HKUST News (002230) 2018 Annual Report Review: Platform + Track Continues to Land, Expect 2H Performance Elasticity

HKUST News (002230) 2018 Annual Report Review: Platform + Track Continues to Land, Expect 2H Performance Elasticity
With the clarification of the productization strategy and the advancement of the focus on personnel optimization, it 成都桑拿网 is expected that the elasticity of the net profit side will be expected to begin to appear in 2H 2019, maintaining the EPS forecast for 2019/2020 of 0.38/0.73 yuan, plus EPS forecast 1 in 2021.11 yuan.We continue to look forward to the progress of the company’s productization focus strategy and maintain a “Buy” rating. Matters: The company achieved operating income of 79 in 2018.1.7 billion, an annual increase of 45.41%; realized net profit attributable to mother 5.USD 4.2 billion, an annual increase of 24.71%; operating income in the first quarter of 201919.5.8 billion, an annual increase of 40.11%; net profit attributable to mothers1.2 billion, an annual increase of 24.26%. The performance is in line with expectations, and personnel expansion is basically ready. It is expected to usher in an inflection point in 2019.The company’s 2018 revenue increased by 45 in ten years.41%, business expansion, sales scale expansion, track business growth in various industries; net profit attributable to mothers grows 24 per year.71%, R & D expenses / sales expenses increased by 55 in ten years.82% / 55.3%, continue to increase investment in research and development, supplement the integration of ecosystems, and allocate market layout in key circuits such as education, politics, law, and medical treatment; the company’s staff grew rapidly in 2018, and new personnel brought current expenses and increased costsAt present, the key talents and supplementary positions have been basically recruited as soon as possible, and the personnel growth rate is expected to be within 10% in 2019.Net operating cash flow of the company in 201811.48 billion, an increase of 216 a year.53%, the best level in history. The “platform + track” has continued to land, and new market spaces have been opened in the fields of education, politics, law, and medical care.1.On the platform side, Xunfei’s open platform has opened 171 Al capabilities and scenarios, and the number of developers has reached 920,000, which has increased by 77.6%.2.Track 1) Revenue from education business 21.44 billion yuan, an annual increase of 42%. has been commercialized in more than 700 middle schools across the country, serving more than 800,000 students and producing 300,000 personalized assignments per day.2) Revenue from political and legal business10.36 billion yuan, an increase of 86% per year. The intelligent court trial system currently covers 1,500 political and legal units. The intelligent auxiliary case handling system for criminal cases has been fully applied in Shanghai and piloted in 7 places including Anhui Province.Achieved initial display; 3) Consumer business revenue 25.1.7 billion, an increase of 97% per year. The voice transliteration product line represented by hearing is gradually launching specific products that can meet the needs of conversational office in high, middle and low grades. Risk factors: the evolution of education, political and legal needs, and slow progress in core technologies. Investment suggestion: Through the clarification of productization strategy and promotion of personnel optimization focus, the company is expected to usher in the inflection point of business model (project-product system) and business quality (per capita gross profit).It is expected that the elasticity of the net profit side will start to appear in 2H 2019.Maintain 2019/2020 EPS forecast of 0.38/0.73 yuan, plus EPS forecast 1 in 2021.11 yuan (corresponding to PE92x / 48x / 32x), continue to look forward to the progress of the company’s product focus strategy and maintain a “buy” rating.

The force is not only the continuous turnover of trillions of dollars, but also A split A

The force is not only the continuous turnover of trillions of dollars, but also “A split A”
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!  Call A shares to resume work!The force is not only the continuous turnover of trillions of dollars, but also “A split A”, strong increase in holdings and stable repurchase!  Source: Evidence from hearing the original repurchase of meat / Wenlian. The people of the country have made positive progress in fighting the new crown pneumonia epidemic. The same is true for the A-share market, which has broken trillions of daily turnover for three consecutive days,”, The image of” resumption “in advance in areas such as strong holdings and stable repurchases, investors in general have raised their thumbs and presented full skr!  After carefully reviewing the testimony, it was found that after the holiday, the first pre-separation listing plan attracted investors’ envy. Since the implementation of the spin-off listing rules, until February 21, China Railway Construction, Shanghai Electric, Shanghai Construction Engineering and Zijiang Enterprise 4A listed company officially released a spin-off plan, and the “A split A” style will be staged soon.In addition, 185 listed companies have been increased 488 times during the year. Investors even left a message saying that “shareholder holdings outweigh any advertisements”; it is also worth calling for 81 listed companies to repurchase “showing confidence”, and many listed companies stagedThe “epidemic” resumption of work with two hands and two hard hands.I have to say that the A-share market “resumption and production” rhythm Ollie gives!  During the year, “A demolition A” or “Arrival A” will come to an end. “Hello Secretary, Zijiang Enterprise plans to spin off its subsidiary Zijiang New Materials to be listed on the Science and Technology Innovation Board. Has your company made any progress in the spin-off”On the evening of February 20, not long after the Zijiang Enterprise spin-off plan was issued, an investor realized that it was quite envious and questioned the director of a listed company on the Shenzhen Stock Exchange Interactive Exchange.For the Air Force, the listed company stated that the company has been actively studying related policies and evaluating the internal and external listing locations of its subsidiaries, and believes that the spin-off listing conditions are basically met. The company will continue to demonstrate and advance related matters.  There is no doubt that the first Zijiang enterprise to release a spin-off plan after the holiday has once again aroused investors’ attention to the spin-off of listed companies, and the company has been questioned by investors on the exchange interactive platform.  Since the implementation of the spin-off listing rules, as of February 21, four listed companies of China Railway Construction, Shanghai Electric, Shanghai Construction Engineering and Zijiang Enterprises have officially issued spin-off plans.In addition to Shanghai Construction Engineering’s plan to spin off its subsidiary construction materials to be listed on the main board of the Shanghai Stock Exchange, the other three companies will be split to list on the Science and Technology Board.  In addition, on the evening of February 17, China Railway Construction updated the latest progress of the spin-off of its subsidiary to be listed on the science and technology board, and the spin-off plan was approved by the Hong Kong Stock Exchange.In addition, Shanghai Electric is also an A + H listed company, and the spin-off also requires the consent of the Hong Kong Stock Exchange.In the IPO rankings, Shanghai Construction Engineering’s subsidiary, Construction Engineering Technology, has not yet appeared.  In addition, the witness heard notes that Zijiang Enterprise was the first private listed company to issue a spin-off plan.China Railway Construction, Shanghai Electric and Shanghai Construction Engineering entered state-owned enterprises.  Initially, the personnel told the hearing that according to the current progress of disclosure, more and more state-owned enterprises have made active attempts to provide intervention for private enterprises.Spin-offs and mergers are part of the company’s business strategy. The focus of the company’s business strategy needs to be split. At the same time, the science and technology board will inevitably provide a stage for internal technological innovation companies with continuous technological strength.  185 listed companies were increased 488 times on February 20th. Xingrong Environment issued an announcement that Changjiang Ecological Environmental Protection Group Co., Ltd. increased its shareholding in the company’s shares by 173 on February 19.390,000 shares, accounting 西安耍耍网 for 0 of the company’s total share capital.06%.After this change in equity, the Changjiang Environmental Protection Group and its concerted parties Three Gorges Capital increased their shareholding by 5%.It is understood that the bidder is a buyer with a state-owned background.  According to statistics from the Flush ifind data of the testimony, as of February 21, since 2020 (based on the termination date of the transaction), significant shareholders (only statistics of actual controllers, executives and company-type shareholders) have increased in the secondary marketThe holding action reached 488 times, involving 185 listed companies.Among them, since February, important shareholders have been active in increasing their holdings on the secondary market, with 294 holdings involving 129 listed companies.  In addition, from the perspective of the industry attributes of the above 185 listed companies, according to the (new) industry classification of the CSRC, pharmaceutical manufacturing, computer communications and other electronic equipment manufacturing, chemical raw materials and chemical manufacturing, these three major industries are importantShareholders’ shareholdings topped the list, with a total net holdings of 3.5.6 billion yuan.  It is worth mentioning that the witness noted on the Shanghai-Shenzhen Exchange Interactive Exchange platform that investors are very concerned about the increase in shareholders’ holdings, and one investor said, “Shareholder holdings are better than any advertisements, which will help stabilizeIncrease investor confidence.”Merged listed companies have also accepted investors, and the company will encourage major shareholders to choose opportunities to increase their stock holdings, and take measures to motivate and guide investors and increase the company’s market value.  81 listed companies repurchased “showing self-confidence” to fight the “epidemic” and resume work again.For some listed companies in the A-share market, the “resumption” reorganization includes showing self-confidence to the market!The hearings revealed that in the end, many listed companies have publicly responded to the impact of the epidemic on the company’s production and operation. In order to further boost investor confidence, announcements on the implementation of repurchases by listed companies have also appeared.  Oriental Fortune Choice data shows that since January 1 to February 20 this year, according to the statistics of the announcement of the preliminary plan, a total of 81 listed companies in the A-share market have implemented repurchases.In terms of repurchase types, 34 are ordinary repurchases, and 47 are equity repurchases.However, among the ordinary repurchases of the 34 listed companies mentioned above, there are also 19 listed companies whose repurchase purposes are used to implement employee stock ownership plans or equity incentives.In other words, among the 81 listed companies that implement repurchase, actually 66 of the listed companies’ repurchases are used to implement equity incentives.  From the perspective of the nature of the enterprise, the hearing revealed that according to the flush flush data, a total of 10 state-owned enterprises appeared in the 66 listed companies that borrowed and repurchased shares for equity incentives.Among them, there are 4 state-owned state-owned enterprises, 3 provincial-owned state-owned enterprises, and 3 municipal-owned state-owned enterprises.  In fact, in order to stimulate the enthusiasm of core employees of the enterprise, promote the long-term stable development of the enterprise, and increase shareholder value, the State-owned Assets Supervision and Administration Commission of the State Council issued the “Notice on Further Improving Equity Incentives for Listed Companies Holding Central Enterprises” in November last year.And from the scientifically formulated equity incentive plan, perfect performance evaluation of equity incentives, support science and technology board companies to implement distribution incentives, perfect equity incentive management system, and other four aspects of the central enterprise to standardize the implementation of the distribution incentive system to improve.  Experts said that Zhang Lei, an executive member of Huatai United Securities (Jin Qilin analyst): Listed companies choose to spin off the listed sector, mainly depending on whether the industry in which the subsidiary is in line with the relevant sector positioning.At present, the proposed spin-off company will give priority to the science and technology board.However, the main business of construction materials is ready-mixed commercial concrete and concrete skeletons, and the ratio of science and technology boards is more in line with the positioning of the main board of the Shanghai Stock Exchange, so the main board of the Shanghai Stock Exchange was selected.  Pan Helin, Executive Dean, Institute of Digital Economy, Zhongnan University of Economics and Law: Xingrong Environment is a high-quality listed company with good performance and development prospects. This time, Changjiang Environmental Protection Group and its concerted actors, Three Gorges Capital, increased their holdings.The aspect is the financial investment that is optimistic about the later performance of Xingrong Environment. At the same time, after increasing the shareholding ratio, it will gradually cooperate with each other; gradually, it may be for the purpose of mixed reform to promote the reform of mixed ownership of the enterprise and establish more effective corporate governance.System and more market-oriented institutions and mechanisms to improve the quality of listed companies.  He Nanye, a special expert of Suning Financial Research Institute: Recently, important shareholders have increased their holdings of listed companies. One is that the epidemic situation may have a certain distortional impact on the company. Many companies may be undervalued. The increase in shareholder holdings is optimistic about the growth space for future breakthroughs.Pass the confidence of your company to market investors through practical actions.The continuous increase of shareholders’ holdings is a positive for the A-share market, which can not only bring incremental funds to the stock market, but also release positive signals, which can guide other investors and help the stock market to quickly get out of the “golden pit” under the epidemic.”.  Tan Kai, head of the strategy group of Yuekai Securities Research Institute: Generally speaking, the endogenous conditions for company repurchase are based on the company’s relatively abundant cash flow, and at the same time, it also reflects its confidence in future development, especially in special times, some companiesAdopt a repurchase approach to convey a solid signal to the outside.

Broadcom Integration (603068) Investment Value Analysis Report: Short-term Benefits of ETC Outbreak, Long-term Creation of IOT Chip Platform

Broadcom Integration (603068) Investment Value Analysis Report: Short-term Benefits of ETC Outbreak, Long-term Creation of IOT Chip Platform

Broadcom Integration is one of the leading domestic manufacturers of wireless communication chips. It has benefited from the short-term ETC policy. The chip insertion volume has exploded. It has vigorously promoted the technology upgrade of Bluetooth, Wi-Fi and smart home wireless communication chips.High risk resistance, revenue growth and gross margin stability indicators.

We predict that the company’s EPS for 2019/2020/2021 will be 2 respectively.



75 yuan, giving 45 times PE in 2019, corresponding to a target price of 91.

35 yuan, the first coverage, given a “buy” rating.

Focus on wireless communication chips, diversified and stable downstream development.

The company is one of the leading domestic wireless communication chip manufacturers, and its main products include Bluetooth audio chips (40.

58%, Bluetooth speakers, headphones, etc.), universal wireless chip (15.

96%, compressed wireless keyboard mouse, gamepad, remote control, etc.), 5.

8G products (13% of revenue.

96%, built-in vehicle ETC unit, drone, etc.), walkie-talkie chip (9.

40%), Bluetooth data transmission chip (9.

05%), wireless microphone chip (5.

94%), broadcast transceiver chip (3.

35%), Wi-Fi products (1.

75%) and so on.

End customers include well-known companies such as Motorola, TCL, DJI, Alibaba, and Jinyi Technology.

The diversified layout dispersed business risks, revenue growth and stable gross profit margin.

Revenue growth in 2018 was 18.

00% / 7.

96% /-3.

40%, annual income per capita is 400?
4.5 million yuan.

Short-term catalysis: policy-driven penetration accelerates, and ETC chips meet deterministic bursts.

Since 2007, the company has followed the ETC national standards, and the layout has ushered in explosive growth opportunities for many years.

In May 2019, the General Office of the State Council, the National Development and Reform Commission, and the Ministry of Transport issued documents requesting that by the end of 2019, the national automotive ETC installation rate reach more than 80%, and the number of ETC users exceeds 1.

8 billion.

The annual car ownership in 2018 is about 2.

400 million units, 80.72 million ETC users by March 2019, auto ETC installation rate of 34%.

90 million ETC vehicle equipment is expected to be installed in 2019?
100 million units, which is about 6 times as much as in 2018.

It is predicted that the company’s ETC chip market share will be about 70%. Based on the average price of 8 yuan, this business will contribute about 5 this year.

5 billion incremental revenue.

Long-term layout: Maintain the advantages of the technology platform and expand the boundaries of chip applications.

The company has long been committed to creating a wireless communication chip technology platform, and actively develops new generation Bluetooth / Wi-Fi, automotive ETC, Beidou satellite positioning, smart home entrance and other 北京夜网 emerging application areas based on the existing product line. The rich categories have improved the overall resistanceRisky.

The company continues to conduct research and development and process upgrades, with 80% of the research and development personnel. In 2018, the company’s Bluetooth audio chip process was upgraded to 55nm, which effectively reduced costs and the overall gross profit margin rose to 39.

The company has actively launched 40nm and 28nm process research and development to further enhance profitability and support long-term performance.

Risk factors: product research and development risks, increased competition in the industry, brain drain risks, customer cooperation risks, etc.
Investment suggestion: The company’s ETC chip benefits from the favorable policies that are expected to achieve explosive growth in performance in 2019 and 2020. Bluetooth audio, which is vigorously developed in the medium and long term, is expected to maintain a high growth rate and a steady increase in gross profit margin.

We predict that the company’s EPS for 2019/2020/2021 will be 2 respectively.



75 yuan, the average net profit of the next three years is 45.


Considering the valuation level of comparable companies of A-share semiconductor design types, considering the average growth rate of three-year performance and taking into account the explosive growth momentum of short-term performance, we believe that giving the company 45 times PE in 2019 is reasonable, corresponding to a target price of 91.

35 yuan, the first coverage, given a “buy” rating.

Kodali (002850): Performance in line with expectations Optimistic about the new energy industry boom cycle

Kodali (002850): Performance in line with expectations Optimistic about the new energy industry boom cycle
Introduction to this report: The performance report meets expectations.The new energy industry has entered a boom cycle. The company is bound to power battery manufacturers such as CATL, Panasonic, and LG, and its development 武汉夜生活网 will definitely reach a new level.Maintain “overweight” rating and maintain target price of 102.70 yuan. Investment Highlights: The performance is in line with expectations, maintaining the “overweight” rating and maintaining a target price of 102.70 yuan.Company performance report 2019 revenue 23.1.8 billion, an increase of 15 in ten years.90%; net profit attributable to mother 2.3.9 billion, an increase of 190 in ten years.48%, in line with the performance forecast expectations (performance forecast 2).14?2.55 billion).The increase in performance is mainly due to the continuous improvement of the company’s productivity, at the same time the level of automation, the continuous improvement of product yield, and the significant improvement in profitability.Maintain profit forecast, revenue for 2019-2021 will be 23 respectively.84, 35.95, 51.480,000 yuan, net profit 2.28, 3.32, 4.7.1 billion yuan.Maintain “overweight” rating and maintain target price of 102.70 yuan. The continuous expansion of production capacity has promoted rapid growth in performance.The company’s revenue in 2019 is 23.18 billion (+15 compared to the same period last year).90%), net profit attributable to mother 2.390 thousand yuan (+190 compared with the same period last year).48%), which translates into Q4 single-quarter revenue and net profit of 6.19 billion (-5 years ago).50%), 0.9.2 billion (+139.50%).Among them, the growth rate of revenue mainly comes from capacity expansion and continuous increase in downstream demand; the growth rate of net profit is much faster than revenue because: ① capacity utilization, automation rate, and yield increase; ② impairment of the bad debts in the early period (20 millionAround), the oxidant flushed back (around 20 million).The company’s bases currently under construction mainly include Jiangsu Liyang, Fujian Ningde, Dalian, Huizhou, and the production capacity is constantly expanding. Key customer strategy and new energy boom cycle will push the company’s development to a new level.The company deeply binds domestic core customers such as CATL, BYD, AVIC Lithium Battery, Eternal Lithium Energy, Xinwanda, Lishen, and also establishes strategic cooperative relationships with Panasonic, LG, Faurecia, etc.Driven by policies and auto companies represented by Tesla, global new energy vehicles have entered the boom cycle. The company is deeply bound with leading internal power battery companies, and sales of downstream new energy vehicles are gradually increasing (expected global new energy vehicles 2019-CAGR 31 in 2025.01%), the company’s development will definitely reach a new level. Catalysts: policy incentives, Tesla releases new product risks: New energy vehicle sales fall short of expectations; policy withdrawal

Valin Steel (000932): Second quarter profit increased

Valin Steel (000932): Second quarter profit increased

Investment Highlights Performance Summary: The company released the 2019 semi-annual performance forecast and reported that the company achieved operating income of 483.


8 ppm, an increase of 11 in ten years.

05%四川耍耍网 -11.

28%; net profit 32.


800 million, down 20 a year.


02%; net profit attributable to shareholders of listed companies22.


100 million, down 32 a year.

  82% -35.

73%, equivalent to 0 EPS.


55 yuan; if excluding the effect of the six minority holdings of “Steel” held by the six debt-to-equity implementing agencies, the net profit attributable to shareholders of the listed company is expected to be 24.


800 million US dollars, an average of 24 in ten years.

97% -27.

88%; QoQ growth in the second quarter: According to the company’s latest performance forecast, it is expected to achieve net profit in a single quarter in the second quarter.


1.3 billion, up 9 from the previous month.

32% -15.

70%, a ten-year average of 23.

34% -27.


According to the company’s voluntary disclosure of production and operation, the total sales volume of steel products from April to June was 496, equivalent to a net profit of 345-366 yuan per ton of steel in the second quarter, an average of 47 yuan from the first quarter, and a semi-annual average net profit of 327-337 steel.The average profit interval in 2018; the first half of the year fell by 147 yuan; the company’s profit level is better than the industry average: according to our calculations, cold rolled, hot rolled, rebar and plate 2019Q2 ton steel gross profit changes by 27 yuan, -100 Yuan, 53 Yuan and -16 Yuan, 2019H1 corresponds to a ton of steel gross margin 2018H1 intervals of 500 Yuan, 553 Yuan, 257 Yuan and 502 Yuan respectively.

The company’s ton-steel profitability ratio is relatively stable, and the transient average industry performance is mainly due to the following reasons: First, the comprehensive product structure, the company’s wide and thick plates, long products, cold and hot coils are relatively evenly distributed, and the other steel pipe accounts for about 8%.Downstream, of which the construction machinery and oil and gas downstream industries have performed better this year, which can hedge the downturn in the automotive industry; the second is that the product has a certain technical content, such as the widest plate sales of the industry in 2018, the gross profit per ton of steel is only lower than the firstAn 88 yuan, auto sheet is one of the few companies in the country that can produce ultra-high-strength steel. The representative product Usibor1500 is currently the highest strength auto sheet in China. The irreplaceability brought about by technical barriers will enhance its ability to resist the cycle.It is the company’s insistence on lean production, tapping potentials and increasing efficiency to increase its own safety margin; market-oriented debt-to-equity swap + overall listing of steel assets: According to the latest announcement, the company intends to use 4.

The price of 58 yuan / share was issued to 9 counterparties, including Hualing Group, Liangang Group, Henggang Group, CCB Finance, BOC Finance, Hunan Huahong, China Huarong, ABC Finance, Zhaoping Suida, etc. 19.

07 billion shares purchased Hualing Xianggang 13 which it holds in total.

68% equity, Valin Liangang 44.

17% equity, Valin Steel Pipe 43.

42% equity, and the company plans to use cash17.

310,000 yuan to purchase 100% equity of Hualing Energy Conservation held by Liangang Group.

After the completion of the transaction, the net profit of the shareholders affiliated with the listed company will further increase, replacing the financial burden of the listed company and optimizing the capital structure, promoting the synergy between steel production and energy-saving power generation, and reducing related party transactions; investmentSuggestion: As a leading steel company in Central and South China, the profitability of the company follows the industry fundamentals.

In the case that the industry demand is not pessimistic, in the future, the company will gradually reduce the financial burden on the company and gradually increase the profit level attributable to shareholders of listed companies.

The company’s EPS for 2019-2021 is expected to be 1.

18 yuan, 1.

22 yuan, 1.29 yuan, maintaining the “overweight” rating; risk warning: high macroeconomic growth leads to demand pressure; supply-side pressure continues to increase.

Evergreen Group (002616) Company In-depth Study: Second Round of Expansion Only 10 + 3 Combined Heat and Power Projects to Be Put into Production

Evergreen Group (002616) Company In-depth Study: Second Round of Expansion Only 10 + 3 Combined Heat and Power Projects to Be Put into Production
The refined management has strong genes, two rounds of expansion into the field of environmental protection and thermal energy, and a large industrial heating development space company started with gas appliance production and sales. In 2004, it obtained the construction and franchise rights of a group waste incineration power plant in central Zhongshan. Project 2006After being put into production, it continued to run steadily and expanded to the third 佛山桑拿网 phase.The company’s first round of expansion finally ended in 2015, and a total of 5 biomass power generation projects were commissioned.  The company has strong refined management capabilities. Although the biomass plant is difficult to operate and maintain, the project has been operating steadily for many years. The unit utilization hours are 8000+, and the net profit of individual projects is about 2000-3000 million.  In 2018, the company entered the second round of expansion. The new projects are all biomass-based cogeneration in the industrial park and coal-fired cogeneration.At present, overall consumption upgrades, manufacturing upgrades, centralized development of the park, and industrial migration drive the prosperity of high-quality parks; most of the small coal-fired boilers are shut down under the pressure of environmental protection, and the park has a large demand for clean heat; and it supplies natural gas.High cost, biomass heating, ultra-low emission cost of coal has obvious advantages, strong heating demand, and large development space.  The combined heat and power business model is excellent, and heating can be profitable without supplementation. The company’s cash flow is optimized. ROE enhances the stable profitability of the biomass power generation project put into operation in the first round of expansion of the company.flow.The company’s second-round expansion of the newly built biomass biomass cogeneration project, in which the industrial heating heat price is high, no supplement, and heating is prepaid, so the project cash flow, ROE will also increase at the same time.The Mancheng project was put into operation in 2018 and the Pucheng project was put into operation in 2019. At present, there are 10 biomass cogeneration and 3 coal-fired cogeneration to be put into operation, and it is expected that it will enter the peak period of production in 2020.The company has better heating demand downstream of the projects under construction and supplements the company’s strong management and operation and maintenance capabilities. It is expected that the company’s growth space will be opened again after the new projects are put into production.  The intensive treatment of agricultural and forestry biomass is necessary, and resource utilization is the development trend of the industry. Agricultural and forestry biomass is a continuously generated biomass waste. Domestic agricultural and forestry biomass resources are equivalent to 1 billion tons of standard coal per year.Direct incineration will cause serious environmental and safety problems, and intensive treatment is of great significance for the construction of new rural areas.Biomass for agriculture and forestry is a very good fuel, which has the potential for resource utilization, and resource utilization is the development trend of the industry.Among the many ways of resource utilization, biomass cogeneration has commercial potential, strong comprehensive utilization benefits, and the state encourages development.At present, the overall biomass fueling ratio is only 13%, which is far lower than that in Europe. The fueling utilization is still developing space.  The company has a stable development, high management level, and clear growth. In the future, the company will enjoy steady development for many years. Many construction projects will be financed by debt. The asset-liability ratio will increase during the expansion period, but the debt ratio will gradually recover after the project is put into production.Incentives for outstanding employees of the company, from equity incentives to cash incentives, are increasingly flexible.Founders He Qiqiang and Mai Zhenghui directly and indirectly hold 60 shares.8%, the pledge ratio is only 17.15%.The company’s historical dividend ratio is high, and high dividends can be expected in the future.  Profit forecast: We expect the company’s net profit attributable to its parent to be 2 in 2019-2021.98, 4.81, 7.16 trillion, irrespective of the issuance and conversion of convertible bonds, the corresponding EPS is 0.40, 0.65, 0.97 yuan.Give the company 18x PE in 2020 with a target price of 12 yuan / share.Give “Buy” rating.  Risk Warning: The price of product raw 都市夜网 materials fluctuates, the project progress is less than expected, the convertible bond issuance fails, the biomass power generation compensation is cancelled, the industrial park accident, and the prosperity of the industrial park is down

Lingnan (002717): Improved cash flow diversified layout will benefit policy recovery and regional construction

Lingnan (002717): Improved cash flow diversified layout will benefit policy recovery and regional construction

Matters: The company released the third quarter report of 2019, and achieved operating income of 52 in the first three quarters.

$ 7.1 billion, a ten-year average of 7.

73%; realized net profit attributable to shareholders of listed companies.

500,000 yuan, 46 years ago.

71%, basic profit income is 0.

20 yuan / share.

The construction rate of newly-built cultural tourism projects has dropped, and the high base has targeted the decline in the first three quarters.

Since 2015, the company has developed the two major industries of ecological environment and cultural tourism through endogenous growth and extensional expansion. At the same time, it has strengthened the implementation of the strategy of water affairs and water environment.Environmental and cultural tourism orders quickly landed, the pan-entertainment PPP strategy continued to develop, and the company entered a high-speed development stage.

From 2016 to 2018, the company’s revenue increased by 35 each year.

94%, 86.

11%, 85.

05%; net profit attributable to mothers increased by 55 each year.

29%, 95.

27%, 52.


In 2019, under the pressure of many industries such as the economic downturn, tightening external financing, and PPP project specifications, the operating rate of new projects in the cultural and tourism sector has dropped sharply, and the company achieved operating income of 57 in the first three quarters.

1.2 billion US dollars, on the basis of a high base in the same period last year, an annual extension of 7.


In terms of quarters, the single-quarter revenue growth rate of Q1 to Q3 2019 was 11 respectively.

39%, -14.

05% and -8.

84%, compared with the second quarter of 2019, the third quarter revenue decline has narrowed significantly.

Initially, the company realized net profit attributable to shareholders of the listed company.

500,000 yuan, 46 years ago.

71%, mainly due to the decline in revenue and profitability.

Profitability improved and operating cash flow improved.

In the total reported, the company’s comprehensive gross profit margin was 24.

37%, down by 1 every year.

94 pct, the company’s gross profit margin decreased or the main business’s gross profit margin decreased due to intensified market competition.

Expenses during the initial company period15.

91% (ten years +2.

99 pct).

The management expense ratio and financial expense ratio increased by 1, respectively.

37 and 1.


Finance costs increase by 38 each year.

34%, mainly due to the increase in project funding requirements leading to an increase in financing scale and corresponding increase in interest expenses.

The initial company’s net margin level has gradually decreased4.27 to 5.

98%, the decline in profitability was mainly due to the decline in gross profit margin and the increase in expense ratio during the period.

From the perspective of cash flow level, the company’s operating cash flow has improved, and the net operating cash flow is -1.

380,000 yuan, repeated less than the same period last year.

110,000 yuan, mainly due to the increase in business repayments of first-tier companies.

As of the end of the third quarter of 2019, the company’s monetary funds were 17.

US $ 6.6 billion, slightly higher than the same period of the previous year. Too much and too much capital in hand has consolidated the company’s development momentum and helped the rapid release of performance.

In terms of bond interest rate, the company’s 都市夜网 asset bond interest rate at the end of the period was 72.

76%, an increase of 0 from the end of 2019H1.

54 averages, an increase of 2. from the end of September 2018

The total of 79 was mainly due to the increase in short-term short-term borrowings and accounts payable.

The introduction of listed stock incentives, more order reserves, the future growth of the company is still worth looking forward to.

In 2018, the company launched a series of stock stock incentive plans, which are planned to grant 1493 to 217 middle managers and core business backbones of the company.

720,000 shares per share, the grant price is 6.

05 yuan.

According to the budget stock exercise conditions, it is estimated that the company’s net profit growth after deductions for 2018-2021 will be 60%, 30%, 30% and 20%, respectively.

From a speed perspective, the company’s performance growth rate will be reduced by less than 30% in 2019-2021. This is a relatively rapid growth based on a high base, and the quality of growth is improved.The proportion of the company’s cultural travel business may increase, and once again improve the quality of the company’s development.

In 2019, the company tilted its key resources to developed coastal areas such as the Guangdong-Hong Kong-Macao Greater Bay Area, increasing the proportion of EPC projects and high-quality operating projects, and continued to obtain quality orders., Huangshan Xiuning and Lianzhou comprehensive improvement of water environment and other key projects.

According to the summary of the company announcement, the company has signed approximately 66 new major project orders since 2019.

6.6 billion, which is close to 80% of the company’s 2018 operating income. The company’s order reserve is relatively abundant, which provides a certain guarantee for the release of the company’s performance.

The company continues to diversify its layout. Under the pressure of the ecological environment construction industry, it will support the company’s overall profit growth during the downturn of the industry through the development of water affairs, water environment and cultural tourism business, which will help achieve higher quality growth in the future industry recovery period.To obtain higher performance flexibility.

Estimates and investment recommendations.

Due to the company’s revenue growth rate and period expenses increased, we adjusted the company’s profit forecast, and expect to achieve revenues of 89 in 2019-2021.

7.6 billion, 117.

58 ppm and 146.

9.8 billion, a year-on-year growth rate of 1.

5%, 36.

9% and 20.

1%; net profit is 7 respectively.

2.2 billion, 9.

88 ppm and 118.

6.4 billion, the previous growth rate was -7.

3%, 36.

9% and 20.

1%; EPS are 0.

47 yuan, 0.

64 yuan and 0.

77 yuan, dynamic PE is 10 respectively.

0 times, 7.
3 times and 6.
1 times.

The company’s “second venture” strategy has been launched. At present, the company’s “big ecology + pan-amusement” layout covers the business sector layout of water management, water environment governance, ecological environment restoration, and cultural tourism. The synergy between the three business sectors is obvious, helping the companyRapid growth in the context of future industry recovery and the construction of the Guangdong-Hong Kong-Macao Greater Bay Area.

The company has sufficient funds, improved operating cash flow, increased proportion of high-quality orders, and better growth.

Maintain the company’s “Buy-A” rating with a target price of 7 yuan, corresponding to about 15 times PE in 2019.

Risk reminders: changes in PPP policies, rising interest rates, high receivables, market adjustments, shareholders’ reductions and other risks.

Xinhua Wenxuan (601811): Demographic Dividend Drives Demand, Resource Integration, and Quality Guarantee

Xinhua Wenxuan (601811): Demographic Dividend Drives Demand, Resource Integration, and Quality Guarantee

Core Views Xinhua Wenxuan is the leading cultural enterprise in Southwest China, and its profitability has continued to increase. Xinhua Wenxuan is the first domestic publishing and distribution group to be listed on the “A + H” dual board.

The company’s retail outlets cover the whole province, and the retail outlets of the supermarket spread throughout the country.

The company’s revenue has risen steadily, and the growth rate of non-attributed net profit has continued to increase.

  2016-2019H1 company revenue growth rate is higher than 11%, 2018 revenue reached 81.

8.7 billion.

Benefiting from the company’s main business such as mass publishing, reading services and education services, the efficiency of its main businesses has continued to increase.

twenty 杭州夜网论坛 three%.

  The demographic dividend continues to drive demand, and digital transformation boosts revenue. 1) Xinhua Wenxuan is the only textbook supplementary publisher in Sichuan Province. The textbook supplementary income is greatly affected by the local population.

After the country opened the “separate second child” policy, the growth of the new population continued to extend the demographic dividend; 2) The national basic tax exemption policy was continued, and Sichuan ‘s support for publishing companies was maintained; 3) The regional barriers to the teaching aids business are obvious, but the general book marketThe cross-region competition is fierce, the publishing and distribution companies on the right are of similar size, and the industry structure still needs to be integrated. 4) Digital reading is being favored by more and more readers. The digital reading market continues to expand. The distribution channels are steadily advancing, and resource integration guarantees quality  1) The channel of Xinhua Wenxuan’s supplementary subscription market is solid, and the “combined compilation of the three subjects” brings channel supplements.

The company actively expands the Internet market and establishes “” and “”, which has a first-mover advantage.

At the same time, Xinhua continues to expand the scale of logistics to support the expansion of Internet sales channels.

To ensure the continuous expansion of Internet channel business; 2) The company uses its own brand to attract high-quality resources, continue to develop product publishing capabilities, and the market share of bestsellers continues to increase.

  Covered for the first time, giving the company an “overweight” rating. We expect the company’s operating income for 2019-2021 to be 90.

01, 97.

96, 106.

4.3 billion; net profit attributable to shareholders of the parent company was 11.

28, 12.

80, 14.

31 ppm; EPS for 2019-2021 is 0.

91, 1.

04, 1.

16 yuan / share, corresponding to the current PE of 13.

05, 11.

50, 10.

29 times.

Considering that the demographic dividend continued to drive the demand for teaching aids, the company attracted high-quality resources to continuously improve product quality, and for the first time, it gave an “overweight” rating.

  Risk warning: policy supervision is becoming more severe, and education and marketing channels maintain risks; costs continue to rise; competition for digital publishing is intensifying.

Mei Nian Health (002044) Incident Review: Dating Alibaba Strategic Investment Coordinated Development of Preventive Medicine

Mei 天津夜网 Nian Health (002044) Incident Review: Dating Alibaba Strategic Investment Coordinated Development of Preventive Medicine
Event: On October 27, the company announced that the controlling shareholder Shanghai Tianyi Assets and Concert Parties and other shareholders intend to transfer the company to Ali Network, Hangzhou Xintou and Shanghai Qijun5.58%, 5.24%, 5.34% of shares, totaling 16.16%, the transfer price is 12.01 yuan / share.The share transfer will not cause changes to the controlling shareholder and actual controller of the company. The blockbuster date of Ali’s strategy is injected, and Ali related has jumped to become the second largest shareholder company’s controlling shareholder Tianyi Assets, Tianyi Holdings, Shanghai Meixin, Gao Wei, Xu Ke, Zunyi Dazhong, and Zhongwei Growth.16% of the shares of the Ali department.Alibaba Networks is an Alibaba-affiliated enterprise, and is also the controlling shareholder and concerted action person of Hangzhou Xintou, while Shanghai Qijun’s general partner is Shanghai Yunfeng Venture Capital Investment Management Center.After the transfer is completed, the actual controller Yu Rong and his concerted parties have a total shareholding ratio of 22.88%, Ali Networks and its concerted parties will become the company’s second largest shareholder, and Ali related fund Shanghai Lin Jun will become a shareholder holding more than 5% of the shares. Join hands with Ali to coordinate the future ecology of preventive medicine. We expect the company to date the Ali department as a strategic investor, or will cooperate in the following areas to jointly explore and deploy the future ecosystem of preventive medicine: (1) Strengthen the construction of information systems: enhance the United StatesAnnual digital health, intelligent layout, strengthening the establishment and use of large health databases (2) Strengthening channel drainage construction: Or cooperate with Ali Health, relying on Ali to connect to the C-end traffic platform, open up the online and offline preventive medicine ecosystem layout, and improveThe strength and influence of Meinian’s health brand, and the successful transformation can be expected to strengthen quality control, enhance customer experience, and promote health to usher in an inflection year. The company strengthened internal control construction, quality management, upholding the principles of improving medical quality and service experience, and implementing flow of people.Control and mainly promote the “1 + X” package that meets the characteristics of consumers. Through the single-check low-price package arrangement, the overall customer unit price and gross profit margin can be changed.19Q3 single-quarter operating income of 26.3.6 billion, an increase of 15 over the same period last year.58%, 19Q1 and Q2 exceeded the growth rate of 4.21% and 2.24%, revenue improvement has begun to appear.At the same time, the appointment of heavy strategic partners this time can alleviate the market’s concerns about the higher pledge rate of the actual controller. Investment advice and profit forecast The company is the leader of the National Physical Examination Center. The track is of high quality, and the C-end traffic giant Ali Department is strong and strong. The business transition can be expected, and the future preventive medicine ecology is optimistic.We expect to achieve revenues of 97 in 19-21.27/121.59/151.9.9 billion, net profit attributable to mother is 9.71/12.14/15.32 trillion, EPS is 0.26/0.32/0.41 yuan / share, corresponding to 49/39/31 times the PE, giving 50 times the PE in 2020, maintaining the target price to 16.00, maintaining the “Buy” level. Risk reminders: Newly established medical examination center, the progress of mergers and acquisitions is not up to expectations; the risk of medical disputes; the risk of goodwill impairment.

Boss Appliances (002508) 2018 Annual Report and 2019 First Quarterly Report Comments: Out of adjustment Boss Appliances stabilizes and rebounds

Boss Appliances (002508) 2018 Annual Report and 2019 First Quarterly Report Comments: Out of adjustment Boss Appliances stabilizes and rebounds
Investment Highlights Recently, the company announced its 18-year annual report and 19-year quarterly report.The company’s operating income for the 18 years was 74.2.5 billion / + 5.81%, net profit attributable to mother 14.7.4 billion / + 0.85%, gross margin 53.5% /-0.2pp.The net interest rate is 20.0% /-0.8 pages, basic income 1.55 yuan, proposed dividend 0.80 yuan; 19Q1 achieved operating income of 16.60 ppm / + 4.30%, net profit attributable to mother 3.20 ppm / + 5.84%, gross margin 54.8% / + 2.5pp., Net interest rate 19.5% / + 0.5pp.In terms of different products, the operating income of smoke stove consumer products that accounted for 85% of the company’s revenue in 18 years was +5 respectively.0%, -1.7% and +2.3%, accounting for 9% of the company’s revenue for new categories of ovens, steamers, dishwashers and water purifiers for a total of 18 years +10.0%, +37.8%, +54.6% and +131.0%. Affected by real estate, the industry has undergone in-depth adjustment for 18 years. The company has maintained growth for 18 years, and its growth rate stabilized in 19Q1.18 years of limited industry demand (Aowei Cloud Network data: 18 years of smoke stove consumption retail sales growth rate were -16.6%, -11.5% and -15.1%), the company’s revenue continued to grow, of which the growth rate of main categories led the industry, and new categories of products grew rapidly.19Q1 benefited from the recovery in industry demand, and the company’s revenue growth rate stabilized. The growth rates of 18Q1 to 19Q1 were 16 in each quarter.9%, 3.8%, 6.0%, 0.1% and 4.3%.In 19 years, the real estate industry benefited from the rapid development of new products, and the company’s revenue grew faster than last year, with a growth rate of 5% -10%. Among them, stoves increased by 5% and embedded growth increased by 30%. Gross profit margin declined slightly in 18 years, improved in 19Q1, and the sales expense ratio increased in 18 and 19Q1 under competitive pressure.In terms of gross profit margin, in 18 years, due to the decline in market demand, the increase in raw material prices and the increase in the proportion of engineering channels with low gross profit margins, the gross profit margin decreased by -0.2pp., But the range was lower than expected; the price of raw materials benefited from the decline in 19Q1 (stainless steel and cold-rolled plate prices fell by 5% and 6%), and the gross profit margin increased by 2.5pp.; In 19, it is expected that the price of raw materials and the increase in tax rates will be reduced, and the gross profit margin is expected to decrease slightly last year.In terms of expense ratio, the 18-year sales expense ratio increased by 1 due to advertising.8 pages, excluding R & D management expense ratio and financial expense ratio are basically stable; 19Q1 sales expense ratio increased by 2.4pp.It is expected that the industry’s general promotion efforts will increase; the sales expense ratio in 19 will be slightly improved compared to 18 years, and the management expense ratio and financial expense ratio are expected to be stable. The sinking of the channel is advancing steadily, and the refined decoration of the project will become an income growth point.In terms of sales sinking, the company continued to expand the development of third- and fourth-tier cities, adding 68 city companies and building 535 specialty stores. It is expected to build 300 new stores in 19 years. The brand name will continue to be positioned and the price will be lowered to expand the low-endTier sales.In terms of engineering channels, the growth trend of the proportion of refined decoration is determined. The growth rate in 2018 is about 40%. It is expected that the growth rate in 19Q1 will be about 60%. It is expected that the revenue growth rate in 19 years can reach 50%. Profit forecast and investment advice: Kitchen appliances is the home electronics industry with the tightest post-real estate cycle. Recently, real estate has picked up. Kitchen appliances have recovered from both industry and company data.As one of the high-end leading companies in the industry, Boss Electric has strong product competitiveness and improved profitability in a quarter.Specifically, the 成都桑拿网 reduction, the company is still facing a situation of stable demand and increased competition, the average price of products is hindered, and there are promotional pressures in the low and mid-range; the transformation, the company actively sink channels to expand customer acquisition capabilities, tax and fee reduction, home appliance subsidiesThe restoration of real estate will benefit the company to varying degrees.To sum up, real estate is the most important factor affecting kitchen appliances. Under the central tone of the central government’s insistence that it only stays on the market, it is difficult to have a jump in demand. It is expected that the company’s operations will remain stable.We have raised our profit forecast and expect EPS to be 1 in 2019-2021.76, 2.00 and 2.26 yuan, closing prices on April 26 corresponding to 杭州桑拿 PE were 16.5, 14.4 and 12.8 times. Risk reminder: The property market, which has been damaged by the real estate recovery, continues to be sluggish, competition in the kitchen appliance industry is intensifying, and raw material prices are changing.