Donggang shares (002117)： 18 years net profit increased by 10.

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6% follow up on the implementation of new businesses such as electronic invoices

Donggang shares (002117): 18 years net profit increased by 10.

6% follow up on the implementation of new businesses such as electronic invoices

The 2018 performance was slightly lower than expected. Donggang shares announced the 2018 annual report: realized revenue of 15.

500 million, an increase of 8 in ten years.

1%, net profit 2.

600 million, an increase of 10 in ten years.

6%, corresponding to a relative profit of 0.

71 yuan / share. Due to the slowing market demand in the printing industry, the impact of the company’s customer structure adjustment was slightly lower than our expectations.

Among them 4Q18 achieved revenue 3.

800 million, down 1 year.

4%, net profit is 0.

600 million, down 7 a year.

3%.

Development trend 1. The adjustment of the structure of customers in the main printing industry, the integration of products, and the growth of technical service business.

The company achieved revenue of 15 in 2018.

500 million, an increase of 8 in ten years.

1%, by product: printing products revenue achieved income11.

300 million, down 2 a year.

4%, mainly because the company shut down low-margin product lines in the context of slowing demand in the printing market, focusing on the development of customers with stable profitability; covered products achieved revenue2.

40,000 yuan, an increase of 62 in ten years.

8%, driven by the large-scale production of bank card products and the increase in capacity growth, the company 成都桑拿网 will further develop third-generation social security card and credit card business; file storage and electronic business in technical service business increased by 67.

8%, providing file cloud storage business for large, medium and small enterprises, and achieving 107% revenue growth in the new channel lottery sales business. This business has not yet achieved profitability in 2018.

2. The decline in expense ratio has brought about an increase in profitability.

18-year company gross margin 38.

9%, a decline of 0 per year.

7ppt, of which the gross profit margin of printing products decreased by 3.

3ppt, mainly due to changes in raw material prices and rising manufacturing costs caused by increasing environmental protection pressure in the industrial chain; the gross profit margin of covered products increased by 15.

8ppt to 40.

7%, mainly due to the increase in the throughput of this business.

The company’s period expense ratio decreased by 2.

2ppt to 19.

7%, increase efforts to control expenses, optimize internal management efficiency, and increase the company’s net interest rate by 0.

4ppt to 16.

6%.

3. Pay attention to the implementation of new business such as electronic tickets.

In 2018, the company’s electronic ticket business expanded the application field. Based on the existing electronic ticket scenario, it expanded the research and development of non-tax electronic bills, ticket delivery, and blockchain electronic ticketing.The city of electronic ticketing of the blockchain, pays attention to the follow-up related regulatory policies and the progress of the company’s products.

Earnings forecast we maintain 0 for 19/20.

93/1.08 yuan profit forecast unchanged.

It is estimated and recommended to maintain the recommended level. Based on the estimated conversion, the target price is raised by 9% to 24 yuan, corresponding to 22X2020E P / E, with about 25% growth space.

Risks Downstream demand is severely volatile and new business landings are less than expected.

Biological Stocks (600201) In-depth Research Report： Learn from the past and continue to move forward with the leading movement protection leader

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Biological Stocks (600201) In-depth Research Report: Learn from the past and continue to move forward with the leading movement protection leader

The company is a pioneer in the domestic animal vaccine industry.

The company’s main engineering veterinary biological products research and development, production and sales, including pigs, poultry, anti-traceability and pets, a total of 100 kinds of animal vaccine products.

The main production entities of the company include Jinyu Baoling (mainly foot-and-mouth disease vaccine, and brucellosis vaccine, etc.), Yangzhou Youbang (pig blue ear vaccine, pseudorabies vaccine, pig ring vaccine, and non-strong immunized poultry vaccine, etc.) and Liaoning YiKang (mainly highly pathogenic avian influenza vaccine, and pet vaccines, etc.) three companies, of which Jin Yu Baoling is the main body of the company’s history, the current revenue accounted for more than 80% of the company’s total revenue.

After acquiring and holding Liaoning Yikang in 2017, the company has become one of the few companies in the market that has both foot-and-mouth disease vaccine and highly pathogenic avian influenza vaccine.

After reviewing the road, the quartet has driven its growth into an industry leader.

Taking history as a mirror, we can learn about the company’s development history, review the company’s development history, the company’s precise layout at the critical time of development, the continuous innovation of products driven by the large R & D system, the continuous pursuit of process technology upgrades, and thorough and in-depth marketization are gradually driving the company from the centuryThe first local company in the “frontier” quickly jumped to become the key factor of the absolute leader in the animal protection industry, and behind this was the vision and structure of the entrepreneurs at the company’s decision-making level, and the full implementation of the ability to enable the companyFrom the changes in the macro environment to the development trend of the industry, combined with the endowment of micro-enterprises, it constantly innovates its own competitiveness and builds durable and effective competition barriers in the transformation.

Looking ahead, we will dig deep into the company’s moat.

Industry side: ①Accelerated increase in the scale of breeding, accelerated replacement of marketable vaccines, and the capacity of the animal vaccine market will continue to increase in the future; ②The history of non-epidemic diseases is unprecedented, or it will subvert and reshape the structure of the animal protection industry and improve the concentration of the animal protection industryRapid improvement. After calculation, under optimistic circumstances, the market for African swine fever vaccine may exceed 10 billion U.S. dollars, and it is expected to become the largest single product after foot-and-mouth disease vaccine. ③ Medium and long-term growth path, pet seedlings are the big blue ocean market in the future, and imports are currently dominantThe standardization of raising pets and domestic substitution of vaccines still need to gain momentum.

Company side: ① The company’s research and development continues to improve and the results are transformed. At this stage, the product reserves are abundant. Through strengthening cooperation to ensure future growth, the foot-and-mouth disease as the core, the ring, the pseudo-mad, brucellosis, bird flu, and cattle BVD-IBR have been formed.Many products such as seedlings are based on a rich product matrix, which can cover the entire cycle of epidemic prevention needs such as pigs, cattle, sheep and poultry.

② Jinyu Biotechnology Park is about to be 佛山桑拿网 completed and put into production. It needs efficiency and quality from the supply chain through intelligent manufacturing, and empowers the full life cycle of vaccine production. The company’s process technology continues to lead, which is not only a reflection of the company’s own strength and competitive advantages, but also helps the company.In the second half of the animal vaccine competition, it has enough first-mover advantages to further enhance product and brand power, help market promotion and channel expansion, and open up new growth space; ③ Layout new tracks in advance, endogenous development and extended mergers and acquisitions, breakthroughsThe cornerstone of future development.

For example, in terms of non-blast vaccines, the company cooperates with top scientific research institutes on vaccine research and development, and at the same time, actively prepares for non-disease vaccine prevention work, backwards from the process, and arranges passage cell lines in advance, etc., to clarify the follow-up application and industry of new veterinary drug certificates.The production route will be more secure for the development of production qualifications after the successful development of non-blast vaccines.

Earnings forecasts and investment advice.

Taking into account the actual recovery of the downstream aquaculture industry’s actual production capacity, we maintain our forecast for the company’s performance for 19-21, and expect to achieve revenue11.

01/15.

45/22.

7.3 billion, net profit attributable to mothers2.

90/4.

95/8.

31 trillion, corresponding to 0 EPS.

26/0.

44/0.

74 yuan, corresponding to PE of 75/44/26 times, considering the company’s performance to repair high growth and continue to lead the industry, maintaining a target price of 23.

32 yuan, corresponding to 53 times PE in 2020 (approximately 2/3 premium compared to comparable companies), maintaining the “strong push” level.

Risk reminder: The recovery of pig production capacity is less than expected; the development of non-blast vaccines is not as expected; the company’s market development is not as expected.

Hualu Hengsheng (600426) Third Quarterly Report Comment： Performance in line with expectations

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Hualu Hengsheng (600426) Third Quarterly Report Comment: Performance in line with expectations

Event: The company released the third quarter report of 2019, reporting that the combined company achieved operating income of 106.

100 million, down 2 a year.

19%, net profit attributable to mother 19.

12 ppm, a decrease of 24 per year.

55%, deducting non-net profit 18.

79 trillion, down 25 a year.

91%; of which, in the third quarter, the operating income was 35.

35 ppm, a decrease of 8 per year.

22%, an increase of 0 from the previous month.

06%, net profit attributable to mother 6.

03 billion, down 29 a year.

38%, down 9 from the previous month.

6%, basically in line with expectations.

Investment summary: The company’s main product market continued to weaken in the third quarter.

武汉夜网论坛
In the third quarter, the prices of the company’s basic chemical products went up and down. The main products, DMF, adipic acid, acetic acid, ethylene glycol, and n-butanol, had average market prices of 4806 yuan, 8174 yuan, 3068 yuan, 4603 yuan, and 6418 yuan / ton., The chain rose by 0.

14%, 1.

8%, 14.

8%, 0

1%, 3.

At 1%, the average market prices of urea, octanol, methanol, melamine, and liquid ammonia were 1,846 yuan, 6,441 yuan, 2048 yuan, 5,488 yuan, and 2,828 yuan / ton, respectively, and the chain prices fell by 5 respectively.

7%, 13.

4%, 7.

4%, 4.

6%, 7.

0%.

Continue to give play to the advantages of diversified joint production to resist the weak market.

The company gave full play to the advantages of “one head, multiple lines” of flexible poly-generation, and adjusted the amount according to the market conditions of different products. Therefore, the third quarter performance continued to maintain a high level.

In terms of sales revenue, the company’s organic amines, acetic acid and derivatives, and polyols revenues were 5 in the third quarter.

1 billion, 4.

100 million and 7.

900 million, an increase of 16 sequentially.

1%, 6.

8%, 11.

5%; revenue from fertilizer, adipic acid and intermediates was 9 respectively.

3 billion, 4.

0 billion, down 7 from the previous month.

5%, 2.

5%.
In terms of sales prices, the average sales prices of adipic acid and intermediates, acetic acid and derivatives, and polyols in the third quarter were 7,407 yuan, 2,812 yuan, and 4,524 yuan / ton, respectively, which increased month-on-month.
2%, 14.

4%, 0.

8%; the average selling prices of fertilizers and organic amines were 1,440 yuan and 4,414 yuan / ton, respectively, a decrease of 7 from the previous month.

1%, 1.

1%.

In terms of sales volume, the company’s organic amine and polyol sales were 10 in the third quarter.

40,000, 17.

4 nominal, an increase of 17 from the previous month.

3%, 10.

7%; fertilizer, adipic acid and intermediates, acetic acid and derivatives sales were 64.

50,000, 5.

40,000, 14.

6 parentheses, respectively decreased by 0 from the previous month.

5%, 3.

6%, 6.

7%.

In the third quarter, the liquid ammonia and methanol markets were weak and the carbon dioxide market was better. The company increased the ratio of methanol and liquid ammonia for self-use and increased the production of organic amines and polyols.

Under the multi-generation co-production platform, the company made full use of the existing syngas resources, adjusted the output of different products, and achieved maximum profit.

Raw material prices have risen and fallen, and costs have increased slightly overall.

The company’s operating costs in the third quarter were 25.

700 million, an increase of 4 from the previous month.

2%, of which the average price of the main raw material coal market fell slightly from the previous month.

8%, the average market price of propylene and pure benzene were 7752 yuan, 5339 yuan / ton, respectively, up by 8.
.

9%, 21.

5%, resulting in a significant increase in production costs of adipic acid and butanol.

After years of continuous technological transformation and upgrading, the company has higher cost control capabilities and is also an important factor in maintaining its third-quarter performance to a higher level.

The smooth construction of new projects opens up room for future growth.

Company investment 15.

720,000 yuan construction of refined adipic acid quality improvement project (16.

7 announcements / year), investment 49.

8 trillion US dollars for the construction of amide and nylon new material projects (30 tons / year). The current construction is smooth. The refined adipic acid project is in progress in the second half of 2020. The two projects are expected to achieve operating revenue of 7.6 billion and maximize profits after the project reaches 7

400 million to enhance future growth.

Profit forecast and investment advice: In the third quarter, the company still achieved good results in a weak environment of the main product market, which fully reflects its excellent operating level.

We maintain Air Force earnings forecasts.
In 2021, the company’s EPS will be 1.

55 yuan, 1.

79 yuan, 1.

93 yuan, the current sustainable corresponding PE is 10 respectively.

3, 9.

0, 8.3x, maintain “Buy” rating.

Risk reminder: product 重庆耍耍网prices continue to fall, demand in the downstream market is insufficient, and new projects are put into production

Xingquan Fund Jiang Han exhausted： In addition to real estate, there are three types of asset antioxidants

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Xingquan Fund Jiang Han exhausted: In addition to real estate, there are three types of asset antioxidants

What we use for antioxidants China Securities Journal Xingquan Fund Jiang Han has spent the past ten years. The best asset for Chinese residents to use antioxidants is real estate.

Thanks to the urbanization process and demographic dividend, from July 2005 to December 2018, the price index of second-hand housing in 70 large and medium-sized cities has consistently outperformed the CPI, and the rate of expansion has exceeded 26 percentage points.

　　The estimated level of an asset can be determined by the rate of return on cash.

According to the data of the Global Economic Data Network in October 2018, we have calculated the annualized rental yields of ten first- and second-tier cities, and the results are almost all below 2%.

From this perspective, real estate estimates are significantly higher.

　　The real estate market “looks at currency in the short term, land in the medium term, and population in the long term.”

In the past 20 years, young people with an increasing domestic population have continuously poured into cities and towns, creating huge demand for commercial housing.

Looking back, the reduction in the number of young people and the slowdown in the rate of urbanization will have a certain effect on the rigid demand for commercial housing.

　　Although it is not possible to accurately predict the future housing price trend, we can predict that the price-performance ratio of antioxidants in housing in the next ten years will indeed decline compared with the price in the past ten years.

Moreover, due to the current high housing prices, the purchase of real estate will occupy a lot of funds of residents, resulting in excessive concentration of household asset allocation, which itself runs counter to the concept of decentralized investment.

　　So, in addition to real estate, there are some assets that can have good counter attributes?

　　The first is precious metals such as gold.

　　The biggest feature of precious metals such as gold and silver is the preservation of value. When the currency devalues, the price of gold usually rises. At the same time, when market and political risks increase, and risk aversion rises, funds will also flood into such assets.

However, the current international gold is denominated in US dollars, and the price of gold is highly related to the trend of the US dollar. To a certain extent, the price of gold is more “anti-US”.

　　The second is quality stocks.

　　Holding stocks, on the surface, holds financial assets, but actually owns the physical assets behind the stocks because stocks represent corporate ownership, and the core composition of an enterprise is an asset that creates cash flow through its main business.
Real high-quality assets are value-preserved, and their true value has nothing to do with the amount of currency in circulation in the market. Therefore, high-quality stocks that represent high-quality assets are value-preserved in the long run.

　　Of course, the anti-growth effect of stocks in some special industry sectors is more prominent, and high-quality stocks in certain consumer goods, resources, commercial retail, agricultural products and other industries.

　　The third is carbonized bonds.

　　The principal of such bonds will be adjusted to adjust the inflation rate, the purpose is to avoid the erosion of bond yields and help investors avoid risks.

The governments of the United States, Britain, Japan, Canada and other countries have issued such bonds, so Hong Kong has also issued Hong Kong government-linked bonds, which is favored by residents.

　　The biggest enemy facing wealth is “inflation”. Therefore, in the process of investment and 成都桑拿网 financial management, we need to constantly think about what ways we should use to deal with risks and protect household assets from intangible erosion.

Of course, some solutions are not once and for all, and dynamic adjustment is also important.

Changchun High-tech (000661)： Growth hormone-driven performance maintains rapid growth

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Changchun High-tech (000661): Growth hormone-driven performance maintains rapid growth
Changchun High-tech’s 1H19 results are in line with our expected 1H19 results: revenue 33.900 million, an increase of 23% in ten years; net profit attributable to mother 7.300 million, corresponding to a profit of 4.27 yuan, an annual increase of 33%, in line with expectations. Development Trends The growth of Jinsai Pharmaceutical is still the core driving force, and the governance mechanism is expected to be streamlined.Jinsai Pharmaceuticals achieved operating income in the first half of 201921.40 ppm, an increase of 42% per year; net profit8.23 ppm, an increase of 48% per year. Since 2016, the company has continued to increase terminal sales staff and strengthen channel sinking. We expect the grassroots volume to be the core factor driving Jinsai Pharmaceutical’s high growth.The company’s long-acting growth hormone is also undergoing clinical trials for indications such as gestational age, Turner syndrome, idiopathic dwarfism in children, and adult growth hormone deficiency. We expect that the increase in the proportion of follow-up long-acting products will become a new growth.point.At the same time, 30% of the minority shareholders’ equity of Jinsai Pharmaceutical is expected to be absorbed by the listed company merger. The governance mechanism is trying to smooth out the company’s long-term development. 南京桑拿论坛 Production process factors led to the replacement of Baike’s first half performance.Baike Bio achieved operating income in the first half of the year4.07 million yuan, a year-on-year decrease of 29%, achieving a net profit of 0.9.5 billion, down 31% in one year. Affected by factors such as process improvement, the supply of 100 grams of biological products in the first half of the year has decreased. The varicella vaccine pre-filled packaging line constructed in the company’s new plant is scheduled to be put into production; nasal spray influenza vaccine has started on-site inspection. Huakang Pharmaceutical has basically remained stable.Huakang Pharmaceutical achieved revenue in the first half of the year2.910,000 yuan, an increase of 14% in ten years; net profit 0.20 trillion, maintaining stability.The company continued to improve its marketing model, and promoted the second-line growth products such as Shuqing Granules, Qingwei Zhitong Weiwan and other Chinese medicine products. Real estate business achieved growth. Real estate business achieved income in the first half of the year 5.3.9 billion, an annual increase of 38%; net profit1.1.9 billion, an increase of 90% in ten years. The commercial houses of Yizhong Famous City and High-tech Heyuan Project have been delivered, and the owner of the Huiyuan Project Phase I has been realized. Earnings Forecasts and Estimates We maintain EPS forecasts for 2019/20208.26/9.88 yuan unchanged. The current consensus is 41/2019/2020.7 times 34.8 times price-earnings ratio. We maintain our Outperform rating and 350.00 yuan target price, corresponding to 42.4x 2019 P / E ratio and 35.4 times the 2020 price-earnings ratio, 2% upside from the same period last year. The risk of risk growth hormone terminal promotion and sales is not up to expectations, and the rabies vaccine batch issuance leads to risks.

Gold Medal Kitchen Cabinet (603180) 2019 Third Quarterly Report Review： Performance Meets Expectations Bulk, Wardrobe Continues to Grow Fast

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Gold Medal Kitchen Cabinet (603180) 2019 Third Quarterly Report Review: Performance Meets Expectations Bulk, Wardrobe Continues to Grow Fast
Matters: Gold Medal Kitchen Cabinet Announces the Third Quarterly Report for 2019, Realizing Operating Revenue for Q1-Q3 of 201913.870,000 yuan, an increase of 22 in ten years.75%; net profit attributable to mothers1.32 ppm, an increase of 10 in ten years.78%; net profit after deduction is 0.93 ppm, a 13-year increase of 13.72%. Comment: Q2 single-quarter revenue growth is stable, and performance is in line with expectations.Q3 2019 single quarter revenue6.02 ppm, an increase of 23 in ten years.53%, Q3 single quarter net profit attributable to mother.62 ppm, a ten-year increase of 7.5%, the company’s revenue has maintained steady growth, and the overall performance is in line with expectations.In the long run, we believe that the company’s kitchen cabinet, 重庆耍耍网 wardrobe, and wooden door business will further deepen the synergy in research and development, marketing, logistics and management, and the gradual development of the assembly business. The company’s operation will promote stability and stability.In the third quarter, bulk business increased by 140%, cabinet retail business increased slightly, and wardrobe retail business increased by about 160%. Short-term pressure on profitability was reduced due to changes in income structure.The company’s gross profit margin for Q1-Q3 in 2019 was 35.07% -3 per year.75pct, we think it is mainly due to the relatively low gross profit margin of the wardrobe business and the proportion of bulk business. The net profit level of the company in Q1-Q3 2019 has increased.54 points to 9.51%.We estimate that the gross profit margin of the company’s various business lines will increase, the gross profit margin of bulk business will increase from 12% to about 16%, and the gross profit margin of wardrobe retail business will increase from 21% to 25%. Channels have developed steadily, and bulk businesses are rapidly developing.In terms of retail business, the company is steadily advancing the construction of cabinets, wardrobes and wooden door channels. We expect that about 40 new Q3 cabinet stores will be opened on the basis of 1508 interim reports, and about 60 new cabinet stores will be opened on the basis of 459 interim reports. Family.At the same time, the company continued to promote international development. On October 30, 2019, the company announced that it would add US $ 23 million in capital to the United States, equivalent to approximately RMB 16.261 million. The company continued to expand the US market and provide professional, efficient and convenient services to local customers.Promote the comprehensive competitiveness of the company’s “GoldenHome” brand.The company’s net cash flow from operating activities for Q1-Q3 in 2019 was 14.880,000 yuan, an increase of 79 in ten years.4%, cash flow showed an optimization trend.Accounts receivable was 33.13 million yuan, a decrease of 1.82 million yuan compared with the end of Q2. Optimistic about the company’s brand and channel expansion, maintaining the “recommended” level.As one of the leading companies in the field of custom cabinets, the company has a strong brand influence in the industry; actively expanding new wardrobe business, the orange wardrobe development period has continued to advance, and the category has expanded to combat imperial pressure.On the channel side, integration, kitchen cabinet and wardrobe channels continued to sink to third- and fourth-tier cities, and stores were encrypted; integration, and actively deployed engineering and overseas channels.In terms of production capacity, increase the production capacity of kitchen wardrobes and other ancillary products, and break through production capacity breakthroughs.In addition, the company comprehensively integrated the domestic and foreign home furnishing industry high-quality supplier resources, and created a new product model of “product + platform + assembly”. On August 3, the first offline experience hall of Jujiayun Assembly opened in Xiamen.Business opening is expected to further drive the company’s revenue growth.We maintain the company’s profit forecast. It is estimated that the net profit attributable to the mother for 2019-2021 will be 2 respectively.53,2.92, 3.3.7 billion, corresponding to the current market capitalization of PE is 16, 14, 12 times. Considering that the furniture sector in the previous period is estimated to be affected by the real estate lag, it is estimated that the company’s recent PE dynamics in the past 20 years have estimated Hub 20.5X, we maintain a target price of 79 yuan / share, corresponding to the company’s 21 times PE in 2019, considering the company’s new channel expansion space and business uncertainty, maintaining the “recommended” level. Risk warning: The downturn in the macro economy has caused weak demand and the expansion of production capacity has fallen short of expectations.

Sino-Singapore (002912) In-depth Report： Continuously Layout Network Visualization Leader Set Off

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Sino-Singapore (002912) In-depth Report: Continuously Layout Network Visualization Leader Set Off

Key points of investment: The leader in the network visualization industry, with a stable market level. The company entered the field of visualization in 2005. It replaced the market’s first breakthrough by launching a leading network visualization product earlier, and established a more comprehensive 上海夜网论坛 product line.Constantly strengthen and consolidate our competitiveness.

The company is controlled by Shenzhen Venture Capital. The junior core members directly or indirectly hold company shares.

The revenue and net profit attributable to mothers have grown rapidly in the past two years, and the company is expected to benefit from the continued growth in market demand.

The front end continues to make efforts to gradually promote the layout of network visualization. The main downstream application area is information security. The products can be divided into front ends and layouts. The national solution to information security problems and traffic growth will promote the expansion of the scale of network visualization.

Broadband and mobile network products are at the front end, accounting for a lower proportion of the company’s revenue. Among them, the gross profit level of broadband network products is higher, reaching 80%.

The growth of fixed network and mobile network traffic and the iterative upgrade of products will promote the continued growth of sales of such products.

The initial market space is large, and the company’s integration of accumulated technical advantages in network content security and the initial replacement of big data operations has achieved initial performance, and its future growth capabilities are worth looking forward to.

Both research and development and channels are equally important. The construction company Moat Company has been carrying on research and development and sales, with deeper barriers.

Supported by high R & D investment, the company has continuously launched new products, and further optimized the transformation on reorganized products to meet the needs of the times.

The company has established a comprehensive after-sales service system, which basically covers the areas where major customers are located. It can quickly respond to customer needs and provide customers with better solutions.

The domestic market will gradually cover customers at the provincial, city, district 无锡桑拿网 and county levels in the future, and overseas markets will continue to strengthen direct sales channels.

Investment recommendations We expect the company’s EPS to be 2 in 2019 and 2020, respectively.

62 yuan and 3.

56 yuan, based on this, give a “buy” rating.

Risks indicate that the growth rate of fixed network is expected, market competition is intensifying, and sales channel construction is less than expected.

Huanxu Electronics (601231)： UWB, AIRPODS bring growth and long-term benefits from 5G + AI innovation

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Huanxu Electronics (601231): UWB, AIRPODS bring growth and long-term benefits from 5G + AI innovation

Company Dynamics Maintain Outperform Industry Companies Recent Situation We recently invited Huanxu Electronics to announce in Beijing to communicate with investors and re-optimistic about Huanxu: 1) the growth potential of UWB, Airpods and other product lines; 2) 5G + AI in the future to benefit from 5GMobile phone, AIOT terminal innovation cycle.

Outperform the industry rating thoroughly.

　　Comment on the communication business: UWB application prospects deserve attention.

1) UWB: The addition of UWB modules to iPhone 11 this year, Huanxu Electronics is the main beneficiary. We estimate that Huanxu’s ASP on iPhone has increased by about 20%.

We are also optimistic about the application prospects of UWB modules. UWB is used for indoor positioning, and it faces greater space for high-speed, private data transmission at point-to-point. We believe that it is expected to gradually penetrate into mobile phones, watches and other products in the future, and even use ARVR for data transmission.2) Wifi module: The company’s expansion scale of Apple’s Wifi module has continued to expand this year, surpassing Murata as the main supplier, and we are expected to continue to be the main player in the future; 3) Apple’s innovation year next year is worth looking forward to: we expect next yearThis is the year of Apple’s innovation. 5G will boost iPhone expansion and innovation, which will help Sip applications to further improve.

　　Consumer Electronics: Airpods will be an important increase.

1) Airpods: We expect that Airpods will continue to improve and grow next year and 2H19-1H20 will begin to introduce Sip design. We expect this will be the most important growth driver for Universal Asahi next year. The future potential and profit level will exceed Apple Watch;2) Apple Watch: Even if the innovation efforts are reduced this year, but the pricing is extra close to the people, the old version will also reduce the price reduction efforts, which will bring a certain appeal to consumers, and we expect that the innovation efforts may be reduced next year; even affected, but the volume content andASP will effectively hedge; 3) Others: We are optimistic about 苏州桑拿网 the rapid development of categories of AIOT terminals. Among them, wearable products will have higher requirements for miniaturization, low hazard, stability, waterproof and dustproof, and communication. We believe that Universal willBenefit.

　　5G innovation: Focus on expected trends.

1) Qualcomm QSip: Recently, Qualcomm acquired the remaining equity of RF 360, hoping to transform the advantages of baseband into integrated RF front-ends, transceivers, etc. in the 5G era. We believe that Asahi will benefit as the exclusive supplier of Qualcomm QSip; 2) Others:We are optimistic about the asynchronous trend of 5G terminals, and we also see more chip and brand manufacturers trying.

We think that in the future, 5G mobile phones will have the opportunity to see the reset of signal transmission and reception, and the location of other components out of space saving.

　　It is estimated to maintain 19 / 20e EPS 0.

64/0.

86 yuan.

The current contradiction corresponds to 19 / 20e 25.

4/18.

9x P / E.

　　We maintain our Outperform rating, and consider the overall estimate of the sector to move upwards. We raise our target price by 29% to 22.

00 yuan, corresponding to 19 / 20e 34.

5/25.

The price-earnings ratio is 7 times, compared with the current 36% upside.

　　Risk Sip penetration is less than expected; smartphone bookings are less than expected.

Xiangtan Electrochemical (002125)： Demand for lithium manganese starting materials grows faster than expected

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Xiangtan Electrochemical (002125): Demand for lithium manganese starting materials grows faster than expected

Event: Rapid growth of lithium manganate demand According to Xin statistics: in April 2019, the total output of 12 domestic lithium manganate manufacturers was 4,240 tons, an increase of 43 over the same period last year.

2%, an increase of 5 from the previous month.

47%.

It is expected that the average domestic total output of lithium manganate will increase by more than 20%, and the output will be close to 7 inches.

Exceeded expectations: Output may be higher than expected downstream demand growth, resulting in sales may exceed expectations, such as the above-mentioned lithium manganate output growth rate reached 43% around April; we originally expected the overall demand growth of lithium manganate may be 18%Decomposition of unexpected factors:-The formal implementation of the new national standard for electric bicycles has boosted the demand for the lithium manganate market;-The subsidy policy for new energy vehicles in 2019 has been implemented since March 26, 2019, and the lithium battery industry is aiming to reduce costs and increase efficiency.Development, ternary replacement of lithium manganate can reduce costs; meanwhile, safety performance can be improved.

Lower-than-expected factors: product prices are expected to be low, manganese ore prices and electrolytic manganese dioxide have improved, we predict that the company’s electrolytic manganese dioxide will continue to increase prices. At present, the overall price increase is beyond our expectations; necessarily: 1. Raw manganese orePrices have recently dropped. 2, after the following adjustments to the manufacturing industry’s increased tax rate, the price of manganese dioxide slightly conceded, ranging from 500-800 yuan per ton; 3, the price of lithium iron phosphate bidding was more rapid; the risk prompts:-A change in the prices of raw materials beyond expectations-Potential changes in the technical 南京夜网 route of raw materials; earnings forecasts and estimates are expected to the company’s EPS (diluted after conversion) to 0-2019-2021.

21, 0.

33, 0.

41 yuan / share, PE is 27 times, 18 times and 14 times respectively; the profit for 2019 is reduced by 10%, mainly due to the lower than expected increase in product prices, and the decline in the price of lithium iron phosphate phosphate, which constitutes the price of terminal lithium manganateTo maintain the company’s overweight level, and continue to pay attention to the performance contribution of the company’s lithium manganate conversion material, and pay attention to the company’s participation in Hunan Yuneng New Energy Company’s performance.

Boss Electric (002508) 2019 Interim Review： The main business continues to be under pressure and expects the completion of the rebound to bring demand improvement

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Boss Electric (002508) 2019 Interim Review: The main business continues to be under pressure and expects the completion of the rebound to bring demand improvement
The report’s reading company disclosed the 2019 Interim Report: 35 revenue in the first half of the year.27 trillion, ten years +0.9%, net profit attributable to mother 6.700,000 yuan, +1 a year.5%; of which Q2 revenue was 18.670,000 yuan, at least -2.0%, net profit attributable to mother 3.510,000 yuan, at least -2.1%; The company expects the net profit attributable to its mother to increase by 2% -10% from January to September. The investment demand in the industry was sluggish. The main business was under pressure. 佛山桑拿网 The company’s revenue increased by 1% in the first half of the year, of which Q2 shifted by 2%, which continued the sluggish performance. It continued to cause land to cause the decline in demand for kitchen appliances.The retail sales of smoke stoves are reduced by 11%, 6%, and 14%, respectively, which is basically consistent with our gradual advance. In terms of channels, the retail channels continued in the first half of the year, but thanks to the development of refined decoration and the advantages of leading brands, the engineering channels have initially maintained.80% high growth. Costs pushed down gross profit margin, and profitability slightly increased the company’s gross profit margin in the first half of the year54.7% for one year.2pct, mainly due to the decline in the cost of raw materials such as steel; however, 武汉夜网论坛 due to a slight decline in revenue and increased sales, the sales expense ratio in the first half of the year increased by +0.5pct, while interest income reduces budgeted financial expense rate +0.5 points, the final net profit of the mother is 19.0%, a slight increase of 0 a year.1pct. The short-term focus is on the completion of the recovery and long-term growth is still optimistic. Due to the relatively high proportion of third- and fourth-tier off-plan property sales and the difficulty of financing real estate enterprises, the real estate delivery cycle has been lengthened in recent years.However, the drop in completion in July narrowed sharply to -1.At 6%, the completion of real estate has begun to report a rebound. Improvement in completion may form a certain support for short-term demand for kitchen appliances. In the long run, although the revenue of famous brands in the first half of the year accounted for 21%, and the revenue of embedded categories also performed moderately.The concentration of the industry is still low. The company’s brand advantage is obvious, and new products such as integrated stoves and water heaters continue to be deployed. It is still optimistic about the company’s long-term growth. It is estimated that there is a sufficient margin of safety. As the land completion project picks up, the short-term demand for kitchen appliances may improve to some extent; and in the long run, the company ‘s increased concentration and category expansion logic are still worth looking forward to; the company is expected to be in 2019-2021.Performance increased by 6%, 10%, 10%, corresponding to PE14, 13, 12 times, there will be a higher safety margin, giving an overweight rating. Risk Warning: Real Estate Downside Exceeds Expectation, Raw Material Cost Growth Exceeds Expectation