TCL Group (000100): The advent of the UHD era, China Star is expected to enter the Huawei TV supply chain

TCL Group (000100): The advent of the UHD era, China Star is expected to enter the Huawei TV supply chain

Event: Ministry of Industry and Information Technology and other issues issued the “Ultra HD Video Industry Development Action Plan (2019-2022)” 1.

The plan was introduced, ushering in the era of the ultra-high-definition video. The content of this plan clearly proposed the “4k first, taking into account 8k” general technical route and the full expansion of 4k TV in 2022. The number of ultra-high-definition users reached 200 million, and the scale of the 西安耍耍网 ultra-high-definition industry reached 4 trillionThe goal of the plan is to break through the localization of core devices, including chips, devices, panels, and cameras. At the same time, it also proposes to explore the application of 5G in ultra-high-definition video transmission, focusing on the development of TV, culture, education, security, and medical applications.

We believe that the proposed plan will have a profound impact on the domestic ultra-high-definition video ecosystem, and the domestic video service ecosystem has entered the ultra-high-definition era.


Huawei is expected to release TV products in April. Huaxing Optoelectronics is expected to enter the supply chain’s “Securities Daily”. According to the judgment of corresponding experts, Huawei TV products are expected to be released in April. We believe 西安夜网 Huawei’s technological advantages in 5G, chips, and cloud computingIt will bring major breakthroughs and changes in the product form of Huawei TV and usher in an industry inflection point.

With the launch of the Huaxing Optoelectronics G11 belt line, we expect Huaxing to rapidly increase its competitiveness in the field of ultra-large LCD screens and is expected to enter the Huawei TV supply chain.


32 / 43-inch LCD is expected to show a bottom reversal trend. Qunzhi Consulting predicts that the price of 32 / 43-inch LCD will increase by 1 US dollar in March, which is in line with our previous judgment on the bottom reversal of LCD prices. We believe that global LCD panel prices will appear in 2019.32 / 43-inch structural upward price trend: (1) large-screen social trends will drive a new cycle of TV replacement, (2) the absolute value of the current price of 32 / 43-inch panels is very close to the cash cost price of Korean factories, (3)Korean plants ‘LCD production capacity is gradually withdrawing. (4) Subsequent supplementary LCD production lines are dominated by high-generation lines, which have a relative impact on 32 / 43-inch supply. (5) The trade environment has eased, and inventory demand has accelerated and bottomed out.



US $ 600 billion in equipment, mobile phones, televisions and other terminal businesses, focusing on the semiconductor display industry. TCL Group’s existing business covers three areas: semiconductor display, smart terminal products and emerging businesses. According to the company’s announcement on December 22, 2018, the company intends to47.

The 6 million cash consideration puts out related assets such as home appliances, mobile phones and TV terminals, and concentrates resources to develop the semiconductor display industry.


Investment recommendations We maintain the company’s profit forecast and target estimates: (1) Before the reorganization, the net profit attributable to the mother in 19-20 is estimated to be 41.


3 trillion; (2) After the reorganization, it is estimated that the net profit to be returned to the mother in 19-20 will be 42/52 trillion respectively. Maintain the BUY rating.

Risk warning: terminal demand is less than expected; risk of underlying asset guarantee; restructuring suspension or termination risk; Huaxing’s entry into Huawei TV supply chain is less than expected risk;

Sofia (002572): Q2 performance improved month-on-month, focus on channel and category expansion

Sofia (002572): Q2 performance improved month-on-month, focus on channel and category expansion
Event: Sofia 201 achieved revenue 31 in the first half of 2009.400 million, a five-year growth of 5.2%; net profit attributable to mother 3.9 ‰, an increase of 6 in ten years.0%, the net profit after non-deduction increased by 0 in ten years.4%.Among them, 19Q1 / 19Q2 revenue was -4 twice.7% / + 12.2%; net profit attributable to mother is twice +3.7% / + 6.8%, the company’s performance is in line with market expectations.  The growth rate of new varieties is dazzling, and the bulk business maintains rapid growth: ① Furniture and furniture, wooden doors have maintained a high growth rate, and wardrobe growth has improved.Wardrobe 北京桑拿 and accessories revenue 25.5 ppm, a ten-year increase of 2.5%, cabinet and accessories revenue 3.10,000 yuan, an increase of 12 in ten years.4%, furniture and furniture revenue 1.800 million, an annual increase of 21.2%, wooden door business revenue is 0.80,000 yuan, an increase of 34 in ten years.2%.② The overall gross profit margin decreased slightly, and the expense ratio was stable during the period.The gross profit margin has decreased year by year.02pct to 36.7%, mainly due to the decline in the gross profit margin of the wardrobe.Affected by the reported large-scale promotional activities, the expense ratio increased by 0 during the period.3pct to 22.4%, of which the sales expense ratio rose by 0.8 points to 11.0%, the management expense ratio (including research and development expenses) decreased by 0.7pct to 11.0%.③ The bulk business was launched, and the receivable income increased significantly.Accounts receivable consists of 4.1 ppm rose to 5.2 ‰, an increase of 28 per year.9% of bills receivable are from 0.1 ppm rose to 3.0 ‰, an increase of 2506 per year.2%, the annual increase in receivables was mainly due to the increase in receipts from major businesses.  Investment suggestion: We are optimistic about the broad market space brought by Sofia’s promotion of the large home strategy. The omni-channel multi-format development model promotes the rise in performance. It is expected that the company’s performance will continue to improve.Refer to comparable companies for an average of 17 in 2020.7 times PE, we give the company an 18 times PE estimate, corresponding to a target price of 23.2 yuan, the first coverage given a “buy” rating.  Risk reminder: tightening real estate policies and intensifying market competition

Depth-Company-Funeng Co., Ltd. (600483): Coal Power Gains Largely, Gas Power Reduces Losses Significantly

Depth * Company * Funeng Co., Ltd. (600483): Coal Power Gains Largely, Gas Power Reduces Losses Significantly

The company released its 2019 Interim Report, which saw a 22% increase in earnings in ten years in line with expectations.

The company’s conventional power generation business is operating well, and its coal power business is performing well; it maintains an overweight rating.

Key points supporting the rating The 2019H1 performance increase of 22% is in line with expectations: The company released its 2019 Interim Report, with revenue of 44 in the first half of the year.

$ 4.5 billion, an increase of 15 per year.

87%; net profit attributable to shareholders of listed companies4.

95 ppm, an increase of 21 in ten years.

61%; profit after deduction 4

73 ppm, an increase of 17 in ten years.


Among them, 2019Q2 was profitable 2.

8.3 billion, an increase of 44 in ten years.


The company’s interim results were in line with expectations.

The amount of power generation increased slightly, and the performance of coal power was dazzling: in the first half of the year, the company completed the amount of power generation 89 based on the consolidated statement.

7.7 billion kilowatt-hours, with 85 percent of electricity on the grid.

06 billion kilowatt-hours, with an annual increase of 2.

53%, 2.

twenty four%.

Among them, Hongshan Thermal Power has an on-grid power of 31.

6.7 billion kWh, an annual increase of 6.

42%; donor vein 218.

02 for the first time, growing by 26 each year.

87%, the two-way production of electric heating is good, coupled with the decline in coal prices, net profit in the first half of the year2.

2.6 billion, an increase of 53 previously.


Longan thermoelectric donors have grown in ten years.

71%, with net profit growing by 75 per year.

54% to 15.54 million yuan.

In addition, the power of Liuzhi Power Plant in the first half of the year was 31.

7.1 billion kWh, an annual increase of 5.

07%, net profit increased 588% to 31.南京龙凤网29 million yuan.

The replacement tax policy was implemented in advance, and the gas and electricity sector substantially reduced losses in the first half of the year: the subsidiary Jinjiang Gas and Electricity Co., Ltd. completed the online electricity generation in the first half of the year.

8 billion kWh, a decrease of 11 per year.


Since the implementation of Fujian’s natural gas alternative power generation policy in 2019 began in April, Jinjiang Gas & Electricity has completed the replacement of electricity in the first half of the year9.

6.1 billion kWh, expected to contribute about 2 gross profit.


Affected by this factor, Jinjiang Gas and Power was interrupted by 39.48 million yuan in the first half of the year, which is equivalent to 2018H1 forecast1.The 27 trillion case has significantly reduced losses.

Wind conditions caused wind power profits to decline: In the first half of the year due to the impact of wind conditions, the company’s wind power generation and grid-connected power decreased.

19%, 2.

35%, the subsidiary Funeng New Energy achieved net profit1.

8.4 billion, down 13 each year.


It is estimated that under the current equity, the combined company’s interim report situation, we will adjust the company’s forecasted earnings for 2019-2021 to zero.



20 yuan (the original forecast was 0.



27 yuan), corresponding to a decade of market surplus.



1x; maintaining overweight rating.

The main risks faced by the rating are that the progress of the new project commissioning is not up to expectations; the profit of the power generation business is not up to expectations;

Shell Bear Child-ST 3D will only cause waste of resources

Shell “Bear Child” * ST 3D will only cause waste of resources

The company observes that for a company with poor profitability and repeated environmental violations, the market should judge whether it can remain in China’s A-shares.

  Recently, CCTV Finance’s “Economic Half Hour” column exposed a malicious illegal discharge of chemicals by a company. The reporter’s unannounced visit to the “seizure” incident caused a big sensation.

The company involved is Shanxi Sanwei Group (stock name: * ST Sanwei), a large chemical listed company in Shanxi, mainly engaged in the production and sales of fine chemical products.

  * ST 3D announced on the evening of April 22 that the change in the closing price of the company’s stock for three consecutive trading days has been an abnormal change in stock trading.

According to relevant regulations, the company verified the relevant matters.

The company stated, “On April 18, 2018, the company arranged for each branch plant and each workshop to gradually stop production and ensure environmental protection under the gradual guarantee of safety.

“The company is advancing major asset reorganizations and is assessing the impact of the above environmental protection incidents on this major asset reorganization.

The author noticed that as early as a few years ago, some media had reported the pollution problem of Shanxi 3D many times. In 2017, the company also became one of the supervision targets of the Ministry of Environmental Protection.

  Taking a closer look at * ST 3D, investors are disappointed not only by environmental issues, but also by the company’s profitability.

The author checked his financial report and found that the company’s asset-liability ratio was as high as 89 in 2016 and 2017, respectively.

77%, 96.


The author used the DuPont analysis method to help analyze the growth capacity and found that the company’s net interest rate in 2017 南京桑拿网 turned out to be -97.

29%, the average return on equity is -91.


In addition, the company’s profitability was worrying in 2015 and 2016 for two consecutive years.

  It stands to reason that such a company with poor profitability and repeated environmental protection violations should be judged by the market as to whether it can remain in Chinese A shares.

However, after two consecutive losses, the “renewal” miracle was staged.

Shanxi’s three-dimensional performance forecast for 2017 shows that the company’s total operating income has fallen by 40.

55%, but there has been a miracle of turning a profit.

  The director of this miracle is the Finance Bureau of Linfen City, Shanxi Province.

In December 2017, * ST 3D received this government subsidy fund from Linfen Finance Bureau4.

6.6 billion.

However, what is shocking is that in 2017, the filing of enterprises in Linfen City was about 11.

800 million, nearly 40% of the subsidies to Shanxi 3D.

Judging from the data, the local government suffered pains in order to keep the listed company.

But was it really possible to keep this “bear boy” in the first place?

  The author has learned that Shanxi Sanwei is a typical traditional chemical company. Against the background of the global slump in chemical products and the country’s vigorous efforts to promote industrial structural reform, the company continues to produce excess capacity, while seriously polluting the environment and threatening people’s livelihood.

The government’s help in financial management should be used to help the company to upgrade its structure, reduce excess capacity, and speed up the company’s transformation, instead of passing 4.

6.6 billion unique shells succeeded.

Initially, there will be more overcapacity and waste of resources.

  □ Pan Helin (Chief Economist, China Non-Performing Assets Industry Alliance)

Weichuang Shares (002308): Popular business prospects pick up, preschool education continues to expand

Weichuang Shares (002308): Popular business prospects pick up, preschool education 杭州桑拿网 continues to expand

This report reads: The company’s VW business and preschool education business are two-wheel drive, of which the VW business helps to benefit from the rise of small-pitch LEDs; the multi-brand diversification of the preschool education business, the industry-leading gradual transformation, and the first coverage and appropriate increase in holdingsRating.

Investment Highlights: Cover for the first time and give a cautious overweight rating.

The company is the first listed company in the domestic mosaic display industry, and is a leader in the field of ultra-high-resolution digital mosaic wall systems and solutions.

In the early days, the company vigorously developed the preschool education business. At present, the business structure presents the dual main business layout of VW + preschool education.

Forecast for 2019-2021 net profit1.



200,000 yuan, EPS0.



24 yuan, using PE, PS two estimation methods, given a target price of 4.

82 yuan, the first coverage given a cautious overweight rating.

Digital video wall system business: It is expected to benefit from the rise of small-pitch LEDs.

1) The small-pitch LED indicator and the sales area continue to increase. Among them, the proportion of small-pitch LED indicators using COB technology continues to rise, and OCB packaging technology has gradually gained market recognition.

2) The company has cultivated COB small-pitch LEDs for many years. At present, it has implemented many projects in the fields of public security, military, transportation, government, energy, and enterprises, which is beneficial to the rapid development of the industry.

Early childhood education business: Multi-brand comprehensive layout, the number of cooperation institutions ranks among the 南京夜网论坛 top in the industry.

The company entered the preschool education industry in 2015, and successively acquired Hung Hom Education / Golden Cradle / Keer Education / Dingqi Preschool Education to achieve full coverage from county-wide inclusive preschool education to high-end preschool education, which has gradually become a leading step for the company.6,000 preschool education institutions provide services, and it is one of the companies with the largest number of preschool cooperation institutions.

Catalyst: The number of the company’s preschool education business cooperation institutions is increasing rapidly. Risk reminder: The DLP market size is shrinking rapidly, and the company’s preschool education business is less than expected

Shennan Circuit (002916): Businesses that have exceeded expectations in the first half of the year are progressing smoothly

Shennan Circuit (002916): Businesses that have exceeded expectations in the first half of the year are progressing smoothly

Event: The company released the semi-annual report for 2019, and the company realized revenue of about 47 in the first half of the year.

920,000 yuan, an increase of 47 in ten years.

90%, net profit of return to mother is about 4.

71 ppm, an increase of 68 in ten years.


  Comments: The first half of the performance growth exceeded expectations, the company is making good progress in various businesses. In the first half of 2019, net profit attributable to mothers increased 68.

02%, which is the upper limit of the 50% -70% range of black notice, exceeding expectations.

From the second quarter alone, Q2 achieved revenue of 26.

29 ppm, a 49-year increase of 49.

16%, achieving net profit attributable to mother 2.

84 ppm, an increase of 74 in ten years.


  In terms of revenue, the PCB business achieved revenue of 35 in the first half of the year.

28 ppm, an increase of 53 in ten years.

44% with an absolute value increase of approximately 12.

29 trillion, of which the first phase of the Nantong plant contributed an increase of about 4 in the first half of the year.

80 ppm, the old plant contributes an increase of 7.

4.9 billion.

After the first phase of the Nantong plant was put into production in mid-2018, the ramp-up of production capacity and yield has progressed smoothly. We expect the scale of revenue to exceed 1 billion US dollars.

Old factories have benefited from the productivity improvements, 杭州夜生活网 efficiency improvements and average product price growth brought by technological transformation, which continue to contribute to revenue growth.

  Electronic assembly business achieved revenue in the first half of the year5.

70 ppm, an increase of 42 in ten years.

96%, mainly due to increased demand for communications products.

IC carrier board business realized 5.

10,000 yuan, an increase of 29 in ten years.

70%. In the case that the new plant in Wuxi is only connected for trial production, the increase mainly comes from the increase in capacity and efficiency of the old plant.

  The company’s gross profit margin in the first half of the year was approximately 23.

80%, a year to raise 0.

63pct; of which Q2 gross margin is 24.

01%, an increase of 2 a year.

24pct, an increase of 0 from the previous month.

47 points.

The increase in gross profit margin in the first half of the year was generally stable, and the gross profit margin of the PCB business increased to zero.

57pct, the gross profit margin of the electronic assembly business increased to 2.

50pct, while gross margin of IC carrier board business decreased by 1.

22 points.

  The company’s expense ratio has been declining in the first half of the year.

19H1 sales expense ratio is about 2.01%, a decrease of 0 per year.

21 points, a slight decrease; the total management and R & D expense ratio is about 9.

02%, 0 per year.

42pct, mainly due to the slower growth of research and development expenses than revenue growth; the company’s financial expense ratio is about 0.

89pct, down by 0 every year.

16pct, mainly due to lower interest rate expenses.

The large-scale construction of 5G is about to start. The company benefits significantly. The 5G communication board has the characteristics of high layers, small line width and space, high wiring density, high technical difficulty and high barriers.

The company is deeply engaged in the field of communication boards, with communication revenue accounting for more than 60%, and its technical strength is very outstanding. It has established close cooperation relationships with top equipment manufacturers such as Huawei, ZTE, and Ericsson.

  With the large-scale construction of 5G restructuring in 2019, the demand for communication boards will also increase by an offset.

5G requires massive MIMO MIMO antennas, which requires expansion and growth in terms of area and number of layers. In addition, 5G communication boards require high-frequency materials, increasing manufacturing losses, and improving product value and profitability.
  The first phase of the Nantong plant built by the company has reached full production, and is mainly used in data communications fields such as communications and data centers.

The company is about to start the second phase of construction, when the production capacity will better meet the supplementary demand brought by 5G, and ensure that the company can take the initiative in the 5G era.

Actively expand the production of IC carrier boards, leading domestic IC carrier board imports to replace Inspur IC carrier boards to provide functions such as support, heat dissipation and protection for the chip, and at the same time provide power and mechanical connections between the chip and the PCB. It is thin, high density, highTechnical features such as accuracy are the most technically difficult areas of PCB subdivision products.

  The company is a leading company in the field of domestic packaging substrates. Benefiting from the strong support of national policies and the huge domestic market demand, the domestic semiconductor industry has entered a fast track of development, and domestic demand for packaging substrates as a key material for the semiconductor packaging industry chain is strong.

The company leads the world in the field of silicon microphone MEMS package substrates, with a global market share of more than 30%.

The company newly added 600,000 square meters of storage packaging substrate capacity in Wuxi, which is currently progressing smoothly, and has already achieved on-line trial production in mid-2019, which will become a blank for domestic-funded enterprises in the field of storage packaging substrates.

Profit forecast, estimation and rating. As the main supplier of communication boards for major internal communication equipment manufacturers, the company delivered 5G related product research and development two years in advance, leading the technological strength. With the full production of Nantong Phase I and Nantong IIIt is about to be built in the near future, and it is expected to deeply benefit from the 5G development in the future.

In fact, the company’s Wuxi IC carrier board project is progressing smoothly and has been connected to trial production in mid-2019, contributing to the company’s previous two years of performance increase.

As the gross profit rate rises and the cost rate declines more than expected, and the increase in gross profit rate is due to the volume of high-end products driven by 5G, the decline in the cost rate is due to the overall efficiency improvement caused by the commissioning of the Nantong plant, and the average value is long-term.Net profit was 10 respectively.

1.7 billion / 13.

2.4 billion / 16.

4.8 billion yuan (previous value was 9 respectively.

2.9 billion / 12.

42 billion / 15.

8.4 billion), maintain “Buy” rating.

Risk warning: 5G construction scale is less than expected; capacity and yield climb are less than expected; rising raw material prices erode the company’s profitability.

Boss Electric (002508): Kitchen appliances 19H1 is still under pressure, and the bottom of the industry has been significantly expected to complete the recovery and bring new drivers

Boss Electric (002508): Kitchen appliances 19H1 is still under pressure, and the bottom of the industry has been significantly expected to complete the recovery and bring new drivers
Incident August 26, 2019, Boss Electric released the 2019 semi-annual report. The company’s total operating income in 2019H1 was 35.27 ppm, an increase of 0 in ten years.88%; net profit attributable to mother 6.70 ppm, an increase of ten years.52%; net profit deducted from non-attributed mothers6.23 ppm, a ten-year increase4.37%. In terms of quarters, the company’s Q1 / Q2 single-quarter revenue for 2019 was 16.60, 18.6.7 billion, changing 4 each year.30%, -1.98%; net profit attributable to mothers is 3.20, 3.5.1 billion, with annual changes of 5.84%, -2.11%; net profit after deduction is 275, 3.48 ppm, an increase of 8 each year.55%, 1.29%. Brief Comment 1. In the early period of Q2 revenue growth, real estate dragged kitchen appliances under pressure in 2019H1, and the company achieved operating income of 35.27 ppm, an increase of 0 in ten years.88%. Among them, Q2 achieved revenue of 18 in a single quarter.67 ppm, a decrease of 1 per year.98%, mainly due to the combination of factors such as the external weakness in the external environment, economic growth, and the gradual increase in overlapping real estate growth.The company actively adjusted and worked hard to ensure that the performance remained basically stable. The main business aspects were as follows: 1) Hood range: 19H1.8.4 billion yuan, down by 1.11%, accounting for 53.41%.In terms of industry, Zhongyikang data showed that domestic hood retail sales in the first half of 2019 also fell by 4%.43% to 8.26 million units, with retail sales falling by 5.86% to 19.7 billion yuan.The range hood business has been dragged down, but the market share still steadily ranks first in the industry. According to the Zhongyikang retail monitoring report, the hood market share of the company in H1 2019 decreased by 25.54%, ranking first in the industry. 2) Gas stoves are also under pressure: 19H1’s gas stove business achieved revenue8.500,000 yuan, down 1.74%, accounting for 24.10%.The downturn in the gas stove industry is a drag on the company. According to Zhongyikang’s data, the domestic retail sales of gas stoves in the first half of the year were 10.4 million units, down 2%.19%; retail sales were 120 ppm, down 4.09%.In total, the boss has a gas stove with 23.The 13% market share still ranks first. 3) Strong and steady increase in disinfection cabinet: 19H1 company’s disinfection cabinet business achieved revenue 2.4.6 billion, an increase of 8.71%, accounting for 6.98%.The growth rate substantially surpassed the industry average. Zhongyikang showed that the domestic retail sales of disinfection cabinets in the first half of the year were at regular intervals.72%.The market share of the corresponding company has increased. According to the monitoring of Zhongyikang, the market share of the company’s disinfection cabinet reached 26 in the first half of the year.58%, an increase of 2.09 points. 4) Dishwasher, steamer and integrated machine performed well.Among them, dishwasher realized zero revenue.61 billion, a previous significant growth of 21.22%; revenue from steam 苏州夜网论坛 box and embedded all-in-one1.4.4 billion, an increase of 12 in ten years.22%, the market leading advantage is still solid. In terms of regions, South China and Central China saw rapid revenue growth, while Northeast and Southwest appeared tilted, and overseas sales increased rapidly.In 19H1, the top four markets of East China, South China, North China, and Central China all maintained positive growth, of which South China and Central China grew faster with growth rates of 10 respectively.79% vs. 7.06%; revenue in Northeast and Southwest areas decreased by 12 respectively.21% and 8.96%; sales in overseas markets are tight, and revenue has increased significantly by 99%.76% to 0.20 trillion, but the proportion of revenue is still low, 19H1 is 0.57%. In terms of different channels, the company’s engineering channels in the first half of the year benefited from the rapid growth of hardcover housing policies, with an annual growth rate of 80%, becoming an important driving force for the company’s revenue growth. 2. Profitability is still stable, gross profit margin has increased, and reasonable cost control during the period has been affected by revenue. Q2’s profit side fluctuated slightly.The company’s 2019Q1 / Q2 achieved net profit attributable to mother 3, respectively.20, 3.5.1 billion, with annual changes of 5.84%.-2.11%; net profit after deduction is 275, 3.48 ppm, an increase of 8 each year.55%, 1.29%.Despite the pressure on sales, the company reorganized and actively lowered prices to seize market share. Benefiting from the dividend of raw material costs, its profitability remained stable.19H1 company achieved a comprehensive gross profit margin of 54.66%, an annual increase of 1.24pct, in which the range hood and gas stove are increased by 3 respectively.48, 2.24pct. Regarding the period expense ratio, the sales expenses subsidy of the company in 19H1 was 28.07%, a year to raise 0.48pct, Q2 sales expenses are under strong control, which decreases by 1 every year.28 points; management expenses 6.34%, a decline of 0 every year.36 points; finance costs-0.84%, an annual increase of 0.54pct, mainly due to the decrease in interest income during the period. 3. Optimized and diversified distribution of channels. The engineering end exerted a high increase of 80%. Facing the sluggish industry environment, the company adjusted and optimized through multiple channels to promote performance growth.In the retail channel, the company optimized the specialty store system to hedge against the impact of the KA downturn, while actively exploring the first and second stock markets; in the e-commerce channel, the company accelerated online and offline collaborative development, optimized operating efficiency, and actively adjusted online categories to meet customer needs. In terms of engineering channels, the company continued to deepen cooperation with Evergrande, Vanke, Country Garden and other real estate enterprises. The central range hood provided assistance to the development of strategic customers for engineering channels.According to the monitoring data of the fine decoration of Aowei Real Estate, the market share of the “boss brand” range hood is 37.8%, ranking first in the industry.At the same time, the company actively cooperates with cabinet companies such as Europa, Smi, and home improvement companies such as Love Space and Golden Mantis to stimulate the vitality of the home improvement market. In 2019, more than 80% of the top 100 real estate companies and major cabinet home improvement companies choose their bosses as kitchen appliancesBusiness. 4. Inventory decreased slightly, cash flow improved. In terms of inventory, the company’s inventory decreased in the first half of the year, and the inventory balance increased from 13 at the end of 2018.47 trillion fell to 12 in 19H1.160,000 yuan, ranking down 1 year ago.68%, the structure is mainly due to the increase in sales of finished goods in inventory, inventory turnover days increased slightly from 14 days to 144 days. In terms of accounts receivable, the accounts receivable of the company in 19H1 increased by 0 compared with the same period of last year.71 ppm to 4.9.1 billion U.S. dollars, turnover days increased from 4 days to 24 days per year, the overall level is at a substitute level. The operating cash flow improved, and the company achieved operating cash flow in 19H1.59 trillion, a decrease of 41 compared with the same period last year.28%, mainly due to the decrease in repayments in this period. Investment suggestion: We believe that the kitchen appliance industry is currently at the bottom, with a low base after the third quarter of last year, and the background of terminal retail has no more deviation. The second bottom of the kitchen appliance fundamentals will be a small probability event.Following the completion of the gradual completion of the recovery data, the boss Q3-Q4 is expected to go out of the high and low trend. We expect the company’s operating income from 2019 to 2020 to be 77.77, 80.19 ppm, a ten-year increase4.75%, 8.00%; net profit attributable to mothers is 15 respectively.50, 16.90 ppm, a five-year increase of 5.21%, 9.03%, corresponding PE is 14 respectively.3x, 13.1x, maintain “Buy” rating. Risk warning: intensified market competition, rising raw material prices, and adverse effects on the real estate cycle.

I miss you (002582): Baicao accelerates attention to oversold opportunities as scheduled

I miss you (002582): Baicao accelerates attention to oversold opportunities as scheduled

The company’s 19Q3 revenue increased 26.

4%, net profit increased by 150%, attributed to the mother profit growth rate of 13.

At 7%, the company reported 39% / 60% of Baicao’s revenue performance, accelerating from the previous quarter.

Looking forward to the future, the short-term peak season is coming, and the cost of Baicaowei will be more flexible. In the long term, “Haobai Integration” will be promoted to play a synergistic role.

We give this department 1x PB (net assets excluding long-term equity investment), market value of 1.6 billion, and 1x PS of paraquat (according to 4.6 billion in 19%, an increase of 20%), and a target market value of 6.2 billion, maintaining a “prudent recommendation-A” rating.
The revenue growth rate of Q3 increased month-on-month, and the performance increased.

The company achieved revenue of 40 in the first three quarters.

41 trillion US dollars, an annual increase of 13.

4%, net profit attributable to mother 1.

310,000 yuan, an annual increase of 21.

2%, deducting non-net profit of 0.

7.3 billion, a decline of 12 every 北京夜网 year.


Among them, single Q3 realized income 11.

8.4 billion, an annual increase of 26.

4%, a month-on-month increase in speed and return to net profit of 382.

90,000 yuan, down by 13 every year.

7%, deducting non-net profit -999.

0 million yuan, a decline of 245 every year.


Q3 cash back 12.

2.2 billion, a year-on-year growth rate of 21.

8%, slightly lower than the growth rate of income.

The growth of Baicaowei’s revenue performance has accelerated. I miss your rate of decline, and look forward to reducing costs and improving profits.

According to the company’s feedback, Baicaowei’s Q3 revenue performance increased by 39% / 60%, a significant increase from the previous quarter.

The snack e-commerce season is expanding, superimposed with Baicao flavor results and the end of the gambling 杭州夜网论坛 period, the cost distribution is more flexible, Q4 sales are worth looking forward to.

I miss your headquarters Q3 to achieve income 2.

100 million US dollars, a 10% annual decline, the rate of reduction in the first half has improved, the performance is expected to change, and it is expected to gradually adjust in place.

The gross profit margin decreased slightly, and the increase in net profit margin was mainly due to the improvement in expense ratio and the increase in non-recurring profit and loss.

Q3’s gross profit margin was 25.

9%, falling by 2 every year.

0pct, mainly affected by the increase in the length of your headquarters’ gross profit margin.

Net margin increased by 0.

15 to 0.

31%, saving benefit expense improvement: sales expense ratio 22.

0%, ten years +0.

8 points, management expense ratio (including R & D expense ratio) 4.
5%, year -1.
0pct, financial expense ratio is 0.

15%, -1.

1pct, mainly due to the decrease in interest rate expenditure.

At the same time, the company’s other income, investment income and other increases are positively driving performance.

Although the overall net profit has improved, the minority shareholders’ expenses have decreased (there were too many direct holding companies last year), and the company’s net profit attributable to the parent decreased by zero.

15pct to 0.


Subsidiaries increased their capital, expanded their stocks and dated partners to revitalize land resources to facilitate the promotion of “Haibai Integration”.

On October 16, the company signed a cooperation agreement with ProLogis Investment. The wholly-owned subsidiary would like to release your warehouse logistics as a new shareholder. After the capital increase is completed, the company’s equity ratio will be changed from 100% to 49%.

In the follow-up, I think you and ProLogis will cooperate to develop and operate Prolog Xinzheng Logistics Park project. Xinzheng Base is also responsible for Procurement, Production, Warehousing, and Logistics of Your Headquarters and Baicao, so we look forward to this cooperation accelerating the “Hundred Integration”Make progress while avoiding cost pressure pressures from heavy asset investment.

Investment suggestion: Expect Baicao to accelerate in the peak season, improve profitability by reducing costs and reducing costs. The “Haobai Fusion” will play a synergistic effect and maintain the “Prudent Recommendation-A” rating.

In 19Q3, Baicaowei’s revenue performance accelerated, performance gambling ended, expenses were more flexible, and we look forward to the next peak season performance.

This department is at least possible, and hopes to adjust in place and gradually turn losses.

With the squirrel listing, the value of the sector has been revalued. Considering the brand strength of Baicao and the growth rate of performance, it is currently estimated that there is room for repair.

We give this department 1x PB (net assets excluding long-term equity investment), market value of 1.6 billion, and 1x PS of paraquat (according to 4.6 billion in 19%, an increase of 20%), and a target market value of 6.2 billion, maintaining a “prudent recommendation-A” rating.
Risk Warning: Shareholders reduce risk, demand is less than expected, and industry competition is intensifying

Chinese representative: New crown pneumonia epidemic prevention and control is achieving positive results

Chinese representative: New crown pneumonia epidemic prevention and control is achieving positive results

Xinhua News Agency, United Nations, February 12 (Reporter Xu Xiaolei) Zhang Jun, China’s Permanent Representative to the United Nations, comprehensively introduced the transformation of China ‘s national defense-controlled new crown pneumonia epidemic at a meeting of the United Nations Social Development Committee.

He said that the prevention and control work is making positive progress. China has the ability, confidence, and confidence to completely overcome the epidemic situation and complete the established economic and social development goals.

  Zhang Jun said that the Chinese government has made fighting the epidemic the most important and urgent task.

Under President Xi Jinping’s personal deployment and personal instructions, China mobilized nationwide and adopted the most comprehensive and strictest prevention and control measures, which fully demonstrated the institutional advantages and powerful 深圳丝袜会所 strength of focusing on major affairs.

The unprecedented step by step adopted by China has been fully affirmed by the World Health Organization and the international community.

  Zhang Jun said that in the face of the epidemic, the Chinese government always puts the safety and health of the people first.

China spent 10 days building two new hospitals in the worst-affected Wuhan city, drawing about 20,000 medical backbones and a large number of medical supplies from the country to help the front line, and organizing national efforts to tackle drug development.

After unremitting efforts, the situation of the epidemic has changed positively.

  Zhang Jun said that in the face of the epidemic, China has always adhered to an open, transparent and highly responsible attitude.

China immediately reported the epidemic situation to 四川耍耍网 the WHO, relevant countries and Hong Kong, Macao and Taiwan regions, shared viral gene sequences, maintained close communication with other countries, and discussed countermeasures.

  Zhang Jun is outstanding. Dealing with global public health events is a common challenge for all countries.

The Chinese socialist international community maintains solidarity and mutual support; the international community upholds a scientific and rational attitude and respects the guidance of the WHO; respects the international community to enhance mutual trust, establishes the concept of a community of shared future for mankind, opposes the politicization of health issues and resolutelyHuman racist speech and discriminatory discrediting leave no breeding ground or space.

  Peanuts, Nigeria, Philippines, Mongolia, Mongolia, Venezuela, Algeria, Bulgaria and other countries have ranked on the Social Development Committee, highly praised, and fully support China’s efforts to prevent and control the epidemic, so that the international community can maintain unity and cooperate to meet challenges.

Original Title: Chinese Representative: New Crown Pneumonia Epidemic Prevention and Control Is Making Positive Results

Hainan Ruize (002596): Construction materials garden business resumes horse racing project completion of filing and awaits policy bonus

Hainan Ruize (002596): Construction materials garden business resumes horse racing project completion of filing and awaits policy bonus

Key points of investment: the start of concrete, the diversified industrial layout, and the four business segments complement each other.

Building materials business: Although the company’s sales of building materials in 2018 were affected to a certain extent under the suppression of the real estate industry.

However, in the medium and long term, we believe that Hainan’s infrastructure construction still requires a large amount of investment.

The company takes advantage of the card position, and the building materials business segment is expected to continue its volume in the future.

Garden sanitation business: Affected by the severe management of PPP projects and the clearance of inventory, the company’s garden performance has improved for 18 years, but the company’s subsidiaries have strong ability to obtain orders, driven by the vigorous development of downstream tourism and municipal greening industries.Year is expected to turn around.

Hainan Province plans to invest more than 500 billion yuan in 2019.

Among them, the total investment in public service infrastructure is 2.23 million yuan, with an annual planned investment of 59.

300 million.

The total investment in the ecological and environmental protection industry is 152 million, with an annual planned investment of 101.

500 million and so on.

At the same time, the company’s building materials business has entered Xiong’an.

  The company’s horse racing company has completed registration and is expected to start construction within the year.

The background information of Hainan Nongken Shenquan Group is 100% controlled 武汉夜生活网 by the State-owned Assets Supervision and Administration Commission of Hainan Province; the company’s subsidiary Hainan Ruize and Sun Company’s Shenghua Tourism Supplement Project have rich experience in design, construction and operation.

At present, the project contract has been put into effect in the Agricultural Science Group and Hainan Province. The project company should also complete the business registration and obtain a business license.

The company started to raise less than 1 billion private placement bonds to carry out new large tourism business and form ample financial support.

  In the 2018 “ Guidelines on Supporting Hainan’s Comprehensive Deepening of Reform and Opening-up ”, it was stated that it supports Hainan to open transnational cruise tourism routes; and encourages the development of horse racing and other projects, and explores the development of quiz sports lottery and large-scale international tournaments;When the overall plan is launched for one year, there may be detailed supporting policies.

The company has both deployed the cruise and horse racing business in San Francisco, and detailed landing gradually in turn. The further opening of Hainan will help the company’s business to a higher level.

  The company’s stable building materials and garden business provide certain guarantees for performance, and the horse racing business is well-positioned. If follow-up policies are gradually implemented, it will bring a huge increase to the company and give it an “overweight rating”.

We expect the company’s revenues to be 38 in 2019-2021.



2.7 billion, net profit attributable to mothers was 3.



190,000 yuan, the current corresponding PE is 32/25 / 23X.

Relative estimation seems that the company estimates higher than the building materials and tourism sector, but lower than the overall estimate of the Hainan sector.

In absolute terms, the company is valuable11.

37 yuan, the remaining 11% growth space.

Gaming revenue from the horse racing business is also included in the calculation.

Covered for the first time, given “overweight rating.”

  Risk warning: Hainan real estate further increases and intensifies; after the 1 billion private placement bonds are raised, higher financial costs are generated, and new projects cannot generate income in the short term