Month: May 2020

ITTF announces cancellation of Korea, Australia Open due to outbreak

ITTF announces cancellation of Korea, Australia Open due to outbreak
The ITTF today announced that due to the global health crisis caused by the new coronary pneumonia epidemic, the two South Korea and Australia Opens scheduled for June were cancelled.On March 29, the ITTF announced that it would suspend all competitions before June 30, including the Korean Open scheduled for June 16-21 and Australia scheduled for June 23-28.Open.However, the epidemic continued to spread globally, and international travel restrictions continued to escalate, and the ITTF had to adjust its schedule again.The ITTF said it has kept close contact with the organizers of various events and will constantly update the schedule of international events to ensure that the health and safety of players, coaches, staff and fans are the first priority.According to the current epidemic situation, ITTF announced the cancellation of Korea Open and Australia Open.Also cancelled together were the 7 Junior Opens in France, India, and Argentina held from April to November.In addition, after experiencing a one-year extension of the Tokyo Olympics, ITTF also made adjustments to the Olympic Qualifications.Asian Olympic Qualifying (Originally scheduled for April 6-12, 2020), European Olympic Singles Qualifying (Originally scheduled for April 8-12, 2020), Complete Singles and Mixed Doubles Qualifying (Originally scheduled for 2020) April 15-19, 2014), Oceania Singles and Mixed Doubles Qualifications (Originally scheduled for 2020) and World Singles Qualifications (Originally scheduled for May 28-31, 2020) will be expected to reach 2021.Year, specific time to be determined.Sauna, Ye Wang Sun Haiguang Editor Xiao Wanli Proofreading Li Lijun

China Mobile Annual Report: As of the end of February, 5G customers have reached 15.4 million

China Mobile Annual Report: As of the end of February, 5G customers have reached 15.4 million
At noon on March 19, China Mobile released its 2019 annual results announcement.The announcement announced that as of the end of February 2020, 5G package customers had reached 15.4 million, maintaining industry leadership.  China Mobile said that in the public market, the company has launched 5G customer-specific packages and special services such as ultra-high-definition video, cloud games, and full-screen video ring back tones; in the vertical field, the company has deeply explored the combination of 5G and AICDE capabilities, and joint industry partnersIn-depth typical production scenarios, creating 5G smart manufacturing, 5G telemedicine, 5G unmanned mines and many other developing countries, first to achieve the implementation of 50 group-level application demonstration projects.  In fact, China Mobile is also accelerating the landing of “5G +”.Promote the coordinated development of 5G + 4G, build more than 50,000 5G base stations, provide 5G business services in 50 cities; promote 5G + AICDE6 integration innovation, integrate more than 200 key capabilities, and achieve breakthroughs in more than 100 5G joint venture projects; promote5G + Eco ecological co-construction, 5G co-creation center, industrial digital alliance aggregated more than 1900 partners, set up “China Mobile 5G terminal pioneer alliance”, guide manufacturers to launch 32 5G terminals, promote 2.6GHz industry chain and 3.The maturity of the 5GHz industry chain is basically flat.  China Mobile stated that the company will continue to systematically plan and steadily implement the “5G +” plan to accelerate technological upgrades, network upgrades, application upgrades, operational upgrades and ecological upgrades, build industrial upgrade accelerators through technology integration, and build strong social information flows through data integrationAorta, consolidate the new cornerstone of digital society construction with management and wisdom, promote the application of 5G in a wider range and in more fields, and create greater comprehensive benefits and social value.The reporter promised to edit Sun Yong to proofread Wang Xin

The Athens Philharmonic of Greece came to China for the first time and appeared at the Beijing New Year Concert

The Athens Philharmonic of Greece came to China for the first time and appeared at the Beijing New Year Concert
On November 5, the press conference of the “2020 Beijing New Year Performance Series” produced and created by Beijing Performance Co., Ltd. (hereinafter referred to as “Beijing”) was antiques in Beijing.This year, the brand of Beijing New Year’s performance series has been fully upgraded, including large-scale performance brands including symphony, ballet, Beijing opera, national music, golden music, recitation, and seven different art types for children.Photo courtesy of the organizer.It is understood that on December 31st, the 24th Beijing New Year Concert will invite the internationally renowned orchestra, the Greek Athens Philharmonic Orchestra, to perform in China for the first time.Orchestra conductor McCallas Ikonom is one of the most promising conductors and composers in contemporary times, and an important figure in the Greek music world. He is proficient in various genres of music and has made achievements in it; at the same time, “2020The 5th Beijing New Year Concert of Famous Peking Opera Masters will be moved to the Great Hall of the People in the Great Hall of the People for the first time.On December 30th, Shang Changrong, Li Mingyan, Xue Yaping, Kang Wansheng, Chi Xiaoqiu and other well-known Peking Opera stars came out in turn, showing various genres in the classic famous sections, and the genres of Beijing tunes and elegant rhymes.National music is a splendid gem of Chinese art. On December 28th, the “2020 Third National Music of Famous National Music Beijing New Year Concert” will be based on the National Opera Orchestra of the China Opera and Dance Theatre.Famous artist, at the same time, it is proposed to invite Yi Xi musician Mo Xizi to perform cross-border performances and bring high-level national music performances to the audience at the end of the year;The performances in the “Performance Series” use New Year’s Day or New Year’s Day as the cultural background, supplemented by poems by famous poets from Tang and Song Dynasties, which integrates recitation with various cross-border elements and strives to make poetry and music seamless.Photo courtesy of the organizer.On January 4, 2020, Beijing Wind Symphony Orchestra, national first-level conductor Li Fangfang, Kate, founder and CEO of “Kate Storytelling”, the first cross-border stage performance, and Beijing Music Association Chorus, Beijing Harrow InternationalThe school choir joined to create a music feast for the children; on January 5, 2020, the North Performance will invite the Kiev Grand Theater Theatre Group from Ukraine for the fifth time to reproduce the classic ballet five times in the Great Hall of the People in the Great Hall of the PeopleDance drama “Swan Lake”.Sauna, Ye Wang editor Yang Mei Xu Meilin proofreading Chen Diyan

Jinzhi Technology (002090) In-depth Tracking Report: Smart Energy Leverages Ubiquitous Internet of Things Dongfeng Smart City Continues High Growth

Jinzhi Technology (002090) In-depth Tracking Report: Smart Energy Leverages Ubiquitous Internet of Things Dongfeng Smart City Continues High Growth
Investment logic: strategically focused on the main business, divesting some of the inefficient, asset-heavy businesses, with a net profit margin of 14 in Q2.6%, the start was smooth.In order to further reduce financial leverage and focus on the main business, the company set out to dispose of non-main business assets in the first half of the year, involving Zijin Trust, Bulgaria’s 10MW generator, conversion of the 198MW wind power project in Damaoqi, and execution of the company’s Ganhua power transfer.Investment income.H1 gross profit margin stabilized at 25.2%, financing reduced financial costs decreased, Q2 net profit reached 14.6%. Smart energy business sector: The flood of electricity in the construction of the Internet of Things will bring new major opportunities.In H1 2019, revenues from power generation, transformation and distribution automation increased by 15%, 57%, and -14%, respectively.Distribution automation: The company’s ability to mass-produce a new generation of switching terminals that meets the ubiquitous electric power Internet of Things construction standards, and the new generation TTU is expected to improve on the basis of the original 3-4%.In addition, distribution network terminal test equipment has technology and market leadership, and is expected to grow 40% in the next year; substation automation: Jinzhi ‘s market share is 3% in the bidding of the State Grid relay protection and monitoring system, and it is actively promoted.The increase in market share and the general release of incremental demand for construction are expected to increase at a compound annual growth rate of about 30% in three years; power generation automation: the main demand is transformed into the transformation of old plants in large-scale thermal power plants, with an expected growth rate of 5-10?out. Smart city business segment: Excellent independent R & D and overall solution capabilities have helped the company build core competitiveness.The business involves intelligent buildings, intelligent transportation, safe cities, enterprise interconnection and other fields.The company always focuses on independent research and development and makes full use of professional planning and design capabilities, comprehensive integration capabilities, customized research and development capabilities, and full-cycle delivery capabilities. 2019H1 revenue growth exceeds 52%; Most of the newly signed major contract orders are delivered at the end of 2019, and this year’s high growth is highly certain.With the in-depth development of anti-terrorism and maintaining stability in smart cities, it is estimated that the revenue growth rate in 2020-2021 will be 38% and 30%. The construction of ubiquitous electric power IoT will bring 天津夜网 major development opportunities to the company.The ubiquitous electric power Internet of Things has been fully launched. The actual bidding volume in 2019 is expected to reach 150 billion. From 2019-2021, the compound growth rates for the two periods of 2021-2025 will reach 50% and 15%, respectively.The overall investment of State Grid Power Information and Communication has increased significantly. The total investment in 2020 and 2025 will reach 46 billion and 100 billion respectively, which will significantly increase the demand for smart terminals and IT information products.Through the integration of electric power automation and information technology to build internal capacity, and external cooperation through the integration of government, scientific research units, associations and other multi-resources, to enhance the company’s influence in policy and standard formulation. Earnings forecast and investment advice: The company is expected to have EPS 2019-2021 of 0.36/0.45/0.56 yuan, the growth rate is 59%, 28%, 22%. The ubiquitous electric power Internet of Things investment will show a high degree of prosperity, which will significantly increase the demand for power grid automation and IT service products. Therefore, the company has been given a target price of 16 yuan, corresponding to 2020 EPS 35x. Risk reminder: bad debt risk of accounts receivable; ubiquitous progress of the electric power Internet of Things is less than expected risk; risk of technological research

Depth-Company-Jinjia Co., Ltd. (002191): The growth rate of cigarette label repair box is strong

Depth * Company * Jingjia Co., Ltd. (002191): Strong growth in cigarette label repair box

The company released the report for the third quarter of 2019, and the company achieved revenue of 28 in the first three quarters.

800 million, +21 a year.

4%; net profit attributable to mother 6.

700 million, +23 a year.

4%; non-net profit attributable to mother 6.

600 million, +26 a year.

8%; of which revenue was 10 in 19Q3.

200 million, +32 a year.

8%; net profit attributable to mother 2.

100 million, +24 a year.

8%; non-net profit attributable to mother 2.

1 ‰, +30 a year.


The company expects net profit attributable to mothers to be 8 in 2019.


40,000 yuan, an annual increase of 20% -30%.

Key points of support level 19Q3 tobacco label revenue achieved double-digit growth.

In the first three quarters, the company’s revenue increased by 21 in ten years.

4%, 19Q3 increased by 32 quarterly.

8%, 19Q2 MoM (+7 YoY).

5%) increased significantly, including cigarette label and color box revenue increased by 10 respectively.

2%, 104.

7%, 19Q3 increased by 17 respectively.

9%, 158.

6%, a continuous increase from 19Q2, which mainly benefited from the gradual increase of new technology applications and new product layouts, the continuous optimization of the product structure, and the release of new capacity to help realize sales capacity.

In the future, the industry requirements will gradually become stricter, the company’s technology and channel leading advantages will escort, and the tobacco label will continue to grow steadily.

High-quality cigarette cases and 3C product packaging helped the color box business grow rapidly.

In 19Q3, the company’s premium cigarette cases and 3C product packaging business increased by 158% and 343% respectively, which helped its revenue growth rate in the first three quarters increase to 92% and 252%, respectively, which caused early accumulation of customers such as Chinese tobacco gift boxes and lotus cigarettes.Gift 深圳桑拿网 boxes, e-cigarette packaging, etc., accelerate the volume and extension due to the improvement of automation level, optimization of production efficiency, capacity expansion, and increase in convertible orders.

In addition, the wine box business was affected by capacity deployment, and single-quarter revenue declined in 19Q3.

5%, the first three quarters of revenue growth rate replaced 55%, but its base is small (accounting for 1.

5%), subject to sufficient production capacity, the growth rate in the later period is expected to resume.

Changes in business structure have slightly reduced profitability.

In the reporting year, the company’s gross margin / net margin was -1 per year.

0 points / -0.

1pct to 42.

9% / 25.

6%, 19Q3 gross margin / net margin were -0.
9pct / -1.
0pct to 42.

6% / 23.

3%, mainly due to the color box business with the highest gross profit margin (19H1 gross profit margin was 32.

7%) Revenue share increased by 7.

8 points to 19.

1%, cigarette label business (19H1 gross profit margin is 43.

8%) Revenue share decreased by 7.

2 points to 71.


In addition, the company’s sales / management / R & D / financial expense ratios were -0 in the first three quarters.

1 / -0.

5 points / -0.

6pct / + 0.

9pct, 19Q3 +0, respectively.

0pct / + 1.

9pct / -2.

1pct / + 0.

6 points.

It is expected that the company’s cigarette label, color box business orders and production capacity will accelerate to accelerate high revenue growth. The new tobacco technology and customer reserves will gradually be cashed in. We expect the company’s EPS in 2019-2021 to be 0.



79 yuan, an increase of 21 a year.

6% / 15.

3% / 14.

0%, currently corresponding to 2019 PE17X, maintaining the level of overweight.

The main risks faced by the ratings are that the intensity of tobacco control exceeded expectations; the development of new types of tobacco is weak; the purchase price of cigarette labels has fallen.

Rongsheng Development (002146): Steady performance growth and continued optimization of leverage

Rongsheng Development (002146): Steady performance growth and continued optimization of leverage
I. Overview of the event Rongsheng Development announced the 2019 semi-annual report. The company achieved operating income of 243 from January to June.61 ppm, an increase of 25 in ten years.65%, achieving net profit attributable to owners of the parent company29.44 ppm, an increase of 31 in ten years.05%. Second, the analysis and judgment of performance has steadily increased. The company achieved operating income of 成都桑拿网 243 from January to June.61 ppm, an increase of 25 in ten years.65%, net profit attributable to mother 29.44 trillion US dollars, an annual increase of 31.05%; the company ‘s net profit growth rate is higher than the revenue growth rate mainly due to the decrease in the proportion of profit and loss of minority shareholders in the company ‘s settlement projects in the first half of the year.In the first half of the year, the company’s net asset income was injected8.47%, an increase of 0 from the same period last year.51pct, the level of profit has gradually increased. Sales maintained profits, and the land reserve was sufficient. From January to June, the company realized sales of 465.78 ppm, an increase of 16 in ten years.16%, 42% of the annual sales plan of 112 billion yuan was completed, and the average sales price was 11019 四川耍耍网 yuan / square meter, an increase of 6 from the end of the previous year.69%, showing a trend of rising volume and price.From January to June, the company’s new project capacity was 623.620,000 square meters, an increase of 34 in ten years.17%, adding a total land price of 226.310,000 yuan, the land sales ratio is 0.48. Investment expectations are expected.In addition, at the end of the first half of the year, the company’s land reserve area was 4,059.770,000 square meters, about four times the area sold last year, can effectively protect the development needs of the next three years or so. Finance continued to be optimized, diversified financing channels were unblocked until the end of June 2019, and the company’s net debt replacement was 96.48%, down 33 from the same period last year.At 26pct, leverage has dropped significantly, and financial security has further improved.According to the number of reports, the company successfully issued 1.4 billion ultra-short-term financing bonds and 500 million US dollars of debt, and the financing channels remained unblocked. Third, investment recommendations Rongsheng Development has steadily increased sales and performance, sufficient soil reserves, good financial conditions, and coordinated development of diverse industries.The company’s EPS is expected to be 2 in 19-21.23/2.78/3.44 yuan, corresponding to PE 3.7/3.0/2.4 times, the company’s highest in the past three years, the lowest, the median PE is 14 respectively.7/4.9/9.2 times, maintaining the company’s “recommended” level. 4. Risk warning: The real estate budget policy is tightened, and sales are below expectations.

Xinjie Electric (603416): Performance in line with expectations

Xinjie Electric (603416): Performance in line with expectations

The performance of key investment points was in line with expectations, and the increase in competition and component prices caused a decline in gross profit margin: the company achieved revenue in 20185.

900,000 yuan, an annual increase of 22.

09%; net profit attributable to mothers1.

49 ppm, an increase of 20 in ten years.

The net inflow of cash flow from operating activities was 64.16 million yuan, which was extended by 41 each year.

59%; the company achieved a comprehensive gross profit margin of 39.

72%, with a ten-year average of 3.

64pct, in which the offset caused by the expansion of the gross profit margin of the PLC, human-machine interface, and drive system products is 4, respectively.

06pct, 2.

00pct, 5.

37 points.

The increase in gross profit margin is related to the decline in the overall manufacturing boom last year and the intensification of competition in the industrial control industry. Furthermore, the cost of component prices rose significantly last year.

The company’s profit distribution plan is to allocate cash for every 10 shares1.

5 yuan, is expected to pay 21.08 million yuan, the dividend reset 14.


With independent control algorithms and core code, the company is focusing on high-end operation control bus products. The company’s main product, PLC, is the core control component of intelligent equipment. The company has independent intellectual property algorithms and codes, and is located on the leader of independent brands.

In recent years, the company has introduced new high-end series products such as sports and bus types, with significant changes in networking, communication speed, control accuracy and efficiency. In addition, the company’s servo products have maintained a high revenue growth rate and scale of 32% against the trendHas reached 1.

600 million.

The company uses PLC, servo, human-machine interface, vision system and other customized solutions in packaging, numerical control, woodworking and other fields to help the manufacturing industry upgrade and import substitution.

Since this year, industrial control products imported from domestic high-end brands have increased prices, and the project-based market has taken the lead in picking up.

The combination of tax and fee reduction measures stimulated terminal consumption and boosted capital expenditure. The prosperity of domestic industrial control brands focusing on OEMs is expected to bottom out in the second quarter.

The company is expected to grasp the potential period and maintain the good momentum of increasing the market share of PLC and servo products.

Investment suggestion: We maintain the Air Force profit forecast. It is expected that the company’s operating income for 2019-2021 will be 7 respectively.

1.6 billion, 9.

0.6 billion, 11.

2.2 billion; net profit attributable to mothers is 1.

8.3 billion, 2.

310,000 yuan, 2.

87 ppm; The dynamic PE in 2019 is 23 times. The company is a domestic PLC leader with prominent technical and brand barriers. The current forecast level is lower than the industry average. Maintain the “Buy-A” rating.

Risk reminder: Intensified competition in the downturn of the industrial control industry has led to a reduction in the risk of gross profit margins, and the progress of new product and 无锡夜网 technology development has gradually exceeded expected risks.

Taihua New Material (603055) Quarterly Review: Downstream Brand Customers Stable Orders Billet Business Growth Affected by Industry Boom

Taihua New Material (603055) Quarterly Review: Downstream Brand Customers Stable Orders Billet Business Growth Affected by Industry Boom

The profitability of 19Q1 gradually recovered, and it is expected to maintain stable growth in the long run.

The company’s revenue in 2018, 18Q4 and 19Q1 were 29 respectively.

7, 7.


500 million, a year-on-year increase of 9%, 0.

4%, -9.

4%, net profit attributable to mothers is 3 respectively.

4 ‰, 5.8 million yuan, 54.41 million yuan.

Gross profit margins for 2018, 18Q4, and 19Q1 were 25.

2%, 18.

6%, 27.

4%, change -2 each year.

5pct, -7.

2pct, -0.


Net profit margins for 2018, 18Q4, and 19Q1 were 12, respectively.

0%, 0.

8%, 9.

9%, change -1 each year.

8pct, -12.

5pct, -2.

9 points.

The downturn in grey cloth and polyester business led to a decline in profitability.

In 4Q18, the company’s gross profit margin and net profit margin dropped by 7.

2, 12.

5pct, the profitability was severely damaged, and we judged that it was caused by the sluggishness of the grey fabric and polyester business.

The company’s grey cloth and polyester business does not have large-scale cooperative brand customers. We judge that most of the trade is with the traders.

In the case of lower raw material prices in 18Q4 and the industry’s poor economy, the volume and price will decrease at the same time. In 2018, the revenue of nylon grey fabrics decreased by 10.


In terms of price, the gross margins of nylon and polyester grey fabrics were downgraded.

5, 1.

2pct; The gross profit margin of polyester finished fabrics is reduced and downgraded.

At 6 points, the gross profit margin dropped significantly affecting the overall profitability.

The price of raw materials was stable in 1Q1, and the company’s overall gross profit 北京夜网 margin returned to normal levels27.

4%, we believe that the fluctuation of the company’s gross profit margin is caused by excessive fluctuations in the price of upstream chemicals in the short term. The company still has the ability to control alternative prices for brand customers. If the price of raw materials does not appear extreme, the company will help maintain stabilityGross profit margin.

Revenue from nylon filament and finished fabrics maintained high growth.

In 2018, the revenue of nylon filament increased by 20% each year, and the revenue of finished fabrics increased by 16% each year.

Beyond the above-mentioned business, maintaining rapid growth, we believe that it is inseparable from the company’s deep binding of brand customers.The average price of nylon filament and finished fabric business binds well-known sports brand customers: Nylon filament mainly cooperates with super profit, high-end brands such as Velcro, and finished fabrics with Decathlon, Anta and other popular leisure sports brands.

At the same time, the company continues to develop new customers. In 2018, the number of potential customers for nylon filament increased by more than 100, and the number of finished fabric customers increased by more than 10 brands. The company’s product awareness and recognition continued to increase.

We estimate that the main products of the 19Q1 scale have maintained a good cooperative relationship with brand companies.

The core products of nylon achieved a price increase of 15-18%, showing cooperation and competition with big brands.

In 18 years, the average length of the company ‘s nylon filament and nylon finished fabrics were extended by 15% and 18% respectively. We believe that the weak retail environment reflects the added value of its products based on continuous innovation and stable cooperation with high-quality brand customers.Maintain sufficient bargaining space for products.

All industries in the upper, middle and lower reaches are in the period of capacity expansion.

The company has a rare domestic industry chain business layout, and its core products are nylon filaments, finished fabrics and deeper cooperation with downstream brands.

At present, the upstream nylon filament, midstream grey fabrics and downstream finished fabrics are all in the capacity expansion period. Among them, nylon filament announced in February 2019 an additional 12 tons of production capacity, which is expected to be put into production in 2021.

Hundreds of billions of billions of convertible bonds are used to replenish the production capacity of 76 million meters of grey fabrics, and it is expected to be put into production in 19H2; IPO investment projects1.

100 million meters of finished fabrics supplemented production capacity (completion: 85% or more).

Profit forecast and estimation.

We expect the company to achieve net profit in 2019 and 20203.

96, 4.

67 ppm, giving it 15-17 times the estimated PE range for 2019, corresponding to a reasonable value range of 10.


24 yuan, maintain the “preliminary market” rating.

risk warning.

Crude oil prices fluctuated, production capacity expanded less than expected, and downstream customer demand was weak.

Joyson Electronics (600699): High performance standard for smart driving with excellent performance

Joyson Electronics (600699): High performance standard for smart driving with excellent performance

Investment Highlights Performance Summary: The company announced its 2019 semi-annual report. In the first half of 2019, it achieved revenues of 30.8 billion yuan, an increase of 36%, and achieved net profit attributable to mothers5.

100 million US dollars, an average of 37% over a ten-year period, and net profit after deducting non-attribution to mothers5.

700 million, an annual increase of 26%.

  The integration progressed smoothly, and the performance of non-deduction was outstanding.

In terms of different industries, in the first half of 2019, automotive safety, automotive electronics and functional components revenues increased by 50%, 2%, and 12% respectively. Among them, the revenue growth of the automotive safety business increased significantly.The acquisition of the company’s high-quality assets, while the merger and acquisition last year confirmed some non-recurring gains, resulting in the replacement of mother profits in the first half of 2019.

  The company smoothly promoted the integration of automotive safety business. The number of global operating sites was reduced from 105 on the delivery date to 86. The staff structure was continuously optimized and production efficiency was gradually improved.

The company’s gross profit margin for the first half of 2019 was 17.

3%, an increase of 2.

2 units.

Expense rate for the period 13.

9%, basically stable compared with the same period last year, of which the sales expense ratio, management expense ratio and financial expense ratio were 2 respectively.

2%, 10% and 1.

8%, respectively +0.

4%, -0.

1% and -0.


  There are ample orders in hand, and intelligence and electrification continue to advance.

In terms of automotive electronics, as of the end of the reporting period, new orders for automotive electronics exceeded 17.3 billion, of which 4.2 billion orders were received for the electronic seat bay and smart car business.

  The company actively participates in the formulation of 5G-based V2X industry standards and changes the definition of application scenarios, becoming an important member of the C-V2X standard-setting organization under the Ministry of Industry and Information Technology, and in-depth discussions with smart car companies such as Volkswagen, Audi, and Ford to provide solutions for smart transportation.Program.

In terms of smart cockpits, the in-vehicle information systems provided for Volkswagen and Audi will continue to be produced, and will be converted to high-end brands such as BMW, Audi, and Porsche to supply alternative cockpit electronics.

In terms of automotive safety, 成都桑拿网 the company actively deploys active safety products on the basis of continuous integration, gradually promotes the commercialization of Level 3 autonomous driving products, and explores the implementation of Level 4 autonomous driving products.

In terms of new energy electronics, a total of 13.1 billion orders were received, including orders for new energy vehicle management systems from customers such as Porsche, Volkswagen MQB and MEB, Mercedes-Benz’s new generation electric platform, Nissan, Ford, SAIC-GM-Wuling and other customers.

  Earnings forecasts and investment advice.

The company’s deep deployment of driverless, new energy vehicle electronics, and global technology leadership will lead the company to become an international component giant through extension + integration.

Expected 2019?
Net profit in 2021 will be 13.



700 million, EPS is 1.



36 yuan, maintain “Buy” rating.

  Risk reminder: The global auto industry’s production and sales growth is lower than expected, and Takata’s integration is lower than expected.

Guizhou Moutai (600519) important events review-heavy season ahead of schedule to switch smoothly to welcome the New Year

Guizhou Moutai (600519) important events review-heavy season ahead of schedule to switch smoothly to welcome the New Year
The company will increase the volume ahead of time, and hope to effectively match the peak season demand, reasonably control prices, and firmly promote channel changes. Looking forward to the next two years, the company has a solid volume thickening foundation and potential for price increases. It hopes to maintain stable growth, the core asset value is prominent, and we can maintain our “buy” rating. According to wine industry reports, Guizhou Moutai Wine Sales Company issued the “Notice on Early Implementation of the First Quarter 2020 Plan”.The notice shows that in view of the strong consumer demand for the New Year’s Day and the Spring Festival, the company decided to implement the Moutai plan for the first quarter of 2020 in advance from December 12, 2019, mainly for dealers, proprietary companies, supermarkets, and e-commerceChannel, the expected volume is about 7,500 tons.We believe that the implementation of the 2020 plan in advance this time is in line with our expectations, and has ensured that the company’s stable business transition and channel changes in 2019-2020 will be smoothly promoted. The heavy volume in advance matches the strong demand of the two festivals, and the price of Moutai is controlled to maintain a healthy and reasonable level.The 2020 Spring Festival (January 25) is ahead of previous years, and the early implementation of the first quarter of 2020 plan in mid-December will better match the pace of demand release this year to ensure reasonable supply in the market. The company’s planned launch before the Spring Festival last yearThe volume is also 7,500 tons.And before the recent boom, the approval price of Moutai rose from 2200 yuan in the previous period to 2400-2500 yuan. The advance volume will adjust the market expectations, helping the company better control the price drop to a healthy and reasonable level.2019 is the year of the company’s channel reform. The overall market launch strategy is in line with the pace of channel reform. The company has already implemented the remaining time of the fourth quarter of the dealers in advance of the Mid-Autumn Festival and Q4. The direct sales of Q4 have gradually increased, and the estimated remaining amount is reflected in the upcoming 7500 Tons. Moutai’s performance growth is highly certain, and prices may increase in the next 1-2 years.Looking forward to 2020, the production of base wine in 2015 will increase to the next year’s volume increase. It is expected that the overall sales will increase from a high number to a double digit; regardless of price increases, channel reforms and product structure enhancements are expected to bring low single digitTon price increased.Based on comprehensive volume and price, the company’s revenue in 2020 will increase by 10% -15%, and net profit will increase by more than 15%.At the same time, Moutai is unswervingly and methodically carrying out channel reforms, actively controlling channels and approving prices, and is laying a solid foundation for returning channel profits to listed companies. We believe that companies can only raise prices in the next 1-2 years. Bullish on high-end wines and strongly recommended.In 2020, in the context of the macroeconomic 青岛夜网 growth rate and the growing base, it is expected that the growth of the liquor industry will slow down rationally and that the growth of leading companies will also improve.The cycle will continue for the duration.Consumption upgrading and concentration will become the main line of the industry, and the growth of high-end wine is a deterministic alternative.Last week, the consumption tax rate was phased down. In the next month, high-end wines will be tested by the market during the peak season, and the ability to determine high performance will be more confirmed. The core asset value of high-end wines is strongly recommended. Risk factors: The high-end wine boom is worse than expected and production capacity is consumed. Investment suggestion: The company will increase the volume in advance, and hope to effectively 杭州夜网 match the demand in the peak season, control the price reasonably, and firmly promote the channel change.Maintain the EPS forecast for 2019-2021 to 35.09/40.95/47.31 yuan, corresponding to PE is 33/28/25 times, maintain “Buy” rating.