Yu Nong Commercial Bank (601077) New Shares Report: First A + H Shares Listed Rural Commercial Bank Structure Optimization and Adjustments Continue

Yu Nong Commercial Bank (601077) New Shares Report: First A + H Shares Listed Rural Commercial Bank Structure Optimization and Adjustments Continue

Chongqing Rural Commercial Bank is the first rural commercial bank listed in the country with “A + H” shares.

As of 2018, 1 branch, 42 sub-branches, and 1772 branches were allowed. With the help of the government, it has developed into a financial institution with special management, technological innovation, and product diversification.

Chongqing’s location advantage is obvious, and the process of financial internationalization is accelerating.

The company is deeply rooted in Chongqing and has a geographical advantage in Chongqing, serving 80% of Chongqing’s population. The market share of small and micro products is high in Chongqing.

Analysis of the company’s profitability: 1. The company’s revenue growth in recent years has been generally weak among comparable banks, and the growth rate is lower than the overall level of listed city commercial banks and rural commercial banks in the western region.

The growth rate of net profit was a low point in 2018, and the inflection point in 1H19 increased 18 years in the upward direction.

9%, the growth rate is higher than comparable peers.

2. ROA and ROE are higher than the overall level of rural commercial banks and slightly higher than the average level of western banks.

The overall ROA of Yunong Commercial Bank is at a relatively stable level, and the ROA of 1H19 is 1.

22%, the best level since 杭州夜网 2015 and the highest among comparable banks.

3. From the analysis of profitability DuPont, the level of net interest income and middle income of Yunong Commercial Bank is significantly higher than comparable peers. Although there is a certain margin, it still supports the company’s ROA at a high level in the peer.

At the same time, from the perspective of the leverage ratio, the company’s leverage ratio is higher than the average level of city commercial banks, and ROE will be higher than comparable city commercial banks.

Net interest income in 1H19 achieved a breakthrough rebound on a low base, mainly due to the size factor.

From the expansion of scale and interest spread, changes in net interest income are mainly affected by the size of interest-earning assets. From the perspective of price trends, interest spreads continue to occur.

By decomposing 杭州桑拿 interest margins, the asset-side rate of return of Yunong Commercial Bank has certain advantages in comparable banks.

1) Asset-side yield: The restructuring of Yunong Commercial Bank actively adjusted the asset structure and increased the proportion of high-yield credit, resulting in a gradual rise in interest-earning asset yields from 2016 to the highest in 20184.

7%, but 19 long-term loan interest rates have declined, dragging down interest-earning asset yields to 4.


2) Debt-end interest payment rate: Under the situation that market competition intensified in 2018 and the average debt cost of listed banks improved and increased, Yu Nong Commercial Bank’s upward compensation cost was smaller than that of its western counterparts, and interest-bearing compensation payments decreased in 1H19.

31%, a slight increase of 1bp compared to 2018.

Asset-liability structure: 1) Asset-side: The growth rate of interest-earning assets has a range of interest rate changes in 2018, mainly due to contraction and pressure drop in the scale of bond investment, and the growth rate of loans has continued to expand.

From a structural point of view, the proportion of loans and bond investments is high, the proportion of loans has steadily increased, and the assets of the same industry have declined steadily.

In addition, loans to companies are mainly concentrated in manufacturing, leasing, commerce, and water conservancy and public facilities. The proportion of loans for expanding manufacturing has declined, and areas with relatively high NPL ratios such as water conservancy, environment, and public facilities management, as well as leasing and business.Emerging loans such as service industry.

Personal loans are mainly based on mortgages and consumer business loans. Credit card loans account for a relatively low proportion and are decreasing year by year.

2) Resistor side: The growth rate of the interest-bearing debt ceiling is also the lowest point in 18 years. 1H19 achieved restorative growth, which was mainly affected by the increase in value-added growth and pressure drop from the same industry.

From a structural point of view, the proportion of core debt has increased, and it has actively refused to tilt to issuing bonds, and has a high degree of dependence on interbank resistance.

The degree of current deposits has declined.

Asset quality and capital adequacy ratio: 1, non-performing ratio and non-performing netness: in 2018, the non-performing ratio rose one-time under the worsening of bad expectations, but the overall non-performing level is still at the low level of Southwest Bank, and the non-performing net ratio is also proportional.rise.

2. Proportion of focus loans: From the perspective of future adverse pressures, the company’s focus loans accounted for a downward trend in 2016-2018, but there was a slight increase in 1H19, and the focus loans accounted for 2.


From a horizontal comparison, the 1H19 company’s focus category ranks fifth among comparable banks, which has certain advantages over Southwest City Commercial Bank, but higher than the average level of rural commercial banks, which is higher than the average level of rural commercial banks for the first time in five years.

3. The risk compensation ability is at a superior level among comparable banks.

Chongqing Rural Commercial Bank’s provision coverage ratio, the ratio of provision to loan ratio is at a relatively high level among comparable banks. The provision coverage ratio in 1H19 was 368%, and the ratio of provision to loan was 4.


Attachment: Net assets before the issue (calculated based on the company’s audited equity attributable to the parent company divided by the total share capital before the issue on March 31, 2019): 7.

37 yuan.

In addition, in the offline issuance, 30% of the shares allocated to each placement target have no lock-in period, and the shares can be circulated from the date of the listing of the Shanghai Stock Exchange; 70% of the shares are locked for 6The lock-up period is calculated from the date of the issuance of shares on the Shanghai Stock Exchange.

Risk Warning: The risk of regional economic deterioration.Risk of insufficient bank capital.

Risk of policy changes.

The subscription of new shares has a lock-up period, which may lock up the operating indicators of listed companies or present risks.

Hongfa (600885) Company Comments: Mergers and Acquisitions of Haila Group Relay Business Leader Gradually Further Consolidated

Hongfa (600885) Company Comments: Mergers and Acquisitions of Haila Group Relay Business Leader Gradually Further Consolidated

Event: The company’s holding company Hongfa Automotive Electronics intends to purchase 100% equity of Hella Automotive Electronics from Hella Holdings, and purchase all assets related to the relay business (including SSR and other relays) from Hella Electric.The transaction price of the 100% equity of La Electronics is 55.15 million yuan, the transaction price of Haila Electric Assets is 37.25 million yuan, and the total transaction consideration is 92.4 million yuan.

The subject of the transaction is the world’s leading supplier of automotive relays.

Established in 2003, Hella Automotive Electronics is responsible for the development, production, and sales of automotive relays. It is a partner of Volkswagen, Audi, Daimler and other global top automotive manufacturers. It ranks among the top in the automotive relay field, with revenue of 2 in 2018.

380,000 yuan, net profit 0.

6.8 billion; Haila Electric was established in 2012. Some of its business involves the production and sales of automotive relays. Its main customers are OEMs such as Shanghai Volkswagen, FAW-Volkswagen and Tier 1 auto parts suppliers such as Delphi Automotive Wiring Harness. The revenue in 2018 was 0.

820,000 yuan, net profit 0.

1.6 billion.

Merger and acquisition of the entire relay business of the Hella Group, the automotive relay share has increased significantly.

In 2018, the scale of the global relay business of the Hella Group was 43 million euros, which was equivalent to about 3 yuan based on the euro exchange rate on November 12.

3 ppm; In 2018, the company’s automotive relays and high-voltage DC relays reached 9 relays respectively.


700 million, the global share reached 8% / 20%.

Before the transaction, the average value of all relay business of Hella Group worldwide was shared by Hella Automotive Electronics and Hella Electric. After the completion of the transaction, the company’s automotive relay expansion is expected to further increase to more than 10%.

At the same time, the cooperative relationship established with the world’s top car companies such as Volkswagen and Audi will help the company’s development strategy. In the future, the company’s overseas investment in automotive relays is expected to increase rapidly.

In the third quarter, the decrease in automotive relays narrowed, and high-voltage DC relays maintained a high growth trend.

The impact of the decline in global automotive demand in the first quarter on the company, and the demand gradually stabilized in the second and third quarters. The automotive relay shipments in the first three quarters were interchanged by 20%, and the decline was narrowed.It has successively supplied small quantities to overseas benchmarking customers such as Mercedes-Benz, Volkswagen, and Tesla. In the next 5-10 years, it has locked the main supplier department of overseas benchmarking customers, referring to the global leader in new energy automobile relays.

The mass production of domestic Tesla is about to bring a new round of growth drivers.

The company’s high-end DC relay customers continue to develop in the field of high-end customers. The domestic expansion has rapidly increased to 40%, and the global scope has reached 20%. It is expected to become a major supplier of domestic Tesla high-voltage DC relays.

The domestic Tesla Model 3 aircraft is expected to be produced by the end of 2019. If the annual output is estimated to be 150,000 units, assuming that the value of a single high-voltage DC relay product is 600-900 yuan, it will bring zero demand for high-voltage DC relays.


35 ppm, corresponding to the company’s 2018 high-voltage DC relay revenue elasticity of 15.

8% -23.

7%, corresponding to the company’s overall revenue elasticity in 2018 is 1.

3% -2.


In the medium and long term, if the calculation is based on 500,000 crops, the overall revenue elasticity of the company in 2018 is 4.

3% -6.


Investment suggestion: The company is a global relay leader. This merger and acquisition further enhances the global competitiveness of automotive relays. At present, mass production of domestic Tesla is imminent. Demand for electricity meters is maintained at a high level. Overseas benchmark customers for new energy vehicles have been locked in.Waiting for the reversal, it is expected that the company’s net profit attributable to mothers in 2019-2021 will reach 8 respectively.



1.4 billion, with EPS of 1.



50 yuan, corresponding to the closing price of PE on November 12, 2019 were 24.



8 times, maintaining the overweight level. 西安耍耍网 Risk warning: Macroeconomic growth is slower than expected, capacity expansion progress is lower than expected, and market competition is intensifying

Yanjinpuzi (002847): Earlier than expected profit elasticity release

Yanjinpuzi (002847): Earlier than expected profit elasticity release
The event company’s 2019 H1 performance forecast announced that the report realized net profit attributable to shareholders of listed companies of 60-70 million yuan, an increase of 53.14% -78.67%.  A brief review of Q2’s performance exceeded expectations, and the profit elasticity began to show the company’s 2019 H1 performance forecast. The report realized net profit attributable to shareholders of listed companies of 60-70 million yuan, an increase of 53.14% -78.67%.In the second quarter of 2019, the company realized net profit attributable to shareholders of listed companies of 3151.35-4151.350,000 yuan, an increase of 158 in ten years.53-240.57%.  The growth of the company’s performance exceeded expectations, mainly due to the fact that the revenue end was subject to product strategy adjustments, channel strategy adjustments, and channel development effects have maintained rapid growth. H1 is expected to maintain a growth rate of about 40%.Specifically, 1, since the company focused on the development of baking, after more than a year of market development and expense, it gradually began to enter the harvest period, and through the upgrade and adjustment of product structure, the profitability is still steadily improving; 2.The scope of the promotion of the snack island Nakashima project has begun to enter the positive harvest period. Grassroots research shows that after the implementation of this project, the average revenue of a single store will increase by 30-50% until the first half of this year.5000+ homes, the above two factors are the most important for the income-side growth in 2019.  Q2 profit began to increase, mainly due to the company’s 杭州夜网 revenue growth. At the same time, it continued to optimize internal management and resource allocation. After running through the adjustment period of 1-2 years, the cost and cost control improved, and the effect of scale began to show.The driving force for the 2019Q2 increase in net profit of shareholders of listed companies.  Products and channels work together to ensure performance growth. The company has adjusted its product structure in the past two years. Bakery products have gradually become the company’s main business segment. While maintaining a steady growth in sustainable soy products business, it has continuously cultivated baking, vegetarian food, dried fruit, etc.The new category paves the way for the company’s current and future growth. Gradually, through continuous upgrades and updates, the product structure can 无锡桑拿网 be rapidly upgraded and the profitability can be optimized for a longer period.From the perspective of channels, the company pursues the marketing network development concept of “super direct sales, follow distribution”, currently covers 2000+ KA stores, and there is still a lot of room for expansion nationwide.At the same time, the company launched a snack-in-the-island model, and the single-store revenues have improved significantly. In the future, the income side will promote continuous improvement.  Profit forecast: The company’s annual output update rate is maintained at 15-20%, but to a certain extent, it has guaranteed the company’s ability and space to improve its product structure.In 2018, the baking product line began to gradually increase in volume, and terminal sales remained good. It is expected to grow more than double this year; the vegan product category is gradually enriched and is expected to become another major growth point this year; gradually, the traditional soybean product and other product series have also maintained steadyThe growth status is expected to grow 5-10% in the future.On the whole, the company is expected to achieve net profit in 2019-2021.09, 1.45, 1.890,000 yuan, corresponding to EPS0.88, 1.17 and 1.52 yuan / share, corresponding to PE34.28, 25.79, 19.85.  Risk reminders: the risk of rising costs, the risk of new product production and sales falling short of expectations, food safety risks, etc.

Qianyuan Power (002039) Investment Value Analysis Report: Outstanding Cash Creation Capability, Dividend Prospects, Deductive Value

Qianyuan Power (002039) Investment Value Analysis Report: Outstanding Cash Creation Capability, Dividend Prospects, Deductive Value
The core point is that the free cash flow yield is as high as 23.6%, ranking first in the past; the prominent advantage of electricity 天津夜网 prices pushed the company’s ROE to the forefront of the industry; the long-term investment in shares pushed the company to increase the dividend payout ratio boots to increase the yield; the DCF estimation method was used to derive a target price of 18.70 yuan / share, covering for the first time, given a “buy” rating.   Regional hydropower company with outstanding cash creation ability.The company is the only listed power company in Guizhou Province, focusing on hydropower generation. The actual controller is Huadian Group, which holds a total of shares.9%.The company’s main assets are the cascade power plants in the Beipanjiang River Basin. All 9 hydropower stations under its jurisdiction have been put into operation, with a total installed capacity of 3,231MW and an equity installed capacity of 1,827MW.  In 2018, the company completed 91 power generation.200 million kilowatt-hours, net profit attributable to mothers3.700 million.   Poor water supply from H1 affects electricity, but it is expected to improve in the second half of the year.The fluctuating water flow of the company’s power plant is at the same relative relative offset, affected by the decrease in upstream water flow, and the power generation in 2019H1 is 31.300 million kWh, a 23% decline each year.From the recent weather conditions, the recent precipitation in the basin where the company’s power station is located has improved. It is expected that the company’s water supply may improve during the flood season, which will promote the overall development of the water supply in the second half of the year and promote the company’s power capacity.   High electricity prices boost asset competitiveness, and financial savings become an important driver of performance.The company’s on-grid electricity price including tax in 2018 was 0.At RMB 307 / kWh, it ranks among the top hydropower companies, and the advantage of electricity prices pushes the company’s ROE to the forefront of the industry.  The company’s capital expenditure cycle has ended, entering the debt repayment cycle, and the asset-liability ratio has dropped to 71 at the end of 2018.5%, asset-liability ratio is expected to reach 60 in 2021.4%, the average annual decline in the next 3 years is about 3 units.Expected 2019?The average financial cost savings in 2021 is zero.5.9 billion, financial cost savings significantly boosted performance.   Changdian Power has invested in improving its governance structure and improving the prospects for dividend distribution.2017?The dividend payout ratio for 2018 was 28.6% and 24.9%, which is relatively low among hydropower companies, and the corresponding company’s dividend yield is also behind that of hydropower companies.Along with the company’s adequate capital protection for dividends after the end of the company’s capital expenditure cycle, and new shareholders have a demand for dividends after long-term capital investment, the company will maximize the probability of increasing the dividend rate in the future, and the increase in the dividend rate will significantly increase the company’s attractiveness and allocationvalue.   Risk factors: Turning water to dryness; downward 天津夜网 adjustment of electricity price; marketization of profit margin and scale intensified.   Investment advice: What do we expect the company to do in 2019?Net profit in 2021 is 3.49/4.02/4.46 ppm, a ten-year increase of -5.0% / 14.9% / 11.0%, the converted EPS is 1.14/1.31/1.46 yuan, the current sustainable corresponding P / E is 12/10/9 times.The company is highly suitable to use discounted cash flow estimation and WACC6.27% and 0.0% sustainable growth hypothesis, the company’s target price is 18.70 yuan / share, covering for the first time, given a “buy” rating.

Jinyu Medical (603882) Company In-depth Report: The Profitability of the Leading National Chain Independent Medical Laboratory in the Harvest Period Promotes Continuous Improvement

Jinyu Medical (603882) Company In-depth Report: The Profitability of the Leading National Chain Independent Medical Laboratory in the Harvest Period Promotes Continuous Improvement
Our core ideas: 1) Beginning the policy advancement of tiered diagnosis and treatment and medical insurance control fees from 2018, Golden Mile Medical is an industry leader, aiming to directly benefit from the possibility of industry development brought by the implementation of the policy; 2) National layout of the company’s laboratoriesCompleted, most laboratories have entered the profit cycle one after another, and the profitability has continued to increase. We expect the company to achieve more than 30% performance growth in the next three years; 3) The company will continue to improve its mass spectrometry, genetic testing, and pathology through independent research and development and outreach cooperation.Competitive advantages of leading industries in high-end special inspection projects in diagnosis and other aspects. The smooth progress of graded diagnosis and treatment coupled with the tightening of hospital control fees has promoted the rapid increase in the breakthrough rate of inspections.According to the research report of the National Institutes of Health’s Health Development Research Center, the penetration rate of inspection breakthroughs in 2017 is about 5%, which is much lower than the US 35%.2018 is the second year of the implementation of graded diagnosis and treatment. At the same time, the expansion of medical institutions under the pressure of cost control has further strengthened the demand. Assuming a penetration rate of 10% in 2021, the market size of independent medical laboratories is expected to reach 37 billion.Jinyu currently has a total of 37 laboratories, providing more than 2,600 inspection items, and the end customer exceeds 2.As the industry leader, 20,000 medical institutions have directly benefited from the expansion of the industry scale. The layout of provincial laboratories has been completed, and customer stickiness has been continuously strengthened through cooperation and co-construction.By the 武汉夜生活网 end of 2018, 21 of the company’s 37 provincial-level laboratories are expected to have realized profitability. More and more laboratories have been turned into profitability. The company’s net profit rate is expected to increase from 6% to about 8% -10%.We have promoted a cooperative and co-construction model based on quality. By 2018, we have cooperated with nearly 400 medical institutions to jointly build regional inspection and pathological diagnosis centers. As the co-construction and terminal customers are more sticky, it will help the company to improve its competitiveness. High-end tests such as high gross profit, high barriers of genomics, mass spectrometry, and pathological diagnosis are the core competitiveness of the company in the future.The company continues to increase the layout of high-end projects, cooperates with well-known hospital pathologists at home and abroad to establish a “remote digital pathology consultation center”, and cooperates with Lu Yuming, the “father of NIPT”, to develop the third generation with the global gene giant Illumina.In the NGS system, we believe that through the increase in the proportion of high-end projects, the company’s core competitiveness is expected to continue to improve in the future. Earnings forecast and estimation: We expect the company’s revenue in 2019-21 to be 54.71, 65.90, 79.110,000 yuan, an increase of 20 in ten years.90%, 20.44%, 20.06%, net profit attributable to the parent company3.42,4.57,6.09 million yuan, an annual increase of 46.47%, 33.74%, 33.16%, corresponding to EPS is 0.75, 1.00, 1.33. At present, the company expects to correspond to 51 times PE in 2020. Considering the high degree of prosperity of the third-party inspection industry and the small enterprises under high barriers to clear one after another, the company, as an industry leader, promotes the rapid development of the directly benefiting industry.Based on the increase in net interest rate, we believe that the company’s reasonable expectation range is 55-60 times and the reasonable price range is 55-60 yuan in 2020. It is covered for the first time and given a “buy” rating. Risk reminder: The profit time of the laboratory is not up to the expected risk, the quality control risk, and the account receivable management risk.

Hongbo shares (002229): First quarter report under pressure to acquire Flanders continues to advance

Hongbo shares (002229): First quarter report under pressure to acquire Flanders continues to advance
Event: The company released the report for the first quarter of 2019: operating income in Q1 of 20191.42 trillion, down 11 a year.36%, net profit attributable to mother -805.570,000 yuan, a year of loss reduction of 15.33%, deducting non-net profit -1003.230,000 yuan, basically flat for one year.In terms of cash flow, in Q1 2019, cash received from selling goods and providing labor services1.40,000 yuan, 31 years average.1%, net replacement of net cash flow from operating activities.8.3 billion.The company expects to achieve a net profit of -10.50 to -7.67 million yuan in 2019H1, and a net profit of -9.13 million yuan to its mother. Opinion: The industry is fiercely competitive and the company’s main business profit potential.In Q1 2019, the company’s gross profit margin and net profit margin were 22 respectively.43%, -5.08%, ten years ago1.25, 0.45pct, the company’s revenue and average profit increased, mainly due to intensified industry competition.In the first quarter of 2019, the company achieved good control of the expense ratio through measures such as optimized management, cost reduction and efficiency improvement, among which the period expense was 24.82%, ten years ago 1.75pct, sales / management / R & D / financial expense ratios are 7 respectively.71% / 14.07% / 3.02% / 0.01%, short-term changes of -1.74/1.05 / -0.96 / -0.1 pct. Create a layout of the entire lottery industry chain and vigorously develop new businesses.The company actively arranges color lottery R & D and electronic lottery business operations. Through electronic lottery, lottery R & D, and lottery platform construction, it cuts into the lottery’s upstream lottery R & D and downstream sales fields, and strives to open up the entire lottery industry chain, and conducts research and development in the first quarter of 2019.50,000 yuan.At the same time, the company vigorously develops new business. The newly developed “Happy Shifen” video lottery game is launched in Chongqing Fucai, and funds are invested in the development of sports lottery Android terminals. Acquired Huawei’s 5G core suppliers and entered the upstream of the 5G industry chain.The company and Hong Kong Flanders Technology Co., Ltd. signed the Flanders Technology (Shenzhen) Co., Ltd. Equity Transfer Framework Agreement in Fuzhou. The company intends to use cash3.4.5 billion acquisition of 30% stake in 南宁桑拿 Flanders Technology. According to the first quarterly report, the company will sign a formal distribution agreement with Flanders’ shareholders after the completion of Flander’s auditing and other tasks, and at the same time carry out the corresponding approval process.Flander’s main products are base station antennas and RF devices. There are currently three domestic production bases. Customers include Huawei, Jingxin Communications, BYD, Foxconn and other well-known manufacturers.Flanders Technology is Huawei’s strategic core supplier. It is the first echelon of domestic base station antenna production and manufacturing companies listed in the same industry as Dongshan Precision.The forthcoming Hongbo shares complete the acquisition of Flanders, which will improve the 5G strategic layout in the 5G era, create new profit growth 厦门夜网 points for the company, and enhance the company’s overall profitability. We expect the company’s EPS for 2019-2020 to be 0.1, 0.34 yuan, corresponding to PE for 2019-2020 is 104.92, 30.4x, maintain “Buy” rating. Risk warning: The development of the lottery’s main business is less than expected, and the new business fails to meet expectations.

Shanghai Electric Power (002463): Long-term performance growth and profitability hit a record high

Shanghai Electric Power (002463): Long-term performance growth and profitability hit a record high

Initial performance growth and profitability hit a record high.

Company revenue in 2018 was 54.

$ 9.7 billion, an increase of 18 per year.

81%; net profit attributable to mother 5.

70 ppm, an increase of 180 in ten years.

29%; the company’s comprehensive gross profit margin is 23.

41%, the overall approved interest rate has returned to the industry-leading level and broke the company’s historical record.

The high growth expectation of the company’s performance is that Huangshi Factory turned losses into profit, Huli Microelectronics still maintained stable growth, and the profitability of Qingye Factory was restored and 厦门夜网 broke through the highest level in history.

The company expects that the net profit attributable to mothers in Q1 2019 will be 1.


70,000 yuan, an increase of 99 in ten years.

48% -142.

22%. Expected operating income and gross profit margin have increased from the same period last year.

  Benefiting from the start of 5G construction, the enterprise communication board business has entered a long-term dividend period.

Corporate Communications Board Revenue in 201834.

85 ppm, an increase of 20 in ten years.

02%; gross profit margin 24.

66%, an annual increase of 7.


5G temporary shooting will be submitted in 2019 to start 5G trial commercial construction. It is expected that the 5G construction cycle will continue for 5-7 years and the number of base stations will reach 1 for 4G.

More than 5 times, the transition from passive antennas to active antennas will form a strong demand for PCB boards.

The company’s enterprise communication products are leading in the industry, integrating Huawei, Ericsson and other well-known customers at home and abroad. 5G products have completed most of the product technology certifications in 2018, and have participated in the construction of multiple 5G test networks around the world.

  Optimize the product structure of automotive panels and expand competitive advantages to ensure growth.

The company’s auto plate revenue in 201812.

82 ppm, an increase of 13 in ten years.

64%; gross margin is 24.

01%, an annual increase of 2.


The company continues to optimize the automotive board customers and product structure. Both 24GHz automotive high-frequency radar and PCB products for BMS have achieved rapid growth, and 77Ghz automotive ranging radars have also begun to provide stable supply.

The global automotive electronics market in 2019 is not optimistic. Domestic competition may intensify. The company will focus on the high-end, safe automotive plate field, accelerate research and development investment in new technologies, and reduce costs to maintain and expand its competitive advantage.

  Profit forecast and investment suggestions: Through the increase of the company’s production capacity and the proportion of high-end products, it is estimated that the net profit attributable to mothers in 2019-2021 will be 7 respectively.



23 ppm, the current sustainable corresponding dynamic PE is 26/21/17 times, maintaining the “overweight” level.

  Risk warning: 5G 北京夜生活网 and auto plate demand are less than expected; capacity improvement is less than expected.

Radio and Television Metrology (002967): One-stop + integrated testing to escort Made in China

Radio and Television Metrology (002967): One-stop + integrated testing to escort Made in China

The second comprehensive testing company of A shares, which is expected to return to the mother net profit compound growth rate of 39% in 2019-21. The metering business will start, successfully enter the testing market, and expand the six major product lines such as continuity and environmental testing. The downstream customers cover specialIndustry / Automotive / Electronics / Railway and other fields.

15-18 years CAGR of return to motherhood reached 43%. State-owned enterprises have overlapping backgrounds and fully participate in incentives. A stable development strategy and expansion of efficient execution have created unique growth advantages.

13 to 18 new inspection bases are added every year, and currently has 23 laboratory bases. The national layout has been basically completed. The high point of capital expenditure has been reached. In 19 years, it has entered the replacement period. In 20 years, it has entered the performance release period.EPS is expected to be zero in 19-21.



85 yuan, with reference to comparable company’s 20-year P / E median 42x, given 20-year 58-63x target P / E, target price 33.


54 yuan, for the first time, give “overweight” rating.

  Robust measurement, reliability / EMC rapid development, and food / environmental profitability will usher in a substantial increase in the company ‘s measurement business. It covers ten major measurement calibration fields, with 18 years of revenue extension + 43%, gross profit margin of over 50%, and market shareUp to 4.

6%, earlier 16 years +1.

3 points.

18 years of testing service revenue + 52%, including relatively strong reliability and environmental tests (18 years market share 3).

5%, the same below) and electromagnetic compatibility testing, downstream covers special industries, electronic appliances, etc., higher barriers.

Food testing (market share 0.

5%) / Environmental inspection (market share 0.

4%) for the company ‘s new business, accelerating the construction of related laboratories in 16-18, and maintaining rapid growth in revenue (CAGR of 245% / 42% in 14-18). The gross profit margin has changed significantly. At present, the layout has been basically completed. WeIt is expected that after the initial cultivation, the production capacity will be maximized and continuously increased, bringing food, and environmental protection testing has realized double growth in revenue and profits since 20 years.

  State-owned assets holdings, full incentives, peak capital expenditures will lead to accelerated release of profits. The company expanded rapidly during the 13th Five-Year Plan period. Currently it has 23 laboratory bases and has basically completed the nationwide layout.Interest rates have bottomed out. The laboratory capacity will increase in 20-21 years. It is expected to usher in a period of high performance from the high-input period to the release period of performance.

The company’s fixed assets turnover twice in 18 years.

1. The per capita output value is 31 million / year, and the ROE is 15%; the sales expense ratio / management expense ratio (including R & D) is 21 in 14 years.

1% / 19.

8% down 4.


5 points to 16.

9% / 17.

3%, new projects are gradually implemented, and the sales scale continues to increase. It is expected that the continued decline in the expense ratio will increase profitability.

上海夜网论坛As a conventionally held third-party measurement and testing institution, the company held a leader’s shareholding in 2009, and its core employees were fully motivated.

  The inflection point of performance is approaching, and the first coverage is given an “overweight” rating with a target price of 33.


The 54 yuan conversion company’s projects under construction gradually landed, the scale effect appeared, and the increase in laboratory production capacity was expected to bring upward turning points.

It is estimated that the net profit attributable to the mother will be 19-21.



80,000 yuan, corresponding to 0 EPS.



85 yuan, currently expected to correspond to 75/57 / 39xP / E in 19-21 years, with reference to the company’s 20-year P / E median 42x. Considering that the company’s advantageous business has maintained a steady growth, the business has been cultivated through a preliminary layout.With the double growth of earnings and profit, the profit is expected to increase significantly. As a rare comprehensive testing agency, it is entitled to a certain valuation premium, giving it a target P / E of 58-63x for 20 years and a target price of 33.


54 yuan / share, for the first time, give “overweight” rating.  Risk warning: business development is less than expected, profit margins are increasing less than expected, and the risk of brand credibility is falling.

Wingtech (600745) Interim Review: 2Q Revenue Hits New Quarterly High

Wingtech (600745) Interim Review: 2Q Revenue Hits New Quarterly High
Investment Highlights: Interim Report: Operating income 114.34 ppm, an increase of 110 in ten years.71%; Net profit attributable to shareholders of listed companies.9.6 billion yuan, compared with -1 in the same period last year.7.7 billion; deduct non-net profit1.3.9 billion. 2Q revenue grew by 76 in ten years.5% exceeded expectations and gross margin improved by 2.9 points to 9.3%.Single-quarter revenue for the second quarter of 2019 was 65.50,000 yuan, an annual increase of 76.5%, an increase of 34% from the previous quarter; single quarter gross profit margin of 9.3%, an increase of 2 per year.9pct, an increase of 2 from the previous month.3 points.Net cash flow from operating activities in the first half of the year.6.6 billion, with revenue matching the supplementary operating cash inflow quota. AXA became a rare high-quality A-share semiconductor asset.AXA Semiconductor is a leading global semiconductor standard device supplier, focusing on the logic, discrete device and MOSFET markets, and has more than 60 years of semiconductor professional experience.Its products are widely used in automotive, industrial and energy, mobile and wearable devices, consumer and computer fields.In 2017, the company’s shares exceeded 1.3 billion U.S. dollars and its market share accounted for about 13.4%, the global rankings of market segments are among the top three. The communication customer base is more balanced than in 2018, and the profit margin of ODM business is expected to return in 2019.Wingtech’s profits come from the four major ODM profit models, including project development fees, technology royalties, foundry fees and procurement (supply chain 北京夜网 management) fees. In 2018, Wingtech entered Vodafone, OPPO, LG, Samsung and other mobile phone customers, as well as Huawei and other customers’ notebook business. The increased participation in procurement and OEM endeavors will help increase the profitability of single machines in 2019. Wingtech and Anshi have formed synergy in applications such as automotive electronics, consumer electronics, smart homes, and IoT terminals, and major regeneration has been carried out in an orderly manner.AXA Semiconductor is a leading global semiconductor standard device supplier, focusing on the logic, discrete device and MOSFET markets, and has more than 60 years of semiconductor professional experience.Its products are widely used in automotive, industrial and energy, mobile and wearable devices, consumer and computer fields, and are expected to form synergies.In 2017, the company’s shares exceeded 1.3 billion U.S. dollars and its market share accounted for about 13.4%, the global rankings of market segments are among the top three.Currently, Hefei Zhongwen Jintai has paid the transferor the second transfer price of RMB 57.57.5 million for the acquisition of the underlying assets. Upgrade earnings forecast and maintain overweight rating.Wingtech’s mid-term results exceeded expectations.Benefiting from the increase in revenue from mobile phone customers, the 2019/2020/2021 revenue forecast was increased from US $ 208/234/275 million to US $ 244/295/369 billion, and the net profit attributable to mothers was increased from 2.0/4.5/5.200 million increase 4.4/5.6/6.4 trillion, maintaining the overweight rating.

Daqin Railway (601006): Hydropower squeezes thermal power downstream inventory ahead of flood season

Daqin Railway (601006): Hydropower squeezes thermal power downstream inventory ahead of flood season

Highlights of the report Description In June 2019, the company’s core operating assets, the Daqin Line, completed a reduction of 3582 in cargo transportation volume, a decrease of 7.

78%; From January to June, the Daqin Line gradually completed the reduction of cargo transportation volume by 21820, a decrease of 3.


Incident Comment The thermal power was squeezed ahead of schedule during the flood season, and high-level inventory suppressed shipments.

According to the 上海夜网论坛July regular press conference of the China Meteorological Administration, this year’s flood season is early, with heavy rain events (16 times), high intensity and high overlap.

Therefore, since May, hydropower has performed well and has formed a staggered squeezing effect on thermal power. It is a marginal variable that the power industry’s alternate growth rate of thermal coal has weakened month by month since the second quarter.

Against the background of weaker downstream demand, 1) Caofeidian and Qinhuangdao coal ports have maintained historically high levels of coal; 2) The average daily available coal quantity of the six major power generation groups has continued to rise on the high base in 2018, and demand digestion is not smoothAs a result, the inventory was high to counter the coal transportation volume. In June, the daily average transportation volume of the Daqin Line reached 119.

With 4 samples, there was a significant decrease in capacity maximization.

In the first half of the year, the variables were gradually digested, and the previous revenue gains were still present.

In the first half of 2019, the Daqin Line realized traffic volume2.

2 billion tons, a decrease of 3 previously.

2%, taking into account the impact of safety inspections on shipments after the initial Yulin coal mine accident, even in the second quarter due to the impact of hydropower squeezed thermal power demand and downstream high inventory, the reduction in shipments2.

6%, but the decline has narrowed compared with the first quarter.

According to Columbia University’s prediction, the probability of “El Ni?o” will decrease in the second half of the year, and the squeeze out effect of hydropower may gradually be digested.

The Daqin Line is the core line of the West Coal and East Transport. 1) A complete set formed by long-term cooperation with coal enterprises. The dredging system has operational efficiency advantages; 2) the shorter distances compared to competing routes and the applicable special coal transportation.Price co-casting cost advantages, whether in the West Coal and East Transport System or the newly-built Menghua Railway subregion, have comparative advantages. Under the attenuation of marginal effects, the gradual volume replacement still exists.

Trailblazers with timely and stable operations, high dividends and underestimates still have configuration value.

As the most important freight company of the China Railway Group, the company has a more stable operation in the “transit-to-rail” era. At the end of 2018, it acquired a portion of the equity of Tanggang Company in exchange for its mutual consolidated statement.With sustainable stability.

The company maintains a high dividend policy for a long time to maximize shareholders’ equity. Considering the change in the dividend ratio after the acquisition of Tanggang Company, based on the 2019 profit forecast, the July 8 and 2018 dividend ratio, the company’s current valuation is used as the basis.


At present, the company’s PB estimates have fallen below the 10% quantile since 2011. High scores and low estimates still have configuration value.

The company’s EPS for 2019-20都市夜网 21 is expected to be 0.

98, 1.

00, 1.

01, the corresponding PE is 8, 8, and 8 times, maintaining the “buy” level.

Risk Warning: 1.

Coal demand has deteriorated severely; 2.

Hydropower generation has grown more than expected.