Nengke (603859): Public offering to start manufacturing transformation and upgrade solution provider started

Nengke (603859): Public offering to start manufacturing transformation and upgrade solution provider started
Event description: Nengke Technology Co., Ltd. issued a prospectus on November 21, 2019, publicly issued 12,892,000 shares, and raised a total of 299,996,840.00 million, of which 134 million yuan expands the product life cycle collaboration platform based on digital replacement products, 76 million yuan expands the high-end manufacturing assembly system 杭州桑拿网 solution platform, and 90 million yuan supplements the working capital.The issue price is 23.27 yuan / share, not less than the average price of the company’s A shares on the trading day immediately before the publication of the prospectus letter of intent on November 21, 2019 (T-2).This issuance will be a priority placement to the original shareholders of Nenko, and a maximum of 12,878,550 shares can be subscribed, accounting for about 99 of the additional issuance.90%.Among them, the holders of the original unrestricted shares can subscribe for up to 11,583,120 shares.In this additional issuance online, the preset issuance quantity ratio offline is 30%: 70%. Core point of view: The boundaries of smart manufacturing business are constantly expanding, and the company has established a market-leading organization with high brand awareness.With the advancement of the Internet of Things technology, digital synchronization technology, intelligent control technology, big data analysis, industrial robots, VR / AR technology, cloud platform technology and application promotion, the boundaries of intelligent manufacturing are also expanding.According to the “China Intelligent Manufacturing System Solutions Research Report (2017)”, the market size in 2019 will reach about 230 billion.The company has established a high brand awareness in the field of intelligent manufacturing, and has exceeded the market-leading catalogue of the industry’s scientific and technological innovation companies. In December 2018, it was selected as the first batch of “Smart Manufacturing System Solution Supplier Specification Conditions” directory.The company’s business scope covers high-end manufacturing industries such as aerospace, ordnance, oil and gas refining, nonferrous metallurgy, shipbuilding, coal mining, power systems, electronic technology, automobile manufacturing, and rail transportation, and has accumulated many high-quality customers. The demand for the smart electrical business has grown. The company has a brand effect and is in the leading position in the industry.The long-term pressure of energy conservation and emission reduction in the international community has driven the development of the domestic energy-saving industry. At the same time, the internal industrial transformation and upgrading provide a good opportunity for energy conservation and consumption reduction, and the rapid development of the new energy automobile industry has driven the investment demand for charging equipment.According to the “13th Five-Year Plan” Short-term Comprehensive Work Plan for Energy Conservation issued by the State Council in December 2016, by 2020, the total output value of green and low-carbon industries such as energy conservation and environmental protection, new energy equipment, and new energy vehicles will exceed 1 billion yuan, becoming a pillar industry.The company is one of the earliest enterprises in the country’s military industrial energy efficiency management business. It is based on technical advantages in electrical transmission, mechanical transmission, automation control, data acquisition and other aspects, covering industrial electrical products and systems, charging power supplies and systems, power quality products andFour business units, including system and energy management system, form the core electrical equipment with independent intellectual property rights. By providing customers with customized electrical equipment and corresponding software control systems, the management system meets customers’ requirements for industrial drives, safe power supplies and energy.The demand for energy management has formed a certain brand effect and belongs to the first echelon of the domestic energy-saving industrial energy-saving service field. Company profit forecast and investment rating: The company has obvious technical barriers and customer resource advantages, and its long-term growth logic is clear. We expect the company to return to its mother net profit for 2019-2021 respectively.12.1.57 and 2.17 trillion, corresponding to EPS are 0.81, 1.13 and 1.56 yuan.The current sustainable corresponding PE values for 夜来香体验网 2019-2021 are 29, 21 and 15 times respectively.Maintain the “Highly Recommended” rating. Risk reminders: risks of changes in macro-industry policies, risks of intensified market competition, risks of loss of core personnel, risks of technological development, risks of changes in performance, risks of intellectual property rights, risks of receivables recovery, etc.

Great Wall Motor (601633) in-depth report: October sales structure improved ASP continued upward

Great Wall Motor (601633) in-depth report: October sales structure improved ASP continued upward
Strive forward, October sales volume goes up: the company’s October sales total 11.500,000 vehicles, +4 per year.5%, +15.0%; Great Wall Motor sold 83 from January to October.910,000 vehicles, +6 in the past.7%.The company’s key models have started to increase volume in line with our previous predictions: 1) Great Wall Artillery: sales of 5020 units, exceeding market expectations.We have always been optimistic that pickup trucks are leading the trend of personalized consumption. We are optimistic about the growth of pickup truck market space, positioning high-end, neutral-priced gun series and subsequent sales are expected to continue to exceed expectations.Looking into the future, Great Wall has only accelerated the construction of pickup trucks and fast launch of cannonball series. It is expected to reach 220,000 sales in 2020 and 250,000 sales in 2021, of which 110,000 cannons will be contributed.2) WEY series: wholesale inflection point expansion, conversion is imminent.The WEY series sold 10,364 vehicles in October, and was -4 in the whole year.8% (September average -17.(9%, the decline is significantly narrowed), +19.1%.Among them, the sales volume of VV5, VV6, and VV7 were 3070, 5275, and 2019, respectively, +50 from the previous month.5%, +3.6%, +28.8%.We expect WEY’s monthly sales at the end of the year1.1-1.20,000 vehicles will be sold for the first time this year, with 160,000 sales in 2020 and 180,000 in 2021.3) Hardcore SUV: H9 can still grow.H9 achieved sales of 1,568 vehicles in October, +44 per year.8%, +13.3%, strong upward momentum.In the medium and long term, we expect the domestic wholesale sales of H9 to achieve a breakthrough of more than 2,000 units / month (analog FAW Toyota Prado). Adding inventory makes sense, the structure wins ASP: Great Wall Motor’s batch sales in October increased by 14,996 units, the increase is mainly concentrated in the price range model of 11 times or more, of which 103 units under 8 million models increased, 8-11 million units increased 240The number of models increased from 11 to 14 million to 9,981, and the number of models above 13 million increased to 4,672.From the perspective of key models, H6 Sports / H6C, the new H6, and the gun series are significantly higher than the previous month. The company’s overall sales structure has improved significantly, and ASP has shown a clear upward trend.Compared with other independent property rights companies Geely, the sales volume of Great Wall and Geely both increased by 1 in October.About 50,000 units, but the company’s inventory structure is more biased towards high-priced models, and its product strength advantage has been further verified by the market. With continuous evolution, Haval has been invincible for a long time: Haval has experienced rapid growth in the early stage, intensified competition, brand remodeling period, faced with difficulties and stopped staying in place or even continued to evolve.In April 2017, the new Haval H6 was launched. In 2018, Haval H4, F5, and F7 three derivative tandem-level SUVs were successively introduced. At the same time, the original red and blue label sales channels were adjusted. After the product lineage was initially straightened out, it was fully remodeled at the operating end and reborn.The Haval brand 西安耍耍网 has formed a complete wolf pack tactics.Its market share bottomed in April-August 20186.After 1%, it has started to rebound significantly. From September to December 2018, Haval SUV market share reached 10%, and from January to October 2019, the market share remained at about 8%.  1) According to the company’s current product climbing trend, looking forward to 2020, it is estimated that the average monthly sales of the Haval brand is 70,000 to 80,000 units (conservative caliber), and the market share is usually about 9%.  2) Consider the personalized small H2 replacement (F3) after the launch of the new platform architecture, the accurate entry H4 replacement, the medium 7-seater H7 replacement, and the medium-sized hard-seater 5 H5 replacement. The Haval brand ‘s conservative monthly sales in 2022If it reaches more than 100,000, it is expected that the share of Haval’s highest city will also exceed 11%. Considering that the sales of Wey brand reached more than 200,000 units, GWM’s overall SUV market share reached more than 13%, exceeding 12 in 2014.8% high. Investment rating and profit forecast: It is estimated that the company’s profit in 2019/2020/2021 will be US $ 48.5 / 6.5 / 8.5 billion, corresponding to the current expected PE of 18/13/10 times, and maintain the “Buy” rating. Risk warning: the macroeconomic growth rate exceeds expectations; the growth of the passenger car market is weak; the sales of new models climb less than expected; the profitability of bicycles rebounds more than expected.

Xiang Piao Piao (603711): Production capacity is released one after another and profitability increases rapidly

Xiang Piao Piao (603711): Production capacity is released one after another and profitability increases rapidly
Incident Xiangpiao Piao released the first quarter of 2019 performance report. In the first quarter of 2019, the company achieved operating income8.370,000 yuan, an increase of 28 in ten years.26%; net profit attributable to shareholders of the parent company is 0.52 ppm, an increase of 83 in ten years.61%.Basic income is 0.12 yuan, an annual increase of 71.43%. A brief comment on the substantial increase in profits, the improvement of operating costs, the overall optimization of sales efficiency, the company released the first quarter of 2019 report, the company achieved operating income8.370,000 yuan, an increase of 28 in ten years.26%, mainly because 杭州桑拿洗浴会所 the company’s fruit tea and classic series of milk tea grew more during the Spring Festival in February and February. Grassroots findings showed that the new product fruit tea achieved revenue in the first quarter1.700 million.Net profit return to mother 5196.410,000 yuan, an increase of 83 in ten years.The reason for the increase was 61%. The increase was mainly due to the increase in gross profit. The new products, liquid milk tea and fruit tea, were finally introduced, and the later large-scale effects gradually appeared, reducing operating costs.Increased wealth management income led to an increase in investment income of 177.99 thousand yuan to 231.50,000 (+332 a year.56%), which also had a positive impact on profits; and, selling expenses2.08,000 yuan, scored on revenue growth (+28.26%) slower, with an increase of 17.59%, the increase mainly comes from freight and marketing expenses. In addition, the company’s total assets are 33.7.4 billion, an annual increase of 1.04%; the owner’s equity attributable to shareholders of the listed company is 22.95 ppm, a ten-year increase3.63%, mainly due to the increase in profits, leading to an increase in undistributed profits; the company’s size has further expanded, and its leverage has fallen, which is conducive to the company’s long-term development. Significant increase in gross profit margin The company’s gross profit margin for the first quarter of 2019 was 39.16%, an increase of 3 per year.62pct; net interest rate is 6.21%, an increase of 1 each year.87 points.The increase in gross profit margin was mainly due to the release of new tea fruit tea production capacity, and the scale effect gradually appeared. The gross profit margin of fruit tea rose rapidly to more than 30%.Settlement of sales expenses 24.86%, a significant decline every year2.26pct, pushing new products has opened the market, and the improvement of sales efficiency directly affects the net profit margin.In addition, the reported amount, the company’s share payment confirmation increased, resulting in an increase in management expense ratio +0.61pct to 5.34%.The increase in discounted interest payments on electronic acceptance bills results in an annual financial expense ratio of +0.32pct to 0.03%, the tax and surcharge brought by the increase in revenue for ten years +0.36 points to 1.11%, and the increase in R & D materials leads to an increase in R & D expense rate of +0.06pct to 0.36% also has a certain degree of incremental impact on net interest rate. Continuous expansion of production capacity The company issued an announcement on April 20 that the amount of funds raised from the pre-issue of convertible corporate bonds did not exceed 87,000.After deducting the issuance expenses, all investment will be invested in Chengdu’s annual production of 28 replacement of aseptic filling liquid milk tea project, Tianjin’s annual output of 11.2 Sterile aseptic filling liquid milk tea project.The company’s new products are in short supply at present. It is expected that the increase in production capacity will greatly improve in the future, and the flexibility of the company’s performance will increase. Profit forecast: With the new product juice tea market in short supply in 18 years, coupled with the continuous expansion of new products last year, the formation of scale effects, increased consumer awareness, the promotion of new products and the expansion of weak markets are expected to affect future performance.Continue to estimate the company’s net profit 434 in 2019-2021.76,535.33 and 639.64 million yuan, corresponding to EPS 1.04,1.28 and 1.53 yuan / share, PE is 28.68,23.29 and 19.49. Risk reminders: product quality and safety control risks; policy risks; prominent product expansion risks; single product structure risks; raw material price fluctuation risks; distribution model risks; product counterfeiting risks.

Guanglianda (002410): Cloud transformation is progressing smoothly Non-public offering layout future

Guanglianda (002410): Cloud transformation is progressing smoothly Non-public offering layout future

Event: On the evening of October 28, the company announced the third quarter report for 2019.

The company achieved revenue in Q3 20198.

35 ppm, an increase of 15 in ten years.

51%; net profit attributable to mother was 6,930.

400,000 yuan, down 52 every year.


The company achieved revenue of 21 in the first three quarters.

83 ppm, an increase of 22 in ten years.

78%; net profit attributable to mothers1.

59 trillion, down 45 a year.


At the same time, the company released the “Preliminary Plan for Non-public Issuance of A Shares in 2019”.

Comments: Revenue has maintained rapid growth, and apparent performance has dropped significantly. In the first three quarters of 2019, the company achieved revenue of 21.

83 ppm, an increase of 22 in ten years.

78%, maintained a rapid growth, and gross margin growth decreased3.

54%, mainly because the digital construction business with the highest gross profit margin continued to grow, driving down the overall gross profit margin.

The company achieved net profit attributable to mothers in the first three quarters1.

5.9 billion, an annual decline of 45.

74%, apparently penetrating the decline, mainly due to: 1) the company’s digital cost business cloud transformation is accelerating, the company’s pre-received revenue has significantly increased under the SaaS model, and this part of the revenue cannot be recognized as current income, resulting in apparent revenue and profit.Impact; 2) Expenses increased rapidly during the period, of which sales expenses increased by 42 each year.

27%, mainly due to the increase in sales staff compensation and marketing promotion conference fees, each increase in research and development expenses of 35.

32%, mainly due to the increase in the company’s R & D staff budget.

Digital transformation business cloud transformation continues to advance, new construction digital product business release 2019 is a key year for digital transformation business cloud transformation, including Beijing, Shanghai and other first-tier cities with 10 business volume through the region began cloud transformation, the end of the third quarterThe budget surplus received in advance was 8.

5.2 billion, an annual increase of 78.

93%, indicating that the transition is progressing smoothly.

At the same time, the digital cost business accelerated the incubation of new businesses: cloud computing released a steel-concrete business version, and cloud pricing released a national tax reform version.

In terms of digital construction business, in October at the “2019 China International Digital Economy 苏州桑拿网 Expo”, the company released a one-stop service product for construction enterprises, “Digital Project Management Overall Solution”, and BIM technology-based project management software “BIM5D V4”.

0 “.

The company issued a non-public issuance plan to strengthen the technical foundation to ensure long-term development. The size of the raised funds for this non-public issuance is no more than 2.7 billion U.S. dollars. It is intended to be used for the following projects after replacing the issuance costs: cost big data and AI application projects, digital project integration managementPlatform project, BIMDeco decoration integration platform project, BIM 3D graphics platform project, Guanglianda digital construction product research and development and industrialization base, repayment of corporate bonds.

We believe that 杭州桑拿 this non-public offering is conducive to the company’s further deepening of the construction informatization layout and further enhances the company’s profitability. At the same time, this financing will further strengthen the company’s capital strength, optimize asset and liability structure, and reduce financial risks.

Investment advice and profit forecast The company focuses on the two major businesses of digital cost and digital construction.

Digital costing business is a mature business, currently undergoing cloud transformation, and is a pioneer of cloud transformation in the domestic software industry.

The digital construction business is a brand new blue ocean market with a larger market space than the cost business, which will promote rapid growth in the future.

The company’s operating income is expected to be 31 in 2019-2021.

3.9 billion, 36.

3.8 billion, 47.

1.8 billion, net profit attributable to mother is 3.

4.8 billion, 5.

5 billion, 9.30,000 yuan, corresponding to 0 EPS.

31, 0.

49, 0.

80 yuan / share.

Maintain “Overweight” investment rating.

Risk warnings The progress of cloud transformation of the cost business is less than expected; the expansion of construction business is less than expected; the growth rate of newly started housing areas is rapidly shifting.

Sany Heavy Industry Co., Ltd. (600031): First-quarter results surpass expectations. High industry boom drives continued performance

Sany Heavy Industry Co., Ltd. (600031): First-quarter results surpass expectations. High industry boom drives continued performance

Event: The company issued a quarterly pre-announcement announcement. It is expected that net profit attributable to mothers will be 3 to 3.3 billion in the first quarter of 2019, an annual increase of 100% to 120%; non-net profit will be deducted 29-31.

500 million, an increase of 133 in ten years.

5% -153.


  In the first quarter, the net profit attributable to mothers was 3 to 3.3 billion, and the performance exceeded market expectations. The company expects to achieve net profit attributable to mothers 3 to 3.3 billion in the first quarter of 2019, an increase of 100% -120%; non-net profit is deducted 29-31.

500 million, an increase of 133 in ten years.

5% -153.

6%, significantly exceeding market expectations.

The growth of performance is mainly due to the company’s mining machinery, concrete machinery, lifting machinery, pile machinery and other businesses maintained high-speed growth, and the cost and expense side is well controlled, and the level of profitability has increased significantly.

  The industry’s continued high economic growth has increased, driving the continuous growth of various business lines: driven by multiple factors such as infrastructure demand, equipment upgrade demand release, and artificial substitution effects, the construction machinery industry has maintained rapid growth.

According to the association’s data, sales of excavators reached 74,779 units in the first three months, an increase of 24 per year.

51%; Truck crane sales reached 5784 units in January-February, an increase of 58 per year.

38%; the pump truck industry also achieved rapid growth.

The company’s core products have strong global competitiveness and rapid growth in international and domestic market shares. Therefore, the company’s revenue continues to grow at a high speed.

At the same time, the company actively promotes digitalization, continuously improves the quality and efficiency of operations, effectively controls costs, and continuously improves profitability.

  Benefit from the steady growth of domestic demand and the rapid growth of international exports: improvement, domestic infrastructure investment continues to accelerate, equipment demand continues to grow, and the company continues 天津夜网 to benefit as a domestic industry leader.

At the same time, the company accelerates its internationalization strategy, accelerates the company’s response and service capabilities in overseas markets, the establishment of an agent system, service accessories system, and financing risk control system. Excavator products are the top priority for overseas exports. In 2018, 6,392 units were exported each year.Up 67.

33%; exports of 1934 units from January to March this year, an annual increase of 49.

34%, continued to maintain high growth.

In the future, the company will continue to increase the development of overseas markets and increase export revenue to cross the domestic cycle.

  Profit forecast and investment advice: We expect the company’s net profit for 2019-2021 to be 104.

28 billion, 117.

7.3 billion and 127.

7.1 billion, corresponding to 10 times, 9 times and 9 times the corresponding PE, maintaining the “buy” level.

  Risk reminder: Domestic demand increases sharply, export growth is less than expected, etc.

Jiemei Technology (002859): The downstream destocking gradually slows down, and orders will be increased in the second half of the year.

Jiemei Technology (002859): The downstream destocking gradually slows down, and orders will be increased in the second half of the year.

The company released the semi-annual report for 2019, and the company achieved operating income in the first half of the year3.

82 ppm, 36-year average.

18%, achieving net profit attributable to shareholders of listed companies of 0%.

54 ppm, ten years -48.


Passive component de-stocking is gradually slowing down, and orders will be heavy in the second half of the year.

In the first half of the year, the company’s paper carrier tapes and tapes achieved revenue2.

8.5 billion and 0.

55 ppm, ten years -36.

53%, -50.


The substantial breakthrough 北京桑拿洗浴保健 in the growth of the company’s performance in the first half of the year ultimately lies in the company’s impact on the inventory fluctuations of downstream passive component customers. Starting from the fourth quarter of 2018, the company’s main customers went to the warehouse to cause continuous changes in the order volume.

At present, the inventory of downstream customers is gradually becoming reasonable, and the impact of industry changes has gradually subsided. Starting from the third quarter of 2019, the company’s output and orders have obviously recovered, and the crop rate has gradually increased. The second half of the performance is expected to usher in a comprehensive recovery.

In the first half of 2019, the company’s cutting paper tape, perforated paper tape, and perforated paper tape accounted for about 14%, 74%, and 12% respectively. The company’s mid-to-high-end paper tapes accounted for a significant increase.The proportion further decreased, and the proportion of the layer of punched tape increased.

In the first half of the year, the release film has been preliminarily measured, and the raw material technology of plastic carrier tape has achieved a breakthrough.

In the first half of the year, the plastic carrier tape business achieved zero revenue.

21 ppm, with a ten-year average of -15.


The company’s black plastic carrier tape raw material black plastic particle production process has been broken last year, and the production line has been installed and commissioned. The second half of 2019, black plastic carrier tape orders will promote rapid promotion.

In the first half of this year, orders for release films continued to increase, and the first half of the year achieved zero revenue.

1.6 billion, an annual increase of 209.


As the price of MLCC stabilizes, the speed of transfer tape replacement is increasing.

As the market space of transfer tape is ten times that of paper carrier tape, and the downstream customers and the company’s paper tape customers almost completely overlap, the volume of transfer tape orders will drive the company’s performance significantly.

Profit forecast and investment advice: The company is expected to achieve operating income in 2019-2021.

7, 17.

7, 22.

0 million yuan, the net profit achieved was 3.



10,000 yuan.

The corresponding PE in 2018 is 25 times.

Maintain the “Highly Recommended” 都市夜网 rating.

Risk reminder: the risk of new products not meeting expectations; potential risks of industry growth

Yunnan Baiyao (000538) 2019 Third Quarterly Report Review: Pharmaceuticals, Daily Chemicals Segment Maintains Steady Growth, Company Opens Outward Development Model

Yunnan Baiyao (000538) 2019 Third Quarterly Report Review: Pharmaceuticals, Daily Chemicals Segment Maintains Steady Growth, Company Opens Outward Development Model

Matters: The company released the third quarter report for 2019 on October 28, reporting that the two companies achieved operating income of 216.

4.6 billion (+8.

36%), realizing net profit attributable to mother 35.

4.2 billion (+7.

46%) and realized deduction of non-net profit23.

3.6 billion (-7.

30%), 228 cash received from sales of goods and services.

85 (-1.

95%) million yuan, net cash inflow from operating activities1.

54 (-88.

06%) million.

  The company’s Q3 single quarter achieved operating income of 77.

4.9 billion (+13.

42%), achieving net profit attributable to mother 12.

9.5 billion (+5.

55%), to achieve a deduction of non-net profit of 12.

10,000 yuan (+17.

78%), cash received from sales of goods and services 81.

86 (+26.

79%) million yuan, net cash inflow from operating activities 6.

05 (+124.

05%) ten thousand yuan.

  Comment: Pharmaceuticals and Daily Chemicals maintained steady growth.

The company’s pharmaceutical sector (parent company performance) reported operating income of 39.

9.1 billion (7.

33 +%), net profit attributable to mother 2.

9.9 billion 深圳桑拿网 (55.

83%); operating income in the third quarter of a single quarter14.

5.8 billion (27.

08%), net profit attributable to mother 3.

8.2 billion (11.


The growth rate of the company’s pharmaceutical sector changed from negative to positive for the first time earlier this year. Initially, the H1 pharmaceutical sector was mainly destocked in 2019, and the normal shipment level was restored in Q3.

The company’s health products report gradually predicts that the operating income will exceed the growth rate by about 10%, which is higher than the average growth rate of the toothpaste market by 2-3 increments.

Initially, the channel of the daily chemical sector sinks further. At present, Yunnan Baiyao toothpaste accounts for 20% of the reorganization.

1%, the first in the country.

  The company started an extension development model.
On October 15, 2019, the company announced the signing of the “Convertible Bond Subscription Agreement” with Bandung Holdings to 7.
The consideration of 300 million Hong Kong dollars is for the subscription of convertible bonds with an annual interest rate of 3%.

As far as possible to obtain fixed income, it can increase and deepen the continued cooperation between the two parties in the personal care product trade, as well as plant extraction and supporting monitoring, logistics, import and export and related services.

On October 25, the company announced plans to use its own funds of $ 50 million (about 3).

500 million yuan), as a cornerstone investor in the subscription of China Antibody Pharmaceutical Co., Ltd. (Chinese name) on the Hong Kong Stock Exchange’s initial public offering of shares.

The source of funds for the above investment becomes the listed company’s own funds, which will not have a significant impact on the company’s financial status and daily production and operation in the short term; in the long run, it will help the company’s layout in the biomedical field and improve the company’s capital utilization efficiencyPromoting the company’s internationalization process has a positive impact on the company’s development.

  Earnings forecasts, estimates and investment ratings.

We expect the company’s revenue to reach 293 in 19-21.

32 billion (+9.

8%), 321.

9.2 billion (+9.

7%), 352.

7.8 billion (+9.

6%); net profit attributable to mothers is 36.

3.8 billion (+10.

0%), 39.

5.7 billion (+8.

8%), 44.

40 billion (+12.

2%) (original predictor 37).

7.1 billion, 42.

1.2 billion, 49.

2 billion, mainly due to the company’s performance in the first half of 19 due to the destocking of the pharmaceutical sector, the company’s performance slowed).

Focusing on the company’s future free cash flow to be temporarily stable, the DCF estimation method is used to adjust the target price to 94.

93 yuan (original predictor variable 99.

36 yuan, the reason for the downward adjustment is to lower the expected growth rate of profits).

The company’s performance is stable, maintaining the “recommended” rating.

  risk warning.

The pharmaceutical sector, the daily chemical sector, and new investment projects grew faster than expected.

Sino-Singapore (002912): Considerable revenue growth, advance receipts reflect succession

Sino-Singapore (002912): Considerable revenue growth, advance receipts reflect succession

Event: The company released the semi-annual report for 2019, which reported revenue3.

340,000 yuan, an increase of 26 in ten years.

12%; net profit attributable to mother 0.

66 ppm, a six-year increase of 6.

84%, net profit after excluding non-recurring gains and losses is 0.

64 ppm, an increase of 12 in ten years.


The telecommunications orders are partially confirmed to promote the rapid growth of broadband network business: in the first half of 2019, the company’s main business broadband network products and big data operation products achieved revenue2.

29 trillion and 9.27 million yuan, an increase of 75.

61% and 630.


The company won 4 bids last year.

9.6 billion yuan of supporting projects for China Telecom, and revenue was recognized during the reporting period1.

43 ppm, thus expanding the expansion of broadband products.

At the same time, the company accelerated the synergy between big data operation products and visualization business and network security business, and achieved industrial application landing in industrial control and other fields, and realized the rapid growth of its revenue scale, with the revenue ratio from 0 in the same period last year.

48% rose to 2.


The continued increase in advance receipts reflects the succession, and 5G brings a new cycle of growth: the first half of the termination, the company’s balance of advance receipts was 5.

71 ppm, 5 at the beginning of the fraction.

5.6 billion still increased by 0.

1.5 billion.

Confirmed in Telecom order 1.

In the case of 43 billion US dollars, the company’s balance of advance receipts has still increased, and it is better to simplify and reflect the succession of increasing orders first.

At the same time, through the formal submission of a 5G commercial license, the variety of application forms and the explosive growth of traffic in the future will generate market demand for data collection and application analysis. 杭州桑拿网 Network visualization technology is facing a new round of product update cycles.

As a leader in the field of network visualization, the company is actively laying out a new generation of visualization technology research and development, which translates into the arrival of the 5G wave, which is expected to further consolidate and strengthen the industry’s leading position.

The growth rate of total operating costs is higher than the growth rate of revenue, which affects the release of profits: The comprehensive gross profit margin of the reporting company basically maintains the beginning level, and because the market competition in which mobile network products are intensified, the gross profit margin has decreased.

The 12 averages resulted in a 37% increase in operating costs.


At the same time, the increase in management personnel compensation and office space renovation costs and R & D expenses added to the company’s management expenses and R & D expenses increased by 33% and 36, respectively.


Under the influence of the two main factors mentioned above, the company’s total operating costs increase by 28 each year.

37%, higher than the growth rate of revenue and affected the release of profits.

Investment suggestion: Based on network visualization, the company will vigorously develop distributed platform business while advancing the research and development of cutting-edge products. This will translate into the arrival of the 5G era, and the company’s business development space will be significantly improved.

The EPS for 2019-2020 is expected to be 2 respectively.

64 yuan, 3.

46 yuan, give “Buy-A” rating, 6-month target price of 130 yuan.

Risk warnings: (1) 5G products fall short of expectations; (2) Market competition intensifies risks.

Invic (002837) quarterly report comments: Q3 revenue growth rebounded cash flow improved

Invic (002837) quarterly report comments: Q3 revenue growth rebounded cash flow improved
19Q3 revenue growth rebounded, gross profit margin improved. The company released three quarterly reports, the first three quarters of 2019 revenue8.48 ppm, an increase of 22 in ten years.15%; net profit attributable to mother 1.20,000 yuan, an increase of 19 in ten years.5%, mainly due to the investment income generated by the acquisition of Shanghai Ketai in the same period last year, with a high base; net profit after deduction is 90.22 million yuan, an increase of 38.2%, basically matching the growth rate of income. By quarter, 19Q3 single-quarter revenue3.84 ppm, an increase of 46 in ten years.36%, the growth index rebounded sharply in the second quarter; net profit attributable to mothers was 47.56 million yuan, an increase of 15 per year.45%, initially lies in Q3 gross profit margin of 33.77%, a decline of 6 per year.8. Accounts receivable recovered well, cash flow improved significantly. Historically,南京夜网 the company’s receivables were mainly concentrated in the fourth quarter, resulting in better cash flow at the end of the year. The company strengthened its accounts receivable management this year to replace some of the accounts receivable during the accounting periodEach section realized the improvement of cash flow.Cash received from sales of goods in the first three quarters8.97 ppm, an increase of 40 in ten years.06%; operating net cash flow of 11.11 million yuan, an annual increase of 103.8%.With the advancement of 5G construction, the company has expanded R & D investment this year with a R & D expense ratio of 6.14%, an increase of 1 per year.62 pct, mainly due to the increase in staff wages and material testing fees. Investment suggestion: We forecast the company’s revenues to be 12 in 19-21.86/15.89/20.3 billion, 杭州夜网论坛 EPS is 0.63/0.85/1.06 yuan / share.The company’s core business equipment room and cabinet temperature control equipment have significantly benefited from the promotion of 5G construction, and added two growth points for passenger cars and rail transit air conditioners, which will have better growth in the future.We expect the company’s performance to grow at a compound growth rate of 19-21 in 28 years.3%, considering the industry average assessment, the company is given a PE of 25x for 20 years, corresponding to a reasonable value of 21.25 yuan / share, maintaining the “overweight” rating. Risk reminders: diversified business risks, increased market competition risks, technology replacement risks, 5G construction risks that are less than expected, international trade frictions affecting industry development, and market policy risks.

Yifeng Pharmacy (603939): Continue to maintain rapid growth and strong long-term competitiveness

Yifeng Pharmacy (603939): Continue to maintain rapid growth and strong long-term competitiveness
2018 performance was slightly lower than expected Yifeng Pharmacy announced 2018 results: operating income 69.13 ppm, a 43-year increase of 43.8%; net profit attributable to parent company4.160,000 yuan, an increase of 32 in ten years.8%, corresponding to profit 1.14 yuan (the company disclosed data, using more than the average number of shares), the performance was slightly lower than our expectations, mainly due to mergers and acquisitions and new stores to drive faster sales costs.The company plans to distribute cash for every 10 shares3.00 yuan (including tax). The development trend continues to maintain rapid growth.In 2018, the company’s Chinese and Western medicine revenue was 47.3 billion (+48.63%), Chinese medicine income 8.0.4 billion (+24.9%), non-drug income 11.4 billion (+36.4%), to maintain rapid growth, expansion is the endogenous growth brought about by the optimization of product structure, and reorganization is the extensional growth brought by the opening of stores and mergers and acquisitions.2019Q1 operating income 24.69 ppm, an increase of 66 in ten years.7%; net profit attributable to parent company1.470,000 yuan, an increase of 45 years.8%. The sales expense ratio increased, and the operating net cash flow increased by over 60%.The company’s main business gross profit margin was 39 in 2018.73%, a decrease of 0 from the previous.20ppt, mainly due to the decline in gross profit margin of non-medicine series4.29ppt.The company’s selling expense ratio is 27.43%, an increase of 0.51ppt, one side is the rapid increase in sales expenses driven by mergers and acquisitions and new stores, the extension is to increase the investment in e-commerce operations.Operating net cash flow 5.110 thousand yuan, an increase of 61.01%, outstanding performance. Regional focus and accelerated expansion.The company adheres to the regional focus strategy, pays attention to the intensive cultivation of the regional market, and highlights the regional competitive advantage.In 2018, there were a total of 3,611 stores, with a net increase of 1,552 stores. Among them, the company built 546 stores, added 959 new stores, added 89 new stores, and closed 42 stores, compared with 2013-17.(The net increase in the number of stores is 61, 150, 北京夜生活网 255, 470, 524 respectively), and the pace of expansion has accelerated.As of 1Q2019, the company’s total number of stores is 3958 (including 212 franchise stores). “Product + service” strategy is clear and long-term competitiveness is strong.In the short to medium term, the growth logic of pharmacies is mainly based on expansion; in the long run, internal strength is equally important, both in management integration and professional service capabilities.The company’s management level is in the leading position in the industry, and it continues to explore the innovative “product + service” model, improve the gross profit structure, and improve the profitability of its stores.Health management services lay the foundation for the next generation. Earnings forecast remains unchanged from 2019 earnings forecast1.59 yuan, first date 2020 profit forecast 2.11 yuan, with annual growth of 43.5% / 33.2%. The estimated and recommended company’s current expectations correspond to 37/28 times P / E in 2019/20. We maintain the recommended rating. Given the company’s management capabilities, we give an estimated premium and raise the target price by 16.7% to 70 yuan, corresponding to 44/33 times P / E in 2019/20, compared with the current 20% space. Risk manpower and rent costs are rising; new models are challenging; talent introduction cannot keep up with store expansion.