Month: March 2020

Jiemei Technology (002859) company financial report comments: downstream destocking affects short-term performance and waits for demand to pick up in the second half of the year

Jiemei Technology (002859) company financial report comments: downstream destocking affects short-term performance and waits for demand to pick up in the second half of the year

[Key points of investment]The company achieved operating income in the first half of 20193.

8.2 billion, down 36 each year.

18%; net profit attributable to mother was 5,413.

670,000 yuan, a decrease of 48 per year.

64%.

Net cash flow from operating activities reached 2.

67 ppm, an increase of 1940 in ten years.

55%.

Downstream destocking led to a double decline in revenue and profits, and demand is expected to pick up in the second half of the year.

From the fourth quarter of 2018 to the end of June 19, the downstream industry has been in the inventory stage. Due to this, the company’s short-term performance has shifted.

Destocking pressure reduced. In the first three quarters of 2018, some downstream companies and distributors of electronic components continued to raise prices and stockpiles, which led to high stocks in downstream companies. The transition due to the transition from 4G to 5G led to a rapid decline in demand.

In the second half of the year, downstream and downstream customer inventories gradually returned to normal levels. The arrival of 5G brought about a rebound in demand, and the company’s crop utilization rate gradually improved.

The paper carrier tape product structure was further optimized, and the plastic carrier tape raw materials were switched smoothly.

Paper carrier business achieved revenue in the first half of the year2.

86 ‰, a decrease of 36 per year.

79%.

At the same time that revenue has grown significantly, the gross profit margin of this business has still reached zero.

27 outstanding improvements, thanks to the continuous optimization of its product structure.

In the first half of the year, the company’s share of cut paper tapes further decreased, and the percentage of shifts in punched paper tapes increased.

As for the plastic carrier tape, some customers have begun to switch from self-produced black PC particles, and some customers have realized batch use.

With the gradual release of plastic carrier tape production capacity, new customers are increasing, and the future development of the business’s profitability is gradually increasing.

Regarding the transfer of adhesive tape, it achieved revenue of 1567 in the first half of the year.

230,000 yuan, an annual increase of 209.

72%.

Despite the lack of short-term effects of MLCC destocking, sales of MLCC release films have increased, but the number of customers has steadily increased, and OCA release films for optical adhesives and release films for adhesive materials have also begun to sell.

Optimistic about the domestic substitution trend of transfer tapes, this business will contribute to the company’s long-term performance growth point.

The operating cash flow has improved significantly, and the repurchase of shares has shown the company’s confidence.

In this report, the net cash flow from operating activities of the first-tier companies reached 2.

67 ppm, an increase of 1940 in ten years.

55%, mainly due to the company’s customers with good credit, timely payment in accordance with the credit amount and appropriate control of procurement expenditures 佛山桑拿网 in the current period.

The company intends to repurchase shares for incentives, with a repurchase amount of 1 ppm-1.

5 trillion, the repurchase price does not exceed RMB 42 per share (inclusive).

The repurchase of shares further shows that the company is optimistic about the company’s development prospects.

[Investment suggestion]Considering that the company ‘s performance in the first half of the year was affected by industry destocking and exceeded its original expectations, the company ‘s profit forecast for 19/20/21 was lowered. As the destocking in the downstream industry has ended, the industry ‘s prosperity has ushered in transformation, so the company ‘s performance in the second half of the yearThere will be resistance to pick up.

Based on the above factors, the operating income for 19/20/21 is reduced to 11.

92/16.

03/21.

3.2 billion, down 19/20/21 net profit attributable to mother to 2.37/3.

16/3.

97 ppm, corresponding to 0 EPS.

92/1.

22/1.

54, PE 35/26/21 times.

Maintain the “overweight” rating.

[Risk warning]The company’s new business development is less than expected; the industry’s economic reversal is less than expected.

Lanqi Technology: Independent research and development of memory interface chip leader re-industry segmentation

Lanqi Technology: Independent research and development of memory interface chip leader re-industry segmentation

Lanqi Technology is a leading company in memory interface chips. Lanqi Technology is a main business that provides chip-based solutions for the cloud computing and artificial intelligence fields. At present, its main products include memory interface chips, Jincatch server CPUs, and hybrid security memory modules.group.

After years of R & D accumulation, the company’s products have been highly recognized in the industry and are widely used in data centers, cloud computing and artificial intelligence, etc., to meet the needs of next-generation servers for performance, reliability and high security.

Revenue and net profit continue to grow, maintaining high gross profit margin 2016?

The company’s operating income in 2018 was 8.

45, 12.

28, 17.

5.8 billion, an increase of 45% and 43% respectively in 2017 and 2018.

The company’s comprehensive gross profit margins were 51.

20%, 53.

49% and 70.

54%.

2016?In 2018, the company’s net profit attributable to its mother was 0.

93, 3.

47, 7.

3.7 billion, an increase of 273% and 112% in 2017 and 2018, respectively.

The self-developed leader in resetting memory interface chips has been deeply engaged in the company’s memory interface chip field for more than ten years, becoming one of the world’s major suppliers that can provide complete buffered / semi-buffered solutions from DDR2 to DDR4 memory.Processor suppliers, server manufacturers, memory module manufacturers and software system providers have established long-term and stable cooperative relationships.

The DDR4 fully buffered “1 + 9” architecture invented by Lanqi Technology was adopted as an international standard by JEDEC (the leading standard organization of the global microelectronics industry), and its related products have successfully entered the international mainstream memory, server and cloud computing fields, and occupied the global market.Major share.

At present, the company actively deploys DDR5 memory interface chips according to the research and development progress of memory module manufacturers. The new generation of products can effectively support the high-speed and low-power requirements of DDR5.

Server products enter the promotion stage and expand new profit growth points. Since 2016, Lanqi Technology has cooperated with the core and Tsinghua University to develop a series of server CPUs.

The Jincatch server platform is built based on the Jincatch CPU and Lanqi technology’s hybrid secure memory module.

Jincatch server platform is a high-performance secure and controllable trusted server platform, especially suitable for data centers that have high requirements for data security. This server platform is mainly composed of Lancatch ‘s server and CPUIt is composed of a hybrid secure memory module with independent intellectual property rights.

The series of products were successfully developed at the end of 2018 and entered the stage of market promotion.

The company that raises funds for product and technology upgrades plans to raise additional funds of US $ 2.3 billion for the research and development and industrialization projects of new-generation memory interface chips, Jincun server CPU technology platform technology upgrade projects, and artificial intelligence chip research and development projects.

Among them, the replacement of memory interface chips will help consolidate the company’s leading field in subdivisions; the technology upgrade of Jincatch 杭州夜生活网 server CPU and platform will help the company to better provide high-performance, high-security server CPUs for the cloud computing era.Platform products; artificial intelligence chip research and development projects will focus on customer needs, aim at the direction of industrial development, and reserve new business growth points for the company.

Comparable companies assess that the company is the highest number of integrated circuit design companies with independent research and development and reorganization of leading advantages in segmented areas.

The company is optimistic that relying on the Chinese market, capital and policies, relying on its own technology research and development strength, it will achieve further growth by developing high-performance products and expanding product lines.

Five comparable companies in the same industry were selected. The average PE (TTM), PE (19E), and PE (20E) were 61, 51, and 40, respectively.

Risk Tips 1. The risk that the IPO is not going well; 2. The risk that the order is less than expected; 3. The risk that the development progress is less than expected; 4. The risk that the downstream industry will reduce demand.

Blond hair technology (600143) 2019 third quarterly report review: multi-point flowering beautiful performance

Blond hair technology (600143) 2019 third quarterly report review: multi-point flowering beautiful performance
In the third quarter, the company’s main business was beautiful and the new materials business was progressing smoothly, especially in the fields of biodegradable plastics and LCP. The company’s single-quarter performance exceeded market expectations under multiple factors.We believe that with the steady development of the new materials business, the company’s performance will maintain a rapid growth trend for a long time, and we are optimistic that the company’s view will remain unchanged. The main business is beautiful, Haiyue consolidated, and the third quarter results have increased significantly.The company disclosed the third quarter report for 2019, and Q1-3 realized revenue and net profit attributable to mothers 203 respectively.76 and 9.4.4 billion, an increase of 9 each year.85% and 44.34%.Among them, Q3 achieved revenue and net profit attributable to its mother of 80 in a single quarter.34 and 4.3.5 billion, an increase of 21 each year.88% and 43.twenty four%.Excluding Ningbo Haiyue’s consolidation factors, the company’s performance mainly benefited 南京夜网论坛 from the following aspects: 1) the price of modified plastic raw materials fell, and the company’s cost side improved; 2) the demand for fully biodegradable plastics was strong, and the additional production capacity was completely absorbed by the market; 3) LCP product sales have increased significantly. Steady volume of new materials and more blossoms are expected to help performance growth.The company’s new and new products are in the stage of continuously expanding application scenarios.Among them, 1) Biodegradable plastics benefit from internal plastic ban, market demand is rapidly expanding, and the distribution of new business capacity is quickly absorbed by the market; 2) LCP can replace hygroscopicity, and the dielectric constant and dielectric loss are reducedAdvantages such as low frequency fluctuations have become mainstream materials for 5G antennas; 3) PA101 and PA6T (energy transmission to production at the end of 2019) and other good high strength, high temperature resistance and other properties make a wide range of aviation possible aerospace and military industries.In the process of rapidly cultivating the average value of the above-mentioned new materials, we are optimistic that the company will use its first layout to achieve rapid growth in performance while maintaining its leading position in the new materials field. Deploy hydrogen energy to improve resource utilization efficiency.Democracy, the company’s subsidiary Ningbo Jinfa and Zhejiang Energy Group’s Millennium Hydrogen Energy Comprehensive Utilization Strategic Cooperation Framework Agreement.Ningbo Jinfa will take advantage of its industrial by-product hydrogen production (60% PDH unit, expected to reach 2).5 minimum exchange rate / annual hydrogen supply capacity), to provide protection for the hydrogen energy supply of Zhejiang Energy Group, and at the same time will give full play to the advantages of its provincial energy company’s entire industrial chain, relying on the construction of comprehensive energy supply stations, the layout covers the province’s hydrogen energy supplyThe internet.At the moment of the rapid development of hydrogen energy, the layout brings new growth opportunities for the company. Risk factors: 1) The price of raw materials fluctuates significantly; 2) The international market expansion is less than expected. Investment suggestion: We believe that with the steady development of new materials business, the company’s performance will maintain a rapid growth trend for a long time, and we are strongly optimistic that the company’s growth perspective remains unchanged.Maintain the company’s EPS forecasts for 2019-21 to 0.33/0.38/0.45 yuan, maintaining a target price of 9.3 yuan (corresponding to 25 times PE in 2020) and “Buy” rating.

德国汉堡袭击案:政府部门闹乌龙 嫌犯错过遣返日期

德国汉堡袭击案:政府部门闹乌龙 嫌犯错过遣返日期
­  中新网8月2日电 据外媒报道,德国汉堡持刀行凶案的嫌疑人本应于2015年就被遣返挪威。但由于政府部门疏忽,错过遣送日期,造成此人滞留德国。­  据报道,在汉堡持刀袭击案的作案人阿赫马德A(Ahmad A)身上,有关部门显然曾犯下一个后果严重的错误,结果使得此人未能被及时遣送出境。­  据德国媒体掌握的信息,这名巴勒斯坦人在2015年初入境德国后不久,就应被遣返挪威。他此前曾在挪威申请避难被拒。根据欧盟协调避难政策的《都柏林协议》,他应可被遣送回首次提出避难申请的国家。挪威虽不是欧盟成员国,但也承认遵守该协议。­  报道称,德国移民和难民局(Bamf)于2015年5月提取了阿赫马德A的指纹。经过在欧盟的难民登记数据库EURODAC中的搜寻对比,人们发现他已在挪威提出过避难申请。6月14日,难民局向挪威提出了遣返要求,但此时已经比规定的期限晚了一天。挪威方面因此拒绝接收此人,德国只得自认倒霉,必须为这名难民负责。­  两周后,阿赫马德A接受难民局官员的问询杭州夜网论坛后,他的避难申请被搁置了下来。那时,德国正好迎来了2015年夏秋之际的难民潮高峰期。直到2016年11月,难民局才对阿赫马德A作出了拒绝避难申请的决定,此时距他来到德国已经一年半。­  申请被拒后,阿赫马德A应被遣返原籍地–巴勒斯坦。但据汉堡内政部门称,由于他没有护照,而巴勒斯成都桑拿网坦在德代表机构一直没有为其提供身份证明文件,所以无法将其遣返。­  不过阿赫马德A对当局的工作还算配合,表示愿意前往加沙地带。据说就在上周作案当天,他还向外国人事务局打听过遣返手续的进展情况。­  之后,他在汉堡巴姆贝克区(Barmbek)一家超市用刀袭击他人,一名50岁的男子被刺成重伤不治身亡,另有7人受伤。阿赫马德A在超市外被见义勇为的路人制服后被捕,目前在刑事调查拘押中。­  德国联邦总检察署7月31日宣布接手调查工作,并称案件很可能有极端伊斯兰主义背景。检方推测,现年26岁的嫌疑人在作案前就出现了极端化。但尚无迹象显示他是伊斯兰国或其他恐怖组织的成员。调查中也没有发现另有其他帮凶或幕后指使的线索。 原标题:德汉堡袭击案:政府部门闹乌龙 嫌犯错过遣返日期

Yutong Technology (002831): Large-scale packaging customers gradually increase the volume and optimize the multi-faceted layout strategy to drive new growth

Yutong Technology (002831): Large-scale packaging customers gradually increase the volume and optimize the multi-faceted layout strategy to drive new growth
This report reads: The company released the third quarter report of 2019, and the performance was in line with expectations.New customers in new fields of large packaging are gradually increasing, the pressure on raw material costs is reduced, the overall product structure is optimized, and the profit is improved. The cloud packaging industry Internet platform opens up new markets. Investment Highlights: Raise target price to 27.37 yuan, maintaining the overweight level.The company released the third quarter report of 2019, and 3C customers achieved higher growth. Cigarette labels, wine bags, environmentally friendly paper and plastics, Yunchuang and other businesses continued to develop, and their performance was 杭州桑拿网 in line with expectations.Considering that the company’s large packaging customers are gradually heavy, 3C customer orders are expected, and the advantages of overseas layout appear, maintaining the company’s 2019?The EPS in 2021 is 1.24/1.46/1.76 yuan, with reference to the industry to give the company about 22 times PE in 2019, raise the target price to 27.37 yuan, maintaining the overweight level. The performance was in line with expectations, and the profit level continued to be repaired month-on-month.The company achieved revenue of 63 in the first three quarters of 2019.4.6 billion, an increase of 16.35%, net profit attributable to mother 6.08 million yuan, an increase of 12.13%, deducting non-net profit 5.4 billion, an increase of 14.14%, comprehensive gross profit margin of 30.42%, net margin 9.88%; in the third quarter, 南宁桑拿 single-quarter revenue and net profit attributable to mothers increased by 22 respectively.79% and 13%, the growth rate has increased significantly, and the gross profit margin has increased by 4 from the previous quarter.85pct to 33.75%, net interest rate increased by 4 from the previous quarter.29 points to 12.01%. Market orientation continued to develop high-quality customers, optimized product structure, and improved efficiency helped the recovery of gross profit margin. The company has increased its efforts in the development of smart hardware, tobacco, alcohol, health, cosmetics and other products. Some new customers have gradually increased their volume. The overall structure of the product has been optimized, raw material prices have fallen, and production efficiency has increased. These factors have driven the company’s gross profit margin to recover. The environmental protection tableware was formally put into production and contributed to the increase, strengthening the Internet platform of the cloud packaging industry.The company’s plant fiber industry is leading the way, and the domestic “plastic ban” wave is gradually emerging. Environmentally friendly paper and plastic is expected to become a performance-driven increase.The company strengthens the industrial Internet platform to provide customers with high-end marketing vision, commercial prints and other solutions. Yunchuang Technology plans to build and become the largest digital production base in South China, and provides customers with better services through perfect supply chain management. Risk Warning: Macroeconomic Growth Forecast; Raw Material Price Rise; Exchange Rate Risk

Yangnong Chemical (600486): Outperformed Youjia Project and Integrated Layout to Help Mid- and Long-Term Development

Yangnong Chemical (600486): Outperformed Youjia Project and Integrated Layout to Help Mid- and Long-Term Development

Jan. 3, 2019’s performance exceeded our expectations. Jan Agrochemicals announced Jan. 3, 2019’s results: operating income of 70.

US $ 6.2 billion, a 10-year increase in revenue after an earlier adjustment1.

09%; net profit attributable to mother 10.

700 million US dollars, the earlier adjusted net profit attributable to mothers increased by 14 per year.

7%, corresponding to a profit of 3.

45 yuan, more than we expected, initially the consolidated earnings exceeded our expectations, the net income from the company merger on January 3, 19

3.3 billion yuan.

19?

In 1Q3, the company deducted non-net profit from the mother.

94 trillion, an increase of one year.

3%.

In the third quarter of 19, the company’s revenue was 1.8 billion U.S. dollars, which decreased by 8 every year.

2%, the decline in revenue was mainly due to the sales of dicamba over the same period last year; net profit attributable to mothers2.

1.9 billion, an annual increase of 0.

5%, the merger of the 3Q19 target companies generated a net income of 14.65 million yuan.

  Development trend 1?

The price of 3Q19 insecticides increased, and the average price of 3Q19 insecticides was stable from the previous month.

19?1Q3 company’s pesticide revenue 24.

USD 5.7 billion, an annual increase of 22%, of which sales increased by 11% to 10,880 tons, and prices rose more than 10% to 22.

580,000 yuan / ton.

3Q19 company average pesticide price 21.

3 million / ton, an annual growth rate of 4%, which remained stable from the previous month; 3Q19 insecticide sales increased by 18% to 3,206 tons, driving insecticide revenue growth by 23% to 6.

4.5 billion.

Currently the market price of kefir and bifenthrin is 29/32.

5 million tons / ton, through the expected gradual resumption and expansion of production, we expect that the price of pyrethroid will face some pressure, but the company’s integrated pyrethrin integrated industrial chain will still maintain a high level of profitability.

  1?3Q19 dicamba sales were sluggish, and its demand outlook is still optimistic.

19?In 1Q3, the sales volume of herbicides was 28,750 tons, a year-on-year decrease of 34%, and the average sales price was 2.

94 million tons per ton, a decrease of 30% each year, mainly due to the volume change of wheat straw shrinkage. We estimate that the volume of wheat straw shrinkage is mainly related to Sino-US trade frictions, heavy rains in the US planting season, and delays in the promotion of Brazilian genetically modified crops.

We expect that through the reduction of dicamba application defects and dicamba-resistant transgenic soybeans are expected to be promoted in Brazil and other regions in 2021, the demand for dicamba is good.

  The acquisition of Sinochem Crops and the agricultural research company laid out an integrated industrial chain, and the Youjia project helped the medium and long-term development.

The company has completed the acquisition of Sinochem Crops and Agricultural Research Corporation’s equity. We expect that asset integration will help promote the company to form an integrated industrial chain of research, production and sales.

The company’s third and fourth-phase projects will continue to expand the company’s core varieties of pyrethroid and other production 四川耍耍网 capacity. We expect to start contributing to the performance by 2020, which will help the company’s medium and long-term development.

  Earnings forecasts and estimates Due to the consolidation of the acquisition targets, the 19/20 revenue forecast is raised by 54% / 52% to 86.

8/99.

800 million US dollars, raised the parental net profit forecast by 10% / 11% to 11.
9 / 1.4 billion.

At present the company conforms to the corresponding 19/20 12.

8/10.

9xP / E.

Maintain target price of 75 yuan, corresponding to 53% increase and 20 / 17XP / E in 19/20, maintain outperform industry rating.
  The price of risk pyrethroid rose sharply, and the Youjia project progress exceeded expectations.

Kodali (002850): Gross profit margin continues to hit new highs and profitability continues to improve

Kodali (002850): Gross profit margin continues to hit new highs and profitability continues to improve
Event: The company achieved operating income in the first three quarters of 2019 * 17.0 million yuan, an increase of 26 in ten years.34%; Net profit attributable to shareholders of listed companies1.470,000 yuan, an increase of 234 in ten years.74%.Among them, the third quarter achieved revenue of 5.27 ppm, 10-year average3.43%, net profit attributable to shareholders of listed companies is 6,631.790,000 yuan, an annual increase of 209.29%.  Comments: 1) The main business continued to pick up, and profitability was fully reflected.The company achieved revenue in Q3 20195.At 2.7 billion, the proportion of lithium battery structural components continued to increase, exceeding 90%.Subject to the impact of the industry’s sharp quarterly growth in the third quarter, the company’s Q3 revenue declined slightly, but the company’s integrated capacity and efficiency increased, and its gross profit margin continued to increase, reaching Q28 in 2019.8%, an increase of 0 from the previous month.8 points.  The company’s automotive structural parts subsidiary and the termination of the automotive structural parts factory construction will focus on the 杭州夜网 lithium battery structural parts business in the future.  2) The production capacity was accelerated and improved, and the leader was further consolidated.At present, the company’s construction capacity will increase the company’s sales revenue by more than 2 billion after the production capacity is reached.The perfect production capacity layout will further consolidate the company’s leading market segmentation of precision structural parts for power lithium batteries.  3) The customer development is smooth, and the key customer strategy is further consolidated.The company keeps pace with the development of high-quality large customers, consolidates strategic cooperation relations, and cooperates smoothly with large domestic and foreign battery factories such as CATL, LG, Panasonic, BYD, AVIC Lithium Battery and other domestic 西安耍耍网 and foreign battery factories.  4) The company continued to strengthen its core technology and continued to expand its R & D investment.The proportion of R & D promotion in the third quarter of 2019 further increased to 5.3%, the company’s research and development focus on the battery safety field, including product safety explosion-proof, safe power failure protection and other key technical directions.  5) Performance continued to be released, and the leading profits of lithium battery structural components continued to be strong.The company also announced that the median net profit indicator for the fourth quarter of 2019 reached 88 million, an increase of more than 128%. The company has been listed on the company for three consecutive quarters.  Profit forecast: The company is expected to have a net profit of 2 in 2019-2021.28, 2.79, 3.7.8 billion, with EPS of 1.08, 1.33, 1.80 yuan, corresponding PE is 29, 24, 18 times, give “Buy” rating!  Risk warning: New energy vehicle sales are less than expected, and capacity expansion is less than expected

Sunlord Electronics (002138) Quarterly Review: Single-quarter revenue hits record high, expands, and plans for 5G

Sunlord Electronics (002138) Quarterly 杭州桑拿网 Review: Single-quarter revenue hits record high, expands, and plans for 5G
Single-quarter revenue hit a record high, and product price cuts and higher expense ratios dragged down performance. Maintaining an overweight rating company 9M19 achieved revenue 19.31 ppm, an increase of 10 in ten years.38%, net profit attributable to mother 2.97 ppm, a ten-year average of 17.87%, corresponding to 19Q3 revenue7.14 ppm, an increase of 15 in ten years.14%, single quarter revenue hit a record high, but in 19Q3 attributed to mother net profit1.10,000 yuan, 24 years average.7%, net profit after deduction is 0.93 ppm, a ten-year average of 28.18%, lower than market expectations, mainly due to the decline in the price of inductor products and the increase in the proportion of three charges.76/0.93/1.16 yuan down to 0.58/0.76/0.95 yuan, with a 杭州桑拿 target price of 26.45-28.71 yuan down to 21.28-22.80 yuan to maintain the overweight level. Gross profit margin temporarily decreased in the third quarter of 19% 4.62 points, 9M19 three fees accounted for an increase of 3.73pct lowered. Due to the passive component industry in the same period last year, driven by the MLCC price hike, it was at a high point. The chip price was stable and the customer’s stocking potential was serious. This year, the company’s chip price has a slight downward pressure.The proportion of revenues of electronics and other products has been reduced under the influence of the peak season of 3C products, so the 3Q company ‘s gross margin shift.62 points.In fact, the company increased R & D investment in order to promote the 5G era of technology, product reserves, and effective development of the military industry market. In order to improve ROE and increase loan financing, financial costs increased, so the three rates for 9M19 increased by 3.73pct reached 15.85%.We believe that with continued R & D and capacity expansion, new products such as miniaturized inductors, LTCC microwave devices, and military industries are expected to drive the company’s profitability up. When the category expansion is underway, around 5G terminals and base stations, the automotive electronics revenue continues to grow. In the gradual approach of the 5G era, the company ‘s microwave devices developed for 5G base stations have gradually been recognized and sold by major international manufacturers; according to survey feedback,5G mobile phones supporting the Sub 6GHz frequency band use an average of about 30% more than the old 4G mobile phones. Among them, the higher price of the 01005 model has increased the inductor usage from 0-40 to 80-100.Manufacturers of shaped chip inductors will benefit directly.In addition, continuing the trend of the first half of the year, 9M19’s auto electronics sales revenue continued to increase, and orders were still heavy, and gradually became well-known automotive electronics company suppliers such as BOSCH, VALEO, Denso, Tesla, CATL, Koboda and so on. The domestic demand for domestic substitution is urgent, and the rise of downstream brand terminals drives the growth of upstream demand. This year, under the macro background of repeated trade frictions between China and the United States, domestic integrated high-tech companies have been included in the physical list, the domestic substitution of upstream raw materials has accelerated.According to Huawei’s official website news, the 5G base station currently being built by Huawei has been nationally produced, and US parts have been used continuously.According to research feedback, the current supply of Sunlord’s chip inductors, LTCC microwave products in Huami’s OV mobile phone terminals and leading companies in internal communications has continued to increase. The chip inductors head into the development phase in the 5G era. Maintaining the overweight level is based on the operating conditions and expense ratio of 9M19. We expect the company’s return to net profit for the company from 19-21 to 609/7.52/9.3.8 billion down to 4.73/6.17/7.6.8 billion yuan, compared with an average of 20 in 2020 for comparable companies.23 times PE estimate. Considering the company’s leading level in the automotive electronics market certification progress and the global front-line division of the chip sensing technology, we give the company a 28-30 times PE estimate for 2020 and a target price of 26.45-28.71 yuan down 21.28-22.80 yuan to maintain the overweight level. Risk reminder: The progress of domestic substitution of inductor products gradually exceeds expectations, and the domestic 5G commercial progress exceeds expectations.

Yutong Technology (002831): New Shanghai Production Capacity + Convertible Bonds Approved, New Growth Started, Maintaining Recommendations

Yutong Technology (002831): New Shanghai Production Capacity + Convertible Bonds Approved, New Growth Started, Maintaining Recommendations
Event 1: On January 10, Yutong Technology announced that the company plans to invest 700 million US dollars in Shanghai Jinshan Industrial Zone to build Yutong’s high-end printing and packaging projects with its own or self-raised funds.The project is expected to achieve full production in 2026, with an annual output of 200 million high-end paper packaging gift boxes.800 million color boxes and 1.500 million printed manuals and other printed materials, achieving an annual output value of about 1 billion.  Event 2: On January 4, Yutong Technology issued an announcement that the convertible corporate bonds to be issued by the company were approved by the China Securities Regulatory Commission: the company has approved the company’s public issuance of convertible corporate bonds with a total face value of 1.4 billion. The term is 6 years.Valid for 6 months from the date of approval for issuance.  Event 3: On January 4, Yutong Technology announced the progress of share repurchase at the same time. As of December 31, 2019, the company implemented the repurchase of shares through centralized bidding transactions through the repurchase of special securities accounts, and the cumulative number of repurchased shares was about 322.850,000 shares, accounting for 0 of the company’s total share capital.3681%, the highest price was 24.300 yuan / share, the lowest transaction price is 21.970 yuan / share, the total transaction amount is about 7635.310,000 yuan (excluding transaction costs).  1. It is planned to invest USD 700 million in the construction of a high-end printing and packaging project in Shanghai, and to enhance the company’s comprehensive supporting service capabilities. In order to further enhance the company’s comprehensive supporting service capabilities, Yutong Technology intends to use its own or self-funded funds in the Shanghai Jinshan Industrial Park.Invested 70,000 yuan to build Yutong high-end printing and packaging project.The planned land area of the project is about 80 acres, and it is expected to achieve full production by 2026. After the production is completed, 200 million high-end paper packaging gift boxes will be produced annually.800 million color boxes and 1.500 million printed materials, such as manuals, have achieved an annual output value of about 1 billion after they have reached full capacity.  On the basis of long-term customer service, the company is committed to providing high-end brand customers with overall solutions such as packaging, marketing, advertising and customized gift services, and to provide customers with exclusive and personalized integrated packaging services.The implementation of the project is conducive to further improving the company’s comprehensive supporting service capabilities. From the perspective of the company’s long-term development, it will have a positive impact on the company’s performance improvement and profit growth.  2. The fundraising of convertible bonds focuses on the development of environmentally friendly paper and plastics, the promotion of international layout, intelligent packaging, cost reduction and efficiency enhancement. The convertible corporate bonds to be issued by the company have been approved by the China Securities Regulatory Commission.The USD convertible corporate bonds have a term of 6 years, and the approval is valid for 6 months from the date of approval for issuance.According to the public offering plan, the convertible bonds are planned to issue 14 trillion yuan, of which 600 million US dollars will be used to construct the Yibin environmental protection paper and plastic project, which will occupy 2 respectively.5, 1.27, 0.5.1 billion yuan was allocated to Xuchang, Vietnam and Indonesia to expand production bases, and the other 4.$ 200 million to supplement working capital.  The global plastic ban policy drives the development of environmentally friendly packaging market, and environmentally friendly tableware will become an important driver of the company’s performance growth.The company’s plant fiber product production base in Dongguan has been put into operation, and the Sichuan Yibin plant fiber product production base has invested less than RMB 600 million, and is expected to be completed and put into production soon.Environmentally friendly paper and plastic is a green environmental protection packaging transformation direction, which can effectively replace the existing plastic and foam products.The internal and new customers of the company have begun to use environmentally friendly paper and plastic products. Leaders in various fields such as Meituan, SF, Huawei, and Xiaomi have begun to use environmentally friendly paper and plastic products instead of plastic or foamable disposable tableware and express bags.Neto and so on, and are promoting quickly.According to data from third-party market research institute Technavio, the size of the existing global environmentally friendly paper and plastics market in 2017 was close to 30 billion, with a compound annual growth rate of nearly 8% in 2018-2022.With the gradual promotion of the “plastic ban” policy, the company will become a leading manufacturer of plant fiber tableware industry.  The international layout provides supporting services and is expected to benefit customers’ expansion.The company plans to raise funds to allocate 21 respectively.27, 0.51 million US dollars Vietnam, Indonesia production base expansion, and set up service centers and offices in Hong Kong, China, the United States and Europe and other countries and regions.In the future, the company will cooperate with customers to gradually progress, accelerate the expansion of overseas industries, product line layout, and continue to promote internationalization.  Continue to promote intelligent packaging, promote efficiency improvements, and optimize costs.The company continues to promote intelligent packaging and expands the company’s Xuchang smart factory. It is expected to be delivered in 2020. Reorganization. The company announced in the previous announcement that it will invest USD 600 million in Huizhou to build a smart packaging industry base.million.Project planning products include intelligent, automated products, new material molding and manufacturing products, and intelligent packaging products.By building a smart factory, it is expected that the company will effectively enhance the company’s degree of intelligence and automation, and achieve efficiency improvements and cost optimization.  3. The wave of 5G consumption will drive the recovery of intelligent electronic equipment, and the consumer electronics packaging industry is expected to benefit.The 5G consumption wave will drive the recovery of intelligent electronic equipment and equipment, and the consumer electronics packaging industry will benefit.On June 6, 2019, skipping the trial commercial phase, the Ministry of Industry and Information Technology officially delivered 5G commercial licenses to the four major operators: Mobile, China Unicom, Telecom, and Radio and TV, so 2020 will be the starting point for global 5G applications.With the commercialization of 5G, due to subdivision reasons, if you want to use 5G, you must change the phone, and the change is attractive.According to IDC, 5G smartphone expansion will account for 8% of total smartphone conversions in 2020.9%, reaching 1.200 million units, and by 2023, this proportion will increase to 28.1%.  According to Qualcomm’s forecast, 5G mobile phones will increase by 4 in 2021.500 million units, which will increase to 7 by 2022.500 million units.In the next 2-3 years, it is basically determined that there will be a wave of 5G mobile phone replacements, which is expected to drive the recovery of smart phones.At the same time, 5G commercial use is also driving the demand for other intelligent electronic equipment.  Yutong Technology has initially penetrated into the field of 3C packaging, and pre-cut into the supply systems of well-known customers such as Google, Harman, Amazon, Xiaomi, etc., and has also opened up packaging markets for smart home, smart wearable, VR / AR and other devices.According to the company’s public account report, on November 7, 2019, Yutong Technology signed a strategic cooperation agreement with Goertek. Yutong Technology became the sole strategic partner of Goertek’s printing and packaging. The two parties will expand in-depth cooperation.Goertek’s R & D, manufacturing and sales of military acoustic and optical precision components and precision structural parts, intelligent complete machines, and high-end equipment, the company achieved revenue of 237 in 2018.5.1 billion, net profit attributable to mother 8.6.8 billion yuan.The company has many years of service in the field of consumer electronics, the experience of well-known brands at home and abroad, and the automated production strength of high-end intelligent manufacturing. Providing integrated solutions to multiple high-end brands will help to fully benefit from the 5G consumption wave.  4. New contributions from tobacco and alcohol packaging, cloud packaging to create an industrial Internet platform, the company achieved revenue 63 in the first three quarters of 2019.460,000 yuan, an increase of 16 in ten years.35%; net profit attributable to mother 6.08 million yuan, an increase of 12 in ten years.13%; of which revenue was 26 in 19Q3.62 ppm, an increase of 22 in ten years.79%; net profit attributable to mother 3.1.2 billion, an increase of 13 in ten years.00%.As for the wine package business, the company won all the bids on August 29, 2019 in Maotai wine paper gift boxes (handmade boxes) and matching bags, wine paper card boxes and matching bags, and wine outer packaging cartons.Supplier list, the company is bound to cooperate with well-known customers such as Yanghe, Shuijingfang, Guizhou Xijiu and other stable cooperation, and the prospect of the wine package business is good in the future.In terms of cigarette package business, the company completed the acquisition and acquisition of Wuhan Aite in 2018, and gradually obtained the qualification of some China Tobacco suppliers.  2019H1 Wuhan Aite is expected to achieve revenue1.7.1 billion, an increase of about 63% over the same period.In the field of cosmetics packaging, the company has in-depth 四川耍耍网 expansion of high-quality large customers such as Procter & Gamble, Unilever and L’Oreal. After the initial running-in, some new customers have gradually increased their orders.  In addition, the company’s industrial internet platform uses existing industry resources, design resources, brand resources, network resources and technical resources to provide customers with high-end marketing visual solutions, commercial printing solutions, personalized custom solutions, and small batch packaging solutions.Solutions and anti-counterfeiting traceability solutions.Yunchuang Technology, a wholly-owned subsidiary of the company, plans to build and become the largest digital production base in South China, and provides customers with better services through perfect supply chain management.  5. Share repurchase is used for employee 成都桑拿网 shareholding plans to increase the motivation of the company’s employees. On June 15, 2019, the company issued an announcement on the plan to repurchase the company’s shares.The company’s shares were repurchased at a price of 343 yuan, and the repurchase amount was not less than 100 million and not more than 200 million.As of December 31, 2019, the company repurchased shares through centralized bidding transactions through the repurchase of special securities accounts, and the cumulative number of repurchased shares was approximately 322.850,000 shares, accounting for 0 of the company’s total share capital.3681%, the highest price was 24.300 yuan / share, the lowest transaction price is 21.970 yuan / share, the total transaction amount is about 7635.310,000 yuan (excluding transaction costs).  All the shares repurchased by the company will be used for the company’s employee stock ownership plan, which will help coordinate the interests of employees and the company, enable employees to share the company’s development bonus, establish a long-term incentive mechanism, attract and retain outstanding talents, and fully mobilize employeesBe motivated and earnestly protect the interests of the company and investors.  6. Investment suggestion: We expect Yutong Technology’s operating income from 2019 to 2020 to be 99.70, 125.6.2 billion, an increase of 16 each year.23%, 25.99%; net profit attributable to mothers is 10.80, 13.7.1 billion, an increase of 14 each year.16%, 26.94%, corresponding to a P / E of 23.5x, 18.5x, maintain “Buy” rating.  7. Risk factors: The price of raw materials and the exchange rate have increased; competition in the industry has intensified; new business development has fallen short of expectations.

Zhejiang Meida (002677): Company Performance Continues High Growth Channel Marketing Layout Increased

Zhejiang Meida (002677): Company Performance Continues High Growth Channel Marketing Layout Increased

Event: The company released its semi-annual report for 2019 and realized operating income in 2019H17.

40,000 yuan, an increase of 25 in ten years.

24%, net profit attributable to mother 1.

82 ppm, an increase of 25 in ten years.

04%; of which, Q2 income is 4.

1.5 billion, an annual increase of 21.

14%, net profit attributable to mother 1.

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

20%.

Revenue has maintained a high growth, and channels have continued to expand. From the perspective of the industry, due to the impact of the real estate post-cycle, the performance of the traditional smoke stove market is relatively weak, while the performance of integrated stoves is very different.

The company has a solid leadership position in the integrated stove industry, and its revenue has maintained a high double-digit growth.

In terms of channels, the company continues to increase the integration and optimization of existing dealers, encourages the establishment of new stores, and invites investment in blank areas such as first and second tiers, and further 北京夜网 expands the coverage of existing terminals. In the first half of the year, 70 first-tier dealers have been added, 300 terminal stores.

At the same time, it actively promotes the construction of emerging channels such as KA, e-commerce, engineering, etc., establishes diversified marketing channels, and finds new growth points for the company.

The gross profit margin improved significantly, and active marketing consolidated the brand positioning company’s gross profit margin in 19H1 and net profit margin of 53.

47% and 25.

88%, +2 each year.

27, -0.

04 points.

In addition, the company’s 1.1 million integrated cooking stoves and high-end kitchen appliances smart production base are expected to be put into trial production in September. The future output will increase productivity and the effect of scale effects, 武汉夜网论坛 and the gross profit margin will increase further.

From the perspective of expenses, the company’s sales, management, R & D, and financial expense ratios are +5 every 19H1.

09, -2.

78, +0.

72, -0.

25 points.

From the perspective of the specific sub-sectors of sales expenses, the increase in advertising expenses is mainly due to the company’s efforts to promote the brand. It has not only placed advertisements on various traditional channels such as CCTV, high-speed rail, and home appliance exhibitions, but also increased its exposure to new media.Sponsorship.

The cash flow was in good condition, and the accounts receivable increased to the point of view of the balance sheet. At the end of 19H1, cash + other current assets was 5.

98 ppm, with a ten-year average of 13.

35%.

From the perspective of revenue budget, accounts receivable + notes 0.

46 trillion, ten years +109.

09%, mainly due to the rapid development of the company’s e-commerce platform, the platform’s settlement cycle has been extended, and potential distributors are given credit support.

In terms of turnover, the turnover days of inventory and accounts receivable at the end of the 19H1 period were 39.

17 and 7.

17 days, up 2 from the beginning of the period.

65, 4.

17 days.

From the cash flow statement, the net cash flow from operating activities in 19H1 was 1.

7.5 billion, an increase of 21 a year.53%, cash inflows from sales of goods and services8.

00 ppm, an increase of 15 per year.

44%, basically matching the growth rate of income.

Investment suggestion: As a leader in the integrated stove industry, the company, while enjoying industry penetration and increasing dividends, actively promotes marketing, enhances brand awareness, vigorously develops diversified channels, enters first- and second-tier cities, improves product structure, broadens product matrix, and achievesKeep growing fast.

According to the 2019 Interim Report, we expect the company’s net profit for 2019-2021 to be 4 respectively.

59, 5.

52, 6.

51 trillion yards (previous value was 4.

54 and 5.

41, 6.

3.5 billion), corresponding to a dynamic PE of 18.

3x, 15.

2x and 12.

9x, maintain “overweight” investment rating.

Risk warning: the risk of fluctuations in the price of raw materials; the cut-in of kitchen appliances leading to the field of integrated stoves brings the risk of intensifying competition;