Month: March 2020

PetroChina (601857) Third Quarterly Report Review: Performance Exceeds Expectation Exploration Results Decline MoM

PetroChina (601857) Third Quarterly Report Review: Performance Exceeds Expectation Exploration Results Decline MoM

This report reads: The operating profit of the exploration sector has decreased sequentially, and the expected volume and price of the natural gas sector have risen in the fourth quarter.

青岛夜网 Investment points: downgrade to cautious overweight rating and lower target price to 6.

68 yuan.

As the company’s downstream segment refining and sales competition intensifies, we lower the company’s EPS to 0 in 2019-2021.

30, 0.

31 and 0.

34 yuan (original value 0.

35, 0.

41 and 0.

45 yuan), with a decrease of 17%, 32% and 32%, corresponding to PE of 20/19/17.

The company’s profitability has dropped, giving it 1 PB in 2019, and lowering its target price to 6.

68 yuan, downgraded to a prudent overweight level.

The performance of the exploration sector increased each year and decreased month-on-month.

The company’s performance was lower than our expectations, and the company’s exploration segment achieved operating profit of RMB769 in the first three quarters of 2019.

350,000 yuan, an annual increase of 32.

9%, but a drop of 41% from the previous month, natural gas production maintained a rapid growth, increasing by 8 per year.

7%, we judge that the decline in the performance of the exploration sector is mainly caused by two factors. First, the decline in crude oil price Q3 relative to Q2, which affects profits;

Breaking through the newly discovered reserves in the future, the company’s performance in the exploration sector has been promoted.

The refining and selling segment was significantly affected by the industry’s downturn.

With the accelerated production of large refining and chemical companies in the third quarter, the overall prosperity of the refining and chemical industry declined, competition became more intense, and the prices of chemical products and refined oil continued to decline.

The company’s operating profit in the refining and chemical segment decreased by 89%; the operating profit in the chemical segment decreased by 58%, mainly due to the continuous decline in the spread of refined oil and chemicals.

The company’s sales segment, due to intensified competition and other factors, continued to decline in profits, interrupted by a single quarter, fell by 93%.

The natural gas sector entered the peak demand season in the fourth quarter.

The natural gas segment realized operating profit of RMB219.

50 ppm, an increase of ten years.

3%, but imported gas is expected to be 217.

64 ppm, an increase of RMB 18 over the same period of the previous year.

07 billion.

The company’s initial gas concentration is initially due to the impact of exchange rates, which has led to an increase in the cost of natural gas purchases, while the realized price of domestic gas has increased, the arrival of the conversion heating season, increased demand, increased sales prices, and the performance of the natural gas sector will increase.
Risk reminder: Oil prices have fallen sharply, and the national pipeline company has fallen short of expectations.

Zijin Mining (601899): Earnings are expected to rebound and copper market is expected to rebound

Zijin Mining (601899): Earnings are expected to rebound and copper market is expected to rebound
The company’s third quarter report was released, and the first three quarters achieved revenue of 1016.27 ppm, an increase of 33 in ten years.42%; net profit attributable to mother 30.0.6 million yuan, 10-year average of 10.34%.The third quarter achieved revenue of 344.29 ppm, an increase of 30 in ten years.62%; net profit attributable to mother 11.520,000 yuan, an increase of 39 in ten years.52%.In line with expectations. Investment points Gold price maintained a historical high to make up for the impact of the drop in copper and zinc prices. The company’s third-quarter performance improved: the company’s main business includes three major sectors: copper, zinc and gold.Affected by the intensified trade friction between China and the United States in the early period, the prices of copper and zinc remained at a certain position in the third quarter, while the price of gold rose strongly after May, and remained at a historical high as a whole in the third quarter.The potential impact of the decline, the company’s profitability increased, and net profit attributable to mothers was achieved in the third quarter.USD 5.2 billion, an annual increase of 39.52%. The Sino-US trade negotiations 杭州夜网论坛 are progressing smoothly. The expected increase in the future copper price rebound is still optimistic about the company’s market outlook. Since the third quarter, Sino-US trade negotiations have continued to make positive progress, and the copper price rebound is expected to continue to increase. The Fed’s third interest rate cut at the end of the year reflects the weakness of the US and the global economy, and urgent monetary policy is urgently needed.The Brexit issue has not been resolved, the European economy is weak and weak, and market risks have been significantly reduced.There is limited room for gold to fall.With the volatile decline in the high price of gold, the rebound in copper prices is expected to further improve the company’s performance, and we are still optimistic about the company’s market outlook. Profit forecast 重庆耍耍网 and investment recommendations: We estimate that the company’s net profit attributable to its parent will be 39 in 19-21.35, 45.44, 57.7.5 billion, EPS are: 0.17, 0.20, 0.25 yuan, corresponding to the closing price of 3.The 35 yuan PE is: 19 yuan.61, 16.98, 13.36 times, maintaining the “overweight” level. Risk factors: The price of gold has fallen unilaterally, the cost of ore mining has increased, production safety issues, and copper prices have rebounded less than expected.

Depth-Company-Yangquan Coal (600348): Steady operation, good performance, low estimate

Depth * Company * Yangquan Coal Industry (600348): Steady operation, good performance, low estimate

The company’s net profit attributable to its mother for 19 years19.

7 ppm, an increase of 20 in ten years.

4%, the basic income is 0.

82 yuan, in line with expectations.

18 years of continuous growth in coal production8.

7% to 3,854 euros, the maximum unit price of coal extended by 9.

3% to 437 yuan / ton, the unit cost increased by 12.

7% to 353 yuan.

Net profit per ton of coal rose by 13.

6% to 54 yuan.

Period expenses, net asset debt ratio achieved better performance.

The company has better potential for endogenous and epitaxial growth, stable profitability and stable performance, and is estimated to be inexpensive, with a 19-year P / E ratio of 7.

7x, maintain BUY rating.

  The main points of the support level perform better and meet expectations.

The company achieved net profit attributable to the parent company for 18 years.

7 ppm, an increase of 20 in ten years.

4%, the basic income is 0.

82 yuan, in line with expectations.

Dividend for every 10 shares 2.

8 yuan (including tax), the dividend payout rate is 34%.

Reported annual operating income increased by 16.

3% to 3.27 million yuan, with operating profit growing by 3 per year.

6% to 28.

600 million.

Government subsidy increased by 1.

A 9% 10% reduction in revenue (US $ 2 billion in deferred income tax assets) is also the reason for better performance.

The profit margin fell slightly: gross profit margin 18.

8%, down 2 every year.

3 units with an operating margin of 8.

8%, 1 unit per year, net profit margin 6.
.

0%, an annual increase of 0.

2 units.

During the period, the expense ratio decreased by 1.

5 up to 6.

4%, cost control is better.

Net interest rate fell sharply from 56% to 48%.

Return on net assets is 11.
5% rose to 12.
5%.

18 years of continuous growth in coal production8.

7% to 3854 developing countries, the unit price of coal carbonization increased by 9.

3% to 437 yuan / ton, the unit cost increased by 12.

7% to 353 yuan.

Net profit per ton of coal rose by 13.

6% to 54 yuan.

The company’s coal output continued to grow rapidly, increasing by 18 years.

7% to 3,854 pilots.

Coal sales increased 6.

6% to 7,128 pilots.

In addition to self-produced coal, the company purchased 3,744 coal from the group and its subsidiaries, an increase of 3 per year.

3%, of which the raw coal 968 purchased from the group, fell by at least 22%, the proportion of production fell from 41% to the lowest level in history of 25% in 18 years.

The company’s comprehensive coal quality has increased even more. The main coal types have achieved an increase of more than 7%, which is much larger than the increase in the market coal (Qinhuangdao coal price) during the same period.

In addition, due to at least a higher proportion of powdered coal sales, the improvement of the sales structure has led to an increase in comprehensive coal prices by up to 9.

3%.

Under the background of the industry’s overall decline in net coal ton, the company’s net profit per ton of coal increased.

6% to 54 yuan / ton.

Advantages: The company has better endogenous and epitaxial growth potential. The 四川成都耍耍论坛 group has a capacity of about 3,000 vehicles under construction.

The company’s own profit is stable and its performance is stable, which is not expensive.

  It is estimated that based on the previous restoration of pessimistic economic expectations and the company’s optimization of the sales structure, we slightly increase the revenue for 19/20 by 1.

2% and 9.

6% to 0.

82 yuan and 0.

92 yuan.

The company has a low valuation, with a P / E ratio of only 7.
.

7x, maintain BUY rating.

  The main risks faced by the rating were higher than expected; coal prices fell.

Guiyang Bank (601997) semi-annual report comment: the performance growth rate rebounded significantly and asset quality was under pressure

Guiyang Bank (601997) semi-annual report comment: the performance growth rate rebounded significantly and asset quality was under pressure
Event: On August 26, Guiyang Bank disclosed the 19-year interim report.Revenue 67.600 million, a year-on-year increase of +12.0%; profit before provision 49.7 billion, a year-on-year increase of +12.4%; net profit attributable to mother 26.5 billion, a year-on-year increase of +16.4%; ROE reached 17.32% (annualized), maintained high; NPL ratio 1.50%, + 11BP QoQ, provision coverage ratio of 261.0%. Opinion: Performance growth has picked up significantly, ROE maintained high revenue and PPOP growth has picked up significantly.1H19 revenue 67.6 billion, a year-on-year increase of +12.0%, continued the rebound in 19Q1 (18-year revenue YoY +1.3%, a past low of nearly 6).Net interest income + other non-interest income 62.5 billion, a year-on-year increase of +20.5%; middle income 5.1 billion, a year-on-year increase of +14.2%, the proportion is still the lowest, and the structure needs to be optimized.Net interest margin fell slightly.1H19 net interest margin is 2.27%, the previous 7BP down, mainly due to the complex upward interest rate of deposits.Profit before provision 49.7 billion, a year-on-year increase of +12.4%, 5 pct upstream upstream, 7 upstream than 19Q1.3 pct, profitability remarkably recovered; net profit returned to mother 26.5 billion, a year-on-year increase of +16.4%, the long-term halving of bad write-offs constitutes the main support for performance, and the contribution of scale expansion has weakened. ROE remains high.In 1H19, the ROE reached 17.32%, -20BP a year, comparative advantage is maintained. The business continued to return to deposits and loans, and the interest rate on deposits improved, and the optimization of the asset-side structure reduced risks.At the end of 19H1, 151.5 billion loans and 269.1 billion investments were invested, an increase of 13.8%, 4.3%, adding placement biased loans.From the perspective of dismantling, loans mainly depend on corporate loans (+20.9 billion, of which +5.8 billion in construction industry and +3.9 billion in warehousing post).Investment increased by 11.1 billion from the beginning of the year, mainly due to trust / asset management plans (+5.3 billion), government and quasi-government bonds (深圳桑拿网+3.4 billion).Investment accounts for 51 of interest-earning assets.3%, non-standard accounting for 41% of investment.8%, 18 years pressure drop 6.5 pct, but 19H1 increased by 0.3 pct, the risks remain.The growth rate of deposits declined slightly, and the interest rate also increased.The balance of deposits in 19H1 was 332.9 billion, a year-on-year increase of +6.5% (18H1 is 11.8%), deposit expansion is under pressure.Among them, the current period was 159.8 billion, which was -8.3 billion from the beginning of the year, and 156.2 billion from the regular period, +24.9 billion from the beginning of the year.Therefore, the interest rate for deposits in 1H19 increased by 41BP to 2 compared with the increase in 18 years.15% is the main factor that narrows the spread. Overdue and attention rates have risen significantly, and changes in senior management may reduce risk and reduce overdue and attention rates.In 19H1, the late non-performing rate / attention rate / overdue rate were 1.50%, 3.08%, 4.49%, up 15BP / 49BP / 156BP respectively.Among them, the overdue rate went up, mainly because the overdue 1-90 days rate went up by 158BP, indicating that 3.7 billion new overdue occurred in 19Q2.The annual report also added that on August 25, it has dropped from 2.1 billion to 6.6 billion, and the static overdue rate will fall by 108BP to 3.41%.Provision coverage ratio was down 15 from the previous month.2 pct, which is 5 lower than the initial period.1 pct; loan-to-loan ratio of 3.92%, 32bp earlier than the end of 18 years.Capital consumption is fast.19H1 core tier 1 and tier 1 capital adequacy ratios were 8 respectively.84%, 10.26%, which is 77BP and 96BP lower than the beginning of the year, which is slightly tense, and there will be demand for capital replenishment in the future.The three executives have changed collectively since July.Former Chairman of the Board of Supervisors Zhang Zhenghai was promoted to chairman, former Party Committee member and vice president Xia Yulin was promoted to president, former director and vice president Yang Qi was promoted to chairman of the board of supervisors. The slowdown in scale expansion may indicate that its business risks have increased and decreased, and subsequent risks are expected to continue to clear. Investment suggestion: The growth rate of performance has rebounded significantly. The pressure on asset quality is still affected by changes in the three executives, or the risk appetite of the business may decrease.It is expected that the growth rate of net profit attributable to mothers will be 10 in 19-21.7% / 12.2% / 13.5%, the corresponding EPS is 1.77/1.98/2.25 yuan, given target assessment 1.Double 19 years of PB, corresponding to a target price of 12.50 yuan / share, maintaining the overweight level. Risk reminder: The advancement of interest rate marketization will continue to narrow the interest margin; policy tightening will exacerbate the “asset shortage”.

Wanrun Co. (002643) Annual Report Comments: Rapid Growth of Environmentally Friendly Materials OLED Materials Have Good Prospects

Wanrun Co. (002643) Annual Report Comments: Rapid Growth of Environmentally Friendly Materials OLED Materials Have Good Prospects

Event: Wanrun Co., Ltd. released its 2018 annual report: Realized operating income26.

3.2 billion, a year-on-year increase of 7%, and net profit attributable to mothers4.

440,000 yuan, a year-on-year increase of 15%, corresponding to 0 EPS.

49 yuan, in line with expectations.

Among them, the fourth quarter of a single quarter achieved operating income7.

820,000 yuan, a year-on-year increase of 19%, attributed to the mother’s net profit1.

3.8 billion yuan, a year-on-year 杭州桑拿网 increase of 66%, corresponding to 0 EPS.

15 yuan.

The company intends to send a 0% bonus.

176 yuan / share (including tax).

  Viewpoint: Environmentally friendly asphalt materials continue to grow rapidly and production capacity continues to expand.

In the company’s first-stage and second-stage project, the first workshop with a capacity of 1,500 tons was put into operation in June 2016, and the second workshop with a capacity of 1,000 tons was put into operation in July 2017. The current capacity is 3350 tons.About 3,000 tons, an annual increase of 50%.

The third workshop of the company’s first-stage and second-stage project has a capacity of 2,500 tons, which is expected to be put into operation by the end of 2019, and the capacity will be expanded to 5,850 tons., Will drive the company’s environmentally friendly materials business to continue to grow rapidly.

  The development prospects of OLED materials are good.

The company is an OLED monomer and intermediate domestic leading company. It began to lay out the OLED material industry chain as early as the rise of OLED materials, and invested a lot of funds in technology research and development, and personnel training.

The research and development work of the existing company’s OLED materials is progressing steadily, and the transition of OLED finished materials with independent intellectual property rights is verified by downstream manufacturers.

In the future, with the expansion of the application scale of OLED materials in the field of small-sized displays, the company’s OLED materials business is expected to further increase market share.

  The liquid crystal materials business developed steadily.

The company is a leading company in liquid crystal materials. The sales volume of high-end TFT liquid crystal monomers accounts for more than 15% of the global share. It is one of the major global manufacturers of high-end TFT liquid crystal monomer materials.And intermediates.

It is expected that in the future, some liquid crystal materials will still become important supplements in the field of display materials. While the company will solidify its leading position in the industry, it will continue to develop new products, improve processes, improve product quality, volume costs, and continuously expand the company’s market in the field of liquid crystal materialsShare.
  Summary: What do we expect the company to do in 2019?
Net profit in 2021 will be 5.

2 billion, 6.

2.2 billion, 7.

4.2 billion yuan, EPS is 0.

57 yuan, 0.

68 yuan, 0.

82 yuan.

Currently, the corresponding P / E is 22 times, 18 times, and 15 times.

Maintain the “Highly Recommended” rating.

  Risk warning: customer order breakdown, market development, merger and acquisition progress is less than expected.

“精彩奥运、唱响和平”奥运主题活动在洛杉矶举行

“精彩奥运、唱响和平”奥运主题活动在洛杉矶举行
­  中新社洛杉矶7月30日电 (记者 张朔)“精彩奥运、唱响和平”奥运主题活动当地时间7月30日晚在美国洛杉矶举行。­  洛杉矶曾两度主办夏季奥林匹克运动会,分别是1932年的第10届和1984年的第23届。33年前的7月28日,第23届奥运会在洛杉矶纪念体育场开幕。33年后,洛杉矶华人在这里举办奥运主题活动,一是庆祝1984年洛杉矶奥运会成功举办33周年,二是支持洛杉矶第三次举办奥运会,三是预祝北京2022年冬奥会圆满成功。­  本次活动由美国加州华人体育家协会和巾帼会等主办。主办方称,该活动得到了洛杉矶市长办公室、洛杉矶郡政府、洛杉矶奥申委、洛杉矶体育运动委员会等机构的支持。­  美国加州华人体育家协会会长高胜对中新社记者说,洛杉矶有悠久的奥运历史,洛杉矶奥运会同中国体育也很有缘份。洛杉矶有机会第三次举办奥运会,当地华人愿在杭州夜网论坛志愿服务等方面发挥积极作用。该协会成员以前都是体育人,不少会员家庭已经参加洛杉矶申奥志愿者团队。­  巾帼会会长张素久也表示,当地华人要为支持洛杉矶第三次举办奥运会发出自己的声音。我们将组织华人及其子女担任义工,为洛杉矶奥运会服务,为中国体育代表团服务。­  国际奥委会近日决定2024年和2028年夏季奥运会承办城市同时产生。洛杉矶有望于2028年第三次举办奥运会。 责任编辑杭州桑拿:纪玮维

Wanrun shares (002643): replacing the goodwill impairment performance to increase the synthesis of toluene, the OLED double faucet continues to make steady progress

Wanrun shares (002643): replacing the goodwill impairment performance to increase the synthesis of toluene, the OLED double faucet continues to make steady progress

The event company released a performance report on the evening of February 27, and the company achieved revenue of 28 in 2019.

7 ‰, an increase of 9 in ten years.

1%; achieve net profit attributable to mother 5.

0.6 million yuan, an increase of 13 in ten years.

8%.

  Q4 revenue increased significantly from the previous quarter, replacing the steady growth of goodwill impairment performance. The company’s performance grew steadily, mainly due to the expansion of the company’s business scale, while improving quality and efficiency and reducing operating costs.

The company accrued 48.26 million yuan in goodwill impairment provisions for MPs. If the goodwill impairment was replaced, the company’s net profit attributable to its mother would reach approximately 5.

47 megabytes, a one-year increase will expand to about 20% (considering the impact of blood glucose).

  In a single quarter, this performance report corresponds to Q4 single-quarter revenue of 9.

27 ‰, an increase of 19% in ten years, a 43% increase over the previous quarter; single quarter net profit1.

4 billion, a slight increase of one year.

0%, a slight increase of 2 from the previous month.

9%.

In 2018, the company’s restructuring accrued goodwill impairment. In 18 years, it mainly accrued inventory depreciation and bad debt losses. If the impact of goodwill impairment is replaced, the corresponding quarterly net profit will reach 1.

US $ 8.1 billion, the previous and quarter-on-month growth rates will reach 12% and 33% respectively (considering the effect of blood glucose).

  In the history of the company, Q4 revenue growth in 2016-2018 was 20%, 23%, and 37%, and Q3 revenue was replaced by Q3 in 2016-2018. On the basis of Q3 revenue replacement in 2019, Q4The revenue achieved was higher than that of 2016-2018, and the growth trend was strong.

  The highest continuous production and volume expansion has contributed to strong growth momentum. The company’s total axial 天津夜网 production capacity is 3350 tons, and an additional 2,500 tons will be put into production in the second half of 2019.

Subsequent original convertible bond 7,000-ton projects continued to be invested with their own funds, and the projects belonged to Shandong’s new and old kinetic energy conversion projects, which belonged to the catalogue of “the government should accelerate the progress of various project approvals and start projects as soon as possible”.

  We make corrections based on the latest corporate communications data to use 4 for each vehicle.

875kg, light diesel uses 1 per vehicle.

125kg, the global annual demand in 2017 is about 1.

2 is the earliest and will increase to 2 by 2021.

7 is the lowest; and due to the successive implementation of the National Sixth Standard in China will directly generate a net increase of about 7,100 tons.

Most of the 4,000-ton ZB series of the company’s 7,000-ton new capacity is mainly used for automobile exhaust catalysts, and the 2,500-ton capacity put into operation in 2019 can also be used for automobile exhaust treatment.

  The company’s new production capacity is in line with the growth of industry demand, and its benefits are highly certain.

  The construction period of the company generally does not exceed one year, and the planned production capacity is linked to the explosive growth of market demand in advance.

  OLED finished materials with independent intellectual property rights have entered the volume verification stage. The company is a domestic leader in OLED organic materials. The OLED business is mainly undertaken by Yantai Jiumu and Jiangsu March.

Yantai Jiumu is the largest OLED intermediary company in China and has successfully dated strategic investors.

Jiangsu mainly researches and develops OLED monomers in March. Currently, it has the ability to produce OLED terminal materials. It is trying to break through patent issues and will launch OLED terminal material products in the future.

The company’s research and development of OLED materials has been progressing steadily. OLED finished materials with independent intellectual property rights have been verified by downstream manufacturers.

In the future, with the expansion of the application scale of OLED materials in the small-sized display field, the company’s OLED material field is expected to further expand its market share in this field and gradually increase the profitability of this business segment.

  Norfloxacin is the first country in the country to pass the consistency evaluation. The pharmaceutical sector continues to deploy Norfloxacin, which belongs to quinolone antibiotics. Quinolone drugs are divided into five generations. Norfloxacin belongs to the third generation of quinolone antibiotics, which is suitable for sensitive bacteria.Urinary tract infections, gonorrhea, prostatitis, internal infections and typhoid and other salmonella infections.

The drug belongs to the National Medical Insurance Catalogue (2019 Edition) and the National Essential Medicine Catalogue (2018 Edition).

At present, there are 691 approvals for the production of norfloxacin capsules in China.

At present, Wanrun Pharmaceutical is the first company in China to pass the consistency evaluation of this variety.

The sales amount of quinolone antibacterials in urban public hospitals from 2013 to 2016 was 52.

2.2 billion rose to 65.

66 ppm, with an average annual compound strength of 7.93%.

  The company’s pharmaceutical sector continues to be deployed. The subsequent addition of production capacity includes a total of 3155 tons of pharmaceutical intermediates (TFPK) and APIs deployed in the first phase of Wanrun Industrial Park.

Among them, 40 tons of TFPK, 3000 tons of TM35, cilostazol 15, sodium loxoprofen 50, azisartan 20, and 30 tons of prolenast, as well as pharmaceutical intermediates (Phase I) deployed in the Jiumu Chemical Relocation Project) 20 tons, 50 tons in the second phase), the follow-up company’s pharmaceutical sector will continue to contribute growth momentum.

  Product pipeline layout is perfect, patent layout epoxy resin, transparent PI and other cutting-edge materials company’s product pipeline layout is complete, from the perspective of patent analysis, in addition to the company’s existing business, the company in photoresist, colorless transparent PI (CPI), calciumMerged patents and technical layout of titanium mine photovoltaic cells and lithium battery materials.

ArF lubricant pectinate intermediates and anti-reflective coating material technology provided by the company with fluorinated rubber. In terms of CPI, the core of the “screen neck” material of the folding screen, the company adopts a synthetic technology patent, and the performance of some products is Kolon.

  The new round of capital expenditures will help the company’s profit stand on a new level. In the short to medium term, the company’s environmental protection material construction project, the Wanrun Industrial Park Phase I project and the Jiumu Chemical Phase I project will total approximately 24 capital expenditures.

7.5 billion.

In the company’s history, the profit rate of fixed assets (net profit / original value of fixed assets) has remained basically around 20%.

The fixed asset expansion will be formed at 90% of capital expenditure, and the company’s short- and medium-term capital expenditure plan will increase thick net profit.

500 million.

This round of capital expenditure will help the company’s profit to a new level.

  It is expected that the company’s net profit attributable to its mother in 2020 and 2021 will be 6, respectively.

2, 7.

600 million, corresponding to PE 26, 21X, maintain BUY rating.

East China Heavy Machinery (002685) in-depth report: 5G commercial fast CNC demand may bottom out and rebound

East China Heavy Machinery (002685) in-depth report: 5G commercial fast CNC demand may bottom out and rebound

Key points of investment: The pace of commercialization of 5G is accelerating, and the demand for metal CNC machine tools may bottom out: 5G commercialization is accelerating. With reference to the law of the construction cycle of 4G, the peak of 5G base station construction is expected to occur in 2020-2022.

Due to different frequencies, to achieve the same coverage of 4G, the number of 5G base stations will be twice that of 4G, and over 7.8 million base stations will be built in the next 5 years.

It is estimated that the number of base station construction in 2020-2024 will be 100/180/240/160/1 million.

In addition, since the average of 5G equipment is 3 times that of 4G base stations, this will greatly increase the demand for metal heat sinks for 5G base stations, thereby driving the demand for metal CNC machine tools.

At the same time, each round of change in communication technology is a dominant force affecting the smart phone market, and it will also inevitably bring about market demand for replacement.

With the commercialization of 5G, the wave of smartphone replacements may appear in the next 3 years. CNC machine tools are the main processing equipment for smartphone metal parts and middle frames, which is expected to enter a new cycle of prosperity.

In addition, the major downstream investment in manufacturing fixed assets, including the recovery potential in the automotive, 3C, and general equipment markets, will promote the recovery of the CNC machine tool industry.

Great efforts have been made to automate port equipment and overseas expansion has achieved remarkable achievements: The company follows the market trend of port and terminal automation 苏州夜网论坛 upgrade, increases the speed of research and development of automation-related equipment and systems, improves the intelligence and automation level of traditional equipment such as container handling equipment, and optimizes the system.Level solution.

In the first half of this year, the company won the industry benchmark-Singapore Port Group’s order for about 500 million US dollars of automated rail container gantry cranes, which is expected to bring a significant increase in the company’s automated port equipment in the next three years.

The stainless steel trade business was integrated, and the core team held a stake to create a stainless steel e-commerce brand: The company integrated the stainless steel trade business through Wuxi Huashangtong E-commerce Co., Ltd. as a platform, which will form a pattern of “copper steel network” as the core and coordinate the development of various businesses.Relying on Wuxi’s leading position in the domestic stainless steel circulation field, build a complete smart supply chain service sector.

The establishment of the company’s Huashangtong is more flexible in the shareholding structure, and the merger of shares will fully stimulate its enthusiasm and gradually improve the profitability of the business.

In addition, the company disclosed that Huashangtong Company intends to list overseas and has begun preparations for related work, which is worth looking forward to.

Give “Buy” rating.

It is estimated that the company’s operating income for 2019-2021 will be 131 trillion, 170 trillion, and 213 trillion; net profit attributable to the mother will be 3 respectively.

200 million, 5.

100 million, 6.

9 ppm; EPS is 0.

32 yuan, 0.

51 yuan, 0.

69 yuan, corresponding PE is 19, 12, 9 times respectively, given a “buy” rating.

Risk warning: 5G construction progress is less than expected; smartphone update speed is lower than expected; intensified competition has caused the gross margin of metal CNC machine tool business to drift; container handling equipment and stainless steel trading business have reduced gross profit, and there is a risk of dragging profitability.

CCIC Energy (000600) 2019 Third Quarterly Report Review: Significant Cost Improvements but Power and Investment Income Slow Performance

CCIC Energy (000600) 2019 Third Quarterly Report Review: Significant Cost Improvements but Power and Investment Income Slow Performance

Core view The company’s first three quarters EPS0.

26 yuan, lower than expected performance.

The thermal power in the province was compressed by outbound power transmission and new energy, which caused the company’s Q3 power generation to be under pressure and the single-quarter investment income turned negative, which slenderly dragged down its performance; it lowered its EPS forecast for 2019-2021 to zero.

43/0.

68/0.

86 yuan, given 1 in 2020.

2x target PE, target price 7.

70 yuan, maintain “Buy” rating.

  EPS0.

26 yuan, lower than expected performance.
The company’s operating income for the first three quarters was 101.

8 megabits, divided by 0.

7%; net profit attributable to mother 4.

60,000 yuan, an annual increase of 63.

9%; converted to EPS0.

26 yuan, an increase of 63 a year.

9%, performance was lower than expected.

By quarter, Q3 operating income was 32.

1夜来香体验网 ppm, a five-year average of 5.

1%; net profit attributable to mother 0.

$ 7.2 billion, an average of 24 a year.

4%, converted to EPS0.

04 yuan.

  The pressure on electricity in Q3 was the main cause of poor performance, and the decline in coal prices helped improve gross margins.

Q3 revenues were reduced or replaced by zero power generation. Outsourced power generation and new energy squeeze led Q3 Hebei’s thermal power generation to replace 7.

6%, the single-quarter growth rate was 4 in 19Q2.

0% has dropped significantly. As the main body of energy supply in the province, the power of its subordinate power plants may also be under pressure.

In Q3, the average thermal coal price index for the third and third quarters in southern Hebei and northern Hebei was 480/454 yuan / ton, 3 consecutive years.

6% / 3.

1%, the downward shift in fuel costs led to an increase in Q3 gross profit margin2.

9 digits to 17.

6%.

In terms of period expenses, Q3’s financial expense ratio increased slightly by 0 every year.

3 perfect to 4.

5%, the management expense rate increased by 1 in ten years.

0 digits to 5.

9%.

The investment income of Q3 was -22.83 million yuan, or it may be related to the share of coal-fired power plants subject to the same amount of power pressure.Q3 Net cash flow from operating activities13.

0 trillion, continued outstanding performance.

  Hebei’s location advantage is obvious, and the increase of production capacity will release the subsequent performance space.

The long-term benchmark for coal power installed capacity in Hebei where the company is located. Hebei’s thermal power utilization hours in the first three quarters were 3,650 hours, which was significantly higher than the country’s 3,174 hours. It also indirectly brought market price discounts. It is expected that the company’s location advantage will continue.

At the beginning of July, Zunhua Thermal Power No. 1 was put into production, followed by coal, electricity and coal projects in Shanxi, Inner Mongolia, Shaanxi and other places, dedicated to improving performance space.

  Key assumptions: Considering the power situation in the first three quarters, will we
4% reduction in electricity forecast for 2021?
5% to 424/449/455 billion kWh, will the company 2019?
The investment income forecast for 2021 is revised down to 1.

04/1.

46/1.

4.7 billion yuan; maintaining the company in 2019?
It is assumed that the unit price of standard coal to be reduced by 5% / 5% / 5% will remain unchanged in 2021.

Risk factors: Coal prices fell below expectations, power generation fell short of expectations, and electricity prices fell below expectations.

Investment suggestion: Considering the pressure on power generation and investment income in the third and third quarters, after updating the key profit forecast assumptions, we have reduced the company’s EPS forecast for 2019-2021 by 23% / 22% / 21% to 0.

43/0.

68/0.

86 yuan, the company’s current sustainable corresponding 2019?
2021 dynamic PE is 12/8/6 times.

With reference to the past historical estimates of the industry and the company, the company will be given 20201.

2x target P / B with a target price of 7.

70 yuan, maintain “Buy” rating.

Goertek (002241) Quick Review of Major Events: General Intelligent Hardware Giant Benefits 2020 Wearable Device Track

Goertek (002241) Quick Review of Major Events: General Intelligent Hardware Giant Benefits 2020 Wearable Device Track

Review the growth path of Goertek, and analyze the company’s future development path.

It is optimistic that the company will become a general intelligent hardware giant in the future high-quality wearable track.

  Guoxin Electronics View: Raise the military profit forecast, and estimate that the net profit attributable to mothers in 19-21 will be from the previous 12.

74/17.

87/22.

7 trillion is raised to 12.

73/22.

15/30.

700 million.

Earnings per share are 0.

39/0.

68/0.

95 yuan, a year-on-year growth rate of 46.

7% / 74.

0% / 38.

6%, currently sustainable corresponding to PE 32 in 20/21.

2/23.

2x, maintain “Buy” rating.

  Comment: Fupan Goer’s growth path: from electro-acoustic device and product experts to general intelligent hardware giant Goer AG’s main military acoustic optoelectronic precision components and precision structural parts, intelligent complete machines, high-end equipment research and development,Manufacturing and sales.

From upstream precision components, modules, to downstream intelligent hardware, from molds, injection molding, surface treatment, to the independent design and manufacturing of high-precision automatic lines, GoerTek has created precision machining and intelligent manufacturing that are vertically integrated in the value chain.platform.

Since the listing, the company’s strategic layout, its own technical level, and the entire consumer electronics industry have undergone several significant changes: 1. The company went public in 2008 and started with electro-acoustic components + electro-acoustic devices. At this stageBenefit from the rapid growth of the smartphone industry.

  2. In 2014, the company adjusted its business development strategy, fully implemented the four strategies of “big acoustics, wearables, sensors, and precision manufacturing”, continued development and expansion around major customers, and completed product line expansion and private label establishment.

  3. Since 2016, the consumer electronics industry has continued to innovate, and the company’s strategic transformation direction has been further expanded, focusing on the four major strategies of audible, wearable, visual, and robotic to optimize the layout of the industrial chain.

  4. After the expansion of smartphone expansion in 2018, the intensified acoustic competition led to the decline in company performance.

The company adheres to the “parts + finished products” development strategy has formed the ability to provide customers with products such as acoustics, optics, wireless communication and other technologies as one, and with the explosive growth of TWS, watches and other wearable products, the company in 19Performance returns to growth.

With the company’s comprehensive layout and development in the fields of precision components, acoustics, intelligent hardware and other fields, we believe that the company has built the core technology of wearable products, as well as the construction of process platforms, and its precision manufacturing capabilities have continued to increase.

With the outbreak of wearable products in the 5G era, the company is expected to enjoy a new round of industry dividends and usher in a new round of growth cycles.

  From the expansion capabilities of consumer electronics products, the company ‘s capabilities are mainly divided into three major categories: Intelligent hardware: including smart wearables, AR / VR, smart audio, and smart home products.

In the field of intelligent hardware, the company can already provide customers with overall solutions for wearable devices from ID design to manufacturing, from acoustic design, acoustic algorithms, hardware integration, optical design, VR system solutions, electronics and structural design, vertical integration, etc.Comprehensive technical and service capabilities.

  Second, parts: The company has a full range of solutions and products such as sensors, miniature microphones, miniature speakers and receivers, speakers, antennas, optical modules, etc., which are widely used in various categories of consumer electronics.

The company has leading precision manufacturing and intelligent manufacturing capabilities, forming a unique advantage of large-scale production of high-quality products.

  Third, the module and complete solution: including AR / VR overall solution, miniature speaker and antenna module, miniature microphone and pressure sensor module, etc.

  Through strong vertical integration, system integration capabilities and years of technology accumulation, the company can provide products and complete solutions such as VR, joysticks, peripherals, audiovisual, image processing, speaker and antenna modules, microphones and pressure sensor modules.

  The company has formed some leading precision manufacturing and intelligent manufacturing capabilities, and has achieved self-made core materials such as plastic parts, metal parts, die-cut parts, diaphragms, etc., in optical lens, optical path design, virtual reality / augmented reality, micro display /Micro-projection, sensors, MEMS, 3D packaging and other microelectronics fields form precision manufacturing capabilities. In the production process, advanced technologies such as powder metallurgy, ultrasonic welding, and laser technology are applied.

  The company has established a complete technology platform, and through continuous innovation and transformation, solid quality customer resources, and a constantly stable management team, all constitute the company’s core competitiveness.

In this way, the company can continuously meet the needs of customers for rapid and continuous innovation in the field of consumer electronics, while welcoming itself in the era of 5G Internet of Everything, wearable devices usher in a new round of growth.

  TWS is gaining momentum, and the explosive effect brings a new round of dividends to the industry. According to the TWS headset report released by Counterpoint Research, in the third quarter of 2019, more than 33 million wireless Bluetooth headset devices have been sold, an increase 深圳桑拿网 of 22% over the second quarter.
The convenience of wireless headphones and the introduction of new noise reduction features continue to drive consumer desire to buy.According to the report of Rising Sun Big Data, in 19 years, the global exchange platform headset market has replaced about 1 brand.

600 million units. It is predicted that in 2020, the global TWS headset market will undergo a brand transformation of 400 million units.

The above data has not been included in the reorganization of the white-brand TWS headset.

According to the October TWS Bluetooth chip breakdown ranking released by the Rising Sun Big Data, the top three chip manufacturers, Jerry, Zhongke Lanxun, and Luoda, have totaled more than 100 million in a month.

The actual market space of TWS exceeded market expectations.

  GoerTek is currently one of the major OEMs of TWS headsets for customers and H customers, and all TWS headset production lines are now in full production.

  With the continuous heavy volume of TWS, the expansion of production lines and production capacity, the company’s yield improvement time is shorter than the previous period, and the profitability has continued to increase. It has become the biggest winner who has benefited from both the iOS and Android TWS outbreaks.

At the same time, the company’s active layout in wearables such as watches, AR / VR will also win stronger and sustained growth for 20 years.

  Investment suggestion: High-quality general-purpose intelligent hardware giant, profitability is expected to continue to improve, maintain “Buy” rating.

  The company has built the core technology of wearable products, as well as the construction of technology platforms, and its precision manufacturing capabilities have continued to improve.

With the outbreak of wearable products in the 5G era, the company is expected to enjoy a new round of industry dividends and usher in a new round of growth cycles.

  The average profit forecast is raised, and the net profit attributable to mothers in 19-21 is expected to be 12 from the previous one.

74/17.

87/22.

7 trillion is raised to 12.

73/22.

15/30.

700 million.

EPS0.

39/0.

68/0.

95 yuan, a year-on-year growth rate of 46.

7% / 74.

0% / 38.

6%, currently sustainable corresponding to PE 32 in 20/21.

2/23.

2 times, maintain “Buy” rating, risk reminder one, the overall consumer electronics demand is not up to expectations.

  Second, the growth rate of the wearable and wireless headset market is not up to expectations.

  Third, the traditional acoustics market has intensified competition and the gross profit margin has decreased.