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.

Capital market accelerates deleveraging merger

Capital market accelerates deleveraging merger
Securities Times reporter Wang Xiaowei Jin Xinnong, Kangda New Materials, Yaxia Automobile and a series of small and medium-sized board companies issued announcements one after another on the evening of January 10, and each shareholder released all equity mortgages and achieved “zero pledge.”  Why is the liquidity of a group of controlling shareholders instantly abundant?Are the controlling shareholders speeding up deleveraging side by side, or are there other reasons?Is the A-share “fairly pledged dammed lake” really undergoing reconciliation?  Shareholders of the company’s shareholders to achieve “zero pledge” Shenzhen company Jin Xinnong issued an announcement on the evening of January 10, the company’s controlling shareholder Zhoushan Dacheng Xinnong Equity Investment Partnership (Limited Partnership) (“Dacheng Xinnong”) pledged it to Shenzhen SMEThe shares of Corporate Finance Re-guarantee Co., Ltd. were released from the pledge.As of the announcement date, Dacheng Xinnong Holding Co., Ltd. had 143.35 million shares, accounting for 38 of the company’s total shares.98% of shares in circulation are sold indefinitely. After the pledge is lifted this time, there are no shares in the pledged state.  Anhui-based Yaxia Automobile was also informed that the company’s controlling shareholder, Anhui Yaxia Industrial Co., Ltd. (“Anhui Yaxia”), released its pledge of company shares.On the date of the final announcement, Anhui Yaxia held a total of 152.69 million shares of the company, accounting for 18 of the company’s total share capital.61%.The fact that its company shares are not pledged.  In addition, Kangda New Material, located in Shanghai, was also informed on January 10 that the actual controller Lu Qiting and his concerted action person Xu Hongshan and Chu Wenbin had lifted some of the company’s shares held by them.As of the date of this announcement, Lu Qiting directly holds 37.51 million shares of the company, accounting for 15 of the company’s total share capital.56%, the company’s shares held by it have been pledged 0 shares; Xu Hongshan directly holds 26.99 million shares of the company, accounting for 11 of the company’s total share capital.19%, the shares of the company held were pledged 0 shares in total; Chu Wenbin directly held 12.59 million shares of the company, accounting for 5 of the company’s total share capital.22% of the company’s shares held by it have been pledged 0 shares.  Obviously, these controlling shareholders who realize the “zero return” of the pledge ratio have many similarities: the credit status is relatively good, and the corresponding repayment ability, there is no risk of liquidation of the pledged shares, and the term of equity pledge is relatively speaking.Taking Jin Xinnong as an example, on August 3, 2018, due to financing needs, Dacheng Xinnong, the company’s controlling shareholder, pledged 9 million shares of the company’s shares held by it to Shenzhen Small and Medium Microfinance Re-guarantee Co., Ltd.The pledge start date of Kangda New Material’s controlling shareholder, Lu Qiting, etc. is December 24, 2018, and the pledge release date is January 9, 2019, only two weeks before and after.  After a round of leveraged bull markets a few years ago, equity pledges have also gained a full-scale development opportunity.Public data shows that the largest shareholder’s pledge financing data is huge, and the entire market involves a market value of equity pledge of 4.66 trillion.However, equity pledge is a double-edged sword. When the stock market is in a stable period or a bull market rises, equity pledge is conducive to increasing capital accumulation; but when the market is in the process of irrational fluctuations, the risks caused by it also suddenly rise, triggering early warning lines and evenThere have been multiple cases of liquidation risk in 2018.  There are various reasons for the “zero return” of pledges. However, for co-existing merged companies, due to other reasons before and after the distribution of the equity, if the short-term allocation does not significantly fall from the start date of the controlling shareholder’s equity pledge, similar risks and similar risksdoes not exist.Then, why did the majority of controlling shareholders change the practice of “no stocks and no bets” on A shares and realized the “return to zero” pledge ratio?  Part of the reason is related to the transfer of controlling power, especially the continuous advancement of the process of incorporating multinational state-owned assets into the host, which has gradually increased the important supporting role for the original controlling shareholder to reduce the proportion of equity pledge.  Taking Kangda New Materials as an example, in November 2018, the company’s actual controller, Lu Qiting, pledged 4.9 million shares pledged to Huajin Securities, and at the same time pledged these shares to Tangshan Financial Control Industry Incubator Group, which was used for financing.  As early as last November, the controlling shareholder of the company, the actual controller Lu Qiting, etc., planned to transfer 62.7 million shares (26% of the total share capital) of the holding company to Tangshan Financial Control Industry Incubator Group for a transfer price of 13.7 yuan / share, implemented before the suspension of the earlier company.The 15 yuan premium is about 35%.After the change of equity, Tangshan Financial Control Industry Incubator Group will become the controlling shareholder of the company, and Tangshan SASAC will become the actual controller of the company.  However, the huge challenge in this transfer process is that some of the underlying shares of the transferor’s holders have been pledged to provide guarantees for the personal debts of the transferor. In order to avoid the risk of liquidation of the shares of the specimen, the opinions reached by both parties to the transactionYes, the “Share Transfer Agreement” obliges and the parties to the transaction and the pledgee to reach an agreement on the release of the pledge of the target shares and the re-pledge of the pledged target shares to the transferee, etc., the transferee provides compensation to the transferor. The expenditure is onlyThe transferor shall pledge to the transferee immediately after the pledged debts guaranteed by the transferee for the repayment of the underlying shares pledged by the transferee and the holders of the underlying shares are released from the pledge.It is also because of this stage of design that the actual controller of Kangda New Material, Lu Qiting, and others instantly had liquid capital support for lifting equity pledges, so the “zero return” of equity pledges thereafter paved the way.  The rapid decline in the proportion of Jinxin Nong’s controlling shareholder Dacheng Xinnong’s equity pledge also benefited from the transfer of controlling power.In December 2018, Jin Xinnong issued an announcement saying that the company’s controlling shareholder, Dacheng Xinnong, and the Guangdong-Hong Kong-Macao Greater Bay Area United Holdings Co., Ltd. (hereinafter referred to as the “Bay Area Joint Control”) signed a “shareholding transfer framework agreement” and planned to transfer itA total of 94 million ordinary shares (24% of the company’s total share capital) held by some of the company’s shares held.70%) were transferred to Bay Area Joint Control instead of the designated party.The total amount of the equity transfer is tentatively not to exceed 10.7 billion US dollars, if this change in equity is completed, the Bay Area joint control or designated party will directly hold 94 million shares of Jin Xinnong, accounting for about 24 of the company’s total share capital.70%, the Bay Area 杭州龙凤网 joint control or designated party will become the company’s controlling shareholder.  Soon, Dacheng Xinnong received a transaction deposit of USD 500 million from the Bay Area Joint Control, and converted its pledge to CITIC Securities Co., Ltd., Huatai Securities Co., Ltd. and Guotai Junan Securities Co., Ltd. to complete the pledge and mortgage procedures.The Securities Times reporter noticed that at the time, one of the equity shares released at the time did not expire until August 8, 2019.  Of course, there are some companies whose controlling shareholder’s equity pledge ratio is “zeroed out” not for previous reasons.Since 2016, Anhui Yaxia Industrial Co., Ltd. has successively carried out several equity pledge financings to Southwest Securities. At that time, the reference price of the pledge date was about 6 yuan.However, 杭州桑拿网 the latest closing price of Yaxia Motors due to the expected growth of backdoors and the like has remained above 7 yuan, which means that the company has continuously expanded between 15% and 20% since the pledge date.And Anhui Huixia Industry Co., Ltd. is a rare high-quality enterprise. It was listed in the list of top 100 private enterprises in Anhui Province recently announced.Therefore, its controlling shareholder’s equity pledge ratio to Yaxia Auto is “return to zero”, and the high probability is related to the shareholders’ own liquidity planning or active deleveraging.  The balanced check and balance mechanism has initially established a mechanism to resolve the equity pledge risk system, and has won time for the next crisis resolution task. Some major shareholders of listed companies have recently taken actions to lift the pledge.  In fact, according to incomplete statistics, since the fourth quarter of 2018, more than 200 listed companies have issued announcements to lift equity pledges.Among them, both the company’s major shareholders lift all pledges and some pledges. Naturally, this also includes some companies’ solutions to equity pledge issues through innovative methods such as equity transfer or transfer of pledge.And on the evening of January 10, 2019, the announcement of pledge cancellation also continued to increase, with more than 30 cases.  According to data from China Securities Depository and Clearing Co., Ltd., as of early December last year, the number of pledged shares in the market was 6,374.4.2 billion shares, the number of market pledged shares accounted for 9% of total equity.94%, market pledged city level 4.55 trillion yuan, up from 5 in June last year.47 trillion yuan, a decrease of 16.78%.This is interpreted by the market as the most difficult time for A shares has passed.  In this process, the “care effect” of the policy is also quite obvious.Taking the loosening of M & A and reorganization as an example, the secretary of a listed company on the Shenzhen Stock Exchange pointed out to reporters that it is obviously conducive to alleviating the problem of equity pledge of A shares.”Some listed company shareholders, the democratic use of equity mortgage funds is often used for listed companies in vitro mergers and acquisitions, and restructuring M & A and restructuring policy relaxed, can allow qualified mergers and acquisitions assets to be injected into listed companies, alleviating the pressure of major shareholders.”However, the proportion of the pledge lifted and the overall pledge situation still accounts for a small proportion; especially for some companies, the problem of high proportion of equity pledge is still serious.Taking Baoxin Technology as an example, the company announced on the evening of January 8 that Zhu Yongfu, a shareholder of the tandem company, planned to reduce the shareholding, and the latest decision was to terminate the reduction plan.However, new problems have emerged. Zhu Yongfu’s holdings of Baoxin Technology have been fully pledged, and Zhu Zhuyong’s reduction of shares is to ease liquidity pressure.Therefore, how to resolve the problem of a relatively high proportion of pledge pressure is still in a state of unsolving.

Tianchuang Fashion (603608): The main business gradually stabilized Q3 e-commerce growth rate of 45% continued high growth

Tianchuang Fashion (603608): The main business gradually stabilized Q3 e-commerce growth rate of 45% continued high growth

Investment points: The company’s performance remains stable, and the main business of shoes and clothing stabilizes, basically in line with expectations.

1) The first three quarters of 19 achieved operating income of 15.

1 ppm, a ten-year increase of 2.

9%; net profit attributable to mother 1.

700 million, down 7 every year.

9%, deducting non-net profit 1.

600 million, down 3 every year.


2) 19Q3 achieved revenue 4.

7 trillion, a slight decrease of 0 a year.

1%, net profit attributable to mother is 50.68 million yuan, an annual increase of 5.

1%, deducting non-net profit of 42.63 million yuan, an annual increase of 33.

4%, continued the momentum of better recovery in the second quarter.

3) In the first three quarters of 19, the footwear and apparel business achieved revenue12.

300 million, down by 1 every year.

6%; Q3 single-quarter footwear and clothing revenue 3.

600 million, down 3 every year.

7%, mainly due to the continuous optimization of offline stores, closing poorly managed stores and improving operating efficiency.

The gross profit margin and net profit margin dropped slightly, the expenses were well controlled during the period, and the asset quality was healthy.

1) The decline in gross profit margin drove down the net profit margin.

The gross profit margin in the first three quarters of 19 decreased from the same period last year2.

0 points to 54.

4%, mainly due to the increase in the proportion of low-margin mobile Internet media advertising business, which drives the overall gross profit margin down.

Selling expense ratio decreased by 0.

3 points to 27.

8%, the management expense ratio (including research and development expenses) decreased by 0.

3 points to 13.


Net interest rate decreased by 1 from the same period last year.

4pct to 11.


2) Asset quality remains good.

Accounts receivable in the first three quarters of 19 decreased by 51.19 million yuan to 2 compared with the beginning of the year.

7 trillion, inventory decreased by 297 trillion to 4 compared with the beginning of the year.

800 million.

Operating cash flow in the first three quarters of 19 2.

0 million yuan, a decrease of 43杭州养生会所.3 million yuan over the same period last year, and the overall asset quality is good.

Offline stores continued to adjust, and the recovery of e-commerce continued to strengthen.1) Continuously optimize the channel structure offline to optimize or close inefficient stores.

As of the end of the first three quarters of 19, the company had a total of 1791 stores, a decrease of 134 earlier, of which 1270 were directly operated stores (accounting for 71%), 202 were closed, and 521 were franchise stores (accounting for 29)%), 67 net clearance.

2) Actively adjusted online, with a clear recovery trend.

Online income in the first three quarters of 19 2.

20,000 yuan, an annual increase of 30.

9%, online revenue accounts for 17% of revenue.

7%, an increase of 4 over the same period last year.

4pct, the improvement is obvious.

Among them, the e-commerce revenue in the third quarter was 58.58 million yuan, an annual increase of 45.

2%, strong growth momentum, Q4 is still expected to maintain a high growth rate.

Xiaozi Technology continues to grow rapidly and actively explores new businesses.

1) The scale of Kid Tech’s business continues to grow rapidly.

In the first three quarters of 19, Kid Technology achieved revenue2.

80,000 yuan, an increase of 29 in ten years.

6%, sustained and rapid growth, is expected to achieve 19 years of promised net profit (1.


2) New business expansion has led to an increase in gross profit margin.

In order to cope with the increasingly fierce competition in mobile marketing, Kidzine actively explores new businesses, including helping large advertisers and other advertisers to wake up sleeping users to reactivate, and layout applet business into the WeChat ecosystem.Gross profit margin of technology fell 3.

7pct to 38.


The company is a leading company in the women’s shoes industry. Its offline channels continue to optimize its structure, its online growth is rapid, its performance is substantially stable, and it maintains an “overweight” level.

The company’s offline stores are gradually adjusted to strengthen store efficiency, optimize the supply chain, and reduce costs and increase efficiency.

After undergoing adjustments on the Internet, the recovery momentum is strong. The performance in 19Q3 was dazzling. It will still maintain rapid growth in the fourth quarter.

Taking into account the continuous optimization and adjustment of offline channels, the expected profit forecast is slightly reduced, and the net profit attributable to mothers is expected to be 2 in 19-21.



0 billion (was 2).



3 ‰), the corresponding EPS is 0.



70 yuan, PE is 13/11/10 times, maintaining the “overweight” level.

The concept of split expectations attracted attention from 920 institutions in the second half of the research focus

The concept of “split expectations” attracted attention from 920 institutions in the second half of the research focus

Source: Securities Daily reporter Zhou Shangyue On January 30 this year, the Securities Regulatory Commission issued the “Opinions on the Implementation of the Shanghai Stock Exchange to Establish a Scientific and Technological Innovation Board and the Pilot Registration System.”Eligible subsidiaries are listed on the science and technology board.

Subsequently, on August 23, the CSRC publicly solicited opinions on “Some Provisions on the Pilot Program for the Internal Listing of Spin-off Subsidiaries of Listed Companies”.

Only on more than three months later, on December 13, the CSRC officially issued the “Several Provisions on the Pilot Program for Spin-off of Listed Companies’ Subsidiary Subsidiaries”, which aroused great market attention.

  From the perspective of research, according to the statistics of Oriental Fortune Choice data, the concept of “split expectation” is very hot now.

Since the second half of the year, 920 listed companies with the concept of “split expectations” have been investigated by institutions3.

230,000 times.

Among them, the securities firm researched the highest “stiffness” and investigated a total of 8,108 times.

  Among the expected concept stocks that have been split by the institution “phase”, the most studied listed companies are Hikvision, Guanglianda, Dahua, Lepu Medical, GoerTek, Zhaoyi Innovation, HuichuanTechnology, Zhongshun Jierou, Senma Clothing, Huayu Software.

  Among them, Lepu Medical clearly stated in its 2018 annual report that “it will actively promote the integration and shareholding of the company’s artificial intelligence business companies and prepare for the science and technology board or overseas spin-off listing.”

Investors paid great attention to whether Lepu Medical could spin off its subsidiary’s listing. In response to the investor ‘s question, the secretary of Lepu Medical said: “The spin-off and listing will help Lepu Medical reshape the valuation system.The international innovation business will be estimated and priced according to international standards, allowing independent and major international innovation business of the subsidiary to have a more independent development platform, expanding the company’s financing channels, and further promoting the company’s existing business and spin-off business.Development and growth.

Regarding the official implementation of the new rules for the spin-off and listing, the assistant chairman of Ruikang Jin Jinhang told the reporter of the Securities Daily:The holder’s emerging industry assets have found organizational structures that can meet the characteristics at different stages of the life cycle and can continue to promote their development and continuity. From the aspect of internal management standards, they still seek external strategic investors from different perspectives to make the company better.This model is an innovative practice to solve the alternative development of listed companies after the split share structure reform.

“” At the same time, the new listing and separation rules will help the parent and subsidiary companies focus on their core business, which will help improve the indicator level of the subsidiary, and help listed companies to post strategic investors to emerging industry assets held at different stages of the life cycle.Financing capacity.

The new listing spin-off rules will facilitate future mixed reforms and the transformation of the original enterprise’s model from managing assets to managing capital.

Jin Qihang continued this.

  A top person pointed out, “Xinmai Medical was demolished from a Hong Kong listed company, and its market value has exceeded the market value of the Hong Kong parent company.

Although there are not many companies with qualified shares at the moment, the new rules for spin-off listing have given too many new efforts to A-share listed companies.Operational tools.

“For the investment opportunities brought about by the spin-off and listing, Zhao Qiaomin, an analyst at Guangzheng Hang Seng, believes that” the value of the spin-off and listing has been revalued in practice.


For listing, investors can pay attention to the estimated repair opportunities and conversion of A-share listed companies with intention to spin 南宁桑拿 off the listing, and still pay attention to potential Pre-IPO investment opportunities of subsidiaries of listed companies in the New Third Board, or share the long-term benefits of spin-off listingincome.

Investors are advised to make a full assessment of the need for spin-off listing transactions when selecting investment targets, to avoid the potential risks of spin-off listing transactions, and to grasp investment opportunities brought by spin-off exchanges focused on business and independent development.

New City Holdings (601155): Phoenix Nirvana Spreads Its Wings

New City Holdings (601155): Phoenix Nirvana Spreads Its Wings

The report’s key strategy is still deep in the Yangtze River Delta. Currently, the company tends to stabilize the company ‘s deep cultivation of the Yangtze River Delta and focus on key urban agglomerations.

Since the listing, the company has vigorously expanded its business territory. As of the end of 2019, the company has entered 112 large and medium-sized cities across the country, and its sales have achieved leaping growth. The recently released equity incentive plan also shows the company’s confidence in the future development.

In the first three quarters of 2019, the company’s revenue and performance have achieved steady growth, and the certainty of the completion of the 2019 annual equity incentive evaluation criteria is high.

Sales have achieved leapfrog development, rich soil reserves and controllable land acquisition costs. Since listing in 2015, the company’s sales scale has achieved leapfrog growth (2015-2018 CAGR up to 91%, and sales area CAGR approximately 74%).

It was 2708 in 2019.

01 billion, the sales scale ranked 8th in the country (Kererui caliber).

In terms of soil storage, as of the end of the first half of 2019, the company’s soil storage was as high as 1.

3.4 billion square meters (about 47% of the Yangtze River Delta), and the cost of land acquisition can be controlled.

With the gradual advancement of the integration of the Yangtze River Delta, the company is expected to fully benefit in the future.

“Residential + Commercial” two-wheel drive, building a sustainable development power company The “Residential + Commercial” two-wheel drive as the core strategic model, while 北京会所体验网 digging into residential development, the development and operation of commercial complexes.

In terms of housing, the company covers different living needs through the diversification of the housing product system, supplemented by standardized development and prefabricated building applications.

In terms of commerce, the company created the “Wuyue Plaza” series of experiential commercial plazas, and at the same time enjoyed a self-sustained premium through an asset-light model.

Financing channels have become smooth, and financial conditions have continued to improve. The company’s financing costs are stable (average financing costs in the first half of 20196).

48%). The recent successful issuance of overseas debt indicates that financing is continuing to recover. In terms of funding, the company’s short cash debt 青岛夜网 ratio in the first half of 2019 was 1.

76. Financial risks are controllable. In terms of debt, the company’s assets and liabilities replaced 88 in the first three quarters of this year.

01% (after deducting budget funds received in advance, real debt supplementation 77.

70%), net debt supplement 76 in the first half of 2019.

6%, a decrease of about 39 compared with the same period in 2018.

1 unit; in terms of profitability, the company’s gross profit margin in the first three quarters of 2019 was 36.

59%, with a net interest rate of 14.

14%, significantly higher than the industry average.

Investment suggestion: The company’s operation will be stable. Maintain the “Buy” rating. The company will continue to cultivate the Yangtze River Delta and benefit from the “two-wheel drive” strategy to achieve a sustained high increase in sales.

We believe that the company’s operations have stabilized under the current circumstances, and the company’s performance is expected to be 124 from 2019 to 2021.



99 ppm, the growth rate is 19%, 33%, 26%, corresponding to the current PE value is 6 respectively.


8, 3.

8 times; NAV was initially 81.

85 yuan, corresponding to a discount of about 56 on February 17, 2020 closing price.

96%; Maintain “Buy” rating.

Risk Warning: 1.

There are certain uncertainties in industry normative policies and project settlement progress, or they may affect the sales performance of listed companies; 2.

There may be uncertainties in the control of the epidemic.