Month: April 2020

Sunshine City (000671): Performance and sales are highly fulfilled and fundamentals continue to improve-Sunshine City’s 2019 results increase review

Sunshine City (000671): Performance and sales are highly fulfilled and fundamentals continue to improve-Sunshine City’s 2019 results increase review
Event description The company announced on January 20, 2020 that the company’s total operating income in 2019 was 614.91 ppm, a ten-year increase of 8.89%; realize net profit attributable to shareholders of listed companies.22 ppm, an increase of 33 in ten years.27%. Event Comment The company’s performance in 2019 was excellent, and sales exceeded its target.In 2019, the company achieved total operating income of 614.9.1 billion, an annual increase of 8.89%; realize net profit attributable to shareholders of listed companies.22 ppm, an increase of 33 in ten years.27%, high performance growth.In early 2019, the company achieved sales of 2110.31 ppm, an increase of 29 in ten years.58%, exceeding the 2000 trillion sales target initially set, of which the sales amount of equity was 1351.43 trillion, equity ratio is about 64%.Achieved sales area of 1713 in 2019.270,000 square meters, an increase of 35 in ten years.29%, the average sales price of about 12317 yuan / flat, down 4 for many years.twenty two%. Land acquisition is prudent in 2019, and the proportion of land acquisition equity has increased.In 2019, the company’s total land acquisition area was 12.3 million square meters, down 7 a year.7%; take the total price of 630.4 ‰, an increase of 12 in ten years.5%; floor price of 5125 yuan / flat, an increase of 21 a year.9%; Land acquisition equity ratio 73.3%, an increase of 14 per year.9 points.The company is cautious in acquiring land in 2019, but due to the replenishment structure, the floor price has risen, resulting in an increase in the total land acquisition price.As of the end of June 2019, the company’s land bank was 4,396.350,000 square meters (estimated value of 5466.7.8 billion), effectively guaranteeing later sales. Net interest rate continued to decline, and debt structure continued to optimize.As of the end of 2019, the company’s asset-liability ratio was 83.68%, a decrease of 0 from the end of last year.88%, interest-bearing assets debt ratio 36.03%, a decrease of 15 from the end of last year.73%, with a net debt ratio of 138.28%, a decrease of 43 from the end of last year.With 94 units, the net debt ratio continued to decrease.As of the end of 2019, the company had interest-bearing debt of about 1114.73 ppm, a decrease of 1 per year.01%, of which short-term interest-bearing debt is 320.3.3 billion, down 33 every year.56%, the proportion of short-term interest-bearing debt to total interest-denying denials has decreased year by year14.07pct to 28.74%.As of the end of 2019, the company’s book currency funds were 416.600 million, an increase of 10 in ten years.07%, effectively covering short-term interest-bearing debt.As of mid-2019苏州夜网论坛, the company’s average financing cost7.72%, the fundamentals will continue to improve in the future, bond trading liquidity will increase, and the company’s financing costs will gradually rise. Investment suggestion: beautiful performance, high sales growth, improved financing, and optimistic about the company’s future performance.The company’s performance is beautiful, sales continue to grow at a high rate, and advance accounts are consolidated to ensure the settlement of subsequent results; the main body rating is upgraded to “AAA”, and the rating agency continues to follow up, pending transaction liquidity, and the company’s financing costs are further improved; the scale of interest-bearing debtWith proper control, the debt structure continued to optimize, and the net debt ratio continued to decline; the company’s equity structure returned to stability after the exit of China Mintou.It is expected that the net profit attributable to mothers will be 59 in 2020-2021.72, 80.5.3 billion, with growth rates of 48% and 35% respectively, corresponding to a current PE of 5.37, 3.98. Maintain “Buy” rating. Risk Warning: 1. Uncertainty in the liquidity environment; 2. There may be uncertainties in the adjustment policies of the real estate business.

Jianlang Hardware (002791): Construction hardware expert channel layout gradually enters the harvest period

Jianlang Hardware (002791): Construction hardware expert channel layout gradually enters the harvest period

The construction hardware market has a large space and scattered competition. High-quality companies are expected to continue to grow rapidly. Construction hardware is widely used. It is a key component of modern construction. According to the current annual new construction and repair of existing buildings, energy-saving transformation and other data, only door and window hardware are considered.The two categories of Hedian Support Glass Curtain Wall Structures can provide an annual demand scale of more than 50 billion U.S. dollars; there are more than 10,000 existing construction hardware companies, and the total market share of the top 10 companies is less than 10% of the national market, and the industry concentration is extremely low.Industry integration will become the main trend of future development. Large enterprises will overcome their own technology, personnel, equipment and financial strength, and will expand their advantages in brand, channel, management and scale, and continue to achieve high growth.

Jianlang, a construction hardware expert positioned in the mid-to-high-end market. As a leading company in the field of domestic construction hardware, the company has strong R & D and innovation capabilities, and has long been in the forefront of the industry. It has 四川耍耍网 independently developed many hundreds of new products each year. Until the first half of 2018,A total of more than 700 patents have been obtained, including more than 60 incremental invention patents.

At present, the company has more than 10,000 kinds of products, exported to more than 100 countries and regions, widely distributed in Dubai Tower, Bird’s Nest, National Theatre and other large landmark buildings at home and abroad, high brand awareness, the industry is widely recognized by the market.

The advantages of product integration have gradually emerged, and the channel layout has gradually entered the harvest period. The company adopts a direct sales model and continuously expands the development of its marketing network. In addition to domestic channels, the company also actively lays out overseas marketing networks. It has been established in India, Vietnam, Indonesia, Malaysia,Thailand, Philippines and other countries completed the establishment of subsidiaries.

At present, the company has established 391 domestic and foreign sales contact points, which basically cover important prefecture-level cities, county-level cities, and key overseas regions such as Southeast Asia, the Middle East, and India. The sales staff has also increased from 1286 in 2012 to 3829 in 2017.
At this stage, the company’s channel expansion has begun. The strategy of brand building and product variety has also achieved initial results. The results are expected to be accumulated. Starting from the third quarter of 2018, the company’s statement profit has now improved quarter by quarter and future performance will be better.

Investment suggestion: excellent size, full potential, first coverage, given “buy” rating company’s existing revenue scale is less than 4 billion, and the international integrated hardware leading companies have annual revenue scale exceeding 50 billion, so it can be cut in the construction hardware industry.Potential growth potential for outstanding companies.

EPS are expected to be 0 in 18-20 years.



10 yuan / share, PE is 26.



9x, we estimate the company’s reasonable value to be 17.


Between 0 yuan, there is 22% -61% premium space relative to the present.

The company has excellent flexibility, clear strategy and steady progress, and expects sustained high growth.

Covered for the first time and given a “Buy” rating.

Risk reminders: ① Macroeconomic stall ② The effect of the company’s channel layout exceeds expectations ③ Other uncontrollable risks

Xugong Machinery (000425): Comprehensive growth of various businesses, steady improvement of operation quality

Xugong Machinery (000425): Comprehensive growth of various businesses, steady improvement of operation quality

Event: The company announced that it achieved operating income of 311 in the first half of the year.

560,000 yuan, an increase of 30 in ten years.

12%, net profit attributable to mother 22.

8.3 billion, an increase of 106 in ten years.


This comment is as follows: 1. The construction machinery business has grown steadily, and the leader is vertically stable.

The main products grew in an all-round way, among which lifting machinery realized revenue of 114.

780,000 yuan, an increase of 33 in ten years.

94%; Piling and fire protection businesses performed well, achieving revenues of 34 respectively.

04 billion, 10.

21 ppm, an increase of 44 in ten years.

74%, 59.


Among them, the company’s crane market share ranks first in the world. The hundred- and thousand-ton cranes are in the absolute leading position in the industry, and the truck-mounted crane market share has historically reached a high position of more than 60%. The rotary drilling rig and horizontal directional drillingThe market share of the three major road construction machinery products of products, graders, road rollers, and pavers ranks first in the domestic market; environmental sanitation, high-altitude operations, and fire protection products also occupy the top three market shares.

2. The company’s scale effect is significant and its profitability is further improved.

The company’s net profit for the first half of the year was 7.

33% increase every year last year 2.

5pct, there are several reasons: one is that the company’s 北京会所体验网 gross profit margin has further increased, the company’s comprehensive gross profit margin in the first half of the year was 18.

33%, a year increase of 1pc, of which the crane gross profit margin reached 24.

86%, which was previously increased by 3pct, quickly approaching historical highs. One is the increase in scale effect brought by the rapid growth of the company’s revenue, including management fee replacement in the first half of the year.

45%, down by 1 every year.

2pct, selling expenses 4.

1%, falling by 1 every year.

6pct, financial expense rate 0 under ten years.

6 points.

3. The indicators are normal and the operating quality has been steadily improved.

Net operating cash flow of the company in the first half of the year28.

410,000 yuan, an increase of 45 years.

97%, higher than net profit; accounts receivable turnover days were 123 days, a slight increase of 4 days in several years, and inventory turnover days decreased by nearly 20 days.

4. New steps have been taken in internationalization, and the expansion of overseas markets has highlighted outstanding performance.

In the first half of the year, the company’s overseas business realized revenue44.

4.8 billion, an annual increase of 20.

07%, gross profit margin increased by 3.

18 points, the proportion of revenue reached 14.


Performance and estimation: The company is expected to return net profit to 35 billion, 40 billion and 4.5 billion in 2019-2021, corresponding to PE of 9 respectively.

59 times, 8.

39 times, 7.50 times, maintain “Buy” rating.

Risk reminder: the boom of construction machinery is greatly expanded, and infrastructure and real estate investment have increased significantly

Zhonghe Technology (000925): Rail Transit’s single-year high-speed growth performance has gradually entered the release period

Zhonghe Technology (000925): Rail Transit’s single-year high-speed growth performance has gradually entered the release period

Event: Zhonghe Technology announced the 2019 half-year report, and the company’s revenue for the first half of the year was 10.

4.9 billion, an increase of 31 every year.

8%, net profit attributable to mothers was 24.74 million yuan, an increase of 51% year-on-year; net profit attributable to mothers after deduction was 19.88 million yuan, an annual increase of 67.


The total non-recurring gains and losses were 4.85 million, which was mainly government subsidies of 5.64 million.

The basic return is 0.

05 yuan.

Comments: 1. The revenue from the “smart transportation + energy saving and environmental protection” two-wheel drive CBTC + AFC is confirmed. The revenue of 19H1 under the “smart transportation + energy saving and environmental protection” two-wheel drive strategy is 10.

4.9 billion, an increase of 31 every year.

8%, 19Q2 single quarter income 5.

$ 3.4 billion increased 8%.

The increase was mainly due to an increase of over 70% in the revenue growth of the rail transportation business.

1) Rail transit income is 6.

7.5 billion surges 74 per second.

5%, revenue accounted for 64.

3%, gross margin 31 %% down 5 over the same period last year.

68 averages.

In terms of products, the revenue of CBTC signal system in rail transit business4.

2.3 billion, an annual increase of 62.

4%; AFC automatic ticket sales system revenue 2.

USD 4.7 billion, at least nearly doubling; the decline in mobile payment business for more than 4.76 million, but the absolute amount is not large.

2) Energy conservation and environmental protection business: Among them, the water treatment business is responsible for Haituo Environment and Suzhou Kehuan.

7.4 billion, a decline of 8 per year.

6%, revenue accounted for 35.

7%, gross profit margin 22.


Revenue from sewage treatment equipment engineering 1.

The 4.5 billion yuan was basically the same, but the gross profit margin was as high as 41%; 南京夜网 the operation and maintenance revenue of sewage treatment equipment decreased by 1 billion yuan8.


2. The gross profit margin of sales remained at about 30%, and the three rates were still high. The gross profit margin of the company in 2019H1 was 29.

57%, the overall change is not large, maintained at about 30%.

The gross profit margin of the CBTC signal system for rail transit is 34.

5%, down by 1 every year.

57 samples, mainly the joint venture product merger confirmed in the first half of the year; gross margin of the AFC system was 24.

46%, an increase of 4 per year.

There are 71 first-tier cities, which mainly have higher gross margins for confirmed routes; mobile payment gross margins are 78.

56%, up from almost 4 exceptions previously.

Water treatment equipment engineering business gross margin 41.2% short-term growth of 17.

7 blended; sewage 重庆耍耍网 treatment operation and maintenance gross profit 18.

4% decreased by 3 compared with the same period last year.

88 averages.

The net profit attributable to mothers in 2019H1 was 24.74 million yuan, an increase of 51% year-on-year;


The total non-recurring gains and losses were 4.85 million, which was mainly government subsidies of 5.64 million.
The increase of net profit attributable to motherhood is faster than the release of the main proportional effect of income growth, but the absolute amount is still relatively small, and the company’s current net interest rate level has some room for improvement.

Management expenses and financial expenses were high in the first half of the year, and the total expenses during the period2.

1.4 billion yuan, accounting for 20% of revenue.

4%, but there is a downward trend in rates.

1) Selling expenses increased by 32% annually to USD 2567 million; 2) Management expenses increased 36% to USD 9383 million.

3%, mainly due to employee salary growth; 3) Financial expenses of 4557 million US dollars decreased by 17%, mainly due to exchange income of nearly 10 million; 4) R & D expenses of 4896 million US dollars increased by 60%obvious.
  3. New orders for rail delivery in the first half of the year14.

Environmental protection business in the second half of the year increased by 5 billion U.S. dollars to focus on confirming net profit in the first half of the year.

5 billion, an annual increase of 27.


Among them: 1) A total of 7 new lines won the bid, and the new line of the signal system won the bid amount of 12.

76 billion.

The total number of new bids for the new line is 12.

700 million increase by 143.

79%, ranking first in the industry.

Among them, the domestic self-developed signal system won a total of 3 bids9.

9 trillion, which accounted for 77 of the bid amount for the new signal system this year.

8%; 2) Automatic ticket sales and online network clearing system new line winning amount 1.

1.9 billion yuan, with a total of 13 new line projects awarded.

90,000 yuan, an increase of 38 over the same period last year.


  The “railway + Internet” model has been recognized by the market, and the company has gradually established a foothold in the field of smart transportation.

Zhonghe’s CBTC system has covered 30 lines in 14 cities in China (Note: the main line and extension lines are combined into one line).

The self-developed signal system has covered 11 lines in 10 cities in China, and is rapidly replacing the imported signal system at a rate of 70% -80% per year; the automatic ticket inspection and line network clearance system (AFC / ACC) has covered the whole country34 projects in 14 cities, covering more than 600 sites; the Internet innovation business through mobile payment has realized two major innovations: “UnionPay Flash Payment” and “Mobile phone QR code scanning”, currently covering 11 cities.

  Energy saving and environmental protection: Three core subsidiaries: 1) Suzhou Kehuan’s revenue in the first half of the year1.

Revenue of 3.2 billion, net profit of 3.14 million, 22 additional contracts3.

800 million US dollars, including EPC, BOT, process package sales, equipment sales, catalyst bio-filler sales, after-sales service (cleaning services) and other project types, conversion on hand orders.

US $ 700 million, newly expanded the northern Jiangsu business area, and launched 4 key projects; 2) Haituo Environment in the first half of the year1.

The 1.3 billion revenue budget is 7.35 million, mainly due to the increase in management costs. There are currently 28 projects in progress; 15 new EPC projects were signed in the first half of the year, increasing the contract amount1.

5 billion, has exceeded the target; 3) Heiner Semiconductor Manufacturing revenue of 74.6 million net profit of 2.74 million yuan, new orders of 78 million yuan in the first half, and has completed the basic heavy single crystal growth project and heavy crystal single crystalGrowth of the project.

In the second half of the year, Zhejiang Haina will gradually adjust the product structure, focusing on the production and sales of re-insertion substrate polishing pads, and start the re-insertion single crystal growth project in advance.

  4. The performance of equity incentive-constrained employees gradually entered the release period. Equity incentive-constrained employees.

The company completed its share repurchase plan on May 25, increasing the number of shares repurchased by 4 million shares in a centralized bidding transaction, accounting for 0 of the company’s total share capital.73%, the highest price was 8.

49 yuan / share, the lowest transaction price is 5.

26 yuan / share, with a total payment of 26 million yuan (including transaction costs).

According to the purpose specified in the original plan, the company completed equity incentives on May 29, granting a total of 6.5 million shares, 10.4 million shares, and 9 executives and 38 middle managers and core technical personnel. The unlocking condition is 18The annual net profit is the base number, and the net profit growth in 19/20/21 is not less than 10% / 20% / 30%, or the 19-20 incremental profits in the last two periods are not less than 18 years2.

3 times, the gradual profit in 19-21 is not less than 3 in 18 years.

6 times (the above net profit takes into account the management expenses incurred by the equity payment and the uncertainty impact of completely replacing Kehuan).

  Zhonghe Technology has formed a “smart + green” two-wheel drive structure. During the “13th Five-Year Plan” period during the peak period of urban rail investment, the automatic signal generation system was gradually recognized by the market and revenue was

The new short-term single-line growth of the rail transit business is obvious, and the increase in income through the project gradually entering the completion period will gradually be recognized, but the company’s acquisition of Kehuan this year is the last year’s performance commitment period, with orders in hand5.

700 million, however, the project is expected to have certain uncertainties in revenue recognition.

Considering the impact of Kehuan, we expect the company’s net profit in FY19.

500 million, corresponding to 23 now.

5 times, maintaining prudent recommendations.

  5. Risk reminder: the risk of changes in the industry environment, the appreciation of the RMB, and the shortage of funds for urban rail transit projects.

Xin Fengming (603225) 2019 Third Quarterly Report Review: Performance Increases MoM and Growth

Xin Fengming (603225) 2019 Third Quarterly Report Review: Performance Increases MoM and Growth

Matters: The company released the third quarter report of 2019: the company achieved operating income of 245 in the first three quarters of 2019.

7 billion, +4 per year.

21%; net profit attributable to mother 11.

06 billion, a year of -24.

06%; gross margin is 9.

11%, with a net profit of 4.


The third quarter realized operating income of 82.

4.1 billion, ten years -10.

14%, -4.

96%; realized net profit attributable to mother 5.

1.8 billion a year -19.

66%, +61.

37%; gross margin 都市夜网 is 11.

41%, net margin is 6.


Q3 single-quarter operating data: (1) POY: operating income 51.

5 billion, ten years +0.

77%; yield 73.

In 2007, it is +24 every year.

37%; sales 71.

01 First, +33 per year.

08%; average price 7253.

01 yuan / ton, at least -24.


(2) FDY: Operating income 14.

$ 5.2 billion a year -4.

01%; yield 18.

99, +3 per year.

43%; sales 18.

96 inches, +23 per year.

44%; average price is 7659.

53 yuan / ton, at least -22.

twenty four%.

(3) DTY: operating income 6.

6.8 billion, +19 in ten years.

08%; yield 7.

52 inches, +36 per year.73%; sales 7.

46 inches, at least +51.

93%; average price 8953.

74 yuan / ton, at least -21.


  Comment: POY spreads have expanded month-on-month, and performance has grown significantly.

The actual terminal 夜来香体验网 demand is weak, the industry’s prosperity is declining, and the price of filaments is falling; the average price of regular varieties POY / FDY / DTY in 2019Q3 is 7027.



65 yuan / ton (excluding tax), ten to 24 days.

49% /-24.

17% /-21.


Affected by the release of refined gasoline and the expected PTA production, PTA prices have further declined, and the POY spread has expanded from the previous quarter; 2019Q3 regular varieties POY / FDY / DTY spread 1473.



0 yuan / ton, +181.

5 / -144.

3 / + 19.

1 yuan / ton.

Zhongxin Chemical Fiber and Zhongshi Technology Phase II have fully reached their production contribution, and the company’s Q3 single-quarter polyester filament production and sales were 99.


43 inches, +20 per year.

54% / + 32.


2019Q3 company period fee 3.

3.2 billion yuan (including R & D expenses1.

6.5 billion yuan), the period expense ratio 4.

03% (of which R & D expense ratio is 2.

01%), -0.

43 points.

The filament project progressed steadily, and the PTA project went into operation smoothly.

Since the beginning of this year, the contradiction between supply and demand of upstream capacity expansion and weak demand will be highlighted. In the fourth quarter, the weaving industry will enter the stage of active destocking. There is some pressure on filament and PTA.

However, in the future filament and PTA production capacity will be mainly concentrated on industry leaders, and the industry concentration will be further enhanced. The overall profitability of the industry will remain relatively controllable.

The company’s current polyester filament production capacity has reached 400 tons, and Zhongyue Chemical Fiber, Zhongyi Chemical Fiber, and China Stone Technology have progressed in an orderly manner according to plan. The company’s polyester filament production capacity will reach 540 tons / year in 2020, and the market share will continue to increase.

The PTA project with an annual output of 220 tons has recently entered the trial production stage. After the project is put into operation, it will guarantee the supply of PTA raw materials and further optimize the company’s industrial structure.

The second phase of the PTA project is progressing in an orderly manner, and it is expected to be put into production by the end of 2020.

  Earnings forecasts, estimates and investment ratings.

The company focuses on the main business and actively improves the industrial chain. The advantages of equipment late development and cost management are obvious.

Maintaining the original profit forecast, it is expected that the net profit attributable to the mother will be 14 in 2019-2021.9/21.


700 million yuan, corresponding to EPS1.



33 yuan, corresponding PE is 9/6/5 times; maintain target price of 15 yuan, maintain “recommended” level.

  Risk warning: Crude oil prices fluctuate greatly; demand is less than expected, and project progress is less than expected.

Cree Electromechanical (603960): Acquisition of the remaining equity of Zhongyuan contributes to the company’s performance growth

Cree Electromechanical (603960): Acquisition of the remaining equity of Zhongyuan contributes to the company’s performance growth

Event: The company issued an announcement on December 31. The company plans to purchase 35% of the shares of Claire Kaiying held by Nantong Kaimiao through the issuance of shares and payment of cash. At the same time, the completion of the transaction of supporting funds for the non-public offering of sharesAfter that, Claire Kaiying will become a wholly-owned subsidiary of the company.

Acquired a 35% minority stake in Zhongyuan, contributing to the company’s performance growth.

In March 2018, the company paid cash in cash through its controlling subsidiary, Clay Kaiying (65% of the company’s shares).

100 million US dollars to acquire 100% equity of Shanghai Zhongyuan held by United Alliance International. After the acquisition, the company indirectly held 65% equity of Zhongyuan.

In the first half of 2019, Zhongyuan’s main products, such as fuel distributors, contributed revenue1.

US $ 6.9 billion, accounting for nearly half of the company’s total revenue. At present, Zhongyuan’s business income has become an important source of revenue for the company. After the company acquires a minority stake, it will continue to contribute to the company’s performance growth.

The implementation of the national six emission standards, the volume and price of parts and components rose.

Shanghai Zhongyuan is one of Volkswagen’s main suppliers of engine accessory parts. It has been supplying to FAW-Volkswagen and SAIC-Volkswagen’s engine plants for many years. Currently, Shanghai Zhongyuan’s business development is good.

With the country’s gradual increase in environmental protection requirements and the advancement of the National Six emission standards, Shanghai Zhongyuan has brought industry development potential.

  Shanghai Zhongyuan’s main fuel distributor is the core pipeline component for engine fueling. The upgrade of automobile emission standards and the improvement of energy conservation and consumption reduction requirements, that is, the corresponding upgrade of fuel distributors, has significantly benefited from the vigorous promotion of the National Five and National Six.As the volume and price of fuel distributors increase, the company’s profit margin will also increase significantly.

Expand the new energy business layout and create new growth momentum for the company.

With the advancement of new energy and automotive electronics in 2020, the company’s equipment and parts business will benefit both.

At present, the company actively promotes the layout of new energy business, and the company has released a project to expand the construction of new energy intelligent manufacturing lines with convertible bonds.

In addition, the company’s layout of air-conditioning routes and new energy products such as IGBT are 南宁桑拿 making good progress. After the launch of the Volkswagen MEB platform, it is expected to contribute to incremental performance.

Investment suggestion: As a leader in the field of automotive electronic equipment, the company has a thriving downstream market and an excellent competitive structure. It enjoys the bonus of engineers, gradually erodes the market share of foreign rivals, and continues to grow steadily.

It is estimated that the company’s net profit for 2019-2021 will be 1.



19 trillion, the corresponding EPS is 0.

66, 0.

89, 1.

25 yuan.

Maintain Buy-A rating and give 6-month target price of 35.

6 yuan, equivalent to 40 times the price-earnings ratio in 2020.

Risk warning: car sales are less than expected, downstream demand is growing, and new business expansion is less than expected.

Seagull Living (002084) In-depth Research Report: Based on the entire industrial chain of sanitary wares

Seagull Living (002084) In-depth Research Report: Based on the entire industrial chain of sanitary wares

Sanitary hardware manufacturing faucet starts again: Seagull was established in 1998 and started to provide high-end faucet products for the world’s sanitary brand leading ODM manufacturing services. After 20 years of development and accumulation, it is currently one of the few domestic industries covering “hardware ceramic sanitary ware and other products”Independent design and production → sanitary product brand → complete sanitary manufacturing → hotel, residential and other end customers. The sanitary enterprise with complete industry conversion is gradually upgrading into a “one-stop” solution service provider for all-round sanitary space.

In 18 years, the company entered the field of complete bathrooms. For many years, it has deeply cultivated the advantages of the industry and renewed its vitality for growth.

Packaged bathrooms ushered in the Dongfeng of hardcover real estate, and players in the 10 billion industry will win with capacity.

The scale of the domestic bathroom market is about 2 million sets, with a compound annual growth rate of 25%.

(1) Fine deconstruction: The upstream of the whole bathroom industry spans ceramics, plates, metals and other industries, requiring companies to have higher resource integration capabilities from design, manufacturing, installation, and after-sale interchange, and the barriers to entry are naturally higher; (2)) Precipitation size: The supply side of the entire packaged sanitary industry is in the blue ocean primary stage of “winning by volume”, and there are very few companies with a production scale of more than 100,000 units. At present, the leading sanitary wares accelerate the construction of complete sanitary ware production capacity, and occupy the market share first;3) Talking about power: Currently, the dwellings are welcoming Dongfeng. I) The industrialization of housing and the industrialization of interiors have significantly improved the output environment of sanitary wares. Ii) The demand for hardcover rooms at the B-side is ahead.

Production advantages + deep customer binding, two wings integrated into a leading supplier in the bathroom industry.

The core advantages of Seagull Living are (1) the production side: the TMS manufacturing model is realized through the depth of the industrial chain, with efficient product development capabilities, rapid mass production and delivery capabilities, precise processing and flexible manufacturing capabilities, and customers’ joint construction, design, and research and developmentThe platform integrates production advantages; (2) Channel side: The traditional sanitary ware industry, as a strategic supplier of products in the Asian ranking of the world ‘s top sanitary giants, is one of the top three suppliers preferred by European and American brands. The company has cooperated with core customers for years15?
In the past 20 years, the upstream and downstream interests have been deeply tied; the overall seagull actively explored domestic sales channels, and the whole bathroom market opened a new B2C sales model.

Multiple bearish releases in 18 years caused a low point, and a turning point in 19 years’ performance is expected.

In 2018, the company (1) prolonged the price increase negotiations with customers due to the increase in the price of raw materials due to the trade war, and accrued the increase in asset impairment; (2) the yield rate of the finished product of the bathtub ceramic business was less than expected, dragging down revenue and profits, and the futureWith the improvement of production technology, adjustment of price negotiations and the increase in the volume of complete bathrooms, the company is expected to usher in an inflection point in performance in 19 years, and the 淡水桑拿网 long-term development trend will not decrease.

The profitability rebounded significantly, and the sanitary wares were ready to go. The first coverage was given a “strong push” rating: the company’s deep binding with the world’s top sanitary ware brands ensured the stable development of traditional businesses. Through the rapid growth of new sanitary ware business, we expect 2019In -2021, the operating income of seagulls will be 25.



5.8 billion yuan, an annual growth rate of 13.

2% / 14.

1% / 16.

9%; net profit attributable to mothers is 1.



69 ppm, a ten-year growth rate of 153.

2% / 24.

0% / 28.


At present, the corresponding PE for 19-21 is 23.



6 times, taking into account the rapid development of the company’s complete bathroom business, the first coverage was given in 1928.

5 times PE, which is the target price of 6 yuan / share and a “strong push” rating.

Risk warning: Sino-US trade war intensifies, new business development is less than expected, exchange rate changes, raw material prices rise, and major customers rely on risks.

Jerry shares (002353): the boom in the oil service industry continues to maintain high growth

Jerry shares (002353): the boom in the oil service industry continues to maintain high growth

Event: The company released the report for the third quarter of 2019, and the company achieved operating income in the third quarter16.

62 ppm, an increase of 41 in ten years.

18%; net profit attributable to mothers4.

50,000 yuan, an increase of 129 in ten years.

29%; operating income 42 in the first three quarters.

410,000 yuan, an increase of 45 years.

88%; net profit attributable to mothers9.

50,000 yuan, an increase of 149 in ten years.


The oil service industry is still booming, and the company’s revenue and profit in the first three quarters continued to grow rapidly.

The company’s first three quarters of revenue and net profit attributable to mothers were 42.

4.1 billion and 9.

500,000 yuan, an increase of 45 years.

88% and 149.

46%, achieving high growth in revenue and profits.

The company achieved high growth in the first three quarters of performance, first of all in the context of reasonable high international oil prices and the advancement of domestic energy security strategies, the expansion of oil company capital and the prosperity of the oil service industry; the continued advancement of shale oil and gas production, and fracturing equipmentSuch as oil service equipment sales continued to increase, gross profit margin and net profit margin increased.

Profitability continued to increase, the expense ratio rose slightly during the period, and gross profit margin continued to improve.

Expenses during the single quarter of the third quarter of 201911.

59%, an increase of 1 each year.

For each of the six shares, the management expense ratio and sales expense ratio decreased by 0.

69 digits and 1.

One single, the slight increase in the expense ratio during the period is primarily the increase in the R & D expense ratio, and the R & D expense in the third quarter4.

35%, an increase of 2 every year.

A total of 62, the increase in research and development costs effectively protect the company’s oil service equipment market competitiveness.

Single-quarter gross margin for the third quarter of 2019 was 38.

89%, an increase of 9 per year.

05 digits, an increase of 2 from the previous quarter.

With 51 averages, the gross profit margin in the third quarter continued to improve.

Profit forecast and investment grade: We maintain our judgment that the oil service industry is still booming in the next 3 淡水桑拿网 years.

Demand for oil service equipment remains high, demand for oil service services continues to increase, and opportunities exist for equipment companies and service companies to continue their deployment.

Under the background of national energy strategic security, the trend of expansion of domestic capital expenditures remains unchanged. The three-year oil barrel seven-year action plan guarantees high future capital expenditures in the field of energy. As a leading company in the field of oil service equipment, Jereh shares, we expect the company to be in 2019-2021.Net profit to mother is 13.



800,000 yuan, given a “buy” rating.

Risk warning: Crude oil prices rise sharply; oil companies’ capital expansion shrinks; industry competition intensifies.

Front-end software (603383): Business develops steadily, advance receipts decrease every year

Front-end software (603383): Business develops steadily, advance receipts decrease every year
Event: The company released its 2018 annual report and gradually realized revenue2.96 ppm, an 淡水桑拿网 increase of 21 in ten years.23%; net profit attributable to mothers1.20 ppm, an increase of 17 in ten years.53%, net profit after excluding non-recurring gains and losses is 0.950,000 yuan, an increase of 8 in ten years.79%.The company distributed a cash dividend of 5 yuan to all shareholders for every 10 shares. The main business developed steadily, and the gross profit margin dropped4.55 single: the number of reports, the company’s four main business custom software, productized software, operation and maintenance services and system integration increased by 40 respectively.21%, -27.15%, 12.75% and -36.93%.The capital market environment was sluggish in 2018, but the company’s performance business still made some progress. Among them, the information industry business of the securities industry launched technology-oriented platforms 深圳spa会所 such as “mobile application development platforms” and “microservice platforms” to the market, and maintained front, middle, and background relatedGood product development trends; in non-secure financial information business, the company continued to grow in trust, small and medium-sized banks, asset management / funds and other industries; in non-financial industries such as enterprise informatization, the company’s platform-based application software has actively expanded.Overall, the company’s gross profit margin fell by 4%.55 samples, of which the project-specific customized software business gross margin decreased by 4.26 units. The R & D expense ratio remained at a high level of more than 20%, and the advance receipts were extended and decreased: the overall management expenses of the consolidated company were reported as 1.0.6 million yuan, an increase of 24 in ten years.56%; R & D expenses are zero.6.1 billion, an annual increase of 23.30%.The company’s R & D expenses accounted for 20% of sales revenue.77%, basically unchanged from 2017.As of the end of 2018, the company’s advance receipts were 1.39 ‰, a decrease of 5 per year.48%. Investment suggestion: The company adopts an innovative smart business architecture platform and an innovative software development model, implements a platform expansion strategy, focuses the company’s business focus on the large financial IT industry, and considers the development of the enterprise and education industries.It is expected that the company’s EPS in 2019 and 2020 will be 1.19 yuan, 1.36 yuan, give overweight -A rating, 6-month target price of 115 yuan. Risk reminder: industry competition risks, the expansion of enterprise informatization does not meet expected risks.

Huaneng Hydropower (600025): The rising dry water price in the flood season contributed to the third quarter’s main performance increase

Huaneng Hydropower (600025): The rising dry water price in the flood season contributed to the third quarter’s main performance increase

Event Huaneng Hydropower released the third quarter report of 2019, and net profit attributable to mothers increased by 116.

71% Huaneng Hydropower released the third quarter of 2019 report, and the company achieved operating income of 163 in the first three quarters of 2019.

1.5 billion, an increase of 44 per year.

21%; realize net profit attributable to shareholders of listed companies.

6.5 billion yuan, a 116% increase each year.

71%; return on net asset income 10.

48%, an increase of 4 per year.

9 averages.

The company achieved 57 in the third quarter.

2.7 billion, an annual increase of 18.

23%; realized net profit attributable to mother 20.

4.9 billion, an annual increase of 48.


  Brief comment on the 厦门夜网 increase in power generation caused by dry water in the flood season and the increase in electricity prices. Contribution to incremental performance. The company’s power supply structure is mainly hydropower, supplemented by wind power and photovoltaics. The main installed capacity is located in Yunnan Province. The company ‘s main source of revenue and profits for hydropower businesses in the past years.

Affected by the dryness of the water during the flood season, the section of the small water volume in the Lancang River Basin in the first three quarters of this year has been dry for 15 years.

5%, but benefited from the company ‘s first half of the Wucanglong upstream of the Lancang River, Lidi, Huang Deng, and Dahuaqiao Hydropower Stations ‘additional units have been put into operation and the West and East power transmission has increased significantly to improve hydropower consumption. The company ‘s first three quarters have gradually increasedAchieve power generation 818.

7.6 billion kWh, an increase of 35 per year.


The first three quarters of the company’s electricity price without tax are zero.

201 yuan / kWh, an increase of about 1 compared with the same period last year.

2 cents.

In the third quarter, the company achieved 279 power generation.

9.1 billion kWh, an annual increase of 7.

1%. If the impact of the four new production units is eliminated, the company’s stock unit’s single-quarter power generation is 195.

3.5 billion kWh, 12 from the previous decade.


In the third quarter, the company’s single-tax electricity price was zero.

206 yuan / kWh, an increase of 1 per year.

93 points.

  On the whole, due to the water shortage in the flood season, the company’s single-quarter electricity growth rate in the third quarter obviously increased.

However, thanks to the newly commissioned Lancang River upstream power plant’s contracted electricity price in Guangdong, which is significantly higher than the company’s existing unit, the company’s comprehensive electricity price can be significantly increased, increasing the total profit by about 5.

4 trillion, contributing the main quarterly performance increase.

  The projects under construction have been put into operation successively, and the industrial layout has boosted the long-term space. Eventually, five new hydropower units in the upstream section of the company’s Lancang River in Yunnan have been put into operation. The company has fully realized the joint optimized dispatching of cascade hydropower stations, and its profitability will continue to increase.

The company intends to use cash19.

Acquired an 11% stake in Huadian Jinzhong Company, a holder of Purple Stone Capital, for US $ 9.8 billion, which is lower than the evaluation filing price of 23.

400 million yuan.

Considering that the company’s air force had been 61.

1.7 billion sold 23% of Jinzhong’s shares (valued at the time was 48.92 ppm), most of the equity acquisition consideration is reasonable.

The industrial layout is expected to increase the company’s hydropower equity installed capacity.

480,000 kilowatts, which will help the company to obtain stable investment income in the future.

  Depreciation is stable, taxes and fees have dropped, and Huaneng Hydro has a “buy” rating company with stable average depreciation policies and depreciation rates. The power depreciation benefited from the improvement in power generation and the decline.

The company’s financial expenses in the first three quarters of this year were 20.

86%, down 4 each year.

98 single.

As the company’s projects under construction are gradually put into production, the company’s cash flow will continue to improve in the future, which will help the company reduce its financial costs.

Considering that 2019 is the last year of the company’s poverty alleviation expenditure and the subsidy preferences are expected to continue, we expect the company to achieve operating income of 210-2021 respectively.

1.6 billion, 205.

4.8 billion, 201.

9.1 billion yuan, net profit attributable to mothers was 53.

7.8 billion, 58.

3.8 billion, 58.

800 million yuan, the corresponding EPS is 0.

30 yuan, 0.

32 yuan, 0.

33 yuan, maintain “Buy” rating.