Zhonghuan (002129): Performance in line with Shen Wanhongyuan’s expectations that large silicon wafers will expand smoothly

Zhonghuan (002129): Performance in line with Shen Wanhongyuan’s expectations that large silicon wafers will expand smoothly

Event: The company released the 2019 first quarter report on April 23, 2019. The report stated that the company realized operating income of 38.

23 ppm, an increase of 36 in ten years.

45%; net profit attributable to mothers1.

88 ppm, an increase of 50 in ten years.


Key points of investment: The performance is in line with Shen Wanhongyuan’s expectations, and the expansion of production capacity has promoted profit growth.

The company released the 2019 first quarter report on April 23, 2019, reporting that a series of companies realized operating income38.

23 ppm, an increase of 36 in ten years.

45%; net profit attributable to mothers1.

88 ppm, an increase of 50 in ten years.


The reported increase in operating income of major companies was mainly due to the increase in sales scale.

The report is significant, with development expenditure increasing by 33.

90%, mainly because some of the research and development projects supplemented in this period have entered the development stage, which meet the prescribed capitalization conditions and start capitalization.

The single crystal faucet continued to expand, and the scale of production capacity improved the company’s performance.

As of the end of 2018, the company’s solar-grade silicon materials Phase IV and Phase IV transformation projects have all reached production, with a total design capacity of up to 25GW.

Through digitalization and intelligent manufacturing transformation, the company’s actual annual production capacity reached 30GW in advance.

Committed to the company’s advanced technology and management advantages in the field of silicon materials for solar energy, the company and Hohhot Municipal Government have reached a cooperation on the investment and construction of the “Central 5th Phase 25GW Monocrystalline Silicon Project”.

The total investment of the project is about 9 billion U.S. dollars, and the annual production capacity will reach 25GW after completion and the initial investment per GW will be only 3.

600 million, actually lower than the industry average.

Low depreciation coupled with low electricity prices in Inner Mongolia will significantly reduce the production cost of new capacity.

With the release of large-scale production capacity, the company’s performance is expected to further improve, and the leader will be more stable.

Large wafer capacity was launched, and semiconductor expansion was smooth.

The company is one of the few domestic companies with only 8-inch semiconductor wafer production capacity, and the 12-inch crystal part has also entered the process evaluation stage.

In 2018, the company used the accumulation of early-stage technology to quickly advance customer certification and realize the rapid increase of 8-inch polishing pads. The 8-inch production line in Tianjin expanded to full production.

The 8-12-inch semiconductor wafer production line for integrated circuits in Wuxi is planned to have a production capacity of 750,000 8-inch polished wafers and 150,000 12-inch polished wafers per month.

Maintain profit forecast and maintain “overweight” rating: The company is a national team of semiconductor materials, 武汉夜网论坛 shouldering the historical responsibility of large wafer domestication, and the leader of photovoltaic single crystal wafers is firmly fixed.

We estimate that the company’s net profit attributable to mothers will be 11 in 19-20.

53, 15.

01, 19.

95 ppm, corresponding EPS is 0.

41, 0.

54 and 0.

72 yuan / share.

At present, the corresponding PE is expected to be 26, 20 and 15 times respectively, maintaining the “overweight” level.

Country Garden is really at a low level overall due to double performance

Country Garden is really at a low level overall due to double performance

Country Garden is generally really low at the moment Source: Beijing Business Daily Zhou Kejing According to reports, Country Garden CFO Wu Bijun recently publicly stated that Country Garden is currently at a low level and investors will be happy after buying for one year.

However, this column believes that the current merger of Country Garden is not necessarily at a low level. It is low compared to the beginning of this year, but high compared to the beginning of 2017. The growth of Country Garden’s performance in 2017 has more than doubled, which has become the main driving force for Country Garden’s gradual rise.

At present, there is a lot of uncertainty about Country Garden’s performance being able to double again, so it is inappropriate to say that the company has always been at a low level.

  In the stock market, I am afraid that no one can guarantee that the stock is at an absolute low level. After all, although the market operates on its own, there are many sudden factors. The performance of the performance is ultimately the result of a comprehensive combination of aspects. Performance is only a judgement that the listed company is running.Not all indicators.

Taken together, sustainable lows and highs are relative.

For example, is Huarui Wind Power, issued at 90 yuan, constantly falling to 45 yuan?

If it were arithmetic, then investors who bought stocks at this low level even changed significantly again. So it seems that 45 yuan is not a low level.

  Country Garden, a Hong Kong-listed company that has less than 11 manufacturing companies, has grown up to 19.

16 manufacturing, then what about sustainable?

In this column, we still cannot rush into conclusions.

After all, the Country Garden in 2016 is still in the vicinity of 3 replacements. If counting from that time, the Country Garden has gradually expanded by more than 200% in more than two years. It cannot be said that it is at a low level.

  In fact, during the growth of Country Garden from 3 to 19, the growth of the company’s profit has become the basis of the company’s outstanding growth.

The recent decline in Country Garden’s outlook is related to investors’ expectations of Country Garden’s 淡水桑拿网 future profit growth.

In fact, the frequent occurrence of recent security accidents in Country Garden will inevitably delay the construction period and affect the brand image of the company’s products. This is not a good thing for Country Garden with high turnover.

  In addition, it appears from this column that the public opinion of the listed company’s CFO on previous announcements will definitely affect investors’ investment judgments, and it does not rule out that investors directly purchase Country Garden shares based on Wu Bijun’s remarks.

If this is the case, investors feel happy after one year. If they are not happy, are they eligible to predict Wu Bijun?

  More generally, Country Garden is currently approaching the point of time to issue a periodic report. At this time, Wu Bijun publicly “recommends” investors 天津夜网 to buy Country Garden stocks, which will inevitably raise questions about information disclosure violations.

If Country Garden’s interim financial report is really beautiful, is it considered as information that has not been released before?

If the report is not good, is it considered a flicker investor?

  This column believes that now in the Internet era, the words and deeds of listed company executives will constantly affect the company. The executives of the company must be extremely cautious in speaking. If they really want to express their confidence in the company’s bright prospects, it should not be reached.At this point, the level of senior management evaluation without claiming the bottom line promises to cause trouble for themselves, and may also mislead investors’ investment decisions.

One-week fund scheduling chart: the main net real estate inflows surpassing 577.9 billion

One-week fund scheduling chart: the main net real estate inflows surpassing 577.9 billion

[Weekly capital plan chart]The main fund has a net amount of $ 577.9 billion. The real estate industry’s net inflow has the largest scale.


05) Shanghai and Shenzhen stock markets rose overall.

The Shanghai Stock Index has gradually increased throughout the week.

08%, SZSE Component Index gradually increased throughout the week2.

89%, GEM refers to a gradual increase throughout the week2.


In terms of capital flow, the main funds of the Shanghai and Shenzhen 武汉夜网论坛 cities gradually replaced 578 net.

7.8 billion, of which a net decrease of 62 on Friday.

2.5 billion.

  1 This week, the main capital of the two cities has gradually replaced the net.

7.8 billion this week’s main capital gradually replaced 578.

7.8 billion.

Among them, Friday (July 5) the main funds opened a net reduction of 66.

4.5 billion, a net inflow of 3.

3.5 billion, a net decrease of 62 throughout the day.

2.5 billion.

  2 This week, Shanghai and Shenzhen 300 main funds gradually replaced 196 net.

5.5 billion yuan this week, Shanghai and Shenzhen 300 main funds gradually net replacement of 196.

5.5 billion, GEM net decrease of 98.

8.6 billion yuan, a small net decrease of 116.

6 billion.

The Shanghai Stock Connect has gradually net inflows this week.

2.5 billion yuan, the Shenzhen Stock Connect gradually net inflow21.

8.2 billion US dollars (here, the net amount of China-Shanghai Stock Connect and Shenzhen Stock Connect is based on the amount used on the day, which is slightly different from the net purchase amount of the transaction, but the meaning is generally the same).

  3 The net inflow of the real estate industry this week 22.

Of the top 28 first-tier industries in Shenwan with 5.5 billion yuan, 4 industries achieved net capital inflows this week, of which 22 from the real estate industry.

5.5 billion came first.

  4 This week, the net inflow of big consumption concepts was 57.

In terms of the 8.4 billion top concept segment, there was a net inflow of capital in the concept segments such as big consumer, brand leader, QFII heavy storage, etc., of which the net inflow of large consumer concept was 57.

8.4 billion.

  5 Zhuo Shengwei’s net inflow this week was 22.

5.1 billion (Note: The main force of net inflows in this table is different from the statistical caliber in the previous and next tables)The stocks are: The top 15 stocks with the highest net selling amount of the individual stocks are: The top ten active stocks of the Shanghai Stock Connect and the Shenzhen Stock Connect on Friday 7th.

Zhejiang Meida (002677) Review Report: Integrated stoves continue to occupy the first and second lines of traditional smoke machines and develop smoothly

Zhejiang Meida (002677) Review Report: Integrated stoves continue to occupy the first and second lines of traditional smoke machines and develop smoothly

(1) On July 30, the 2019 China Household Appliances Industry Semi-annual Report released by the National Household Appliances Industry Information Center shows that in the first half of 2019, the domestic household appliance market ‘s retail sales increased by 412.5 billion yuan in total, and gradually declined2.

1%, the integrated stove industry achieved retail sales of 65 million US dollars, and an annual increase of 52.


(2) On August 6, the 2019 China Integrated Cooker Industry Summit Forum and the White Paper Release Conference of the Integrated Cooker Industry were held at Suning Headquarters in Nanjing.

On the same day, the company’s JJZT-6603 (A6) and A7 integrated stoves passed the review of the China Household Electrical Appliances Research Institute and obtained the “Jiadian” certificate.

(3) According to the Company’s “Investor Relations Activity Record” on August 28, the company entered about 100 Suning KAs in the first half of this year, and it is progressing in an orderly and effective manner in the second half of the year.

(4) The company released the semi-annual report for 2019, and its operating income in the first half of the year7.

0 million yuan, an increase of 25 in ten years.

2%; net profit attributable to mother 1.

80,000 yuan, an annual increase of 25.

0%; net profit after deduction is 1.

70,000 yuan, an increase of 27 in ten years.


Opinion: The third and fourth tier markets of the integrated stove industry have passed the introduction period, and the first and second tiers are in the rapid growth stage of the introduction period.

(1) As of June 2019, the cumulative domestic sales of traditional range hoods were 8.42 million units, a decrease of 5.

2%; progressive retail volume of 8.26 million units, exceeding the decline of 3.

2%; Progressive retail sales of $ 19.7 billion, down 4 each year.


(2) According to our research on consumption of real estate and home appliances, we expect the “turnkey volume of new homes ①” to decrease by 14 in 2018.

4%, the retail sales of traditional fog machines fell by 7.

7%, the sales in traditional fog machines decreased by 4.


We estimate that the annual growth rate of “new house turnkey volume” in 2019-2021 will be 3 respectively.

1%, -10.

1%, 5.

The growth rate of internal sales of traditional smoke machines is 0%, 6%, and 2%; the growth rate of internal sales of integrated stoves is 25.

3%, 13.

8%, 20.


(3) We predict that the penetration rate of integrated stoves in 2018 will be about 9%, of which the first and second lines are about 7%, and the third and fourth lines are about 10%. We believe that the growth of integrated stoves will continue.

The company’s industry leader is solid, and KA and online channels open up 杭州夜网 room for growth.

(1) According to the company’s announcement, the company added 70 first-tier dealers in the first half of 2019, totaling more than 1,400; 300 new terminal stores, totaling more than 2,500.

According to the company’s establishment, the initial county-level establishment is about 3,000, so the company has at least one doubling space for channel expansion.

(2) The company is accelerating the development of the first- and second-tier markets, of which the KA channel (home appliance chain) is the main breakthrough.

The company’s sales expenses in the first half of the year.

2 ‰, an increase of 81 in ten years.

2%, sales expense ratio 16.

4%, an increase of 5 per year.1pct.

Company advertisements are continuously invested in CCTV, high-speed rail, and provincial TV stations.

As of the first half of 2苏州夜网论坛019, the company has entered more than 100 Suning stores.

We believe that the company’s continued focus on publicity and its leading edge in product power and channel power is conducive to the company’s first- and second-tier development, high-end brand card slots, and market share in the entire market.

(3) The company adopts temporary management of dealers to obtain terminal sales information in a timely manner and reduce intermediate costs.

(4) The company’s e-commerce revenue accounts for about 10% of the total revenue, and the growth rate in the first half of 2019 is more than 80%. We believe that the company’s e-commerce revenue can increase and improve.

(5) We predict that the company’s comprehensive stove market share will be approximately 17 in 2018.


We conservatively estimate that the company’s market share will remain unchanged in the next three years, and the company and the industry segment will grow at the same rate.

We estimate that the company’s integrated stove revenue will be 16 in the next three years.

2, 18.


1 ppm with a growth rate of 27.

8%, 16.

1%, 23%.

Earnings forecasts and estimates We expect the company’s revenue growth to be 29 in 2019-2021.

4%, 17%, 23.

3%, net profit growth rate was 32.

4%, 12.

0%, 24.

3%, EPS is 0.

77, 0.

87, 1.

08 yuan, corresponding to PE18, 16, 13 times.

We estimate it at 22 times the EPS in 2019, and the estimated estimate is 17.

02 yuan, compared with the merger of 2019090613.

There is a 22% increase in the price of 92 yuan, and we maintain the “strongly recommended” level.

Risk Tips 1. If the national housing delivery progress exceeds expectations, the general cigarette machine industry will grow faster than expected again this year; 2. The integrated stove industry is not as fast as expected in occupying the traditional cigarette machine market; 3. Market competition is intensified and the industry’s average price isDownside risks and potential risks to the company’s market share.

Sinoma Science & Technology (002080) Posts Comment: Businesses that Exceed Expectations Boom

Sinoma Science & Technology (002080) Posts Comment: Businesses that Exceed Expectations Boom

The company’s semi-annual report for the 2019 semi-annual report has exceeded expectations. The company released a 2019 semi-annual report for the first half of the year.


9 ‰, 60% growth in ten years?
80%, of which Q2 single quarter profit 4-4.

8 ‰, a ten-year increase of 69% -101%, exceeding our expectations 深圳桑拿网 and the market.

The wind power industry boom and blade high-end drive the company’s blade business beyond expectations. After the implementation of the “Notice on Improving Wind Power On-grid Tariff Policies” policy in May 2019, more and more live electricity in the Three North Regions gradually abandon wind power and gradually reduce the phenomenon.Existing projects are also expected to be gradually released.

Sinoma Blade, a subsidiary of Sinoma Science and Technology, as the largest domestic manufacturer of wind power blades, actively adjusts its product structure. Benefiting from the structural shortage of high-power and large blades in the current market, we judge the company’s blade unit price, gross profit margin and sales volume to improve significantly.

The reduction of cost and efficiency of the fiberglass industry can withstand the industry’s economic downturn, and the level of profitability can remain hindered by the impact of new capacity in 2018. Sino-US trade frictions and the continued decline in the PMI in the euro zone have affected the volume and price of the fiberglass industry.

Under this circumstance, the company actively promotes the cost reduction and efficiency improvement of the fiberglass business, while optimizing the product structure, shifting the focus of the product to wind power yarns, thermoplastic yarns and other products with better demand. We judge that the company’s fiberglass profitability may be the same as last year.Flat.

Lithium film may turn around and turn a profit, and the profitability of gas cylinders will greatly improve the company’s annual report announcement 4 Article 2.

The 400 million flat lithium film production line has been put into production at the end of 2018, and volume supply has been achieved in the first half of 2019. At the same time, the release of production capacity has accelerated, and the yield has continued to improve. We judge that the lithium film may have exceeded the break-even point in the first half of this year and slightlyProfit; Benefiting from the volume of new products and the recovery of the industry, the profitability of the company’s gas cylinder business has improved significantly. We judge it to be much better than last year’s interim report.

Investment suggestion: Maintain “Buy” rating company is wind power blades, glass fiber double faucet, such business is booming.

Benefiting from the upswing of the wind power industry and lithium film, the cylinder business contributed new increments. We judge the company to gradually achieve flexibility in performance indicators.

We raised the company’s EPS to 0 for 2019-2020.

89, 1.

07 yuan, while dating 2021 EPS 1.

29 yuan, according to the latest closing price of the corresponding PE is 11 respectively.



7 times.

Based on the average PE 深圳spa会所 estimated by comparable companies in 2019 of 12x, and considering the company’s higher performance growth rate in 2019, we believe that companies can be given a PE estimate of 15x, corresponding to a reasonable value of 13.

35 yuan / share; maintain “Buy” rating.

Risks indicate demand risk in the wind power industry; risk reduction in the glass fiber industry; and lithium battery industry growth is not as expected.

Strengthen the long-term performance guidance of fund companies and vigorously guide incremental funds into the market

Strengthen the long-term performance guidance of fund companies and vigorously guide incremental funds into the market

Original title: Strengthen the long-term performance guidance of fund companies and vigorously guide the increase of medium- and long-term funds into the market. Host Liu Weijie: The “Deep Reform 12” proposed by the Securities Regulatory Commission recently clarified the task of capital market reform in the next stage.

Aiming at the contents mentioned in “Promoting more medium- and long-term funds to enter the market”, “Optimizing reorganization and listing, refinancing and other systems”, and “Improving the effectiveness of audit and law enforcement”, this newspaper interviewed experts today to conduct in-depth interpretation and analysis from different perspectivesanalysis.

  Our reporter Liu Qi released a comprehensive list of capital market deepening reforms.

The “Deep Reform 12 Articles” proposed by the CSRC clarified the task of capital market reform in the next stage.

Public funds, as an important part of the capital market, have also been cited many times.

The “Deep Reform 12” put forward the need to promote more medium- and long-term funds to enter the market, including: strengthening the long-term performance guidance of securities fund operating institutions; promoting the classified supervision of public fund managers; promoting the relaxation of the proportion and scope of various types of medium- and long-term funds entering the market;Part of the public fund for individual personal retirement retirement business pension investment scope.

  Yang Delong, chief economist of Qianhai Open Source Fund, said in an interview with the Securities Daily that a prosperous capital market is an important driving force for economic transformation and industrial upgrading.

The capital market is both an economic barometer and a great booster for economic growth.

Vigorously develop the capital market, attract long-term funds to the market, create good returns for investors, and create a good market environment, then the internal capital market is expected to usher in the “golden decade” of great development.

  Anxin Securities pointed out that the policy of promoting public funds to supplement the personal deferred commercial pension investment scope was re-extended, and public funds were gradually expanded and expanded.

More long-term funds continue to enter the market, which will gradually improve the investor structure of the A-share market and enhance the stability of the A-share market.

  Strengthening long-term performance-oriented “Many short-term funds are guided by short-term performance and reorganized. As fund investors pay too much attention to short-term performance and fund rankings, switching fund managers repeat too much short-term performance to cater for investors’ choices; instead, fund companies often face long-termThe contradiction between investment and short-term sales, in order to promote new fund sales, may expand short-term performance and ignore long-term performance.

“Yang Delong told the Securities Daily reporter.

  The “Deep Reform 12” put forward the need to strengthen the long-term performance guidance of securities fund operating institutions.

Yang Delong believes that by strengthening the long-term performance guidance of the fund industry and promoting the long-term investment habits of investors, gradually leading more long-term funds into the market, and guiding fund companies to do a good job of long-term investment, not to cater to investors’ short-term preferences too much.The long-term healthy development of the fund industry is very beneficial.

  Sha Yu, deputy general manager of China Merchants Fund, said in an interview with the “Securities Daily” reporter that strengthening the long-term performance-oriented assessment mechanism will guide the fund to further transform into value investment, pay more attention to long-term performance returns, and help fund companies to build professional capabilities, Reduce operating costs and stabilize the talent team.

Future capital market sources of budget funds, performance evaluation, investment channels, regulatory arrangements and other aspects will be launched to provide more support for medium and long-term capital entry.

In addition, this will also bring a “stabilizer” effect to the capital market, which will help fund products to perform more robustly.

  Promoting the classified supervision of public fund managers While strengthening the long-term performance orientation, the “Deep Reform 12″ also clearly requires the promotion of classified supervision of public fund managers.

Yang Delong said that the idea of fund classification supervision is to score according to certain criteria, and then to carry out differentiated supervision on companies with different rating levels.

It is more accurate to adopt appropriate supervision methods as far as possible; instead, this may become a reference tool for some institutional customer selection committees in the future. It does not rule out that certain banks refer to the classification and rating results and decide whether to entrust funds to the management of fund companies.

  ”Securities Daily” reporter noted that actions have been taken above the supervisory level.

For example, the “Administrative Measures for the Information Disclosure of Publicly Raised Securities Investment Funds”, which came into effect on September 1, this year, proposed that the China Securities Regulatory Commission can regularly evaluate the quality of information disclosure of fund managers, and at the same time conduct the fund manager’s classification supervision and evaluation index system.

  Regarding how to properly conduct classified supervision, Yang Delong believes that the fund classification and scoring standards must be fully discussed to reflect the comprehensive strength of a fund company. Just like Moody’s and S & P’s rating on bonds, it should reflect the bond’s quality.Overall characteristics.

The basis of classification supervision can be considered in a comprehensive manner in terms of asset management scale, three-year average performance of equity funds, company brand value, and fund manager stability.

  ”The classification and supervision of fund companies is a key progress in supervising and guiding hierarchical competition from the top to the bottom, which will help reshape the healthy and prosperous layout of integrated large-scale fund companies and characteristic small and medium-sized fund companies.”Bigger and stronger, providing comprehensive services will guide the consolidated business capabilities of public funds to play an important role in promoting the deepening of market reforms; small and medium-sized fund companies can explore differentiated development paths by combining their own resource endowments to improveProfessional customer and long-tail customer service systems are equally important to stimulate market vitality.

  Public funds are divided into “personal tax deferrals”. It is worth noting that “Deep Reform 12” proposes that public funds should be changed to individual progressive deferred commercial pension investment scope.

In fact, since the “Notice on the Implementation of the Pilot Scheme of Individually Expected Deferred Commercial Endowment Insurance” (hereinafter referred to as the “Notice”) issued in April 2018, the public offering industry has begun to struggle.

  The “Notice” shows that the trial of personal income tax deferred commercial endowment insurance will be implemented from May 1, 2018, and the trial period is tentatively set for one year.

When the pilot is completed, according to the pilot situation and in conjunction with the construction of the third pillar of the endowment insurance system, the scope of participating financial institutions and products will be expanded in an orderly manner, and products such as public offering funds will replace the scope of personal commercial pension investment.

  Sha Yi believes that the principle of personal tax-deferred commercial endowment insurance is safe, prudent, and long-term 无锡夜网 stable. The pursuit of low-risk and stable income balance performance indicators in asset allocation is one of the typical representatives of long-term funds.

If you can date, it can largely help to solve the problem of the remaining surplus of public funds in the long-term.

  Penghua Fund related persons said in an interview with the Securities Daily that the introduction of the “tax deferral policy” is of great significance to individual investors, public funds and the capital market.

For individual investors, “tax extension” can significantly enhance the purpose of their retirement investment. Investors gradually accumulate pension wealth through long-term fixed investment, and strive to improve their living standards after retirement.

For public funds, the “tax extension” will bring new development opportunities and 佛山桑拿网 will reshape the development of public funds.

Public equity funds can better satisfy investors’ demands for the preservation and appreciation of pension wealth by leveraging their advantages in long-term investment and equity investment.

As far as the capital market is concerned, long-term funds can provide a continuous flow of capital in the capital market, provide support for the financing of physical enterprises, and in turn will promote the improvement of the pension security system.

  走出“牛短熊长”怪圈  “推动放宽各类中长期资金入市比例和范围,有利于为资本市场带来稳定长期资金,降低国内股市的波动性,促进价值投资理念的落实,走出‘熊长牛短’的怪圈。Long-term funds in the market include social security reserve funds, basic pension insurance funds, etc.

The above-mentioned person of Penghua Fund stated that the proportion of social security reserve funds and basic pension insurance funds investing in stocks was further relaxed, which is conducive to the preservation and appreciation of pension funds.

In the context of population aging, “retirement” is closely related to all people, and it is of great significance to make good investment in pensions.

In addition, in order to further improve the ability of talents to serve the real economy, the deep reform of the capital market is also inseparable from long-term funds to lay a solid foundation.

  In Sha Ying’s view, for the capital market, the appointment of medium and long-term funds will mainly have several effects: First, the investment style represented by insurance funds is more stable, and the target cycle of its strategic asset allocation strategy is moreThe long-term will help guide the capital market to be more rational, long-term, and value-oriented investment, which is expected to become a “ballast stone” for market stability. Furthermore, the entry of medium and long-term funds into the market has increasingly enriched the source of funds in the market and can be moreEffectively stimulate the vitality of the capital market.

  At the same time, he said that the reform of the readjustment of the capital market was further promoted. This year’s policy scale has made clearer guidance for capital entry. For example, it plans to increase the proportion of insurance funds entering the market. Recently, it has also introduced a policy to cancel the restrictions on QFII and RQFII market quotas.More medium and long-term funds are expected to gradually enter the market.

  Guo Libo, president of the China Investment Research Institute, said in an interview with the “Securities Daily” reporter that promoting the relaxation of the proportion and scope of various types of medium- and long-term capital entering the market is conducive to the professionalization of the capital market and sustainable and healthy development, and is conducive to improving capital market services.Efficiency and quality of the real economy.

Zhongzhi shares (600038): Interim report performance exceeded expectations High boom supports high growth

Zhongzhi shares (600038): Interim report performance exceeded expectations High boom supports high growth

Zhongzhi’s 2019H1 net profit increased by 35.

5%, performance exceeded expectations, maintain “Buy” rating.

The company released its 2019 Interim Report and achieved revenue of 69.

00 ppm (+28.

75%), net profit attributable to mother 2.

4.1 billion (+35.

50%), net profit after deduction is 2

3.2 billion (+35.


We believe that the company is fulfilling the booming logic of accelerating the upgrade of active helicopters and the heavy volume of new advance stages, and is striving to enter a new round of high-growth cycles.

We maintain our previous profit forecast and expect net profit for 2019-2021 to be 6.



97 ppm, EPS is 1.



69 yuan, corresponding to 42/33/27 times PE, maintain “Buy” rating.

Focusing on the main business to improve quality and efficiency, various major financial indicators continued to improve, confirming the high prosperity of the helicopter industry chain.

1) Operating results: The company’s revenue, net profit attributable to mothers, and net profit attributable to non-mothers all achieved high growth. The earlier growth rates of 2018H1 increased by 27 respectively.

81%, 19.

52 pct and 20.

97 pct.

2) Profitability: Gross profit margin was 12 in 2018H1.

64% dropped to 11.

28%, but the net profit margin is 3.

23% increased to 3.


3) Cost control: During 四川耍耍网 the period, the three expense ratios (including R & D) decreased by 1.

33 pct to 7.

42%, of which management fee rate (excluding R & D), financial rate and sales rate decreased by 1.



20pct, the research and development expenses increased by 96%.

4) Advance receipt and inventory: 2019H1 company contract debt42.

9.6 billion (+4.

5%), of which aviation products accounted for 99%, inventory of 135.

800,000 yuan (+2.

6%), of which approximately 64% are in-process products, all maintained at historically high levels, indicating that the company is full of deliveries and continued high growth performance can be expected. Military helicopters have begun a new round of high-boom cycles, and the civilian aircraft business is poised for growth.

1) In terms of military aircraft: The development of military 苏州夜网论坛 helicopters in developing countries lags far behind that of the United States, and there are problems such as small numbers and incomplete tonnage genealogy.

The most demanding and urgent 10-ton helicopters and the 20-ton heavy helicopters still rely on imports.

The current modernization of national defense is accelerating. We believe that under the background of military expenditure tilted to aviation equipment, conventional military helicopters will usher in a new round of rapid growth.

2) In terms of civil aircraft: In 2018, the company conducted in-depth research on civil aircraft scientific research, such as “first flight of one aircraft”, “one aircraft demonstration”, and “two aircraft certification”. The sales of all types of helicopters have been steadily progressing, and the main products have been gradually improved.Stand firm in the market.

At the same time, he went to Africa to carry out the promotion of Y12 and AC312, and worked hard to promote the development of the “Belt and Road” market.

We believe that with the support of policies such as the opening of low-altitude airspace, the company’s civil aircraft business attempts to significantly benefit.

Risk reminders: 1) Breakthrough in variability in military orders; 2) Mass production schedule of the new model is less than expected.

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.

Sino-Singapore (002912) Company Review: Incentive plan binds core team business vitality and strives to fully release

Sino-Singapore (002912) Company Review: Incentive plan binds core team business vitality and strives to fully release

On the evening of December 16, the company announced that it plans to issue 320 copies of targeted stocks to 378 subjects.

160,000 shares, accounting for 3 of the company’s share capital at the time of the announcement of this plan.


  Comment: Vigorously motivate and restrain the core team and fully release business vigor. The incentive plan is planned to be issued to 378 objects and the number of inventories is 320.


First, 320.

160,000 shares accounted for 3 of the company’s total share capital.

00%, scale competitiveness.

The scale of the incentives covers 378 employees including Secretary Li Bin, deputy general manager, middle managers and core technology / business backbones, accounting for 34 of the total number of companies at the end of 2018.


Wide coverage.

  We believe that the implementation of this incentive plan is expected to fully bind the core interests of the team and enhance business vitality.

  The performance unlocking conditions are high, and the amortization cost has limited impact. The exchange rate allocation ticket unlocking performance unlocking conditions are relatively high. Among them, the first unlocking period performance conditions are: ROE for 20 years is not less than 13%, and the average net profit for 19-20 years.The growth rate is not less than 40% compared to 18 years; the second unlocking period is: the 21-year ROE is not less than 13.

5%, and the average net profit in 19-21 years is not less than 50% growth over 18 years; the third unlocking period is condition: ROE in 22 years is not less than 14%, and the average net profit in 19-22 years is more than 18 years.No less than 65%.

In addition, the company’s main business income in each unlocking period accounts for not less than 90% of the total revenue, and the net profit margin is not less than the 75th percentile of 40 comparable companies.

In terms of amortization, the total cost to be amortized under this incentive plan is estimated to be 1.

60,000 yuan, 2020-2024 amortization of 43.73 million yuan, 58.31 million yuan, 34.98 million yuan, 15.55 million yuan and 2.92 million yuan.

The large-scale incentives release the team’s vitality. Under the 5G industry dividend, the company’s performance promotes accelerated release, and the impact of amortization costs is limited.

  Investment advice The company can gradually expand the scale of big data platform products through the advantages of cutting-edge products through network visualization, and the synergy effect is significant.

We expect to accelerate the implementation through 5G construction, and the company’s previous products are expected to achieve rapid growth.

Expected net profit for 2019/20202.


30,000 yuan, optimistic about the company’s business development 佛山桑拿网 prospects, maintain a “buy” rating.

  Risk reminder: 5G construction is less than expected, the risk of industrial policy landing, and market competition intensified