Semi-annual series of thematic analysis of cultural media companies: Flowing golden years (834021): TV channel coverage service + TV drama distribution business boosts net profit by 84% annually

Semi-annual series of thematic analysis of cultural media companies: Flowing golden years (834021): TV channel coverage service + TV drama distribution business boosts net profit by 84% annually

Event: The company released its semi-annual report for 2019, which reported operating income2.

10 ppm, an increase of 22 in ten years.

69%, achieving net profit attributable to shareholders of listed companies of 26.38 million yuan, an annual increase of 83.


Years of golden age: TV channel comprehensive operation service provider, structural optimization and upgrade.

The company’s business is mainly based on the integrated operation services of TV channels, supplemented by video shopping and merchandise sales, which respectively solve the problems of broadcasting and marketing of TV channel content, and the problem of monetization of TV users.

This period’s TV channel coverage service and TV drama distribution service revenue increased significantly.

(1) Number of reports, TV channel coverage services realized operating income1.

460,000 yuan, an increase of 58 in ten years.

76%, revenue share increased to 69.


(2) TV drama distribution services also achieved high-speed growth, with operating income of 40.87 million yuan, a year-on-year increase of 200%, and revenue share from 7 in the same period last year.

95% increased to 19 in the current period.


The report on the company’s release of “Captive Wolf”, “Golden Investor”, “Invincible Righteous”, “Invincible Righteous”, “Invincible Wise”, “Reaching the Wrong Car”, “Infinite Grace”, “Revolver”,”Iron Walnut”, “Icebreaker”, “Cool Life, Can We Not Be Sad”, “The Strong Men Are Out of the River” and 12 TV series, compared with the expansion of 16 TV series in 2018, the TV series distribution service has made progress, and the income is compared with the same period last year.Added 2725.

540,000 yuan.

Deeply cultivated the broadcasting industry, and accumulated many high-quality customer resources.

The company and its main management team have been deeply engaged in the broadcasting industry for a long time, and in the deep cooperation, they have established a good and stable mutual trust and cooperation relationship with the provincial-level satellite video channels, shopping channels, cartoon channels, film and television dramas, and television column production companies connected to them.

As of the end of 2018, the company has accumulated more than 30 provincial satellite video channels, 10 shopping channels, and 3 cartoon channels to provide coverage authorization for the company, including Shenzhen Satellite TV, Oriental Satellite TV, Guizhou Satellite TV, Jiangsu Satellite TV, Southeast Satellite TV, etc.10 Yujia TV Channel provides TV drama and TV column marketing promotion services.

Cash flow improved significantly and profitability increased steadily.

The semi-annual report revealed that the company’s net cash flow from operating 四川耍耍网 activities in the current period was 40.89 million yuan, which was an improvement over the same period last year of US $ -8,131 million. Therefore, the company’s business receipts increased by 1 over the same period last year.

3.6 billion.

The company’s current gross profit margin was 24.

11%, an increase of 3.

91 points; net interest rate for the period 12.

48%, an increase of 4.

22 points.

In May 2019, the company was selected as the innovation layer of the New Third Board. This is the fourth consecutive year that the company has been selected as the innovation layer.

Investment suggestion: The company is currently suspended due to application for listing on the GEM.

Recently, due to the proposed strategic shareholders, they applied to the CSRC to withdraw the listing application materials.

The company closed at 6 before the suspension.

89 yuan / share, with a total market value of 12.

40 ppm corresponds to a PE of 18.

5X, it is recommended to pay attention.

Risk reminders: fierce market competition, ratings risk, policy risk.

TISCO Stainless (000825): Long-term growth in quarterly earnings

TISCO Stainless (000825): Long-term growth in quarterly earnings

Investment Highlights Performance Summary: The company announced the 2018 results announcement, reporting and realizing operating income of 729.

460,000 yuan, an increase of 7 in ten years.


Realized net profit attributable to shareholders of listed companies 49.

77 ppm, a ten-year increase of 7.

69%; corresponding EPS is 0.

87 yuan, of which earnings per share for the first four quarters are 0.

26 yuan, 0.

24 yuan, 0.

22 yuan, 0.

15 yuan.

The net profit attributable to shareholders of listed companies for the same period of 2017 was 46.

22 trillion, EPS is 0.

81 yuan.

At the same time, the company announced the 2019 first quarter performance report, reporting and achieving 170 operating income.

7.7 billion, down 5 every year.

69%, achieving net profit attributable to the parent company3.

4.5 billion, down 77 each year.

38%, equivalent to 0 EPS.

06 yuan.

In addition, the company announced the common stock profit distribution plan: based on the total share capital as a base, all shareholders will be issued a cash dividend of 1 per 10 shares.

00 yuan (including tax), do not send bonus shares, do not use the provident fund to increase the share capital; ton steel data: report, the company’s crude steel output 1070.

39 for the first time, growing by 1 every year.

9%, of which stainless steel is 416.

62 Initially, it increased by 0 every year.

According to the annual report data, the ton steel tonnage is 6815 yuan, the ton steel cost is 5,721 yuan, and the gross profit per ton of steel is 1094 yuan. At the same time, the increase is 360 yuan, 319 yuan, and 41 yuan. The high level is gradually realized. The company has gradually implemented a series ofTechnological transformation, currently has the ability to produce 1,260-inch steel (including 450-inch stainless steel) each year, axle and wheel steel more than 30 mm, other products are mainly hot-rolled coil and some pipe materials, the company’s product structure determines its high degree of profit dependenceUsed in automotive, home appliances, building decoration, construction machinery and petrochemical industries.

In 2018, as the prosperity of the real estate chain continued to rise, the demand for stainless steel coils remained at a high level, and the industry price was on the high side.

Although stainless steel prices fluctuated slightly in the fourth quarter of last year, profit per ton of steel remained strong.

Taken together, the company’s stainless steel gross margin reached 14.

67%, down slightly from 2017 rating1.

35 single, but considering that the overall profitability of domestic ordinary carbon steel is still showing improvement, the company’s general material and billet gross profit margin measurement increased by 1.

39 joined with 3.

76 averages, gross margins reached 19 respectively.

86% vs. 16.


In addition, the company’s three expense ratios are only 4.

5%, down 3 from last year.
43 units, the industry helps to superimpose the company’s excellent cost control capabilities, and its 2018 performance still shows a high and stable pattern; the first quarter performance is obvious: According to the company’s first quarter performance in 2019, if measured by the quarterly output 260, then Q1The net profit per ton of steel was about 133 yuan, a decrease of 219 yuan from the fourth quarter of last year.
The company’s performance indicators are mainly affected by the significant decline in the profit of ordinary steel. We estimate that the profit decline of hot rolled, cold rolled and medium plate ton steel in the first quarter is generally in the range of 50-100 yuan.

The company’s quarterly profit fluctuations are greater than the ordinary steel industry’s fluctuations. 无锡桑拿网 However, in view of the profit fluctuations in the third and fourth quarters of last year, the profit decline of plate ton steel in the Q4 industry in 2018 is generally in the range of 300-400 yuan, while the company has only decreased by approximately 120 yuan.In the two quarters, the company’s overall profit fluctuations remained consistent with the industry; investment recommendations: As a leading stainless steel company, the 300 series and 400 series stainless steel coils are in the leading position in China.

Although due to the release of environmental protection and limited production, the profit center of Pudong Iron & Steel will fall at a high or high level, but as the demand performance of the downstream construction and engineering machinery sector still changes, the probability of continuous decline in profit per ton of steel will decline, and the company’s stainless steel and common materials performance will still be supported.

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

34 yuan, 0.

40 yuan and 0.

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

Shenghe Resources (600392) Interim Report Comments: Rare earth prices drop 19H1 in the first half of the year and net profit drops 7%

Shenghe Resources (600392) Interim Report Comments: Rare earth prices drop 19H1 in the first half of the year and net profit drops 7%
Rare earth prices have dropped year by year, and net profit attributable to mothers has dropped by 7% in 19H1. According to the company’s semi-annual report, the company achieved revenue of 3.8 billion yuan in the first half of 19, an increase of 15%; net profit attributable to mothers1.8 ‰, a year-on-year decrease of 7%, mainly due to the year-on-year decline in rare earth prices. According to Baichuan Information, the average price of praseodymium and neodymium oxide in the first half of 19 was 30.5 million / ton, down 9 per year.At the same time, credit impairment losses in the first half of the year decreased by 0 each year.2.3 billion. Import tariffs increase or increase the cost of rare earth imports. According to the company’s production and operation data, the company produced 3,557 tons of rare earth concentrates in the second quarter and achieved sales of 12,699 tons. The sales volume was far greater than the output. The company mainly sold the United States Mountain Pass rare earth mine through Singapore International Trade Corporation.Underwriting of concentrates (the output of the ore is not included in the company ‘s rare earth concentrate output); and the gross profit of rare earth concentrates was only 700 million in the second quarter (gross margin was only 5%), or mainly due to the increase in import tariffs on rare earth ore from 10%To 25%. The overseas layout is advancing steadily, and growth is expected. After the company has completed the integration of the Mountain Pass rare earth mine, it will continue to steadily promote the layout of overseas projects.According to the company’s record of investor relations activities, the Kowane Bay project owned by the company’s controlled Greenland company has submitted an application for a mining license. After the mining 杭州桑拿网 license is approved, the company will not subscribe for more than 60% of the equity interest; meanwhile, the company’s proposed acquisition of Thai XinyuanThe construction of rare earth is expected to be completed by the end of 19, with conditions for production. The company’s “overweight” rating is expected to be 0 for the company’s EPS in 19-21.23/0.28/0.33 yuan / share, corresponding to 42/35/29 times the current sustainable PE.From August 2018 to the present, the company’s PE average is multiplied by 64 times. The industry’s comparable company’s 19-year PE average is 68 times. Considering that the company is a company with fast-growing revenue in the rare sector, we believe that it will give the company a 60-year PE estimate for 19 years.Reasonable and reasonable, the corresponding reasonable value is 13.80 yuan / share, give the company an “overweight” rating. Risks suggest that the expansion of the Mountain Pass mine has led to an increase, leading to a decline in rare prices; it is still uncertain whether the Greenland project’s mining license can be approved; and the Thai Xinyuan project construction is less than expected.

Guangzhou Restaurant (603043) 18th Annual Report & 19Q1 Quarterly Report Comments: Volume and Price Rise, Revenue Increases, Steady Expenses Expense Expectations to Build Thick

Guangzhou Restaurant (603043) 18th Annual Report & 19Q1 Quarterly Report Comments: Volume and Price Rise, Revenue Increases, Steady Expenses Expense Expectations to Build Thick

Highlights of the report The company described its annual report for 2018 and first quarter report for 2019, and realized revenue of 25 in 18 years.

3.7 billion, an increase of 15.

9%; net profit attributable to mother 3.

8.4 billion, an increase of 12.

8%; EPS is 0.

95 yuan.

1Q19 achieved revenue 5.

3.3 billion, an increase of 19.

8%; net profit attributable to mother 0.

4.6 billion, 南京夜生活网 an increase of 17.

9%; EPS is 0.

11 yuan.

Incident Review Productivity Released Additional Product Price Increase Drives Revenue Growth.

The output of moon cake series products and frozen foods increased by 10 in 2018 respectively.

3% and 22.

9%, sales increased by 9.

9% and 20.

5%; the production and sales rate of the two types of products remained high, moon cakes and quick frozen were 99.

5% and 98.


In 2018, the company’s new production capacity mainly came from the completion of fund-raising projects, internal equipment upgrades, and outsourcing M & A OEM.

Among them, 7,040 tons were invested to expand production capacity, and sales revenue in 2018 was 12,022.

280,000 yuan, expanding the company’s quick-freezing and central catering products business scale.

In addition, the company’s quick-frozen products raised prices in mid-2018, providing momentum for revenue growth in the second half of 2018 and 2019Q1.

The gross margin performance was stable, and the expense resulted in a slight decrease in net profit margin.

Gross profit margin increased by 1 in 2018.

5pct, net interest rate decreased by 0.

5 points.

The increase in gross profit margin was mainly contributed by the food manufacturing industry, but the proportion of frozen foods with a reduced gross profit margin was increasing. However, due to the increase in the gross profit margin of various product lines, the gross profit margin of the food manufacturing business increased in 20182.

1pct; 2019Q1 gross profit margin decreased slightly by 0 in the case of product structure changes.

5 points to 47.


The decrease in net profit in 2018 was mainly due to the sales expense ratio, and the management expense ratio and research and development expense ratio increased by 0, respectively.

8 pieces, 0 pieces

8pct and 1.

Due to 1pct, the company is at a critical stage of market expansion and product research and development, and the overall expenses are reasonable; the expense ratio increased by 0 during the first quarter of 2019.

4pct, the whole remains stable.

The company’s cash flow is good, and its upstream and downstream bargaining power is improving.
In 2018, the cash received by the company from selling goods and providing services to the operating income ratio was 110.
7%, which is basically the same every year; Net operating cash flow accounts for 18% of operating income.

8%, a slight decline in one year.

In addition, the company’s account receivable turnover in 2018 was included in 37.

6 times, increase by 4 every year.

1 time; 8 should be inserted for account turnover.

6 times, reduced by 0 every year.

2 times, the company’s bargaining power on downstream channels and businesses has improved, and bargaining power on upstream suppliers has remained stable.

Profit forecast and investment proposal: It is estimated that the net profit attributable to the mother in 19-21 will be 4 respectively.



69 ppm, EPS is 1.



66 yuan, corresponding to the current expected PE is 26/22/18 times, respectively, given an “overweight” rating.

Risk Warning: 1.

The construction of the new base and the release of production capacity were less than expected; 2.

Competition in the frozen food market has intensified.

Occupational annuity investment is about to start 100 billion yuan of incremental funds

Occupational annuity investment is about to start 100 billion yuan of incremental funds
Source: Trainee reporter Wu Xiaolu of Securities Daily Following the start of investment and operation of the occupational annuity project in 10 places in September, two places have recently started.As of October 30, out of 33 national annuity projects in the country, including the central state organs and institutions, 31 provinces, autonomous regions and municipalities, and the Xinjiang Production and Construction Corps, 12 professional annuity projects have begun investment operations.Preliminary sources predict that the occupational annuity in most provinces will be in operation by the end of this year or the first half of next year.  China’s pension is divided into “three pillars”, of which occupational year metal is the second pillar of supplementary pension insurance.For the capital market, professional annuities are an important type of long-term funding.  ”Occupational annuities differ from social security and enterprise annuities in terms of the subject of responsibility, the object of payment, the nature of insurance, payment standards, and withdrawal conditions, but the biggest difference is that it is a mandatory supplementary pension insurance for institutions and institutions, andThere is a government financial guarantee for investment, which is why it can be used as long-term capital.Pan Helin, a senior scientist at Pangu Think Tank, told the Securities Daily reporter.  Pan Helin believes that for professional annuities, safety is the primary consideration.Therefore, the entry of professional annuities will guide investors to a certain extent to make rational and conservative investments.The entry of professional annuities into the market will inject fresh blood 杭州夜生活网 into the market and effectively alleviate market liquidity problems.In addition, its entry into the market will further increase the weight and influence of institutional investors in the stock market, improve the overall information quality of the market, and stabilize market performance.  The investment scope and proportion of occupational annuities are almost the same as those of enterprise annuities. The main investment objectives for maintaining and increasing value, the proportion of equity assets such as investment stocks, stock funds, etc. must not exceed 30%.  ”The actual proportion of professional annuity stock allocation also depends on the manager’s investment operation. Professional annuity is a source of long-term funds. Investing in social security funds is biased towards long-term investment and value investment. Selecting stocks will also favor blue-chip stocks with high dividends.There are also some growth stocks.”Yang Delong, chief economist and executive general manager of Qianhai Open Source Fund, told the Securities Daily reporter.  Some people claim that the current occupational pension fund balance or over 700 billion yuan has been collected, which is very close to the urban and rural residents’ pension insurance fund balance.According to estimates by Huatai Securities, as of the end of 2018, the total scale of professional annuity reached 632.3 billion, and the annual increase of professional annuity in the next two years will be about 430 billion.  ”Referring to the investment ratio of insurance companies, the current equity allocation ratio is around 15%.”Yang Delong said that based on the calculation of more than 700 billion yuan of funds invested in the account, it is expected that 100 billion yuan of funds will enter the market.  On October 30, the Ministry of Finance stated in the response to the change of Jiang Yang, member of the second session of the 13th National Committee of the CPPCC, that more policies to support and guide long-term funds into the stock market will be gradually brewed, and corporate annuities and professional annuities will be initiated.Pilot investment options.Relevant departments are working to expand the scope of annual gold investment, improve the company’s annual gold collection plan and other research work, promote the asset allocation adaptability of annuity funds, and continue to promote investor education and protection, and further improve the operating mechanism and information disclosure system.As the market matures and the experience of individual investors grows, there will be more and more annuity plans giving individual investment options.  ”Long-term capital restrictions continue to be lifted. Mergers come from the continuous development of the capital market and gradually come from the continuous improvement of supervision.”Therefore, in order to continue to create good conditions for the long-term capital to enter the market, supervision will continue to follow up, especially the introduction of specific detailed policies and regulations.Pan Helin said, “To put professional annuities into the market, we must formulate market rules to achieve a balance between income and safety.”

AVIC Shen Fei (600760): Interim Report High-Growth Expected FC-31 Attempts to Match F-35

AVIC Shen Fei (600760): Interim Report High-Growth Expected FC-31 Attempts to Match F-35

Event: The Fifty-third Paris Air Show on June 17, antiques at the Paris Bourget Airport.

Earlier versions of the new model of the FC-31 unveiled this time have been adjusted with new mid-range pushers and ship-based volume determination; the company’s quarterly data is outstanding, and balanced production and military pricing reforms have begunachieve.

  Main points of view: 1. The new model of FC-31 appeared at the 深圳桑拿网 Paris Air Show. The engine replacement and ship position were determined. Among the various foreign trade models brought by AVIC at the Paris Air Show, the fifth-generation FC-31 developed by Shen FeiThe appearance will certainly become the focus of everyone’s attention. The merged FC-31 model has changed from previous interventions.

  The change of the new model of FC-31 has transmitted various signals from the technical level. (1) The air show FC-31 and the JF-17 “Jiaolong” fighter that has been jointly developed with Pakistan are unveiled side by side. This time,FC-31 did a good job of publicity and effective advertising, again verified the positioning of the FC-31 foreign trade aircraft, and also highlighted the important parts of the FC-31 in the foreign trade aircraft series.

  (2) The changes in the new FC-31 model are mainly focused on the two areas where the rear engine compartment is more prominent and the cabin height is improved.

One of the main factors in the development of the Air Force’s front-end FC-31 and J-20 was the lack of a suitable engine to meet the needs of two fifth-generation aircraft.

At the first release exhibition, the structure and shape of the tail nozzle of the new model of the FC-31 was completely different from the old FC-31 that originally used the RD-93 engine. Based on the interaction of various news about the new launch of the FC-31, it can be judgedThe development of the new launch of the FC-31 is comprehensive and smooth, and it has been possible to conduct tests in the near future and install and test flights in the near future.

The advent of the new China Push will not only greatly improve the overall performance of the FC-31 and increase its competitiveness in foreign trade, but also greatly increase the confidence and bargaining power with the F-35 to compete for the world’s medium-sized fifth-generation machine market.

  The height of the cockpit height means a better forward-downward view, which is of course the technical requirement of the Navy’s fixed-wing carrier-based fighter aircraft.

Due to the high altitude of the approach starting point and the large deviation rate, the pilot’s carrier-based approach is inevitable that the pilot must keep a good forward-looking downward to maintain line-of-sight contact with the aircraft carrier.

  The adjustment of the upcoming new model also indicates that the FC-31 has been actively making changes to the fifth-generation carrier-based aircraft, and it is expected to become a carrier-based fighter for the 003 aircraft carrier in the future.

The positioning of FC-31 is the same as that of the US F-35. They both follow the foreign trade + carrier-based technical route, and the former forms a high and low match with the F-20 and forms a high and low match with the F-22, forming the country’s most important system.Air force.

By the end of 2018, the total number of F-35 global orders has exceeded 3,200, which is the most important “money printing machine” of Lockheed Martin. If FC-31’s foreign trade and ship-borne road are smooth, it is expected to benchmark F-35 and become China.The most important medium fighter and the company’s largest source of profit.

  2. The performance of the first quarter report exceeded expectations, and long-term high growth can be expected in the first quarter report performance reproduced by AVIC Shen Fei in the shaft, achieving revenue of 50.

850,000 yuan, an increase of 191 in ten years.

27%, net profit attributable to mothers1.

980,000 yuan, a turnaround from the same period last year.

Last year’s interim report achieved a profit of 100 million. This year’s quarterly profit was close to 200 million. At the same time, the gross margin and net interest rate swap increased, which fully shows that the company’s profitability has improved significantly. This is mainly because the company’s balanced production capacity is good., And a significant increase in sales.

The release of performance of military industrial enterprises was mainly concentrated in the second half of the year, and the company’s prepaid accounts increased by 25 from the previous month.

31%, combined with the book value of inventory and the book value of raw materials in the annual report, the leading indicators that can predict the production and delivery of the company’s products have also been improved to varying degrees, which can fully reflect the company’s order, production, and delivery status.A good upward channel. It is expected that the profit of the interim report will increase by more than 200%, and the long-term performance is expected to usher in growth.

  3. The reform of the military product pricing mechanism is about to come to an end, and the company’s profitability may usher in a fundamental improvement. The military product pricing mechanism and other factors will affect the gross profit margin of military OEMs.

On March 21, 2019, AVIC has taken the lead in carrying out the training of equipment price business in 2019.

With the reform of the pricing mechanism of military products and the breakthrough of the 5% profit limit, military enterprises, especially OEMs, can fundamentally improve their profitability.

  4. Profit forecast We expect the company’s operating income for 2019-2021 to be 247.

9.5 billion, 307.

59 ppm, 354.

34 ppm, an increase of 23 in ten years.

05%, 24.

05%, 15.

20%, EPS is 0.

68 yuan, 0.

82 yuan, 0.

92 yuan, corresponding to 42X / 35X / 31X PE, giving the company a “highly recommended” grade.

  5. Risks indicate that the military aircraft reformation is less than expected, and the military product pricing reform is less than expected.

Dongfang Cobalt (000962): Turnaround in 1Q19 results; positive impact on replacement projects

Dongfang Cobalt (000962): Turnaround in 1Q19 results; positive impact on replacement projects

The first quarter of 2019’s performance realized a loss. Oriental Oriental Industry announced the first quarter of 2019’s results: operating income1.

US $ 700 million, a year-on-year decrease of 28%, and a 37% decrease from the previous month. The net profit attributable to the parent company was 3.01 million yuan. Each increase of approximately 3,200 times and realized a loss, a decrease of 89% from the previous month, corresponding to 0 profit.

0068 yuan, consistent with the performance forecast, after deducting non-return to the mother’s net profit -3.62 million yuan, the extension of the reduction of about 27 杭州桑拿 million yuan.

The further improvement in earnings in the first quarter of 19 was mainly due to the decline caused by the period expenses exceeded, and the additional increase in investment income and government subsidies.

Comments: 1) In 19Q1, the company’s comprehensive gross profit margin increased by 5 ppt, which was a decrease of 8 from the previous month.

6ppt to 11.


2) In the first quarter of 19, management expenses decreased by 15% or 3.23 million yuan, a chain decrease of 39% or 11.6 million yuan, and administrative expenses decreased by 10.

5%, +1 each time.

6ppt, a decrease of 0 from the previous month.


3) Financial expenses in the first quarter of 19 decreased by 53% or 8.48 million yuan, mainly due to the increase in interest expenses and exchange losses, but an increase of 14.54 million yuan 杭州桑拿 from the previous quarter, and financial expenses in the first quarter of 19 decreased by 4.

3%, a decrease of 2 per year.

3ppt, but an increase of 6 from the previous month.


4) In the first quarter of 19, investment income + gains from changes in fair value increased by 5.48 million and 2.11 million yuan from the previous month, respectively, and other income of the company in 1Q19 increased by 3.

7x to 6.06 million yuan, mainly due to increased government subsidies.

5) Cash flow from operating activities has improved significantly in the past ten years.

9x to 79.4 million yuan.

After the completion of the development trend replacement project, it will have a positive impact.

At the end of 2018, the company resettled the titanium materials company’s photovoltaic materials branch, abrasive materials branch, energy material branch and related public and auxiliary facilities located in the industrial park of Dawukou District to replace the western owned by CNMC Oriental.28% stake in Caiyuan has been completed.

According to the company’s announcement, the company’s asset quality has been improved after the transaction, and will be concentrated in the main business. In 1Q19, the previously invested assets increased the company’s investment income, and the invested assets reduced the company’s substitution.

Earnings forecast We maintain our 2019 / 20e earnings forecast at 0.


06 yuan unchanged.

Estimates and recommendations The company currently sustainably corresponds to March 19/20.


4x P / B.

Maintain neutral rating and target price of 8.

0 yuan, corresponding to 19/20 years 3.


0 times P / B, there is a 12% drop space compared with the previous one.

Risks Downstream demand is below expectations; product sales and prices are below expectations.

Moutai, Guizhou (600519): The proportion of directly-operated companies listed on Moutai Group’s related transactions has gradually increased

Moutai, Guizhou (600519): The proportion of directly-operated companies listed on Moutai Group’s related transactions has gradually increased
The related party transaction does not exceed 3,000 tons of Moutai, and the sales price is the same as that of non-affiliated dealers. The company announced that in 2019 it will follow the standard of no more than 5% of the net asset value at the 重庆耍耍网 end of 2018 ($ 5.6 billion).The products sold by the branch are the same as the purchase prices of other unaffiliated dealers.We calculated according to the ex-factory price of 969 yuan / bottle and 13% improvement rate, about 3,000 tons of Moutai.Because the prototype price is consistent with other non-affiliated dealers, we expect that if the listed company raises prices in the future, the associated transaction price will also increase. According to the company’s annual reports, from 2013 to 2018, the company sold goods to related parties in accordance with relevant regulations, with transaction amounts of 15 in the past three years.0.6 billion, 26.9.4 billion, 25.8.7 billion, mainly for the sales of Moutai, all did not exceed 5% of the net assets at the end of the previous year.It is expected that the net assets of the merged listed company will increase every year, and the amount of related party transactions may also increase slightly. The proportion of direct sales channels is expected to gradually increase, which is conducive to thickening the performance of listed companies. The company announced that it will re-integrate and raise funds that have been replaced with Moutai’s operating rights due to violations.Way, we expect the company’s direct sales ratio will further increase.According to, the company recovered 6,000 tons of illegal dealer reorganization this year. If 3,000 tons is given to the group, the remaining 3,000 tons is expected to be used for direct management of listed companies.It is said that the company will put 7,400 tons before the Mid-Autumn National Day holiday season (7,000 tons in the same period last year). In mid-August, an inspection team will be formed again. We think this will help the current excessively high approval price to improve and fall.Promote the healthy development of the industry. Earnings forecast We expect the company’s revenue to be 915 in 19-21.18/1119.80/1326.24 ppm, an 18-year increase.55% / 22.36% / 18.44%; net profit was 438.49/549.62/659.86 ppm, an increase of 24 in ten years.56% / 25.34% / 20.06%; EPS are 34.91/43.75/52.53 yuan / share, corresponding PE is 28/22/18 times, the company’s brand moat is high, and the profit stability in the next 3 years is strong. We give PE at 25 times in 2020, a reasonable value of 1094 yuan, and maintain a buy rating. Risk reminder: Macroeconomic growth rate, consumption upgrade exceeds expectations, food safety risks.

Sinoma Science and Technology (002080): Wind power blades continue to improve towards glass fiber endogenous improvement

Sinoma Science and Technology (002080): Wind power blades continue to improve towards glass fiber endogenous improvement

Investment Highlights Event: Sinoma Science and Technology released its 2019 semi-annual report, and the company realized an operating income of 60.

63 ppm, an increase of 27 in ten years.

74%; net profit attributable to mother 6.

52 ppm, an increase of 69 in ten years.

70%; net profit after deduction is 6.

140,000 yuan, an increase of 73 in ten years.


Net cash flow from operating activities was 4.

19 ppm, an increase of 15 in ten years.


In terms of quarters, 2019Q2 revenue was 34.

07 million yuan, a growth rate of 28 in ten years.

01%; net profit attributable to mother 4.

3.7 billion, the previous growth rate was 85.


All business segments of the company achieved full profits, and participation in industrial operations continued to improve.

Opinion: The wind power boom is on the rise, fully benefiting from the structural shortage of high-power large-leaf blades, and the amount of wind power blades in the first half of the year has achieved significant growth.

In the first half of 18, due to the industrial transformation and upgrading and the accumulation of new leaf-type capacity, the sales volume of the blades achieved a negative growth, and the profit was negative.

The first half of this year benefited from the upward trend of the industry, and the adjustment of product structure and production capacity layout was significant, with blade sales reaching 3 in the first half of the year.

20GW, a substantial increase of 139% each year.

Larger blades (high-power and large-leaf blades account for more than 20%) and tight supply and demand have driven the wind turbine blade revenue to increase significantly (operating income is 19%).

800 million, an increase of 134% in ten years).

The superimposed cost is reduced, and the loss is turned into profit, and the net profit is 1.

800 million, accounting for about 27% of the company’s total profit in the first half of the year.

Looking forward to the future, benefiting from the continued improvement of the industry’s prosperity, the industry leader Sinoma’s blade product structure, the mid-to-high end, and the large blade supply and demand tend to shrink. The company’s single megawatt price is on the rise.Share, and due to structural changes and scale effects, gross profit margin will significantly increase, and profitability is expected to increase significantly.

Benefit costs and expenses improved, and the profitability of fiberglass was higher and flat.

Fiberglass achieved sales of 41 in the first half of the year.

9 for the first time, with an annual increase of 4.

7%; revenue was 27.

9 ppm, 10-year average1.

1%; price may be close to 6%.

Due to the impact of increased capacity and uncertainties in the industry, the industry continued to bottom out, and the prices of low-end products continued to decline.

However, due to the high proportion of the company’s mid-to-high-end products and the continuous endogenous improvement of costs and expenses brought about by cost reduction and efficiency enhancement, the company’s main products include wind power yarns, thermoplastic yarns and high-end electronic yarns, which have achieved higher profitability in the first half3.

9 trillion, unchanged from the same period last year (18H glass fiber profit was 3.

950,000 yuan), the unit net profit slightly replaced, now 931 yuan / ton.

On a month-on-month basis, due to changes in the product structure in the second quarter, the average price increased, and the continuous improvement in costs caused the unit net profit to increase by about 300 yuan / ton.

Industry outlook. It is expected that the price of glass fiber will gradually bottom in the third quarter, and the fourth quarter may improve.

From the supply side, the quarterly marginal increase in production capacity has gradually decreased. Although the growth rate of demand may slightly shift, it still maintains growth. We expect the fundamentals to improve quarter-on-quarter.Judging from the current operating situation of major enterprises, the current price (about 4,200-4300 yuan / ton) of boulder products that are competitive in the entire market is not profitable. The new entrants in the industry and some of the higher cost are expected to lose money.The level of state cash flow, we expect the alkali-free roving to continue to decline to a limited extent.

Among the mid-to-high-end products, the price of electronic yarns is at the bottom of history and major companies are not making money. With 5G pulling some high-end electronic yarns, there is limited space for prices to continue to decline, and gradually change back; the global economic situation in the wind power industry is better.The two-year rush installation is obvious, and it is expected that the price of wind power yarns will continue to maintain the best level; the thermoplastic yarns used in the automotive field will be transformed into a marginal improvement in car sales, which will then be passed to the crop side and the demand side for glass fiber.Seasonal marginal improvement is worth looking forward to.

Lithium electric coaxial realized a turnaround.

At the end of the day, the company totaled 4 articles.

The production line with a production capacity of 400 million square meters is in good operating condition, the yield rate is continuously increasing, the production capacity is being accelerated, and mainstream customers at home and abroad have developed smoothly (CATL and Yiwei Lithium Energy), achieving large-scale sales, and have achieved slight profit in the first half of the year.

In August 19, the company invested 9.

The capital increase of 9.7 billion US dollars in Hunan Zhongli, the production capacity and market share has been rapidly increased, helping the company to achieve the leading strategy of lithium battery replacement industry.

With the active development of domestic and foreign customers and the 青岛夜网 subsequent release of production capacity, the profitability of lithium battery replacement is expected to increase rapidly.

The expense ratio was properly controlled, and the net profit margin increased steadily: The consolidated gross profit margin of the combined company was reported to be 27.

97%, a decline of 0 every year.

36 units.

The company’s sales, management, R & D and financial expense ratios in the first half of the year were 3 respectively.

67%, 5.

59%, 3.

19% and 2.

85%, the overall expense ratio is 2 lower than the previous period.

62 points.

Attributable net interest rate is 10.

76%, an increase of 2 a year.

66pct, benefited from the further decline in the company’s management and financial expense ratio.

Investment suggestions: 1. Wind power blades: the industry is booming, and the product structure and throughput layout adjustment effect is significant, fully benefiting from the structural shortage of high-power large-leaf blades; 2. Fiberglass: industry demand and supply progress has improved in the quarter, the companyThrough continuous optimization of production capacity and product structure, in-depth promotion of cost reduction and efficiency enhancement and gradual volume increase of new products, the company’s main products, including spun yarn, wind power yarn and thermoplastic yarn, have maintained a high level of profitability; 3. Lithium battery pack: Tengzhou new production lineThe operation is good, the yield is continuously improved, the production capacity is accelerated, the mainstream customers at home and abroad are developing smoothly, and mass sales are achieved; 4. Gas cylinders: Benefiting from the volume of new products and the recovery of the industry, the profitability of the gas cylinder industry has been greatly improved.

We believe Sinoma’s wind power blade business is expected to maintain high growth in 2019, and the profitability of glass fiber raw yarn remains stable. The gradual volume increase of the lithium power segment business is expected to contribute new performance increases.

We expect the company’s 2019-2020 net profit to be 14 respectively.

2 and 17.

200 million, corresponding to PE11.


7X, give “overweight” rating.

Risk reminder: glass fiber supplementary production capacity exceeds expectations, leading to higher product prices; environmental elimination of glass fiber production capacity is less than expected; in the future, some wind power supplementary installations are less than expected, and the company’s blade business is reduced; prices of the same model blades are reduced more than expected;Sales fell short of expectations and prices fell more than expected.

Estun (002747) Annual Report and 1st Quarter Report Comment: Q1 Revenue Increases slightly

Estun (002747) Annual Report and 1st Quarter Report Comment: Q1 Revenue Increases slightly

Highlights of the report The event describes the company’s 2018 annual report: operating income14.

610,000 yuan, an increase of 35 in ten years.

72%, net profit attributable to the parent company1.

10,000 yuan, an increase of 8 in ten years.

79%; of which the operating income in the fourth quarter3.

96 ppm, a decrease of 3 per year.

73%, net profit attributable to mother 0.

31 ppm, a decrease of 10 per year.


Operating income for the first quarter of 20193.

2.1 billion, an annual increase of 6.

21%, net profit attributable to mother 0.

19 ppm, a ten-year increase4.


Event Comment Domestic manufacturing capital expenditures declined in the fourth quarter, and industrial robot output fell another 7.


Affected by this, the company’s Q4 revenue increased slightly, and the growth rate of robots and core components declined.

In the first quarter of this year, through the weak recovery of manufacturing investment after the year, the company’s revenue increased slightly, the gross profit margin rebounded, and the growth rate of the robot business may be higher than the core components.

Initially, the revenue of industrial robots and intelligent manufacturing systems increased by 50%, and the revenue of automated core components and motion control systems increased by 24%, of which motion control and AC servo systems increased by 50%.about.

It is estimated that the sales volume of the company’s industrial robots will be about 3000-4000 units in 18 years, which will continue to grow significantly and the market share will increase significantly.

At the same time, based on strict control of production costs and scale effects, the comprehensive gross profit margin increased2.

55 points.

As the company continues to increase R & D investment, R & D expenditure (expense + capitalization) accounts for more than 10%, product performance and competitiveness are improved, and new market segment 武汉夜生活网 breakthroughs are achieved.

The increase in supplementary financing costs resulted in an increase in financial expenses and a decrease in net interest rates.

The higher expense ratio continued from 18Q3 to the first quarter of this year, and the positive impact of the rebound in gross profit margin was restored. The non-net profit deducted from Q1 continued to improve, and the decline was narrowed.

From the perspective of industry, in the first quarter, the domestic industrial robot output increased and decreased11.

7%, an increase from the third quarter of last year.

19Q1 Japan sells industrial robot 360 to China.

2.2 billion yen, down 34 previously.

3%, down from -3% in the earlier 18Q4; Japan ‘s orders for machine tool sales to China fell 44% in March, narrowing the decline for four consecutive months, but it can still be reduced.

Combining recent industry surveys, domestic automation demand has been completed in the first quarter of this year, and the bottom of the cycle has improved in the second quarter. However, the demand mainly comes from urgent orders and short orders. The visibility of orders is not as good as the same period last year. Inventory has dropped to normal levels.It is expected to improve further in the second half compared to the first half.

Investment suggestion: Under the influence of the downturn of the economic cycle and trade frictions, the company’s performance is basically in line with expectations, and the growth of the four major families will continue to rank first in the domestic echelon.

Introducing the self-made advantages of core components and the customization direction of market segments, the company’s medium- and long-term growth trend remains unchanged, and it is under pressure in the short term.

It is expected that the net profit attributable to mothers in 19-21 will be about 1.

5, 2.


6 trillion, EPS is 0.
18, 0.
25, 0.

32 yuan / share, PE is 56, 40, 32 times, maintaining the “buy” grade.

Risk Warning: 1.

The growth rate of manufacturing investment has once again declined; 2.

The company’s market development progress was less than expected.