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Star Semiconductor (603290) First Coverage: Rapidly Growing IGBT Module Expert

Star Semiconductor (603290) First Coverage: Rapidly Growing IGBT Module Expert

Star Semiconductor (603290) First Coverage: Rapidly Growing IGBT Module Expert

The scarce IGBT domestic standard is in a rapid growth period.

Founded in 2005, Star Semiconductor has been focusing on the design, development and production of IGBT-based power semiconductor chips and modules. The main product is IGBT modules, which use IGBT chip self-control capabilities.

Star is a leader in domestic substitution in the IGBT field. The production and sales have increased rapidly in the past three years.
In 2018, the company’s revenue grew at a compound rate of 49.

At 88%, the compounded growth rate of net profit attributable to mothers reached 112.

30%.

The high-growth upstream and downstream industrial control and power industry and the demand of the new energy industry have exploded, especially the IGBT business income of new energy vehicles has grown rapidly, and the corresponding revenue growth rates in 2017/2018 reached 83.

45% / 87.

48%, accounting for the company’s overall revenue has gradually increased.

IGBT is at the front end of power semiconductors and has a wide application market.

IGBT combines the advantages of MOSFET (Insulated Gate Field Effect Transistor) and BJT (Bipolar Transistor). It is a mature product of the power semiconductor industry. Since its introduction in the 1980s, it has replaced industrial power devices in industrial applications.In consumer applications, the scope of applications has gradually expanded. At present, it is widely used in industrial control, new energy, inverter home appliances, etc., especially in new energy vehicles, IGBT is the core device of the whole vehicle.

The global IGBT is dominated by Europe and Japan, and Star strives to break through.

The global IGBT market is basically merged by European and Japanese companies, and the competitiveness is not more than ten.

According to IHS statistics, the top 10 suppliers of IGBT modules in 2018 accounted for about 80% of the market. Star Semiconductor ranked eighth in the global IGBT module market and was the only Chinese company to enter the top ten with a market share of 2.

2%.

In the early stage, as a domestic IGBT leader, Star Semiconductor had a good development trend and its city share gradually increased.

China’s IGBT market accounts for 40% of the global 北京夜生活网 market. From the perspective of import substitution, the growth space for Star cracks to penetrate.

With the expansion of the company’s size, the scale effect is significant.

The effect of scale is reflected in two aspects: ① The purchase cost and production cost have fallen.

In particular, the company has gradually realized self-control of IGBT chips. As the largest proportion of raw materials, the increase in the rate of self-control of IGBT chips will effectively reduce operating costs.

② The cost rate is reduced.

The company’s net profit margin was 4 in 2015.

69% increase to 17 in the first half of 2019.

60%, which originally came from the decline in sales expense ratio and management expense ratio brought about by the scale effect. In the future, the company’s scale effect has potential potential to be tapped.

Profit forecast and estimation.

As a scarce domestic IGBT supplier, the company benefits from the expansion of downstream demand and domestically produced alternatives to customers, and will continue to maintain better growth in the future.

We predict company 2019?
2021 operating income is 7.

6.3 billion / 9.

8.9 billion / 12.

83 ppm, an increase of 12 in ten years.

94% / 29.

69% / 29.

74%; net profit attributable to mother is 1.

2.9 billion / 1.

6.9 billion / 2.

22 ppm, an increase of 33 in ten years.

02% / 31.
57% / 31.

39%.
  Taking into account the company’s excellent growth and domestic leading position, we believe that driven by strong fundamentals, the company will get a higher forecast premium and give a “buy” rating.

Risk warning: IGBT chip independent research and development is less than expected; sales of new energy vehicles are less than expected; major overseas manufacturers cut prices.

SDIC Power (600886): Thermal Power Assets Actively Reduces GDR Approval or Accelerates Overseas Expansion

SDIC Power (600886): Thermal Power Assets Actively Reduces GDR Approval or Accelerates Overseas Expansion

SDIC Power (600886): Thermal Power Assets Actively Reduces GDR Approval or Accelerates Overseas Expansion

Event Overview On October 30, 2019, the company released the third quarter of 2019 report: the company achieved operating income of 322 in the first three quarters of 2019.

46 ppm, a six-year increase of 6.

47%; net profit attributable to shareholders of listed companies is 43.

33 ppm, an increase of 20 per year.

51%; basic profit return is 0.

6034 yuan, an increase of 13 in ten years.

89% analysis and judgment: the third quarter of the fastest growth rate of power generation, the average on-grid price of the company in the third quarter of the internal holding company gradually generated power 491.

6.3 billion degrees, an increase of 3 from the same period last year.

88%.

In terms of power types, the minimum growth rate of thermal power in the third quarter was 3 from the previous quarter.

72pct, 35 longer per year.

36 pct; the growth rate of hydropower was basically the same as the same period last year, with a slight increase of 0.

07%, the growth rate decreased by 5 compared with the previous quarter.

3 points.

In the third quarter, the average on-grid prices of hydropower and thermal power dropped by 8 respectively.

54% and 3.

41%, 杭州夜网论坛 resulting in the company’s single-quarter average on-grid tariff reduced to zero.

289, a decrease of 4.

70%.

Among the company’s main hydropower plants, Tongzilin, Guandi, Jinping Class I, Jinping Class II, SDIC Dachaoshan, SDIC Small Three Gorges and Baiyin Gorge all experienced declines in the average on-grid electricity prices in the third quarter.

Our judgment is mainly due to the increase in the proportion of market-oriented transactions and the easing of the supply side, which has led to the decline in electricity prices.

Under the combined effect of the forecast of the growth rate of power generation and the decline in electricity prices, the company’s third-quarter revenue was 126.

37 ppm, an increase of ten years.

09%.

Obviously, since the second quarter, the reduction of the tax rate has been reduced, 杭州桑拿网 to a certain extent, the company’s profit loss caused by the decline in electricity prices has been eliminated, and the company’s net profit attributable to shareholders of the parent company in the third quarter recorded 20.

5.7 billion, an increase of 1 every year.

63%.

  Thermal power assets are actively reducing, and the structure of the power generation end is optimized. According to the “Announcement on the Transfer of Shares of Certain Subsidiaries” issued by the company on October 9, 2019, the company intends to list and transfer 51% equity of SDIC Xuancheng held by SDIC55% equity, SDIC Yili 60% equity, Jingyuan Second Power 51.

22% equity, 35% equity of Huaibei Guoan, 45% equity of Zhangye Power Generation, the total listed price is not less than about 26.

6.5 billion.

The above thermal power projects are relatively weak assets in the company’s thermal power sector. According to the disclosure in the same announcement of the company, the proposed transfer of projects in the first half of 2019 will replace a total of zero.

5.5 billion.

Through listed transfers, we believe that the company is expected to increase funding flexibility and achieve asset optimization.

According to the company’s “Main Business Data Announcement for the Third Quarter of 2019” released on October 16, the company added 58 new and put into production this year.

40,000 kilowatts, hydropower / photovoltaic / wind power / waste power supplements are 1 respectively.

9/24/30/2.

50,000 kilowatts, allowing the installation of clean energy, the company’s goal to increase the proportion of clean energy power generation is more clear.

  GDR issuance is approved, or overseas expansion companies are accelerated on October 29, 2019. Announcement on Issuing GDR and Listing on the London Stock Exchange and Obtaining China Securities Regulatory Commission’s AnnouncementThe registration document was approved and published by the Financial Conduct Authority, and the listing plan on the London Stock Exchange continued to move forward.At present, the company has completed the Afton onshore wind power project in the UK (50,000 kilowatts) in October 2018 and the waste power generation project in Bangkok, Thailand (0.

980,000 kilowatts).

If the company is successfully listed on the London Stock Exchange, we expect to further enhance the company’s international influence, while providing funding for overseas project expansion and supplementing the company’s operating funds to diversify operating risks.

  Investment suggestions The company’s asset-side adjustment is proactive, and its focus is continuously shifting to clean energy, in line with policy guidance and industry development trends.

GDR issuance is progressing smoothly, and overseas business expansion is accelerating.

We estimate that the company’s revenue for 2019-2021 will be 43.2 billion, 44.7 billion and 45.8 billion, with multiple growth rates of 5.

31%, 3.

50% and 2.

50%; net profit attributable to mothers is 51.

03 billion, 52.

8.3 billion and 54.

29 ppm, with annual growth rates of 16 each.

94%, 3.

52% and 2.

76%, the corresponding EPS is 0.

75, 0.

78, 0.

80 yuan / share, the corresponding PE is 11 respectively.

24, 10.

85, 10.

56 times.

  From an estimation perspective, power generation companies use the PB estimation method, and the company’s latest BPS is 5.

32 yuan (October 30, 2019), the average PB value of comparable companies in the domestic A-share power industry is 2.

05 times, taking into account the company’s divestiture of small thermal power projects, retained profitability of large power plant projects, the quality of assets, the company’s industry average2.

05 times PB, the corresponding sustainable is 10.

91 yuan.

Covered for the first time and given a “Buy” rating.

  Risk prompts 1) The dry running water affects hydropower generation; 2) The efficiency of thermal power asset disposal is less than expected; 3) The on-grid electricity price trend declines; 4) Fuel price rises upward; 5) The electricity consumption growth rate is lower than expected; 6) The GDR issuance progress is less than expectedexpected.

Vanke A (000002): Sales Breakthrough Takes Land Steady and Long Logic Does Not Change-Vanke October Sales Data Review

Vanke A (000002): Sales Breakthrough Takes Land Steady and Long Logic Does Not Change-Vanke October Sales Data Review

Vanke A (000002): Sales Breakthrough Takes Land Steady and Long Logic Does Not Change-Vanke October Sales Data Review

The incident described the company’s sales area of 271 in October.

30,000 square meters, down 20 a year.

5%; realized sales amount of 433.

800 million, down 19 a year.

8%; 1?
The cumulative sales area in October was 3332.

90,000 square meters, an increase of 2 in ten years.

8%; realized sales amount of 5189.

9 ‰, an increase of 6 in ten years.

9%.

Incident review October sales area and amount dropped by 20 each.

5%, 19.

8%.

The company achieved sales of 433 in October.

800 million, down 19 a year.

8%; sales area 271.

30,000 square meters, down 20 a year.

5%; the average selling price for the month was 15,990 yuan / square, an increase of 4 from 15,370 yuan / square last month.

04%.

The cumulative sales amount from January to October was about 5,189.

9 ‰, an increase of 6 in ten years.

9%; cumulative sales area 3332.

90,000 square meters, an increase of 2 in ten years.

8%, the cumulative average selling price of 15,572 yuan / flat, an increase of 0 chain.

twenty four%.

In October, the company’s sales area and amount temporarily decreased or related to the decline in the rate of elimination, the company’s push in October was not aggressive.

In October, the company’s land acquisition was stable, and the total land acquisition area increased by 34 each year.

5%.

In October the company took the ground to build 500.

60,000 square meters, an increase of 34 in ten years.

5%; Gradually take 3548 from January to October.

50,000 square meters, a decline of 15 in ten years.

4%.

In terms of land price, the company received a total of 205 land in a single month in October.

4 ‰, an increase of 6 in ten years.

6%; The total land price gradually from January to October is about 2123.

600 million, a decline of about 10 a year.

6%.
In terms of land acquisition intensity, the cumulative land acquisition area / cumulative sales area ratio was 106 from January to October.
5% (99 from January to September).

6%), and the ratio of accumulated land acquisition amount to accumulated sales amount is 40.

9% (January-September 40.

3%), the company’s land acquisition remains stable and prudent.

In October, land acquisition focused on second- and third-tier 上海夜网论坛 cities, and the average land acquisition price dropped significantly each year.

In October, the company took over 500 land.

60,000 square meters, concentrated in second-tier and strong third-tier cities, of which about 287 are second-tier cities.

50,000 square meters (accounting for 57.

4%), third-tier cities are about 213.

10,000 square meters (proportion 42.

6%).

In terms of land acquisition costs, the company’s average land price in October was 4,103.

04 yuan / flat, a significant drop of 20 previously.

69%, mainly due to the company’s increase in the proportion of land acquisition in third-tier cities caused the average floor price fell.

Investment suggestion: Leading real estate enterprises are operating stably, and it is estimated that there is still room for improvement under market rotation.

成都桑拿网
As a leading real estate company, the company has been actively selling, operating stably, and its net debt ratio is at a low level in the industry.

Expanding diversified businesses on the basis of maintaining the basic housing development market, and gaining alpha benefits that surpassed those of its peers.

We forecast the company’s EPS for 2019-2021.

64, 4.

37, 5.

24 yuan, the growth rate is 22%, 20%, 20%, the corresponding PE is 7 respectively.

38x, 6.

14x, 5.

13x, maintain “Buy” rating.

Risk Warning: 1.

Uncertainty in the liquidity environment; 2.

There may be uncertainties in the adjustment policies of the real estate business.

Tunnel shares (600820): Growth in investment income leads to better-than-expected performance improvement in 2019

Tunnel shares (600820): Growth in investment income leads to better-than-expected performance improvement in 2019

Tunnel shares (600820): Growth in investment income leads to better-than-expected performance improvement in 2019
2018 results are lower than expected 2018 results announced by Tunnel Shares: Realized revenue of 372.70,000 yuan, an increase of 18 in ten years.2%, net profit attributable to mother 19.8 ‰, an increase of 9 in ten years.3%; 18Q4 achieved revenue of 138.$ 1.9 billion, an increase of 19.4%, net profit attributable to mother 7.0 million yuan, an increase of 7 in ten years.5%; due to reduced investment income, performance exceeded our expectations. In 2018, the company’s gross profit margin after excluding taxes was increased by 0.7ppt to 12.4%, mainly due to the increase in gross profit margin of design, operation, leasing and other businesses (among which, the improvement of leasing and other businesses was mainly driven by a low base);1ppt, mainly because the R & D expense rate is reduced by 0 every year.7ppt; investment income decreased by 39.9% to 8.200 million US dollars, mainly due to the disposal of long-term equity investment in the previous year formed a high base and BOT, BT project investment income decreased; net interest rate decreased by 0.4ppt to 5.3%; net operating cash inflow of 15.400 million US dollars, basically the same each year; net increase in investment cash increased by 23.500 million to 41.US $ 600 million, mainly due to a decrease in cash received from investment and disposal of subsidiaries and an increase in cash paid for investment. Development trend Construction profits are expected to improve.In 2018, the company’s engineering construction revenue grew at a rate of 18.2%, but the margin improvement rate affected by the increase in raw material costs; the number of new construction contract contracts decreased by 12.0%, of which subway and road orders are separated by 37.8%, 49.5%, mainly due to the high base and the release of new projects such as subway construction still take time; and the current construction orders 北京男士spa会所 in hand revenue coverage multiples of 2.8 times, still abundant.We expect that in 2019, urban rail and traditional infrastructure projects such as municipal and roads will accelerate and drive the company’s revenue to maintain a high growth rate. At the same time, the gross profit margin is also expected to improve, driving the margin of construction profits to improve. Investment returns are expected to pick up.In 2018, the company’s investment category business scale improved, and the investment income of BOT and BT projects decreased by 26.9%, mainly due to early repurchase of some projects and the overall transformation of the PPP industry.With the preliminary completion of the domestic PPP project warning, the PPP market is becoming more standardized, and the company has sufficient cash in hand. We expect the company to increase its PPP investment strength. Investment returns in 2019 are expected to stabilize and recover. Earnings forecast We maintain our 2019 / 20e attributable net profit forecast unchanged. Estimated and recommended company’s current price corresponds to October 19.We recommend 4x P / E. We maintain our recommendation. We have raised our target price by 30% to 9 due to the larger-than-expected easing in macro-liquidity and the upward adjustment of the industry’s estimated center.6 yuan, corresponding to 19 times 13 times P / E and 26% space. The construction progress of the risky urban rail was less than expected, and the investment business was less than expected.

Inspur Information (000977): Improvement of many operating indicators in the first quarter is expected to enjoy cloud IT investment exceeding expectations

Inspur Information (000977): Improvement of many operating indicators in the first quarter is expected to enjoy cloud IT investment exceeding expectations

Inspur Information (000977): Improvement of many operating indicators in the first quarter is expected to enjoy cloud IT investment exceeding expectations

Event: The company released the 2019Q1 quarterly report: achieving operating income of 96.

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

31%; Net profit attributable to shareholders of listed companies is 0.

920,000 yuan, an increase of 67 in ten years.

89%; Realize non-recurring net profit attributable to shareholders of listed companies 0.

68 ppm, an increase of 42 in ten years.

46%.

Meet market expectations.

Revenue maintained high growth, gross profit margin stabilized, and various operating indicators improved.

1) Operating income for the quarter was 96.

9.4 billion, an annual increase of 27.

31%, which is expected to increase the procurement of downstream Internet customers.

At the same time, the overall gross profit margin for the quarter was 11.

75%, unchanged from the same period last year, verified that the gross profit margin of the server business has stabilized.

2) R & D expenses in this quarter increased by 47 compared with the same period last year.

56%, mainly due to the company’s increased research and development efforts, the increase in the number of new product development and the increase in research and development personnel.

3) Net cash flow from operating activities for the quarter was -10.

570,000 yuan, an increase of 80 in ten years.

56%, which is expected to be due to the improvement in customer repayments.

The domestic cloud computing IT infrastructure investment exceeded expectations, and based on the JDM model and scale advantages, enjoyed the global industry growth dividend.

1) According to the “Quarterly Tracking Report on Cloud Computing IT Infrastructure for the Fourth Quarter of 2018” and “Global Cloud IT Infrastructure Tracking Report for the Fourth Quarter of 2018” issued by IDC, the annual investment of China ‘s public and private cloud IT infrastructure (includingSupplier income and channel bonus): The total investment in 2018 was 120.

1 billion US dollars, an increase of 74 in ten years.

7%, exceeding market expectations; investment is expected to reach 151 in 2019.

700 million US dollars, an annual increase of 25.

5%.

2) According to Gartner data, through the advent of IT generations in industries such as AI, the Internet, 5G, edge computing, and enterprise cloud, the global x86 server market in 2018 was strong, with inputs and inputs hitting record highs, with server inputs at 1290.

40,000 units, tellurium is 705.

3 billion US dollars, an increase of 13 each year.

2% and 34.

5%.

The company’s JDM model and large-scale advantages are obvious. It can quickly respond to large-scale delivery needs of downstream customers (especially Internet companies) and enjoy the growth dividend of the server industry.

Team up with IBM to develop Power products and accumulate multi-architecture technology foundation.

Under the background of trade friction, the country vigorously promoted the localization of servers to make breakthroughs in the core technology field.

In September 2017, the company and IBM established a joint venture to jointly develop Power architecture servers and combine the advantages of both parties to actively create Power series products, research and development and ecology.

With the three advantages of “steady, fast, and constant” Power servers being accepted by the market, it is expected to eventually 成都桑拿网 increase the gross profit margin of the server business.

Given a target market value of 412 trillion in 2020, maintain a “Buy” rating.

Based on key assumptions and the 2018 annual report, it is estimated that the operating income for 2019-2021 will be 600.

04 billion, 749.8 billion and 922.

2.0 billion, it is expected that the net profit attributable to mothers in 2019-2021 will be 7 respectively.

9.4 billion, 12.

1.2 billion and 15.

22 billion.

That is, the profit CAGR for the next three years is 38%, according to PEG = 0.

9 It is estimated that the target market value for 2020 is 4.12 million yuan, corresponding to PE 34x.

Maintain “Buy” rating.
Risk reminders: growing demand in downstream industries; increased competition in the server industry; escalating trade frictions; and risk of bad debts.

GF Securities (000776): First quarter net profit quarter + 91% Brokerage and asset management business revenue tops growth rate

GF Securities (000776): First quarter net profit quarter + 91% Brokerage and asset management business revenue tops growth rate

GF Securities (000776): First quarter net profit quarter + 91% Brokerage and asset management business revenue tops growth rate

Event GF Securities released the 2019 first quarter report.

In the first quarter of 2019, the company achieved operating income of 68.

39 trillion, ten years +76.

85%; net profit attributable to mother is 29.

19 trillion, +91 for ten years.

25%; basic profit income is 0.

38 yuan.

As of the end of the first quarter of 2019, the company’s equity was owned by its parent shareholders 887.

840,000 yuan, +4 from the beginning of the year.

43%; BVPS 11.

65 yuan.

The short-scored performance exceeded expectations, mainly due to the increase in investment income.

(1) Benefiting from the market recovery, the company realized investment income (including income from changes in fair value) in the first quarter of 201935.

US $ 9.9 billion, + 148% per year. It is estimated that the increase in equity self-operated business income has increased significantly, and the subsidiary Guangfa Shunde’s investment income has increased significantly.

(2) According to the statement of profit statement, in the first quarter of 2019, the proportion of the company’s brokerage / investment bank / asset management / investment / interest net income to total operating income was 17% / 4% / 13% / 53% / 10%Business picks the girders.

Flexible allocation of funds, self-adjusted structure, shrinking stock pledges.

(1) Facing the bull market, the company carefully adjusted the structure of its self-employed disk, moderately increased equity investment, and lightened solid income 北京夜网 investment.

As of the end of the first quarter of 2019, the company’s financial investment totaled 1,894.

00 trillion, which was basically flat earlier, while selling back 680 financial assets.

540,000 yuan, -20 from the beginning of the year.

86%.

(2) In order to prevent risks, the company significantly reduced the size of the stock pledge business, and bought back 270 financial assets at the end of the period.

43 trillion, compared with the beginning of -26.

54%; further credit impairment losses1 were accrued during the period.

3 billion.

If the subsequent market recovers or stabilizes, credit impairment losses are expected to continue to reverse.

Group management of asset management business gradually achieved significant results.

In the first quarter of 2019, the company realized net income of asset 淡水桑拿网 management business8.

80 trillion, +5 for ten years.

26%.

GF Asset Management follows the requirements of the new asset management regulations and steadily promotes the transformation of connotative growth and transformation of quality, including active management. At the end of 2018, the asset management scale was 3814.

11 trillion, compared with the beginning of -27.

13%.

The shareholding fund subsidiaries have steadily expanded. At the end of the first quarter of 2019, the net asset value of GF Fund totaled 4,827.

370,000 yuan, +4 from the beginning of the year.

90%, the total net asset value of E Fund reached 7044.

69 trillion, +9 from the beginning of the year.

76%. The influx of funds from brokerage clients, the investment banking business traded for price.

(1) The company uses wealth management, institutional brokerage, technology finance and integration as four-wheel drive to promote the steady transformation of wealth management business.

The securities market was active in the first quarter of 2019, and the company achieved a net income of brokerage business11.

63 ppm, +9 for ten years.

96%; the total amount of securities traded at the end of the period was 887.

700,000 yuan, +51 from the beginning of the year.

89%.

(2) In terms of investment banking business, the company continued to consolidate its advantages in the field of high-quality SME customers. In the first quarter of 2019, the recovery caused by the scale of stocks and debt underwriting increased by + 172% and + 249%, respectively.Net worth income 3.

07 million yuan, at least -13.

53%, allegedly dragged down by lower underwriting commission rates.

As of now, the company has 23 IPO projects in the meeting (second in the industry), and the advantages of reserve projects are expected to gradually translate into performance.

Investment suggestion: Maintain “overweight” rating.

The performance of the securities brokerage sector in 2019 will continue to benefit from the easing of liquidity and the catalysis of capital market reforms. The long-term market is worth looking forward to; under the regulatory thinking of “supporting the good and limiting the bad”, the capital strength has been enhanced (the net assets at the end of June 2018 ranked fifth in the industry), The wind control system is perfect (achieved AA rating from the CSRC for 2 consecutive years), and the company ‘s innovative ability is strengthened (technical finance, leading layout of big asset management joint ventures). GF Securities will be one of the beneficiaries.The icing on the cake of related business.

Regardless of the impact of the fixed increase on equity replacement, we expect GF Securities’ BVPS to be 11 in 2019-2020.

93 yuan and 12.

69 yuan, corresponding to 1 for the current budget PB.

29X and 1.

21X to GF Securities (000776).

SZ) “Overweight” rating.

Risk warnings: stock market recovery fails to meet expectations; marginal easing of monetary and credit policies fails to meet expectations; capital market reform progress does not meet expectations.

Weichai Power (000338) 2019 Third Quarterly Report Review: Industry boom continues to grow steadily

Weichai Power (000338) 2019 Third Quarterly Report Review: Industry boom continues to grow steadily

Weichai Power (000338) 2019 Third Quarterly Report Review: Industry boom continues to grow steadily

Attributable net profit of 70.

600 million, +17.

6% of the company achieved revenue of 1,267 in the first three quarters.

08 thousand yuan (+7.

21%), and achieved a net profit of 70.

580,000 yuan (+17.

61%), in line with expectations.

In the third quarter alone, the company achieved revenue of 358.

4.6 billion (-0.

20%), achieving net profit attributable to mother 17.
.

710,000 yuan (+10.

07%).

  The profit level was steadily and steadily improved, and the gross profit margin in the first three quarters was 22.

06%, rising by 0 every year.

42pct, profitability improved slightly.

Expenses cost 13.

07%, a slight increase of 0 a year.

15pct, of which selling expenses cost 6.

27%, a decline of 0 per year.

40 points; management expenses 6.

69%, increasing by 0 every year.

52pct, due to increase in research and development costs; financial expenses 0.

11%, an increase of 0 every year.

03pct, the increase in structured deposits, interest income is included in the impact of investment income.

  The prosperity continued, and the market share steadily increased the industry scale. In September 2019, heavy truck sales reached 8.

30,000 vehicles, an increase of 13% from the previous month and an annual increase of 6.

8%.

Cumulative sales in the heavy truck market from January to September were 88.

80,000 vehicles, a slight decrease of 1% in the same period, the decline is further reduced. Against the background of stricter regulations, the prosperity of the heavy truck industry is expected to continue.

At the company level, Sinotruk has become the second-tier company of Shandong Heavy Industry, marking the completion of Shandong Heavy Industry’s asset restructuring of Sinotruk.

Weichai and Sinotruk carried out in-depth cooperation within the Shandong Heavy Industry system.

  Deploying fuel cells and strengthening the leading position of heavy truck power systems The company has successively invested in fuel cell companies such as Fuse and Ballard, and reached strategic cooperation with Bosch, Sirius Power, Geely and other companies.

At present, the company and Zhongtong Bus have built 3 hydrogen fuel cell bus operation lines in Weifang, put in 30 hydrogen fuel cell buses for trial operation, and have a sustainable operating mileage of 500,000 kilometers. At the same time, a one-day bus has been built in Weifang.Fixed hydrogenation station with a hydrogenation capacity of 1000kg.

The company actively promotes the completion of the fuel cell power layout and strengthens its leadership position in heavy truck power systems.

  Leading heavy truck industry, steady growth, overweight rating and underestimation of outstanding blue chips, industry prosperity continues, diversified layout of storage logistics and fuel cell and other areas, strong and strong alliances to build world-class heavy truck enterprises, the 无锡桑拿网 company’s performance achieved steady growth.

We maintain 19/20/21 EPS as 1.

24/1.
37/1.
45 yuan, the corresponding PE is 9 respectively.

7/8.

8/8.

3x, maintaining the overweight level.

  Risk warning: heavy truck sales continue to grow significantly

Haiyin (000861): Steady business growth Financial business and period expenses dragged down 2018 results

Haiyin (000861): Steady business growth Financial business and period expenses dragged down 2018 results

Haiyin (000861): Steady business growth Financial business and period expenses dragged down 2018 results

2018 results are lower than expected Haiyin’s 2018 results: operating income 25.

0.7 billion, downgraded by 2 every year.

1%; net profit attributable to mother 1.

3.8 billion, down 40 a decade ago.

1%, net of non-attributed net profit1.

09 million yuan, down 44 years ago.

3%, corresponding profit 0.

05 yuan / share, lower than expected.

Among them, Q1-Q4 revenue increased by +28 each year.

6% / + 31.

0% / + 11.

5% /-38.

9%, net profit increased by +0 each year.

5% / + 22.

9% / + 15.

0% /-93.

9%, the financial business development was less than expected, the increase in expenses during the period and the accrual of long-term equity investment dragged down net profit.

Development trend 1. Business is growing steadily. Financial business has dragged down revenue for 18 years. Real estate business is expected to usher in the settlement period in 19 years.

Short-term downgrade of company revenue in 20182.

1%, of which the business sector / real estate / department store industry / financial sector / hotel revenue accounted for 40%.

0% / 30.

1% / 21.

5% / 6.

5% / 2.

0%, 2018 revenue growth in ten years2.

0% / 6.

3% /-1.

7% /-25.

4% / 6.

8%.

Specifically: 1) Commercial business: The company’s Haiyin Another City project has been steadily expanding in different locations. In 2019, Zhuhai, Shanghai and other projects will attract investment and operations, and it is expected to increase the operating area by 170,000 square meters. At the same time, in November 2018, it reached a cooperation with Shanghai SongjunThe agreement will be responsible for Huijin City in the form of brand and management output2.

The operation of 40,000 square meters of commercial investment is expected to continue a steady growth in business revenue in 2019; 2) Property business: Commercial and residential quarters in Sihui City and Shanghai Commercial City Commercial Housing have been approved for pre-sale in the second half of 20184.

10,000 pings, which brought an increase in revenue in 19 years; 3) Financial sector: The acquisition business was affected by the strengthening of financial supervision, and the maintenance fee income decreased significantly, but 成都桑拿网 the scale of small and micro loan business increased.

2. The expense ratio increased significantly, dragging down net profit.

The company’s gross profit margin increased by 0 in 2018.

01ppt as of 38.

55%, maintaining stability, but the net interest rate has been decreasing year by year due to the increase in expense ratios and the accrual of long-term equity investment losses3.

5ppt to 5.5%, of which sales / management / R & D / financial expense ratio doubled -1.

1ppt / + 1.

7ppt / + 0.

0ppt / + 3.

0ppt to 3.

7% / 11.

1% / 0.

4% / 9.

The 5% increase in financial expenses was due to the repayment of 17-year financing projects and the increase in interest rates on new loans.

3. Pay attention to the progress of the company’s real estate settlement in 2019 and reduce costs and increase efficiency.

1) Real estate development and settlement: As of the end of 18 years, the company’s main development projects have 126 construction areas to be developed.

80,000 square meters, of which 87 are residential.

7%, the progress of real estate project settlement affects the company’s performance; 2) Cost reduction and efficiency improvement: In 18 years, the company has strived to create an online platform for “Hainyin Life” to improve the accuracy of operations and at the same time promote staff optimization.

220,000 yuan in manpower and operating expenses, the expense rate is expected to usher in improvement.

The profit forecast is based on the intensified competition in the retail industry, and the 19 / 20E profit forecast is lowered by 18% / 16% to 0.

10/0.

11 yuan / share.

Estimates and recommendations are currently expected to correspond to 27 / 24X P / E in 19/20, maintaining the recommended level.

Adjust target price by 5% to 3 according to profit forecast adjustment.

4 yuan, corresponding to 19/20 34 / 31X P / E, up 23%.

Risks Intensified competition in the retail department store industry; the downturn in the real estate market.

Tongwei shares (600438): the first half of the battery profit is in line with expectations

Tongwei shares (600438): the first half of the battery profit is in line with expectations

Tongwei shares (600438): the first half of the battery profit is in line with expectations
Event: The company announced its 2019 Interim Report and achieved revenue of 161.2.4 billion, an increase of 29.39%; net profit attributable to mother 14.51 trillion, with an increase of 58.01%; EPS 0.37 yuan, ROE 8.83%.Among them, 2Q19 achieved revenue of 99.55 trillion, with an increase of 37.51%; net profit attributable to mother 9.6 billion, an increase of 60.50%; EPS 0.25 yuan, ROE 5.91%, performance was in line with expectations. Battery performance increased by 192.72%, non-silicon costs are expected to fall further.In terms of production and sales, at the end of the reporting period, the company has formed a 12GW high-efficiency solar cell capacity, with a conversion volume of about 6GW in 1H19, an increase of about 97%, and the company’s production capacity and 重庆耍耍网 output continue to remain the first in the industry.In terms of profitability, Tongwei Solar achieved net profit in 1H19.7.7 billion, an increase of 192.72%, 1H19 single watt net profit is about 0.16 yuan / W, an increase of about 49% over the same period last year.In terms of cost, the company newly built and commissioned Chengdu and Hefei6.The 4GW production capacity achieved 100% capacity utilization rate only after 3 months of production commissioning, which has now exceeded 110%. It is expected that the capacity utilization rate will exceed 120% during the year. At the same time, Chengdu Phase IV and Meishan IPhase high-efficiency crystalline silicon battery projects have been completed and put into production one by one. By then, the company’s cell production capacity will reach 20GW, and the scale effect will be obvious. Non-silicon costs may be further reduced. Break through the contradiction to maintain profit, single crystal materials accounted for 80% -85% of the year.In terms of production and sales, at the end of the reporting period, the company had formed a high-purity crystalline silicon production capacity of 8, and 1H19 Yongxiang achieved high-purity crystalline silicon sales2.28 years, with an annual increase of 162.85%.In terms of profitability, with the market price falling by 40% -50% compared to the same period last year, the gross profit margin was 16.98%, reflecting the company’s core competitiveness in the field of high-purity crystalline silicon.In terms of cost, most of the main consumption indicators of Baotou and Leshan’s new production capacity exceeded design expectations, and production costs met the established target of less than 4 million tons / ton.In terms of the proportion of single crystal materials, the proportion of single crystal materials in the initialization 2 insertion project has exceeded 80%. The conversion of Baotou and Leshan’s new projects has improved the quality and efficiency, and the technology of the replacement project is perfect.The proportion of crystal material can reach 80% -85%. Investment suggestion: Domestic demand is obviously turning point at the end of the third quarter. At the same time, the peak season for overseas demand is coming, and battery prices are expected to bottom out. At the same time, the supply and demand of monocrystalline silicon materials continue to be tight.We expect to achieve net profit 31 in 2019-2021.17, 40.61 and 47.6.6 billion, an increase of 54 each year.40%, 30.28%, 17.36%, current sustainable corresponding PE for three years is 16, 12, 10 times, maintain “Buy” rating. Risk reminder: the risk of market fluctuations brought by the acceleration of decompletion; the risk of technological updates.

Follett (601865) 2019 Interim Report Comment: Capacity Release Helps Growth and Volume and Price Rise in Second Half

Follett (601865) 2019 Interim Report Comment: Capacity Release Helps Growth and Volume and Price Rise in Second Half

Follett (601865) 2019 Interim Report Comment: Capacity Release Helps Growth and Volume and Price Rise in Second Half
Brief evaluation of performance The company released its 2019 Interim Report and achieved revenue of 20.350,000 yuan (ten years +39.1%), net profit 2.6.1 billion (+22.8%), deducting non-net profit 2.3.6 billion (+16.3%), in line with market expectations. Operational analysis Efficient new production capacity released hedging 深圳桑拿网 product prices and realized high performance growth.According to our statistics, although the price of photovoltaic glass has steadily rebounded since October 2018, the average price without tax for 2019H1 products can still replace nearly 10%.The company reached two 1,000-ton daily melting production lines that were put into operation in June 2018 and April 2019, achieving sales growth and a significant reduction in unit production costs, and the gross profit margin of photovoltaic glass was only 0.5pct, an increase of 1 from the previous quarter.1pct, effectively hedging the impact of falling prices. Photovoltaic glass will usher in both volume and price in the second half of the year, and performance growth will continue to increase.Based on the fact that no new furnaces are put into operation after September this year,都市夜网 the domestic market has started to drive demand and climbed month by month, and the current status of glass enterprise inventory has continued to be low.Probability event, amplitude expected 1?2 yuan / square meter.According to the calculation of the industry’s overall expansion pace and demand, we expect that glass supply and demand will remain tightly balanced in 2020, and prices are expected to remain relatively high.By the second half of 2019, two 300-ton daily-melt production lines for cold repair production and two 1,000-ton daily-melt production lines in Haiphong, Vietnam will be put into production in 2020. Product sales volume and price will rise to promote the company’s performance growth.In addition, the company received government subsidies of 61.73 million yuan in June 2019. Only 25.25 million yuan was recognized in 2019H1. The remaining 36.48 million yuan in bonus income will be further enhanced after the recognition in the second half of the year. Under the trend of double-sided and double-glass, the growth of demand for photovoltaic glass has accelerated, and the expansion of production has achieved market share.In the first half of the year, some leading component companies have wholesaled double-glass components. In the recent centralized bidding of Guodian Investment Group, the proportion of double-glass components has reached 30%. At the same time, the United States exempted double-sided components from 201 tariffs in June.The company’s convertible bond fundraising investment project in Anhui Fengyang, two 1200-ton daily melting capacity production lines, is expected to be commissioned in 2021, which will help the company seize the opportunity of high growth of photovoltaic glass demand in the next few years, further increase market share and reduce productionCost to consolidate the duopoly position. Profit adjustment and investment recommendations maintain the company’s 2019-21E net profit forecast6.75, 10.16,12.520,000 yuan, three-year net profit compound growth rate of 43%, corresponding EPS is 0.35, 0.52, 0.64 yuan. The company’s current A-share budget corresponds to 34 / 22xPE in 2019/20, and we maintain the “Overweight” rating for A-shares; while the H-share income only corresponds to 12 / 8xPE in 2019/20, maintaining the “Buy” rating for H-shares. Risk reminder that bidding project construction progress is less than expected, grid-connected consumption situation deteriorates, and international trade environment deteriorates

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