Han Lan Environment (600323): Proposed 2.

600m shares acquire Shengyun’s 5 projects under construction, solid waste production capacity is expected to continue to expand

Han Lan Environment (600323): Proposed 2.

600m shares acquire Shengyun’s 5 projects under construction, solid waste production capacity is expected to continue to expand

Company status The company announced the progress of the acquisition of Shengyun environmental waste incineration power generation project.

The US $ 600 million acquisition of five Shengyun Environmental Protection totaling 4,300 tons / day of waste incineration assets under construction, after the acquisition, the company will continue to invest in construction.

Prior to April 2021, Shengyun’s environmental protection copyright project repurchase rights.

The two parties have reached agreement on plans for asset acquisition and other plans, and they intend to sign the Asset Transfer Agreement.

The current agreement is subject to internal approval by Shengyun Environmental Protection.

Comments The acquisition involves a production capacity of 4,300 tons / day, and solid waste production capacity is expected to continue to expand.

According to the agreement, the assets acquired by the company are Haiyang (500 tons / day), Jining Phase II (800 tons / day), Xuancheng Phase II (1000 tons / day), and Ulanqab (1200 tons / day)(Day) Day) and its Huaian Phase II project (800 tons / day), with a total capacity of 4,300 tons / day, and the earlier framework agreement 杭州桑拿 reduced the Mengyin project (500 tons / day).

The transaction price of assets under construction for 2 projects.

600 million yuan, about 5% over its book value.

If the acquisition is successfully completed, the company’s waste incineration capacity (including under construction and proposed) is expected to increase by 15% to ensure future performance growth.

The solid waste production capacity reserve is sufficient to create a closed loop of the solid waste industry chain and add new growth momentum.

In the second half of the year, we expect the Zhangzhou South Project and the South China Sea Incineration Plant No. 3 project to be completed and put into operation, which will increase the company’s operating waste incineration capacity by about 16%.

This year, the company has developed rapidly in the solid waste 深圳桑拿网 sector. 1) In terms of hazardous waste, it has acquired innovative environmental protection (total capacity 3).

(1 each year), the business cuts into the Yangtze River Delta region; 2) In terms of sanitation, it acquires Guoyuan Environment to create a closed-loop solid waste industrial chain from front-end cleaning to harmless disposal at the end.

We believe that the company’s solid waste industry has sufficient order reserves, and it has begun to make arrangements in the entire solid waste industrial chain. In the future, hazardous waste, sanitation and other areas are expected to add new growth momentum.

Estimates suggest that we maintain net profit for 2019 and 20209.

3.6 billion and 10.

04 trillion is unchanged.

The current priority is 15.

3 times 2019 P / E ratio and 14.

3 times 2020 price-earnings ratio.

Maintain Outperform Industry Rating and Target Price 22.

5 yuan is unchanged, corresponding to 18.

4x 2019 P / E and 17.

The 2 times 2020 P / E ratio has 20% more upside than the current merger.

Risk of project landing, policy risk, market financing risk.

Hongqi Chain (002697) Quarterly Report Comment: Gross Margin Maintains High, New Net Bank Investment Income Drives Profits to Increase Significantly

Hongqi Chain (002697) Quarterly Report Comment: Gross Margin Maintains High, New Net Bank Investment Income Drives Profits to Increase Significantly
Core point: Benefiting from the contribution of Xinwang Bank’s investment income, the net profit of the mother company increased by 45 in 19Q1.71% of the companies released the first quarter report for 2019, with revenue of 18 in 1Q19.90,000 yuan, an increase of 2 in ten years.69%; net profit attributable to mothers was 79.17 million yuan, a year-on-year 合肥夜网 increase of 45.71%.In the first quarter of 19, the company realized investment income of 28.68 million yuan, with a long-term growth of 232.19%, which was mainly contributed by Xinwang Bank. After excluding investment income, net profit attributable to mothers increased by 10 in 1Q19.48%. The improvement in gross profit margin and expense ratio increased investment income, and the net profit margin increased. The company’s gross profit margin increased in 1Q19.50pp to 29.89%, maintaining a high level of more than 29% since 2Q18. The continued improvement in gross profit margin was mainly due to factors such as adjustment of store closures, optimization of product structure, and increase in direct procurement.The company’s sales expense ratio increases by 2 every year.27pp to 24.46%, mainly due to the increase in promotional activities, employees raised salary; the extension of management expense ratio increased by 0.23pp to 1.60%; financial expense rate drops by 0 every year.08pp to 0.19%.The increase in gross profit margin increased the investment income contributed by Xinwang Bank, and the net profit margin increased by 1 in the first quarter of 19.24pp to 4.18%. Profit forecast investment advice company is the leader of Chengdu community convenience store chain, adhere to the “commodity + service” differentiated competition strategy, develop smart retail and value-added service projects, strengthen internal management and employee incentives.The company has undergone store adjustments and optimization in the early stage, and its operating efficiency has improved significantly. We expect the company to continue with store encryption, fresh store upgrades and other conversions in the future, and merge with Xinwang Bank to contribute incremental income. It is estimated that the company will return to its net profit in 19-21They are 3.69/4.39/5.2.1 billion.With reference to the expected level of comparable companies, and considering that part of the company’s performance growth is contributed by investment income, we believe that the short-term company is estimated to be close to a reasonable level; in the long run, the company will benefit from the increased efficiency of the industry concentration and supply chain optimization, and maintain the increasegrade! Risks indicate the progress of store expansion; Yonghui’s integration of the company’s stores is not up to expectations; the store’s product structure is optimized, and high-gross categories are developing slowly; rents, labor costs, and fee control effects are not up to expectations.

Yutong Technology (002831): Emerging Market Layout Can Be Expected in Reduction of Large Customer Dependence

Yutong Technology (002831): Emerging Market Layout Can Be Expected in Reduction of Large Customer Dependence
Brief evaluation of performance In 2018, the company achieved revenue / net profit of 85.78 ppm / 9.4.6 billion, an increase of 23 each year.47% / 1.47%, achieving full diluted EPS2.36 yuan, lower than market expectations.The company plans to distribute a cash dividend of 6 to every 10 shares for all shareholders.00 yuan (including tax), and 12 shares for every 10 shares. Operating analysis Revenue grew steadily, and Q4’s net profit growth rate turned positive.In 2018, the company’s revenue growth rate remained stable in the quarter, but its net profit attributable to its mother continued to grow negatively in the first three quarters.After entering the second half of the year, benefiting from the sharp depreciation of the RMB and maintaining a long-term high in Q4, the company’s exchange loss benefits from the beginning of the period.07 trillion, significantly decreased to 843.930,000 yuan.Q3 and Q4 financial expense ratios decreased by 2 respectively.04 points.And 0.5 points., Helped the company to achieve positive return to net profit growth in Q4, reaching 25.63%. The diversified customer structure has reduced dependence on the largest customer, and the new business model has achieved initial results.Last year, the company vigorously promoted new businesses such as tobacco, alcohol and cosmetics packaging on the basis of the continuous consumer electronics box packaging business.It achieved in-depth development of Xiaomi within the past year and developed new customers such as Google, Amazon, Dyson, Maotai, Wuliangye and Sichuan Tobacco.Benefiting from diversified businesses, the company’s top five customers accounted for 13 declines.44 points., Of which North America’s largest customer accounted for a decline of more than 7pct.At present, the company’s downstream customers are increasingly decentralized, and the operating risk of over-reliance on large customers is gradually decreasing.Within the last year, the company’s Internet printing platform has made great progress, and its revenue has grown by multiples.The company’s supply capacity for personalized, customized and one-stop procurement requirements for small and micro enterprise customers is continuously improving.This year, the company will continue to integrate resources to deepen the supply chain platform layout, establish cooperative alliances through integrated platforms, and initially build an ecological chain system for the printing industry. Expansion of convertible bonds to be issued and advancement of layout.On March 23, the company announced that it plans to raise 1.4 billion US dollars through the issuance of convertible debts. The raised funds will also improve the internal productivity distribution while also planning to raise 1.US $ 7.8 billion invested in overseas production bases in Vietnam and Indonesia.We believe that after the successful issuance of the convertible bonds, the company will further expand its overseas product line and expand its opportunities for rapid growth in new market economies such as Vietnam and Indonesia, continue to expand its business scale and volume, and promote competition in the international market.strength. Profit forecast and investment advice 杭州夜生活网 The company has outstanding advantages in the field of consumer electronics packaging, and has successfully expanded high-end businesses in various fields such as tobacco and alcohol.We predict that the company’s EPS after full dilution in 2019-2021 will be 2 respectively.92/3.75/4.78 yuan (three-year CAGR26.4%), corresponding to PE 20/16/12 times, maintain the company’s “Buy” rating. Risk factors The risk of rising raw material prices; the risk of exchange rate fluctuations; the risk of large customer turnover

Dongfang Yuhong (002271): Revenue growth and gross profit under pressure from cash flow pressure

Dongfang Yuhong (002271): Revenue growth and gross profit under pressure from cash flow pressure

Investment Highlights Event: The company disclosed the first quarter report of 2019 and reported that it has actually achieved operating income26.

USD 8.6 billion, an annual increase of 41.

01%; net profit attributable to mother 1.

27 ppm, an increase of 28 in ten years.

89%; net profit after deducting non-return to the mother1.

07 million yuan, an increase of 40 in ten years.

48%, basic profit income is 0.

09 yuan.

Opinion: Revenue and profit continue to grow rapidly.

In the first quarter of 19, driven by the new real estate construction, the company’s sales volume increased sharply, and its revenue increased further7.

81 trillion, a growth rate of 41.

01%, the highest level of Q1 revenue growth in the same period in the past 50 years; attributable net profit has increased by 28 each year.

89%, the growth rate remained high.

The gross profit margin rebounded sharply, and management expenses were reduced.

In Q1, the company’s gross profit margin rebounded significantly, an increase of 3 from the previous quarter.

7pct, we think that because the company’s Q1 asphalt is mainly purchased in 18Q4, and the price of asphalt has dropped significantly at the higher point of 18Q4, resulting in a reduction in costs.

Benefiting from the adjustment of the company’s 南京夜生活网 organizational structure and the implementation of staff reduction and efficiency improvements since 18 years, the company’s expense ratio during the 19Q1 period dropped significantly, compared with the same period last year.

7 points.

Among them, the management expense ratio (including research and development) fell the most significantly, continuously falling3.

42 points to 9.

67%; we believe that the decline in the company’s management expense rate will be sustainable, and it is expected to increase profits to a certain extent.

Margin and raw materials replenishment, operating cash flow under pressure.

Net operating cash flow of the company in Q1 of -29.

26 trillion, a decrease of 30 from the end of the 18th.

10,000 yuan.

Mainly due to the report, the company paid performance bonds and reserves of raw 都市夜网 materials.

At the same time, the company’s inventory increased by 4 from the end of 18 years.

68 ppm to 26.

50 ppm, mainly due to the increase in raw materials.

We believe that since the fourth quarter of 2018, the price of asphalt has shown a downward trend, while the price of crude oil has recently strengthened. The company grasps the time, purchases in advance, locks costs, reduces the pressure on subsequent raw material costs, and gradually reduces interest rates or will remain stable.

Investment suggestion: The company is a leading waterproof material company in the country, and then the real estate developer’s improvement of the hidden project improvement and the company’s own production capacity expansion have further widened the gap with the second echelon.

At the same time, relying on waterproof materials, the company has entered the market of architectural coatings and insulation materials, and the customer’s synergy is obvious, which is expected to become a new profit growth point.

We estimate that the company’s net profit attributable to its parent for 2019-2021 will be 19 respectively.

300 million, 23.

600 billion and 27.

At 7 trillion, the closing price on April 25 corresponds to PE of 16.

3 times, 13.

4 times and 11.4 times, maintaining the level of “prudent increase”.

Risk Warning: Demand Exceeds Expectations, Raw Material Prices Exceed Expectations

Tongfu Microelectronics (002156): Revenue increase, scale effect, initial business prospects worth looking forward to

Tongfu Microelectronics (002156): Revenue increase, scale effect, initial business prospects worth looking forward to
Event: The company released its 2018 annual report and achieved operating income of 72.2 ‰, an 北京男士会所 increase of 10 per year.8%, gross profit margin 15.9%, rising by 1 every year.4 units, net profit attributable to parent company is 1.27 ppm, an increase of 3 per year.94%, net profit is 0.11 yuan, down 15 every year.4%.The company achieved operating income of 17 in the fourth quarter.4 ‰, an increase of 4 per year.5%, the net profit attributable to shareholders of the listed company was a supplement of RMB 34.02 million, and the excess increased.The profit distribution plan for 2018 is 0 cash dividends for every 10 shares.38 yuan (including tax), no bonus shares, and no capital reserve will be used to increase the share capital. The scale of revenue continues to increase, and the growth of major production entities is reliable: the company’s sales revenue in 2018 has steadily increased by 10.8% is 72.It can be seen that the main production entities including the headquarters of AMD, Sutong, Hefei and Chongchuan have achieved effective revenue growth, while mature AMD and Chongchuan have experienced steady growth, and the revenue scale of Sutong and HefeiRapid improvement. Despite facing multiple challenges in the market, the company still has its own technical and management capabilities and has been recognized by the market.From the perspective of customer income distribution, the overseas market’s revenue share has further increased, while the domestic market has declined, and the domestic market has been more affected. The scale effect of gross profit margin increased, and R & D expansion continued to affect net profit: the company’s gross margin growth increased by 1 in 2018.4 is 15.9%, it can be seen that, with the gradual release of the scale effects of various operating entities, the level of gross profit margins has also entered the right track, and even if the business scale of the domestic market has improved, the gross profit margin has still achieved 3.Four averages reached 10.2%.In addition, the company’s continuous development of new product research and development and investment, with the expansion of the scale of business operations, the expense ratio has increased, in 2018 the three expense ratios rose by 0.6 is 14.4%, usually because of this the company’s net profit growth is weaker than revenue growth. Revenue target for 2019 is 91.69 ppm, the overall advancement of market technology capacity: the company’s 2019 revenue target is 91.In order to achieve the target company’s 6.9 billion US dollars in marketing, the company plans to be closer to the end customer in order to achieve service quality improvement, while investment in technology and production capacity is an important guarantee for growth. The company plans to occupy it.5.8 billion in cost support.We believe that the company’s related operating entities have maintained steady growth after the acquisition of AMD, and have also played a positive role in improving the company’s technological capabilities. Therefore, it is worth looking forward to the development of basic customers and channel construction in China.Hefei’s industrial park has gradually entered a reliable development track, and the development of Xiamen is also expected to be an important area for the company’s future development.In the packaging and testing industry, domestic companies represented by companies have gained effective market competitiveness through endogenous and epitaxial growth. It is worth looking forward to enjoying the dividends of industrial transfer in the future. Investment suggestion: We predict that the company’s earnings from 2019 to 2021 will be 0.27, 0.42 and 0.57 yuan.Return on net assets were 4, respectively.2%, 6.6% and 8.1%, maintain BUY-B recommendation.We continue to be optimistic about the company’s industrial layout and technological capabilities, as well as the prospects for the industry’s transfer to the mainland. There is uncertainty about the effective release of performance, which has led to risk assessment. Risk warning: the uncertainty of macroeconomic and trade disputes affects demand; the advancement of technology development and capacity building is less than expected; changes in raw materials and exchange rates affect the company’s profitability.

Hualu Hengsheng (600426): One head cost advantage superimposed with multi-line flexible production to help stable growth in the medium and long term

Hualu Hengsheng (600426): “One head” cost advantage superimposed with “multi-line” flexible production to help stable growth in the medium and long term


Multi-line, flexible production, crowded core competitiveness. The company continues to promote technological upgrading and upgrades. Relying on coal water slurry gasification technology, it continuously enhances the cost advantage of clean coal gasification platforms, so that the average value of all products related to coal gasification platforms is prominent.Profit advantage.

At the same time, the company’s product structure is further enriched, and a diversified business structure helps the company to smooth the company’s profit cycle through product structure adjustment.

The company’s “one-end, multi-line” flexible multi-generation coal gasification platform will further highlight its competitive advantages and become its core competitiveness.


The price of main products fell, and the cost advantage established a margin of safety.

Since the fourth quarter of 2018, the prices of other products, except for urea, have declined to varying degrees. Since 2019, international oil prices have rebounded and downstream demand has gradually recovered. The prices of acetic acid, adipic acid, DMF, and n-butanol have been rising to varying degrees.

The company’s cost advantage brought by the “one-end, multi-line” flexible production model has established a wide margin of safety for each product.

Urea’s high prosperity continued, leading positions in the DMF industry, tight balance between acetic acid supply and demand, butanol and octanol switchable devices, and other aspects to ensure the company’s stable performance.


The 50-ton / year plasma project of the coal-based calcium sulfate escort performance increase company has been put into production in October 2018. At present, the load has reached 90% stable operation and the quality has reached polyester grade.

With the rapid development of the downstream polyester industry, the demand growth in Bulgaria has not decreased, and it is difficult to reverse it in the short term since imports.

The company has many years of experience and the cost advantages brought by the coal gasification platform, which can fully benefit from the market space of import substitution and bring incremental performance to the company.


The old and new kinetic energy conversion relays have long-term growth, and the second phase of fair incentives has landed to show development confidence.

The company’s park has passed the certification of Shandong Province, and the 150-ton-per-year green chemical new material project has been selected as the first batch of high-end preferred chemical projects in Shandong Province for the conversion of old and new kinetic energy. It has broad long-term development space and strong new kinetic energy.

At the same time, the second phase of equity incentive rewards was completed, binding on the core personnel’s interests to show confidence in the company’s long-term development.


Investment 四川耍耍网 recommendations We expect the company to return to its parent net profit for 2019-2021, respectively.



40,000 yuan, corresponding to EPS 1.



93 yuan, PE10.




The cost advantage under the industry downturn guarantees that the company still has excess income, while taking into account that the poly-generation platform company can appropriately avoid changes in the profit cycle. The company’s worst cycle in the period of 14-16 has only an average of about 8.7 billion in revenue, 19% gross profit margin, 8.

Net profit of 700 million yuan. Under the industry’s average economic cycle, taking into account the performance increase brought by the company’s new production projects, the current value is clearly underestimated, which means that the moat is deep, optimistic about the company’s long-term development space, and maintain a “buy” rating.

Nanwei Software (603636): The core entrance of government big data

Nanwei Software (603636): The core entrance of government big data

Rapid profit growth.

The company’s semi-annual 四川耍耍网 report for 2019 achieved revenue4.

64 ppm, a 68-year increase of 68.

29%, attributable to the profit of 2448.

240,000 yuan, a slight increase of 2 every year.

10%, net profit after deduction is returned to mother 1842.

640,000 yuan, an annual increase of 75.


Operating cash flow-2.

7.3 billion, previously improved.

In terms of business and product, the company achieved revenue in the first half of the year from Internet + government1.

850,000 yuan, an increase of 137 in ten years.

84%, gross margin 42.


Urban Public Safety (Safe City) Revenue 2.

660,000 yuan, an increase of 86 in ten years.

28%, gross margin 25.


Smart city business revenue is 0.

5.0 billion, gross profit margin 63.


IoT business revenue is 0.

04 trillion, gross margin 71.


In the first half of the year, the company’s management expenses were zero.

72 ppm, an increase of 54 in ten years.

12%, selling expenses 0.

350,000 yuan, an increase of 78 in ten years.


Looking at Q2 alone, revenue grew 61 in ten years.

34%, attributable profit increased by 34 in ten years.

08%, a 10-year increase of 38.


Pre-bid the smart Zoucheng (Phase 1) PPP project.

The company announced on August 16 that the company became the first pre-winning candidate for the Smart Zoucheng (Phase 1) PPP project.

The total investment of the project is estimated to be 17,731.

50,000 yuan, 3% of the project cost is down-sampled, 6% of the annual discount and reorganization during the operation period, and a reasonable profit rate of 8%; 10 years of operation period, the annual operation and maintenance fee is 8.4 million yuan.
This pre-bid is an affirmation of the company’s construction in the field of smart cities, which is beneficial to the company’s further accumulation of smart city business experience and the expansion of smart city comprehensive development business.
The company is a core backbone enterprise in the domestic “digital government” industry, and a leading enterprise in the “Internet + government” field. It has formed government services, e-licenses, government supervision, government terminals, government supervision, government affairs big data, and government affairs.7 major product systems and nearly 50 standardized products.

The product solutions of Internet + government services cover 30 provinces, more than 170 prefecture-level cities, and counties and grass-roots governments across the country, providing strong support and guarantee for the advancement of “decentralization and management service reform” work in various places.

The company ‘s innovative Zhejiang “runs at most once”, Jiangsu “does n’t meet and approve”, and Henan ‘s “one netcom office gradually runs the biggest one step by step”, Fujian ‘s “all netcom office” has become the industry benchmark.

Driven by the widespread application of “Internet + government services, Internet + supervision, e-licenses” and “big data”, the speed of local government informatization construction has accelerated, and local “digital government” construction plans have been promulgated, coupled with the government since 2018The institutional reform has been basically completed so far, and the integration of institutional departments has added a lot of demand for government informatization.

According to the Prospective Industry Research Institute’s statistics, from 2015 to 2018, the size of the domestic government industry gradually expanded by more than 15% each year.

The company predicts that the size of the national digital government market in 2019 will reach US $ 350 billion, and it is expected that in the next 5 years, it will maintain a steady growth rate of more than 13%, and the industry will continue to boom.

Fully integrate industrial resources.

In January 2019, the company obtained a strategic investment in Ant Financial, and Ant Financial became the company’s second largest shareholder.

The company and its holding subsidiary Fujian Nanwei Software Co., Ltd. signed a “Business Cooperation Agreement” with Ant Financial, Beijing Ant Cloud Financial Information Service Co., Ltd., integrated technology innovation research and development, and joint business development to help the company accelerate its development.

In February 2019, the company invested RMB 50 million in Sifang Weiye to realize the in-depth integration of big data technology and industry, expand new business and market space, promote vertical integration of the industrial chain and increase market competitiveness to increase the scale of the industry.
The issuance of convertible bonds was completed on July 19, 2019, and it was officially listed on August 5, 2019, raising funds6.

6 billion.

The raised funds will be used for the construction project of the intelligent “decentralized service” integrated platform, the construction project of the public safety management platform, and the construction project of the urban communication platform.

The implementation of fund-raising projects will greatly enhance the intelligence and intelligence of the company’s existing products and services, help to strengthen the company’s core competitiveness, and provide sufficient funding for the company’s scientific research strength and business development.

Earnings forecasts and investment advice.

We believe that the company is a leading enterprise of “Internet + Government” and a government big data portal.

Ali’s shareholding and the company jointly tap the value of government data.

We estimate the company’s net profit attributable to its parent to be 2 in 2019-2021.

3.4 billion, 3.

1.4 billion, 4.

11 trillion, combined with the company’s rapid growth in the future, will give dynamic PE 30-35 times in 2019, and a reasonable value range of 6 months is 13.


40 yuan, given “preliminary market” rating.

risk warning.

The advancement of Internet + government affairs fell short of expectations, and bad debts and cash flow of receivables deteriorated.

BYD’s (002594) 2019H1 Performance Review Report: Supplements the downturn in the third quarter under pressure to focus on marginal improvement in performance

BYD’s (002594) 2019H1 Performance Review Report: Supplements the downturn in the third quarter under pressure to focus on marginal improvement in performance

Event: BYD released the 2019 Interim Report and realized net profit attributable to mothers in 2019H114.

55 ppm, an increase of 203 in ten years.

61%, revenue 621.

800 million, an increase of 14 in ten years.


At the same time, the company announced that it expects to achieve net profit in the first three quarters.

55 billion-17.

55 ppm, an increase of 1 in ten years.

83% -14.


The overall performance of 2019H1 was in line with expectations, and the performance of Q3 exceeded that of the previous quarter.

The opinions are as follows: 1) The growth rate of sales outperformed the industry, and the overall performance in the first half of the year was in line with expectations: According to the data of the CIC, the sales of new energy passenger vehicles in the first half of the year reached 57.

50,000 units, an increase of 65 from the same period last year.


The sales of BYD new energy passenger cars were 140,761 units, an annual increase of 98%, which is higher than the industry.

BYD’s market share continues to rise in 2019H1, up from 20 in 2018H1.

2% to 24 in 2019H1.

69%, the average sales volume and market share in the first half of 2019 showed dazzling performance, the overall growth rate of gross profit increased by 2.

61 units.

The revenue ratio of the three major business groups of automobile / mobile phone / photovoltaic is 54.

65% / 37.

51% / 7.

16%, the automobile and mobile phone business led to continued revenue growth, gross profit margins were converted to +5.

89% and -3.

81%. The growth in gross profit margin of the Automotive Division benefited from the performance of new product sales and scale effects.

2) The transition period for subsidies for new energy vehicles is over, and third-quarter results are under pressure: July sales of new energy vehicle industry8.

100,000, at least -4.

7% / mom-47.

5% of the company, we believe that the compensation for the end of the downhill transition period, the intensification of competition and the effects of rush installation, new energy vehicles in Q3 adjustment will continue to be highly likely.

It is expected to achieve net profit in the first three quarters.

55 billion-17.

55 ppm, an increase of 1 in ten years.

83% -14.

93%, third-quarter results are expected to have a single-quarter net profit of RMB 130-300 million, 10 per quarter in 2018Q3.

The 48 ppm range is significant.

3) Focus on the performance of new cars in the second half of 2019, and achieve marginal improvement in performance: In the second half of 2019, BYD plans to launch a number of new cars, including Song PRO, Xiaoqin, Song max EV, E / 2/3, S5, etc., and the price band is gradually improved.To smooth down market performance, it is recommended to focus on new car launches and climbing performance.

In the long run, we believe that the second half of 2019 will be a relatively low point in sales and profits of the new energy vehicle industry.

With the increase in the decline in the retreat slope next year (approximately 3, 4), the development of technological progress and scale effects promote the continuous improvement of the margins that drive BYD’s performance. Estimated level and profit forecast: We forecast that the company’s revenue for 2019/2020/2021 will be 146.7 billion / 163 billion / 169.7 billion; considering the end of the transition period in the second half of 2019, the impact of the compensation decline on the industry and the company’s performance, And the profit 杭州桑拿网 margin improvement brought by cost reduction and technological progress two years later, we lowered our 2019/2020 profit forecast to 3.7 billion / 5 billion (previously 4.4 billion / 5.8 billion US dollars) and raised our 2021 profit forecast to 7.9 billion (previously$ 7.4 billion), corresponding to a net profit margin of 31.

5% / 37.

4% / 56.

3%, corresponding to PE shares of PE37x / 27x / 17x, A shares remain unchanged “overweight” rating, Hong Kong shares remain “overweight” rating unchanged.

Risk reminder: New car sales are less than expected, competition intensifies, and policy fluctuation risks

Coal Industry (600188): Inner Mongolia’s output recovers and high-quality cash flow drives continued improvement in profitability

Coal Industry (600188): Inner Mongolia’s output recovers and high-quality cash flow drives continued improvement in profitability

This report reads: Australian coal prices fall, single-quarter profit declines within expectations in the third quarter, production in the Inner Mongolia mining area continues to recover, and operating cash flow improvement drives continuous optimization of financial expenses, which will lead to price reductions and high dividends will remain long-term concerns.

Investment points: Maintain profit forecast and target price, and maintain “overweight” rating.

The company achieved revenue of 1506 in the first three quarters.

1.1 billion, an annual increase of 26.

36%, net profit attributable to mother 69.

840,000 yuan, an increase of 26 in ten years.

88%, deducting non-net profit 66.

49 ppm, an increase of 12 in ten years.

97%, performance in line with expectations, maintaining 2019?
Profit forecast for 2021 to 1.

85, 1.

93, 2.

02 yuan and 11.

Target price of 38 yuan, maintain “overweight” rating.

The third quarter earnings decline was within expectations, mainly due to lower prices in Australia.

The company’s third quarter net profit attributable to mother 16.

23 trillion, compared with 30 in the second quarter.

520,000 yuan decreased, but increased by 39 compared with the third quarter of 2018.


The first three quarters of Yancoal’s Australian coal sales price was 553.

6 yuan / ton, down 11 before.

3%, a decrease from the first half.

7% expanded, and gross profit fell by 18 in the first three quarters.

600 million.

The decline in overseas coal prices this year has fallen, and the price of coal in the first three quarters of the Port of Newcastle has fallen by 25.

0%, the company’s coal price performance is still stronger than the market, reflecting a certain price is reasonable.

杭州桑拿 Inner Mongolia mining area resumed production smoothly, there is still room for the future.

The company’s Shilausu and Yingpanyu coal mines have been disposed of and the first half of the year has been completed. Zhuanlong Bay increased from 500 tons / year to 1,000 tons / year. The production capacity of the Inner Mongolia mining area was gradually released. Haosheng Coal Industry and Ordos Nenghua Coal ProductionIncreased by 1.

22%, down 1.

34%, a decrease of 36 from the median report.

45%, 5.

54% narrowed significantly, of which the single-quarter output in the third quarter increased by 108.

02%, 12.

09%, there is still room for recovery in the future.

The improvement of operating cash flow led to continuous optimization of financial expenses.

Financial expenses for the first three quarters of the company19.

5 trillion, compared with 33 in the same period last year.

$ 900 million fell, of which net interest expense was 16.
2 ppm, compared with 26 in the same period last year.
100 million down 38%.

The company’s operating net cash flow for the first three quarters was 148.

300 million is the best in the past five years. The gradual cost reduction and high dividends will still be the long-term focus.

risk warning.

Capacity release was not up to expectations; methanol prices continued to fall.

Xingyu shares (601799): 3Q19 resumes strong growth; profitability continues to improve

Xingyu shares (601799): 3Q19 resumes strong growth; profitability continues to improve

The 3Q19 results were in line with our expectations. The company’s 3Q19 results: 1-3Q revenue 41.

100 million, ten years +10.

2%; net profit attributable to mother 5.

30,000 yuan, corresponding to a profit of 1.

92 yuan, +20 for ten years.

9%, of which 14 in the third quarter of 19 realized revenue.

0 ppm, an increase of 9 in ten years.

7%; net profit attributable to mother 1.

9% 10%, an annual growth of 38%; revenue basically in line with expectations, due to lower expense ratios, profits exceeded expectations.

Development Trend 3Q revenues have resumed double-digit growth, and gross profit margins have continued to improve.

The company’s gross profit margin in the third quarter of 19 reached 24.

2%, the same ring ratio increased by 3.

4ppt / 0.


In terms of expenses, due to the abundance of new projects, the company’s R & D expense ratio increased by 0 in the third quarter of 19th.

4ppt; sales and management expense rates are -0 each year.

1 / -0.


In the third quarter of 19, the company’s net profit attributable to its mother was 1.

9 trillion, ten years + 38%.

The company’s operating cash flow reached a new high in the third quarter of 19, reaching 4.


Receivables and payable items increased by 2 respectively.

100 million and 1.

800 million; reflects the company’s expected ability to occupy funds.

Inventory increased by 1.

800 million, is expected to stock in the fourth quarter; 3Q19 capital expenditures reached 武汉夜网论坛 1.

700 million, shrinking slightly in one year.

FAW-Volkswagen crops are picking up, and new projects contribute incrementally.

In the third quarter of 19, the output of downstream passenger cars picked up, only -7 percent per year.

Among them, in terms of the company’s top five customers, FAW-Volkswagen’s output is only repeated for another 3.

3% (compared to 19Q2-18).

1%), of which the production of the new Bora and Tan Yue increased significantly, and the supporting value of Xingyu on both models is very large; the amount; SAIC Volkswagen, GAC Toyota and Chery Automobile 3Q19 output also significantly recovered.

In terms of new projects, batch production of new projects this year, Sagitar, Audi A6 and Xuanyi 3Q began to force at the same time, thus entering a state of rising volume and price.

We 北京夜生活网 expect that through the increase in the proportion of LED headlights, profitability is expected to improve further.

Leading advantages have gradually formed, and overseas factories have been built to improve their ability to take orders.

We estimate that Xingyu’s market share in the domestic auto lamp market will exceed 10% in 2019, and the leading auto lamp leader will gradually transform.

Looking forward, in the domestic market, the company will further explore the penetration of ABB and Japanese; in the global market, the conversion company builds factories in Serbia, and we expect to start to obtain global orders starting next year.According to our calculations, Serbia’s project return rate is 25%, and the completion of the project will further enhance the company’s asset profitability.

Earnings forecasts and estimates We maintain net profit for 2019/2020 at 7, respectively.

6 billion and 9.

9.6 billion.

The current contradiction corresponds to 28 of 2019/20.

2 times and 21.

5 times price-earnings ratio.

Maintain Outperform rating and maintain a target price of 90 yuan, corresponding to 33 and 25 times price-earnings ratio for 2019/20, which has 16% more upside than currently allowed.

Increased risk orders fell short of expectations; sales volume of major customers fell short of expectations.