Huachang Chemical (002274)： The coal chemical industry adjusts the structure to harvest hydrogen energy and sees the dawn

Huachang Chemical (002274): The coal chemical industry adjusts the structure to harvest hydrogen energy and sees the dawn

The company’s early layout has entered the harvest period, the adjustment of the raw material structure, the NPG project and the expansion of butanol and octanol have been successively put into production, and it will usher in the release of profits brought about by the triple benefits of the expansion of production capacity and the increase of the product line; meanwhile, it will play a role in providing high-purity products.Advantages, the active deployment of the field of hydrogen fuel cells ushered in the dawn.

　　Deeply plowing coal chemical industry for nearly 50 years, actively expanding the field of new materials.

At present, the company has formed a comprehensive coal chemical enterprise that mainly produces synthetic ammonia, urea, soda ash, butanol, compound fertilizer, ammonium chloride and other products with coal gasification as its source.Battery industry.

　　The adjustment of raw material structure and the upgrading of boilers create cost advantages; neopentyl glycol and butanol have brought new profit points.

The second phase of the company’s raw material structure adjustment project, with reference to the cost reduction effect of the first phase of the company’s raw material structure adjustment project, is expected to bring about 92 million cost reductions to the company.

The company extends the industrial chain, using isobutyraldehyde production as a by-product of the butanol plant to invest in neopentyl glycol. The company’s NPG adopts a condensation hydrogenation process, and the raw materials are completely self-sufficient. Compared with the disproportionation process, the cost advantage is obvious. The profitability of the NPG project is expected to be put into production.strength.

Starting in 2016, the production capacity of butanol and octanol is expected to improve, and the fastest growth rate of butanol and octanol in 2019 is only 4.

4%, lower than the compound consumption growth of the past 5 years7.

3%, the company ‘s expansion of its new 8-octanol butanol capacity will help to continue to improve the profitability of its butanol plants in 2019.

　　Soda ash and ammonium chloride earnings are expected to remain.

With the closure of some lye-based companies in 2014 and 2015, the industry’s capacity reduction was obvious. In addition, in 2016 and 2017, downstream demand increased, soda ash and ammonium chloride income increased.At a low level, although there will be additional production capacity in 2019, if some of the enterprises that have ceased production in 2018 continue to suspend production, soda ash and chlorination will remain profitable in 2019.

　　Give full play to the advantages of high-purity hydrogen energy raw materials and actively expand the field of hydrogen energy.

As hydrogen fuel cell vehicles enter the introduction period, hydrogen refueling stations and turbine supply systems must go ahead; turbines account for the largest proportion of operating costs, and the carbon dioxide obtained is the key to reducing operating costs.

Regions with abundant hydrogen resources and surplus electricity have taken the lead in launching the promotion of hydrogen-fueled vehicles, including Shanghai, Suzhou, and Yancheng around the company.

The company’s coal gasification plant can provide high-purity fluoride, which provides raw material guarantee for the company’s deployment of the hydrogen energy field; the company has started the deployment of gas-phase filling stations; and has jointly established a hydrogen energy joint research institute with the University of Electronic Science and Technology to unite the core of the military hydrogen energy fieldTechnology, system integration research and development, industrialization verification testing, product incubation and market cultivation.

　　Upgrade to “Strongly Recommended-A” investment 南京桑拿网 rating.

What do we expect the company 2019?
Net profit in 2021 will be 4.

1 billion, 4.

900 million and 5.

80,000 yuan in 2019?
In 2021, the EPS will be 0.

43 yuan, 0.

51 yuan, 0.

60 yuan, corresponding to the current 8 yuan sustainable PE is 18.

6 times, 15.

5 times and 13.

2 times, target price 9.

0?
10.

0 yuan, upgrade the company rating to “strongly recommended -A” rating.

　　Risk reminder: The adjustment of raw material structure is not up to expectations, and the forecast profit growth of product demand is lower than expected.

Main funds net allow 29.6 billion institutions to grab 12 shares

Main funds net allow 29.6 billion institutions to grab 12 shares

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

　　[18th 南京桑拿论坛 fund plan chart]The main net capital plus 29.6 billion Longhu institutions grabbed 12 shares Source: Securities Times Network original Hu Huaxiong On February 18, the overall A-share market growth.

The final close, the Shanghai Composite Index closed at 2984.

97 points, up 0.

05%, SZSE Component Index closed at 11,306.

49 points, up 0.

58%, the GEM index closed at 2,170.

95 points, up 1.

15%.

The total turnover of the two cities was 9999.

46 trillion, an increase of 627 over the previous trading day.

4.3 billion yuan.

　　1. The two cities have a net replacement of 296 funds throughout the day.

1.2 billion main funds in Shanghai and Shenzhen today opened a net opening of more than 231.

2.7 billion, a net inflow of 40 in late trading.

3.3 billion yuan, the net replacement of funds in the two cities was 296.

1.2 billion.

　　2, Shanghai and Shenzhen 300 today’s main fund net replacement of 166.

US $ 0.9 billion CSI 300 today ‘s main fund net replacement of 166.

09 billion yuan, the GEM net reduction of 38.

5.1 billion yuan, a small net reduction of 67.

7.5 billion yuan.

The Shanghai Stock Connect saw a net decrease of 23.

US $ 5.8 billion, Shenzhen Stock Connect decreased by 2.

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

　　3. Net inflow of electronics industry 26.

Of the top 28 first-tier industries in the 7.8 billion yuan, 24 industries achieved net capital inflows, of which 26 were in the electronics industry.

7.8 billion.

　　4. The net inflow of 5G application concepts43.

In terms of the 6.4 billion concept blocks, 5G applications, semiconductor industry, new display technology, chip localization and other concept sections showed a net inflow of funds, of which 5G application concept net inflows were 43.

6.4 billion.

　　5. Net inflow of Huafeng’s main funds for measurement and control10.

03 billion (Note: The main force of net inflow statistics in this table is different from the net purchase statistics of the institutions in the previous and next tables) 6.The data on the list shows that the institution appeared in 27 shares, of which 12 shares such as quartz shares showed a net purchase of institutional funds, and 15 shares such as China Satellite Communications showed a net sale of institutional funds.

　　7, the top ten active stocks of Shanghai Stock Connect and Shenzhen Stock Connect 8, the latest institutions focus on individual stocks

Financial Street (000402) Annual Report Review： Restarting New Growth to Enjoy the Possibility of Asset Securitization

Financial Street (000402) Annual Report Review: Restarting New Growth to Enjoy the Possibility of Asset Securitization
The core point of view is to achieve revenue of 221 in 2018.100 million, at least -13.4%; net profit attributable to mother 32.700 million, previously +8.7%; net profit after deduction is 29.800 million, previously +69.8%.A cash dividend of 3 yuan is planned for every 10 shares, and the overall performance is in line with expectations.In 2018, the company increased the layout of the core metropolitan area. The recovery of the first- and second-line fundamentals improved the sales flexibility. The scale of business self-sustainment and the optimization of the system benefited from the increase in REITs.Forecast EPS 1 for 2019-2021.22, 1.35, 1.49 yuan, maintain “Buy” rating. The reasons for the uneven performance of the growth rate of the carry-over, and the potential mismatch of costs during the period to release potential profit margins The reasons for the company’s performance growth indicators are: (1) Focus on first- and second-tier cities with strict restrictions on layout, and 2017 sales may cause short-term carryoverInsufficient resources; (2) In 2018, sales resumed during the period of high growth and intensified cost mismatch. The sales and management expense ratio increased by 0.9pct; (3) The interest rate of equity merger and acquisition loans and operating property mortgage loans cannot be capitalized, and the financial expense ratio increases by +2.8 points.(4) The decline in the overall market performance of commercial real estate drove the fair value change income to -98.9%.Initially, the gross profit margin of the development business in 2018 is +20.4 points to 45.8%, the project’s profit quality is relatively high, and the cost of the period plus the hope to further release potential profit space. Sales have grown against the trend, and the value layout has both quality and turnover advantages. The key first- and second-tier cities in 2018 are still facing severe market conditions. The company has strengthened sales and promoted value marketing to achieve sales of approximately 30.7 billion (commercial real estate 5.9 billion + residential real estate 248Billion), previously + 30%, a record high.In 2018, the newly-added equity construction area was 3.56 million square meters, which was +18 in ten years.6%.The company continued to cultivate the five major urban agglomerations, and moderately subsided the satellite city of the traffic circle for one hour. The value distribution has both quality and turnover advantages, and the diversified financing channels are unblocked, providing a resource base for high-growth sales.At the end of 2018, the company can carry forward the resource planning area of 15.33 million square meters, corresponding to a value of about 450 billion yuan. New construction in 2019 is expected to be + 5% over the same period, and equity land investment is expected to be +25.At 7%, the first- and second-tier structural recovery has ample value, and we expect that sales growth in 2019 is expected to remain above 20%. The public real estate investment trust funds are gradually approaching, and the big asset management business is speeding up. The company is holding properties 118 in the core areas of Beijing, Shanghai, Tianjin and other central cities.20,000 Ping, 2018 income ten years + 11% to 25.100 million profit before interest and taxes for ten years + 9% to 12.900 million, the scale of income and profits reached a record high.In the years since 2018, the China Securities Regulatory Commission and the Exchange have actively promoted the pilot scheme for public offering of REITs, and the SSE has recently encouraged institutions to prepare to report public offering of REITs.The acceleration of the policy budget aims to further improve the real estate investment trust fund and create convenience for the revitalization and revaluation of commercial assets. The company’s 杭州夜网论坛 large asset management business welcomes opportunities for system optimization and replication expansion. Developed a self-sustaining two-wheel drive, maintained a “buy” rating company 2018, increased the layout of the core metropolitan area, the value of goods has both scale, quality and turnover advantages, the recovery of first- and second-line fundamentals has improved the sales flexibility space, and achieved commercial self-sustained scale and systemOptimization, deep benefit REITs speed up, scarce value is facing revaluation.We forecast company EPS 1 for 2019-2021.22, 1.35, 1.49 yuan, with reference to comparable companies’ average P / E ratio of 7 in 2019.4 times, considering the company’s sales growth expectations, given to the company in August 2019.4-9.4x PE estimate with a target price of 10.25-11.47 yuan (previous 杭州桑拿 value was 7.22-8.33 yuan), maintain “Buy” rating. Risk warning: The reduction policy of first- and second-tier attraction cities is becoming severe; the occupancy rate and rent level of newly-added self-owned properties may not be as good as existing properties; the income from changes in fair value of investment real estate may be less than expected.

Hang Seng Electronics (600570)： Q4 deducted non-attribution net profit exceeds expected profit end elasticity began to emerge

Hang Seng Electronics (600570): Q4 deducted non-attribution net profit exceeds expected profit end elasticity began to emerge

Event: The announcement said that in 2019, it is expected that the net profit attributable to mothers will be about 129074 to 13.23237 million yuan, an annual increase of about 100% to 108%; it is expected that the non-net profit attributable to mothers will be about 77361 to 81486 million yuan, an increase of about 50% to 58%.

Key points of investment Following the acceleration of the income quarter in Q3, the profit side also began to perform. In Q4, the net profit after deducting non-attribution to mothers exceeded expectations.

The company expects that the impact of long-term non-recurring gains and losses 武汉夜生活网 on the company’s net profit will be approximately 51,713 to 52,751,000,000 yuan, which is mainly due to the implementation of the new financial instrument accounting standards implemented by the report, the increase in fair value gains from financial assets held by the company, and the disposal of transactionsThe gains from sexual financial assets increased.

According to the notice, the company’s net profit attributable to its parent in the fourth quarter of 20194.

87-5.

3.8 billion, an annual increase of 71-89%; net profit after deducting non-attribution4.

57-4.

98 ppm, a year-on-year increase of 61-76%, Q4 net profit attributable to mothers and net profit attributable to non-mothers compared to Q3 (1.

25, 0.

6 billion), the second quarter (2.

81, 2.

2 billion), the first quarter (3.

98, 0.

3.6 billion) The average growth was obvious, the highest in the year.

The official company released three quarterly reports, and Q3 single-quarter revenue has begun to accelerate. We believe that it is reflected by the rebound of the capital market, the establishment of science and technology board, the implementation of new asset management regulations, and the establishment of affluent brokerages.

This time, the profit side began to accelerate and exceed expectations. We believe that the company’s Q4 revenue side growth is still expected to accelerate, and the positive impact of the income side and profit side brought by the policy side is expected to continue into 2020.

Innovative business continues to make breakthroughs, and future space is expected.

In the Internet business, the current subsidiaries with a high percentage of revenue are Juyuan, Whale Teng and Hengyun. Among them, Juyuan has developed steadily and Hengyun has grown rapidly.

Whale Teng is still in the strategic budget period, but it has been narrowed. In the first half of 2019, the GTN platform developed rapidly, with more than 2,000 open platform registration institutions, OPENAPI service connection institutions continued to increase, and revenue increased significantly; Xiaowhale Intelligent KYC continuedObtained market recognition and signed a contract with the United Nations financial institution; the scale of small business plus marketing services has grown rapidly, and it has become the exclusive technology platform of “Shareholders Come” jointly organized by CCTV & SME Investment Services in 2019.

Comprehensively promote the upgrading of online technology architecture and build a strategy of large, medium and large platforms.

The company’s products comprehensively promote the online transition of the technical architecture, fully embrace the Internet’s diversified architecture to meet the needs of business development of financial institutions, and form a large and medium-sized strategy centered on technology, data, and business.Several platform-based products and their architecture upgrade targets were identified.

In the future, the company will increase the construction of China-Taiwan product lines and accelerate the development and launch of core products.

Investment suggestion: It is expected that the company’s net profit for 2019-2021 will be 13 respectively.

11/14.

36/17.

77 ppm, corresponding to PE is 54/49/40 times, maintain “Buy” rating.

Risk Warning: Tightening financial supervision policies.

SDIC Power (600886)： The dust is settled： The value-added rate of thermal power distribution and transfer is 49%. It is expected to increase asset disposal income.

900 million

SDIC Power (600886): The dust is settled: The value-added rate of thermal power distribution and transfer is 49%. It is expected to increase asset disposal income.

900 million

All 6 equity shares have been traded, and the total transfer price is 2.4 billion. The company issued an announcement: following November, 55% of the state investment Beibu Gulf was allocated 5 shares.

After the transfer of 91 million U.S. dollars to Guangxi Investment Group, on December 27, the company restructured the contract to choose another five shares (51% equity of SDIC Xuancheng, 60% equity of SDIC Ili, and 51 of Jingyuan Second Power.

22% equity, Huaibei Guoan 35% equity, Zhangye Power 45% equity) to 18.

09 million was transferred to China Coal Energy Group Co., Ltd.

The transfer appreciation rate is 49%, and it is expected to increase the asset disposal income.

The 6 thermal power stocks transferred by the 90,000 yuan company are assets with relatively weak profitability. According to our calculations, the total of the above six assets in 2019H1 contributes a net profit of equity of -0.

5.5 billion, overall budget.

Benefiting from the improvement of the regional power market and the decline in coal prices, the overall profitability of SDIC Power’s thermal power sector improved significantly in the first half of the year, but Jingyuan Second Power, Yili and other power plants are still in a state of substitution, dragging down the company’s performance.

We believe that the sale of the above thermal power equity will help the company revitalize its asset structure and promote the overall strategic layout.

The valuation of the net assets of the six stocks increased compared to the double split ratio of the book value, of which the Beibu Bay appreciation rate was 168.

48%, Jingyuan Second Power 117.

45%, SDIC Yili 59.

46%, SDIC Xuancheng 40.

51%, Huaibei Guoan 57.

77%, Zhangye 15 of Gansu.

18%.

The 55% equity of Beibu Bay, which was the first to be sold in November, is one of many high-quality assets. The highest value-added rate is evaluated among the 6 equity shares, and its transfer price (5.

910,000 yuan) compared to our first listing price (4.

7.8 billion) also has a significant premium; the transferee Guangxi Investment Group Co., Ltd. held a 27% stake in Beibu Gulf before the transaction, which is the second largest shareholder after SDIC Power.

This time, another five ownership transfers were selected and transferred to China Coal Energy Group Co., Ltd. We think it may be a win-win result. The company revitalized its assets and recovered the funds, and the transferee is expected to break through the coal-electricity synergy effect and improve the profitability of the above thermal power assetsability.
According to our calculations, the total net equity of all six equity interests is 16.

11 trillion, the final transaction price totaled 24 trillion, the overall value-added rate of 49%.

We expect that the transfer of 6 equity interests will increase asset disposal income.

89 ppm, based on the two closing times, we judge the disposal 都市夜网 gain of Beibu Gulf4.

13 trillion may be included in the 2019 statement, while gains on disposal of the other five equity interests3.

76 trillion may be included in the 2020 statement and is expected to increase net profit for the corresponding year.

Profit forecast: We expect the company’s net profit attributable to its parent to be 48-20 in 2019-2021.

02, 53.

98, 54.

8.5 billion yuan, corresponding to 0 EPS.

71, 0.

80, 0.

81 yuan / share.

Maintain “Buy” rating.

Risk warning: macroeconomic fluctuations, electricity price reductions, rising coal prices, insufficient electricity demand

ZTE (000063)： 2019Q1 Operational Improvement Prospects 5G Leader in New Phase

ZTE (000063): 2019Q1 Operational Improvement Prospects 5G Leader in New Phase

Event: The company released the 2019 first quarter report, and the company achieved revenue of 222 in Q1 2019.

20,000 yuan, a ten-year average of 19.

34%; net profit attributable to mother 8.

63 trillion, once turned losses; meanwhile, the company estimates that the net profit attributable to the mother in 2019H1 will be 12-18 trillion, which is also a potential turning loss.

　　Opinions: 1. The difficult 2018 has passed. The improvement in Q1 2019 is obvious, and the performance is basically in line with expectations.

　　Net profit for the first quarter of 20198.

63 ppm, which has obviously turned around in the past, with 2 in 2018Q4.

7.6 billion yuan has also improved significantly.

　　Gross profit margin: The gross profit margin of 2019Q1 is 39.

97%, the gross profit margin decreased and the average value of the chain increased, mainly due to the decline in the proportion of consumer business revenue that the gross profit margin decreased.Focusing on the operator segment with stronger profitability, gross profit margin is still expected to exceed 2018.

北京夜网
　　The R & D expansion continued to grow. According to the company’s official website public account, the company’s R & D promotion in the first quarter of 2019 was 30.

930,000 yuan, accounting for 13% of operating income.

9%, accounting for 9 compared with the same period last year.

8% rose 4.

1 average, the absolute value is increased by about 3.

9.5 billion.

　　In terms of cash flow, the net operating cash flow of the company in Q1 201912.

60 trillion, 53 net cash added value.

83 million, continuous improvement in cash flow.

　　2. After the embargo, the supply chain basically returned to normal, and the basic risks were reduced.

　　After the chip embargo was settled, the operator’s engineering construction / collection began to resume, ZTE’s production line resumed, and ZTE’s suppliers began to resume normal supply. According to Delll’Oro statistics, ZTE’s wireless connection in the third quarter of 2018The RAN business market share increased by 5 units, thus realizing the ability to reverse the overall market share lost to Samsung in the second quarter.

The normalization of the supply chain is the trend, and once again encounters the risk cost of chip embargo.

　　3. In the medium and long term, the company is one of the four major leaders of global communications master equipment vendors, capable of providing 5G end-to-end solutions.

The increase in the capitalization of R & D funding shows that the company’s 5G and other R & D are smooth and gradually enter the commercial stage.

The Ministry of Industry and Information Technology and the Development and Reform Commission require that 5G be used commercially in 2020, and the company is expected to benefit in the long run.

　　5G deployment is higher and higher, base station density is greatly improved, a large number of new technologies are dated, and the added value of equipment technology is expected to increase significantly.

The company’s 18-year R & D funding capitalization ratio is 18.

45%, an increase of 5 per year.

The 99 units show that the company’s 5G and other related research and development are progressing smoothly, and it has gradually entered a commercial stage and reached capitalization standards.

Judging from the number of patents in the 5G standard, according to statistics from ETSI and the ICT Institute, companies with more than 1,000 declarations include Huawei, Nokia, LG, Ericsson, Samsung, Qualcomm and ZTE.

ZTE ranked 6th with 1029 cases, accounting for 9%, and is the second Chinese company except Huawei.

At the same time, the company is one of the few manufacturers that can provide 5G end-to-end solutions, and the transition to 5G commercialization has gradually landed. The core business of the company’s operators and consumers promotes the development of new opportunities.

　　Investment suggestion: Through the development of the 2G to 4G era, the company has become the world’s top four telecommunications equipment vendors. In the new era of 5G construction, the deployment of 5G end-to-end solutions is adopted to lead the global 5G development and continueIncrease global market share.

We are firmly optimistic about the company’s long-term growth prospects after 2020’s expanded commercial use of 5G.

It is estimated that the net profit for 19-21 will be 546,660,800,000 yuan, and maintain the “Buy” rating.

　　Risk reminders: operational compliance risks, potential risks, low expectations of operator capital expenditures, escalating trade frictions between the US and China, and reduced order capacity in overseas markets

Dongfang Electric (600875) covers for the first time-nuclear power restarts, wind power revitalizes fuel cell, harvest period is approaching

Dongfang Electric (600875) covers for the first time-nuclear power restarts, wind power revitalizes fuel cell, harvest period is approaching

The nuclear power project has been approved for more than three years and has received “small roads”: On March 18th, the Ministry of Ecology and Environment announced the replacement of the environmental impact report of Unit 1 and Unit 1 of the Fujian Zhangzhou Nuclear Power Plant and the Taipingling Nuclear Power Plant.The “small road” is about to restart, and at the same time it is considered that the nuclear power under construction is maintained at a low level of 11 units. We expect nuclear power to accelerate its approval.

The company is the core supplier of Hualong Unit 1 main equipment. The company has 30 billion nuclear power orders on hand and will benefit from nuclear power restart in the future.

The wind power industry is recovering, and the company is developing offshore wind power: The 13th Five-Year Plan for offshore wind power construction has a target size of 10.5 million kilowatts, ensuring the conversion and integration of 5 million kilowatts.Expected to turn a profit.

2019 is a big year for wind power. Huaneng International increased its wind power capital expenditure from 7 billion in 18 to 24 billion in 1919. The company’s wind power business once ranked among the top three in the country. The wind power revitalization plan has received strong support from the group company.The new budget has received multiple orders, and it is expected that the future will be used to achieve revitalization.

After the implementation of the “Rainbow Plan”, the major increase in performance was achieved: the Rainbow Plan was transferred, and the original non-listed assets of the group company were merged into the listed company. Among them, the core assets of Oriental Finance Company and Guohe Company contributed 3 in 18H1.

Net profit of US $ 6.5 billion will effectively support the company’s performance in the future.

Fuel cells will be harvested: the company began fuel cell research and development in 2011, gradually applied for 135 patents, and adopted independent fuel cell technology to obtain commercial demonstration runs of 50 hydrogen fuel cell buses in Sichuan Province. Currently it has run a total of 350,000Kilometers.

The hydrogen fuel cell buses developed by the company are under negotiation in Hainan Province and will be promoted and demonstrated in the future.

Profit forecast and investment recommendations: We expect the company’s operating income for 2018-2020 to be 331, respectively.

8/341.

6/367.

10,000 yuan, the net profit attributable to the mother 北京男士会所 was 11.

9/16.

8/21.

50,000 yuan, corresponding to 2018-2020 EPS is 0.

39/0.

55/0.

70 yuan / share, PE is 26.

5/18.

9/14.

7 times.

Covered for the first time, giving the company an “overweight” rating.

Risk factors: 1.

Nuclear power approval and start-up were worse than expected; 2.

Wind power recovery is less than expected; 3.

On-hand order delivery was less than expected.

Radio and Television Measurement (002967)： Expected net profit attributable to mothers to increase by 39.

15% of all businesses go hand in hand

Radio and Television Measurement (002967): Expected net profit attributable to mothers to increase by 39.

15% of all businesses go hand in hand

The businesses went hand in hand, and the performance growth was in line with expectations: the company released an annual performance report, and realized revenue in 201915.

88 ppm, an increase of 29 in ten years.

34%; net profit attributable to mother 1.

700,000 yuan, an increase of 39 in ten years.

15%, mainly because the company continued the “two high-end” market service strategy, all business sectors go hand in hand.

The non-recurring profit and loss is about 3687.

730,000 yuan, mainly for government subsidies of 2188.

770,000 yuan and the increase in investment income due to the acquisition of Fangyuan Guangdian’s long-term equity investment on the acquisition date adjusted at fair value.

750,000 yuan.

According to preliminary calculation, net profit after deduction is 1.

33 ppm, an increase of 24 in ten years.

2%.

The performance in the fourth quarter was good, and the effect of large customer expansion was significant: from a quarterly perspective, according to our calculations, the company’s operating income was 19Q45.

92 million, net profit attributable to mother 9962 million, net profit after non-deduction of 7632 million, respectively increased by 25.

12%, 58.

78%, 33.

48%, non-net interest rate deducted 12 in a single quarter.

9%.

The company’s major customer expansion effect is significant. According to the disclosure of the prospectus, the revenue from Huawei in the 19H1 company was 12.68 million yuan, which was basically the same as in 2018. At the same time, new A2504 customers were newly opened, more equipment customers and good credit.

At present, the company’s downstream customers are mainly large-scale equipment companies and OEMs, and have developed large customers such as AVIC, China Shipping, China Southern Power Grid, and Dongfeng Motor. The national strategic layout has achieved good results, the regional market has made significant breakthroughs, and continued to maintain greater growth.situation.
Capital expenditures increase and performance enters the harvest period: The company’s increased capital expenditures in the past few years have 杭州夜网论坛 resulted in a reduction in profit margins. The compound growth rate of cash payments for purchasing and building fixed assets from 2015 to 201849.

9%.

The company continuously expands the production capacity of traditional business laboratories, and at the same time lays out emerging businesses such as food and environmental testing.

Due to the characteristics of the laboratory’s profit cycle, through the gradual release of new business throughput, the gross profit margin improved space density.

According to the company’s technical transformation plan announcement, the company’s capital expenditure plan for 20 years3.

28 trillion, of which 3 trillion is used for measurement calibration, purchase of testing equipment.

At present, the company’s national layout has been basically completed, and capital expenditure has 南京夜网 increased, which is expected to enter the period of performance harvest.

Investment advice: We predict that the company’s EPS in 20-21 will be 0.

73/1.

05 yuan / share, currently the corresponding PE is 56 / 39x.

With the shrinking of capital expenditures and the gradual release of laboratory capacity, there is a high margin of profit elasticity.

We maintain the company’s 20-year PE estimate of 54x, corresponding to a reasonable value of 39.

42 yuan / share, maintain the company’s “Buy” rating.

Risk reminders: the risk of credibility being affected by adverse events, the risk of changes in policies and industry standards, the risk of intensified market competition, and the management risk caused by the rapid expansion of business scale.

Huatai Securities (601688)： Self-employed to contribute the most performance Flexible brokerage business remains strong

Huatai Securities (601688): Self-employed to contribute the most performance Flexible brokerage business remains strong

Event: H119 company revenue 111.

070000 yuan, +35 for ten years.

18%, net profit attributable to mother 40.

57 trillion, +28 a year.

43% (+32 after deduction).

68%).

Q2 revenue was 48.

59 trillion, +23 a year.

75%, compared with -22.

23%, net profit attributable to mother 12.

77 trillion, +1 a year.

71%, -54.

05% (after deducting non-decade +5.

90%, -54.

twenty one%).

Recommended average ROE3.

82% (CITIC 4.

11%, monarch 4.

03%), the previous +0.

24pct).

The growth in this period is mainly due to investment income + fair value gains and losses + 86% to 47 trillion per year, accounting for 12pct to 42% increase in revenue and income.

Self-employed contribution has the largest performance elasticity: H119 company achieved self-operated business income34.

31 ppm, +119 a year.

70%, mainly due to the recovery of the capital market and increased investment income, Wonderful A + 24 in the first half.

68%, investment income of associates and joint ventures is expected to increase by +32.

33%.

Proprietary investment and equity investment both boosted the investment business by 86%.

Brokerage and asset management recovery: benefit from the recovery of the capital market (mainly Q1), active market trading, the daily average turnover of H119 shares increased by + 31%, and the company’s brokerage business increased by 21%, which accounted for the revenue ratio20%.

Thanks to the company’s excellent active management capabilities, H119’s asset management business revenue increased by + 19%. At the end of Q2, Huatai Asset Management’s private equity average monthly size was 8,491 trillion, the second largest in the industry.

Investment bank under pressure, credit limit: H119 company’s investment bank business income for half a year was -25%, accounting for revenue ratio fell to 5%, mainly due to 厦门夜网 the company’s investment bank business under pressure in the first half, IPO market share was only 0.

74% believe that the company’s rich project reserves under pressure during the IPO stage do not need to worry, conversion and refinancing 10%, corporate bonds 0.

34%, corporate debt 2.

06%.

H119 company liquidated its equity pledge business and proactively expanded its stock pledged repo business, expanding its scale by -40%, affecting a decrease in related interest income8.

5.2 billion (5-55%).

Investment suggestion: As the first A + H + G listed securities company, the company has a balanced business development. It continues to promote Jinke’s empowerment, international layout (AssetMark) and professional manager reform system. We are optimistic about the company’s medium- and long-term growth prospects.

Currently 成都桑拿网 the company P / B has fallen back to 1.

Below 5x, some certain configuration values are raised to an overweight-A. Risk warning: market downturn, regulatory changes, increased competition in the industry, bad debt ratio of credit business surpasses expectations, etc.

Kailaiying (002821) 2019 First Quarterly Report Review： Leading Technology Scale Leads Steady and Rapid Growth of Main Business

Kailaiying (002821) 2019 First Quarterly Report Review: Leading Technology Scale Leads Steady and Rapid Growth of Main Business

Introduction to this report: Performance is in line with expectations.

The reported company’s order execution was good, with technical and capacity advantages, and its main business recorded rapid growth.

Maintain overweight rating.

Investment Highlights: Maintain “Overweight” rating.

.
The company released the 2019 first quarter report and achieved operating income4.

76 billion yuan, net profit attributable to mother 0.

9.2 billion, deducting non-net profit of 0.

8 billion, an increase of 31 in ten years.

03%, 45.

00% and 51.

87厦门夜网%, performance was in line with expectations.

At the same time, it is announced that the net profit for the first half of 2019 is expected to exceed the increase by more than 50%, and the net profit attributable to the mother will increase by 35% -55%.

We maintain our EPS forecast for 2019-2021.

41/3.

23/4.

21 yuan, maintaining a target price of 115.

68 yuan, corresponding to 2019 PE48X, maintaining the “overweight” level.

During the commercialization phase, the business maintained rapid growth.

It is expected that the business growth of the company in the commercialization stage will slightly exceed the growth rate in the clinical stage and technology development services business.

The number of orders in hand is expected to maintain a certain growth.

It is expected that due to the impact of rising raw material 佛山桑拿网 prices to some extent, the gross profit margin for sales will be slightly reduced to 44.

24%, but the scale effect pushed the net profit margin of sales to 19.

32%.

The company’s advance payment increased by 42.

52%, which is mainly used for prepayment of materials required for commercialization projects.

Funds received in advance increased by 81.

37% was due to an increase in advances from customers, and the business climate was relatively high.

As a result of accelerating talent appointments and new business deployments, management expenses have increased rapidly54.

64%.

The impact of exchange rate changes on financial expenses has been significantly reduced by 34.23 million in advance.

Leading technology scale advantage, continuous business development.

The company’s advanced global leading core technology has steadily improved its ability to obtain orders, and the project reserve structure in the clinical and commercial phases has been further optimized.

Consolidate the small-molecule business, and further develop large-molecule businesses such as polycarbonate, polyester, and oligonucleotides, and continue to accelerate the development and deployment of new businesses such as clinical CRO.

Catalysts: The progress of orders exceeded expectations and the rapid development of large molecule business.

risk warning.

The industry’s R & D investment was less than expected, and the commercial order market sales were less than expected.