Month: March 2020

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.


  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.


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.

45 yuan, the corresponding PE is 9 respectively.



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.


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.


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

A-share transaction breaks trillions: Is technology stocks starting to bring real money?

A-share transaction breaks trillions: Is technology stocks starting to bring real money?

A-share transaction breaks trillions: Is technology stocks starting to bring real money?

Original title: Shareholders are boiling!

A-share turnover exceeded one trillion yuan, but this time is different. Technology stocks bring real money. The big market has begun?

  Source: The transaction volume of the two markets today exceeded RMB 1 trillion per transaction, and the closing of the Shanghai and Shenzhen markets reached 10385.

500 million, a new high in the past year!

However, this time is different from the one-day trillion-dollar turnover in the past growth. This time the financial sector no longer replaces the big heads, and technology stocks have become the leader.

  Today, the turnover of the two cities broke one trillion. Today, the number of hot stocks has been adjusted, and the GEM index dropped by 1 in late trading.

At 45%, the Shanghai and Shenzhen Stock Exchange Indexes turned green in the afternoon, and the closing prices dropped by 0.

32% and 0.


  Regarding the sector, although some technologies such as corrosive glue have continued to be active, it is no longer a general increase. In the previous period, civil aviation and hotel stocks affected by the epidemic rebounded and rose. Precious metals, pork, chicken breeding, etc. all rose sharply.Rotation between the names is obvious.

  It is obvious that today the turnover of the two cities exceeded one trillion, and the final closing of the Shanghai and Shenzhen markets reached 10385.

500 million, a new high in the past year!

Among them, the Shanghai market was 381.3 billion and the Shenzhen market was 657.5 billion.

The Shenzhen market is much higher than the Shanghai index. From the perspective of the index’s rise and fall, February 19th this year, the difference between the rise and fall of different indices is also very large.

  The performance of each index this year (unit:%) is high in Shenzhen market turnover, which can also cut capital preferences.

GEM Index rose sharply 18.

98%, followed by the small and medium-sized board and the Shenzhen Stock Exchange Index, all realized the red disk; while the Shanghai and Shenzhen 300, Shanghai Stock Exchange and Shanghai Stock Exchange 50 all fell.

GEM outperformed the Shanghai 50 Index 23 in a month.

53%, which was not common in the past.

  This time the trillion-dollar turnover in the two cities with different trillions is the general rise of the two cities, which is often led by financial stocks. The financial sector led by bank stocks and brokerage stocks has “slammed” all the way.

  Recalling that on February 25 last year, in the afternoon, a general rise has been formed, and it is difficult to distinguish who has increased prices and who has increased less.

All stocks in the securities sector had their daily limit, the securities ETF (512880) was strongly closed, and the brokerage leader CITIC Securities had a turnover of 11.8 billion yuan.

  The first single-day trillion-dollar turnover in the history of A-shares was born on December 5, 2014, when the Shanghai and Shenzhen markets had a turnover of about 1.05 trillion yuan.

On the same day, it was also the collective daily 四川成都耍耍论坛 limit of the brokerage firm. The trading volume of CITIC Securities reached 27.8 billion yuan, and the heavyweight PetroChina rose 9%.

88%, the four major banks led the rise, of which the Construction Bank daily limit, the Shanghai stock index fluctuated on the same day, while small and medium-sized ventures have dived.

A few days later, on December 9, financial stocks fell on a large scale, with more than 200 daily limit in the two cities. The major indexes fell sharply, and the turnover of the Shanghai and Shenzhen stock markets further increased to more than 1.2 trillion yuan.

  In the history of A-shares, the highest trading day for a single day was May 28, 2015, and the day’s transaction value was as high as 2,377.6 billion, and the number of trading days that exceeded 2 trillion was 5 days, which occurred at the end of May 2015 to the beginning of June.Then, on June 12, the Shanghai stock index peaked at 5178.

19 o’clock.

  This time?

Although the brokerage stocks also performed during the session today, the national gold securities took the lead in the daily limit, but the overall performance of the sector was not driven. The remaining banks, insurance and other stocks did not perform well.Stock-based.

However, today the brokerage firm outperformed the market. The continuous increase in turnover has always had a positive impact on the brokerage business of brokerage firms. After all, any bull market needs real gold and silver. The reaction is the surge in trading volume in the market.

  Technology stocks led the trillion-dollar transaction to close today. The top 10 stocks in the two cities’ turnover were Ningde Times, ZTE, BOE A, CITIC Securities, Sanan Optoelectronics, Hitech High-tech, Oriental Fortune, Lixun Precision, Huatian Technology.With Ganfeng Lithium, the single-day turnover exceeded 4 billion yuan.

  Except for CITIC Securities and Oriental Fortune, which are brokerage stocks, other technology stocks based on concepts such as new energy vehicles, 5G, and semiconductors. The once-familiar heavyweights have disappeared.

From the recent strength of the GEM and the downturn of the Shanghai Index, we can also trim it. Unlike the previous single-day trillion-dollar turnover during previous growth, this time the financial sector no longer replaces the big heads, and technology stocks have suddenly become the leader.

  At this stage, both the industry cycle and the regulatory policy cycle seem to be very similar to 2014-2015, so people can’t help but think of the “feast” of the then technology stocks.

  Soochow Securities said that the relaxation of refinancing and mergers and acquisitions is one of the core driving forces of the growth style.

Specifically, during the M & A relaxation period from 2014 to 2015, the growth style clearly outperformed the blue-chip style; during the M & A tightening period from 2016 to 2018, the blue-chip style significantly outperformed the leading style; since M & A restructuring and refinancing gradually progressed in 2019Since relaxing, the growth style has actually outperformed again.

The reason is that growth stocks represented by technological innovation can benefit more from the relaxation of M & A and restructuring, and then have significant excess returns in performance.  Ping An Securities believes that refinancing loosens open up the main space of technology. GEM is the most beneficiary sector, emerging technology industries are the most beneficiary industries, and midstream manufacturing is also relatively beneficial.

  The Huaxin Securities Strategy Report believes that many GEM listed companies are in an upward profit cycle. From the perspective of the announcement of the 2019 annual report results, the growth rate of GEM companies in the fourth quarter of 2019 has clearly increased, and the profit cycleThe upward trend continues.

Regarding the next stage of the market, the population concept is still maintained: “The A-shares have continued to strengthen in the recent stage and refused to adjust. This is precisely in the context of optimistic mid- and long-term market conditions, the continuous entry of various types of funds inside and outside the market, creating a good long-alternation”.
For investors, with the suggestion of maintaining human resources, the A-share market is expected to continue to be strong against the background that the Shanghai Index has not effectively fallen below the 5-day moving average. Although there may be day-to-day adjustment pressures after continuous breakthroughs, the A-share market hasStarted a structural trend market, and continued to focus on the medium and long-term strategic allocation of investors’ primary tasks, ignoring the short-term fluctuations of the index.

  Although the market turnover recently broke through continuously, some investors still have doubts: Today’s A-share turnover exceeds the trillion mark. Is this possible?

Does it mean that the market is too much?

  In this regard, CICC’s strategy team released a comment saying that after a short-term rapid repair, the market may extend a certain short-term increase in the short-term may need consolidation, and a short-term consolidation is possible.

However, in the medium term, market sentiment is recovering but not redundant. Some funds have been hotly subscribed by the expansion of institutional investor income in recent years, and the market investor structure may be further institutionalized.

  According to the historical data statistics of CICC’s strategy team, the recent 1 trillion single-day transactions, the corresponding single-day turnover rate is about 3.

About 2%, slightly higher than the historical average of 2.

The level of 4%, but the historical “danger zone” 5.

There is still a certain distance in the area of 5% or more turnover.

The resumption of market trading volume indicates that market sentiment has improved in the recent epidemic situation, and liquidity is relatively abundant. It is further repaired with the support of various policies.

However, based on a comprehensive estimation, from a cyclical point of view, the market may exceed the “danger zone” and the mid-line trend may remain positive.

In addition, the market is consolidating today, but northbound funds continue to have a net inflow of 6.4 billion yuan.

Huaxing Yuanchuang: Master the core technology and keep the industry leading

Huaxing Yuanchuang: Master the core technology and keep the industry leading

Huaxing Yuanchuang: Master the core technology and keep the industry leading

Huaxing Yuanchuang is a leading domestic testing equipment supplier company and a leading domestic testing equipment and complete line testing 南京桑拿网 system solution provider. It is mainly engaged in the development, production and sales of flat panel display and integrated circuit testing equipment.

The company’s main products are liquid crystal displays and OLED flat panel displays, integrated circuits, automotive electronics and other industries. Its main customers are Samsung, LG, BOE, Apple, etc.

Outstanding profitability of main business, increasing R & D investment in 2016?

The company’s operating income in 2018 was 5 respectively.

16, 13.

7, 10.

50,000 yuan, an annual increase of 166%, -23% in 2017 and 2018.

2016?Net profit in 2018 was 1.

8, 2.


430,000 yuan, an increase of 17% and 16% each year in 2017 and 2018.

Testing equipment and testing fixtures are the main source of gross profit for the main business.

Flat-panel display testing equipment: Master the core technology and keep the industry leading in the field of flat-panel display testing. The company delves into the design of precision test equipment, masters crimping technology for precision testing, alignment technology, processing technology, advanced engineering material application technology, and precisionMicron-level alignment and crimping have been achieved.

The product is used to classify the lighting display test, touch test, and chip test in the flat panel manufacturing process.

The company is already leading the industry in the field of flat panel display testing.

The continuous expansion of production capacity of Chinese flat panel display enterprises, and the continuous penetration of LTPS and OLED have brought new opportunities to domestic flat panel display testing equipment manufacturers.

Integrated circuit test equipment: Following the will of the country, strategically significant companies actively respond to the diversified needs of consensus and integrated circuit industry testing, and have a large number of R & D personnel and funds in the research and development of test machines and sorting machines and peripheral products supporting the test machine.Reached the international leading level.

In the future, the company will continue to expand research and development investment in the automatic testing of digital signal processing chips, radio frequency chips and digital-analog mixed chips, realize import substitution, and create new profit growth points.

The raised funds are used to expand production capacity and supplement R & D companies’ plans to raise approximately $ 1 billion in flat-panel display production base construction projects, semiconductor business unit construction projects, and supplementary working capital.

Investment suggestion company is a leading domestic testing equipment and complete line testing system solution provider.

Flat-panel display testing equipment enters the production lines of well-known domestic and foreign manufacturers.

A number of performances of integrated circuit test equipment have reached the international leading level.

We are optimistic that the company will raise funds to implement production expansion and R & D projects, promote domestic alternatives to semiconductor test equipment, and achieve rapid development of the company.

Risk Tips 1. The risk that the IPO is not going well; 2. The risk that the order is not as expected; 3. The risk that the development progress is not as expected; 4. The risk of fluctuations in downstream demand.

Long Mang Baili (002601): The fourth price increase during the year and the industry maintains a high boom

Long Mang Baili (002601): The fourth price increase during the year and the industry maintains a high boom

Long Mang Baili (002601): The fourth price increase during the year and the industry maintains a high boom
Event: The company issued an announcement. According to the domestic and foreign titanium dioxide market conditions, starting from September 3, the company’s model titanium dioxide (including sulfate titanium dioxide, chloride titanium dioxide) sales price based on the original price to various domestic customersAn increase of RMB 500 / ton and an increase of USD 50 / ton for various international customers. The fourth price increase during the year broke through the industry to maintain a high market boom.In early 2019, the company raised prices twice on February 13 and March 7, respectively, and gradually accepted them after the market.In the first half of the year, the market price of titanium dioxide has been running steadily. After 6 months, it has been dragged down by weak downstream demand and prices have trended.With the advent of the traditional consumption peak season, the company implemented the fourth price increase only one month after the price increase on August 3, and China Nuclear Titanium White followed suit.In addition to the reasons for the peak season of consumption, lower inventory levels in the downstream and the tightness of overseas titanium ore resources provided the price increase with persistence.Product price increases not only have a positive impact on the performance 重庆耍耍网 improvement of various companies within the industry, but also play a positive role in maintaining the high prosperity of the industry. 20 The annual trial production of the chlorination process is progressing smoothly.On May 21, the company’s 20-input / year chlorination method second-stage production line was launched in Jiaozuo. The first 10-input / year production line’s total system operating time and load repeatedly hit record highs. In the fourth quarter, it will significantly contribute to the increase of titanium dioxide and performance.Another production line is expected to start testing at the end of September, and the production is highly certain. Xinli Titanium Industry’s resumed production work is under intense and orderly progress.Xinli Titanium has only 6 concentrations / year of chlorinated titanium dioxide production capacity, 1 ton / year of sponge titanium production capacity and 8 ton / year of high titanium slag production capacity.The resumption work is progressing smoothly. Currently, high titanium slag has been resumed. Sponge titanium is expected to resume production at the end of September. Titanium dioxide is expected to resume production in November, which has become a new growth point for the company’s performance. Maintain “Buy” rating.It is expected that the company’s net profit attributable to its parent from 2019 to 2020 will be 25.52/35.52/43.180,000 yuan, corresponding to EPS 1.26/1.75/2.13 yuan, PE 11/8/7 times, maintain “Buy” rating. Risk reminder: the risk of falling titanium dioxide prices, the risk of new production capacity is less than expected.

Huayu Automobile (600741): Long-term growth trend of Q1 performance growth is determined

Huayu Automobile (600741): Long-term growth trend of Q1 performance growth is determined

Huayu Automobile (600741): Long-term 淡水桑拿网 growth trend of Q1 performance growth is determined

Event: The company released Q1 2019 financial report, and Q1 achieved revenue of 355.

7 ‰, the ten-year average of 11.

6%; net profit attributable to mother 18.

5 ‰, 36 years ago.

6%; net profit after deduction of non-return to mother 13.

6 ‰, 15 years ago.


Q1 industry sales fluctuated, the company’s revenue and performance increased Q1 passenger car industry sales fluctuations.

7%, the company’s largest customer SAIC Group sales increased by 15.

9%, which caused the company’s Q1 revenue and performance to decline.

In addition, in the first quarter of last year, after the company acquired Shanghai Xiaoyao (now Huayu Vision), the company’s original 50% stake in Shanghai Xiaoyao was a one-time premium of 9.

US $ 200 million was confirmed as the current period’s investment income caused a high base of performance for the same period. Therefore, the Q1 company’s return to its parent’s net profit range changed, and the non-adjusted performance range was in line with expectations.

Initially, the sales volume of the industry may grow annually or month by month, and the quarterly recovery is expected. The company’s performance is also expected to improve quarterly.

The gross profit margin increased and the expense ratio caused by high R & D investment increased. The gross profit margin of the company in Q1 was 14.

3%, increase by 1 every year.

2pct, which is an increase of 0 from the previous month.

At 6 points, the company’s profitability is gradually improving.

Period fee for Q1 is 10.

3%, an increase of 1 per year.

6pct, mainly due to the company’s continued high investment in research and development.

The selling expense ratio is 1.

4%, unchanged; management + R & D expense ratio 8.

9%, an increase of 1 each year.

5 points.

The frontier layout of the “new four modernizations” helps the stable growth of business performance. The company ‘s business segments operate steadily and are facing the future frontier layout of the “new four modernizations”: 1) After the integration of Huayu vision, the automotive intelligent lighting business has entered a new level.The domestic market share of Vision’s domestic lamp market is about 30%. The leader must be difficult to shake, and it is deeply tied to the vehicle leader SAIC Group, which has obvious competitive advantages.

2) In line with the new energy vehicle trend, the joint venture will hold Huayu Magna Electric Drive System Co., Ltd. to improve the electric drive system, drive motors, electronic steering gear, electric air-conditioning compressors and other new energy core parts and components industry chain.obvious.
3) In the field of intelligent driving, the intelligent driving active induction system (ADAS) 24GHZ backward millimeter wave radar product has been mass-produced, and the development of 77 GHZ radar products is progressing smoothly.

The company actively grasps the development trend of “electrification, networking, intelligence, and sharing” in the automotive industry. It is cutting-edge in the field of high-tech parts and components, building a strong moat, and helping its performance continue to grow steadily.

Earnings forecast and investment recommendations The company’s EPS for 2019-2021 is expected to be 2.



61 yuan, the corresponding PE is 10 respectively.



0 times.

Maintain the company’s “Buy” rating.

Risk Warning: The automotive industry is weaker than expected; the company’s product and customer expansion are worse than expected.

Shenzhen Airport (000089): Guangdong-Hong Kong-Macao Greater Bay Area positioning hub builds modern large-scale airport due to multiple factors

Shenzhen Airport (000089): Guangdong-Hong Kong-Macao Greater Bay Area positioning hub builds modern large-scale airport due to multiple factors

Shenzhen Airport (000089): Guangdong-Hong Kong-Macao Greater Bay Area positioning hub builds modern large-scale airport due to multiple factors

The Guangdong-Hong Kong-Macao Greater Bay Area plan specifies Shenzhen Airport.

On February 18, 2019, the Central Committee of the Communist Party of China and the State Council issued the “Outline of the Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area”, proposing to consolidate and enhance the Hong Kong international aviation hub system, strengthen the function of aviation management training centers, and enhance the competitiveness of Guangzhou and Shenzhen Airport international hubs.Enhance the functions of airports in Macau and Zhuhai, promote dislocation development and positive interaction in the Greater Bay Area, and build a world-class airport cluster.

In 2018, the five major airports in the Guangdong-Hong Kong-Macao Greater Bay Area (Guangzhou Baiyun Airport, Shenzhen Bao’an Airport, Zhuhai Jinwan Airport, Hong Kong Airport, Macau Airport) had a total of more than 200 million passenger explosions, cargo and mail explosions exceeding 830 tons, and the transportation scale ranked the global bay.District Airport Group.

Long-term planning will increase the future capacity of Shenzhen Airport.

According to the Shenzhen Airport’s “Thirteenth Five-Year Plan”, it is clearly stated that the construction of the airport’s third runway, satellite hall and other projects will be accelerated. The target for passenger explosion in 2020 is 55.88 million, and the cargo and mail explosion will reach 120.

4 seconds, the aircraft took off and landed 40 times.

80,000 sorties.

At present, the Shenzhen Airport budget T3 adaptive reconstruction project and the expansion of the new satellite hall are planned to be completed by the end of 2021. The total investment is expected to be about 7.6 billion yuan.

Before the launch of the Satellite Hall in 2021重庆耍耍网, the company will not have other huge capital expansions, the depreciation and amortization will be basically stable, the company’s operating costs will be stable, and the growth of transferred passengers will increase.

International business is developing rapidly.

At present, Shenzhen Airport has 164 passenger traffic navigable cities, of which 45 are international (excluding regions) regular passenger navigable cities.

In 2018, Shenzhen Airport Expressway opened 15 new international passenger traffic cities, including London and Paris, 9 of which are intercontinental cities, and 12 international passenger routes have been encrypted.

International (including regional) passenger explosions reached 458.

40,000 person-times, an annual increase of 27.

4%, the proportion increased to 9.


The number of international passengers increased, and the number of newly opened intercontinental routes replaced the country’s number one. The number of international routes developed and the quality improved.

In 2018, Shenzhen Airport’s passenger and freight business performed well, with an original passenger flow of 4934.

90,000 person-times, an increase of 8 in ten years.

The growth rate is 2%, ranking first among the top ten airports in China; the advantage of freight development is obvious, and the annual cargo is bombed 121.

9 digits, ranking fourth in the country.

Earnings forecasts and investment advice.

We expect the company’s operating income to be 39 in 2019-2021.

5.3 billion, 43.

4.9 billion, 48.

68 ppm, an increase of 9 in ten years.

8%, 10.

0%, 11.

9%; net profit attributable to parent company is 7.

8 billion, 8.

6.9 billion, 7.

56 ppm, an increase of 16 in ten years.

7%, 11.

5%, -13.

0%; EPS are expected to be 0 respectively.

38 yuan, 0.

42 yuan, 0.

37 yuan, corresponding to 22 of the current sustainable PE.1x, 19.

8 times and 22.

8 times.

We propose to give the company an estimate of 25 times PE and the corresponding target price for 2019 is 9.

5 yuan.

The reasonable range expected by the company is expected.


0 yuan, the first coverage given an overweight rating.

risk warning.

The macro economy was less than expected, the development of international routes was less than expected, and regional competition pressure exceeded expectations.

Wanhua Chemical (600309): Grasp the Development Direction of Industrial Structure

Wanhua Chemical (600309): Grasp the Development Direction of Industrial Structure

Wanhua Chemical (600309): Grasp the Development Direction of Industrial Structure

Event: The National Development and Reform Commission released the “Industrial Structure Adjustment Guidance Catalogue (2019 Edition)” on November 6, 2019.

The directory covers nearly fifty fields such as petrochemicals and chemical industry. Its main role is to accelerate the development of a modern economic system, promote the development of industries, and meet the needs of people’s beautiful lives.

Effective from January 1, 2020.

The “Industrial Structure Adjustment Guidance Catalogue (2011 edition) (Amendment)” was repealed at the same time.

Investment summary: The company’s multiple processes / devices are in line with the industrial structure adjustment guidance directory, reflecting the company’s foresight and execution in the chemical industry.

Co-oxidation of propylene oxide promoted the company’s polyurethane sector fusion development.

20 concentration / year and above co-oxidation ethylene oxide supplementation device and the previous catalogue replacement are still listed as encouraged, the essence lies in the advanced nature of the process technology, and the chlorohydrin epoxy resin can avoid serious environmental pollution (itsThe process is restricted), and the self-sufficiency rate of the main products and co-products still needs to be improved 天津夜网 (85% in the first nine months of PO2019 and 74% in styrene).

The company currently has 24 / year PO / MTBE devices (commissioned in 2015), and independently developed 30/65 stage PO / SM technology (currently only Reps ol, Lyondell and Shell own the technology, only Repsol is transferred, and the remaining twoConsidering joint ventures only, Wanhua’s device is currently under construction (100 vinyl resin projects in the body, which is expected to start production in the second half of 2020).

The breakthrough in the development of the company’s epoxy resin decomposition process highlights the company’s consistent R & D and technological transformation capabilities. The transformation also helps the company to further develop the field of polyether polyols downstream of PO. The company’s MDI product has obvious advantages and 武汉夜网论坛 the excellent combination of polyether and MDISales methods and formula customization services increase the added value of products and increase the stickiness of downstream customers. The synergy between products is obvious.

Rare earth isocyanates create the company’s distinctive new material products.

The development and application of the production technology of the initial-grade isocyanate and the substitution of the previous version of the catalog are still encouraged.

Adult-based isocyanates (ADI) include HDI, HMDI, IPDI, XDI, HTDI, etc., where HDI accounts for more than 60%, and the former product accounts for nearly 90%.

ADI has better mechanical properties, chemical stability and light and weather resistance than traditional MDI / TDI. It is mainly used as water-based coatings, adhesives, curing agents and other products, and its price is significantly higher than MDI products.

The product market is integrated by Evonik, Covestro, BASF and other international giants except the company.

The company’s HDI, HMDI, and IPDI projects in Yantai and Ningbo Parks in 2012?
Production started in 2017, with a total capacity of nearly 10 tons. The ADI product series takes full advantage of the company’s isocyanate technology advantages, syngas, chlorine, aniline and auxiliary equipment in the park to reduce production costs and create special products for the company’s new material sector.

Bisphenol A provides raw material guarantee for the company’s PC equipment.

10 cations / year and above ion exchange method bisphenol A device and the previous version listed in the encouraged category.

The company’s existing 24-ton ion-exchange bisphenol A project is in the design stage. Its commissioning will provide raw materials for the company’s 7 + 13 PC capacity. In the future, it can also be replaced by upstream phenol to expand the raw materials into largerFor benzene and brown, the two-way extension of upstream and downstream will continue to reduce the risk of spread fluctuations.

Nylon 12 is intended to break foreign monopolies.

The development and production of new polyamides such as long carbon chain nylon and high temperature resistant nylon, as well as listed on the previous edition, are still encouraged.

The company’s 4 polycarbonate nylon 12 project is in the early design stage. Its main raw material is the butadiene product of the ethylene project. The company avoided bulk rubber products and chose to rely entirely on nylon 12 imported from abroad.With the company’s strong R & D and technology transformation capabilities, the company will also continue to develop in the field of new chemical materials.

The company’s comprehensive competitive advantage is obvious.

R & D and technological transformation capabilities are enhanced; parks and models of integration; ethylene industry chain extension; the company’s strategic, R & D, management, production and other advantages will continue to promote the company’s expansion in expansion and help the company’s performance to rise steadily.

Investment advice: What do we expect the company to do in 2019?
The EPS in 2021 will be 3.



06 yuan, the corresponding PE is 14 respectively.



86. Maintain “Buy” rating.

Risk reminder: the risk of severe fluctuations in crude oil prices, the risk that the progress of new projects is less than expected, and the risk that product demand is less than expected

Theme: Overlay by Kaira Extra Text
Cape Town, South Africa