Rimage (603730) quarterly report comments: gross profit restructuring hopes to benefit Tesla domestic

Rimage (603730) quarterly report comments: gross profit restructuring hopes to benefit Tesla domestic

The gross profit margin dropped, and the performance exceeded expectations. On April 28, the company disclosed a quarterly report. In Q1 of 19, the company achieved operating income of 12.

47 trillion, +44 for ten years.

78%, net profit attributable to mother 1.

610,000 yuan, ten years +7.

74%, net profit after deducting non-return to mother 1.

1.7 billion a year -18.

56%.

The company achieved operating income of 42 in 2018.

73 ppm, +31 a year.

61%; realized net profit attributable to mother 5.

580,000 yuan, at least -4.

07%.

Due to the increase in the proportion of ceiling central controller revenue with reduced gross profit margins and the acquisition of overseas companies with reduced gross profit margins, the company’s gross profit margins increased and replaced, and its performance was lower than our expectations.

The company entered the Tesla supply chain and is expected to benefit from Tesla’s localization in the future; the company completed the acquisition of Motus to consolidate the position of the leading visor.

We expect the company’s EPS for 2019-21 to be approximately 1.

68, 2.

01, 2.

42 yuan, maintaining the “overweight” level.

The gross profit margin of Q1 rebounded month-on-month, and the sales expense ratio increased in Q1 2019, and the company achieved a gross profit margin of 29.

91%, six years -6.

79 points, +5.

8pct, gross profit margin picked up.

The company’s Q1 sales expense ratio is 6.

98%, ten years +1.

05pct, basically due to transportation costs, increased tariffs, and consolidation of Motus; management expense ratio (including research and development costs) 8.

66% every year -0.

51pct, above all, the company has strengthened expense management.

Finance costs 2.

76 ppm, + 32% per year, due to exchange losses on USD assets and increased interest on borrowings, raising financial costs.

Q1 company generated non-recurring income of 44.24 million yuan, mainly investment income and government subsidies.

We believe that the company will gradually take on new orders and gradually mass-produce, the cost control ability will continue to improve, and the company’s gross margin will gradually rise.

The growth rate of gross profit margin decreased in the fourth quarter, and the management and sales expense ratio increased. In the fourth quarter of 2018, the company achieved operating income13.

44 trillion, +44 for ten years.

21%, net profit attributable to mother 1.

13 ‰, at least -22.

65%.

The company achieved a gross profit margin of 24.

11% a year -8.3pct, the decrease in gross profit margin was ultimately due to the increase in the proportion of ceiling central controller revenue with reduced gross profit margin and the acquisition of foreign companies with a substitute for gross profit margin.

Company Q4 sales expense ratio 3.

72%, ten years +0.

61pct, basically the shipping and customs booking fees, wage increases and tariffs levied; management expense ratio (including research and development expenses) 11.

53%, ten years +3.

38pct, basically the company increased the acquisition consulting service fee, salary and equity incentive expenses.

Finance expense ratio 1.

成都桑拿网12% every year -0.

71pct, because the dollar assets generate exchange gains, the decline in financial expense ratio breaks.

We will deeply benefit from the domestic substitution megatrend and maintain the “overweight” rating company with the sun visor business as its core business and penetrating the more profitable headrest and ceiling controller businesses, and the products are constantly diversified.

The company strives to continuously increase its domestic market share, and outbound mergers and acquisitions further expand the international market.

The company has entered the supply chain of customers such as Tesla, and is expected to benefit from Tesla’s localization in the future.

Taking into account the reduction in the gross profit margin after the company’s acquisition, we expect the company to return to its parent net profit of about 6 in 2019-20.

91, 8.

2.7 billion (down by about 15.

2% / 16%), the net profit attributable to the mother for 21 years is 9.

At 94 ppm, the EPS is approximately 1.

68, 2.

01, 2.

42 yuan, about 15XPE in 2019 for comparable companies in the industry
The 17-year PE estimates that the target price range will be adjusted to 26.

88?
28.

56 yuan, maintain “overweight” rating.

Risk warning: Sino-US trade frictions are widening, and the company’s overseas market expansion is less than expected.

Debon (603056): Profitability improved quarter by quarter

Debon (603056): Profitability improved quarter by quarter

Investment Highlights The volume of express delivery business maintained a high growth. In the first half of 19, the company achieved a revenue of 66 in express delivery business.

77 ppm, an increase of 49 in ten years.

86%, courier quantity 2.

3.6 billion votes, an increase of 35 in ten years.

79%, the average ticket price is 28.

34 yuan, an annual increase of 10.

36%, mainly due to the introduction of the new product “360 Extra Heavy Parts” in the express business in the second half of 2018, the average weight of goods increased and the overall income structure changed.

In the first half of 19, due to the pressure of packing in the express delivery 杭州桑拿 business, the price per unit ton-kilometre was replaced. We lowered our assumption on the price per unit ton-kilometre before 19 years in the express delivery business, and each time the growth rate was -0.

8% down to -1.

3%.

The revenue of the express transportation business decreased year-on-year, and the product division was mainly due to the company’s revenue from the express transportation business in the first half of 1949.

92 ppm, a decrease of 9 per year.

70%.

Among them, the first quarter of 19 express income23.

3.8 billion, down 12 every year.

18% in the second quarter of 19 Express revenue 26.

54 ppm, a decline of 7 per year.

39%, mainly due to the impact of express “360 special heavy parts” on express delivery revenue.

With the express delivery, the grading of express delivery products is gradually completed, the express income is extended and the mileage speed is gradually decreased, and the assumption of the express income end is maintained.

The rapid increase in costs led to a decrease in profits in the first half of 19, and the company’s operating costs were 106.

54 ppm, an increase of 22 in ten years.

35%, first is the increase in labor costs and transportation costs.

The company uses technology to improve operational efficiency to control the rate of cost growth.

In the first half of 19, the company’s on-the-job delivery efficiency improved by 35%.

Maintain the cost-side assumptions.

In the first half of 19, the company achieved gross profit of 12.

380,000 yuan, down by 16 every year.

At 72%, the decrease in gross profit in the second half of the quarter was narrower than that in the first quarter.

Profitability is expected to improve quarter by quarter. The “overweight” rating is expected to be from 19-21, and the company’s net profit attributable to the parent is 7, respectively.

2.9 billion, 9.

7.3 billion, 12.

6.6 billion, the previous growth rate was 4.

02%, 33.

62%, 30.

07%, corresponding to 18 respectively.

21 times, 13.

63 times, 10.

48 times.In the first half of 19, the rapid growth of operating costs led to a year-on-year decrease in profits.

With the increase in the scale of express delivery business and the control of the cost side brought by the increase in operating efficiency, the company’s profitability has improved quarter by quarter, maintaining the “overweight” level.

Risks suggest that labor costs are growing faster than expected, and transportation costs are growing faster than expected.

Makihara (002714): High growth and continuous growth

Makihara (002714): High growth and continuous growth

The price of pigs is high, and the number of slaughter is increasing. The breeding leader is expected to continue to write a new chapter. The new crown epidemic has impacted production, and the short-term supply of live pigs has been hindered. However, due to the large proportion of reserved seeds in Q3 2019, the supply will gradually recover in the second half of 20 years.One year’s pig price may fluctuate from high to low.

Sufficient material preparation + mature prevention and control system + steady expansion of production capacity, the company’s listing volume has gradually increased and cashed, and profits are expected to continue to release the rhythm of 19Q4.

We expect the company’s EPS to be 2 in 2019-21.

71/13.

02/5.

11 yuan, maintain “Buy” rating.

The new crown epidemic has impacted supply and demand. This year’s pig price or high and low shock operations will be affected by the new crown epidemic. Feeding and sales of breeding companies and resumption of slaughtering companies will be affected to a certain extent, resulting in tight short-term pig supply and a certain increase in pig prices.

According to Zhu Yitong statistics, as of February 17, 2020, the price of live pigs was 38.

32 yuan / kg, an increase of 10 from January 1.

53%.

Affected by the quarter-to-quarter quarterly retention rate in 2019, we believe that the pressure on hog supply in the second half of the year will be partially alleviated, and the overall price of hogs will show a trend of high and low prices, which fluctuates.

Adequate stocking + mature prevention and control system, the new crown epidemic has no substantial impact on the company. The company prepares raw materials for the Spring Festival during the Chinese New Year, which can last for 40-50 days. Therefore, the company is equipped with a feed supply unit orFeed mills have issued permits for production and transportation-related vehicles according to local requirements, and the sales and transportation of feed and pigs are smooth.

In order to deal with African swine fever virus, the company has established a complete prevention and control system, disinfection of employees and pigsty, isolation measures have been extended, and management and implementation capabilities have been tested. We expect that the new coronavirus may not have a significant impact on the company.

Rapid expansion of production capacity and accelerated acceleration of production speed Since 19Q2, the company’s production capacity has expanded rapidly, and productive biological assets have grown rapidly. At the end of 19 consecutive years, the number of breeding pigs in stock was around 1.7 million (including 128 sows).

320,000 heads), it is expected that the company will enter the acceleration period of delisting from 20Q2.

The company disclosed that in January 20, about 350,000 heads were bred in a single month, and the number of piglets born was more than 2 million, which is a strong support for the high growth of this year.

We estimate that the initial hog slaughter will be around 22 million heads, yoy + 115%, and the pace of slaughter will accelerate significantly.

The cyclical shock highlights the significant growth attribute, maintaining the “Buy” rating. Since the current round of the pig cycle, the company seized the opportunity of the industry to 杭州品茶夜网 steadily and rapidly increase production. The cyclical shock highlights the significant growth attribute.As well as the de-capacity of the industry caused by non-plague, it is expected that the contradiction between the supply and demand of pigs this year will be prominent, and the price of pigs will be adjusted to 19 in 19-21.

09/26/17 yuan / kg (previous value was 19).

09/22.

5/17 yuan / kg).

Accordingly, we adjusted the company’s EPS to 2 in 2019-21.

71/13.

02/5.

11 yuan, with reference to a PE company’s estimated 8 times PE in 2020, taking into account the company’s cost advantages and high growth expectations, we give the company 9-10 PE in 2020, corresponding to a target price of 117.

18-130.

20 yuan, maintain “Buy” rating.

Risk warning: pig price is not up to expectations, live pigs are not up to expectations, non-plague epidemic is repeated, and new crown epidemic spreads risk.

Beijing New Building Materials (000786) Company Comments: Joint Reorganization Cuts into the Waterproof Market and the Synergy Effect Needs to be Played

Beijing New Building Materials (000786) Company Comments: Joint Reorganization Cuts into the Waterproof Market and the Synergy Effect Needs to be Played

Event: Beijing New Building Materials issued an announcement saying that on August 26, the company signed a property right transfer agreement with Luo Xiaobin and Gao Wei, a natural person, and agreed that the company would take 3.

Acquired a 70% stake in Sichuan Shuyang Waterproof Materials Co., Ltd. (hereinafter referred to as Sichuan Shuyang) for a price of 465 billion.

Sichuan Shuyang is the southwest leader in China’s waterproof material industry. It has four industrial bases: Chengdu, Sichuan, Meishan, Xianyang, Shaanxi, and Jiujiang, Jiangxi. It includes 12 waterproof coil production lines and 3 coating production lines. The designed production capacity is 89 million square meters.Coil and 4 epoxy waterproof coatings.

Sichuan Shu sheep achieved income in 20186.

1.1 billion, realized net profit 6911.

240,000 yuan, as of the end of February 2019, Sichuan Shuyang’s net assets were 2.

7.4 billion.

The first acquisition corresponds to 18 years of PE 7.

16X, PB is 1.

80X.

The acquisition will further deepen Beixin’s investment and layout in the field of waterproof materials business, and provide the company with new profit growth points.

Opinion: The market for waterproofing is vast, and the concentration of the industry’s growth promotion will further increase.

In 2018, the main business income of 784 waterproof enterprises above the designated size was approximately US $ 114.7 billion. A large amount of stock market accumulation + more market demand will help maintain the industry scale above the 100 billion level.

At present, the revenue of TOP10 waterproof enterprises accounts for about 27%, and the industry concentration is still at a substitute level.

Under the trend of downstream consumer upgrades and accelerated concentration of housing enterprises, the market structure of the waterproofing industry tends to reshape, and the market share of leading enterprises will further increase.

Beijing New Building Materials actively explores the building materials industry that has synergy with gypsum boards. It will soon enter the waterproofing market through joint reorganization, seize the trend of market share of the waterproofing industry, and gradually seize market shares by exerting synergy with the gypsum board business.

Gypsum board and waterproof business complement each other, and the complementarity + synergy effect is obvious.

The customers of waterproofing materials are mainly real estate companies and engineering projects: 1) The downstream customers’ serious occupation of waterproofing enterprises is serious. Enterprises need to consume capital expenditures to expand while making large advances, which has a high level of corporate funds.Claim.

Beijian Building Material has better cash repayment ability in its main gypsum board business, and the company has abundant cash in hand.

The stable cash inflow from the main business can be used as the source of funds for the company to develop the waterproof business, and the development models of the two are complementary; 2), the customers of the waterproof business and the gypsum board business have a high degree of overlap, and the waterproof business is compared with gypsumThe board business has the leading edge and stronger customer stickiness. It will play a synergistic effect in customer expansion. The waterproof business will contribute new profit growth points while driving the company’s gypsum board performance further.

Investment suggestions: 1)[Quantity: The industry is expected to achieve stable growth + company capacity distribution + market share increase]The increase in penetration rates such as partition walls and the gradual promotion of fabricated buildings will increase demand for gypsum boards.

The company has steadily increased the production capacity of gypsum board through new production lines, acquisitions and mergers, and terminated 2.7 billion flats a day ago, and will continue to promote the layout of gypsum board capacity through overseas investment.

In 2017, the market accounted for about 58% of the total. Through environmental protection to eliminate backward production capacity, the company consolidated its production capacity, brand and marketing advantages, and the market share is expected to further increase.

2)[Price: enhanced pricing power + increased mid- to high-end share]The company focuses on brand building and actively expands mid-to-high-end customers. With consumption upgrades and customer brand awareness, the company’s mid-to-high-end product share will continue to increase steadily.

3)[Cost: Self-owned cover paper + advanced desulfurization gypsum layout + advanced technology, etc.]The company’s forward-looking desulfurization gypsum layout builds a moat, and the acquisition cost is low and stable; the own production capacity of the cover paper reduces paper price volatility.
杭州桑拿论坛

4) Collaborative development of keel business through channels, the revenue side is expected to continue to maintain a high growth rate.

The keel needs to be used with gypsum board.The company vigorously promotes the sales of keel and strengthens the coordination with the existing channels. The revenue of 2019H will increase by more than 40%. The change of environmental protection for the elimination of small keel factories, consumption upgrades and company channel expansion is expected to open revenue.Growth window.

5) Joint reorganization cuts into the waterproof business, and the synergy effect further increases market share.

The company entered the field of waterproofing through acquisition, eliminating the time of self-built capacity and helping to quickly grab market share in the waterproofing industry.

In addition, the co-existing synergy effect of the waterproof and gypsum board business in terms of customer expansion, and the customer stickiness brought by the previous waterproof business will further enhance the company’s gypsum board performance.

We estimate the company’s net profit after deduction to non-return to motherhood in 2015 is 25.

900 million, PE is 11 times.

The company’s medium-term market share and pricing power upgrade trend remain unchanged, brand building and product structure upgrades are expected, demand growth potential still exists, and current changes have occurred, maintaining the “overweight” rating.

Risk warning: demand in downstream industries has dropped sharply; gypsum board prices have fallen sharply; overseas expansion has fallen short of expectations; keel business has fallen short of expectations; waterproof business has fallen short of expectations

Huibopu (002554): It is planned to set up a branch in the Middle East, and the overseas market will develop further.

Huibopu (002554): It is planned to set up a branch in the Middle East, and the overseas market will develop further.

Event: On the evening of September 26, the company announced that the company plans to set up a branch in Abu Dhabi, UAE, which will be responsible for the market development of tank cleaning and sludge sludge treatment services in the Middle East, product sales and engineering project services.

  Opinions: (1) Establish a branch overseas to focus on overseas market expansion. In order to facilitate the company’s operations in the Middle East, undertake projects, gradually change the market development of storage tank cleaning and sludge treatment services in the Middle East, and expand product sales 武汉夜网论坛 and engineering project services.In the future, the company plans to establish a branch in Abu Dhabi.

The establishment of this branch is conducive to further increasing the company’s market share in storage tank cleaning and sludge sludge treatment services, and to better develop overseas markets.

  (2) The company changed the actual controller and dated the background of state-owned assets to optimize the capital structure. On May 9, this year, the company issued an announcement that Changsha Water Industry transferred 107,275,951 shares of the company and subscribed for all 214,000,000 shares issued in private.25 of the total share capital.

01%.

On August 20, the company announced that the transfer registration procedures for the transfer of shares agreed above had been completed.

The company’s actual controller was changed to Changsha State-owned Assets Supervision and Administration Commission, using its additional capital strength to optimize the equity structure and promote the company’s sustainable and healthy development in the future.

  (3) New orders continue to grow rapidly. The company has ample orders on hand. In the first half of 2019, the transformation industry continued to pick up, and the company’s new leapfrog orders grew rapidly, with ample orders on hand.

Among them, the new millennium single 7.

700,000 yuan, an increase of 309 over the same period last year.

57%; 36 orders in hand.

370,000 yuan, an increase of 323 over the same period last year.

89%.

With the company’s market layout and accelerated brand building, it is expected that there will be continuous breakthroughs in overseas regions in the second half of the year.

  Profit forecast and investment recommendations: Considering the smooth development of the company’s internal business and the steady improvement of the global oil service industry, we maintain the company’s profit forecast for 2019-2021, and the company’s net profit for 2019-2021 is expected to be 1.

13/1.

41/1.

72 trillion, equivalent to 0 EPS.

11/0.

13/0.

16 yuan, maintaining the “overweight” level.

  Risk factors: Anton Group continues to expand; oil prices have fallen sharply; the oil service industry’s recovery has fallen short of expectations; the company’s order execution progress has fallen short of expectations.

AVIC Mechanical (002013): Continue to focus on the steady growth of the main business for half a year

AVIC Mechanical (002013): Continue to focus on the steady growth of the main business for half a year

Event: The company released its semi-annual report for 2019.

Report on core company operating income53.

3.9 billion, a decrease of 2 every year.

02%; net profit attributable to mother 3.

25 ppm, an increase of 12 in ten years.

39%.

The proportion of revenue from aviation products continued to increase, and revenue from auto parts improved.

2019H1 company operating income 53.

5.9 billion (-2.

02%), from the perspective of income composition: 1) Revenue from aviation products 35.

3 billion yuan (+9.

68%), an increase of 7.
.

06pct to 66.

11%; 2) Revenue from non-aeronautical products 17.

6.4 billion (-16.

91%), affected by the overall interests of the automotive industry, auto parts revenue9.

26 ppm, a decrease of 28 per year.

94%; 3) Modern service industry income is 0.

4.6 billion, down 57 every year.

92%.

The company gradually concentrated on the main industry, and the proportion of aviation machinery and electronic products revenue increased year by year, which helps to strengthen the company’s core competitiveness and benefit from the growth of the scale of aviation machinery and electronic products supporting and maintenance business market.

Net profit attributable to mothers increased by 12%, and profitability improved.

Report the baseline net profit attributable to the mother3.

25 yuan (+12.

39%), gross profit margin and net profit margin increased by 0 compared with the same period last year.

25pct and 0.

19pct, mainly due to the increase in the proportion of aviation products with high profitability.

During 2019H1, the expense ratio will increase by up to 0.

96 points to 15.

98%, mainly due to: 1) Financial expenses increased by 3,432 from the same period last year.

760,000 yuan (+53.

(07%), mainly affected by the increase in interest on convertible bonds; 2) Increase investment in research and development, and increase research and development expenses by 4752.

910,000 yuan (+32.

55%).

As the business gradually focused on the main business, the company’s profitability continued to improve.

As asset integration continues to deepen, it is expected to continue to inject high-quality assets.

In September last year, the Airborne System Company of AVIC City integrated the resources of various member units to promote the coordinated development of the airborne equipment industry.
Airborne Systems is the company’s largest shareholder, with operating income of 1336 in early 2018.
5.9 billion, the volume of revenue is much larger than listed companies.

The company is a professional integration and industrialization development platform for the electromechanical system business affiliated to AVIC. It is entrusted to manage 8 subsidiaries including Nanjing Electromechanical and Aerospace Lifesaving of Airborne Systems.With the continuous progress of the process, there is ample space for the securitization of high-quality mechanical and electrical assets.

Profit forecast and investment suggestions: It 无锡夜网 is estimated that the operating income for 2019/20/21 will be 129.

26/147.

18/167.

9.3 billion, net profit attributable to mother is 9.

91/11.

59/13.

78 trillion, EPS is 0.

27/0.

32/0.

38 yuan, corresponding to PE is 24/20/17 times, maintain “Buy” rating.

Risk reminder: growth of auto parts business performance; asset injection is less than expected

Guoxing Optoelectronics (002449) First Quarterly Report Review: First Quarterly Report Begins Brightly

Guoxing Optoelectronics (002449) First Quarterly Report Review: First Quarterly Report Begins Brightly

Event: The company released the first quarter report of 2019 and realized operating income of 918,687,019.

84 yuan, an increase of 11 over the 北京夜生活网 same period last year.

87%; net profit attributable to mother 105,672,295.

16 yuan, an increase of 31 over the same period last year.

45%.

Net profit after deduction is 95,990,023.

10 yuan, an increase of 44 in ten years.

54%.

Net cash flows from operating activities were 271,467,766.

19 yuan, an annual increase of 377.

11%.

The best quarterly report, the indicators are healthy and stable.

In the first quarter, the net profit after deduction to non-returned mothers was as high as 44.

54%, far higher than the growth rate of income11.

87%, indicating that the adjustment of the company’s product structure and the optimization of customers are sustainable and effective.

Single quarter gross margin was 24.

27%, an increase from the previous year; sales expense ratio was 1.

91% every year -0.

55 points; management expenses + R & D expense ratio 7.

38% -0 per year.

95pct; financial expense ratio is 0.

72% a year -1.

At 37pct, the three fees have been falling.

Operating cash flow continued the good performance of 2018Q4, reaching 2 in a single quarter.

7.1 billion, which is the best in history, mainly due to the increase in downstream repayments and the decline in upstream procurement scale (upstream chips are still in a decline cycle, and the company’s procurement contraction), and the ability to repay is also a manifestation of the company’s industrial chain right to speak, confirming the company’s productsCompetitiveness.

With the expansion of production capacity released, the company’s performance is expected to continue to exceed expectations.

The company will conduct two expansions in 2019. The first round of expansion has been completed, and the production capacity will be gradually released in Q2. The second round of expansion is expected to reach capacity in the third quarter.

The company’s new production capacity will focus on high-end white light, small pitch and mini high-margin products with strong demand, which will further optimize the company’s product structure and ensure profitability.

Under the guarantee of sufficient and high-quality production capacity, the company will achieve double growth in revenue and profit, which we believe will be verified between quarterly results.

From small pitch to Mini, the company’s industry leader role has become increasingly prominent.

The company’s RGB device quality leads the industry, and small-pitch products are the main domestic suppliers; following the release of the world’s first MiniLED display in June 2018, it has perfectly created the first domestic commercial Mini LED display case in the early stage, leading the Mini LED business化 流。 The trend.

In January this year, the company ‘s Mini LED backlight helped TCL win the CES “2018-2019 8K TV Gold Award”.

With the downstream MiniLED display and backlight market gradually opening up, the company is expected to usher in a new round of growth.

Maintain “Buy” rating.

What do we expect the company 2019?
The net profit attributable to mothers will be 5 in 2021.

41/6.

70/8.
22 trillion, corresponding to PE.
71/14.

29/11.

65. Maintain “Buy” rating.

risk warning.

LED downstream demand is weak; the company’s production expansion is less than expected.

Luxi Chemical (000830) 2018 Annual Report Comment: The company’s park advantage has significantly benefited from the increase in chemical concentration

Luxi Chemical (000830) 2018 Annual Report Comment: The company’s park advantage has significantly benefited from the increase in chemical concentration
This report reads: The company retreats from the city and enters 四川耍耍网 the park to enjoy safety, environmental protection policy dividends, and long-term stable operation at full load can ensure that the company can replace stable profitability. Increasing production capacity will continue to increase performance. Investment Highlights: Maintain overweight.The company’s product prosperity has fallen from 18 years. It lowers its profit forecast. It is expected that 2019?The company’s EPS will be 1 in 2021.55/1.78/2.09 yuan, the original 2019?2020 is 2.83/3.31 yuan, retreating from the city and entering the park to enjoy the safety and environmental protection bonus, with reference to comparable companies to give a valuation premium of 20 years and 15 times PE, the corresponding target price from 30.04 yuan to 26.74 yuan to maintain the overweight level. 2018 performance growth, falling product prices dragged down 2019Q1 performance.2018 revenue was 212.8.5 billion (+35.04%), net profit attributable to mother 30.6.7 billion (+57.29%), 2018Q4 revenue 55.1.3 billion (+17.37%), net profit attributable to mother 7.1.6 billion (-18.51%), and is expected to return to net profit in the first quarter of 20193.6.2 billion (-55.73%).The high performance in 2018 was mainly due to the new and continued construction projects of caprolactam phase II, polycarbonate phase II, ammonia synthesis, gasifier, hydrogen peroxide, nylon 6 and other projects were successfully put into operation. The methanol project and the alkane-to-ketone project entered the joint test phase. The parkThe industrial structure was further optimized, and production and sales increased.The decline in 2019Q1 results was mainly due to the decline in chemical prices. The average prices of urea, caustic soda, butanol, octanol, PC, and DMC in Q1 2019 were 2460, 882, 7087, 8055, 18468, and 18800 yuan / ton, respectively.27%, -24.26%, -2.48%, -3.7%, -41.17%, -35.74%. Formic acid, PA6 project is under construction.The company’s remaining 20 tons of formaldehyde and 13 tons of PA6 projects are under construction, and product prices are expected to maintain stability under environmental protection and high pressure. Under strict safety supervision, the company’s own park has significant advantages.Jiangsu Chemical Industry Remediation is expected to further increase the concentration of the chemical industry. The company’s exit from the city and its environmental protection renovation projects have been completed. The park has also passed the certification of the first batch of chemical industry parks in Shandong Province, and its competitive advantage is highlighted under the trend of entering the park.

Aojiahua (002614): The rapid growth of domestic sales of massage chairs meets expectations

Aojiahua (002614): The rapid growth of domestic sales of massage chairs meets expectations

Guide to this report: The company benefited from the increased penetration rate of massage chairs, with net profit attributable to mothers in 20184.

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

22%, performance in line with expectations, of which domestic growth is rapid, maintain “overweight” rating, target price of 23.

70 yuan.

Investment highlights: The company’s 2018 and first quarter performance growth in line with expectations, maintaining the “overweight” rating with a target price of 23.

70 yuan.

We believe the company benefited from the increased penetration of massage chairs and achieved revenue of 54 in 2018.

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

86%, net profit of 3699 in the first quarter of 2019.

870,000 yuan, an increase of 30 in ten years.

07%.

In 2018, the sales revenue of massage chairs reached 20.

96 ppm, an increase of 62 in ten years.

86%.

Domestic products of the company12.

740,000 yuan, an increase of 75 in ten years.

33%.

Maintain the estimated EPS for 2019-2021 to be 1.

02, 1.

44、1.

88 yuan, maintain “overweight” rating, target price of 23.

70 yuan.

Company massage chair sales revenue 20.

96 ppm, an increase of 62 in ten years.

86%.

The company benefited from the increase in the penetration rate of massage chairs. The main independent brand “OGAWA” exerted its efforts in all channels online and in 2015-2017.

4.1 billion, 8.

1.7 billion, 12.

8.7 billion, an increase of -8.

09%, 10.

28%, 57.

46% of the company’s massage chair sales revenue in 201820.

9.6 billion, becoming the company’s largest category, accounting for 34% of the company’s sales revenue.

48%, an annual increase of 62.

86%, continued to maintain rapid growth.

The domestic market is growing rapidly, growing by 75 per year.

33%, some foreign markets broke through.

The company benefits from the continuous increase in the penetration rate of the domestic massage chair market and the rapid growth of the market. The company achieved sales revenue in China from 成都桑拿网 2015 to 20175.100 million, 4.

4.5 billion, 7.

27 trillion increased by -2.

63%, -12.

57%, 63.

18%, the company’s domestic sales of products in 201812.

740,000 yuan, an increase of 75 in ten years.

33%.

In terms of foreign markets, the US market and the Korean market have grown rapidly. The Korean market has invested nearly 30 million US dollars in ODM massage chair business, an increase of 162% over the same period, and the sales of ODM massage chair business in the United States has increased by more than 54%.

As for offline stores, as of 2018, Ogawa has 846 global stores, including 573 domestic stores.

Catalyst: Sharing massage chairs further promotes domestic penetration and increases risks Tips: Macroeconomic pressures have weakened consumer demand for massage chairs

Guodian Nanrui (600406) Company Comments: Performance Meets Expectations

Guodian Nanrui (600406) Company Comments: Performance Meets Expectations

Investment Highlights The company released its 2019 Interim Report: 2019H1 revenue of 109.

340,000 yuan, +3.

57%; net profit attributable to mother 12.

10,000 yuan, 11.

17%; net profit of non-attributed mothers is 11.

140,000 yuan, +4.

11%; EPS is 0.

26 yuan; gross profit margin 27.

52% year-on-year.

01pct; net interest rate 11.

72%, a year-on-year increase of -1.

81 points.

Taking into account that the lease repurchase amount in 2018H1 is about 700 million, excluding this effect, the actual revenue growth rate is expected to be about 10%; considering the changes in accounting policies, the performance in 2019H1 is about 0.

75 ppm, excluding this effect, the actual growth rate of non-performance is expected to be about 11%, which is in line with market expectations.

In a single quarter: 2019Q2 revenue 71.

830,000 yuan, a year-on-year increase of +6.

99%; net profit attributable to mother 11.

250,000 yuan, 10 compared to the same period last year.

59%; single quarter gross margin was 29.

30%, +0 year-on-year.

22pct; net interest rate is 16.

59%, -3 compared to the same period last year.

10pct.

The overall gross profit margin was flat, and ICT and integrated gross profit margins increased.

The overall gross profit margin of the company in H1 2019 was flat, remaining at 27.

52%.

Among them, the ICT business gross margin increased by 2.

94pct to 23.

26%, due to the 佛山桑拿网 increase in transmission of network security equipment and continuous improvement in business structure; the gross profit margin of relay protection and flexible transmission business decreased.

31 points to 32.

83%, the reason is that the price of raw materials such as IGBT has increased, and competition has intensified; the gross profit margin of the grid automation business dropped by 0%.

92pct to 27.

53%, due to changes in business structure; gross profit margin of integrated business increased by 17.

45 points to 46.

66%, due to the increase in energy equipment rental fees.

Comprehensive support for ubiquitous construction and ICT business performance.

2019H1 company’s ICT business increased by 12 in half a year.

25%, fully participate in the ubiquitous high-level plan and special design of the State Grid, undertake the construction of Jiangsu IoT cloud master station, Shanghai “three stations in one” demonstration project construction; power grid automation and industrial control, relay protection and flexible transmissionGrowth, State Grid and South China Grid continued to increase their share of bids, maintaining their advantages in the UHV sector; power generation and water conservancy substitution positions18.03%, because the thermal power market continued to adjust.

The growth of grid investment is about to pick up, and orders are expected to accelerate.

Since 2019H1 is generally still being formulated in the overall plan, grid investment is slightly lower than expected. Considering the pace of ubiquitous power IoT construction and the law of grid investment, it is expected that the growth rate of grid investment will pick up in the second half of the year.

The company is the leader of the smart grid and informatization construction industry chain, which will fully benefit from the growth of informatization and intelligent investment, and the order growth rate is expected to continue to rise.

Investment suggestion: The company is a leader in the intelligent and informatized industrial chain in the domestic power grid field. It has significant competitive advantages in the fields of state grid informatization and power grid automation.

As the flooding starts in the power Internet of Things cycle, the third round of UHV construction peaks, the acceleration of rural power grid transformation and upgrading of smart meter demand, the company as a leading supplier will fully benefit.

Taking into account the impact of changes in accounting standards, the company’s net profit for 2019-2021 is expected to be 42.

77/58.

04/64.

92 ppm, EPS is 0.

93/1.

27/1.

42 yuan, PE corresponding to the closing price on August 30, 2019 were 18.

5/13.

7/12.

2 times, maintaining the overweight level.

Risk warning: grid investment is less than expected, ubiquitous construction is less than expected, and market competition is intensifying