Aerospace Development (000547) 2019 Third Quarterly Report Review: Strong Revenue Performance Growth, Gross Margin Drops Significantly

Aerospace Development (000547) 2019 Third Quarterly Report Review: Strong Revenue Performance Growth, Gross Margin Drops Significantly
Investment Highlights The company achieved operating income in the first three quarters of 201923.52 ppm, an increase of 44 in ten years.07%; net profit attributable to mother 3.08 million yuan, an increase of 39 in ten years.31%.The company’s growing operating income is primarily due to the increase in defense equipment industry income and the expansion of the consolidated scope of statements.  The company’s gross profit margin in the first three quarters of 2019 was 37.65%, a 北京夜生活网 decline of 5 per year.78 units; the gross profit margin in the first three quarters was 32.79%, 43.13%, 37.85%.  In terms of quarters, the company’s first and second quarter operating income in 2019 was 7 respectively.5.4 billion (+43 year-on-year.90%), 7.3.8 billion (+ 45% YoY).33%); net profit attributable to mothers is 1.3.0 billion (+41 y / y.58%), 1.200,000 yuan (+34 compared to the same period last year).91%); the company achieved revenue in the third quarter8.60 ppm, an increase of 43 in ten years.14%, an increase of 16 from the previous month.55%, net profit attributable to mother 0.850,000 yuan, an increase of 43 in ten years.08%, down 28.77%.  Prepayments and accounts payable reflect sufficient orders from the company.As of the third quarter of 2019, the company’s prepayments increased to 7.100,000 yuan, an increase of about 203 佛山桑拿网 in the initial stage.07%; the company’s accounts payable increased to 16.1.6 billion yuan, an increase of about 61 in the initial period.48%.  Earnings forecasts and investment advice.According to the latest financial report, we forecast the company’s net profit in 2019-2021.84/7.30/8.75 ppm, corresponding to the closing price of PE on October 24 is 27.9/22.3/18.6 times, maintaining the level of “prudent overweight”.  Risk warning: gross profit margin continues to decline; new business expansion exceeds expectations.

Runda Medical (603108): IVD integrated service circulator growing through continuous mergers and acquisitions-Fu Tao

Runda Medical (603108): IVD integrated service circulator growing through continuous mergers and acquisitions-Fu Tao

Runda Medical is a mature medical laboratory comprehensive service provider based in East China and covering the whole country.

As a cross-regional IVD comprehensive service provider, the company can undertake IVD manufacturers upwards and dock hospital customers downwards.

At the same time, self-produced products are synergistic with company channels.

As a leading company in the IVD channel, the company’s national integrated business expansion continues to accelerate.

The company has acquired more than 30 wholly-owned or holding subsidiaries through mergers and acquisitions. The business covers most of the provinces, cities, and regions in China including East China, Northeast China, North China, Central China, and Southwest China.Has basically completed the nationwide strategic layout.

Extremely, business growth in the Northeast, Central China and Southwest China is faster.

Through continuous mergers and acquisitions, the company promotes the development of overall integrated services to the whole country.

At the end of 2018, the company’s overall integrated services business revenue accounted for 30% of total revenue, approximately $ 1.8 billion, and an annual increase of 45%.

At the same time, the company took advantage of its own value-added services to acquire channel providers with hospital-related resources, and continued to integrate resources to achieve nationwide expansion.

In addition, the company supports 23 hospitals nationwide to establish regional inspection centers and provide overall integrated services, extending downstream to the industrial chain.

The self-produced products are gradually enriching, and the growth rate of the production base is still maintained at over 28%.

The company’s self-produced products cover the fields of glycated hemoglobin, quality control products, biochemical reagents, chemiluminescence and POCT, and achieved revenue in 20182.

USD 1.7 billion, a year-on-year growth of 28%. The company has successfully completed the full use of Runda Jinshan Industrial Park, and the overall production efficiency has been further improved.

The company’s cash flow situation continued to improve in 2018.

The company’s net operating cash flow was 5.

390,000 yuan, a sharp increase of 713.

42%, first of all, the following two points: the strategic cooperation agreement reached with upstream manufacturers has reduced procurement costs and also obtained supplementary accounts in terms of payables; the company has strengthened the control of receivables and replaced the receivables with assessments.

Investment suggestion: It is estimated that the operating income for 2019-2021 will be 75.

02, 92.

16 and 111.

870,000 yuan, an increase of 25北京桑拿洗浴保健 in ten years.

78%, 22.

85%, 21.

39%; net profit attributable to mothers is 3.

28, 4.

10, 5.

02 ppm, an increase of 25 in ten years.

42%, 24.

89%, 22.

47%; realized EPS are 0 respectively.

57 yuan, 0.

71 yuan, 0.

87 yuan.

Taking into account the acceleration of the company’s integrated business expansion and continued improvement in cash flow, we believe that the company’s reasonable forecast range for 2019 is 16-21 times PE, a reasonable variable price range of 10-12 yuan, and it is covered for the first time, given an “overweight” rating.

Risk Warning (1) Business promotion is not up to expectations.

(2) Policy risks: Changes in related industrial policies may lead to adjustment of the company’s business model.

(3) Risk of price reduction in the industry.

The overall net redemption was 832.

7.2 billion cargo bases have suffered serious “blood loss”

The overall net redemption was 832.

7.2 billion cargo bases have suffered serious “blood loss”

Original title: Overall net redemption 832.

7.2 billion copies of the cargo base were “blood-shed”. China Fund Daily reporter Xiang Jing reported that the fund made a good profit in the third quarter, but was still redeemed by more than 83 billion copies.

Equity-type, mixed-type, and index-type funds received different quotas of purchases, but the redemption ratio was not small; debt-based, QDII and FOF received a net inflow of funds; money funds suffered “blood loss”.

  The overall net redemption was 832.

7.2 billion Tianxiang Investment Gu statistics on the fund’s three quarterly reports show that in the third quarter, the total subscription share of the fund was 12.

4 trillion copies, with a total redemption of 12.

49 trillion copies, net redemption of 832.

72 billion copies.

  Affected by falling yields and new asset management regulations, the size of money funds continued to shrink.

Redemption in the third quarter was as high as 11.

55 trillion, an overall reduction of 2046.

95 billion copies.

  Funds move significantly on active stock funds. Hybrid and stock fund purchases and redemptions are relatively large, but the total redemption share is still larger.

Data show that the net redemption of the aforementioned fund varieties in the third quarter was 118.

1.3 billion copies and 290.

1 billion copies.

  Bond-type, commodity-type, QDII and FOF all obtained net purchases in the third quarter.

Among them, the debt base is the most favored. With more than 400 billion copies being redeemed, there is still a total purchase of 560 billion, a net purchase of about 147.7 billion, and a net purchase ratio of 4.

73%.

Commodity funds, QDII and FOF each received 56.

22 billion copies, 75.

400 million copies and 13.

8.2 billion net purchases, with a net purchase ratio of 58.

82%, 10.

41% and 6.

78%.

  Among 杭州夜网论坛 bond funds, BOC Fenghe and Dingkai obtained the most net purchases, reaching 238.

60 billion copies.

Penghua enjoys 6 months, and Caitong Hongyi Medium and Short-term Debt C, Xingye Yuheng Bond and other funds have net purchases of more than 55 billion.

  In the third quarter, only five money funds made more than 10 billion net purchases.

CCB Cash and Profit B surpassed Tianhong Yu’ebao currency, becoming the most popular base for net purchases, with a net purchase quantity of 217.

2.6 billion copies, with a net purchase ratio of 34.

63%; Yingbao to 212.

Net purchases of 6 billion were close behind, but the net purchase ratio dropped to 2.

06%.

The net purchase ratio of SPDB Riichifeng Currency D is as high as 222.61%, also received nearly 15 billion net purchases during the same period.

  It is worth mentioning 武汉桑拿社 that 25 active equity funds made net purchases of more than 1 billion copies. It is worth mentioning that in the third quarter, 25 active equity funds made net purchases of more than 1 billion copies, of which 2 were ordinary equity funds and 23 were hybrid funds.

  China-Europe Times Pioneer A and Guangguang have increased their net purchases of more than 1 billion shares in two ordinary equity funds. The former attracted nearly 3.2 billion total purchases in the third quarter, with a net purchase volume of 13.

8.9 billion copies; the remaining net purchases were 11.

1.4 billion copies, the ratio reached 41.

41%.

  Of the 23 hybrids with net purchases of more than 1 billion, 12 had net purchases of more than 1.5 billion and 6 had more than 2 billion.

The highest net purchase is Ruiyuan Growth Value A. At the beginning of the third quarter, the fund had a total of 50.

2.9 billion copies, with a total subscription share of 37 during the period.

6.3 billion copies, with a total redemption of 5.

4.9 billion copies, with a net purchase of up to 32.

1.5 billion shares, with a net purchase ratio of 63.

92%.

  Changan Yuteng Elastic C is a “dark horse”.

In the third quarter, the fund made a net purchase of 31.

8.5 billion copies, with a net purchase ratio of 360.

61%.

However, by dividing A shares, fund C shares generally do not recognize the purchase fee, so its institutional investors’ interests.

  Funds ranked third to sixth in net purchases are E Fund’s blue-chip mixed, booming trends. Chang’an Xinyi Enhancement C and Qianhai Ruiyuan’s steady increase in C. The net purchases of the above-mentioned funds in the third quarter all exceeded 2 billion.Investors’ favor.

In addition, the net purchase of funds such as Caitong Asset Management Consumption, Hua’an Configuration, Anxin’s Steady Appreciation A, Wells Fargo Innovation and Technology, Tim Fortune Innovative Medicine, and Huaan Media Internet can also exceed 1.3 billion.

  From the perspective of the fund company, if the C share of the fund is excluded, of the 22 active equity funds with net purchases of more than 1 billion shares, Huaan Funds account for 2 of them, Xingquan, Huitianfu, and Invesco Great Wall.Fund companies have also been shortlisted.

  The fund received a clear net purchase, excellent performance, star fund manager management and the company’s outstanding investment and research brand are the leaders of these funds welcomed by investors.

American credit card debt innovation hits record high of more than $ 1 trillion tomorrow’s money

American credit card debt innovation hits record high of more than $ 1 trillion “tomorrow’s money”
The way Americans spend tomorrow’s money today has made them the world’s most famous 四川耍耍网 credit card slaves. Recently, their card debt has reached a new high.CBS data quoted by the Federal Reserve Board reported that the total debt of US credit card holders has exceeded $ 1 trillion (about 6).7 trillion yuan), exceeding the record set before the 2008 financial crisis.  According to Matt Schultz, a senior analyst for credit cards on credit card information websites, this situation should serve as a wake-up call for Americans. Even if you think you can still afford credit card debt, you may be one step away from real trouble.  According to the website data, each family currently pays an average of 9,600 US dollars (about 63,965 yuan), accounting for 17% of the average family income.Since the average interest rate on credit cards is 16%, and some credit cards have an interest rate of about 24%, the credit card debt of each family increases by 1,600 US dollars (about 10658 yuan) to 2,300 US dollars (about 15,320 yuan) each year.  Despite the huge debts, most Americans believe that the current economic situation is stable and the unemployment rate remains at a certain level, so they are optimistic 厦门夜网 about the future.However, Schultz warns that people will never know when the limit will be reached, and the situation may not yet reach a critical point, but it will not be too far a day.Unemployment, emergency medical treatment, and rising interest rates are all factors that could cause the crash.  Schultz advised people to reduce debt when the economy is good and try to pay off their debts on a monthly basis. At the same time, beware of hidden credit card charges such as late fees, withdrawal fees, overseas transaction fees, annual fees, etc.(Gao Linlin) Original title: US credit card debt hits record high, spending more than $ 1 trillion “tomorrow’s money”

Huazheng New Materials (603186): Innovation-driven domestic alternatives to 5G high-frequency materials

Huazheng New Materials (603186): Innovation-driven domestic alternatives to 5G high-frequency materials

China’s “Little Rogers” has accelerated domestic implementation of high-frequency replacement, covering it for the first time, giving it a “Buy” rating with a target price of 40.

8 yuan.

The company focuses on composite materials such as copper clad laminates, insulation materials and thermoplastic honeycomb panels. The main business income and net profit have continued to expand, and the gross profit level has been at the forefront of the industry. It has been transformed into the Qingshan Lake project’s output expansion tolerance.Later, including high-frequency and high-speed boards, the company’s overall copper clad laminate production capacity reached 1.5 million pieces per month, and the production capacity is expected to further expand in the future.

The company’s leading R & D and production of high-end materials actively promotes the development of 5G high-level sheet materials. Among them, PTFE copper-clad plates and hydrocarbon plates are undergoing certification by major equipment manufacturers, and progress is smooth. It is expected to break through localization breakthroughs in 5G and achieve import substitution.

What do we expect the company 2019?
Net profit attributable to mothers in 2021.

39/1.

88/2.

53 trillion, eps is 1.

07/1.

46/1.

96 yuan, we give the company a target price of 40.

8 yuan, corresponding to a PE valuation of 38 times in 2019.

The global output value of PCB has shifted from “Europe and the United States gradually” to “Asian growth”. 5G has driven the demand for high-frequency and high-speed sheet materials. The market space is 8 times that of 4G, with about 35 billion market space.

Because 5G requires higher transmission bandwidth than 4G, and the massive MIMO multi-antenna technology requires higher integration of 5G base stations. In addition, the wavelength of 5G and future millimeter wave propagation will exceed 4G.It will increase a large amount of high-frequency and high-speed copper-clad laminates. According to estimates, 5G will require 100 billion PCBs on the base station side, and the market space for high-frequency copper-clad laminates required will reach about 35 billion.

At the same time, driven by the trade war, the main communication equipment manufacturers urgently need to make breakthroughs in localization. The company actively expands research and development, and continues to develop and test. The high-speed boards submitted are expected to obtain final certification and get commercial orders.

At the same time, the industry barriers are high, the scale is expanded in the short term, and the layout advantage is strong.

Thermoplastic honeycomb panel side: Lightweight new energy vehicles promote demand-side growth.

The company actively explores market demand and has entered the new energy vehicle market of mainstream manufacturers such as Geely, BYD, JMC, etc. Due to the new energy policies and policies that promote the trend of lightweight vehicles, the market space is still broad in the future.

Aluminum-plastic film side: The aluminum-plastic film developed 厦门夜网 by the company includes two types: standard type and functional type. Among them, the functional type has better high temperature resistance, low water vapor transmission rate, high abrasion resistance and other properties. Currently one of the functional typesThe product has been verified by customers and mass production has begun. We expect to achieve profitability in 2019.

Catalysts: Communication equipment manufacturers speed up technical certification and order placement; further expansion of production capacity; smooth expansion of thermoplastic materials business; profitability of aluminum-plastic film projects.

Risk reminder: The certification progress of high-speed high-frequency boards at the main equipment supplier is not up to expectations; the 5G progress is not up to expectations; the main equipment 北京桑拿洗浴保健 supplier is not up to expectations; the cooperation with downstream PCB factories is not up to expectations; domestic competition is fierce and prices andGross profit margins fall short of expectations; risk of unattainable target price given

Ruichuang Micro / Nano (688002): Infrared imaging leader core technology brewing potential

Ruichuang Micro / Nano (688002): Infrared imaging leader core technology brewing development potential
The company went public according to the first criterion. Decades of precipitation, becoming a leader in the domestic infrared imaging industry.Rui Chuang Micro and Nano is a professional integrated circuit chip company developed by non-cooled infrared thermal imaging and MEMS sensing technology for professional engineers.Since its establishment in 2009, the company has gone through the core technology cultivation period and the core technology productization period, and has now entered the core technology deepening period. It is one of the few domestic companies with advanced R & D and manufacturing capabilities of infrared cameras.Since 2014, the company’s technology level has continued to be the leading company in the same industry. The product performance is excellent. In 西安耍耍网 terms of the pixel size, layout size, and other parameters of the same industry company with the same average value of NETD, the four automatic R & D core technologies have been converted into volume.Production stage. In May 2018, the company released a 1280 × 1024 / 12μm million-level digital output infrared MEMS chip.At present, the company’s 640 × 512 / 12μm detector and 384 × 288 / 17μm detector can achieve digital output, ceramic packaging and wafer-level packaging. Ruichuang Micro and Nano is the first domestic company to master the above technologies. The company’s future technology reserves are sufficient, and high-quality customers help the company’s development.In the future, the company will continue to focus on technology and develop the company’s core competitiveness. In terms of infrared detectors, it will focus on the development of small pixel discrete infrared sensor technology, wafer-level vacuum packaging technology, and the development of high-efficiency, large area array small pixel series products and above.Sensing small-area array calibration products; for infrared imaging movements and the whole machine, focus on the development of ASIC image processing chip technology and wafer-level optical technology.At the same time, the company embraced Hikvision and other large customers, with too many orders in hand and adequate inventory preparation, which helped the company’s stable development. The military sector has remained stable, and the civilian sector has grown rapidly.From 2018 to 2023, the global military infrared market size composite advantage is 3.9%, steady and positive growth.In terms of civilian use, technological progress will gradually promote the continuous reduction of the cost of uncooled thermal imaging cameras, thereby promoting the continuous development of civilian thermal imaging cameras.With the application and promotion of thermal imaging cameras in the fields of security, consumption, automotive, power and other fields, the international civilian thermal imaging camera will usher in a period of rapid growth in demand, and the global civilian infrared market will reach 74 in 2023.700 million US dollars, compound annual growth from 2018 to 2023.3%, much higher than the military market.The company has better foundations and advantages in both the military and civilian markets, and the two markets develop in concert. Earnings forecasts and investment advice.We expect the company’s net profit to return to zero in the next three years will maintain a compound growth of more than 50%. We are optimistic about the company’s choice as the leader in the infrared imaging field and its future growth space.Considering that the company’s business is relatively mature and the industry development is stable, there are target listed companies that choose PE estimation method to transform the company. With reference to comparable valuations of similar companies, the company will be given 45-50 times PE in 2019, corresponding totwenty one.15-23.5 yuan.

Bank of Communications launches first public offering of similar funds

Bank of Communications launches first public offering of similar funds

China Fund News reporter Liu Fen At the end of July, the financial management subsidiaries of the five major branches of “China-China Industrial and Commercial Diplomatic Relations” noticed the opening of operations; of them, ICBC, CCB, and BOC’s three financial management subsidiaries have successively launched their own wealth management products since June.

Soon, a new product from Bank of Communications was launched, and the first product was released today.

The products sold by the bank’s wealth management subsidiary for 1 yuan are menacing. Do the products of public funds still have advantages?

  Large-scale bank wealth management subsidiaries have successively issued products. Bank of Communications and Banking recently announced that the company ‘s first product, Bank of Banking and Banking, enjoyed a year and will be issued on July 31. The product will be sold for 1 yuan, and the rate is 0Back, the risk rating is low risk; the combination of comprehensive investment selected solid income assets, through the allocation of non-standard thickening income, the performance comparison benchmark is 4.

2%, slightly lower than the rate of return of fixed income 北京SPA会所 products of the same risk level of banking and financial management.

03%.

  ICBC Wealth Management officially opened in Beijing on June 6, and launched related wealth management products on the same day, namely “Xindeli” Zhihe FOF closed net worth wealth management products, and “Quan Xin Equity” two rights of its series of open net wealth managementProducts, “Quanxin Equity” quantified equity-debt rotation strategy index-linked wealth management products, etc., are available for sale through ICBC outlets, websites, and mobile banking. The door is only 1 yuan.

  Following the release of the first batch of wealth management products, ICBC wealth management has continued to issue “Xindeli” series and “Quanxin Equity” series of wealth management products since its opening for more than a month.

Fund Jun opened the ICBC APP 武汉夜生活网 and found that there are currently 8 ICBC wealth management products on sale, 4 wealth management products from 1 yuan and 4 wealth management products from 10,000 yuan each.

The wealth management products sold from 1 yuan are fixed income products of the “Xindeli” series, and the performance comparison benchmark is 4.

5% -4.

7%, with a closed period ranging from 651 days to 1065 days, with risk levels of PR2 level and low risk; sales starting from 1 million are mainly “Quanxin Equity” series of wealth management products and “Xindeli” global rotating income continuationType 1 + 4 years product, performance comparison benchmark is 4.
.

It ranges from 5% to 5%, and the closing date ranges from 375 days to 1102 days. The risk levels are PR3 and the risks are moderate.

  BOC Wealth Management opened on July 4. On the same day, five new wealth management products were launched simultaneously, namely the “Global Allocation” foreign currency series, “Wen Fu-Fu, Lu, Shou, Jubilee” pension series, “Smart Rich” equity series, “Ding Fu””Equity investment series and index series.

  According to the official website of CCB, CCB Financial launched two banking wealth management product products on July 23, “Qianyuan” CCB Financial Guangdong-Hong Kong-Macao Greater Bay Area Index flexible allocation of wealth management products (No. 01), “Qianyuan-Rui”Xin” technology innovation closed net worth wealth management products, the two products launched for the first time are mainly invested in standardized assets, starting at 1 yuan.

  Bank wealth management products PK public offering of similar products The solid income products of bank wealth management subsidiaries sold from 1 yuan directly impact the public offering of similar products, especially currency funds.

From the perspective of the yield of fixed income products launched by Bank of Communications and ICBC Banking, bank wealth management starting from 1 yuan is better than currency funds.

  From the perspective of expected earnings performance, there are multiple diversified benchmarks for the performance of products sold by bank wealth management subsidiaries starting at RMB 1. Bank of Communications Banking enjoys a year of stability and will open the No. 1 performance benchmark for comparison.

2%, ICBC wealth management “Xindeli” series of wealth management products from 1 yuan performance comparison benchmark is 4.

5%?
Between 5%.

It should be pointed out that the benchmark for performance comparison is not the “expected rate of return”, nor is it the final actual rate of return, which is used as a reference value for the rate of return.

  The money fund is one of the most important financial tools for investors since 2013, and the highest annual return on China on the 7th is nearly 8%.

However, the easing of funds in these years, the yield of certain products has fallen significantly. Wind statistics show that the median 7-day annualized rate of return of 742 currency funds (different allocations are separately counted) is only 2.

At 43%, the 7-day annualized return of 26 currency funds is above 3%.

  Although Cargo’s earnings are not as good as those of the solid-income products sold by the bank’s wealth management subsidiary starting at RMB 1, the liquidity has controversial advantages.

From the perspective of investment period, the 1 yuan purchase of products by bank wealth management subsidiaries is slightly longer than ordinary bank wealth management products.

Some fixed-term products have a lifetime of 651 days?
For 1828 days, products without a fixed term are generally opened once a quarter or year.

Relatively speaking, the layout of these products requires investors to hold them for a long time, and it is best to match the use time of their own funds.

Relative to the long investment term of the bank’s wealth management subsidiary, mainstream currency funds in the market all support applying for redemption at any time.

From the perspective of being a cash management tool, money funds have potential.

  Except for fixed income products, ICBC wealth management has issued products with a higher risk level than fixed income products. There is no clear data on its performance comparison benchmark. The “quanxin equity” quantitative equity and debt rotation strategy index-linked wealth management products areFor example, the benchmark for performance comparison of this product is 40% * ICBC Quantitative Equity Debt Rotation Strategy Index Net Price Version Yield + 60% * One-year time deposit interest rate (annualization), which has certain volatility.

  Therefore, preliminary sources suggest that buying bank wealth management products cannot be “stupid”.

In the past, bank wealth management products were mostly fixed-income low-risk products with obvious expected yields. Therefore, investors often regarded this as a “high-yield regular replacement”, and the types of bank wealth management products will increase significantly in the future.
Bank wealth management subsidiaries plan to distribute diversified products, and products that are closely related to the capital market may break through the yield conversion, which also test the investment capabilities of bank wealth management subsidiaries.

Therefore, investors need to choose bank wealth management subsidiary products and allocate assets reasonably according to their own needs, risk tolerance, and market conditions.

Huafeng Spandex (002064): Industrial chain integration has obvious advantages Adipic acid has huge cost advantages

Huafeng Spandex (002064): Industrial chain integration has obvious advantages Adipic acid has huge cost advantages

Key investment events: Huafeng New Materials (hereinafter referred to as the “subject company”), which is controlled by the same actual controller, injected Huafeng spandex, and this reorganization will not cause the controller to change; the market’s expectations are poor: excessive substitution of adipic acid, 武汉夜网论坛 although the targetThe company’s adipic acid gross profit margin returned to a reasonable level of 20% from 29% in 2018; however, due to the company’s integrated system, the actual overall gross profit level is more stable than the change in adipic acid (gross adipic acidThe interest rate has dropped, but the gross profit margin of the downstream sole stock solution has risen). The company-wide gross profit rate has only gradually decreased by 1%; future increments: 5 polyurethane polyurethane stock solution and 5 polyester polyols in the acceptance stage;The annual output is 25.

5 adipic acid, 32 free-radical cyclohexanol, 20 intervening in the production capacity of cyclohexanone; domestic adipic acid production capacity replacing overseas production capacity will become a trend; risk reminder: risk of adipic acid technology diffusion; renewable plan Jiaodong conferenceRisks of failure; profit forecasts and estimates assume total capital 武汉夜网论坛 stock after restructuring and supporting financing46.

1.4 billion shares, with a total market value estimated at 22.8 billion and a net profit of 19 in 2018.

3ppm; the corresponding PB and PE are 3 respectively.

5 times and 11.

8 times; our estimated net profit after restructuring in 2019-2021 is 14 respectively.

99 billion, 19.

4.6 billion and 22.

8.6 billion yuan, corresponding to expected PE of 15.

2, 11.

6 and 10.

0 times; we believe that the company is the world’s nitrocellulose, the lowest cost of adipic acid production, adipic acid-polyester multiple-shoe sole dispersion integration advantages, enough to resist the change of the cycle, and the company’s subsequent spandex and adipateThe significant increase in cyclohexanone acid, and the current spandex and adipic acid are at extremely low historical levels, maintaining the company’s buy rating; 1

Goodix Technology (603160): 2019 net profit growth of 203%-230% harvest technology leading dividend

Goodix Technology (603160): 2019 net profit growth of 203%-230% harvest technology leading dividend

Announcement of 2019 annual results pre-increasing: The net profit attributable to shareholders of listed companies for the year is 22.

4.9 billion to 24.

490,000 yuan, an estimate from the same period in 2018, is expected to increase by 203% to 230% for the whole year.

Q4 single quarter net profit 5.

37-7.

3.7 billion, with a median of 6.

3.7 billion, a decrease of 8% from the previous month and an increase of 50%, in line with expectations.

Q3 single quarter profitability further improved, under-screen fingerprints are still the main driving force.

Q3 single-quarter revenue of 17.

USD 900 million, an increase of 83% year-on-year and an increase of 8% month-on-month; Q3 single-quarter net profit attributable to mothers6.

950,000 yuan, a year-on-year growth of 237% and a month-on-month growth of 15%.

2019Q1-Q3 gross profit margin maintained at 61% -62%, Q3 single quarter gross profit margin of 60.

8%, a slight drop from the previous month.

1 percentage point, 8 per year.

9ppts, mainly due to the increase in the amount of high-margin fingerprint calibration under the screen, the first half of the fingerprint chip accounted for the total revenue of 85.

75%, an increase of 8.
.

77%.

Under the effect of scale, the cost rate has continued to decline, and R & D investment has continued to increase.

Q3 sales expense ratio 7.

4%, a slight decrease; the management expense rate drops by 0 every year.

2ppt to 1.

9%; R & D investment 2.

600 million, an annual increase of 45%, R & D expense ratio of 14.

7%, to provide continuous research and development guarantee for the company’s product competitiveness.

Abundant current assets and healthy cash flow.

Net operating cash flow for the first three quarters of 17.

9 ppm, better matching with net profit; asset and liability restructuring24.

9%, maintaining low financial leverage, retaining the strength of expansion for the company’s long-term development; monetary funds 4.

300 million, trading financial assets 40.

300 million, investment cash flow is also mainly financial investment, the company has abundant liquid assets.

Huiding is the leader in ultra-thin screen fingerprints, and expects LCD fingerprint products to maintain a competitive advantage in 2020.

The demand for under-screen fingerprints has erupted since 18Q4. Since 2019, the flagship models released by Xiaomi, Huawei, and OPPO are equipped with optical fingerprint recognition functions, and the under-screen fingerprint penetration has increased by 20%.

In 2017, MWC and Genting Technology were one of the first companies to launch optical fingerprint solutions. Genting optical solutions show stable unlocking rate and unlocking speed in anti-light interference, low temperature environment, and difficult finger scenarios.The under-screen optical fingerprint solution with the highest commercial model and the largest incremental expansion, also has obvious competitive advantages under the ultra-thin screen solution. Every year in 2020, LCD fingerprint products will be welcomed.

The long-term growth potential of the platform-based layout of the Internet of Things.

In 2019, MWC and Genting Technology launched the “Sensor + MCU + Security + Connectivity” integrated 杭州桑拿网 platform in the field of Internet of Things, to develop the field of Internet of Things.

At present, touch and in-ear monitoring two-in-one products have been copied in OPPO and VIVO TWS headsets.

In 2019, Huiding topped 1.
Acquired the voice and audio application solution business affiliated with NXP for USD 6.5 billion, and it is expected that the market will be integrated with Genting ‘s own sensor layout.
Maintain profit forecast and maintain BUY rating.

Maintain 2019/2020/2021 operating income forecast of US $ 6.4 / 82 / 8.9 billion and maintain net profit attributable to mothers of 24/30 / 3.6 billion.

The current market value corresponds to 2020 PE 44X, and maintains a “Buy” rating.

Jiangxi Copper (600362): Internal attributive profit meets expected impairment and drags down Q4 deduction for non-attribution performance

Jiangxi Copper (600362): Internal attributive profit meets expected impairment and drags down Q4 deduction for non-attribution performance

Investment Highlights The company released its 2018 annual report: In 2018, the company achieved revenue of 2152.

9 billion yuan, an increase of 4 a year.

99%, net profit attributable to mother 24.

48 ppm, an increase of 52 in ten years.

43%, net of non-attributed net profit13.

63 ppm, with a ten-year average of 42.

91%.

Among them, Q4 revenue was 533.

65 ppm, a six-year increase of 6.

02%, ring-on-epoxy 9.

29%, net profit attributable to mother 4.

30,000 yuan, an increase of 1551 in ten years.

93% compared with 47 epoxy.

55%, deducting non-attributed net profit -1.

29 trillion, 10% lower than Q3.

500 million US dollars, turning losses into losses; at the same time, Q4 operating cash flow also increased by 149.

15% to 81.

8.2 billion.

The significant increase in Q4 return to net profit margins mainly due to a significant increase in asset and credit impairment losses, but the amount of impairment in 2018 also improved marginally compared to 2017.

The average quarterly Q4 price of copper in the previous issue increased slightly by 0 from the previous month.

8深圳桑拿网2% to 4.

94 million / ton, reflected in the gross profit margin, Q4 single quarter gross profit margin from 3 in Q3.

5% increased to 4.

3%, which also helped the previous gross profit margin from termination to 3 in Q3.
.

41% rose to 3.

63%, also reflects that the price is not the reason for the increase in revenue, Q4 revenue is ranked 9th.

29% to 533.

650,000 yuan, is expected to be mainly due to an increase in sales.

As a result, the estimated sales reflected in the income statement will affect sales and management expenses, respectively, and will replace 33.

3% and 40% will help to break down the three expenses of Q427.

9% to 6.

02 ppm; but the growth rate is that Q4 financial expenses increased by 0.

2.2 billion, mainly due to an increase in interest expenses by 6 from the previous quarter.

$ 8.5 杭州桑拿网 billion, although interest income also rose by 2 from the previous quarter.

2 trillion, but the increase is far less than the single-digit fee.

More importantly, we believe that the main reason for the significant increase in Q4 net profit attributable to mothers was that asset and credit impairment losses in the fourth quarter were as high as 10.

800 million, a significant quarter-on-quarter profit reduction of about 11.
2 ppm; of which Q4 asset impairment loss is 3.
49 trillion, a chain reduction of 4.

95 ppm with a credit impairment loss of 7.

2.8 billion, 6% lower than the previous month.

2.8 billion; and reached the expected target, a total of 18 assets and credit impairment losses were accrued in 2018.

51 ppm, which has an impact on the previous return to net profit of 17%.

09 million, most of the impairment is reflected in the breakdown of net profit attributable to mothers, and very few are returned through minority shareholders.

But it is also good to know that the total size of asset impairment in 2018 was divided by four.

86 ppm to 18.

51 ppm, mainly due to an impairment of only 13.
.

69 ppm, up from 21 in 2017.

5.9 billion, substantive target 7.

9 trillion, although there are new additions in 20183.

The impairment loss of US $ 0.4 billion in exploration costs, from a marginal point of view, the impact of asset impairment losses has been relatively small.

It is particularly important to note that the relative decline in Q4 return to net profit is much smaller than that of deduction to return, which is mainly due to the obvious increase in profit and loss from changes in fair value in the investment income account.

The net profit attributable to Q4 is only 47% from the previous month.

55%, a reduction of 3.

65 ppm, which is far lower than the net profit of non-returned mothers.

200 million decline.

We believe that the main reason is that the gains and losses from the fair value changes in the Q4 investment income account reached 7.

8.2 billion, an increase of 11.

Directly related to $ 1.6 billion; and Q4 also reached 2 in the net gains on changes in fair value.

5.6 billion, an increase of 1 from Q3.

9.5 billion, and some or some of this subject are also shown as non-recurring items.

In 2018, the company further improved the domestic industrial layout: the establishment of Jiangtong East China acquired a copper rod production line with a capacity of 15 mergers / year; and, acquired 65% of the equity of Yantai Guoxing Copper to build a copper production base of 18 acquisitions / year;What is more noteworthy is that it also acquired the listed company Hengbang shares29.

99% equity, and acquired the M & A agreement in March 2019. If the acquisition is completed, the company will become the controlling shareholder of Hengbang. Hengbang currently has 7 smelting production lines with an annual output of 50 tons of gold and 700 tons of silverWith a proven gold reserve of 112 tons, the company’s move will further improve the company’s diversified industrial chain layout.

In 2019, the company plans to produce 144 halogen copper, 25 tons of gold, 313 tons of silver, 362 sulfuric acid, and 20 copper concentrates.

58 spindles, 125 copper rods and other copper processed products.

8 samples, the overall product output indicators remained relatively stable.

Earnings forecast and rating: Based on crop stability and copper price expectations, a reduction of net profit attributable to mothers will be realized in 2019-202128.

75, 33.

93, 36.

370,000 yuan, corresponding to EPS 0.

83, 0.

98, 1.

05 yuan, corresponding to PE on March 27, 2019 is 18X, 16X, 15X, maintaining the level of “prudent increase”.

Risk Warning: Economic recovery is slower than expected, trade war risks, etc.