Month: March 2020

Turkish police: smuggling of Europeans through soil increased significantly in 2018

Turkish 北京桑拿网 police: smuggling of Europeans through soil increased significantly in 2018

Xinhua News Agency, Terrorism, January 4th (Reporter Yi Aijun) The latest data released by the Turkish Coast Guard on the 4th showed that in 2018, the number of illegal immigrants trying to relocate Turkish seas to the European continent has greatly increased.

In fact, more and more Syrian refugees in the Turkish territories are also seeking to make a living through illegal channels.

  Statistics show that 26,678 illegal immigrants attempting to smuggle into continental Europe were arrested in Turkey last year, an increase of 4,741 from 2017.

Among them, more than 25,398 people chose the Aegean route, and others chose the Black Sea and the Mediterranean Channel.

  Data show that due to bad weather, poor ships, poor sailor skills, and many other factors, these illegal immigrants’ journey to Europe is full of risks. In 2018, about 96 people, including women, children and 重庆耍耍网 babies, lost their lives in the sea.

  As the country with the largest number of refugees, Turkey signed a long-term refugee control agreement with the EU in March 2016 in exchange for commitments such as EU economic assistance and reopening of the EU negotiations.

That year, Turkey intercepted at sea3.

More than 70,000 illegal immigrants.

  Turkish scholar Jurkudoanai, who studies refugee issues, told Xinhua reporters that preventing illegal immigrants from leaving Turkey to Europe is not always possible.

Due to the deteriorating economic situation in Turkey and increased hostility towards refugees in the society, most refugees do not see the future in Turkey and try to flee the country through various channels.

Original title: Turkish police: European smuggling increases sharply

Aojiahua (002614) Annual Report Commentary Report: Steady performance and development of the first category massage chairs help move forward

Aojiahua (002614) Annual Report Commentary Report: Steady performance and development of the first category massage chairs help move forward

Event: The company released its 2018 annual report and 2019 quarterly report, and realized revenue of 54 in 2018.

470,000 yuan, an increase of 26 in ten years.

86%, net profit attributable to mother is 4.

390,000 yuan, an increase of 27 in ten years.

22%, the overall performance maintained a steady growth trend.

2019Q1 achieved revenue of 12.

43 ppm, an increase of 20 in ten years.

18%, net profit attributable to mother is 0.

370,000 yuan, an increase of 30 in ten years.


The company’s overall gross profit level in 2018 was 36.

26%, with a net interest rate of 8.

13%, basically unchanged from 2017.

The company’s selling expenses, management expenses and R & D expenses were 9 respectively.

9.6 billion, 3.

6.8 billion, 1.

83 ppm, an increase of 22 in ten years.

49%, 42.

96%, 36.

32%, the increase in management expenses is mainly due to the company’s increased talent introduction and the implementation of the second phase of equity incentives.

The massage chair brand has become the company’s new pillar industry, and online and offline collaborative development has occupied the market. The massage chair category achieved 20 in 2018.

96 ppm, an increase of 62 in ten years.

86%, has jumped to the top category, accounting for about 40% of revenue.

In 2018, the company continued to polish and upgrade on the product side, launched the new version of the master’s hand warming chair AI version, and gradually continued to invest in the marketing side to maintain brand barriers and promote the three major brands of massage chair business (OGAWA, FUJI, COZZIA)A weekly increase of 34.


The core product Royal Hand Warm Master Chair sold 37,000 units worldwide in 2018, an increase of more than 80%.

The company actively deploys online channels and comprehensive sales network with offline store itineraries.

In 2018, the domestic offline channels initially increased by 45 each year.

60%, the growth rate of online channels reached 154 in ten years.

65%, driving a 69% increase in sales throughout the domestic market.

91%, the huge domestic health management needs are far from being met, and the domestic market is still the company’s main nugget.

The growth of overseas ODM business is good, and growth in South Korea and the United States is satisfactory.

In 2018, the company’s global ODM business sales increased by 34%, the South Korean market was close to 30 million US dollars, growing by 162% annually, and the US market was growing by 54%. We can see that even in mature regions, the market potential is still to be tapped.

Relying on excellent ODM manufacturing capabilities and brand output, the company has further growth potential in the global market in the future.

Maintain “Buy” rating In 2019, the company will maintain its flagship product iteration in the high-end market, maintain its core competitiveness, and gradually realize multi-dimensional creation of low-end and mid-range products to meet the needs of different groups of

Actively promote both 4 at the same time.

0 The construction of industrial parks will alleviate pressure on production capacity and 南宁桑拿 protect market demand.

We expect the company’s net profit to be 5 in 19-21.98/8.


9 trillion, corresponding to EPS 1.



94 yuan / share, maintain “Buy” rating.

Risk warning: exchange rate fluctuation risk, overseas market sales fluctuation risk, terminal promotion failure to meet expectations, risk of insufficient production capacity, etc.

Inner Mongolia Huadian (600863): Despite unfavorable factors, performance still exceeds expectations

Inner Mongolia Huadian (600863): Despite unfavorable factors, performance still exceeds expectations

Event: The company released the forecast for the first half of 2019. It is estimated that the net profit attributable to mothers will be 7 in the first half of the year.

03 to 7.

77 ppm, an increase of 140 in ten years.

22% to 165.

51%, exceeding Shenwan Hongyuan’s expectations.

  Key points for investment: The power generation of Mengxi units continues to grow at a high rate, and the power generation capacity of units sent directly to North China is dragged down by maintenance.

At present, the Mengxi region has become a major base for the transfer of high energy-consuming industries such as steel and non-ferrous metals, and the growth in demand for electricity continues to lead the country.

Electricity consumption in the first half of 2019 increased by a decade.

06%, second only to Tibet, ranking second in the country, and the company’s Mengxi unit’s power generation in the first half of the year increased by 20 each.


  For direct-fired units in North China, due to the centralized maintenance arrangements of the units, the company’s total emissions to North China decreased by 12 in the first half of the year.


In terms of quarters, the company’s direct-fired North China generating units in the first quarter decreased by 19 each year.

63%, of which Weijiabang Power Plant and Shangdu Power Plant decreased by 16.

5% and 20.

9%; in the second quarter, the maintenance of the Weijiayu Power Plant was completed, and the power generation in the single quarter was the same as that of the same period last year, and the power generation in Shangdu Power Plant decreased by 8.

5%, the decline has narrowed significantly.

  The volume and price of the Mengxi unit rebounded, and the participation of the equity-owned power plant improved the Tuoketuo dividend, and the company’s performance exceeded expectations.

The company’s average on-grid electricity price in the first half of 2019 was 253.

51 yuan / kilowatt, reduced by 0 every year.

54%, mainly due to Wei Jiazheng’s low temporary electricity price settlement. We judge that the supply and demand in Inner Mongolia will benefit from the improvement in electricity prices in the second half of the year.

In the first half of this year, the coal price index in the Mengxi region fell by 5 year-on-year.

89%, the company’s profitability is expected to improve significantly.

The company received a 15% stake in Datang Tuoketuo Power Plant to confirm investment income and increase investment income2.

3.4 billion US dollars, in addition, the company’s share of power plant profits also benefit from improved supply and demand performance.

  The end of the overhaul of the North China unit and the increase in electricity prices helped release the second half of the year. The high dividend rate promised to highlight the value of the allocation.

  Judging from the single-quarter power generation in the second quarter, the company’s outbound unit maintenance 北京夜生活网 is currently nearing completion, and it is expected to continue to release results in the second half of the year.

  In terms of coal prices, the Mengxi Electric Coal Price Index extended for a single month in June 7.

85%, at least the decline is significantly more than in the first five months. The outlook initially decided to adjust the high-quality coal production capacity in the Mengxi region to accelerate the release. The 19-year downward trend in coal prices was determined.

Against the backdrop of a warmer performance, the company promises that the annual cash dividend rate for 2019-2021 will not be less than 70% and sometimes the dividend payout will not be less than 0.

09 yuan, according to our latest profit forecast and current expectations, assuming a 70% dividend rate, the company’s 2019 yield is expected 深圳桑拿网 to be as high as 6.


  Earnings forecast and grade: Continue to maintain the company’s net profit forecast for its mothers for 2019-2021 is 15 respectively.

37, 18.

64 ppm and 20.

33 ppm, the current sustainable corresponding PE is 12, 10 and 9 times respectively.
With the improvement of the power output of the delivery unit and the improvement of the performance in the second half of the year, the company’s coal and electricity integration is profitable, and the improvement in supply and demand in the beneficiary area is determined.Re-buy rating.

Anjing Food (603345) First Quarterly Report Review: Steady Revenue Growth and Better-than-Expected Performance

Anjing Food (603345) First Quarterly Report Review: Steady Revenue Growth and Better-than-Expected Performance

Event Anjing 成都桑拿网 Food announced the first quarter report of 2019, and the company achieved revenue of 10 in 19Q1.

96 trillion, ten years +14.

61%, achieving net profit attributable to mother 0.

65 ppm, +19 a year.

6%, deducting non-net profit of 0.

600,000 yuan, +23 a year.

42%; budget benefit is 0.

30 yuan.

Investment Highlights The swine fever incident has a short-term impact on revenue performance, and capacity release will still drive growth.

The company achieved revenue of 10 in 19Q1.

9.6 billion, +14 per year.

61%, a growth rate of ten years -4.

32pct, ring than -16.


The rapid growth of revenue was mainly affected by the early swine fever incident. The sales scale in January was basically the same; the company’s sales volume has returned to normal in February-March, and the growth rate is expected to be in the 15-20% range.

In terms of categories, the company’s noodle products / meat products / surimi products / substitute products are added +34 respectively.

43% /-4.

29% / + 16.

11% / + 22.

41%, of which the increase in production of high-additive production of noodle products was driven by releases, at least, also due to the increase in supply required by the Supermarket before the implementation of the new replacement rate on April 1.

Negative growth in meat products was mainly affected by the swine fever event.

From the perspective of channels, the company’s distribution / supermarket / special / e-commerce are separated by +10.

87% / + 25.

05% / + 40.

02% / + 65043.


From the follow-up point of view, from 2019 to 2020, the company’s supplementary production capacity will be released intensively, and the throughput increase is expected to reach 5 and above 10 respectively. Therefore, the company’s product demand is currently good, and there is still an order gap in the peak season. It is expected that the market will fully absorb the company’s new capacity, Revenue growth is expected to remain stable.

Reduced sales discounts and product structure adjustments to hedge pressure on raw material costs.

The company’s 19Q1 gross profit margin was 26.

36% every year -0.

59 points, -0.

63 points.

The company’s gross profit margin decreased slightly, mainly due to the increase in the price of pork raw materials (affected by domestic swine fever fermentation, the company began to purchase all imported pork in December 18, the price interval + 15%); but the decline in gross profit margin can be controlled, mainlyDue to cost pressure, the company reduced the discount rate of the product in two batches in early October and December of 18 (the two price increases in disguise are expected to be 2-3% and 1-2%, respectively, involving 50% of productsThe company also adjusted the product formula to reduce the proportion of pork products (expected to decrease from 20% to about 10%).

The expense ratio decreased and profitability improved slightly.

The company’s net profit attributable to its mother was 0 in 19Q1.

6.5 billion, +19 per year.


19Q1 company expenses 18.45%, -0 per year.

85 points.

Among them, the sales / management / finance / R & D expense ratios are 14 respectively.

04% / 2.

66% / 0.

42% / 1.

33% each year -0.

84pct / -1.

71pct / + 0.

37 points.

We judge that the optimization of the company’s sales expense ratio is due to the adjustment of the channel structure. Since 18 years, the company has reduced the proportion of supermarkets and increased the proportion of distribution channels, which is beneficial to the improvement of profitability.

The company’s 19Q1 net profit was 5.

92%, ten years +0.

25pct, ring than +0.

32pct, profitability keeps high in the industry.

Mid- and long-term highlights: The medium-term sale of real estate nationwide is about to be completed, and the market share is expected to continue to increase.

The company’s overall main factories are mainly concentrated in the eastern coastal areas (2 in Xiamen, 2 in Jiangsu, 1 in Liaoning, and 1 in Sichuan). It plans to expand with the “sale of real estate” model. The capacity of the Sichuan Ziyang plant will be gradually released in 2019. It is expected thatAt the end of 19, the company’s total designed production capacity is expected to reach more than 40; in 2020, the company’s North China Tangyin factory is also expected to be put into operation (an annual design output value of 1 billion US dollars, an annual output of 10 tons of production scale), when the company will form 7 production bases,The nationwide layout of the 9 factories is expected to fully release the production capacity, and the total throughput is expected to reach more than 60 inches.

Facing the strong demand for hot pot in central China, the company has been actively expanding its channels. It is expected that after the nationalization of production capacity is completed, the revenue volume will reach more than 6 billion US dollars in 2020, and the city’s share will promote continuous increase.

Long-term-Profitability may gradually become apparent after sharing stability.

In the process of expanding the city’s share of the budget, the budget company moderately reduced the price when the cost was low, and was relatively cautious about raising the price when the cost was high, and obtained an increase at the cost of losing some of the net interest rate, resulting in fluctuations in performance.

With the expansion of the company’s scale, the cost advantage brought about by the emergence of scale effects will become more prominent. Under the condition that the pricing is lower than that of the industry, the company can also enjoy higher profits. Then, in the face of cost fluctuations, performance stability is expected.Better than the industry, it is expected to achieve a virtuous circle of the leading strong Hengqiang.

Profit forecast and investment recommendations: The company is currently in the mid-term of cumulative release + nationalized layout. In the future, it will change its brand rating and channel sinking, the industry penetration rate will continue to increase, and the scale effect will continue to appear.

We expect the company’s revenue and net profit to be 50 in 2019.

08 thousand yuan (+17.

6%) and 3.

1.9 billion (+17.

9%), corresponding to the closing price on April 25, 2019, the company’s PE in 2019 is 28x.

Maintaining the level of “prudent increase in holdings”, it is recommended to pay active attention.

Risk reminders: macroeconomic fluctuations, raw material cost fluctuations, increased industry competition, and food safety issues

Fuling mustard (002507): The work of channel sinking is firm and various tasks are advancing steadily

Fuling mustard (002507): The work of channel sinking is firm and various tasks are advancing steadily

Event: Recently, we visited Fuling Mustard Huafu Production Plant and Baiheliang Production Plant and exchanged ideas with the company.

The channel sales of existing companies have gradually returned to normal levels, and office fission and channel sinking are progressing steadily, waiting for the fundamental improvement brought by the company’s channel changes.

  Channel inventory gradually recovered to 南宁桑拿normal levels.

The short-term normal inventory level of the company channel is 1-1.

Between 5 months.

The value of 2019Q1 climbed to 2 months at its peak. Currently, channel margins have been optimized through the marginal improvement of mobile sales, and has gradually recovered to 1.

5 month level.

  The channel sinking goal is clear and it is advancing steadily.

Looking forward to the new round of the company’s development cycle, in terms of operating environment, the return of the labor population is the most significant difference from the previous cycle.

Considering that the core reason for the company’s short-term growth and growth lies in the return of the labor population in controlled South China and the lag in channel construction in third- and fourth-tier cities, the company formulated clear channel sinking targets.

At present, the company’s offices have increased from 34 to 67, and the additional offices have initially covered the third and fourth tier cities.

Unlike the 2013 method of radiating low-tier cities through dealers in provincial cities, the company’s channel sinking in this round gradually strengthened the company’s control over the terminal.Do through the low-line market.

As of May this year, the marketing management staff of the office is basically in place. Considering that the new dealers are listed in the original provincial dealers, the scale has been reduced, and the professional team and related experience have been spent. The company has adopted a “nanny style” for new dealers.”Training, through organizing marketing activities, such as tasting, promotion, etc., to smooth the way for new dealers.

  Recognize the development of new channels such as takeaways and group meals, and adhere to brand building: Considering the changes in dining and shopping for young people, the company has expanded the development of new channels such as takeaways and group meals, and has asked dealers to connect with emerging channels.
Although the growth has increased, the company continued to maintain steady expenses for brand building, and cooperated with the marathon under the slogan of “sports and good partners” to create new consumption scenarios.

  The quantity and price of raw materials are stable, and the cost side remains stable.

Taking into account the high yield of cabbage, the purchase price is maintained at a low range of 700-800 yuan / ton. From this point of view, the cost side will continue to remain stable.

  Earnings forecast and investment grade: We maintain our company’s net profit earnings forecast for 2019-21 to 7.



14 ppm, an increase of 13 in ten years.杭州桑拿网

27% / 16.

30% / 16.

36%, the corresponding EPS is 0.



28 yuan, the current sustainable corresponding PE is 23x / 20x / 17x.

Maintain the “overweight” rating.

  Risk reminder: food safety, terminal acceptance is lower than expected after price increase, raw material price fluctuation risk.

Sinopec (600028) Quarterly Report Commentary: Refining and Chemicals Segment Increases Revenue but Does Not Increase Profits

Sinopec (600028) Quarterly Report Commentary: Refining and Chemicals Segment Increases Revenue but Does Not Increase Profits

Matters: The company released the third quarter report for 2019: the first three quarters achieved operating income of 22,333.

1 ppm, an increase of 7 per year.

7%; net profit attributable to mother 432.

8 percent, an increase of -27 per year.

8%; budget benefit 0.

36 yuan, 6 yuan net assets.

Ping An’s point of view: Increasing revenue does not increase profits, and the refining and chemical business drags down the company’s performance: the company experienced an increase in revenue but no increase in profits in the first three quarters, and its revenue increased during the reporting period every ten years.

7%, return to mother’s net profit for ten years downgrade.


On a month-on-month basis, third-quarter revenue was 734.3 billion yuan, a month-on-month decrease of 6.

0%, net profit attributable to mother 119.

400 million, down 27.

9% is the worst single season for reporting routines.

In terms of segments, the operating profit and investment income of the 苏州桑拿网 exploration and development segment in the first three quarters (the same below) totaled 96.

9 trillion, an increase of 19,682% in ten years (the same period last year 0.

4.9 billion); refining plate 206.

800 million, exceeding the ceiling by 62%; chemical sector 192.

9 trillion, an average of 31% in ten years; marketing and distribution sector 254.

3 ‰, an average of 1% for ten years, basically stable.

The increase in performance during the reporting period was mainly due to increased production capacity of the refining and chemical industries, increased industry competition, lower prices of refined oil and chemical products, and increased crude oil procurement costs.

Profit forecast and investment advice: The company’s oil and gas business performed well in the first three quarters, but the refining and chemical business grew at a larger rate. Looking forward to the final forecast, the company’s business in exploration and production and oil and gas sales will grow steadily, and it will still be the highlight of major business.

However, the restructuring of private refining and petrochemicals has been put into production one after another, competition in the refined oil industry has become increasingly fierce, and the prices of chemical products are affected by costs and the macro environment, and it is expected that they will still be under pressure.

Taking all factors into consideration, we adjusted the net profit attributable to mothers for 2019-2021 to be 562, 626, and 689 percent (original values of 608, 681, and 779 percent), and the corresponding EPS was 0.

46, 0.

52 and 0.

57 yuan, the corresponding PE is 10.

5, 9.

5 and 8.

6 times, maintaining the “recommended” level.

Risk reminders: 1) Too high or too low oil prices will adversely affect profits; 2) Competition in the domestic refined oil market will become increasingly fierce in the future; 3) It is necessary to deal with competition from shrinking regional and internal competition abroad; 4) MacroeconomicProsperity has led to a decline in product demand growth; 5) Risks exist in the establishment of the national pipeline network company and the mixed ownership reform of the sales sector; 6) Less than expected progress of projects under construction will affect the company’s profitability.

Aokang International (603001): Less than expected performance of SKY’s rapid development is difficult to withstand other business downturns

Aokang International (603001): Less than expected performance of SKY’s rapid development is difficult to withstand other business downturns

2018 results are lower than expected Aokang International’s 2018 results: revenue 30.

4.3 billion, down 6 every year.

7%; net profit attributable to mother 1.

37 trillion, down 39 a year.

5%, corresponding to a relative net profit of 0.

34 yuan.

The performance was lower than expected. As investment income turned negative, bad debt and long-term investment impairment charges increased.

In the fourth quarter of 2018, single-quarter revenue decreased by 12 year-on-year.

8%, with a net error of 35.24 million yuan.

The company also announced 1Q19 results: revenue decreased 杭州桑拿 by 15.

2% to 7.

36 trillion, net profit level 33.

7% to 79.14 million yuan.

(1) Segmentation by channel: Online income decreased by 19.

5%, accounting for 11%; offline revenue fell by 5.

1%, accounting for 89%.

Direct sales, franchise income fell 3.

1%, 10.

5%; export income fell 49.


(2) Offline channels: 97 to 2,989 coastal customs outlets, 1,341 directly managed (11 retail outlets), and 1,648 (86 retail outlets) joined.

The company opened 28 distribution and assembly stores in Kuwait, Vietnam, and cooperated with Beltina footwear brand Cortina, Indian outdoor brand Woodland and international sportswear retailer Intersport.

(3) Segmentation by brand: main brand, Kanglong, Skecher, leather goods income -8.

5%, -4.

4%, +49.

7%, -13%, respectively contributed 67%, 14%, 6%, 9% of the group’s 武汉夜生活网 revenue.

Gross profit margin decreased by 0 in 2018.

4ppt to 34.

9%, the gross profit margin of all channels and brands, product lines are now falling; the sales management expense rate fell by 0.

4ppt, due to a 78% decrease in advertising costs.


Operating cash flow increased by 23% each year: inventory turnover days decreased by 14 days to 149 days, but receivables and payables turnover days increased by 30 days and decreased by 8 days respectively.

Development Trends (1) In 2019, the company will continue to focus on improving store efficiency and achieve offline omni-channel coverage through cooperation with community shopping malls.

(2) In the January quarter of 2019, the company continued to adjust its channels, and the number of offline stores decreased by 36; the sales of Secchi improved (-8.

4%), but online business resumed growth (11%), and revenue from other brands continued to increase at a low base.

We expect the above trends to continue into the second quarter of 2019.

Earnings forecast is still replaced due to 1Q19 results at a low base in the same period last year, and the profit forecast for 2019 is lowered by 28% to 0.

40 yuan, the date 2020 forecast is 0.44 yuan, an annual increase of 17%, 10%.

It is estimated and recommended that the company can currently sustain 26/24 times P / E of 2019/20, maintain a neutral rating, and lower the target price by 15% to 10 with the adjustment of profit forecasts.

80 yuan, corresponding to 27 times P / E in 2019, implying 3.

8% space.

The company’s performance in the past few years has continued to decline, and its visibility of future earnings is average. Both Skeage and Puma are vulnerable to changes in sportswear trends.

Risk terminal inventory is high risk; SKECHERS performs better than expected risk.

Gongjin shares (603118) financial report comments: performance slightly exceeds expectations, profitability continues to increase

Gongjin shares (603118) financial report comments: performance slightly exceeds expectations, profitability continues to increase

Net profit maintained rapid growth, and the performance slightly exceeded market expectations. In the first three quarters of 2019, the company achieved revenue of 60.

38 ppm, an increase of ten years.

95%, net profit 天津夜网 attributable to mothers2.

660,000 yuan, an increase of 128 in ten years.

25%, net profit of non-attributed mothers2.

480,000 yuan, an increase of 133 in ten years.

00%, performance maintained rapid growth, performance slightly exceeded the market and our expectations.

In the third quarter alone, the company achieved revenue of 20.

50,000 yuan, the average of ten years is 13.

02%, basically unchanged from the previous month, and achieved a net profit of 0.

950,000 yuan, an increase of 58 in ten years.

33%, an increase of 11.


Gross profit margin, net profit margin increased steadily, and profitability continued to increase. The company achieved net profit growth and growth under the background of basically stable revenue.The improvement is obvious.

In terms of gross profit margin, the company’s comprehensive gross profit margin reached 15 in the first three quarters.

72%, an increase of 4 per year.

23pct; In terms of net interest rate, the company is relatively stable in terms of expense control, and its comprehensive net interest rate reached 4 in the first three quarters.

28%, an increase of 2 per year.

29pct, profitability continued to recover.

The operating cash flow has improved significantly. The first three quarters of the smooth progress of the Vietnam production line have seen significant improvements in the company’s cash flow. The net cash flow from operating activities was 6.

110,000 yuan, a sharp increase of 222 before.


Accounts receivable of the company 18.

With a sales volume of approximately 6.1 billion U.S. dollars, accounts receivable fell by 14%.

83%, sales receipts have improved.

The preliminary report reports that the company will increase capital in Vietnam’s subsidiaries to help it improve its production line as soon as possible.

We believe that when the Vietnam production line is put into production in the future, it will not only expand production capacity, but also further reduce the company’s manufacturing costs.

Investment suggestion: slightly raise earnings forecast and maintain “Buy” rating.

We are optimistic about the company’s advantages in the field of communication terminals and the layout of 5G small base stations, and slightly increase its profit forecast. It is estimated that the company’s operating income for 2019-2021 will be $ 8.5 / 90 / 9.5 billion, and the net profit attributable to the parent company will be 3.



32 megabytes, with a one-year growth rate of 厦门夜网 84% / 27% / 18%. The current corresponding PE is expected to be 28/22/18 times. Maintain the company’s “Buy” rating.

Risk warning: the competition in the field of broadband communication terminals is intensifying, and the risk of product price reduction; the impact of upstream raw material price increases on the company’s gross profit margin; the Sino-US trade war, the risk of imposing tariffs on company products, and the risk of foreign exchange gains and losses.

Hetai (002402): Better than expected performance, healthy cash flow, main business resume high-growth RF chip development

Hetai (002402): Better than expected performance, healthy cash flow, main business resume high-growth RF chip development

The event company released the 2019 first quarter report, and the company achieved revenue 7 in 2019Q1.

69 trillion, net profit attributable to mother 0.

600,000 yuan, net of non-attributed net profit of 0.

570,000 yuan, net operating cash flow1.

98 ppm, with a one-year average of 41.

4%, 23.

1%, 29.

1%, 945.


Brief Comment 1. The company ‘s original main business intelligent controller ‘s gross profit margin rebounded, and its actual performance exceeded expectations.

Thanks to the steady decline in the prices of raw materials, the company’s smart controller business gross margin started to rebound, which was an increase of 1 from Q4 2018.

63 points.

However, due to the consolidation of the Italian subsidiary, the earnings and losses have just been balanced, and the company’s management expenses, research and development expenses, and financial expenses have increased by 66 each year.

5%, 75.

6% and 84.

1%, both higher than the revenue growth rate, resulting in the company’s net profit growth rate is lower than the revenue growth rate.

We estimate that in Q1 2019, the consolidated revenues of subsidiaries NPE and Kunchang Technology will be approximately 1.

3 trillion, consolidated net profit of about 8 million yuan, so after deducting the impact of the consolidation, the original main business income increased by about 18%, net profit increased by about 7%, but taking into account the company’s first quarter 2018 government subsidies and other non-recurring incomeIt was 4.68 million yuan, and the centralized settlement historical supplier rebate (there is no such item in 2019Q1), so the company’s original intelligent controller and intelligent hardware and other services in 2018Q1 achieved net profit attributable to the mother.

3.5 billion, under the same caliber, the company’s original main business contribution in Q1 2019 was 0.

$ 4.9 billion, an average of 40% a year.

Therefore, the main business recovered well and the performance exceeded expectations.

2. The consolidation led to an increase in the expense ratio during the period and a healthy cash flow, reflecting a stable operation.

2019Q1, the company’s period expenses 11.

15%, an increase of 1.


Among them, the company’s selling expenses1.

49%, a decrease of 0 per year.

7 points, mainly due to the company’s major customer strategy and the financial statistics of the subsidiary NPE; management expense ratio 3.

69%, R & D expense ratio 3.

97%, financial expense ratio 2.

00%, increase by 0 each year.

56 pieces, 0 pieces

77pct, 0.

47pct is basically the increase in personnel and more due to consolidation, and exchange losses.

In 2019Q1, the company’s long-term borrowing was 1.

1.4 billion, short-term borrowing is 2.

1.1 billion US dollars, only short-term loans in the same period last year.

1.1 billion.
The company’s operations are stable and its net cash flow is.
98 ppm, 3 of net profit attributable to mother.

3 times.

We expect that through the continued improvement of the company’s operating net cash flow and the issuance of convertible bonds, the company’s additional size is expected to decrease, which will reduce the company’s financial costs.

3. The subsidiary, Changchang Technology, has grown rapidly, and its long-term performance is worth looking forward to.

The subsidiary, Changchang Technology, specializes in microwave millimeter wave radio frequency chips, mainly for the military market, which can support 40GHz and below. The products involve power amplifiers, low-noise amplifiers and other chips.

The revenue in 2019Q1 is about 30 million yuan, which has reached almost one-third of most of 2018, reflecting that the company’s orders are full. Considering that the 武汉夜生活网 first quarter belongs to the off-season of military industrial enterprises, and that by the end of 2018, Kunchang Technology is expected to be completed in 2019.Order in hand is about 1.

2 ppm, to supplement the supplementary orders in 2019, we expect that Changchang Technology will still maintain a rapid growth momentum in 2019, with a high probability that it can complete the performance commitment of 6,500 million.

Earnings forecast and grade: We expect the company’s revenue for 2019-2020 to be 35.

6.9 billion, 46.

20 trillion, considering the uncertainty of foreign exchange loss gains and losses, and the possibility of increasing R & D investment this year, we adjusted the company’s net profit attributable to mother to 2019 to 3.

100 million, 4.

400 million, EPS is 0.

36 yuan, 0.

51 yuan, corresponding PE is 27X, 19X, the company’s historical average PE (TTM) 65.

67 times, currently 38.

74 times, maintain “Buy” rating.

Risk warning: the demand for intelligent controllers is lower than expected; the prices of upstream raw materials continue to increase; the company’s market share has expanded; Kunchang Technology has failed to meet expectations.

Meinian Health (002044) Company Research: Date Ali Business Expansion Business Expects Expectations

Meinian Health (002044) Company Research: Date Ali Business Expansion Business Expects Expectations
The company announced that shareholders and other shareholders signed the “Share Transfer Agreement.”The company announced that the controlling shareholders, concert parties and other shareholders have separately reorganized the “Share Transfer Agreement” with Ali Networks, Hangzhou Xintou, and Shanghai Qijun to transfer the total share capital.58%, 5.24%, 5.34% of shares, the transfer price is 12.01 yuan / share. With the introduction of Ali warfare investment, the future business development in an overhaul area is worth looking forward to.Yunxin Venture Capital, a shareholder of Hangzhou Xintou among the three transferees, is an overseas investment platform of Ant Financial. Shanghai Qijun is a subsidiary of Yunfeng Fund. Therefore, the background of the three transferees is Alibaba and Ant Financial., Yunfeng Fund, set up Ali funds (Ali also participated in the company’s fixed price increase).Mei Nian now has a standardized medical examination network covering the whole country, and it is shifting to a high-end personal examination business strategy. After transferring Ali’s war investment, its online platform will gradually change its chemical reaction on the personal examination business. The business expansion is worth looking forward to.The department is committed to expressing strong support in the company’s informatization and intelligence.In addition, Ali has also participated in the 杭州桑拿 privatization of Aikang Guobin. This time, it has become the second largest shareholder of Meinian Health.Sex. The debt risk of major shareholders has decreased significantly.After the transfer of shares, the major shareholder Yu Rong and his concerted parties will be initialized.The 61% shareholding ratio dropped to 22.88% will reduce its debt risk and benefit the company’s stable development. Earnings forecast: We expect the company’s net profit attributable to its mother to be 9 in 2019-2021.69, 12.70, 16.1.4 billion, an annual increase of 18.0%, 31.2%, 27.1%, the current sustainable corresponding PE is 53x, 40x, 32x, maintaining the “Buy” rating. Risk reminders: The transformation of the individual examination strategy is less than expected; the expansion of the medical examination center is less than expected; the 上海夜网论坛 doctor-patient risk.