Yuyue Medical (002223) Annual Report 2018 Review: Online Maintenance Maintains High Growth and Offline Adjustments Show Significant Results

Yuyue Medical (002223) Annual Report 2018 Review: Online Maintenance Maintains High Growth and Offline Adjustments Show Significant Results
The growth rate is stable, and the performance is slightly higher than the expected revenue of 41 in 2018.8.3 billion (+18.12%), net profit attributable to mother 7.2.7 billion (+22.82%), net of non-attributed net profit6.4.2 billion (+25.26%), the performance slightly exceeded expectations. The clinical product line is affected by technological transformation and production capacity. It is expected to recover Zhongyou Likang’s operating income in 20195.2.4 billion (+24.95%), net profit 1.2.1 billion (+24.(61%). Through the release of new capacity in Danyang in Q2, profitability has improved, and further results are expected to be released.Due to technical transformation and other reasons, Shangyi’s performance declined slightly and realized operating income5.6.7 billion yuan (-3.89%) and net profit of 69.58 million yuan (-0.75%), the adjustment of leaders has been basically completed, including new management assessment requirements and the completion of technical transformation. It is estimated that the performance in 2019 will improve. The home medical device online maintains a significant growth in adjustment and growth, with significant benefits in 2018.3.4 billion (+17.05%), gross profit margin of 35.64%, an increase of 4.04pp.The performance of e-commerce platforms is still dazzling, with a growth rate of more than 40%. Among them, the core products of oxygen generators, electronic sphygmomanometers, nebulizers, blood glucose meters and test strips, and traditional Chinese medical equipment continue to grow rapidly., Electric wheelchairs, etc. use existing channels to quickly increase volume.Under the influence of personnel, institutional adjustments, and terminal refinement strategies, offline platforms have also grown by more than 10%. Gross profit margin, expense ratio is basically stable, and cash flow improved ample. Gross profit margin for sales in 2018 杭州桑拿网 was 39.83% (+0.17pp), and the selling expense ratio is 12.83% (+1.54pp), mainly due to increased marketing system construction and brand promotion efforts, with an administrative expense ratio of 5.90% (-0.32pp), financial expense ratio -0.73% (-1.06pp), mainly due to the dollar exchange rate of US dollar deposits due to the appreciation of the US dollar; R & D expense ratio 3.64% (-0.09pp).The period expense ratio totals 21.64% (+0.25pp), net sales margin 17.95% (+0.23pp).The company tightened its sales recovery policy and strengthened the management of accounts receivable. The net cash flow from operating activities was 7.9.8 billion, (+ 229.68%), with a net profit ratio of 110%. Risk Warning: The sales of dating products are not up to expectations; the integration of mechanical equipment is up to expectations. Investment suggestion: Maintain “Buy” rating. We are optimistic that the company is a rare medical device platform company. The home medical device e-commerce business has maintained rapid growth. Through R & D + outbound mergers and acquisitions, it has continuously enriched its product lines and introduced platform sales.It is estimated that the solution with the highest output can be achieved, and the performance will maintain rapid growth.It is predicted that the net profit attributable to mothers will be 8 in 2019-2021.94/10.73/12.8.7 billion, a growth rate of 23% / 20% / 20%, the current corresponding PE is 26.8/22.3/18.6X, maintain “Buy” rating.

Op Lighting (603515): Poor environment, temporary pressure channel change, and actively respond

Op Lighting (603515): Poor environment, temporary pressure channel change, and actively respond

Event On August 23, 2019, OP Lighting released its 2019 Interim Report, and the company achieved total operating income of 37 in 19H1.

78 ppm, a ten-year increase of 7.

10%; net profit attributable to mother 4.

0.5 billion, ten years +13.

09%; net profit after deduction of non-return to mother 2.

57 trillion, +1 a year.

79%.

In terms of quarters, the company’s 19Q1 / Q2 single quarter revenue was 16 respectively.

63, 21.

1.5 billion, change by +12 each year.

17%, +3.

43%; net profit attributable to mothers is 0.

86, 3.

19 trillion, change +22 each year.

76%, +10.

73%.

Our analysis and judgment are that the lighting business has the fastest growth rate and continues to cultivate channels.

19H1 realized income 37.

53 trillion, +6 ten years ago.

53%, the short-term growth rate is mainly due to the impact of land area, gross profit margin of 36.

05%.

Home lighting: More than 3,500 retail stores, 120,000 hardware outlets, and multi-platform online channels have been established in various city-level markets across the country, and continue to sink to third- and fourth-tier cities and township markets.

Retail channels can improve store service capabilities through professional empowerment.

As of 19H1, more than 10% of terminal stores have been trained in lighting design design training.

At the same time, channel conversion is achieved through three-dimensional drainage models, such as raising deep farming, home improvement companies, bagging platforms, WeChat marketing, and TV shopping.

The distribution channel continued to promote channel sinking and increased the proportion of high-quality outlets.

As of 19H1, the coverage of township outlets 重庆耍耍网 exceeded 50%.

Online channels are gradually deploying select and social e-commerce platforms to obtain consumer traffic through multiple channels.

Commercial lighting is deeply cultivating application scenarios, launching industry-driven solutions, building product platforms, and continuously launching a variety of intelligent lighting control solutions.

Overseas business continues to deepen localized operators. 19H1 is the office space of the Copman Group in the Netherlands, Naples Stadium in Italy, the University of Saudi Arabia, the Amazon warehouse in India, the Huawei showroom in Surabaya, Indonesia, and the Vivo Experience Store in Thailand.

During the period, the expense ratio was well controlled, and operating cash flow improved significantly.

The gross profit margin of the company in 19H1 decreased slightly, down by 1.

37pct to 36.

08%.

The overall period expense ratio decreased by 1.

29pct to 26.

35%, of which the sales expense ratio, management expense ratio, research and development expense ratio and financial expense ratio are -1.

75pct / -0.20pct / + 0.

59 points / +0.

08pct to 19.

38%, 3.

47%, 3.

37%, 0.

14%.

The decrease in sales expense ratio was mainly due to a 72% decrease in advertising market fees.

Net interest rate rose by 0.

57 points to 10.

72%.

19H1 The company achieved net operating cash flow2.

12 trillion, 0 compared with the same period last year.

38 trillion significantly improved.

During the period, the expense ratio was well controlled, and operating cash flow improved significantly.

The gross profit margin of the company in 19H1 decreased slightly, down by 1.

37pct to 36.

08%.

The overall period expense ratio decreased by 1.

29pct to 26.

35%, of which the sales expense ratio, management expense ratio, research and development expense ratio and financial expense ratio are -1.

75pct / -0.

20pct / + 0.

59 points / +0.

08pct to 19.

38%, 3.

47%, 3.

37%, 0.

14%.

The decrease in sales expense ratio was mainly due to a 72% decrease in advertising market fees.

Net interest rate rose by 0.

57 points to 10.

72%.

19H1 The company achieved net operating cash flow2.

12 trillion, 0 compared with the same period last year.

38 trillion significantly improved.

Investment suggestion: We expect the company’s main business income from 2019 to 2020 to be 88.

1.3 billion and 98.

21 trillion yuan, an increase of 10 in ten years.

11% and 11.43%; net profit attributable to mothers is 10 respectively.

1.8 billion and 11.

7.3 billion yuan, an increase of 13 in ten years.

21% and 15.

22%, corresponding EPS is 1.

35 yuan / share, 1.

55 yuan / share, corresponding to PE of 22.

28x and 19.

34x, maintain “Buy” rating.

Risk factors: industry competition intensifies, downstream real estate growth rate is not up to expectations

Qatar exempts 80 countries from visas

Qatar exempts 80 countries from visas

Profile picture: On July 24, in Doha, Qatar, Qatar’s Emir (Head of State) Tamim (center right) greeted Turkish President Erdogan (center left).

Turkish President Erdogan paid a one-day visit to Qatar on the 24th and 南京桑拿论坛 continued his mediation efforts to resolve the crisis of breaking diplomatic relations between Qatar and other four countries, including Saudi Arabia.

The Xinhua News Agency issued a breakout from the turmoil in Qatar, and Qatar made new moves.

On the 9th, it announced the implementation of visa exemption to 80 countries, thereby promoting the development of air transport and tourism.

  Agence France-Presse reported that Qatar’s interior ministry official Mohammed Muradhi Mazlusi said that citizens from these 80 countries need only hold valid passports to enter.

These countries were selected on the basis of their security indicators, economic status or citizens’ purchasing power.

  The visa exemption scheme will take effect immediately. The 80 countries that benefit from it are located in the EU Schengen area, upstream and Asia.

Among them, citizens of 33 countries 深圳桑拿网 can live in Qatar for 180 days, and citizens of 47 countries can stay up to 30 days.

  Hassan Ibrahim, chief tourist development officer for Qatar Tourism Authority, said: The visa waiver program will make Qatar the most open country in the region.

  On June 5, Saudi Arabia, the United Arab Emirates, Bahrain and Egypt announced that Qatar had supported corruption and undermined regional security, and announced that it had broken diplomatic relations with Qatar and imposed an embargo and blockade on Qatar.

The Qatari government has denied the allegations.

  Reuters believes that since the break of diplomatic relations, Qatar has been committed to establishing diplomatic and trade relations outside the Gulf region and has adopted a series of measures. The long-term goal is to give Qatar a stronger economic independence.

Visa-free plans are the latest move.

  Qatar has airlifted food from Turkey and Iran, and has opened a new conduit with Oman to import construction materials.

However, hotel occupancy rates have continued to decline as Saudis ban citizens from visiting Qatar.

One of the main sources of income for Qatar’s tourism industry is the Saudis, and usually half of the number of tourists comes from the Gulf Cooperation Council’s replacement.

  Including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

  Qatar set a precedent for the Gulf countries last week by passing a legal budget granting some foreigners permanent residency.

Gulf countries have been economically sustainable foreign labor for decades.

Qatar’s total population is 2.4 million, and foreign residents account for 90%.

  Some analysts said that Qatar’s release of the green card was intended to replace itself with a distinctive and open country in the region, thus winning international support in the severing of diplomatic relations.

(Chen Dan)[Xinhua News Agency Microblog]Original Title: Qatar is exempted from 80 visas in response to a new handover of “breakout”

Greenland Holdings (600606): Performance Meets Expectations Financing Improves Gradually

Greenland Holdings (600606): Performance Meets Expectations Financing Improves Gradually
The event company released the 2019 performance report, and the company achieved operating income of 4225 in 2019.300 million, an annual increase of 21.2%, achieving net profit attributable to shareholders of listed companies of 148.500 million, an annual increase of 30.6%, to achieve EPS1.22 yuan.  The short-scored performance was in line with expectations and sales remained stable.The essence of the rapid growth of the company’s performance lies in: 1. The company achieved a completed area of 2502 GM, an increase of 29% per year, which led to the company’s contract delivery of 2147, realizing the main real estate income of 194.7 billion, an increase of 21%; 2. Reporting the preliminary company’s profit qualityImproved, the real estate industry realized gross profit margin28.5%, a year-on-year increase of 6%, driving the company’s operating margin to increase by 0 compared to 2018.3 up to 7.4%.In terms of sales, the company initially achieved a sales value of 388 billion yuan, an annual increase of 0.1%, realized sales area of 3257.20,000 square meters, a decline of 11 in ten years.1%, realized the scale of payment of 301 billion yuan, the residential part of the 杭州夜网论坛 recovery rate reached 89%, an increase of 4 percentage points from last year. Among them, core projects such as intercity space stations went against the market, sales performance in third and fourth tier cities increased rapidly, and residential salesThe amount and area increased by 26% and 35% respectively. The sales level of regional business units continued to increase, reaching over 16 billion business units, of which over 8 billion.  The quality of land acquisition has improved, and financing has gradually improved.The company’s high-level acquisition of 108 projects, an area of 18.05 million square meters of new equity land, corresponding to a total price of 977 trillion, a total value of nearly 450 billion yuan, an average floor price of 2439 yuan / square meter.In terms of structure, the company’s first- and second-tier 杭州桑拿网 core city projects have increased their proportion, and the quality of land acquisition has continued to improve. Based on the calculation of capacity and construction area, about 70% of the projects are residential. About 50% of the projects are located in first- and second-tier cities.The scale of the report, the company continued to strengthen bank-enterprise cooperation, reached strategic cooperation with Bank of Shanghai, etc. In 19 years, it was granted credits exceeding 10 billion US dollars. At the same time, the company continued to strengthen financing and gradually issued supply chain ABS11.5.6 billion, issued 27.With US $ 200 million in debt, S & P raised the company’s rating twice in a year to a positive outlook.  Profit forecast and rating.We expect the company’s EPS for 2019-2021 to be 0.99/1.15/1.36 yuan, the current expected corresponding PE of the company in 2019/2020 is estimated to be 7 respectively.1x / 6.1x, maintain the company’s “overweight” rating.

Blu-ray Development (600466): Growth in Performance, Equity Incentives Demonstrate Operational Confidence

Blu-ray Development (600466): Growth in Performance, Equity Incentives Demonstrate Operational Confidence
Key points of the report Description On July 10, 2019, the company released the first half of 2019 performance forecast. It is expected that net profit attributable to mothers will increase by approximately 101% in the first half of the year, and net profit attributable to non-parents will increase by approximately 98%. The event commented on the nationwide strategic layout and scale expansion, with high-speed growth in the first half of the year.In the first half of 2019, the company expects to realize a net profit attributable to its parent of approximately 12.500 million (61989 last year.20,000 yuan), an increase of about 101% each year, and realized a net profit of about 12 after deducting non-deduction.0 million yuan (60,488 for the same period last year.390,000 yuan), an increase of about 98% each year.The increase in performance growth was mainly due to the company’s operating scale expanding year by year, and the carry-over income during the reporting period increased.In 重庆耍耍网 2018, the company realized sales of USD 85.5 billion, an annual increase of 47%, and sales area of 8.02 million square meters, an annual increase of 32%.In the first half of 2019, the sales amount reached 483 trillion, an annual increase of about 10% (Cerry caliber).The company’s nationalized strategic layout has adopted a diversified investment model and product improvement and upgrade, and the scale effect has gradually emerged.In terms of advance receipts, benefiting from the rapid growth of the company’s scale, the company’s advance receipts at the end of the first quarter of 2019 increased by 53.86% to 563.73 ppm will effectively guarantee the company’s future performance growth. Equity incentives demonstrate confidence, and fulfillment of later performance commitments may be a high probability event.The exercise 南京桑拿网 conditions of the company’s equity incentive plan are that the net profit after deduction to non- mothers from 2018 to 2020 is not less than 22/33/50 billion yuan, and the net profit after deduction to non- mothers in 2018 is 24.69 ppm, the performance has reached the standard, it is expected that under the background of the company’s operating momentum accumulation, scale expansion, and high sales growth, the achievement of the late performance commitments may also be a high probability event, and the company’s growth is worth looking forward to. The national layout strategy continued to advance, and high growth was expected.The company has a long-term vision and adheres to the strategy of “going eastward and going southward” and “1 + 3 + N” to lay out value depressions in the rotating area of the metropolitan area and continue to promote the nationwide layout.Expand diversified land resource acquisition modes such as mergers and acquisitions, cooperative development, industrial land acquisition, and OEM construction; one of the company’s financing methods, in which Jiabao’s issuance of overseas listed foreign shares has been approved by the China Securities Regulatory Commission in March 2019.Kang Pharmaceutical plans to spin-off H-shares; the company’s scale and efforts to maintain high growth, profitability to maintain a high level, and equity incentives underline the operating confidence.The company’s EPS for 2019-2021 is expected to be approximately 1.11 yuan, 1.70 yuan and 2.03 yuan, corresponding to 5 for the current sustainable PE.5 times, 3.6 times and 3.0x, maintain “Buy” rating. Risk Warning: 1. Uncertainty in the liquidity environment; 2. There may be uncertainties in the adjustment policies of the real estate business.

Hengli Hydraulics (601100) 2018 Annual Report and 2019 First Quarterly Report Review: Beautiful 2018 Performance, Import Substitution Continues

Hengli Hydraulics (601100) 2018 Annual Report and 2019 First Quarterly Report Review: Beautiful 2018 Performance, Import Substitution Continues

Matters: Hengli Hydraulics released the 2018 annual report, and the company achieved operating income of 42 in 2018.

11 ppm, an increase of 50 in ten years.

65%, achieving a net profit attributable to shareholders of the listed company of 8.

37 ppm, a 119-year increase.

05%, net profit after deduction 7

470,000 yuan, an increase of 105 in ten years.

59%.

The company also released the first quarter of 2019 report, and the company achieved operating income of 15 in the first quarter of 2019.

69 ppm, an increase of 61 in ten years.

63%, achieving net profit attributable to shareholders of listed companies.

26 ppm, a 108-year increase of 108.

13%, net profit after deduction 3

49 ppm, an increase of 99 in ten years.

18%.

Comment: The revenue has increased significantly, the volume and price of excavator cylinders have risen, and the hydraulic pump valves have been replaced with imported ones.

During the reporting period, the company’s excavator cylinders / non-standard cylinders / hydraulic pump valves / components and hydraulic complete sets / cylinder accessories and castings achieved revenue of 18 respectively.

11/11.

44/4.

79/2.

01/5.

3.7 billion, an increase of 56 in ten years.

95% / 9.

73% / 92.

46% / 17.

21% / 226.

36%.

Among them, excavator oil cylinders benefited from the downstream demand boom and both volume and price rose.

Excavator sales reached 20 in 2018.

340,000 units, an increase of 44 in ten years.

99%, the company benefited from industry growth and increased customer city share, sales of excavator cylinders 41.

350,000, an increase of 50 in ten years.

86%, the growth rate is faster than the industry, and the price increase income growth rate is faster than the sales growth rate.

Non-standard oil cylinders mainly supply three series of lifting series, shield machines, high-end marine engineering and maritime, with sales of 18 years14.

370 thousand, an increase of 12 in ten years.

76%, the demand is booming, but the growth rate is slow due to the squeezed production capacity of the excavator cylinders.

The hydraulic pump valve has realized a heavy-duty imported substitute for small digs, with a market share of 30%. The large and large dig pump valves are also supplied in batches at the end of the year.

Gross profit margin increased, expense ratio decreased, and profitability continued to improve.

In the report period, the company’s comprehensive gross profit margin reached 36.59%, an increase of 3.
.

8 units.

Among them, the gross profit margins of excavator cylinders / non-standard cylinders / hydraulic pump valves / components and hydraulic complete sets / cylinder accessories and castings were 41.

35% / 35.

07% / 29.

66% / 21.

07% / 35.

74%, an increase of 2.
.

55/3.

34/11.

09/4.

28/0.

27 units.

The increase in gross profit margin benefits from the manifestation of scale effects. There is a price increase factor in expanding the excavator cylinders, and the product structure of non-standard cylinders has improved.

As the throughput of the pump and valve business climbs, the gross profit margin will still increase and there is room for improvement (expected to exceed the gross profit margin of excavator cylinders).

The cost rate during the period decreased, and the cost rate during the reporting period was 11.

16%, a decrease of 5.
.

59 single, of which the sales expense ratio / management expense ratio / financial expense ratio are 2 respectively.

73% / 9.

14% /-0.

72%, a decrease of 0 from the same period last year.

72/1.

13/3.

75 units.

The performance in the first quarter of 2019 exceeded expectations, and continued to be optimistic about the large-volume digging hydraulic pump valve import alternatives.

Realize net profit after deduction3.

49 ppm, an increase of 99 in ten years.

18%, exceeding market expectations.

In the first quarter of 2019, 74,779 excavators were sold, an increase of more than 24.

51%, the company’s excavator cylinder business maintained rapid industry growth.

The volume of medium and large digging pump valves provides new growth points.

Net margin for the first quarter of 2019 was 20.

83%, an increase of 0 from the annual report.

95 levels, profitability is still on the rise.

Profit forecast: Based on the industry’s sales growth exceeding expectations and the company’s pump and valve product volume and profitability continued to improve, we raised the company’s 2019-2020 net profit forecast to 13.

02/15.

5.4 billion (original predictor variable 10).
88/12.

8.8 billion), plus a forecast of 2021 net profit of 17.
.

31 trillion, corresponding to 北京桑拿洗浴保健 EPS 1.
48/1.

76/1.

96 yuan, corresponding PE is 21/18/16 times. Considering the company’s historical evaluation and the forecast level of comparable companies, it will give a 25 times valuation in 2019 with a target price of 37 yuan.

Risk warning: The macro economy is down, and the volume of pump and valve products exceeds expectations.

Special prosecutor convenes grand jury Through Russia investigation escalated?

Special prosecutor convenes grand jury “Through Russia” investigation escalated?

US media broke the news on the 3rd that special prosecutor Robert Miller, who presided over the investigation of Russia, has convened a federal grand jury in Washington.
As one of the prosecutor’s investigative tools, the formation of a grand jury means that Miller may apply to him to summon some people in the next few weeks and request access to relevant documents.
  However, legal persons interpret that if the information is true, one should not take it for granted that as long as there is a grand jury, someone will be prosecuted, and the two cannot automatically equalize immediately.
  [Interim Results]The Wall Street Journal reports from an anonymous source who knows the progress of the Russia-Russia investigation as a source, and it is temporarily unclear whether the grand jury convened by Miller in Washington is related to the work of Alexandria, Virginia.The grand jury at Intersection was used to assist in gathering evidence on former President of National Security Assistant Michael Flynn’s alleged improper affiliation with Russia.
  Attorney Zhang Jun of the U.S. Federal Supreme Court interpreted that if Miller ‘s formation of a grand jury is true, it can be regarded as a phased result of the investigation of Russia.same.
The grand jury often serves as an investigative tool for the prosecutor. With the grand jury, the prosecutor can apply to it to consult relevant documents and materials and summon some people to order it to provide evidence and retain evidence.
  First of all, the formation of a grand jury at least shows that Miller is very serious, very cautious, and strives to be fair. The investigation can be said to be slow, and Zhang Jun said, second, we should not automatically interpret as long as there is a grand jury.Someone must be prosecuted, and an equal sign cannot be automatically drawn between the two immediately.
With a grand jury, however, the investigation by the prosecutor can indeed be facilitated.
  [Various investigation variables]As for Miller’s convening of a grand jury, U.S. President Donald Trump’s lawyer said he did not know.
  As far as news about the federal grand jury is concerned, I have no reason to believe that the president is under investigation.
Lawyer John Dodd told the Associated Press.
  White House Special Counsel Tykob said he did not know that Miller had started a new grand jury. The grand jury was particularly secretive, and the White House supported all efforts to help expedite the work of the (special prosecutor) .The White House will fully cooperate with Mr. Miller.
  Zhang Jun interpreted that it was not necessarily the parties that Miller applied for summons to the grand jury. One situation that may arise is that after obtaining the grand jury’s permission, he consults some of Trump’s financial documents, including tax bills.
This could be one of the ways and means for Miller and his investigative team to obtain evidence.
  With the grand jury, the special prosecutor believes that any evidence that may be relevant and necessary to apply can be applied to it. Zhang Jun said that, from the historical experience, the grand jury’s investigation is not limited to the special prosecutor’s authorization.In other words, it is unclear whether the survey will branch into other areas in the future.
One thing is for sure, the existence of a grand jury does not necessarily mean that someone is being prosecuted, but without a grand jury, no one can be prosecuted.
  The Associated Press reported that Trump had previously warned that any attempt by Miller to access his financial documents was beyond the purview of his special prosecutor.
  In response to rumors that the president intends to pressure Deputy Attorney General Rod Rosenstein 西安耍耍网 to force the latter to fire Miller, Jay Seculo, another Trump lawyer, clarified in a Fox News interview on the 3rd that the president did not wantThe intention was to fire Robert Miller, so those rumors were not true.
(Yan Jie) (Xinhua News Agency special feature) Original title: Special prosecutor convenes grand jury “Through Russia” investigation escalated?

Jinjia shares (002191) 2019 third quarterly report comments: performance in line with expectations, the main business of tobacco standards remains stable, new tobacco is poised for development

Jinjia shares (002191) 2019 third quarterly report comments: performance in line with expectations, the main business of tobacco standards remains stable, new tobacco is poised for development

Matters: The company released the third quarter report of 2019, and realized operating income of 28 from Q1-Q3 in 2019.

84 ppm, an increase of 21 in ten years.

35%, achieving net profit attributable to mother 6.

73 ppm, an increase of 23 in ten years.

44%, net profit after deducting non-return to mother 6.

60,000 yuan, an increase of 26 in ten years.

76%.

In Q3 2019, it achieved operating income of 10 in a single quarter.

20,000 yuan, an annual increase of 32.

76%, net profit attributable to mothers2.

08 million yuan, an increase of 24 in ten years.

76%; net profit after deducting non-return to mother 2.

08 million yuan, an increase of 30 in ten years.

17%, performance in line with expectations.

Comment: Expected 2019 annual report net profit growth is 20-30%: Expected 2019 annual report net profit is 8.

70-9.

43亿美元,每年增长20-30%,公司经营业绩保持良好的发展态势,烟标行业整体趋势向好,公司不断贴合市场,持续增长重点规格,重点品牌产品的设计研发力度,把 握产品结构Adjusted market opportunities continued to maintain a competitive advantage; in terms of color box products, the company accelerated the progress of intelligent production by continuously strengthening the research and development design and production process, and the fine box packaging such as fine tobacco and alcohol packaging, 3C product packaging achieved good results.

The main business of cigarette labels is steady and progressing, and color box products are developing rapidly.

In terms of cigarette label products, the company continuously increases the design and research and development capabilities of cigarette label products to achieve double-digit growth around customer needs.

In terms of color box products, on April 25, 2019, the company’s wholly-owned subsidiary Jinjia Intelligent Packaging and Wuliangye Subsidiary established a joint venture Jiamei Intelligent Packaging to promote product transformation and upgrade, and gradually promote the “big packaging” strategy.The new customers include new tobacco brands such as Lingxi, Momo, Tweep, Magic Flute, etc. The company has also obtained supplier qualifications for mobile phone brands such as Zhongnuo and Haipai. The color box business Q1-Q3 has nearly doubled.

Under the pressure of 19Q1-Q3 gross profit margin, the ability to control expenses was strengthened, and the net profit margin was basically maintained.

In Q1 to Q3, the net interest rate will decrease by 0 every year.

1 point to 25.

6%; Net profit margin for the third quarter of 201923.

28%, a decrease of 1 pct per year, a decrease of 2 from the previous month.

82 points.

The gross profit margin of Q1-Q3 in 2019 decreased by 0.

99pct to 42.

89%, 2019Q3 gross profit margin 42.

59%, a decrease of 0 per year.

94pct, an increase of 0 from the previous month.

43 points.

The layout of new tobacco is smooth, and it is expected to contribute to future growth.

The company’s new tobacco business is progressing smoothly: 1) Jinjia Technology, a subsidiary of the company, and Huayu Technology, a subsidiary of 淡水桑拿网 Yunnan Tobacco, set up a joint venture company, Jiayu Technology, to produce smoking sets for new tobacco.

2) The company and Miwu Technology established a joint venture company Yinwei Technology to launch FOOGO brand innovative technology electronic cigarettes.

3) Jinjia Technology provides R & D and foundry services for FOOGO, WEBACCO, GIPPRO, LUMIA and other brands, and provides smoking research and development services for China Tobacco companies.

We maintain our forecast for the company’s net profit for 2019-2021.

78, 10.09, 11.

78 ppm, corresponding to the current market value of PE is 18, 16, 13 times, maintaining the “strong push” level.

We are optimistic about the steady growth of the company’s main business of cigarette labeling, and the large packaging strategy continues to advance, maintaining the company’s 30 times PE in 2019 and maintaining a target price of 18 yuan.

Risk reminder: The macro-downside consumption is sluggish, the prices of raw materials are rising, and the packaging industry pattern is undergoing major changes.

Weifu Hi-tech (000581): Downstream operation of the auto market under pressure to find twin engines

Weifu Hi-tech (000581): Downstream operation of the auto market under pressure to find twin engines

Company dynamics Company status We attended the annual shareholder meeting of Weifu Hi-Tech, and exchanged views with the company’s chairman, vice chairman and other senior executives.

  Commenting on the downturn of the auto market, the company’s three main products are facing certain downward pressure.

1) The proportion of diesel engines in the commercial vehicle market has declined, and the company ‘s traditional main business, the diesel engine fuel injection system business market, has limited prospects for promotion in the passenger vehicle market.

At present, the proportion of diesel engines in commercial vehicles has been declining. The proportion of diesel engines in heavy commercial vehicles has dropped from 95% to 90%, and light commercial vehicles have dropped from 62% to 57%.

2) The increase in the sales volume of passenger cars of self-owned brands and the share of cities. Due to the pressure of the company’s post-processing business income, it will take time to enter the joint venture brand supporting system.

3) The overall sales of passenger cars declined, which also put pressure on the joint electronic performance of important subsidiaries.

  ”Dual engine drive”, in the medium and long term, with the hub motor and fuel cell as the core breakthrough direction.

  While consolidating the existing business, the company actively seeks forward-looking projects for emerging businesses. To achieve “dual engine drive”, it is necessary to: 1) the new business has synergies with the company’s existing business, such as many parts of fuel cellsIt overlaps with the company’s existing products in terms of technology and processing equipment; 2) The company needs to combine external mergers, acquisitions and internal R & D capabilities.

The company has determined the two major directions of fuel cells and in-wheel motors. From 18 years to the present, there have been a number of substantial progresses, such as the recent acquisition of Danish Fuel Cell 上海夜网论坛 Components, etc., in addition to finding suitable projects and targets for external acquisition and integration, the companyHe is also actively training his team to improve his research and development capabilities.

  Reduce costs and increase efficiency, improve operation quality, and return shareholders with high dividends.

This year, the company’s business will still be affected. The market price will be reduced or affected, and the volume and price may not be improved. However, the company will resume the process of improving operation quality and management efficiency. It will continue to control and gradually reduce manufacturing costs, optimize the manufacturing process, reduce costs and increase efficiency.Expected earnings improvement.

The company’s operation will not be changed during the country VI switchover, and the country’s sixth stage can also make the advantages of advanced products such as Bosch Automobile Diesel become more prominent.

  It is recommended to consider that this year the passenger car market may be disrupted by the country ‘s 6th switchover. We lower our company ‘s profit forecast for 19/205.

twenty four.

7% to 23.

1/23.

800 million.

Companies currently generally support 8.

5x / 8.

3x 2019e / 2020e P / E, maintain A / B stock recommendation rating, corresponding to earnings forecast adjustment, we cut the company’s A share target price by 5% to 23.

5 yuan, corresponding to 10.

3x / 10.

0x 19e / 20e P / E and 21% upside.

Revise down B-share target price by 5% to 16.

1 build, corresponding to 6.

2x / 6.

0x 19e / 20e P / E and 10% upside.

  Risk New business integration fell short of expectations.

Jiansheng Group (603558): Leading socks industry enters seamless underwear production capacity in Vietnam releases thickening performance

Jiansheng Group (603558): Leading socks industry enters seamless underwear production capacity in Vietnam releases thickening performance

The hosiery industry and the seamless underwear double-leader company continued to grow rapidly.

Jiansheng Group was established in 1993. It mainly adopts ODM and OEM production models to provide world-renowned brands and retailers with their own brands in the manufacturing and foundry services of the hosiery industry. It was listed in January 2015 and acquired the domestic seamless underwear leader in 2017Enterprise-Qiaoer Tingting, cuts into the seamless underwear market, realizes resource integration and complementary advantages in technology, capital and customers.

Driven by the release of production capacity in Vietnam, Qiaoer Tingting gradually consolidated, the company achieved operating income of 15 in 2018.

7.7 billion (cotton socks / seamless underwear are 10 respectively.

16/5.

48 ppm), an increase of 38 per year.

62%; net profit attributable to mother 2.

0.6 million yuan, an increase of 57 in ten years.

20%.

Expansion of production capacity and expansion of category expansion create a comprehensive competitive advantage.

The company owns five cotton socks production bases in China including Hangzhou Jiansheng, Hangzhou Qiaodeng, Jiangshan Yideng, Jiangshan Sijin, and Jiangshan Knitting. The total production capacity in 2018 is close to 200 million pairs.Two seamless underwear production plants with a 深圳桑拿网 capacity of 23 million pieces.

Domestically, Hangzhou Smart Factory and Jiangshan Jiansheng Industrial Park will be built to promote the gradual integration and upgrading of industrial bases.

In Vietnam, cotton socks production capacity increased to 1 in 2018.

100 million pairs, the output ratio is 37.

2%, expected 19 years production capacity is 1.
.

At the same time, the civil work for the project of producing 18 million seamless underwears has been completed, and it is expected to start production by the end of the year.

In the future, the penetration rate of seamless underwear market will increase, Vietnam’s production capacity will be released, and high-speed growth can be expected.

Benchmark Shenzhou International to build Xiaoshenzhou in the underwear industry.

Jiansheng Group and Shenzhou International are 武汉夜网论坛 similar in that their core competitiveness is mainly reflected in significant product barriers, a preliminary integrated business development model, an international layout of production bases, and cooperation with international brand customers; the difference is thatShenzhou takes knitwear as its main product, and its market segment is relatively broad. Jiansheng cut in from relatively segmented socks to expand the development space by category and create a small Shenzhou in the underwear industry.

Earnings forecast: We expect the company to return to its mother net profit for 2019-2021.

62, 3.

37, 4.

370,000 yuan, corresponding to the company’s market value of 37 on September 12.

06 ppm, PE is estimated to be 14.

5 times, 11.

3X, 8.

7X, given a “prudent overweight” rating.

Risk warning: less than expected capacity release, business expansion risk, protectionist risk