Hengli Petrochemical (600346): Cash flow continues to improve, and PTA and ethylene projects continue to grow rapidly

Hengli Petrochemical (600346): Cash flow continues to improve, and PTA and ethylene projects continue to grow rapidly

Event: The company released the third quarter report of 2019, and achieved operating income of 763 in the first three quarters.

29 trillion, +74 for ten years.

14%; net profit attributable to mother 68.

1.7 billion, +86 a year.


Among them, Q3 2019 single quarter realized operating income of 339.

96 trillion, ten years +95.

61%, +24.

62%; net profit attributable to mother 27.

96 trillion, ten years +57.

96%, compared to -20.


EPS0 for the first three quarters.

98 yuan.

  Main points: 1.

The large-scale refining and chemical project was put into operation, and the cash flow improved significantly. On May 17, 2019, the company’s 2000 annual budget / year large-scale refining and chemical project of the company was formally put into full production. It has now been consolidated and the company’s fixed assets have risen to 82 billion yuan.

The output and sales volume of the project were 479 for chemicals.

3 Announcements / 478.

41 average, refined oil 171.

91 Statutory / 170.

79 ounces.

  Taking the total product volume of 378 in the third quarter to exclude measurement (excluding PX and acetic acid for own use), the Q3 of this project is running at full capacity in a single quarter.

For Q1-Q3 2019, the company’s net cash flows from operating activities were -38.

05 billion, 161.

8 billion, 142.

4.8 billion.

It can be seen that after the refining and petrochemical projects are put into production, the company’s cash flow has improved significantly.

However, due to the company’s multiple projects under construction, it is still in a period of intensive capital expenditure and the asset-liability ratio is as high as 80.


  In the first three quarters of 2019, the company reorganized PTA, and the production and sales of polyester business were basically stable. Among them, polyester sales increased and PTA decreased.

In terms of price, polyester filament (-9% for civilian use and -17 for industry).

63%), polyester chips (-10.

9%), engineering plastics and polyester film (-15.

09%), PTA (-1.

31%) The average price of products shifted to varying degrees.

At present, the market is too pessimistic about downstream demand, but according to our calculations, from January to August 2019, upstream polyester filaments gradually gained 1996 instead of +13.

5%; gradually export 179.

74 Initially, at least +15.3%; gradually net exports 172.

660,000, ten years +17.

03%; apparent consumption is 1824 per year, an increase of 13 per year.



The PTA and ethylene projects are expected to be put into production at the end of 19 and early 20s. (1) The 重慶耍耍網 company is constructing a 150-ton / year ethylene project, including a 150-ton ethylene unit and supporting 12 sets of chemical units, to further increase the added value of products and the competitiveness of refining.

The project is expected to be delivered in the fourth quarter of 2019, and will be fully operational at the end of 2019 or early 2020.

  According to the project feasibility study report, after the project is fully operational, it is expected to achieve annual sales income of 24.3 billion yuan and an average annual net profit of approximately 4.3 billion yuan.

(2) The 250 budget / year PTA-4 project is under construction and is expected to be commissioned for production in the fourth quarter of 2019.

According to the feasibility study report, after the project has reached production and efficiency, it is estimated that the average annual sales income will be 112.573 million yuan and the annual average total profit will be 906.98 million yuan.

At the same time, there are 250 PTTA-5 projects expected to be completed in mid-2020, when the company’s total PTA production capacity will reach 1160 years / year.

(3) A 135-ton high-performance multi-functional high-quality new textile material project is under construction.

It is estimated that the annual sales income is expected to be 156 after the project is fully in production.

60,000 yuan (including tax), the total annual profit is 2,661.8 million yuan, and the profit after tax is 1,999.63 million yuan.


Earnings forecast and rating We estimate that the company’s net profit attributable to its parent for 2019-2021 will be 91.

8.3 billion, 117.

48 ppm and 145.

490,000 yuan, corresponding to EPS 1.

30 yuan, 1.

67 yuan and 2.

07 yuan, PE 12.

5X, 9.

8X and 7.


Considering that the company’s large-scale refining and chemical projects are in production and entering the harvesting period, at the same time, it is accelerating the improvement of the integrated development of the entire industrial chain and increasing the added value.

  Risk warning: macroeconomic fluctuations, rising product prices, and project commissioning progress is less than expected.

Turkey, Turkey kill 22 Turkish soldiers in air raid on Syrian Idlib territory

Turkey, Turkey kill 22 Turkish soldiers in air raid on Syrian Idlib territory
Xinhua News Agency, Ankara, February 27 (Reporter Zheng Siyuan) is talking with the Turkish side on the 27th of the Russian flag 南京夜生活網 of Turkey on the antiques of the Idlib province in northwestern Syria.On the same day, Turkish troops were attacked by Syrian government forces in Idlib, killing 22 Turkish soldiers.  It is reported that Turkish news agency Anadolu reported that Ohio, led by Russian Deputy Foreign Minister Sergei Vershinin, entered the Turkish capital Ankara on the 26th to hold antique talks with Turkey on the issue of Syria.This is the second time that the Russian side has sent to Turkey this month to carry out the Idlib issue.  The report quoted Turkish Ministry of Foreign Affairs as saying that Turkish Deputy Minister of Foreign Affairs Cedat Ernar and others held talks with Russia.The Turkish side stated that both parties to the conflict in the region should immediately cease fire and implement the agreement signed by the Turkish and Russian sides in Sochi in September 2018 to protect civilians from causing disasters and avoid triggering large-scale refugee flows.  Russian Foreign Minister Zaharova said at a briefing on the Russian Foreign Ministry on the 27th that the Russian President is conducting an Ankara talk with Turkey, covering all issues related to the normalization of the situation in Syria’s Idlib.She said that this round of carbonization could last for many days.The Russian side believes that one of the nature of the escalation in Syria’s domestic tension is that Turkey has not completed the agreement reached in September 2018 by Russia and Turkey to replace it.  Turkish media reported on the 27th that Turkish troops were attacked by government forces in Idlib province on the same day, killing 22 Turkish soldiers and injuring many others.  According to Russian media reports, Syrian opposition forces launched an attack on Syrian government forces in Sarakib, Idlib province on the 27th with the support of Turkish troops.The Turkish army also fired portable anti-aircraft missiles against the armed Russian fighter planes that bombed the opposition, but the Russian fighter planes resolved the attack.  The Turkish Ministry of Defence issued a statement on the 27th, saying that Turkish Defense Minister Akar had a phone conversation with US Secretary of Defense Esper on the same day to exchange views on finding a solution to the Idlib issue and the U.S. and regional defense issues.  Syria’s Idlib province, bordering Turkey, is the last major area of internal control of opposition armed and extremist groups in Syria.Syrian government forces have been hoping to recapture this 佛山桑拿網 area.In September 2018, Russian President Putin and Turkish President Erdogan met in Sochi, Russia, and the two sides decided to establish a demilitarized zone between Syrian government forces and opposition armed forces in Idlib province.According to the agreement, Turkey has established 12 observation points in Idlib in the name of monitoring the ceasefire.Recently, the Syrian government army and the Turkish army broke out in Idlib. Both sides suffered casualties in the exchange of fire.The Russian army also participated in the strike against militants in the region degraded in the Idlib conflict.(Participating reporter: Liu Yang)

Hongfa shares (600885) quarterly report comments: performance basically in line with expectations and wait for industry demand to recover

Hongfa shares (600885) quarterly report comments: performance basically in line with expectations and wait for industry demand to recover

Key points of investment: The company released the third quarter report of 2019, and achieved operating income of 51 in the first three quarters.

48 ppm, an increase of 1 per year.

87%; realize net profit attributable to shareholders of listed companies.

$ 5.6 billion, a five-year average of 5.

54%; Realize non-recurring net profit attributable to shareholders of listed companies5.

$ 26 trillion, an average of 4 per year.


The company’s performance basically met expectations.

Ping An’s point of view: The performance is basically in line with expectations, and the leading addition is still solid: the company achieved operating income of 51 in the first three quarters.

48 ppm, an increase of 1 per year.

87%; realized net profit attributable to mother 5.

56 ‰, an average of 5 in ten years.

54%; Realize non-recurring net profit attributable to shareholders of listed companies5.

26 ppm, 10-year average4.


The company achieved operating income of 17 in 3Q19.

41 ppm, a 10-year increase2.

54%; net profit attributable to mothers2.

10,000 yuan, a ten-year average of 9.


Affected by weaker demand from home appliances, automobiles and other industries, the company’s performance declined slightly; in 18 years, the company’s relay business has a global market share of more than 14%, which has surpassed Omron’s ranking, and the company’s continuous efforts in the automotive, signal relay and other fieldsTherefore, the market share strives to continue to increase.

Smart meter replacement continued to increase volume, and promoted the rapid growth of the power relay business: starting in the second half of 18, domestic smart meters have gradually entered the tide of replacement, and the two batches of smart meters in the State Grid in 19 years were 3816/3564 million, gradually reducing.Up 39.


In the field of power relays, the company’s global market share has increased by 53% in the past 18 years, and the number of replacements in the first half of the year was about 7.

500 million US dollars, an increase of about 23% a year.

It is expected that the company’s share will increase in the European and American markets and the rapid growth of demand in Southeast Asia and other regions, as well as the expansion of the continuous volume of internal smart meter retrofitting. The company’s power relay business will help maintain a rapid growth rate.

The household appliances and automotive relay businesses are affected by the industry and are expected to improve ahead of time: According to the National Bureau of Statistics, the volume growth rate of air conditioners / household refrigerators / household washing machines in the first three quarters of 19 was 6 respectively.

4% / 4.

3% / 7.

At 5%, the output of air conditioners and refrigerators in September exceeded the growth rate in a single month and has slightly improved.

We expect that the reorganized real estate will enter the completion cycle, and the demand for home appliances is expected to gradually recover, driving the recovery of the company’s general relay business.

The extent to which the automotive relay business is affected by the expansion of the domestic automobile market. The domestic automobile output in the first three quarters of 19 years was 18.09 million units, which gradually exceeded 12%, and the change was gradually narrowing.

c18 The company ‘s automotive relay business has a global market share of 8%, and Panasonic ‘s 22% market share has room for replacement. At present, the company is advancing the development of new customers such as Mercedes-Benz. It is expected that the domestic automotive market will gradually adjust to the end and the company’s market share will continue.Ascension is expected to return to the growth track in 20 years.

The high-voltage DC and low-voltage electrical appliances business is progressing smoothly and has become an important growth point for the company: the company currently has 8 high-voltage DC relay production lines with an annual production capacity of 6 million, and is expected to double its production capacity in 20 years;Shangshang is at the leading level. In addition to supplying to domestic automakers such as BAIC and BYD, it has become the main supplier of the Volkswagen MEB platform and entered the supply chain of Mercedes-Benz and Tesla.

As the development of new energy models for joint venture car companies accelerates, the high-voltage DC relay business is expected to maintain rapid growth.

The company’s low-voltage electrical appliance business has a good momentum of development. In the past two years, it has gradually improved in product categories, supply chains and manufacturing equipment. Currently, it mainly supplies customers in the overseas power industry.Positioning brand image.

It is expected that through the completion of the company’s low-voltage electrical appliance business, the shortcomings in the product and marketing end will usher in a rapid volume phase.

Investment suggestion: The company has created a vertically integrated product R & D and production model by covering the upstream of the industrial chain, building the company’s core competitiveness, and transforming it into a company’s continuous expansion and complementary benefits.The rate will continue to increase. The company’s general purpose, automotive relay business is expected to resume in 20 years, power relays, high-voltage DC relays and other businesses to maintain rapid growth.

We maintain our forecast for the company’s EPS for 19/20/21 to be 1.



51 yuan, corresponding to PE on October 30 is 24.



8. Maintain the “Recommended” level.

Risk Warning: 1.

If the policy expands the real estate industry beyond expectations, resulting in faster growth in completed areas, it will reduce the demand for the home appliance industry, so the company’s general relay business is adversely affected.


If foreign investors increase investment in the relay industry again, it will increase the degree of competition in the relay industry and affect the company’s gross profit margin.


If the sales of new energy vehicles decline, it will affect the company’s high-voltage DC relay business revenue growth.

Shanghai Jahwa (600315) 2018 Annual Report Commentary: Q4 bucks the trend for the better 2019 Herborist aims to adjust its output

Shanghai Jahwa (600315) 2018 Annual Report Commentary: Q4 bucks the trend for the better 2019 Herborist aims to adjust its output

This report reads: The company’s 2018Q4 revenue increased against the trend, smoothed out through e-commerce channels, and the adjustment of the Herborist brand. In 2019, the company is committed to maintaining double-digit revenue growth and continuous improvement in operating quality.

Investment points: Investment advice: The company’s Q4 will achieve 12% revenue growth against the trend. It is expected to continue to maintain double-digit revenue growth in 2019. It is worth looking forward to expanding the brand matrix in multiple ways.

Considering the increase in the consumption and operating costs of the new plant and the reduction of government subsidies, the company’s EPS for 2019-2020 is reduced to 0.

96 (-0.

16) / 1.

23 (-0.

28) yuan, 四川耍耍網 the company’s EPS is expected to be 1 in 2021.

54 yuan, considering the continued high growth in revenue, given a PS estimate of 3 in 2019.

6 times, maintain target price of 44 yuan, increase the level of holdings.

Benefiting from the high growth of e-commerce, Q4 revenue bucked the upward trend.

The company initially achieved revenue of 71 in 2018.

400 million US dollars, an annual increase of 10%, net profit attributed to mother 5.

40,000 yuan, an increase of 38 in ten years.

63%, EPS0.

81 yuan, in line with market expectations.

Single-quarter revenue increased by 12%, mainly benefiting from the high growth of e-commerce channels (the growth rate of the entire network on Double Eleven exceeded 40%).

The company deducts non-net profit 4.

57 trillion, an increase of 37 in ten years.

8%. In 2018, the Qingpu factory was relocated, and government subsidies increased by more than 10 years.

100 million, but the non-recurring income offset by other items is only 0 more each year.

2.5 billion, the overall operating quality is steadily improving.

In terms of brand, Tang Meixing performed well in 2018 with a revenue of 16.

300 million, a year-on-year increase of 13%, and a net profit of 0.

7.5 billion, a 103% increase in ten years.

It is expected that the number of Liushen will increase by two, and the number of U.S. and Canadian net highs will increase. Under the influence of Herborist, online distributors, etc., it is expected that the revenue in 2018 will be slightly negative, but in 2019, the direction of Zhungufang + technology empowerment has been found, and revenue is expected to resume growth.

In 2019, we will see the new products of Herborist. The agency + M & A extension is worth looking forward to.

The company’s operating goal for 2019 is still to achieve double-digit revenue growth. After the Herborist brand and channels have been rationalized, it strives for new growth points.

In addition, the company began to sell CHD baking soda products successively in the second half of 2018, and gradually continued to expand the new brand matrix through agency + mergers and acquisitions.

Risk reminder: improper cost control, intensified industry competition, and economic growth decline

China Inspection Group (603060): Q4 Revenue Accelerates Continuous Inflow of Operating Cash Flow

China Inspection Group (603060): Q4 Revenue Accelerates Continuous Inflow of Operating Cash Flow

Investment Highlights China Inspection Group released its 2018 annual report: the company achieved revenue9.

37 ppm, an increase of 24 per year.

57%; net profit attributable to mothers1.

910,000 yuan, an increase of 32 in ten years.

54%, of which Q4 earned 3.

11 million yuan, an increase of 37.


At the same time, the company announced the 2018 成都桑拿網profit distribution plan: 10 bonus shares and 3 bonus shares and cash dividends2.

65 yuan (including tax), 1 for every 10 shares.

The company’s revenue: quarterly, Q1, Q2, Q3 and Q4 increased by 12 compared with the same period last year.

14%, 18.

52%, 25.

68%, 37.

07%; by product, inspection services, certification services, extended services, product sales and security services increased by 25.

55%, 16.

38%, 13.

65%, 41.

74% and 24.


On the profit side, the company achieved a comprehensive gross profit margin of 45 in 2018.

66%, a decrease of 0 from last year.

37 points, mainly due to the lower gross profit margin of inspection services with a higher income.

Among them, inspection services, certification services, extended services, product sales and production safety technical services gross margins decreased by 1 respectively.

37pct, -0.

77 points, -4.

99pct, -5.

96 points and 5.

87 points.

The company achieved a net profit margin of 22 in 2018.

11%, an increase of 1 over the previous year.

48pct, mainly due to the decrease in the expense ratio during the period and other income, the increase in the net investment income and the increase in non-operating income.

Expenses of the company during 201823.

95%, a decrease of 0 compared with the same period last year.

80pct, mainly from the decline in management expense ratio and research and development expense ratio.

The company’s asset impairment loss accounted for 0%.

92%, an increase of 0 from last year.

43 points.

The company’s one-year net operating cash flow in 20181.12 yuan, an increase of 0 from last year.

41 yuan.

Earnings forecast and rating: Without considering the impact of the company’s future profit distribution plan on the company’s equity, we expect the company’s EPS for 2019-2021 to be 1.

07 yuan, 1.

27 yuan, 1.

52 yuan,上海夜網論壇 the PE corresponding to the closing price on March 28 is 25 times, 20.

9 times, 17.

6 times, maintaining the level of “prudent overweight”.

Risk Warning: Downside risks of the macro economy, less-than-expected business development outside the province, less-than-expected M & A integration, risk of cancellation of industry qualifications, risk of corporate credibility

Jiadu Technology (600728) Quarterly Report Review: Faster Growth in Performance Concerns Landing of Track Delivery Orders and Development of AI Business

Jiadu Technology (600728) Quarterly Report Review: Faster Growth in Performance Concerns Landing of Track Delivery Orders and Development of AI Business

The event company released a quarterly report and achieved operating income in the first quarter of 20198.

50 ppm, an increase of 26 in ten years.

13%; net profit attributable to mothers1.

960,000 yuan, an increase of 571 in ten years.

37%; the net profit after deducting non-attributed mothers is 18.25 million yuan, an annual 返回碼: 500 網站打不開?重查 increase of 10.


Opinion income grew rapidly, and expenses were well controlled. Unicorn participation in shares was reflected in the company’s revenue growth in the first quarter of the income statement.

13%, a faster growth rate, slightly higher than expected, it is expected that some income recognition rhythm will bring the impact.

Expenses were well controlled, with sales expenses of 34.29 million yuan in the first quarter, a decrease of 12 per year.

21%; administrative expenses 28.97 million yuan, an annual increase of 2.

53%, the growth rate is far lower than the growth rate of income.

Attributable net profit is 1.

960,000 yuan, an increase of 571 in ten years.

37%, mainly due to the impact of accounting treatment, and the item of change in fair value was 1.

91 ppm is expected to be reflected in the income statement for participation in AI-type companies.

If the relevant impacts are removed, the company’s operating profit growth rate will be close to 50% per year.

Concerned about the implementation of rail transit business orders and subsequent development space In March 2019, the company’s wholly-owned subsidiaries won the bid for the Guangzhou Metro 119 budget project. It is expected that this part of the revenue will gradually appear in the second half of this year, which will increase the company’s performance.

As an important part of the new infrastructure, rail transit has entered an intensive approval period in the second half of last year. In the future, there will still be orders for supplementary new construction in the country.

At the same time, according to the Guangzhou Municipal Development and Reform Commission’s three-year action plan to promote rail transit, Guangzhou Metro is planning to “go global” to expand the market.

The company cooperates closely with Guangzhou Metro, and it is expected to follow up with the expansion of Guangzhou Metro in the future and place follow-up orders.

R & D expenditure is actually relatively high. It is optimistic that the AI business generated results. The company’s R & D expenses in the first quarter were 17.07 million yuan, which slightly declined in the long term, mainly due to the capitalization of some R & D expenses.

Development expenditure items in the first quarter increased by 27.62 million yuan earlier than the end of 18 years. Combined with R & D expenses, the overall R & D investment in the first quarter should be more than 44 million yuan.

With high R & D investment, the company’s AI products are making good progress. In terms of public safety, the “Police Video Cloud” product has won bids for Guangdong, Shandong, Xinjiang and other provinces and cities for AI + security projects for 18 consecutive years.Depth (sinking in districts and counties) was expanded in two dimensions.

In urban transportation, the successful case of “City Traffic Brain” was approved by CCTV, and it is expected to start landing in large and medium-sized cities after continuous verification in the future, with results.

Investment suggestions continue to be optimistic about the company’s AI business and benefit from the new infrastructure wave. Due to changes in accounting standards, the 成都桑拿網 19-year net profit was raised to 6.

35 trillion, expected net profit for 2019-2021.



1.3 billion, corresponding to P / E 24.



35 times, maintain “Buy” rating.

Risk Warning: The project landed less than expected; the policy landed less than expected; rail transit investment was less than expected.

Shuanghui Development (000895): Swine Fever Short-term Impact on Slaughter Volume Long-term Positive Concentration Increase

Shuanghui Development (000895): Swine Fever Short-term Impact on Slaughter Volume Long-term Positive Concentration Increase

Key points for investment: Short-term effects of swine fever affect slaughter volume, and increase the concentration in the long term. Affected by African swine fever, the price of pigs and pork has increased significantly in the past three months.43%, an increase of about 3 ppt over pork prices.

Inventory drought + rapid increase in hog prices + impact of African swine fever epidemic, so the slaughter volume will be placed in the first half of this year.

8%, and the amount of pigs slaughtered is 6.

At 2%, the overall slaughter volume decreased.

According to our research, the slaughter volume of Shuanghui Q2 remains at a normal level. However, due to the low price of pigs in the same period last year, the slaughter volume is at a high level. It is expected that the slaughter volume of Q2 will improve this year.

Slaughtering gross profit margin decreased or stayed the same 18Q4-19Q1 due to the effect of African swine fever, the spread between provinces and regions. As a leader in slaughtering regulations, Shuanghui merged part of the interprovincial supply of pork business.

Entering 19Q2, the price spreads in various regions have narrowed. It is expected that the gross profit margin of Q2 will decrease slightly from the previous quarter. In the upward cycle of pig prices, the company also released some frozen meat inventory to stabilize the gross profit margin.

The price of meat products can be raised again, and the cost can be controlled. In April this year, the company raised the price of meat products again, with a range of 2-3%. This is the second price increase after the initial price increase, which involves high,北京夜網 middle and low-end products.Product sales have been affected for a short time, but as the industry leader in meat products, it has only the right to speak. If the cost continues to rise in the future, it may not rule out the possibility of further price increases.

As for the cost of meat products, the company is expected to moderately increase the use of imported pork from the United States and low-priced stock meat in the early stage to limit the growth of subsequent costs. At the same time, it will use domestic favorable policies to promote profitability and maintain the stability of the overall profitability of meat products.

Earnings forecasts and estimates We expect the company’s revenue to be 53.5 billion / 588.3 billion / 64.2 billion in 2019-2021, even +9.

8% / 8.

9% / 7.

0%, the profit is 50.

700 million / 52.

100 million / 58.

8 ‰, +3 for ten years.

twenty two.

6% / 12.

9%, the current corresponding 19/20 PE is expected to be 16x / 15x, maintain “Buy” rating.

Risk warning: pork prices rise faster than expected / meat prices increase, sales decline, affecting revenue

TCL Group (000100): The downturn in the economic downturn and the long-term growth are still no shortage of highlights

TCL Group (000100): The downturn in the economic downturn and the long-term growth are still no shortage of highlights

The TCL Group’s semi-annual report results are in line with expectations. The company completed its asset restructuring and delivery in April 1919. Based on the same caliber, the 19H1 company achieved revenue of 437.

80,000 yuan, an annual increase of 22.

5%, to achieve net profit attributable to mother 20.

90,000 yuan, an increase of 31 in ten years.

9%, located in the middle of the pilot’s guidance range of 20-22 trillion.

Excluding the impact of restructuring business data, according to the same caliber, 19H1 pro forma revenue 261.

20,000 yuan, an increase of 23 in ten years.

9%, pro forma net profit attributable to mother 20.

90,000 yuan, an increase of 42 in ten years.


The overall performance of 19H1 was in line with expectations.

The release of production capacity and the recognition of reorganization led to the company’s performance growth. Huaxing Optoelectronics achieved revenue of 162 in 19H1.

80,000 yuan, an increase of 33 in ten years.

5%, achieving a net profit of 10.

2 ‰, a decline of 7 per year.


Huaxing 19Q2 achieved revenue of 90.

300 million, an increase of 24 from the previous month.

6%, to achieve a net profit of 3.

3.7 billion, down 50.


Mainly due to the high inventory of downstream terminal products since 19Q2, and the purchase demand of manufacturers due to the Sino-US trade dispute, the price of TV panels has fallen rapidly, affecting the overall profitability of the industry.

Huaxing’s revenue achieved a relatively rapid quarter-on-quarter growth, mainly due to the release of T3’s production capacity. T3’s production capacity has reached 50K, and LTPS can rank second in the world.

19H1 large size area increased by 3 in ten years.

9%, the area of small size increases by 458% per year, and the turnover of small size has reached 43%.

2Q19 recognized net profit and loss of asset restructuring11.

50,000 yuan, driving growth in expected performance.

The LCD business boom continued to grow despite the downturn. From the second half of the year, the 成都桑拿網 conversion of the Samsung L8-1 production line to around 120K power generation is expected to gradually drive market supply and demand improvement.

Compared with overseas manufacturers, the domestic LCD manufacturers still have obvious advantages.

The production capacity of domestic high-generation lines continues to be developed. Compared with Korean and Taiwanese manufacturers, 55 “and above products have certain cost advantages, which helps maintain profitability under a low boom.

After 2021, there is no other new LCD production capacity in the world. It is expected that the industry ‘s prosperity is expected to resume from 20H2. During the period, if other South Korean and Taiwan production capacity is withdrawn, the recovery will gradually advance.

Shangxian products are expected to become the highlight of the growth of Huaxing Optoelectronics’ LCD products in recent years, mainly due to the maturity of supporting downstream product development. The five-year compound growth rate of related products is expected to exceed 20%.

The layout of OLED technology continues to lead, and the T4 production line is mass-produced. Huaxing Optoelectronics has earlier locked up the investment layout and technology development of high-end flexible AMOLED, and has the first G4 in China.

5 pilot line, and use this test line to complete a number of technical reserves, including narrow borders, screen cameras and so on.

At present, the performance of its narrow frame design solution reaches Samsung, and the research and development patent of under-screen cameras exceeds 120, leading the world.

At present, the T4 production line has been lit. All brand customers except A customer are in the proofing stage. It is expected that the 19Q4 production line will soon realize mass production replacement.

With the arrival of the 5G replacement cycle, 20 years of T4 throughput is expected to usher in release.

Investment recommendations and ratings exclude the impact of restructuring business data. Based on the combined scope after the restructuring, we predict that the company’s revenue for 2019-2021 will be 589.92, 637.


7.1 billion, net profit attributable to mother is 41.

46, 46.

84, 52.

33 trillion, EPS is 0.

31, 0.

35, 0.

39 yuan, corresponding to PE is 11X, 9X, 8X, maintaining the “buy” level.

Risks suggest fluctuations in the industry’s business climate; capacity release progress is less than expected.

Blu-ray Development (600466): Achievement of Super Pre-Growth Growth

Blu-ray Development (600466): Achievement of Super Pre-Growth Growth
The performance exceeded the pre-annual increase, and the scale effect was obvious.The company achieved operating income of 278 in the first three quarters of 2019.810,000 yuan, an increase of 95 in ten years.27%; net profit attributable to mother is 25.350,000 yuan, an increase of 107 in ten years.83%, significantly higher than the expected growth rate of 77% in the pre-announcement announcement.The performance growth continued the excellent performance of the interim report, which was mainly contributed by the scale increase in the definition of large-scale real estate development projects, and the scale effect brought by the company’s national layout gradually became apparent.In terms of profit margins, a gross profit margin of 26 can be achieved.0%, 5 per year.6pct, net profit attributable to mother 9.1%, a year to raise 0.5 points. An advance payment 604 was recorded.370,000 yuan, an annual increase of 19%, covering 2 of the current revenue.17 times and 18 years of revenue 1.96 times, it is recognized that the settlement scale is abundant. The distribution of sales is more balanced, and land investment is targeted.In terms of sales, the company achieved sales of 715 in the first three quarters.200 million, 65% of the expected 110 billion target has been achieved, an increase of 6 in ten years.6%.The company’s six major sales regions are Chengdu, East China, Central China, Yunnan and Chongqing, Beijing, and South China, each contributing 18.9%, 23.2%, 27.9%, 8.9%, 11.1%, 10.0%, the regional contribution is more balanced, in which the Central China region increased significantly, it continued to increase by 157%.Achieved sales area of 784.30,000 countries, an annual growth rate of 31%.In terms of land acquisition, according to the company’s announcement statistics, the company’s land acquisition amount from January to August was 220.300 million, an annual increase of 23%.From 武漢夜生活網 the perspective of land acquisition, the company continued to consolidate and take a national development path, and targeted to increase the proportion of land acquisition in high-energy cities.In terms of investment, the company gradually started construction of 713 in the first three quarters.30,000 countries, increase by 5 every year.9%, with 244 completions.90,000 countries, increasing 68 each year.8%. Gerber went public successfully, increasing the company’s market value.The company’s property management platform, Jiabao Service, ranks 11th among the top 100 real estate companies in China, and is a leading property company in the Southwest.As of 2019H1, Gerber achieved revenue9.33 ‰, a 59% increase in ten years, net profit1.87 ‰, an increase of 108% in ten years, and a gross profit margin of 33.9%.The company has a 蘇州桑拿網 management area of 63.3 million countries, has been stationed in 69 cities, more than 400 projects under management, and 42 of the management area.9% comes from properties developed by Blu-ray Development, which has excellent outreach capabilities. After the listing, it raised funds to promote the company’s scale expansion.On October 18, Jiabao was successfully listed on the Hong Kong Stock Exchange, and Blu-ray’s indirect shareholding ratio was 67.48%, as of the latest close, Garbo’s market value is about 73.800 million yuan.At present, the corresponding dynamic PE is 16 times, and the estimated level is in a position among comparable Hong Kong stock property companies. It is estimated that there is potential for improvement in the future. Maintain company buy rating.It is expected that the EPS for 2019, 20 and 21 will be 1.13, 1.67, 2.23 yuan, the corresponding PE is 5.7, 3.9, 2.9 times. Risk warning: Financing environment continues to tighten, Midwest sales exceed expectations

Semir Apparel (002563): Core Management Team Increases Shareholding, Demonstrates Conversion Confidence

Semir Apparel (002563): Core Management Team Increases Shareholding, Demonstrates Conversion Confidence

The main points of the report describe the announcement of Semir Apparel, and the controlling shareholder Qiu Guanghe transferred their 537 holdings to Xu Bo and Shao Feichun in a block transaction on September 12.

130,000 shares, 268.

560,000 company shares, each accounting for 0 of the total share capital.

1990%, 0.

0995%, the average transaction price of 10.

45 yuan / share.

  Incident review launched an intensive internal incentive plan, showing long-term development confidence.

Since 2018, the company has successively launched the “Second Phase Supplementary Stock Incentive Plan”, which has expanded to cover a total of 513 core backbones with 14.47 million shares, accounting for 0 of the total share capital on the date of announcement.

54%; At the same time, the “Phase I Employee Shareholding Plan” was released. Participants included 5 directors, executives, and 93 middle managers and core backbones, with 8.32 million shares held.

At the same time, actively promote the leadership of direct shareholding incentives.

In November 2018, controlling shareholder Qiu Guanghe transferred to Xu Bo and Shao Feichun about 5.37 million shares and 2.69 million shares respectively, each accounting for 0 of the total share capital.

20%, 0.

10%; In September 2019, the controlling shareholder Qiu Jianqiang transferred to Chen Xinsheng and Zhang Wei respectively the 300,000 shares held by them, each accounting for 0 of the total share capital.


After the completion of the transaction, Xu Bo and Shao Feichun each held 0 shares of the company.

4031%, 0.


Continue to promote the leadership’s direct shareholding incentives, demonstrating the confidence of professional manager models to change.

  A rich matrix of children’s clothing brands and categories, trying to upgrade the “new basic” products for casual wear.

In order to further expand the advantages of the children’s clothing business, the company has tried in many ways: (1) The Barabara brand has gradually expanded its product lines for young children (1-6 years old) and infants (0-1 years old) based on the original Chinese children’s product line.Expanding the coverage of the preschool toddler and newborn baby market; (2) Promoting the entrepreneurial partnership project Makale baby brand with the Group’s resources efficiently, achieving effective synergy in information upgrading and supplier resource sharing; (3) Trying TCP And Kidiliz are brand extensions.

At the same time, in the casual wear brand remodeling products, the company set up a Semir brand positioning task force in the second half of 2018. Based on user changes and unmet needs, it proposed a “quality in everyday” brand value proposition, and launched it in the winter of 20北京夜網19.The “new basic” product line broadens the target customer age group and improves product texture.

  The three core logics of the acceleration of children’s clothing are highly accelerated, the conversion and reset of casual clothing and the optimization of the governance structure are continuously strengthened. We are optimistic about the revaluation of the value brought by the company’s switch from casual to children’s clothing.

In the first half of 2019, the children’s wear business achieved a rapid growth of 30%, and the casual wear business maintained a growth of 12%. The Kidiliz business channel adjustments and internal new store openings have dragged down profit performance in the short term.

At present, the shareholding ratio of Luguantong accounts for about 12% of the free float market capitalization, and excess expansion is expected to bring incremental funds.

It is expected to achieve 19 in 19-20.

0 billion, 22.

800 million, corresponding to PE of 16.

9 times, 14.

Double the risk of maintaining the “Buy” rating: 1. Risk of deterioration of the terminal retail environment; 2. Risks of less-than-expected development of emerging channels; 3. Risks of less-than-expected merger and acquisition integration.