Huaxi Biological (688363) in-depth analysis: technical advantages consolidate the price barrier downstream extension to achieve high growth

Huaxi Biological (688363) in-depth analysis: technical advantages consolidate the price barrier downstream extension to achieve high growth

Huaxi Bio-Global Hyaluronic Acid Leading Company: Huaxi Biological is a leading company of hyaluronic acid (hyaluronic acid).

Advanced fermentation and cross-linking of two major technology platforms, Huaxi Biological has achieved four major technological breakthroughs, has applied for 109 patents, obtained multiple national, provincial and ministerial reforms, and gradually extended product types from hyaluronic acid raw materialsIt covers all types of bioactive substances, biomedical materials and functional skin care products, covering the complete industrial chain from hyaluronic acid raw materials to related end products.

In terms of sales volume, in 2018, Huaxi Bio has accounted for about 36% of the global hyaluronic acid market and is a global leader in hyaluronic acid.

Hyaluronic acid raw materials are the company’s core business, and each business has grown steadily: from 2016 to 2018, the company’s annual compound annual growth rate of revenue was about 31%.

The compound annual growth rate of net profit attributable to mothers is about 25%.

In the first half of 2019, the company realized a 44% increase in revenue and a 40% increase in net profit attributable to its parent. The company expects that the net profit in the first three quarters will increase by 30% to 40%.

In terms of business, in 2018, raw materials products, medical terminal products, and functional skin care products accounted for about 52%, 25%, and 23% of revenue. The business compounded annual growth rate of each business in the past three years was about 19% and 28%., 113%.

The highest concentration of technical advantages, the rapid expansion of the raw material business benefit industry: Huaxi Biotech’s R & D expenditure as a percentage of operating income is at a high level in comparable companies. R & D drives technological breakthroughs, and the company’s hyaluronic acid fermentation metabolism reaches 10?
13g / L, higher than the industry level of 6 in the literature?
7g / L.

Beyond the higher growth rate of the industry, the company builds the value advantage of hyaluronic acid products. The sales unit price of Huaxi Bio-injection grade raw material products is 28% and 20% lower than the 南京桑拿网 purchase price of similar products of Haohaishengke and Aimeike.

Based on the cost advantage of technical advantages, Huaxi Bio has approximately 36% of the global sales volume of hyaluronic acid raw materials, ranking first in the world, and approximately 80% of the domestic pharmaceutical-grade hyaluronic acid market.

Leading advantages and industry growth have promoted the rapid expansion of Huaxi’s biological raw materials business. The annual growth rate of raw materials business from 2016 to 2018 was about 19.

3%, the income of each raw material product continued to grow steadily.

The skin medical beauty industry has expanded, and orthopedic injection has been successfully developed: medical terminal products can be divided into skin injection, orthopedic injection, and ophthalmic products.

It is said that the big data of new oxygen, the domestic injection medical beauty market is still dominated by hyaluronic acid, the injection medical beauty hyaluronic acid market growth rate of about 53%.

At present, Huaxi’s skin hyaluronic acid filling market has a market share of about 12%. In the future, the hyaluronic acid injection medical beauty market is expected to benefit from the increase in medical aesthetic penetration and continue to achieve rapid growth.

  Huaxi Bio-dermal Hyaluronic Acid product line goes low-end to high-end, which is expected to continue to drive performance growth.

The orthopedic injection market has been successfully developed, and its market share has gradually increased to 9.

1%, direct sales development pushed up the average factory price, and scale expansion increased gross profit margin.

Ophthalmic hyaluronic acid products are still being cultivated and currently account for a small proportion.

Benefiting from online and offline trends, skin care brands are expected to enter a period of rapid development: the first three quarters of the distribution of cosmetics above double growth, cosmetics high-end trend continues, in 2017, 2018, the high-end cosmetics market achieved over 25% growth rate.

The final expected ingredients of cosmetics are mainly chemical raw materials, and the growth rate of fermented raw materials-related products is significantly faster than that of natural raw materials.

High-end cosmetics and emphasis on ingredients are good for hyaluronic acid-related products.

  Consumer goods industry, revenue scale up to 1?
The $ 300 million brand is expected to achieve a break-even and a scale of more than 3?
After 500 million years, strive to achieve rapid growth, the company’s cosmetics revenue in 2018 has reached 2.

9 ‰, an annual increase of more than 2 times, the brand is expected to enter a rapid growth channel.

The company’s production capacity is close to increasing, and the investment projects are expanding. The company’s business scale is expanding rapidly, and the production capacity is close to change.
The company’s fund-raising project was invested in the upgrading of the research and development center, the Tianjin sodium hyaluronate project, and the life and health industrial park project, occupying a total of about 31.

54 million, investment projects to expand production capacity and lay a solid foundation for future growth.

The capacity expansion plan of a typical company integrated in the hyaluronic acid industry chain, the production capacity of Haohaishengke’s fund-raising project is about the original two, and the existing fund-raising project planned by Aimeike is nearly 4 times.Build capacity.

Typical companies value the good development trend of the industry in the future, and the expansion of industry capacity in the future may intensify internal competition in the industry.

Investment suggestion: Huaxi Bio is a global leader in hyaluronic acid, technical advantages consolidate price barriers, consolidate leading hyaluronic acid raw materials, expand the industry of skin medical beauty, orthopedic injection has been successfully cultivated, cosmetic brands have been successfully promoted, and fundraising projects have consolidated the foundation for future growth.
We predict that the company’s annual revenue from 2019 to 2021 will be 1.

21, 1.

55 and 1.

97 yuan.
Return on net assets were 21 respectively.

7%, 22.

7% and 23.

At present, the company’s science and technology innovation board is listed, and the market has a high degree of attention. The company’s PE (2019E) is about 78 times and PEG (2019E) is about 2.

5 times, 2 times higher than the average PEG (2019E) of comparable companies.

0 times.

Covered for the first time, given the “overweight-A” proposal, and recommended active attention.

Risk Warning: 1.

Technology upgrades or challenges to the company’s R & D capabilities; 2.

The production capacity of some products is close to the highest; 3.

The rapid expansion of production capacity of typical companies or intensified market competition; 4.

4. Botulinum toxin competes with hyaluronic acid in the medical beauty injection market; 5.

The increase in traffic costs and changes in the traffic structure of typical platforms make it difficult to cultivate new brands.

Hongfa (600885) 2019 Interim Report Review: Home appliances and cars drag down performance, power and new energy boom

Hongfa (600885) 2019 Interim Report Review: Home appliances and cars drag down performance, power and new energy boom

Core Views Leading domestic relays, multi-category expansion across regions, power relays are expected to exceed expectations in 2019, new energy automotive relays, and low-voltage electrical appliances open up medium-to-long-term growth space, both offensive and defensive, maintaining a “Buy” rating.

  The growth in the first half of the year was slightly lower than market expectations.

The company achieved in the first half of 2019: revenue 34.

07 trillion, +1 a year.

53%; net profit attributable to mother 3.

55 ppm, at least -3.

42%; net profit deducted from non-return to mother 3.

34 ‰, at least -2.


The company’s overall revenue and net profit in the first half of the year were slightly lower than market expectations. First, home appliances and traditional automotive relays faced pressure from price competition and weak demand.

Single quarter of Q2 2019: revenue of 17.

8.2 billion, +9.

65%; net profit attributable to mother 1.

9.7 billion, +25.

24%; net profit of non-attributed mothers1.

8.4 billion, +22.


Q2 has improved significantly from the previous month. Smart meter relays, new energy vehicle relays, and low-voltage electrical appliances have grown rapidly, becoming the company’s long-term development foundation.

  The gross profit margin remained at a high level, and the expense ratio increased slightly.

The company’s consolidated gross profit margin for the first half of 2019 was 38.

27%, an increase of 0 every year.

17 PCT, an increase of 1 from the second half of 2018.

53 PCT, mainly benefited from industrial control with high gross profit margin, the proportion of sales of HVDC products increased.

In the first half of 2019, the sales expense ratio and management expense ratio (including R & D) were 5 respectively.

08%, 14.

98%, increasing by 0 each year.

35 PCTs, 0.

42 夜来香体验网 PCT, new product development and sales promotion led to a slight increase in the expense ratio.

The company’s operating cash flow has maintained a large net inflow since the second half of 2018, and the amount of operating cash flow in the first half of 2019 was 8.


  High-voltage direct-current and low-voltage electrical appliances continued to grow rapidly, and the meter replacement was started.

While traditional businesses are under pressure, innovative businesses still perform well: 1) Power relays: The power relays have been adjusted for nearly two years, and the second round of state-of-the-art smart meter replacement has been launched.The share has further increased, and the sustainable growth in the first half of the year23.


2) High-voltage DC: The company’s domestic market share is close to 40%, and it has become a benchmark customer supplier for Land Rover, Porsche, Volkswagen MEB, and Tesla overseas, which has extended its growth by 55% in the first half.

3) Low-voltage electrical appliances: Breaking through core customers in North America and Europe, sustainable large orders helped high revenue growth, and expanded growth in the first half of the year.


In addition, the company was in industrial control in the first half of the year, and there were 23 signal relay relays.
3%, 19.
0% growth.

Due to the fierce competition in the home appliance industry, the company declined by 7 in the first half of 2019.

29%; the demand for traditional cars fell, and the company interrupted 25% in the first half of 2019.

  Risk factors.

The macro economy continues to decline; exchange rate risks; downstream household appliance demand substitution.

  Profit forecast and estimation.

The company has been deeply involved in the relay industry for many years, devoted to the strategy of seven little giants to build a global relay leader, and at the same time, it has a proactive layout of the flooded component field and has long-term development momentum.

Considering the downturn in the home appliance and traditional automotive industries, lowering the company in 2019?
Net profit forecast for 2021 is 7.



6.8 billion yuan (previous forecast 8.



510,000 yuan, change -8.

4% /-9.

3% /-7.

2%), corresponding to EPS1.



43 yuan / share (original EPS forecast 1).



55 yuan), currently corresponding to 24/20 / 17xPE.

Taking into account the company’s global relay industry leader level, maintain a target price of 29.

38 yuan and “Buy” rating.

Weir shares (603501): Self-developed business continues to deepen active CIS

Weir shares (603501): Self-developed business continues to deepen active CIS
[Event]The company released its 2018 annual report and achieved a total operating income of 39 in 18 years.64 ppm, an increase of 64 in ten years.74%; Net profit attributable to shareholders of listed companies1.390,000 yuan, an increase of ten years.20%; excluding the impact of the company’s 2017 amortization of the stock equity incentive plan in 2018, the net profit attributable to the non-recurring gains and losses of shareholders of the listed company is 3.460,000 yuan, an increase of 117 in ten years.64%.The annual report pointed out that the main reasons for the substantial decline in Q4 net profit: (1) the decline in semiconductor design and distribution business; (2) the decline in the prices of some of the agency products of the semiconductor distribution business, and the gross profit margin decreased; (3) the full calculation of the price reduction products(4) In the fourth quarter, we paid resistance to intermediaries for the implementation of major asset reorganizations. Intermediary fees continued to deepen IC design, expand research and development, and promote the growth of alternative product layouts. The company’s semiconductor design business achieved revenue in 18 years.8.3.1 billion, accounting for 20% of revenue.99%, an increase of 15 per year.19%, the company’s self-developed semiconductor products include discrete devices and analog chips, which continuously improve product performance and further complement product specifications required by different application markets.In the field of power management chips, the company’s annual report for LDO products shows an expansion of more than 100 million, and the number of transfers in the consumer field ranks first among domestic design companies, and it continues to maintain the company’s core competitive advantage in the TVS field.With the breakthrough of new products and new customers of the company and the acceleration of import substitution, the self-developed design business is expected to become one of the highlights of the company’s performance growth. The mobile market is still the key to the CIS industry and gradually penetrates into high value-added areas: due to the lack of major mobile phonesThe demand for innovative consumers for mobile phones is weak, and the terminal mobile phone market is weak. However, due to the 3D camera, the trend of single-camera to multi-camera becomes more and more hot. According to a related report by Yole, it is expected that 2016?The compound expansion CAGR of the CMOS image sensor market in 2022 is 10.5%, the camera drives the CIS industry chain from 2D to 3D, and gradually realizes human-computer interaction.CIS has gradually penetrated into higher value-added areas, including automobiles, security and medical care. With the rise of intelligent driving and ADAS, the number of sensor cross-fused vehicle cameras will increase significantly.At the same time, CMOS image sensors also play an indispensable role in areas such as drone shooting, biometric recognition, and VR / AR.If the acquisition is successful, the company will hold 10南京龙凤网0% equity of Beijing Haowei and directly and indirectly hold SBICO 85.With a 31% equity interest, it is actively engaged in the high-, middle-, and low-end areas of CIS, which is expected to contribute breakthrough performance elasticity to the company. Investment suggestion: Give Buy-A investment rating.We expect the company’s net profit for 2019-2021 to be 4 points.02 ppm, 4.4.1 billion, 4.9.6 billion; meanwhile, Howell Technology 19?The 21-year commitment result is not less than 5 for non-net profit.4.5 billion, 8.4.5 billion, 11.26 trillion, Spike 19?The 21-year commitment to deduct non-net profit is not less than 25 million yuan, 45 million yuan and 65 million yuan. Assuming that the company starts consolidation in 2019, it will follow the minimum commitment performance and issue 3.9.9 billion shares (revised draft of 重庆耍耍网 issued shares to purchase assets) calculation (after the completion of the issuance, the total share capital is 8.5.5 billion shares), considering the company’s analog IC and power semiconductor industry advantages and industry scarcity, as well as the integration effect of image sensor chips, the 6-month target price is 59.2 yuan. Risk reminder: Macroeconomic downturn, new product market development is less than expected, acquisition integration

Kangda New Material (002669): Adherence to the New Materials + Military Industry Strategic Layout Interim Reported Significant Growth

Kangda New Material (002669): Adherence to the “New Materials + Military Industry” Strategic 成都桑拿网 Layout Interim Reported Significant Growth

The company disclosed its interim report on August 20. According to the interim report, 2019H1 company achieved revenue4.

3.1 billion (+26.

15%), achieve net profit attributable to mother 0.

5.9 billion (+48.

32%), gross profit margin 36.

9% (+5.

75 pcts), net interest rate 13.

48% (+2.

04pcts), diluted expected earnings of 0.

2323 yuan (+41.


Become Technology has consolidated its revenue and net income attributable to its mothers have grown significantly.

Affected by the increase in sales in various business areas and the increase in the combined data of Bechamp Technology from January to March, the company’s 2019H1 revenue and net profit attributable to mothers increased significantly. Adhesive products and electronics products achieved revenue 3 杭州桑拿网 respectively.

5.9 billion (+23.

03%), 0.

6.2 billion (+56.


(1) Sales revenue of adhesive products 3.

5.9 billion yuan.

Adhesive can effectively replace some mechanical attachments and accessories at the interface. It is an energy-saving material that simplifies processes and reduces costs in the production process of packaging, electronics, instruments, transportation, construction engineering, aerospace and other production processes.

The company’s adhesive products include eight series of epoxy adhesives, polyurethane adhesives, acrylic adhesives, and SBS adhesives, mainly in the fields of wind power blade manufacturing and soft material composite packaging.

Among them: epoxy structural adhesives achieve revenue 1.

8.9 billion (+52.

85%), the company’s epoxy structural adhesive is mainly used in the manufacture of wind power blades (the sales volume of wind power annular structural adhesive in the first half of the year was nearly 5,600 tons), and the performance of many products reached the level of similar international products.

(2) Electronic products achieve zero revenue.

6.2 billion.

Electronic products are mainly based on electromagnetic compatibility equipment in the field of coaxial aerospace. They are produced by the company’s controlling subsidiary, Beking Technology, and Beking Technology’s wholly-owned subsidiary, Beijing Liyuan.Receive 0.

3.2 billion (+105.

93%), 0.

2.3 billion (+13.


In the first half of the year, Net Technology’s net profit was 852.

960,000 yuan (-48.

34%). The Air Force and Army accounted for the majority of the military technology orders for Become. We judge that the decline in net profit was mainly due to the effects of military reform and product structure. The impact of change was gradually eliminated, and the performance in the second half is expected to rebound.

Gross profit margin 36.

9%, (+5.

75pcts); period expense rate 22.

43% (+3.52pcts).

The increase in comprehensive gross profit margin was mainly due to the decline in prices of epoxy resin, MDI and other raw materials, and epoxy resin adhesives with a relatively high revenue share (33.

41%, + 6.

72pcts) and polyurethane glue (27.

98%, +7.

46pcts) gross margin increased significantly.

The increase in the expense ratio during the period was a clear lead in the increase in research and development expenses, of which the sales expense ratio was 7.

77% (+0.

61%); management expense ratio 14.

45% (+1.


Adhere to the strategic layout of “new materials + military industry” to further enhance competitive advantage.

The company completed the acquisition of Chengdu Bikong Technology, cut into the field of military electronics such as electromagnetic compatibility and power modules, and completed the “new materials + military” strategic layout.

In the field of new materials, the company is a leading company in wind power ring structure rubber. Through the recovery of the wind power industry, the sales of thread structure rubber are expected to increase. Gradually, the company is actively promoting business with Vestas Wind Technology Group and Siemens Gamesa.Docking and working hard to open up the international market; the market share of solvent-free polyurethane laminating adhesive series products is leading, and the proportion of solvent-free conversion of food packaging adhesives has increased, replacing space replacement.

In the field of military industry, the company has outstanding R & D capabilities, and cooperates closely with the tenth research institute of China Electronics Technology Corporation and the 209th research institute of the weapon industry.

In March of this year, the company took 3056.

1 million acquisition of 61% equity of Aerospace Hengrong, further improving the layout in the field of military electromagnetic compatibility, forming an industrial synergy effect, and enhancing the company’s competitive advantage.

The profit forecast is affected by the recovery of the wind power industry and the increase in the proportion of solvent-free adhesives used in food packaging.They are 9.

2.9 billion, 10.

23 ppm and 11.

23 trillion, the growth rate is 0.

06%, 10.

11%, 9.

82%, net profit attributable to mothers is 1.

10,000 yuan, 1.

2.2 billion and 1.

43 trillion, the growth rate was 28.

7%, 21.

04%, 17.

48%, EPS is 0.

399 yuan, 0.

483 yuan and 0.

567 yuan, corresponding to 35 for PE.

04 times, 28.

95 times, 24.

64 times, giving the company a “Hold” rating.

Risk warning: changes in raw materials for adhesives business; EMC equipment business is less than expected.

Fangda Carbon (600516) Annual Report 2018 and 2019 First Quarterly Comment: Q1 Graphite Electrode Price Trend Slows Company Performance

Fangda Carbon (600516) Annual Report 2018 and 2019 First Quarterly Comment: Q1 Graphite Electrode Price Trend Slows Company Performance

The company’s 2018 performance was the best in history, and many financial indicators were beautiful.

The company’s net profit attributable to its mother was 55 in 2018.

93 ppm, the best in history, an increase of 54% in ten years; operating net cash flow 57.

1.4 billion, a record high, an increase of 65 in ten years.

2%; ROE is 50.

1%, ROIC is 57.

14%, asset-liability ratio dropped to 16.

02%, the company’s multiple financial indicators are beautiful.

In 2018, the company’s average carbon product sales price and gross profit per ton increased significantly.

In 2018, the company’s carbon product output was 18 inputs, increasing by 1 each year.

4%; the average selling price is as high as 63222 yuan / ton, a 44% increase over the years; gross profit per ton is 48611 yuan / ton, an annual increase of 35%.

The company plans to increase 4 shares for every 10 shares in 2018.

9 shares without dividends.

The company’s 2018 annual report disclosed that in order to meet the company’s production and operation and project construction funding needs, to ensure the company’s development and long-term interests of shareholders, the company’s capital reserve for every 10 shares 4 increased.

9 shares, no dividends, no bonus shares.

The price of graphite electrodes in the market dropped, and the company’s 2019Q1 performance 武汉夜生活网 hit a new low of nearly seven quarters.

The company’s net profit attributable to the mother in Q1 20197.

1.3 billion, a year-on-year decrease of 62.

36%, down 33% from the previous month.

23%, a new low in the past seven quarters since 2017Q3, mainly because the average price of graphite electrodes in the Q1 market has been falling by 53% and down by 17% from the previous month.

The company’s 2019Q1 single quarter ROE is 5%.

Prosperity of the carbon industry declined, and adjusted to “neutral” level.

The company’s performance in the first quarter of 2019 increased, and the price of graphite electrodes may fluctuate downward due to the recovery of supply in the future. We lower the company’s 2019-2020 and add a profit forecast for 2021. It is expected that the company’s EPS for 2019-2021 will be 1.

77 yuan, 1.

57 yuan, 1.

37 yuan.

In view of the declining prosperity of the carbon industry and the decrease in the company’s profit and dividends, we downgrade the company’s rating to “Neutral”.

Risks remind the risk of graphite electrode production restart; the risk of operating rate of electric furnace steel; the risk of rapid rise in raw material prices; the risk of poor corporate governance.

Zhonghuan (002129) Incident Review: Production Capacity Continues to Expand, Large Wafer Leads Industrial Upgrade

Zhonghuan (002129) Incident Review: Production Capacity Continues to Expand, Large Wafer Leads Industrial Upgrade

Event: The company released a semi-annual report and achieved revenue of 79 in the first half.

42 trillion, an annual increase of 23%, net profit attributed to the mother4.

520,000 yuan, an increase of 51% in ten years.

Deduct non-attributed net profit 3.

540,000 yuan, an increase of 59% in ten years.

Key points of investment: The performance is in line with expectations, and the capacity of monocrystalline wafers is orderly expanded.

The company’s first-half performance was close to the median forecast, and the overall performance was in line with expectations, of which the second quarter net profit2.

USD 6.5 billion, a year-on-year growth of 51% and a growth of 41% month-on-year. The company’s new energy materials realized revenue of USD 7 billion, a year-on-year increase of 22%, mainly due to the growth brought by the new capacity of single crystal silicon wafers.

The company’s key internal Mongolian region has expanded photovoltaic material production capacity, and the four and four phase transformation projects have all reached capacity. In the first half of 2019, the total photovoltaic monocrystalline silicon material production capacity reached 30GW, and the monthly output exceeded the breakthrough.

At present, the fifth phase of the project has been successfully started. After the fifth phase of the project is put into production, the monocrystalline silicon wafer capacity of the Zhonghuan Industrial Park will reach 55GW. The demand for photovoltaic efficiency will drive the industry into the single crystal era. The company’s expansion trend is obvious.Lulu.

The introduction of photovoltaic M12 large silicon wafer products, leading a new round of industrial revolution.

The company launched the world’s first M12 large silicon wafer series products on August 16th, with a side length of 210mm, and an area proportion increased by 80 compared with the current general-purpose M2 products.


M12 can be reduced by 0.

The non-silicon cost 成都桑拿网 of 205 yuan / W is reduced by 19 for M2.


The new products will greatly increase the productivity of cells and modules. Among them, the power corresponding to M12 products can reach 600W. The theoretical calculation will reduce the cost of electricity by more than 6%, which will accelerate the progress of photovoltaic parity on the Internet. M12 products may reshape the photovoltaic industry and lead the way.The industry chain further reduced costs and increased efficiency.

Semiconductor material international customers achieved breakthroughs, and product structure upgrades continued to advance.

In the first half of the year, the company’s semiconductor materials achieved revenue5.

USD 100 million, a year-on-year increase of 21%, the company’s products accounted for more than double the proportion of sales of first-class international customers, laying a 北京夜网 good foundation for the continued growth of the company’s business. By supplying first-class international customers, the company’s international reputation and recognition has been further improved.
The company continues to promote product structure upgrades and organizes the implementation of “Semiconductor Large Silicon Wafers” projects across Tianjin, Inner Mongolia and Jiangsu.

Among them, in the first half of 2019, the Tianjin plant’s 8-inch silicon wafers have achieved design capacity; the 12-inch test line project has been put into production in February, and the 12-inch project is expected to move equipment in the fourth quarter of 2019, and start production in the first quarter of 2020.The large silicon wafer business has become a potential growth point in the future.

The improvement of management efficiency pushed the net interest rate upward.

The company achieved a gross profit margin of 17 in the first half of the year.

43%, a decline of 2 per year.

56pct, of which the new energy materials sector achieved a gross profit margin of 14.

90%, a decline of 3 per year.

62pct, mainly because the price of single crystal silicon wafers has decreased compared to the same period last year, and the gross profit margin of the semiconductor materials business in the first half of the year was 26.

82%, a decline of 0 every year.

34 points.

The company’s management expense ratio reached 4 in the first half of the year.

4% (including R & D expenses), which decreases by 3 every year.

32pct, the improvement of management efficiency directly pushed the company’s net profit rate to 7.

74%, an increase of 2 a year.

31pct, the company realized net cash flow from operating activities in the first half of the year8.

50,000 yuan, an increase of 58% in ten years, cash flow continued to improve.

Profit forecast and investment grade: 1) Monocrystalline silicon wafers present a duopoly form, transforming the industry chain to reduce costs and increase efficiency, and the trend of monocrystalline substitution of polycrystalline silicon is clear. The company’s capacity expansion as a single crystal silicon wafer leader is obvious, and it will emerge from the strong in the future.On the road of Hengqiang, M12 products may lead the industry to reduce costs and increase efficiency, and accelerate parity on the Internet; 2) 8-inch semiconductor silicon wafers have mature supply capabilities, and have begun research and development of 12-inch large silicon wafers. The core competitiveness is the company’s silicon wafersTechnology accumulation over the years.

Regarding the impact of non-public offerings on the company’s performance and equity for the time being, it is expected that the company’s net profit for 2019-2021 will be 12 respectively.7/17.


2 trillion, corresponding PE is 24/17/13 times.

Maintain “Buy” rating.

Risk reminder: the new production capacity is less than the expected risk; the silicon wafer price is significantly reduced; the risk of raw materials; the policy risk; the non-public offering is less than the expected risk;

Yutong Bus (600066) sales review in August 2019-sales slightly exceeded expectations

Yutong Bus (600066) sales review in August 2019-sales slightly exceeded expectations

In August 2019, the company’s passenger car sales were 5,349, a slight decrease of 0 every year.

8%, slightly exceeding market expectations.

In the short term, in the first half of the year, under the background of the decline in industry sales and the replenishment of new energy vehicles, the company still achieved sales, revenue and profit enhancement, which fully reflects the company’s competitiveness as a leader in the bus industry.

In the medium and long term, the company’s technology and manufacturing capabilities are leading the world, and its products are becoming high-end and intelligent. It is expected to benefit from the optimization of the industry structure and the expansion of overseas export markets, and maintain a “buy” rating.

5,349 units were sold in August 2019, next to -0.

8%, slightly exceeding market expectations.

The company sold 5,349 passenger cars in August 2019, -0 per year.

82%, cumulative sales of 38,494 vehicles from January to August (+14 per year.

45%), sales of new energy 重庆耍耍网 vehicles are expected to be about 1,000 units, the company’s passenger car sales from July overdraft brought about changes around August, slightly exceeding market expectations.

Looking at the structure of each model, the company sold 2,034 large passenger cars (+6 each time.

86%); 1,936 medium-sized buses sold (at least -9.

45%); 1,109 light buses sold (twice +0.


In the first half of the year, the company’s business grew against the trend, and its outstanding capabilities were prominent.

2019H1 company achieved revenue of 125.

05 ten percent (+4).

06%), net profit attributable to mother 6.

830,000 yuan (ten years +10.

78%), net profit after returning to mother 5.

2.2 billion yuan (+0 a year).

66%), under the background of the decline in industry sales and the new energy vehicle supplementary decline, still achieved growth, slightly exceeding market expectations.

In addition, the company’s operating cash flow has continued to improve for ten years, and the net operating cash flow for 2019H1 is 2.

07 million (2019Q1 is -17.

60,000 yuan, -11 in 2018H1.

900 million).

Excellent R & D investment, from electric to intelligent, networked.

The company has identified R & D funding. In 2018 and 2019, H1 R & D expenses were 18 respectively.

$ 600 billion and 2.

9.2 billion, accounting for 5 of the total revenue.

9% and 6.

3%, which is mainly used for the development of new technologies and new products, as well as the development of intelligent and network-connected development based on electrification. It is expected to promote the company’s product upgrades and increase the company’s scale.

It is expected that in the future, traffic in the park, ferry operations, and short- and long-distance buses will be some of the first scenarios for intelligent driving. The company will reserve intelligent network-connected technologies and products in advance to grasp the initiative. It is expected to bring the development trend of the intelligent network-connected era in the medium and long term.

The long-term beneficiary industry has been cleared, and the contribution of new energy has increased significantly.

With the implementation of supplementary policies, the development of the domestic new energy bus industry has shifted from policy-driven to market-driven.

The company’s new energy bus market share has always been at a high level and showing an upward trend. In 2018, the company’s new energy bus market share reached 24,621 vehicles, the first market share, reaching 27%, clearly ahead of the second BYD (13%).

7%) and other competition.

From January to July this year, the company gradually sold 12,992 new energy buses, with a market share of 31.

47%, far more than the second-pass Zhongtong Bus (11.43%).

In the future, the tax rebate slope will be gradually added to accelerate the withdrawal. The industry’s low-end and inefficient production capacity is expected to be gradually cleared, and the industry will gradually be concentrated, which will help the company expand.

Risk factors: New energy bus sales are lower than expected; the cost of power batteries has fallen less than expected; new energy vehicle policy fluctuations.

Investment suggestion: Maintain the company’s 2019/20/21 earnings per share forecast1.



20 yuan.

For now 14.

40 yuan, the corresponding PE is 13 respectively.



0 times.

In the short term, against the background of the decline in industry sales and the replenishment of new energy vehicles, the company still achieved contrarian growth, fully reflecting the company’s competitiveness as a leader in the passenger car industry.

In the medium and long term, the company’s technology and manufacturing capabilities are leading the world, and its products are becoming high-end and intelligent. It is expected to benefit from the optimization of the industry structure and the expansion of overseas export markets, and maintain a “buy” rating.

A stock is expected to enter a period of rational consolidation after bottoming out_1

A stock is expected to enter the period of rational consolidation after bottoming out

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  After the original title bottomed out and rebounded, A-shares are expected to enter a period of rational consolidation. Wang Youruo ○ Editor Sun Fang Year of Trading, the A-share market has shown a strong possibility.

Eventually it closed on Friday, and the ChiNext index rose 4% throughout the week.

57%, both recovering lost ground and setting a new stage high; the Shenzhen Stock Exchange Index only fell slightly.

66%; Shanghai Composite Index closed down 3 weeks.


  After experiencing the short-term impact of the epidemic, with the resumption of work starting this week, how will A shares behave?

  The institutional view is that the core variable that determines the short-term risk of the market is still the epidemic, 北京夜网 but investor sentiment tends to stabilize, and the “trading period” in which market style resets oversold rebounds enters into a gradually rational “allocation period”.

At the same time, as for the future leading line of A-shares, many securities research institutes agree that the technology sector is still a direction worthy of focus.

  The market enters a more rational consolidation period. For the future market trend, CITIC Securities is maximally optimistic and believes that the low point of the index last week has fixed the market bottom in 2020.

This is because: first, the epidemic has only a one-time pulse effect on the market and fundamentals, which has gradually become a consensus; second, short-term changes are behind the timely and comprehensive expected management of policies; and again, loose macro 北京夜网 liquidityOfficial estimates estimate that there will be no recurrence in the short term; in the end, the risks of “two financings” and equity pledge are manageable, and the risk of forced selling is low.

  CITIC Securities’ proposal, the core variable that determines the market’s short-term risk appetite, is still the epidemic, and the market focus resets the pulse of the epidemic to the evolution of the epidemic and resumes work after the holiday.

However, investor sentiment is expected to stabilize, and the market volatility will also become smaller. The “trading period” in which the market style resets oversold rebounds becomes a gradually “rational period”.

  China Merchants Securities Zhang Xia (Jin Qilin analyst) strategy team also said that starting on February 10, various industries across the country will resume work.

In the short term, the market will go from a huge shock to a narrow shock or a shock upward, and the conversion rate will obviously decline.

At the industry level, TMT will shift from one side to the next, and TMT will shift to a new pattern of differentiation.

  Haitong Securities’ Yu Yugen (Jin Qilin analyst) strategy team judged that the gradual market decline is sufficient from a spatial perspective, but it still needs time to fully adjust after the sharp decline.

The market needs to wait for the turning point of the epidemic to rise again and be supported by subsequent fundamental data.

  The current ammunition accumulation of A shares: Since February 3, public fund managers have issued announcements to subscribe / subscribe for related fund products with their own funds to supplement the liquidity of A shares with actual actions.

According to the statistics of China Securities Investment Fund Industry Association, as of February 8, the cumulative self-purchase scale of 31 public fundraising institutions in the industry has reached 23.

74.5 billion.

From the source of funds, the self-purchased funds include the personal funds of its executives, employees, etc., in addition to the public funds raised.

In addition to the public offering entities, some brokerage asset management and private equity institutions have also launched subscriptions / applications for their own products.

Li Lifeng said that the above-mentioned self-purchasing behavior can hedge potential redemption pressure to a certain extent, while boosting market confidence.

  Last week, the potential net inflow of northbound funds was 300.

$ 5.9 billion is also an important incremental fund in the market.

According to the analysis of CITIC Securities, the above-mentioned median of US $ 30 billion is a net allocation of funds of approximately 24.4 billion US dollars, and a net amount of funds of a transaction type is approximately US $ 3.9 billion.About 99 million yuan.

  CITIC Securities judged that after the market overhaul, it is expected that the additional inflow will return to the average.

At the same time, fund self-purchase helps stabilize expectations, and public fundraising foundations continue to play the role of market stabilizers.

  The theme of science and technology will continue to interpret the main line of the A share valuation after repair. The views of major institutions are quite consistent, that is, technology stocks.

  Haitong Securities said that from the annual forecast data disclosed this time, the performance of GEM companies representing technology stocks has rebounded as a whole.

In the market structure of the market consolidation period, the three industries of TMT, pharmaceuticals, power equipment and new energy concentrated on the ChiNext stock are expected to lead.

  China Merchants Securities Zhang Xia’s strategy team stated that from an industry perspective, the technology sector is still in an upward cycle, and the demand for information technology will further increase in the future. 5G will drive technological progress, which will further improve the ability to provide technology, while the 2C end information consumptionThe acceleration of information construction at the 2B end, because the demand for science and technology has further increased, forming a resonance of technology supply capacity and demand.

Regardless of short-term fluctuations, it firmly believes that the technology sector will be the upward direction of the next few quarters, and it is worth paying attention to.

  Guosheng Securities Zhang Qiyao’s strategy team analyzed that the science and technology board is expected to become one of the “main battlefields” of A shares in the future.

Guosheng Securities said that the future will be a big era of equity financing, and the science and technology board will usher in historical possibilities.

In the future, the number of enterprises, the weight ratio and the segmentation of the science and technology board will continue to increase.

In fact, the science and technology board will attract more and more institutional investors to participate, and it will inevitably become one of the “main battlefields” of A shares and an important source of excess income.  Guosheng Securities said that reviewing last week’s performance, the Science and Technology Board also experienced a short collective retreat before the Spring Festival, but it quickly recovered its losses and reached a new high in the first week after the festival.

From February 3rd to 7th, the average growth rate of the stocks of the science and technology board reached 3.

26%, second only to the GEM index.

Fire Communication (600498): No pole Tailai single Q3 improved significantly

Fire Communication (600498): No pole Tailai single Q3 improved significantly

The incident describes the company’s third quarterly report for 2019.

On January 9, 2019, the company realized revenue of 177.

75 ppm, a ten-year increase2.

32%; net profit attributable to mother 6.

19 ppm, 10-year average1.

86%; single quarter revenue 57.

90 ‰, ten years ago 6.

28%, net profit attributable to mothers1.

92 ppm, an increase of 16 in ten years.


Incident review Optimized revenue structure, strengthened cost control, and performance began to improve: The company continued to optimize its revenue structure and proactively abandoned some low gross profit margin projects. Q3 gross margin improved significantly.

Gross profit margin for the first three quarters of 21.

93%, with a ten-year average of 1.

32 pct; but gross margin of 24 in the third quarter alone.

78%, an increase of 1 per year.

59 points, up 7 from the previous quarter.

06 points.

The company strengthened cost control. The company’s sales, management and financial expenses in the first three quarters decreased by 11 respectively.

20%, 11.

70%, 12.

75%, sales in the third quarter alone, management expenses fell by 11 respectively.

35%, 11.

76%, financial expenses increased by 154 in ten years.

16%, quality and efficiency were further strengthened.

Huodan’s 3Q results improved significantly, and the inflection point has now been reached.

5G transmission bidding is imminent, and Fibonacci sharing can be expected: China Mobile’s 5G transmission bidding plan was first released in November, with an estimated size of more than 20 billion U.S. dollars. Telecom and China Unicom follow closely behind, and the total scale plan is comparable to mobile.
Intermodal transport, China Mobile’s 2020 GPON equipment new collective procurement bidding, the use of 杭州夜网 flexible business strategies, beacon cover half of the share, warm up 5G in advance, and the company’s early 5G transmission test outstanding performance, we believe that the domestic 5G transmission equipment market pattern is expected to reshape,A total of fire can be expected.

The convertible bonds are about to be released, helping to set sail again: The company’s convertible bonds have been approved by the Securities Regulatory Commission on September 3, with a scale not exceeding 30.

US $ 8.8 billion, focusing on the main 5G optical communication and information security industry. With reference to historical conditions, the company is expected to release the “Convertible Bonds Prospectus” (locking transfer proposal) in the near future. Convertible bonds will be released to reduce funding pressure, consolidate 5G & security foundation, and helpThe flames set sail again.

Investment suggestion: Since this year, the company has continued to drop by 5%, fully reflecting the negative fundamentals. The third quarter net profit has improved, and it is expected to gain new attention in the market.

5G transmission tenders are about to start, and the industry’s high-boom cycle is about to start. As a leader in 5G transmission equipment, Beacon will be the first to benefit.

In the past 3 years, the company’s estimated range of 32-46 times, currently corresponding to 31 times the current estimate, is located at the bottom, and the allocation value is prominent.

We estimate the company’s net profit attributable to its parent to be 10 in 2019-2021.

09 billion, 12.

6.1 billion, 16.

3.9 billion, corresponding to PE 31 times, 25 times, 19 times.

Considering that the company will re-enter the rapid growth stage (transmission + overseas + ICT equipment) in the next 3 years, and at the same time the deployment of operator transmission equipment bidding and convertible bonds is expected to land soon, the company is highly deterministic and recommended.

Risk Warning: 1. 5G commercial construction is less than expected; 2.

Fiber optic cable industry cycle impact.

Tiantan Biological (600161) Annual Report 2018 and 2019 First Quarterly Commentary: Blood Products Maintain Steady Growth and Future Operational Efficiency Can Be Improved

Tiantan Biological (600161) Annual Report 2018 and 2019 First Quarterly Commentary: Blood Products Maintain Steady Growth and Future Operational Efficiency Can Be Improved

Investment Highlights Recently, the company released annual and quarterly reports. In 2018, the company achieved operating income of 29.

USD 3.1 billion, an annual increase of 18.

03%; net profit attributable to mother 5.

09 million yuan, an average of 56 in ten years.

57%, net of non-attributed net profit5.
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0.6 million yuan, an increase of 22 in ten years.

19%. The growth rate of non-homing net profit is faster than that of net profit. Mainly by the company in the same period of last year, the company transferred all the equity of the holders of the subsidiary’s preventive products business, Beisheng Research and Changchun Qijian, to achieve 7.

8.2 billion (before tax) investment income.

At the same time, a profit distribution plan is announced, and a cash dividend of 0 is proposed for every 10 shares.

5 yuan (including tax), 2 bonus shares.

In the first quarter of 2019, the company realized total operating income7.

0.6 million yuan, an increase of 27 in ten years.

49%; net profit attributable to mother 1.

31 ppm, an increase of 19 in ten years.

39%; net profit after deducting non-attribution is 1.

31 ppm, an increase of 21 in ten years.


Profit forecast and estimation level: The company’s annual pulp extraction volume, slurry volume, and sales revenue rank first in the country, and its scale advantage is obvious.

As the company’s pulp production continues to grow and sales channels continue to improve, it is expected that the company’s blood product business is expected to maintain steady growth in the future.

In addition, the future profitability of the three major blood products businesses is expected to bring flexibility.

The company’s EPS for 2019-2021 is expected to be 0.

71 yuan, 0.

85 yuan and 1.

02 yuan, corresponding to the closing price of PE on May 7 was 34 times, 28 times and 24 times respectively, maintaining the level of “prudent increase”.

Risk reminder: The amount of pulp extraction does not meet expectations; the risk of blood product price reduction; performance does not meet expectations