Seiko Steel Structure (600496) Company Comments: Pre-Order for Assembly General Contracting Business Increases, and Forecast of Results Meets Expectations

Seiko Steel Structure (600496) Company Comments: Pre-Order for Assembly General Contracting Business Increases, and Forecast of Results Meets Expectations
Orders have steadily increased, and policies have pushed assembly steel structures to meet new changes. Soon, the company announced its 2019 business briefing.The company’s cumulative undertaking amount is 140.42 ppm, an increase of 14 over the same period last year.45%.Among them, the public construction sector and industrial construction business increased by 84 compared with the same period last year.70%, 14.12%.The company signed new orders of over 100 million yuan in 201961.2 billion, an annual increase of 29.6%, of which public, industrial, commercial construction orders over 10,000 yuan growth rate were 143.4%, 19.3%, 10%.The significant improvement of the company’s public 上海夜网论坛 construction sector is mainly due to the company’s search for upgrades based on the traditional steel structure subcontracting model. The shift from the professional subcontracting model to the EPC general contracting model has brought about an increase in the company’s business undertaking scale and orders of 100 million yuan. Under the background of the Ministry of Housing and Construction vigorously promoting the prefabrication of steel structures, Zhejiang Province has issued the “Evaluation Standards for Prefabricated Buildings”, which requires that the prefabrication rate of prefabricated buildings reaches 50% or more.advantageous.As of the end of 2019, the company has opened up six major regional markets through the technology joining model.At the beginning of January, it undertook two projects: “New Shaoxing Sports 武汉夜网论坛 School EPC Project” and “Mirror Lake Headquarters EPC Project”, with a total contract value of 6.8.5 billion.In the future, we can continue to look forward to the advancement of the company’s green building GBS technology and the transformation of results. The prefabricated construction business is leading the technology, and the method of joining technology broadens the profit channel. On January 10, 2020, the company’s “High-rise Steel-Concrete Hybrid Structure Theory, Technology and Engineering Application” project won the first prize of the National Science and Technology Progress Award, showing the companyLeading technology in prefabricated construction.At present, the company has built a complete set of technical systems for green buildings integrated with this technology, forming a five-product system of PSC residential systems, apartments, schools, hospitals, and office buildings, and opened in six places including Hebei, Shanxi, and Hunan with a technology joining model.Regional markets.This technology joining method has strong operability and rapid expansion, and the company makes profits by referring to partner technology and resource costs.This solves the regional restrictions of prefabricated buildings and widens the company’s prefabricated profit channels. Before the profit growth rate, the EPC model and prefabricated construction helped the company improve its overall gross profit margin.On the evening of January 15th, the 19-year performance forecast was released, and it is expected to realize net profit attributable to mothers in 19 years.8-4.200 million, an annual increase of 109% -131%, and the net profit growth rate of non-returned mothers is expected to be 115% -141%, which is in line with our previous expectations.The company’s median profit growth rate is relatively high, mainly due to the continuous improvement of business undertakings. At the same time, the company vigorously promotes the prefabricated construction and EPC general contracting business, and has achieved better development. The increase in the technology’s franchise model has improved the overall gross profit level.It is also continuously improving the quality of orders and strengthening the operation of projects, and there is room for continued improvement in gross profit margin. Investment suggestion We believe that the steel structure industry is booming, and the company’s contracts in hand are steadily increasing, the order structure is improving, new business development can be expected, and performance promotes high growth.The continuous business increase caused by the policy-driven assembled steel structure of the company that proposed the changes, and at the same time reported that the controlling shareholder of the merged company has changed, and the impact of the default of the Seiko Holding Group bonds on it has basically been eliminated.We maintain the EPS for 2019-2021 to 0.22, 0.26, 0.32 yuan / share, corresponding to PE, 14, 12, and 10 times, maintaining a target price of 4.40 yuan, maintain “Buy” rating. Risk warning: policy advances less than expected; steel industry boom declines

Huaneng International (600011) first quarter report of 2019 comment: fuel cost reduction performance highlights flexibility

Huaneng International (600011) first quarter report of 2019 comment: fuel cost reduction performance highlights flexibility

Matters: In the first quarter of 2019, the company achieved operating income of 456.

52 ppm, an increase of 5 per year.

15%; operating costs 371.

93 trillion, a year down 0.


Gross profit margin reached 18.

3% in the first quarter of last year.

8 points.

; The total profit is 46.

470,000 yuan, an increase of 10 over the same period last year.

18%; Realize net profit attributable to parent company.

56 million, an increase of 114 per year.

27%; budget benefit is 0.

16 yuan, an increase of 0 over the same period last year.

08 yuan / share.

Comment: Lower fuel costs and significantly improved performance.

The company realized net profit attributable to mother 26.

56 million, an increase of 114 per year.


Gross profit margin reached 18.

3% in the first quarter of last year.

8 points.

The increase in gross profit margin was mainly due to the reduction in fuel costs.

In the first quarter of 2019, the spot price of Shanxi-made thermal coal (Q5500) in Qinhuangdao fell by 100 yuan / ton, the monthly long-term price of Shenhua fell by 88 yuan / ton, and the annual long-term price of CCTD (Q5500) fell by 13 yuan / ton.

According to the spot, the monthly long-term association and the annual long-term association each account for 30%, 35%, and 35% respectively. The company’s standard coal price (excluding tax) has gradually decreased by about 72 yuan / ton.

In the first quarter of 2019, the national thermal power generation volume increased by 2% per quarter, which was a decrease from the first quarter of last year4.

9 points.

Downstream power plants maintain high inventories. Through the resumption of work at Yulin Coal Mine, the supply and demand of thermal coal will be loosened. It is expected that coal prices will continue to decline moderately.

The performance elasticity brought by the drop in coal prices is much higher than the decrease in performance caused by weak demand.

We estimate that the unit price of standard coal (excluding tax) dropped by 10 yuan / ton, and the company’s net profit attributable to mothers in 2019 increased by 43% compared to 2018.

The heating income increased significantly, contributing to the increase in operating income.

In the first quarter of 2019, the company achieved operating income of 456.

52 ppm, an increase of 22 over the same period last year.

3.6 billion, a five-year growth of 5.


The company completed 1038 electricity generation.

3.9 billion kWh, a decrease of 0 per year.45%; completed sales of 982.

5.5 billion kWh, a decrease of 0 per year.

06%; the average on-grid electricity price is 421.

87 yuan / MWh, a year of decline of 0.

40%; growth rate is 1 pct lower than last year.

Taken into account, electricity revenue was basically the same as last year, and heating revenue contributed to the increase in operating income.

We expect that in the first quarter, the company’s heating revenue will increase by 20% -30% each year.

The growth rate of power generation in eastern provinces has led to a decline in the company’s power generation growth rate.

In the first quarter of 2019, the growth rate of power consumption in 15 provinces and autonomous regions was lower than the growth rate of power consumption in the whole country. 68% of the company’s thermal power installed capacity was located in such regions.

In 2019Q1, the growth rate of hydropower generation across the country was 12%, an increase of 9 from the same period last year.

Affected by this, Guangdong, Zhejiang, Jiangsu and Shanghai, where the outsourcing of hydropower accounts for a relatively high proportion, have a power generation growth rate of -7.

5%, 1.

6%, 2.

9%, -1.

9%, far exceeding the national power generation growth rate4.


It is expected that the expected growth rate of hydropower generation will be difficult to maintain a high growth rate, and the squeeze on power generation in Guangdong, Zhejiang, Jiangsu, Shanghai and other provinces will gradually decrease, and the company’s power generation growth rate will be closer to the national level.

The expected growth rate is reduced to increase the company’s performance, and electricity prices are likely to remain stable.

At the two sessions, the growth of industries such as manufacturing was reduced from 16% to 13%.

We have estimated that when the thermal power / coal industry yield is reduced 南宁桑拿 from 16% to 13%, the company’s 2019 performance will increase by 20%.

At the initial two sessions, the average industrial and commercial electricity price was reduced by another 10%, and the cost reduction space is expected to be 71.6 billion.

The growth rate was lowered from 16% to 13%, and the power grid’s profit margin reached 400 trillion; major water conservancy funds ended on December 31, 2019, and 0 was cancelled nationwide.

The national major water conservancy project construction fund of 43 cents / kWh can reduce fees by 31.2 billion.

Basically, the price reduction targets set by the two sessions can be achieved, and the benchmark price of thermal power is likely to remain stable.

Earnings forecasts, estimates and investment ratings.

According to the latest operating data and the situation of fixed growth, we adjusted our profit forecast and estimated that the company’s net profit attributable to the mother for 2019-2021 will be 64.

100 million, 98.

300 million, 132.

8 trillion (the original forecast was 61.

700 million, 87.

100 million), an annual increase of 345.

8%, 53.

2%, 35.

1%, the corresponding EPS is 0.

41, 0.

63, 0.

85 yuan / share (the original forecast was 0.

40, 0.

56 yuan / share), corresponding to PE of 16.3, 10.

7, 7.

9 times, corresponding to PB 1.

2, 1.


1 times.

The reference SW thermal power sector comparable company’s average PB in 2018 was 1.

Doubled, given to leading companies in January 2018.

5x PB, adjust target price to 8.

42 yuan, maintaining the “strong push” level.

Risk warning: coal price rises; electricity price cuts; utilization hours are less than expected.

Guanghui Automobile (600297) Annual Report Comments: Expenses Exceed Expected Standing Here Watching Tomorrow

Guanghui Automobile (600297) Annual Report Comments: Expenses Exceed Expected Standing Here Watching Tomorrow

Impairment and exchange rate lowered performance.

The company released its 2018 annual report: operating income reached 1661.

700 million, an increase of 3 per year.

4%; net profit attributable to mother 32.

600 million, down by 16 a year.


The company constantly adjusts its profit structure, and the after-sales and derivative business ironing industry cycle changes.

However, due to the sluggish sales of passenger vehicles, increased promotional costs, foreign exchange losses and asset impairment, the profit increased significantly.

Excluding the impairment 南京桑拿网 of assets and the impact of foreign exchange, the expected growth in profits is basically flat.

Dealers are the first to benefit from the recovery of passenger cars.

Passenger car sales were still sluggish in the first quarter, but could promote the introduction of auto consumption policies, and sales are expected to improve month by month.

Consumption policies are expected to remove barriers to passenger car consumption in many ways, such as liberalizing license restrictions, obsolete old cars, and declining cars. Dealers may usher in a new chapter in weight reduction and empowerment.

At the same time, the industry is in the destocking stage in the first half of 2019, which will help reduce dealers’ burdens.

Auto finance and used cars need to be regulated.

Auto finance originally meant that auto finance companies encouraged consumers to buy cars of this brand in the form of discounts, and dealers supplemented the small profits of car sales through intermediary fees.

The Mercedes-Benz incident will have a certain impact on the auto finance business in the short term, but in the long run, it is trying to force the distributors and automakers to redistribute the benefits.

In this process, large distributors have more channel sales advantages, and their bargaining power is better than that of small and medium-sized distributors, forcing the industry’s concentration and standardization to increase.

The relocation of second-hand cars will continue to be gradually liberalized, which will stimulate the market activity of the auto circulation, and the company’s second-hand car business will grow rapidly.

Investment Strategy.

We estimate that the company’s net profit attributable to mothers in 2019 and 2020 will be US $ 3.5 billion and US $ 3.8 billion, respectively. Currently, the corresponding dynamic forecasts are 13,12 times. Considering that the company’s business climate will continue to rebound in the second half of the year, we give the company a target market value of US $ 54.6 billion.Maintain “Buy” rating.

Risk reminder: Passenger car sales are lower than expected; second-hand cars are subject to restrictions on relocation and suspension.

China Automobile Research (601965) Quarterly Report Review 2019: Profitability of Industrialized Business Improves in Q1 2019

China Automobile Research (601965) Quarterly Report Review 2019: Profitability of Industrialized Business Improves in Q1 2019

Report guide for 2019Q1 net profit +8 for half a year.


Still optimistic about the company, highly recommended!

Key points of investment China Automotive Research Corporation’s first quarterly report 2019 core data The first quarter of 2019 consolidated statement operating income of 5 billion, gradually replacing 22.

33%, net profit attributable to mother 0.

94 ppm, an increase of ten years8.

43%, net profit after deduction after returning to mothers increased by 4.

73%, EPS is 0.

1 Yuan.

In the first quarter, the profitability of industrialization improved, and the growth of the inspection business was slightly higher than expected. According to the report segmentation, the revenue of industrialization business in the first quarter of 2019 was about 2.

9 ‰, with a ten-year average growth rate of 32% (mainly the growth rate of modified car business), but the gross profit margin is about 9.

9%, an improvement of about 3 per year.

9 averages, net profit achieved 0.

11 ‰ (an estimate of 300 ‰ in the same period last year), further indicating that the company’s role in reducing costs and increasing efficiency of industrialized businesses is reflected.

The inspection business is mainly reflected in the size of the parent company and its operating income2.

8,000 yuan, ten years average 3.

26%, net profit is 0.

830,000 yuan, a ten-year average of 7.

8%, first of all, is the testing business, and although some of the advance receipts have been recognized as revenue, the remaining part still meets the criteria for revenue recognition because the project is still in progress.

We are still optimistic about the 2019 annual results. The number of new car announcements and advance receipts are the two leading indicators of the company’s performance. According to the data compiled by the Ministry of Industry and Information Technology, the number of new car announcements for commercial vehicles in the first quarter of 2019 increased by 153%, ushering in a rapid recovery period.

Passenger cars increased by 40% in the first half of 2019Q1, continuing a good trend.

Parent company’s advance payment at the end of 20182.

4 ppm (previously + 59%), the highest annual growth rate since 2014.

According to the previous year’s convention, an increase in Q4 advance receipts means an increase in orders in the second year, and Q1-Q3 advance receipts in the second year gradually decrease as income is gradually recognized.

In 2019Q1, the parent company’s advance receipts decreased by 1 trillion compared with 2018Q4, which means that some orders for the Q1 inspection business have 上海夜网论坛 been produced, but the remaining funds are recognized as revenue that needs to be realized in the next quarter.

The company has ushered in a new round of growth under the catalysis of National Six, and continues to recommend the core reasons for optimistic about the company’s future development: 1) The volume and price of the testing business will increase with the support of National Six, which will help the rapid growth of performance in 2019-2020.

2) The wind tunnel and intelligent network testing base will become the company’s new long-term growth point.

3) Continuously promote system reform and innovation, and gradually improve the company’s core competitiveness.

EPS is expected to be 0 in 2019-2021.



78 yuan, corresponding to 15 for PE.



5 times.

Risk reminder: new entrants have been announced to compulsory inspection related certification qualifications; labor costs rose more than expected

Depth-Company-Kaizhong Co., Ltd. (603037): Short-term revenue, extended performance, pressure on product line expansion, promising

Depth * Company * Kaizhong (603037): Short-term revenue extension results pressure product line expansion prospects are promising

The company released its 2019 Interim Report, which achieved operating income for the first half of the year2.

600 million, down 10 a year.

6%; net profit attributable to shareholders of the listed company is 0.

600 million, down 24 a year.

6%; budget benefit 0.

57 yuan.

Among them Q2 realized operating income1.

200 million, down 13 each year.

2%; net profit attributable to shareholders of the listed company is 0.

200 million, down 45 a year.


Affected by the sluggish sales volume of the automotive industry, the industry improved in the first half of the year but still showed continued industry. The gross profit margin fell, the profit margin increased, and the performance was slightly lower than expected.

The market share of the company’s buffer blocks and other products has continued to increase, and new products for electronic control systems have progressed smoothly, with promising development prospects.

Affected by the sluggish sales volume in the industry, we have lowered our profit forecast and expect the company’s earnings to be 1 in 2019-2021.

21 yuan, 1.

57 yuan and 1.

97 yuan, maintain BUY rating.

Highlights of support levels Revenue increased slightly in the first half of the year, and gross profit margins fell under pressure.

In the first half of the year, domestic passenger car production and sales dropped by 15 respectively.

8%, 14.

0%, affected by this, the company’s revenue fell by 10.

6%, but performance is still industry.

Gross profit margin was 40 in the first half.

8%, down 4 each year.

3pct is expected to be due to lower sales and lower prices.

In terms of expenses, selling expenses decreased by 15.

8%, mainly due to the decline in sales scale; management expenses increased by 7.

1%, mainly due to the increase in staff costs; R & D costs increased by 8.

6%, mainly due to increased research and development investment in new materials such as shock absorption; financial expenses increased by 7.

7%, mainly due to the decrease in exchange gains; four expense ratios of 16.

0%, a slight increase from the previous one.

6 points.

Gross margin budget expense ratio increased, so net profit fell by 24.

6%, the decline is greater than income.

Among them Q2 income fell by 13.

2%, gross profit margin decreased by 4.

9pct, management, R & D and financial expenses increased and government subsidies decreased compared to the same period last year, resulting in a 45% decrease in net profit.

3%.With the gradual recovery of automobile sales, the company’s revenue is expected to resume growth, and gross profit margin is expected to stabilize and rise.

Market share continues to increase and customers continue to expand.

The decline in the company’s revenue in the first half of the year was lower than the decline in passenger car output by 5.

2pct, it is expected that the company’s market share of buffer blocks and other products will continue to increase.

Car sales are declining, pressure is increasing, and the company is expected to surpass its cost-effective advantages and gradually increase its market share.

In terms of shock-absorbing components, the company has won a number of projects including Audi (Germany), FAW-Volkswagen, SAIC-Volkswagen, Changan Ford and achieved breakthroughs in Korean projects.

In terms of lightweight pedals, in addition to SAIC, Geely, Chery and Weimar pedals have been supplied in batches, and have received project orders from BAIC New Energy and Jiangling New Energy.

The market share continues to increase, customers continue to expand, and the company’s development prospects are promising.

The customer base is good, and product line expansion is expected to bring performance 杭州夜网论坛 flexibility.

The company has a broad market base, and its customer base basically covers domestic mainstream vehicle companies.

The company’s existing product bike value indicator (bike value buffer block is about 40 yuan, lightweight pedal 50-200 yuan), the expansion of the product line significantly enhances the market space and brings performance flexibility to the company.

The development of new products for the company’s electronic control system is progressing smoothly, and mass production in the future is expected to promote high-speed growth of the company’s performance.

It is estimated that we have lowered our profit forecast. It is expected that the company’s earnings for 2019-2021 will be 1.

21 yuan, 1.

57 yuan and 1.

97 yuan (previous forecast was 1.

46 yuan, 1.

91 yuan and 2.

40 yuan), due 苏州桑拿网 to the gradual increase in market share of products such as buffer blocks, new products of electronic control systems are expected to bring breakthrough flexibility and maintain a buy rating.

The main risks faced by the rating are 1) the continued decline in car sales; 2) the shock absorption and pedal business development is worse than expected.

Aojiahua (002614): ODM and independent brand bistable growth massage chair jumped to the top category

Aojiahua (002614): ODM and independent brand bistable growth massage chair jumped to the top category

Key investment events: (1) In 2018, the company realized operating income, net profit attributable to mothers and net profit after deductions to mothers were 54.

47, 4.

39 and 3.

42 trillion, an increase of 26 each year.

86%, 27.

22% and 30.

91%; realized gross profit margin and net profit margin were 36.

26% and 8.

13%, at least 0 respectively.

74 and increase by 0.

15 pct; (2) 2019Q1, the company’s corresponding data is 12 respectively.

43, 0.

37 and 0.

09 million yuan, an annual increase of 20.

18%, 30.

07% and 172.

21%; realized gross margin and net profit margin are 36 respectively.

72% and 2.

90%, increase by +0 each year.

33 and -0.


Overall situation: ODM + independent brand dual drive, achieving stable growth in performance.

(1) Self-owned brands, with a short-term growth rate of 16%, and the main business revenue share of 42%: 1) The company’s massage chair business has developed rapidly, achieving revenue of 20.

96 ppm, an increase of 62 in ten years.

86%; 2) Total sales growth of “OGAWA”, “FUJI” and “COZZIA” increased by 34.

15%; 3) “OGAWA” online and all-channel efforts, a total of 1.1 billion sales revenue at home and abroad, an increase of 38.

55%, of which domestic growth was 69.

91% (offline growth of 4都市夜网5.

60%, online growth of 154.

65%); 4) Mitsumi Ward Master Chair sold more than 37,000 units worldwide in 2018.

(2) ODM: an increase of 34% year-on-year, revenue accounted for 57%: 1) global ODM business sales growth increased by 33.

78%; 2) The ODM massage chair business in the Korean market is close to US $ 30 million, an annual increase of 162%, and the sales of the ODM massage chair business in the United States is up 54%. Subsequently, South Korea will be the largest international incremental market for the company.

The company’s overall profitability is maximized and stable.

In 2018, the company’s expenses, tax rate and profit performance are as follows: (1) Management expenses increased by 42 over the same period of the previous year.

96%, mainly due to the company’s increased talent introduction and 杭州桑拿网 implementation of the second phase of equity incentives; (2) R & D expenses increased by 36 over the same period of the previous year.

32%, mainly due to the company’s introduction of talents, increased core technology and new product development and promotion; (3) financial expenses decreased by 121 compared with the same period last year.

00%, mainly due to fluctuations in the exchange rate between the US dollar and the RMB; (4) Asset impairment losses increased by 230 over the same period of the previous year.

22%, mainly due to the increase in bad debt losses of accounts receivable based on aging over the previous year.Overall, the company’s gross profit margin was 36.

36%, down 10 in ten years.

74 pct, mainly due to the increase in prices of upstream raw materials; the company’s period rate rose by 28.

12%, down one year.

68 pct; realized net interest rate is 8.

13%, basically flat for one year.

Domestic revenue accounts for over 20%, and massage chairs have risen to become the company’s largest category.

(1) In terms of regions, the proportion of domestic revenue has reached 23.

39%: Domestic sales and distribution respectively realized sales revenue.

74 and 40.

$ 7.5 billion.

33% and 15.

49%; gross profit margins are 33.

86% and 37.

51%, with annual growth of -3.

11 and 0.


(2) In terms of products, massage chairs have become the company’s largest category: in 2018, the company’s massage chairs, massage small appliances, home medical care and healthy environment achieved sales revenue of 20 respectively.

96, 20.

66, 2.

32 and 5.

84 trillion, a year increase of +62.

86%, +11.

26%, -14.

27% and 43.

60%; gross profit margins are 49.

14% /-1.

81 points, 28.

28% /-2.

88 points, 31

42% / + 1.

88pct and 27.

71% /-0.

88 points.

Profit forecast and rating: The company is a leader in the field of national massage equipment. The ODM business has developed steadily and the independent brand business has grown rapidly. We have adjusted the company’s performance. It is estimated that the company’s net profit attributable to mothers in 2019-2021 will be 5.



6 trillion, currently (2019/04/28) the corresponding corresponding PE is 19 respectively.

5, 15.
2 and 12.
1x, for a period of time a “prudent overweight” rating.

Risk warning: (1) systemic risk; (2) exchange rate fluctuation risk; (3) original price rise risk; (4) new product sales are less than expected.

Air China (601111) Annual Report Comments: Significantly Improved Revenue Level Better-than-expected Results

Air China (601111) Annual Report Comments: Significantly Improved Revenue Level Better-than-expected Results

Event: The company released its 2018 annual report: achieved 1368 megabytes of revenue, every +12.

7%, net profit attributable to mother 73.

4 trillion, +1 a year.

3%, net of non-attributed net profit of 66.

2 ‰, at least -8.

4%; 18Q4 revenue +19 for two years.

5%, deduct non-attributed net profit of 0.

940,000 yuan, turning a deficit (repeated 9 in 17Q4).

2.3 billion).

The company’s performance was better than market expectations.

Improved air tickets led to high revenue growth.

The company’s overall RPK + 9 in 2018.

7%, ASK + 10.

4%, achieving a load factor of 80.

6%, zero for one year.

54 points, of which 18Q4 RPK / ASK +6 respectively.

2% / + 7.

7%, load factor decreased by 1.

2 points, 18 reached the company’s passenger kilometers income level of 0.

546 yuan, +2 in the past.

9%, fare performance is better than expected, we estimate the company 18H1 / Q3 / Q4 separately flat / + 1.

About 5% / + 10%, 18Q4 quarter performance significantly improved driving the same period of revenue for ten years.


At the end of 18, the company’s fleet size was 669, and 50 were introduced, 21 were withdrawn, and a net increase of 29. The company expects a net increase of 55, 46, 5 aircraft in 19-21.

Costs were well controlled, and non-jet fuel costs per unit of ASK decreased by 3.


In 18 years, the company’s fuel cost was 38.5 billion U.S. dollars, an annual increase of + 36%. At the same time, the average domestic aviation oil purchase price was + 27% annually.

5%, which is lower than the growth rate of capacity delivery, and the fuel consumption per unit of ASK decreased by 3.

6%, driving unit ASK fuel cost + 23%, the increase is lower than the increase in oil prices.

Company unit ASK non-oil cost half a year -3.

4%, overall cost control is good.

The cost ratio of the company’s budgeted financial expenses is 8.

3% a year -0.

6 points.

Investment income has improved markedly, and foreign exchange earnings are expected to increase by 36%.

The company realized investment income for 18 years13.

700 million (mainly equity disposal proceeds) 5.

700 million, and Cathay Pacific, which is an associate, turned losses), increasing by 16.
800 million due to the depreciation of the RMB against the USD in 18 years.

4%, bringing exchange loss losses23.

80,000 yuan (17 yuan appreciation brought exchange gains of 29.

RMB 40,000, the RMB fluctuates 1% against the US dollar, correspondingly affecting net profit2.

300 million US dollars, expected to increase exchange sensitivity after the implementation of the new lease budget in 19 years), the company ‘s financial costs increased by 5.2 billion (the impact of replacement exchange is basically the same), if the exchange and non-profit and loss impact, the company 杭州夜网 ‘s 18-year profit reached 1.16 millionYuan, + 36% per year.

Investment suggestion: Against the background of macroeconomic growth forecast, aviation demand performance has improved. Peripheral oil and exchange rates are relatively stable. If the Boeing 737MAX stops flying for a period of time, it will improve the industry supply and demand.Airline fare performance in the peak season, the company comprehensive high-quality routes, supply and demand in the peak season to improve price determination is strong, it is expected that 2019-2021 EPS will be 0.

74 yuan, 0.

96 yuan, 1.

09 元,对应PE 为13x\10x\9x,维持“买入-A”评级。 Risk Warning: Aviation demand exceeds expectations, oil prices have increased significantly, and the yuan has actually depreciated.

Zhongke Shuguang (603019) 2019 Interim Report Review: Independent and Controllable Consolidation Leads a Step to Turn Losses into Profits

Zhongke Shuguang (603019) 2019 Interim Report Review: Independent and Controllable Consolidation Leads a Step to Turn Losses into Profits

This report reads: The company’s revenue and profit scale maintained rapid growth in the first half of the year, competition in the high-end computer, server and storage fields continued to increase, and autonomous and controllable businesses turned losses into profits.

Investment Highlights: Maintain Overweight rating and lower target price to 40.

2 yuan.

In the first half of 2019, the company 南宁桑拿 achieved operating income of 46.

07 million yuan, an increase of 35 in ten years.

28%; net profit achieved 2.

30,000 yuan, an increase of 39 in ten years.

14%, in line with market expectations.

Due to the impact of the Sino-US trade war, the company’s EPS for 2019-2021 is reduced to 0.

67 (-0.

1) / 0.

91 (-0.

17) / 1.

2 (-0.

2) RMB, giving the company an average of 60 times PE in 2019, and the corresponding target price is reduced to 40.

2 yuan, maintaining the overweight level.

Server and storage product revenues continue to grow at a rapid rate.

The company’s high-end computer products in the first half of 2019 achieved revenue38.

250 thousand yuan, an increase of 38 in ten years.

83%; revenue from storage products3.

370,000 yuan, an increase of 33 in ten years.


The server market share has further increased. According to IDC’s report, in Q1 2019, the company’s market share in the domestic x86 market rose again.

0%, up from 9 in 2018.


The Dawning I980-G30 eight-way server has won six categories of performance tests in the world since its launch. The company released the distributed block storage software XStor in the first half of 2019. The company’s storage products also made breakthroughs in the financial industry in the first half of the year.

Autonomous and controllable business turned losses into profits.
The company’s shareholding subsidiary Haiguang Information achieved revenue in the first half of 20192.

25 ppm, a ten-year increase of 765.

38%; realized net profit of 71.65 million yuan, an annual expansion of 35.71 million yuan in 2018, the first half of 2019 to achieve loss-making profit, the future will further expand the market size.

The 北京夜生活网 high-end computer field continues to consolidate its leading position.

The company has made great breakthroughs in the research and development of high-end computers. In the new TOP500 list of global high-performance computers, the company has ranked third in the number of supercomputing systems, and the industry continues to lead.

Risk Warning: Increased international environmental fluctuations; increased industry competition.

ZTE says nearly 40 companies say it’s not as good as asking for help

ZTE says nearly 40 companies say it’s not as good as asking for help

Source: Vision of China: Zhang Wenxiang Li Qiaoyu US government sanctions regarding the progress of ZTE, sparked worldwide attention.

After accepting the US government’s export ban on the 4th, ZTE officially released a press conference on April 20 to respond.

  ”Such sanctions will put the company in shock immediately.

“Yin Yimin, chairman of ZTE, admitted that the sanctions imposed by the United States government on ZTE’s blockade into a huge crisis will directly affect the company’s 80,000 employees’ working rights.

  According to incomplete statistics from the reporter of Securities Daily, nearly 40 listed companies such as Fenghua Hi-Tech, Changying Precision, and Runjian Communication have clearly stated that the scale of cooperation between the company and ZTE has been reduced, and the impact of the sanctions on ZTE may ignore the company.

  Sanctions will be fully resolved April 20, 2018, ZTE announced a press conference at its Shenzhen headquarters and is committed to responding to U.S. government sanctions.

According to reports, Yin Yimin conducted the press conference and answered two questions from the media. The press conference lasted about 10 minutes.

At the meeting, ZTE stated frankly that the sanctions would bring a huge crisis to ZTE and “put the company into a state of shock immediately.”

  ”The sanctions will directly affect the right to work of the company’s 80,000 employees.

Yin Yimin believes that in addition to causing significant damage to the interests of company employees and the company ‘s 300,000 shareholders worldwide, the sanctions have directly harmed the interests of many individual operators worldwide and millions of American consumers.

  Yin Yimin accused the US government of sanctions to “extend the minute problems infinitely.”

He is also particularly good at ZTE’s opposition to the corrections made by the US Department of Commerce and politicization of trade issues. The company will resolve sanctions by all means permitted by law.Shareholders’ interests, conclusion of responsibilities to customers and partners.

  In essence, Yin Yimin also expressed his confidence in ZTE going out of bounds. “ZTE’s products have a market in the country, and with the support of 1.3 billion people, we have the ability and determination to weather difficulties.

Yin Yimin also commented on the current status of ZTE’s current chip core technology being controlled by others.

“We are also seriously reflecting, and we must increase investment in research and development.

“Yin Yimin said.

  ZTE’s punishment caused widespread concern among market participants. At a news conference, Yin Yimin responded to the reasons for the conflict in ZTE’s internal management.

  ”Export control is a complex system. ZTE’s business is complex and it has a large number of employees. To ensure that each employee and business will not be negligent at any time, we need to work harder.

Yin Yimin introduced that the president of ZTE directly leads the compliance committee. In 2017, ZTE spent more than USD 5,000,000 on compliance, and plans to invest more resources in 2018. At present, the company has more than 6 organizations.

50,000 employees conduct compliance training and provide more than 130,000 pages of documents.

  In this evening, on the evening of April 22nd, ZTE issued another announcement saying that the company has learned lessons from export control compliance in the past, highly changed its export control compliance work, and considered compliance as the cornerstone of the company’s strategy and the replacement of operations andBottom line.

The company established a compliance management committee directly led by the president; formed a global team of senior export control compliance experts; established and optimized ZTE’s export control compliance management structure, systems and processes; and implemented SAP trade compliance management and control tools(GTS); cooperate with independent compliance supervisors to carry out regulatory work; transform export control compliance work with continuous investment.

The company has taken and is taking measures to comply with the denial order, actively communicate with relevant parties and seek solutions.

  Nearly 40 listed companies have clarified their relationships. As a result of their business dealings with A-share listed companies, the sanctions against ZTE will have an impact on A-share listed companies and have also attracted industry attention.

  ”Securities Daily” reporter found that on the investor interaction platform, Shenzhen Tianma A, Tianfu Communication, Borch Technology and other five listed companies responded that ZTE was its customer, of which three companies’ commitments have recently contradictedDecline.

  In addition, according to incomplete statistics from reporters of the Securities Daily, nearly 40 listed companies such as Fenghua Hi-Tech, Changying Precision, and Runjian Communication have clearly stated that the scale of the company’s cooperation with ZTE is small, and the impact of the sanction on ZTE on the company can affectignore.
  ”On the whole, ZTE does not have the ability to provide technology exclusively in most areas, so ZTE was sanctioned, mainly because it hindered the companies in the upstream of the industry chain, but had less impact on downstream companies.

The upstream companies that are relatively affiliated to ZTE are mainly small companies.

“Fu Liang, an independent telecommunications analyst, told a Securities Daily reporter that if a ZTE company is sanctioned, the impact on the relevant industry chain will mainly be reflected in the short term, and the overall impact on the entire industry will not be large.

  But yesterday, things turned a corner.

  A senior U.S. Department of Commerce official revealed that US officials had approved ZTE ‘s request for more information late last Friday.

The official said that according to official regulations, ZTE did not have the right to bring an administrative lawsuit, but US officials agreed to subsequently accept the evidence through informal procedures.

The official also said that no sanctions were appropriate.

  At the same time, the spokesperson of the Ministry of Commerce responded to the inquiry yesterday when responding to a question about US Treasury Secretary Mnuchin’s consideration of coming to China for dialogue, saying that China has received the information that the United States hopes to come to Beijing to resolve economic and trade issues, and China welcomes this.

  More than 20 listed companies are paying attention to “China Core” and “China Core” is really hot.

  ”Securities Daily” reporter According to the Flush iFinD statistics, as of April 20, the chip concept index has increased by 4 since April.

63%, while the three major stock index A-share market in the same period, the Shanghai Stock Exchange Index, the Shenzhen Stock Exchange Index and the ChiNext Index fell 3 respectively.

07%, 4.23% and 6.


The broad prospects of the “China Core” concept listed company and the policy support behind it led to a carnival of funds. In just one trading day on April 20, the turnover of chip concept stocks reached 535.

900 million yuan.

  Investors ‘enthusiasm for” China Core “has aroused market attention. There are listed companies on the investor relations interactive platform to remind investors to stay away from the concept of following the hype, highlighting the risks of investment, and caution in entering the market.

  Some brokerages pointed out in an interview with the “Securities Daily” reporter that do not over-hype the concept, and the profit cycle of the chip industry is relatively inaccurate.

  ”Securities Daily” reporter combed according to the Shanghai Stock Exchange and the Shenzhen Stock Exchange Investor Relations Interactive Platform. During the period from April 16 to April 22, more than 20 listed companies revealed that the company was related to “China Core” during the investor exchange process.The layout of the industrial chain.

  Taking Dingxin Communication as an example, the company stated on the interactive platform that the company’s research and development chips mainly include three categories: transformer chips (including narrowband and broadband), bus communication, energy meter chipset, spiral body chip itself is the leading domestic and internationalIt doesn’t matter to replace imports; bus communication chips are used for fire alarm systems; board-level applications such as power meter chipset MCUs, metering chips, and power chips are mainly to improve design cost competitiveness and automated manufacturing, and individual chips replace imports.

  In addition, the acquisition of companies in the chip industry has become another important way for listed companies to deploy the chip industry.

A few days ago, Huaxi shares stated on the interactive platform that its stake in Lanqi Technology was 2.


It is understood that Lanqi Technology is a Chinese chip company, and was ranked the first Chinese IC unicorn company in the “2018 China Semiconductor Market Annual Conference and the Seventh IC Industry Innovation Conference”.

In addition, Huasheng Tiancheng, Changying Precision and other companies also rank as “chip concept stocks” by acquiring companies in the chip industry.

  It is worth mentioning that Kun Cai Technology, which is researched and developed by the military pearlescent materials, also forcibly “spotted attractions” when investors asked about the application of the company’s products in the chip industry, saying: “Company products can replace imported products.The main products are coatings, plastics, automobiles, cosmetics, inks, leather, ceramics, building materials, seeds and other industries. I believe that it can also be used on chips.

“Some people from the securities firm told the Securities Daily reporter that listed companies in the chip industry pointed out that many companies are now beginning to make arrangements in the chip field. The main reason is the state’s policy support.

Investors can pay attention to the company’s R & D expenditures when investing in listed companies in related industries. For listed companies that borrow and acquire companies in the chip industry, they must pay attention to the synergy between their businesses.

  Companies such as Huichuan Technology and Zhongke Information have been suggested to invest in related industries.

A listed company responded and said, “Each company’s development stage and development strategy are different. We will make strategic choices based on the company’s operating conditions, technology, and capabilities.

“According to incomplete statistics from the reporter of the Securities Daily, a total of 20 companies have clearly stated that they have not 武汉夜网论坛 been involved in chip-related business.

Regarding the phenomenon that investors are enthusiastic about the concept of “China Core”, some listed companies suggest that investors follow the concept of value investment, stay away from the speculation of following the trend, highlight that investment has risks, and be cautious when entering the market.

Another brokerage person admitted to the reporter of “Securities Daily” that “China chip” R & D requires a process, and the profit cycle will be relatively replaced.

  Source: Securities Daily Original headline: ZTE claims that “seeking others is better than asking for oneself” Nearly 40 listed companies say that the joint impact is small

China Automotive Research (601965): Core business’s sustainable growth detection service capacity continues to expand

China Automotive Research (601965): Core business’s sustainable growth detection service capacity continues to expand

Event: The company announced the first quarter report of 2019, and achieved operating income of 500 million yuan in 2019Q1, a decrease of 22.

3%; net profit attributable to mother is 0.

90,000 yuan, an increase of 8 in ten years.


The company’s core profit business has grown steadily, and the industrialization sector is waiting for further volume.

The company’s 2019Q1 revenue decreased by 22 in 2018Q1.

3%, a decrease of 33 compared with 2018Q4.

2%, because the industrialized sector, which accounts for about 60% of the company ‘s revenue, has distorted variability according to orders and project cycles, and the business volume in the first quarter has been relatively reduced, thereby reducing the overall substitution on the revenue side.

However, from the advance indicators such as prepayment and inventory, Q1 prepayments increased by 2106.

40,000 yuan, +134 a year.

5%; inventory increased by 8052.

70,000 yuan, +33 a year.

6%, the industrialization sector has the characteristics of sales and fixed production. The expansion of procurement and active stocking shows that the company’s order situation is full, and it is expected to form a new round of revenue peak in the future.

The gradual testing and technical service areas that have contributed more than 70% of gross profit continue to maintain an upward trend, driving the company’s overall profit to continue to grow.

Due to policy changes or the actual extension of the entire National Six project cycle, the company’s inspection sector order volume may be stabilized in the short term, and the company’s order growth will be stable in the long term.

Optimized financial conditions and better corporate governance.

The company’s 2019Q1 consolidated gross profit margin was 30.

2%, advance 6 extras.

Selling expenses, management expenses, and financial expenses are 2 respectively.

3%, 6.

8%, -1.

8%, change 0 every year.

5, 1.

6, -0.

7 levels; MoM improvement of -1.

3, 0.

1, -0.

8 units.

Except that the management expenses caused by the equity incentives have increased at least to some extent, the expense ratio is generally stable.

Asset-liability ratio decreased compared to 20182.

7 up to 18.


With the continued prosperity of the heavy truck industry, the profitability of the company’s special-purpose vehicle business has improved, and at the same time, the country ‘s six-cycle cycle has fully arrived and the new energy testing service market has further opened up. The company has actively adjusted its business thinking, strengthened its marketing system, and expanded its production capacity.Future profitability is accompanied by optimization of business structure and improvement in gross profit margin.

We are optimistic that the company’s main business of future inspection services will continue to grow, and its growth and estimation logic will improve.

The company’s development strategy has begun to change, and it is more seeking to find new horizontal growth points in the testing service sector 武汉夜生活网 beyond the traditional strong inspection.

The company is still at the peak of the expansion of testing service capacity and capital investment, and is currently under construction.

800 million, an increase from the end of 2018.

The wind tunnel project will be put into trial operation in June and July 2019; Central China, East China and North China projects are under continuous construction; and it will be completed and put into production in 2020 in the nation’s largest intelligent connected car test project.This round of intensive capital expenditure is expected to continue beyond 2021.

We expect that with the company’s active expansion of its testing service capabilities, in the future or the accelerated release of orders and performance, the company’s growth and estimation logic will be more switched to third-party R & D service companies.

Earnings forecasts and investment advice.

Expected net profit attributable to mothers in 2019-2021.

800 million, 5.

600 million, 6.

3 ppm, the corresponding EPS is 0.

5 yuan, 0.

58 yuan, 0.

65 yuan, corresponding estimates are 16 times, 14 times, 13 times.

Focusing on the company’s future, it is expected to enter the “policy + growth” dual cycle of accelerating the national standard emission upgrade and development of service-oriented testing business, and maintain the “buy” rating.

Risk warning: The development of technical service business may exceed expectations, and the demand for special vehicle segments may continue to be sluggish.