses 2.

85%; financial expenses 0.

14%, an increase of 0 every year.

25 units.

In addition, the inventory in the first half of 19 decreased by 9.

19% to 7.

480,000 yuan, the net operating cash flow increased by 683% over the same period last year to 4.

8.7 billion, showing that the repayment is in good condition and the quality of operations has improved.

Underestimated the leader, sound fundamentals, and maintained the “overweight” rating.

We believe that the fundamentals of the company as a benchmark consumer goods leader in the home textile industry remain unchanged. The company has replaced the sustainable development of channels in the face of a zero-deceleration environment, and has continued to promote the improvement of dealers’ operating quality and terminal systems since 19Data transformation. In the long run, the main industry of home textiles has the competitiveness of products and brands, and the fundamentals remain stable.

EPS are expected to be 0 in 19-21.

72, 0.

88, 0.

94 yuan, the current company’s total market value is about 6 billion, corresponding to 19PE 9.

6 times, it is estimated to be at a historical low.

Through channel adjustment and deepening, the company’s performance is expected to gradually improve and maintain the “overweight” rating.

Risk Warning: Weak consumer environment and rising raw material prices.

Depth-Company-North China Huachuang (002371): Ample orders in hand, second-half performance growth promotes pick-up

Depth * Company 杭州桑拿网 * North China Huachuang (002371): Ample orders in hand, second-half performance growth promotes pick-up

The company released an interim semi-annual performance report and achieved revenue of 16 in the first half.

55 ppm, an 18-year increase.

6%, net profit 1.

28 ppm, a ten-year increase of 7.

9%, with 2017-2018 and 1Q2019 performance growth indicators, the second quarter of this year’s operating income and profit growth rate replaced.

However, the company’s inventory data at the end of the first quarter, data on orders in hand, and bid winning data this year indicate that the company has sufficient orders on hand at the end of the second quarter, and the growth rate of the first half of the year has fluctuated temporarily, mainly because the pace of delivery affects revenue recognition.
Judging from the plans for the domestic flour production line to enter the plant and put into production, in the second half of this year, Northern Huachuang gradually accelerated the pace of revenue recognition, and its performance growth attempted to rebound, gradually achieving a high growth trend, and maintaining a buy rating.

Points for support levels There are abundant orders for electronic process equipment in hand.

According to the company’s announcement, orders for electronic process equipment at the end of 2017/2018 were 22 in order.

83, 32.

610,000 yuan, an increase of 75% and 43% over the end of the previous year.

At the end of 2018, the company had electronic process equipment15.

09 billion US dollars of inventory goods, with reference to the gross profit level of 2018, it is estimated that these inventory goods correspond to more than 2 billion US dollars of order value, while electronic process equipment in the first half of this year only confirmed 12.

47 trillion income, it can be seen that there are still a large number of orders on hand that have not been delivered or have been delivered but have not yet confirmed revenue.

At the end of the first quarter of 2019, orders for electronic process equipment were 31.

9.4 billion yuan, still maintain a relatively large amount of orders in hand.

The second half of the year will enter a peak in revenue recognition.

In the first half of this year, the global semiconductor industry is at the bottom of the industry, and the construction progress of some domestic production lines may be affected as a result.

According to reports, DRAMeXchange and others show that on May 21, the structure of the Shanghai Jetta Semiconductor Factory was capped, and the equipment was moved in before the end; On June 25, the first batch of equipment moved in at the site of Yandong Micro’s 8-inch production line;The first batch of lithography machines in the 12-inch production line of Huahong No. 7 Factory moved in smoothly.

It can be seen that most of the equipment delivery and revenue recognition will still be concentrated in the third and fourth quarters of this year.

Integrated circuit process equipment replenishment orders are optimistic.

From the statistics of the three expected wafer production lines, we have seen that the number of successful bids for North China Huachuang’s process equipment from January to May this year exceeds that of 2018. The number of bids for etching equipment, PVD, heat treatment and other process equipment led the ICLocalization of process equipment.

Pay attention to the localization of thin film equipment and etching equipment.

Although the company has a high market share of Al passivated PVD products, the company is still in the process of new product process verification or research and development in terms of market capacity copper interconnect PVD, and CVD, ALD and other equipment.

The company’s etching equipment has made breakthroughs in the improvement of silicon trench etching. However, in the core silicon-based etching processes such as silicon gate etching and deep trench etching, LamResearch is still on absolute ownership.

It is estimated that considering the impact of the semiconductor industry’s changing business climate on the expansion of domestic and foreign wafer fabs, we will adjust the company’s net profit to 3 in 2019/2020/2021.



52 million, the current market value of PE is estimated to be 81/53/38 times.

Taking into account the company’s expected rapid revenue recognition rhythm in the second half of the year, performance growth is expected to pick up, and the expected performance will maintain a high growth trend, maintaining a BUY rating.

The main risks facing the rating are that the company’s R & D progress is lower than expected, and downstream customers’ production expansion is lower than expected.

Qianfang Technology (002373) In-depth Report: Innovative Smart City Industry Based on One Body and Two Wings Strategic Layout

Qianfang Technology (002373) In-depth Report: Innovative Smart City Industry Based on “One Body and Two Wings” Strategic Layout

Leading companies in smart transportation and smart security deploy innovative smart city services.

Qianfang Technology has accumulated many years of product business and industry big data, and has comprehensively expanded the innovative smart city business with intelligent transportation and intelligent security as its core.

The company achieved operating income of 72 in 2018.

440,000 yuan, an increase of 35 in ten years.

22%; net profit attributable to mother 7.

67 ppm, a 64-year increase of 64.

74%, thanks to the firm implementation of the “one body and two wings” development strategy.

In the field of smart transportation, the company has made multiple efforts in the areas of informatization of urban transportation, smart road networks, smart civil aviation, and smart rails to create a strategic layout of the large transportation industry that comprehensively covers “public, railway, aviation, and water.”

In the field of intelligent security, the company is the world’s leading supplier of video surveillance products and solutions, and continues to actively deploy business areas such as safe cities, smart cities, and Xueliang Engineering.

With the core of smart transportation and intelligent security, the company has transformed into an innovative smart city business strategy. At present, it has made breakthroughs in smart parking, smart rails, smart corridors, smart airports, smart parks, smart communities, and smart campuses.

Breakthroughs were made in the comprehensive management of urban transportation, and the field of Internet of Vehicles was firstly deployed.

The company’s urban transportation business has a complete layout, leading market segments, and projects are being implemented one after another.

The company’s innovative urban transportation comprehensive management business segment has shown new changes in three aspects, namely service subjects, needs and technology, and has created industry benchmarking demonstration projects.

The company’s expressway business benefited from the steady increase in demand for reconstruction and expansion, and the bid volume in 2018 reached a new high.

In addition, the company also based on the development of urban transportation, highway transportation, rail transportation, and civil aviation business, combined with innovative technologies such as artificial intelligence, preemptively deployed in the field of Internet of Vehicles business and signed strategic cooperation agreements with giants such as Baidu Apollo.

Intelligent security forms differentiated advantages through high-end customization, and cooperates with the rapid development of intelligent transportation business.

The company’s intelligent security business expands industry users through customized special services, and adopts a special secondary channel distribution model, which reduces the need for working capital and transforms into accounts receivable turnover days, reducing the risk of bad debts.

The subsidiary Yushi Technology has continuously increased its market share in the security industry. The global ranking has been changing for four consecutive years, and it ranked sixth in the world in 2017.

In 2018, Yushi Technology launched “AI Ready!” Based on the previous generation of intelligent, storage, central, and cloud applications.

Security AI scale deployment plan “and released eight 西安耍耍网 artificial intelligence series products of” Six Mountains and Two Levels “.

The strong combination of transportation and security business forms a diversified and multi-level business synergy in the three aspects of industrial chain layout, technology and market.

Company profit forecast and estimation: It is estimated that the net profit attributable to the mother in 18-20 years will be 7.

66, 10.

30 and 12.

470,000 yuan, the corresponding EPS is 0.

52, 0.

69 and 0.

84 yuan, the corresponding PE is 31.

02, 23.

09 and 19.

06 times, giving the company 30 times PE in 2019, corresponding to a 6-month target price of 20.

70 yuan, the first coverage given a “strong recommendation” rating.

Risk warning: the industry’s prosperity is not up to expectations; the project is not up to expectations; business collaboration is less than expected.

Hanchuan Intelligent (688022): The layout of the third-quarter results exceeded expectations + binding high-quality customers to help rapid development

Hanchuan Intelligent (688022): The layout of the third-quarter results exceeded expectations + binding high-quality customers to help rapid development

Event: Company’s 2019Q1-Q3 revenue 2.

600 million, previously + 6%; net profit attributable to mother 0.

3.6 billion, previously +25.

5%; deduct non-attributed net profit 0.

3 billion, previously + 43%.

Among them, Q3 single-quarter revenue is zero.

9.7 billion, previous -28%, -9% MoM; net profit attributable to mother 0.

2.7 billion, previous + 11%, + 288% mom.

  Investment Highlights 2019Q1-Q3 company revenue, net profit attributable to mothers and net profit attributable to non-mothers both hit record highs.Binding high-quality customers (mainland, Tyco, etc.) + company merger business layout results are apparent.

The company’s main products are automotive electronic intelligent manufacturing equipment, and at the same time actively develop new energy battery intelligent manufacturing equipment and medical health intelligent manufacturing equipment.

The company’s 2019Q3 single-quarter revenue decreased, mainly due to the decrease in subsidiary revenue.

  The automotive electronics segment has developed rapidly.

The company has reached the level of bidding with foreign counterparts in the field of connectors and sensors in the automotive electronics segment.

At present, it has provided a variety of non-standard core intelligent manufacturing equipment for internationally well-known customers such as Tyco Electronics and Continental Group. The largest customer Tyco Electronics is the world’s largest connector and sensor manufacturer.Electronic sales accounted for 8 of their equipment purchases.

83%, 9.

31% and 10.

42%, the proportion gradually increased.

  The company also lays out the fields of medical health and new energy batteries, and many of its revenues have begun to show.

Customers include international leading companies in the medical device field such as Medtronic, and domestic first-rate manufacturers in the new energy battery industry such as Eternal Lithium and Xinwanda.

Benefiting from the scale effect and the base of the same period last year, Q3 net profit margin increased by 21pct2019Q1-Q3 comprehensive gross profit margin 36.

4%, net interest rate 13.

6%, an increase of 1 per year.

9 points.

Among them, it is worth noting that Q3’s single quarter gross margin was 41%, +7 pct QoQ; the net profit margin was 27.

6%, +21 pct MoM, both improved significantly.

Expenses during Q1-Q322.

9% for ten years +5.

5 points.

The selling expense ratio is 5.

3% (+0.

9pct); management and R & D expense rate 17.

3% (+5.

3 pct), mainly due to the increase in the share of new factory renovation costs and the expansion of the company’s scale, staffing and infrastructure investment; financial expenses accounted for 0%.

2% (-0.

8pc), mainly due to the use of raised funds for cash management and increased interest rates.

Operating cash flow improved, inventory and accounts receivable increased Q1-Q3 2019 net operating cash flow was -0.

5.2 billion, a decrease of 0 previously.

6.6 billion.Mainly due to the expansion of the company’s scale and the increase in the number of employees.

Of which Q3 net operating cash flow is 0.

1.6 billion, mainly benefited from funds raised.

As of the end of the Q3 period, the closing amount of accounts receivable was zero.

8.4 billion, a decrease of 0 previously.

1.7 billion; bills receivable 南宁桑拿 of 9.6 million yuan, an increase of 9.31 million, mainly due to the increase in receipts of bills receivable by the company and its subsidiaries during the reporting period.

The ending amount of inventory is 2.

400 million, increasing by 0 every year.

8.4 billion.

The increase in inventories and bills receivable indicates that the company’s sales scale has continued to increase.

And we judge that with the increase of the company’s business scale and penetration of key large customers in the future, it will continue to grow rapidly.

Profit forecast and investment grade: We expect the company’s net profit for 2019-2021 to be 1.


8, 2.

600 million, corresponding to 49, 32, 21 times PE.

The company is a leading domestic automotive electronic intelligent equipment company, binding Tyco, mainland and other 天津夜网 high-quality customers, while exploring new energy batteries, medical and health intelligent equipment and other fields, it is expected to give the first “overweight” rating.

Risk Warning: The automotive industry is gradually evolving, with a high degree of customer concentration, and technological innovation is less than expected.