Month: March 2020

Qiaqia Food (002557): New product volume improved traditional product profitability

Qiaqia Food (002557): New product volume improved traditional product profitability

Qiaqia Food’s 2018 revenue 41.

9.7 billion (+16.

50%), net profit 4.

3.3 billion (+35.

58%) Qiaqia Foods released its annual report on April 12, 2019, and realized revenue 41 in 2018.

97 ppm, an increase of 16 in ten years.


Realize net profit attributable to shareholders of listed companies.

33 ppm, an increase of 35 in ten years.


4Q18 achieved sales revenue of 12 in a single quarter.

870,000 yuan, an increase of 17 in ten years.


Realize net profit attributable to shareholders of listed companies.

300,000 yuan, an increase of 56 in ten years.


Corporate revenues are in line with our developing country expectations, but profits exceed our United Nations expectations.

Are we expected to 杭州桑拿 negotiate food 2019?
EPS is 0 in 2021.

98 yuan, 1.

12 yuan and 1.

27 yuan, maintain “Buy” rating.

New product volume: Nuts products performed well, with 2018 revenue +103.

15% of the sales of food and nut products in 2018 reached sales5.

20,000 yuan, an increase of 103 in ten years.


On the basis of the rapid growth in revenue, the level of gross profit margin has also improved, and the gross profit margin of nut products in 2018 was 19.

17%, an increase of 2 per year.

95 points.

We believe that nut products have a good market prospect. We will contact the current nut products represented by daily nuts to expand through channels, strengthen product breakthroughs, and improve the automated production and supply system to achieve more healthy development. NutsThe product is expected to become the company’s new growth engine.

The price increase highlights the industry sector: the gross profit margin of the traditional sunflower seed business rose1.

72pct According to the company’s announcement, Qiaqia Foods has adjusted the ex-factory price of the company’s melon seeds, original melon seeds, small and melon seeds and other by-product categories since July 18, 2018. The price increase is 6%?

5% varies.

We believe that this price increase highlights Qiaqia ‘s market position and industry voice in its superior sunflower seed field. The gross profit margin of sunflower seed products in 2018 reached 32.

50%, rising by 1 each year.

72 points.

Continue to promote the employee stock ownership plan and enhance team cohesion. Qiaqi Food has implemented the three-phase employee stock ownership plan, allowing more managers and core technical personnel to benefit from the growth and development of the company, which is conducive to enhancing team cohesion.
In 2018, the company completed the third phase of the employee stock ownership plan (the first batch) of stock purchases, and the first phase of the employee stock ownership plan expired and completed the liquidation work.

We believe that the company’s current larger incentive mechanism can better maintain the stability of the team, and at the same time reserve relevant talents for future business development.
Optimistic about the improvement of the right to speak in the traditional field of Qiaqia food and the prospect of new business, maintain the “Buy” ratingUse existing channels to become the company’s new growth engine in the future.

Considering that the company’s profitability level has improved more than expected, we expect to negotiate with Food 2019?
Revenues will reach 47 in 2021.

8.4 billion (up 1%), 53.

8.7 billion (up 2%) and 60.

29 ppm, an increase of 14%, 13% and 12% each year.

The net profit attributable to the parent company will reach 4, respectively.

9.4 billion yuan (up 19%), 5.

6.5 billion yuan (20% increase) and 6.

460,000 yuan, an increase of 14%, 14% and 14% each year.

EPS will reach 0 respectively.

98 yuan, 1.

12 yuan and 1.

27 yuan.

Comparable company’s average estimated level is 29 times PE in 2019.
29 times PE with a target price range of 27.


42 yuan, maintain “Buy” rating.

Risk warning: New product market fails to meet expectations; food safety issues.

How big is the period when Huawei will push its own ecological phone to replace Google?

How big is the period when Huawei will push its own ecological phone to replace Google?

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  Original title: Rare batch daily limit!

Huawei will launch its own ecological mobile phone next week. HMS concept stocks have risen. How big is the stage to replace Google?

(Included shares) Source: Every time the bull’s eye and the Shanghai and Shenzhen markets are slightly differentiated today, the GEM refers to holding high, and once again staged a strong and empty air, hitting a new high since August 2016. The market is actively engaged in hype, and the stocks in the two markets have exceeded 100.Only, strong performance of technology stocks, cloud office, quantum communication, network security, digital China and other concepts are sought after, but some highs have diverged. Popular stocks Xiuqiang shares plunged 3%. From the perspective of trading volume, Shanghai and Shenzhen citiesThe turnover exceeded three trillion yuan for three 杭州夜网论坛 consecutive days.

  It is obvious that Huawei HMS is ready to build a nationwide mobile phone ecosystem, and related concept stocks have risen, closing, MMS, Changshan Beiming, Xiling Information, Beixinyuan, Netar Software, Zhongke Chuangda and SiweiTu Xin waited for the daily limit of 21 individual stocks.

  What is HMS?

  According to media reports, at the European all-scenario 5G conference on February 24, Huawei will officially launch a 5G phone using its own HMS service, which is the first overseas Android phone to use a non-Google GMS service.

  Earlier this year, Huawei released HMS Core 4 to the world.


HMS Core is a collection of Huawei terminal cloud service open capabilities. These capabilities and services will help applications gain more users, be more active, and create business value more efficiently.The accumulation of wisdom allows developers to focus on innovation and bring more and better full-scenario smart life experiences to Huawei end users.

HMS Core 4.

The full launch of 0 will further help global developers to develop efficiently, grow rapidly, and succeed in business.

  CITIC Construction Investment stated that the core of HMS is the collection of Huawei terminal cloud service open capabilities, and the target is Google Mobile Services GMS (Google Mobile Services).

GMS is not an Android open source project and requires Google license to install. Under the US ban, Huawei phones cannot currently use GMS. GMS includes Google Search, Google Chrome, Play Store, Youtube, Maps, etc. and data synchronization for Google Accounts., Backup, contacts and mail, etc., these services are commonly used software and services for foreign users.

Therefore, if you want to obtain users in overseas markets, you need to establish an ecosystem that replaces GMS. Therefore, Huawei has launched HMS services to help developers quickly receive the HMS ecosystem.

HMS Core is a framework that replaces Google’s GMS. Because developers do not have to rely solely on GMS, they can run applications on Huawei phones and provide users with a consistent experience across the entire terminal.

  The agency also noted that through HMS Core4.

With the release of version 0, HMS developer-side applications have been further improved, and the HMS ecosystem has been gradually established and improved.

HMS includes a set of open HMS Apps and HMS Core, HMS functions, HMS Connect, and corresponding IDE tools for development and testing.

With more integrated HMS Core4.

Version 0 is launched, and the HMS ecosystem will be further improved.

  At present, Huawei has more than 1.3 million registered developers worldwide, and the number of applications receiving HMS Core in the world exceeds 5.

50,000 models.

According to Yu Chengdong’s New Year’s speech, Huawei will fully build the HMS ecosystem in 2020 and form a new system of “self-developed chips + Hongmeng OS”. At present, Huawei has spent more than $ 1 billion on the HMS ecology.

  Huaxi Securities pointed out that once the HMS ecosystem matures, it will provide conditions for the launch of Hongmeng System.

Once the Huawei mobile phone with Hongmeng deployed is officially launched, it will change the market competition pattern of the existing mobile phone operating system, Android and Apple, and bring benefits to relevant partners.

  The business model of Google’s GMS Xingye Computer team believes that GMS is a set of basic software architecture. Through GMS, Google traffic ads can be realized and fed back, and the snowball is rolling down.

However, on July 19, 2018, the European Union announced that Google monopolized the market through Android and sentenced 43.

400 million Euro fine.

  Later, Google determined that starting from October 29th, EU manufacturers of mobile phones and tablets using Android systems must pay Google a license fee for each device from 2 if using the Google App Suite.

$ 5 to $ 40.

  At the same time, it also said that if the mobile phone manufacturer agrees with Google’s software service agreement and bundles the Google family bucket, the fee can be waived, and if the mobile phone is bundled with Google software, the fee can be waived.

  After all, GMS is just Google’s traffic entrance.

  Exploring investment opportunities For Huawei to fully build the HMS ecosystem, the latest research report released by Industrial Securities said that this is another major breakthrough in the localization field of Huawei after the introduction of a gradual chip to create the Kunpeng ecosystem, which is expected to challenge Google’s Android ecosystem.

As we have previously judged, Huawei’s strategic trends and transformation will become an important variable affecting the ICT industry in 2020, and investment opportunities in Huawei’s industry chain will be endless.

Investors are advised to match companies that have a clear competitive advantage in rigid demand products with large market capacity.

  Huatai Securities stated that from the perspective of the evolution of the global IT industry ecological pattern, the old pattern will eventually be broken and the new IT ecological pattern is gradually taking shape.

In the next few years, China will gradually establish its own IT architecture and standards to form its own open ecosystem. The Kunpeng ecosystem that Huawei is building will bring development opportunities to the entire IT industry.  Relevant concept stocks combed Changshan Beiming (000158) wholly-owned subsidiary Beiming Software is a multi-product first-tier partner of Huawei. Beiming Software cooperates with Huawei Hongmeng to develop software applications.

  Beixinyuan (300352) signed a strategic cooperation agreement with Dingqiao Communications, a subsidiary of Huawei, to jointly promote the construction and development of a secure mobile application ecosystem.

  NavInfo (002405) and Huawei’s senior strategic cooperation agreement, Huawei will purchase 4D high-precision map data products and services.

  MMS (300634) is currently a Huawei secure computing system partner for intelligent computing, and is one of Huawei’s top 100 Kunpeng + Shengteng ISV partners.

  The source of potential targets of Huawei’s HMS industry chain: In addition to the explosion of related concept stocks by Huawei’s HMS computer team, the Huawei Kunpeng industry chain also has a trillion space.

According to IDC estimates: By 2023, China ‘s annual IT industry investment space is 104.3 billion U.S. dollars, expanding the potential of overseas markets, and the nearly one trillion market Kunpeng industrial chain needs to be tapped.

  Every time the Bull’s Eye organizes a copy of the leader of the Huawei Kunpeng industry chain, anyone who clicks “Look at” more than 100, enters the public account homepage, clicks “enter public account”, and then sends the “list”, There will be specific industry chain stocks.

(Note: Compression is after you click “Look”, and the total “Look” exceeds 100.


Aerospace Appliances (002025) 2019 Third Quarterly Report Review: Accelerates Growth in Net Revenue and Accelerates Entry into the Connectors Consumer Product Market

Aerospace Appliances (002025) 2019 Third Quarterly Report Review: Accelerates Growth in Net Revenue and Accelerates Entry into the Connectors Consumer Product Market
Event: On October 22, the company announced the third quarter report for 2019, with revenue of 25 in the first three quarters of 2019.120,000 yuan (+28.11%), net profit attributable to mother 2.9.7 billion (+11.34%), gross profit margin 36.77% (-2.42pcts), net interest rate 12.85% (-1.17pcts). In the first three quarters of 2019, benefiting from the growth of the company’s main business scale, the company achieved operating income of 25.1.2 billion (+28.11%), net profit attributable to mother 2.9.7 billion (+11.34%), gross profit margin 36.77% (-2.42pcts), the company’s return to net profit growth rate is lower than the growth rate of revenue and the transition of gross profit margin. The company’s advancement in the development of the civilian product market led to an increase in the proportion of private products revenue, and the cost of raw materials increased. From a single quarter point of view, in Q3 2019, the company’s revenue and net profit attributable to mothers increased by 8%.9.3 billion (+12.68%), net profit attributable to mother 1.0.9 million yuan (+0.(09%), we believe that it is mainly due to the increase in the company’s proportion of revenue from civilian products and the company’s new investment in the establishment of Guangdong Huaying Electronics Co., Ltd. started consolidation.In the coming quarter, the company’s military products revenue will be gradually recognized, and the company’s 2019 operating income and the growth rate of net profit attributable to mothers will promote the rebound. In addition, with the growth of the company’s operating income, the company’s accounts receivable amounted to 26.7.6 billion (+16.95%), it is expected that the payment will be reduced after the confirmation of centralized payment in the fourth quarter, and the company’s inventory balance will reach 5.2 billion (+17.16%), indicating that the company has better orders in hand and has increased its material reserves to ensure timely delivery.In terms of the three fees, the company’s sales expense ratio (2.62%, -0.55pcts) and management expense ratio (17.13%, -0.90pcts) instead of falling, reflecting the company’s achievements in cost control. The company is based on military products and actively explores the civilian market. The company is a listed company affiliated to the Tenth Research Institute of China Aerospace Science and Industry Corporation. It is one of the key electronic component companies that integrates scientific research and production.The company’s main products are mainly connectors, motors, relays and optical communication devices, etc., more than 70% of which are sold to high-end customers in the fields of aerospace, aviation, electronics, ships, weapons and other fields.Folk products are mainly used in telecommunications, petroleum, rail transit, and home appliance markets. The connector business is the company’s main source of income. In terms of military products, the company is backed by the Aerospace Science and Industry Group, and has a breakthrough competitive advantage in the military product market with high profitability, such as the aerospace field.Subsidiary Suzhou Huajing’s 2019H1 net profit was zero.4 billion (+36.73%). At the same time, the company established a joint venture with Dongguan Yangming Precision Plastic Hardware Electronics Co., Ltd. in Dongguan in February 2019. Guangdong Huajing Electronics Co., Ltd. has now generated operating income, and it will only be in the Pearl River Delta in the future.The region’s larger industrial layout and the creation of a civilian connector base, Dongguan Yangming also promised Guangdong Huajing to achieve a deduction of non-net profit of 37.5 million yuan within 36 months.Based on the vast domestic alternative space for the domestic high-end connector market, we expect the company’s technology accumulation in high-end connectors will promote the company’s civilian connector business to become the main point of future revenue growth. The motor business is currently the company’s second largest source of revenue. The company’s current motor business is mainly a subsidiary of Guizhou Linquan. Its products include military special motors and civilian motors (replacement of petroleum equipment, etc.).Benefiting from the company’s promotion in the motor product market and Guizhou Linquan’s absorption and merger with Suzhou Linquan in 2018, Guizhou Linquan achieved a net profit of 0 in 2019H1.3.2 billion (+5071.36%).Based on the company’s accumulation of military motor technology, shareholder background, and the promotion of motor product marketing efforts, we believe that the company’s motor revenue will continue to grow steadily. The company plans to set up an industrial investment fund to accelerate the development of electronic components. On September 16, 2019, the company issued an announcement to disclose that the company intends to use its own funds of 50 million yuan to cooperate with Aerospace Science and Industry Equity Investment Fund Management Co., Ltd., Guizhou Aerospace Industry Co., Ltd.Responsible companies, liability companies, and other five companies jointly set up a $ 1 billion industrial investment fund. We believe that the establishment of this industrial investment fund will help the company to develop potential high-quality merger and acquisition targets in the long run and accelerate the development of electronic funds.Expansion of device main business and transformation and upgrading. Investment suggestion We believe that the company, as the only listed company platform under the Tenth Academy of Aerospace Science and Technology, has deep technical accumulation in military high-end connectors, motors and other products, and has more stable orders in aerospace and other applications.The accumulation of technology in high-end connectors, motors and other businesses will also have a strong competitiveness in the promotion of the civilian product market in the future; the company has alternative management and control capabilities in sales costs and management costs, which will help promote the company’s future profitability.Further improvement: The industrial investment fund set up by the company will help the company to reserve for potential high-quality merger and acquisition targets in the future, and will be beneficial to the long-term development of the company’s main electronic component industry. Based on the above viewpoints, we expect the company’s operating income for 2019-2021 to be 37.1.1 billion, 48.3.3 billion and 61.8.8 billion, net profit attributable to mothers was 4 respectively.2.5 billion, 5.09 ppm and 6.1.5 billion, EPS is 0.99 yuan, 1.19 yuan and 1.43 yuan, currently sustainable corresponding 合肥夜网 to 26 times, 21 times and 18 times PE. Risk warning: fierce market competition leads to a further reduction in the profitability of the company’s products; the development of the civilian product market is less than expected.

Depth-Company-Guangming Dairy (600597): Liquid milk shows marginal improvement and expects performance to stabilize and rebound

Depth * Company * Guangming Dairy (600597): Liquid milk shows marginal improvement and expects performance to stabilize and rebound

Bright Dairy announced its 2018 annual report.

Due to the scope of the consolidated consolidated statements acquired by Yimin No. 1 Plant and other companies acquired in 2018, multiple growth estimates here use the financial data that has been restated in 2017. Since 4Q17 did not disclose the financial data that was restated, the original data is still used and restatedIncrease 2017 revenue 1.

6%, net profit attributable to mother 0.


Realized revenue of 209 in 2018.

900 million, previously downgraded 4.

7%, net profit attributable to mother 3.

400 million, previously downgraded 44.

9%, earnings per share are 0.

28 yuan.

Among them, 4Q18 achieved 54 revenue.

200 million, an increase of 5 previously.

0%, net profit attributable to mothers may reach 52.05 million, EPS -0.

04 yuan.

Excluding provision for impairment of extra-budgetary assets1.

700 million (tax rate at 25%), net profit attributable to mothers in 20184.

700 million, previously downgraded by 24%, EPS 0.

38 yuan, basically in line with our expectations, lower than market expectations.

The main points of the official rating can be seen in the marginal improvement of liquid milk. In the second half of 2018, the drop in room temperature liquid milk income has narrowed month-on-month, and the low-temperature liquid milk has achieved a median growth rate.

In the fourth quarter of 2018, the quarterly revenue growth rate was 5%. In the first quarter of 2018, the growth rate turned positive. We judge that the impact of changes in the scope of the consolidated statement will no longer be excluded, and revenue will still grow at least 3%.

In terms of categories, in 2018, liquid milk revenue was 12.4 billion, down 10%; Xinlaite was 4.2 billion, unchanged; animal husbandry 2.4 billion, down 1%; raw cheese 1.1 billion, up 28%; milk powder 2 billion, up 29%.

Calculate the scattered liquid milk income based on segment information. In 2018, room temperature was 5 billion, a 23% decrease, and low temperature was 深圳spa会所 7.4 billion, an increase of 2.

5%, of which 2H18 room temperature dropped 19.

5%, the decrease was narrower than the previous month.

0pct, low temperature increased by 5.

5%, a chain speed increase of 5.

9 points.

From the perspective of sales volume, in 2018, fresh milk increased by 6%, and yogurt replaced 14%. We judge that it is mainly affected by room temperature yogurt.

In 2018, the decline in liquid milk profit was manageable. Intensified competition and scale effects led to an increase in liquid milk sales expense ratio.

Combined with segment information to roughly estimate the net profit attributable to each category (including internal income), liquid milk in 20184.

200 million, may drop by about 10%; New Wright 1.

300 million, down 12%; animal husbandry potential 1.

500 million, a loss of 杭州桑拿网 1.

500 million, if calculated from the 2017 asset impairment amount, the net profit of animal husbandry in 2018 will only increase or decrease by 0.

4 billion.

Looking specifically at liquid milk, the liquid milk gross margin exceeded flat in 2018, and the sales expense ratio increased. According to our calculations, the increase may be zero.

About 5pct, we judge that the leading dairy companies in 2018 have intensified competition and the company ‘s scale effect has weakened, which has led to the company ‘s liquid milk sales expense ratio to increase passively.

1pct. It is expected that the company’s executives will perform in 2018, and the new product plan for 2019 will focus on low temperature to promote steady growth. Room temperature yogurt is expected to be reorganized. We expect the performance to stabilize and rebound. We maintain our profit forecast and expect EPS in 2019-20 to be zero.

44, 0.

49 yuan, a year-on-year increase of 56% and 13%, excluding the impact of extra-budgetary impairment, and a year-on-year increase of 13% in 2019, maintaining an overweight rating.

The main risks faced by the rating are that the growth of low-temperature products is higher than expected, the room temperature yogurt continues to grow, and the industry is intensifying.

Quectel (603236) Investment Value Analysis Report: Leader of the Intelligent Advancement Wireless Module of Everything

Quectel (603236) Investment Value Analysis Report: Leader of the Intelligent Advancement Wireless Module of Everything
Benefiting from the trend of all things intelligent and everything connected, Ericsson expects cIOT to maintain a compound growth of more than 25% in the next few years.As a leading company in the industry, the company has good growth and is expected to have an EPS of 2 in 2019-21.21/4.40/6.11 yuan, giving the company 39 times PE in 2020, corresponding to a target price of 171.60 yuan, the first coverage, given a “buy” rating.   Everything is intelligent. The era of the Internet of Things has arrived.At the end of 2017, Huawei’s vision changed from “enriching people’s communication and life” to “building a smart world where everything is connected”, which also means that industry giants believe that the main substitutes for people in the future will turn to things.The norm of all things intelligence is data, and the replacement of data is interconnection and online. The foundation of interconnection is the Internet of Things communication module.Therefore, in the context of the interconnection of all things and the intelligence of all things, we believe that the communication module sub-industry will usher in explosive growth.   Industry prosperity and downstream demand superimposed to promote industry prosperity.1. Industry growth rate: According to Ericsson’s “Mobile Market Report”, the compound annual growth rate of the cIOT market in the next five years is about 25%; 2. Current major needs: smart payments, vehicle terminals, hydropower and coal meters are the current industry heavy volumeMain driving forces; 3. Future growth prospects: Looking at the future, the sharing economy, intelligent transportation, smart cities, and logistics and storage are expected to become new growth poles to help the industry continue to grow.   The first advantage is to build the core competitiveness of the three advantages.1. Progressive realization: Overseas leaders Serria and Telit can hardly compete with Chinese manufacturers in terms of cost, and are currently in a state of continuous shrinking. As a company with the best achievements in China’s module industry, Quectel Communications strives to enjoy overseas 北京桑拿洗浴保健 dividends; 2Distribution network: The Internet of Things industry is relatively decentralized, and Quectel ‘s distribution accounted for 59%. The distribution system is the strongest and can better capture the downstream fragmentation needs of the Internet of Things. 3. R & D system: company module R & D personnelIn 2018, there were 836 employees. In 2019, the number of R & D personnel and product coverage will be expanded, and we will be able to develop products that meet the new needs and seize market opportunities.   Risk factors: The development of 5G is less than expected, Huawei enters the module industry, and the industry is fiercely competitive.   Investment suggestion: As a leading company in the communication module industry, the company is currently in the phase of large-scale expansion.We expect the company to achieve a higher growth rate than the industry in the next few years, and the market share will further increase.Expected company 2019?The 21-year EPS is 2.21/4.4/6.11 yuan, giving the company 39 times PE in 2020, corresponding to a target price of 171.60 yuan, the current price of 142.22 yuan, the first coverage given a “buy” rating.

China Merchants Securities (600999) Annual Report Comments: Performance is better than peer business highlights

China Merchants Securities (600999) Annual Report Comments: Performance is better than peer business highlights

Core View China Merchants Securities released its 18th annual report, the company realized revenue of $ 11.3 billion, every -15.

2%, achieving net profit attributable to mother 44.

2 ‰, at least -23.

5%, while industry net profit fell 41% over the same period.

At the same time, the company’s nominal average ROE is 5.

57%, a decrease of 2 per year.

81pct, performance and ROE are better than the industry level.

In terms of business, corporate brokerage and investment banking have improved.

1) Brokerage business income for 18 years31.

5 ‰, -22% a year, mainly due to the decline in turnover.

The company’s 18-year commission rate reached 10,000.

2, higher than the industry level 10,000.

The advantages of the company’s commission rate have gradually strengthened wealth management resources and institutional service capabilities.

The market share in the PB field reached 26.

52%, multiple data ranked first in the industry.

2) Investment bank: The company realized investment bank income 14 in 18 years.

5 trillion a year -34.


Distribution underwriting is affected by the issuance rhythm and is the main reason for the company’s increase in revenue.

Among them, China Merchants Securities underwritten IPO 79 megabytes in 18 years, -16% in one year, and underwriting refinancing reached 18.1 billion US dollars, becoming -49%; while the company also grasped the bond market revenue, the bond underwriting amount reached 463.1 billion US dollars, doublethe above.


The company’s asset management, self-employment, and credit business achieved contrarian growth.

1) Self-employed: China Merchants Securities achieved self-operated performance for 18 years33.

4 trillion (plus interest income from debt repayment), + 16% a year.

In 18 years, the company controlled equity investment positions, actively carried out quantification, hedging business, reduced directional risk, and increased the scale of debt 杭州桑拿 investment.

2) Asset management: The company’s 18 years of asset management revenue reached 1.2 billion US dollars, an annual increase of 5%; in 18 years, the company actively managed a scale of 231.3 billion US dollars, an increase of + 82%.

The company holds Boshi Fund, China Merchants Fund with 49% and 45% equity, and its non-monetary public offering scale ranks No. 1 and No. 8 in the industry, respectively.

3) Credit business: The interest income of Liangrong was 3.7 billion in 18 years, and then -7.

1%; stock pledge rate income 16.

800 million a year + 35%.

The company’s stock pledged a repurchase surplus of 38.8 billion yuan, of which its own funds participated in 22.8 billion yuan. The overall performance guarantee ratio was 220%, and the risk of pledge business was controllable.

The performance of investment promotion is better than that of the industry, and it shows a trend of steady development and cultivation of core competitiveness in all business sectors. In 19 years, the company will promote the realization of employee stock ownership and rights financing, and further improve capital strength and employee cohesion.People to improve profitability.

  Financial Forecast and Investment Suggestions We expect the company’s BVPS to be 12 in 2019-21.



71 (Originally predicted 2019-2012.


17) According to the estimates of comparable companies, we give the company February 2019.0xPB, corresponding to expected 25.

72 yuan to maintain the overweight level.

  Risk reminders: Systematic risks suppress the company’s estimates; the advancement of science and technology board is less than expected.

Huatai Securities (601688) Quarterly Review: Net Profit for Ten Years + 46% Growth in Brokerage Business Is Better Than Peer

Huatai Securities (601688) Quarterly Review: Net Profit for Ten Years + 46% Growth in Brokerage Business Is Better Than Peer

Core point of view Huatai Securities released 19Q1 results, the company achieved operating income of 62.

500 million, previously + 46%, achieved net profit attributable to mothers 27.

8 ‰, + 46% a year, slightly lower than the industry and large brokers.

At the same time, the company’s 19Q1 weighted average ROE2.

66%, increasing by 0 every year.

5 points.

  The company’s performance growth mainly comes from the investment surplus, and the growth rate of the brokerage business is also worth paying attention to.

1) Self-employed: 19Q1 Huatai’s operating income increased by 19.

6 trillion, of which self-operated performance (investment income + fair value changes-joint ventures) was 22 trillion, increased by market influence 13.

2 ppm is the core driver of the company’s performance growth.

Huatai adheres to a non-directional investment strategy, and its corresponding performance flexibility is weaker than other securities firms.

2) Brokerage: 19Q1 Huatai achieved brokerage income11.

2 megabytes, previously + 14%; meanwhile, the market share base turnover is + 19% per year, and the company’s brokerage commission rate is expected to slightly replace.

  Among the TOP10 brokers, Huatai’s brokerage income has the highest growth rate. We believe that the main reason is that Huatai’s brokerage client structure is mainly retail. In the rapid market growth in the first quarter, the proportion of retail transaction activity has increased.Brokerage market share is likely to increase.

  Investment banks, asset management and credit businesses are affected by the environment, and each has its own increase or decrease.

1) Investment bank: 19Q1 investment bank income 2.

500 million US dollars, -39% previously, Huatai’s layout of equity underwriting changes in the first quarter.

However, the company’s layout in the science and technology board is still remarkable. In the end, the latest Huatai joint sponsor recommended 8 companies, including the star-branded ArcSoft Technology and Huaxi Bio.

These 8 companies are expected to raise 84 trillion in capital and calculate the amount of investment3.

600 million.

4) Asset management: 19Q1 asset management income 7.

100 million a year + 26%.

Huatai Asset Management reduced its active management capabilities and was weakly affected by de-channels. At the same time, in a market environment with increased trading activity, the scale of wealth account wealth management products such as Tiantianfa increased.

5) Credit business: 19Q1 interest income18.

US $ 800 million, -22% a year, mainly due to the expansion of the average size of 武汉夜生活网 Liangronghe’s stock pledge business in 19Q1.

On a month-on-month basis, the balance of funds raised was 579 trillion, which was + 25% earlier; the buy-back financial assets were 435 trillion, which was unchanged earlier.

  Financial Forecast and Investment Suggestions We expect the company’s BVPS to be 12 in 2019-21.



93. According to a comparable company assessment, we give the company February 2019.

1xPB, corresponding to the expected 27.

22 yuan, maintaining the overweight level.

  Risk reminders: Systematic risks suppress the company’s estimates; the advancement of science and technology board is less than expected.

Oriental Fashion (603377) Company Comment: Signed a supplementary framework agreement with the Road Traffic Safety Research Center of the Ministry of Public Security to consolidate the industry’s leading position

Oriental Fashion (603377) Company Comment: Signed a supplementary framework agreement with the Road Traffic Safety Research Center of the Ministry of Public Security to consolidate the industry’s leading position

The company signed a supplementary framework agreement with the Road Traffic Safety Research Center of the Ministry of Public Security.

In August 2013, the company provided technical and experimental support for the scientific design and verification assessment and supervision of driver examination subjects, and provided national and international growth driver improvement studies. The company established a strategic partnership with the Road Traffic Safety Research Center of the Ministry of Public Security and jointly established motor vehicle driving.People test experiment base, conduct embedded driver test and training research experiments, carry out activities such as traffic safety promotion, test equipment display and experience exchange, carry out personnel training and team building, the two sides signed a “strategic cooperation framework agreement”.

Recently, in order to further promote road traffic management technology innovation and improve the level of vertical driver training and examination, the Ministry of Public Security Road Traffic Safety Research Center and Oriental Fashion Driving School Co., Ltd. have signed a Supplementary Framework Agreement.

The two sides will focus on the two themes of “science and technology” and “education”, and face the actual needs of traffic police and the improvement of traffic safety and civilization in the whole society. Integrate advantageous resources to establish a joint project team.Personnel, co-construction of incubation platform, etc., quickly open the “production-learning-research-use” full chain, and constantly introduce new ideas, new technologies, new products, and continue to enhance the influence of the two industries.

The focus of cooperation includes but is not limited to: 1. Aim at the difficulties and pain points of traffic safety, and jointly build first-line service brands.

2. Develop a series of teaching materials based on formal operating standards to help 杭州桑拿网 improve the quality of drivers.

3. Establish a nationwide traffic safety education platform and promote traffic safety publicity and education.

4. Comprehensively deepen the application of innovative technologies and promote the upgrading of driving test.

5. Building a brand cooperation demonstration zone.

6. Joint leadership talent training and team building.

7. The other two parties agreed that research was carried out in cooperation.

Maintain BUY rating.

The company has further improved its market share by continuously improving the quality of its services, adjusting its teaching plan, and extensive marketing.

Under the preliminary guarantee of high-quality services, driving training institutions with rich training experience and good reputation will be more likely to gain the favor of the literature.

The 南京桑拿论坛 basis of the company’s market development and marketing plan is to continue to maintain high-quality services, continue to improve the brand image, and more effectively turn word-of-mouth advantages into follow-up students.

The company’s main business market is Beijing to dissolve non-capital functions, and some populations have moved abroad. We will give a more cautious estimate of the number of people trained in Beijing and set the company’s EPS from 0 to 2019.


09 yuan adjusted to 0.


42 yuan, PE is 45 / 42X.

Risk reminder: Expansion in different places is less than expected, labor costs rise too fast, driving school policy changes

Danghong Technology (688039) Company Research: Performance Express Meets Expectations Radio, TV One Network Integration and 5G Downstream Applications Accelerate Company Growth

Danghong Technology (688039) Company Research: Performance Express Meets Expectations Radio, TV One Network Integration and 5G Downstream Applications Accelerate Company Growth

Event: On the evening of February 27, 2020, the company released a quick report on 2019 performance and achieved operating income2.

$ 8.5 billion, an increase of 40 per year.

22%, achieve net profit attributable to mother 0.

860,000 yuan, an increase of 34 in ten years.

36%, net profit after deduction is 0.

780,000 yuan, an increase of 27 in ten years.


The performance report is not significantly different from the expected data for 2019 disclosed in the prospectus when the company was listed, which is in line with market expectations.

  The integration of radio, television and one network is expected to accelerate the company’s growth.

On the evening of February 25, 2020, the Central Propaganda Department issued Document No. 4 “Implementation Plan for the Integrated Development of the National Cable TV Network”.

In the past, the company used IPTV, live broadcasts, and Internet video companies as its main customers, and also participated in the construction of traditional radio and television systems. Through the acceleration of radio and television 5G, the company deepened cooperation in the field of radio and television by relying on the case of strong technical moats and benchmark spindle Internet companies.To drive the company’s accelerated development.

  Ultra high-definition video is the cornerstone of 5G downstream applications such as VR, cloud gaming, live streaming, and cloud video.

The 5G video application field first puts forward higher requirements for the resolution and image quality of video sources (such as color depth, color gamut, HDR, etc.). At the same time, it will also increase the refresh frequency, require fast response capabilities, and shortened delay tolerance.We believe that the display form of future screens will also extend from traditional small screens and large screens to 3D screens, curved screens and even 360 ° screens. Higher definition image quality will bring a more realistic immersion.

  The 5G downstream traffic track will open up the company’s growth space.

The technical 杭州桑拿网 shortcomings of VR, cloud games, cloud video and other scenarios exceed the broadcast market as a whole. In fact, for the company, there is no technical threshold that is insurmountable. The horizontal expansion of future transformation technologies, VR, cloud games, live broadcast, cloud video, etc.Multiple 5G downstream application areas need to improve image display, synthesis quality, and reduce transmission bandwidth consumption. The company continues to output core codec products and solutions.

  We forecast the company to achieve revenue in 2019-2022.

8.3 billion, 4.

2 billion, 6.

7.9 billion and 9.

610,000 yuan, corresponding to the net profit attributable to mothers are 0.

810,000 yuan, 1.

4.2 billion, 2.

6 billion and 3.

At 6.5 billion US dollars, 2020-2022’s attributable net profit compound growth rate will be 60%. Considering the company’s technical barriers and broad development space in the ultra-high-definition video industry, PEG is given a value of 1.

Four times, that is, 11.9 billion yuan in target cities by 2020.

In addition, we expect the company’s long-term market value space under the prudent, neutral and optimistic assumptions to be 19.7 billion, 32.7 billion, and 47.4 billion, respectively.

  Risk reminders: technical risks; the progress of industrial investment and policy implementation exceeds expected risks; the risk of bad debts of accounts receivable exacerbates risks; the risk of loss of income.

HKUST News (002230) 2019 Third Quarterly Report Review-Continuous Focus on Core Tracks

HKUST News (002230) 2019 Third Quarterly Report Review-Continuous Focus on Core Tracks
Maintain the company’s initial judgment of 900 million net profit attributable to the mother, consider the progress of income structure optimization brought about by incremental performance management, and adjust the EPS forecast for 2019-21 to 0.41/0.62/0.89 yuan (previous forecast was 0.41/0.70/1.06 yuan), the expected growth rate of income is adjusted to 30%.Overall / per capita profitability, degree of productization, the track further improved control, maintaining a target price of 40.81 yuan.Maintain “Buy” rating. The performance was basically in line with expectations, and the turning point in profit came.In the first three quarters of 2019, the company achieved revenue of 65.73 trillion, ten years +24.41%, net profit attributable to mothers3.74 trillion, +70 ten years ago.51%; third quarter revenue was 23.4.5 billion, +13 in ten years.10%, realizing net profit attributable to mother 1.84 trillion, +108 for ten years.06%.On the expense side, the company’s sales / management / research and development expenses increased ten years in the first three quarters.86% / 17.61% / 30.24%, the company still increased R & D expenditure on core business while controlling expenses.On the whole, the company promotes the transformation of the management assessment system with incremental performance management as the core. The company’s operating indicators are guided by gross income to per capita gross profit. From 350,000 per capita gross profit last year to 400,000 per capita gross profit in the first three quarters, graduallyThere will be an upward trend, and the turning point in profit has arrived. Affected by business optimization and expectations, Q3 revenue growth slightly declined, and Q4 is expected to pick up and support growth. The growth rate of the company’s revenue is low, and the expansion is affected by the macroeconomic environment. In 2019, some government fiscal expenditures will tighten, and the increase in operating pressure in banks, operators and other industries will have a certain impact on the growth rate of some of the company’s business;Proactive adjustments were made to some business directions that did not have long-term strategic significance, which affected the current revenue to a certain extent.The company has achieved a focus on key racetracks in its business. In the third quarter of 2019, it has initially integrated the momentum of the healthy development of core businesses. The quality of its business has continued to improve, and its manpower structure has been continuously optimized, helping to improve per capita efficiency.This trend is expected to continue gradually in the future, and revenue growth is expected to gradually pick up. The core track realizes the industrialization of AI, absorbs product competitiveness, customers control, and track control helps boost long-term growth.With the implementation of strategic focus and incremental performance, the dividends of AI applications are gradually realized.We believe that the focus of the entire capital market on AI companies will gradually focus on the AI industrialization landing capability.HKUST Xunfei is one of the leading companies in the AI industrialization. 武汉夜网论坛 It has built a competitive product competitiveness on the core track represented by education. Customers control the track and control the track to support the company’s sustainable development. Risk factors: The investment projects are lower than expected, the C-end product promotion is lower than expected, and the cost control is lower than expected. Investment suggestion: Maintain the company’s judgment of long-term attributable net profit of 900 million, consider the income structure optimization progress brought by incremental performance management, and adjust EPS to 0 in 2019-21.41/0.62/0.89 yuan (previous forecast was 0.41/0.70/1.06 yuan), the expected revenue growth rate is predicted to 30%.Overall / per capita profitability, degree of productization, the track further improved control, maintaining a 佛山桑拿网 target price of 40.81 yuan.Maintain “Buy” rating.