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.

41%.

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.

74%.

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.

6%.

  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.

64%.

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.

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.

08%.

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.

72%.

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.

4,4.

9,6.

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.

29%).

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.

36%.

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.

70%.

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.

77%.

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.

40%.

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.

07%.

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.

Lixun Precision (002475) 2018 Annual Report Comments: Horizontal Expansion Based on Large Clients Creates High Growth

Lixun Precision (002475) 2018 Annual Report Comments: Horizontal Expansion Based on Large Clients Creates High Growth
[Investment points]The company achieved operating income of 358 in 2018.50 ppm, a 57-year increase of 57.06%, net profit of return to mother 27.23 ppm, an increase of 61 in ten years.05%, performance exceeded 北京桑拿 expectations. Horizontal expansion of new products will help the consumer electronics business achieve greater glories.In 2018, the company’s consumer electronics business achieved 26.8 billion revenues, an annual increase of 76.5%, mainly due to the smooth expansion of new products by major customers.In 2018, the company’s largest customer revenue reached US $ 16.1 billion, an increase of US $ 7.7 billion over last year. The increase came from the expansion and enhancement of acoustics and other products, which can come from the volume of new products such as wireless charging and motors.In particular, AirPods and wireless charging contributed major growth.According to Counterpoint Research statistics, AirPods sales in 2018 reached 35 million units, exceeding market expectations.Looking forward, the company’s expansion of new businesses such as motors and antennas in large customers is expected to further increase, helping the company’s consumer electronics business continue to grow. The automotive business continues to make breakthroughs, and the communications business awaits the advent of 5G.In 2018, the company’s automotive business and communications business also continued to maintain rapid growth, of which the automotive business achieved revenue17.28 ppm, an increase of 52 in ten years.81%; communications business achieved revenue 21.520,000 yuan, an increase of 30 in ten years.04%.In the automotive market, the company has formed a complete product line of components such as wiring harnesses, connectors, electronic modules, and injection-molded functional parts. It has continuously made breakthroughs in OEMs and the first-tier customer base, and it will benefit from the trend of automotive electronicsIt is expected to achieve stable growth in revenue.In the communications business, the company has formed a full-waveguide product and solution layout around the “cloud”, “pipe”, and “end”. The deployment of the company’s base station antennas, filters, and data center interconnection products is ready for the arrival of 5G. Various financial indicators have been continuously optimized, and the company has achieved outstanding high growth.The company’s gross profit margin reached 21 in 2018.05%, an increase of 1 over the same period last year.05 averages, with a net margin of 7.85%, 0 higher than the same period last year.The 19 tiers are mainly due to the smooth climb of the company’s new product yield and the improvement of profitability.In addition, cash flow from operating activities in 2018 amounted to 31.42 ppm, a year-on-year increase of 1761%, which shows that the company has ensured segmentation at the same time as high growth.As of the end of 2018, the company’s asset compensation was terminated54.twenty four%.About the same period last year, it has increased, and the ratio with other companies in the same industry is at a normal level, which shows that the company is still in a stage of rapid development. [Investment suggestion]Considering that the new product volume still needs to be spent, reduce the company’s operating income for 19/20 and net profit attributable to mothers.Estimated operating income for 19/20/21 is 491.93/632.86/792.190,000 yuan, the net profit attributable to the mother in 19/20/21 was 36.71/50.33/63.16 megabytes, corresponding to 0 EPS.89/1.22/1.54 yuan, PE 27/20/16 times. Maintain the “overweight” rating. [Risk warning]The company’s new product expansion is less than expected; the sales of major customers’ products are less than expected.

Huasheng Tiancheng (600410): Join hands with Baidu to build a big data prevention and control platform

Huasheng Tiancheng (600410): Join hands with Baidu to build a big data prevention and control platform

Event: According to the Securities Times, on February 18, the company reached a strategic cooperation with the joint-stock companies and Run Technology and Baidu. The three parties will jointly develop around urban emergency, public safety and health and epidemic prevention to provide more industry solutions.

The necessity of developing an emergency industry under the epidemic situation is obvious, and the industry space is huge.

In order to further bring into play the irreplaceable role of the emergency industry in the recent new coronary pneumonia epidemic, improve emergency response capabilities and a sound emergency management system, various departments and regions have taken multiple measures to accelerate the digital construction of the emergency industry and the optimization of the industrial structure.

According to the estimation of China Industry Information Network, the market size of special products and services in the field of domestic security emergency response in 2018 has exceeded one trillion.

With the acceleration of the development of the emergency industry and the improvement of social emergency prevention and control awareness, this market has more room for development in the future.

Huasheng Tiancheng and Herun Technology are the leading companies in domestic production safety services.

Huasheng Tiancheng merged into the joint-stock company and Run Technology to form a full-line information product and solution system in the field of safety production supervision and service, laid out a complete safety production 杭州夜网论坛 cloud system, and realized the construction of a national emergency management information system and public healthEmergency management big data platform, safety production monitoring and early warning big data platform, safety production integrated platform, epidemic monitoring and early warning platform provide effective service solutions in conjunction with Baidu, focusing on innovative cooperation in the emergency industry.

According to the company’s official website, the company and Baidu have conducted in-depth cooperation on data models and algorithms, and have jointly created a “big data platform for epidemic prevention and control”, which directly provides big data analysis and prediction for epidemic prevention and control, emergency response equipment and intelligent assistance for emergency events.Decision system.

The emergency industry covers a wide range of industries and has a long industrial chain, so as to realize the informatization construction of the emergency industry and meet the growing demand for emergency products and services in the society, it requires trilateral cross-domain cooperation and innovative product markets.

Baidu, Huasheng Tiancheng, and Herun Technology have their respective endowments in the field of emergency and public safety technology, industry awareness and product solutions. Tripartite cooperation can achieve resources, technology complementarity, and synergistically improve the emergency industry ecology and product innovation capabilities.
Investment suggestion: The company and Baidu join hands to establish a big data prevention and control platform.
In 2020, the EPS will be 0.

21 yuan, 0.

27 yuan, maintaining the “overweight-A” level.

Risk warning: cooperation advances below expectations; market competition intensifies

Dongshan Precision (002384): 5G multilayer board and RF flexible board promote the company’s rapid growth in the next three years

Dongshan Precision (002384): 5G multilayer board and RF flexible board promote the company’s rapid growth in the next three years

Investing in logic soft and hard boards together, the rapid development of PCB business: The company’s main business covers printed circuit boards, LED electronic devices and communication equipment, and its products have widely expanded in consumer electronics, telecommunications, industrial, automotive and other fields.

In recent years, the company has achieved rapid development through outsourced acquisitions. After Dongshan acquired Mflex in 2016, it has continued to increase new material numbers among major customers through integration. At present, the value of new iPhone single devices has reached more than $ 20, and revenue has increased.The revenue in 2017 increased by 95%, and the revenue in 2018 increased by 35%. It is expected that the rapid growth will continue in the next 2-3 years.

In 2018, the company acquired Multek and achieved significant results through management improvements and major customer introductions. The old communication PCB companies have renewed vitality and vitality. At present, the company’s multi-layer hard boards have successfully passed the certification of internal communication equipment vendors. It is expected to be next year.Realizing a large number of suppliers, high-end HDI boards are also progressing smoothly, and gradually develop 5G mobile phones for large domestic customers. At present, high-end HDI boards for Huawei, OPPO, and vivo mobile phones are basically purchased from Taiwan-funded PCB factories, and the company has better development opportunities.

Intelligent electronic 深圳spa会所 hardware innovation is not limited. The company’s FPC business is promising: Apple’s iPhone, iPad, Apple Watch, Airpods and other electronic devices use a large number of FPC soft boards. Apple’s annual FPC purchases account for more than half of the global market demand.

The amount and value of Apple’s iPhone FPC stand-alone increase year by year. In 2019, the value of Apple’s iPhone 11 ProMAX stand-alone FPC is as high as $ 60.

Japan’s three major FPC companies still account for nearly 50% of Apple’s share. In recent years, in addition to Fujikura’s slight increase, Fitch revenues of Qisheng and Sumitomo Electric have both replaced.

We believe that in the field of consumer electronics FPC, the technology is updating rapidly and needs to continue to expand. Japanese companies are cautious in expanding. Therefore, in the past 夜来香体验网 two years, the ownership of Apple ‘s new material number has mainly been given to Dongshan and Pengding, such as 3D Sensing, MPI,Airpods new material number and so on.

Japanese companies have gradually expanded their FPC business in consumer electronics. On the whole, for Dongshan, not only can the new material number allocation be obtained in sections, but the expansion of old material numbers has been continuously improved.

Looking forward to next year, Apple’s new machine 5G superimposed innovation year, FPC, MPI, LCP will be significantly improved, Dongshan has a better chance to obtain new materials.

Apple’s new iPhone11 series is selling well. The company’s fourth-quarter performance outlook is optimistic. Apple will launch the iPhone SE2 in the first half of next year. The company is expected to have a good off-season.

In addition to the iPhone, the company will introduce two LCP material numbers into the Apple Watch next year. The company’s number of materials in Airpods and iPad will continue to increase at the same time. The sales volume of Airpods is growing strongly and the company actively benefits.

Benefit from 5G, actively expand production, strong growth momentum: the company plans to raise 2 billion yuan in FPC production (an increase of 400,000 square meters per year, mainly positioning new material numbers for major customers in the future), high-speed PCB (mainly positioning 5G base stations, high-end servers), Wireless modules (160,000 new wireless communication modules per year, and 160,000 wireless point system throughput per year, will integrate company filters, antennas, PCBs, die-casting products, mainly positioning 5G base station RRU and antenna integration(AAU) and indoor wireless point system (DOT)), after the project is in production, it will increase annual revenue by 43.

30,000 yuan, annual added profits 2.

8.4 billion.

We believe that the company has better accumulation in the field of communication modules, and has first-class customers such as Huawei, Nokia, Ericsson, 5G communication base stations, high-end servers have better demand for filters, high-frequency PCB, antennas, etc., the company vigorouslyExpansion of production will have better growth momentum in the future.

Estimates and Investment Suggestions It is estimated that the company will achieve revenues of US $ 24.2 billion, US $ 28.5 billion, and US $ 33.3 billion in 2019-2021, and net profit attributable to mothers11.

3, 16.

6, 22.

3 trillion, EPS is 0.

71, 1.

04, 1.

39 yuan, the current price corresponding to PE is 27.

8, 18.

9, 14.

At 1x, we give the company a 30x estimate for 2020 with a “Buy” rating and a target price of 31.

2 yuan.

Risks of receivables, Apple’s mobile phone sales fell short of expectations, and Multek’s integration fell short of expectations.