Month: March 2020

Zaisheng Technology (603601) In-depth Tracking Report: Leading Micro Glass Fiber Cotton Products Enjoy Industry Dividends

Zaisheng Technology (603601) In-depth Tracking Report: Leading Micro Glass Fiber Cotton Products Enjoy Industry Dividends

The company is a leading company in micro-glass fiber cotton products, committed to clean air and efficient energy-saving solutions. The entire industry chain has significant advantages, and the downstream market space has grown rapidly.

We predict that the company’s EPS for 2019-2022 will be 0.




61 yuan per share, CAGR for 2020-2022 is 34%.

According to PEG estimates, 34 times PE in 2020 is given, corresponding to a target price of 12 yuan, and maintain a “buy” rating.

Glass fiber cotton faucet, dedicated to clean air and energy-efficient solutions.

Zaisheng Technology focuses on the application development research of ultra-fine fibers, membrane materials, adsorption materials and sound-absorbing insulation materials, etc., with materials as the cornerstone, deeply digging the advantages of materials, functionalizing, compounding and productizing materials

The company continues to explore the market through endogenous epitaxy, using glass fiber wool production capacity6.

6 mm, filter paper production capacity of 9,000 tons, VIP core material (including fiber cotton) production capacity 2.

5 Every day, AGM chip capacity is 6000 tons, 8 air filter production lines and 6 FUU production lines. It is expected that capital expenditure will be invested in the future to continue to increase market share.

Opening up and downstream to form the advantages of the entire industry chain, the business model is unique.

The company makes full use of product performance advantages and brand advantages to build a “design + production + sales + service” business module to create an industrial chain layout of “core material production” + “smart equipment manufacturing” + “system solution services”.

The upstream three raw material construction cost advantages; the midstream filter paper controls the addition and replaces the market; the downstream equipment opens up new fields of application.

  The company’s business model is leading, and the leader is expected to further consolidate.

With 100 billion yuan of clean air, the company enjoys market dividends.

The field of clean air downstream applications is broad. According to our calculations, the total space of the clean air market in the next three years will exceed 100 billion US dollars, of which chips, panels, medicine, breeding and 南京桑拿网 other are 86.4 billion, 51.6 billion, 30 billion, 60 trillion, 150trillion.

  In terms of filter paper, it is estimated that the new market will total nearly 10 billion US dollars in three years and the annual replacement demand will reach US $ 4.8 billion.

  As a leading company in the industry, the company has significant competitive advantages. It is expected to benefit from the continuous development of downstream application areas and the continuous expansion of the market size to achieve rapid volume growth.

Demand for high efficiency and energy saving has steadily increased, and expansion of production capacity has contributed to the increase.

In terms of VIP core materials, under the dual impetus of energy saving and environmental protection, its penetration rate in the field of refrigerators and freezers promotes a rapid increase. According to our calculations, the potential market space for VIP core materials on domestic refrigerators and freezers alone has reached $ 11.4 billion.

On the two sides of AGM, downstream battery demand is solid.

The company has advantages in cost and scale, expands production capacity, and is expected to further contribute to performance increase.

Risk factors: intensified market competition; fluctuations in product prices; capacity construction is less than expected.

Investment suggestion: The company is a leading company in micro glass fiber cotton, and the downstream market space is developing rapidly.

Taking into account the trade friction between China and the United States in 2019 that delays clean air orders in the electronics sector, other sectors such as farming are expected to contribute performance gains and drive the company’s performance growth to resume growth. We adjusted the company’s 2019-21 return to net profit attributable to1.



2.2 billion (previous forecast was 2.



68 ppm), with a net profit forecast of 4 in 2020.

30 ppm, corresponding to EPS prediction of 0.




61 yuan per share, CAGR for 2020-2022 is 34%.According to PEG estimation, PEG = 1 is given 34 times PE in 2020, corresponding to a target price of 12 yuan, maintaining a “buy” rating.

McGmitter (002851) Annual Report Review: Annual Report High-Growth New Energy Vehicles and Smart Appliances Two-Wheel Drive

McGmitter (002851) Annual Report Review: Annual Report High-Growth New Energy Vehicles and Smart Home Appliances Two Wheel Drive
Investment Highlights The company returns to its net profit in 20182.20,000 yuan, an increase of 72 in ten years.7%, in line with expectations.The company released its 2018 annual report, which reported an operating income of 23.94 ppm, an increase of 60 in ten years.17%; net profit attributable to parent company2.20,000 yuan, an increase of 72 in ten years.66%, corresponding EPS is 0.65 yuan.Excluding the cost impact of stock incentives and asset restructuring (0.3.7 billion), net profit attributable to mothers for 18 years2.370,000 yuan, an increase of 82 in ten years.29%.In the single quarter, the company achieved operating income in the fourth quarter7.830,000 yuan, an annual increase of 66.34%, an increase of 35.09%; net profit attributable to parent company is 0.80,000 yuan, an increase of 142 in ten years.69%, an increase of 38.53%.Initial gross profit margin is 29.49%, down by 1 every year.At 85pct, the gross margin decline was mainly due to: 1) the rapid growth of smart home appliances and the reduction in gross margin as compared to other sectors, lowering the overall gross profit level; 2) competition in the new energy vehicle PEU product industry intensified.The company’s gross profit margin in the fourth quarter was 28.64%, falling by 2 every year.88pct, down 2 from the previous month.57 points; average net profit attributable to mother is 8.44%, rising by 0 every year.61 points, the net profit attributable to the mother in the fourth quarter was 10.15%, an increase of 3 per year.19pct, up by 0 from the previous month.25 points. Both volume and price rose. New energy vehicle business leveraged BAIC to achieve high growth. Revenue from new energy and rail transit business6.09 million yuan, an increase of 365 in ten years.6%, accounting for 25% of total revenue.43%.In terms of gross profit margin, the gross profit margin for the 18-year segment was 35.73%, an increase of 17 over the previous year.14 units.This is mainly due to the transition of the product structure of the electric vehicle business from a single product, such as CMU, to a PEU integrated system, which increases the value of a single machine and replaces the industry’s price reduction caused by the decline.Smart home appliance control business achieved revenue of 10 years in 18 years.96 ‰, an increase of 49 in ten years.9%, accounting for 45% of total revenue.81%; gross margin is 24.19%, a decline of 3 per year.03 averages.Among them, the smart bathroom business first realized revenue.880,000 yuan, an increase of 63 in ten years.84%.Smart bathroom wholesale sales 34.20,000 sets, an increase of 85 per year over the previous 17 years.9%.The growth rate of the industrial control industry has slowed down in 18 years, and the company’s industrial automation segment has grown slightly. It is expected that the industry will recover in 19Q2: the 18 years of industrial automation segment will achieve sales revenue2.5.6 billion, an increase of 3.3%, gross margin 34.76%, down by 1 every year.92 units.The industrial power business has performed steadily for 18 years, with temporary revenue4.21 ppm, an increase of 11 years.1%, accounting for 17 of total revenue.6%.Gross profit margin for the 18-year segment was 30.65%, down 4 each year.15 units. The expense rate accumulates for ten years.94pct, budget expenses are well controlled.The company’s maximum expenses also increased by 44.86% to 4.39 trillion, the expense ratio fell by 1.94 up to 18.33%.Sales, management (including R & D), and financial expenses rose 48.35%, up 46.84%, a decrease of 175.49% to 1.2.1 billion, 3.2 billion, -0.02 trillion; the expense ratio decreased by 0.4, down 1.22, down 0.32 up to 5.05%, 13.39%, -0.10%.Initial R & D costs increase by 42 each year.70% to 2.52 ppm, each decrease in R & D expense ratio.29 points to 10.52%. Net cash flow from operating activities in 2018 replaced zero.950,000 yuan, a decrease of 202% in one year; accounts receivable 6.90,000 yuan, an increase of 61 in ten years.97%.Period-end 都市夜网 inventory 8.2.8 billion, an increase of 3 from the beginning of the period.450,000 yuan, an increase of 71 in ten years.49% of which issued merchandise 2.16 ppm, an increase of 229% per year, mainly due to unrecognized income issued in the fourth quarter. Investment advice: 2019-2021 is expected to return to the mother net profit3.67/4.85/6.3.4 billion, a year-on-year increase of 82% / 32% / 31%, with an EPS of 1.17/1.55/2.03 yuan, corresponding to PE of 27x / 21x / 16x. Considering the company’s cross-domain diversified layout, multi-wheel drive performance growth, entering a period of synergy efficiency improvement, 35 times PE in 2019, target price of 41 yuan, maintaining “buy”grade. Risk warning: The price reduction has exceeded expectations, and sales have exceeded expectations.

Desai Xiwei (002920): Business fundamentals usher in inflection point Intelligent driving opens new growth space

Desai Xiwei (002920): Business fundamentals usher in inflection point Intelligent driving opens new growth space

The automotive electronics leader continues to explore domestic and foreign markets, and customer cooperation projects continue to develop. The company is the leading automotive electronics leader in China.

At present, the company has formed a stable cooperative relationship with mainstream mainstream vehicle manufacturers, and fully covers domestic, European and American, Japanese and joint venture brands.

The company continues 杭州桑拿洗浴会所 to expand the domestic and foreign markets, and new cooperation projects with new and old customers are continuously carried out, including FAW-Volkswagen, SAIC-GM, Geely Automobile, Changan Automobile, Toyota, Skyline, Chery, etc.

The penetration rate of intelligent cockpit is expected to continue to increase. The company’s products have a significant internal competitive advantage in the automotive industry during the period of positive transformation. The electrification and intelligent drive, the penetration of new energy vehicles continue to increase, the transformation of traditional car companies, and the demand for intelligent cockpits.Large value-added, smart cockpit penetration is expected to further increase.

With the continuous change of the smart cockpit product form, the company, as the other cockpit electronic 杭州桑拿 leader, has obvious competitive advantages in terms of cost performance, technology, customer structure, and channels.

ADAS has entered a period of rapid development. Some of the company’s products have entered the mass production stage. According to Qyresearch statistics, China’s ADAS compound growth rate in 2019-2023 exceeded 37%.

With the implementation of the national automobile industry’s mid- and long-term development plan, the ADAS industry has entered a period of rapid development.

Today, L1 & L2 assisted driving grade autonomous vehicles have gradually achieved mass production; in the future, the industry will turn to product development at the L3 and above levels.

At present, the company’s self-developed 360-degree high-definition surround view system, fully automatic parking system, driver behavior monitoring and identity recognition system have all reached mass production.

The company’s millimeter wave radar products are expected to grow in the future.

From T-BOX to the field of car networking, the first-mover advantage is obvious, and the room for growth is broad. T-BOX is an important part of vehicle-road collaboration.

The company started to deploy the automotive networking business in 2017; according to the company’s announcement of investor survey discipline, the company has currently received orders from customers such as FAW-Volkswagen, Chery Jaguar Land Rover and other automotive networking platforms and OTAs. The future has room for growth.

Investment suggestion: As a leader in automotive electronics, the company continues to develop new and old customer cooperation projects at home and abroad. Business fundamentals have ushered in a turning point, and intelligent driving has opened up new growth space.

The company’s EPS for 2019-2021 is expected to be 0.

50 (-0.

92), 0.

68 (-1.

01), 0.

93 yuan, maintaining the “recommended” level.

Risk Warning: Automotive Industry Sales Surge; Automotive Network Penetration and ADAS Are Slower Than Expected

Supor (002032) 2019 Express Results Review: The company’s leading advantage still slightly better than expected

Supor (002032) 2019 Express Results Review: The company’s leading advantage still slightly better than expected
Matters: The company released the 2019 performance report, and the company achieved total operating income of 198 in 2019.53 ppm, an increase of 11 years.22%, net profit attributable to mother 19.20 ppm, an increase of 14 in ten years.97%.In the single quarter, Q4 company achieved a total operating income of 49.57 ppm, an increase of 11 years.20%, net profit attributable to mother 6.72 ppm, an increase of 18 years.75%, the performance slightly exceeded democratic expectations. Comment: Operating performance remains stable and market share has steadily increased.The company achieved total operating income of 198 in 2019.US $ 5.3 billion, an annual increase of 11.22%, the company achieved total operating income of 49 in the fourth quarter.57 ppm, an increase of 11 years.20%.According to the overall data released by Aowei Cloud Network, domestic retail sales of traditional small kitchen appliances (seven types such as rice cookers) before 2019 will increase.6%, the overall performance of the industry was slightly flat.However, the company’s leading advantages remain, the merger and development of new products have taken effect, and the overall performance of the industry is expected.In 2019, the company’s business maintained stable development, and the export market: benefited from the cooperation with SEB orders, the export business maintained a steady growth; the domestic market: the company adhered to the innovation strategy and boutique strategy, and introduced new products such as IH rice cookers during the year to promote a steady increase in brand market shareTo help the domestic sales revenue to maintain rapid growth. Product structure optimization and cost control have helped boost gross profit margin.The company will maximize profits in 201922.73 ppm, an increase of 14 years.73%, net profit attributable to mother 19.20 ppm, an increase of 14 in ten years.97%; maximized profits in the fourth quarter6.60 ppm, an increase of 9 in ten years.72%, net profit attributable to mother 6.72 ppm, an increase of 18 years.75%.The company’s gross profit margin constant +0 in 2019.29pct, mainly due to the continuous optimization of product structure and continuous decline in production costs.In terms of expense ratio, the company’s long-term management expense ratio is -0 per year.19 points, mainly because the fair incentive costs were significantly reduced compared to the previous; and the sales expense ratio increased by +0.39 points, mainly in response to market competition companies to strengthen e-commerce costs, premiums and other marketing resources investment.The company’s net profit attributable to mothers in 20199.67% 天津夜网 (decade +0.32pct), Q4 returns to net profit 13.55% (decade +0.86pct), the performance was slightly higher than expected, mainly due to: 1) the company’s subsidiaries received government subsidy income increased from the same period of conversion growth, driving the company’s other income growth in 201949.73%, only 1 in 2018.11 ppm; 2) According to the company’s investigation, the subsidiary Zhejiang Shaoxing Supor Life Electric Co., Ltd. has rediscovered through emerging enterprises, and the profit rate is reduced and paid at the preferential tax rate. Multi-category + multi-brand layout, synergy effect promotes release.As the leader of the domestic cooker industry, the company gradually expands its business to kitchen and bathroom appliances (fume hoods, stoves, disinfection cabinets, water purifiers, etc.), kitchen tools and environmental household appliances (air purifiers, vacuum cleaners, ironing machines, etc.), etc., andAnd both have achieved better development, and it is expected that in the future, the synergy of categories will be brought into full play, and the supporting rate of categories will be improved.In addition, the company’s brand matrix has been initially formed. Except for SUPO, the company operates high-end brands such as WMF, LAGOSTINA and KRUPS under the SEB Group to achieve coverage of different consumer groups.The company adheres to the innovation strategy and high-quality strategy, continuously promotes the improvement of the channel layout, the significant low-line market sinks offline, and the online e-commerce professional operation increases.With the enhancement of category synergy and the improvement of brand layout, the company’s long-term steady development is expected. Investment suggestion: Supor has cultivated cooking utensils for more than 20 years, and the synergy effect of multi-category + multi-brand layout is gradually emerging. The company adheres to the strategy of innovation and quality, and gradually improves the channel layout. Long-term stable development is expected in the future.Considering the short-term impact of the epidemic on the company, we slightly adjusted the company’s EPS forecast for 19/20/21 to 2 respectively.34/2.58/2.97 yuan (original value: 2.30/2.71/3.12 yuan), corresponding PE is 32/29/25 times.With reference to the company’s historical evaluation level, we have raised our target price to 83 yuan (original price: 80 yuan), corresponding to 32 times PE in 20 years. As a domestic leader in small household appliances, the company has a stable business performance, constant performance certainty, and maintained a “strong push” level. Risk warning: industry competition intensifies; raw material prices rise.

Makihara (002714): Achieved a sharp increase in average sales price Q3 performance

Makihara (002714): Achieved a sharp increase in average sales price Q3 performance

Core viewpoints: 1. The event company announced the first three quarters of 2019 performance forecast and September 2019 live pig sales briefing.

  2. Our analysis and judgment 1) Benefiting from the continued upward price advantage of pig prices, Q3 performance growth increased in the first three quarters of 2019. The company announced that it expects net profit attributable to mothers to be 1.3 to 1.5 billion, an increase of 271.

23% to 328.

34%; 2019Q3, net profit attributable to mother is expected to be 14.

5 to 16.

50,000 yuan, an increase of 238 in ten years.

12% to 284.


Affected by the sluggish Q1 pig price, the company’s Q1 net profit was negative; Q2 pig price started an upward trend, and the company’s net profit performance improved.

According to public data, the average sales price of pigs in 19Q3 was about 20.

9 yuan / kg, the average price of Q1 to Q3 is 14.

79 yuan / kg.

Based on the Q3 net profit range, the company’s average net profit 杭州桑拿网 from pig heads was 685.


7 yuan / head, the total cost is about 13.


04 yuan / kg, leading cost control ability.

  2) Hog production has improved compared to the previous quarter, and the average sales price has reached a new high.

520,000 heads, ten years -6.

3%, affected by sow breeding, the growth rate of slaughtering pigs declined; sales income was 19.

2.2 billion, previously + 92%, the average sales price of commercial pigs was 26.

17 yuan / kg, +29 from the previous month.


On January 9, 2019, the company gradually sold live pig 793.

150,000 heads, +3 a year.

7%, cumulative income 112.

76 trillion, +23 for ten years.


  3) In 19 years, 10 to 11 million live pigs will be released. The company’s throughput will continue to increase. Affected by African swine fever, the company will improve the safety protection level, optimize 杭州龙凤桑拿网 the isolation system, and accelerate the operation of some idle pig farms in the early stage.

In terms of production capacity, it is expected that the company will be able to breed nearly 900,000 sows at the end of September and reach 1.3 million or more by the end of the year, which will be an alternative basis for raising the number of pigs in 2020-2021.

In 2019, 10 to 11 million pigs will be released.

According to Boya and News, on October 9, 2019, the average pig price in some provinces and cities nationwide was 31.

6 yuan / kg, +2 chain.

63%, the average price of piglets is 68.

35 yuan / kg, +2 chain.


  Affected by the continuous decline in the industry’s production capacity, pig prices will continue to remain high, and the number of overlapping company segments will increase expectations.

  3.Investment suggestion that pig prices continue to rise, and the increase rate and speed are higher than expected.

The company has excellent cost control capabilities, continuous recovery of production capacity, high overlapping pig prices, and promising future performance.

We expect the company’s EPS to be 1 in 2019-2021.



19 yuan, corresponding to 48/12/12 times the PE, maintaining the “recommended” level.


The risk indicates that the pig price does not meet the expected risk, the disease risk, and the policy risk.

Danghong Technology (688039) Company In-depth Research Report: Video encoding and transcoding technology giant fully benefits from localization of technology

Danghong Technology (688039) Company In-depth Research Report: Video encoding and transcoding technology giant fully benefits from localization 无锡桑拿网 of technology

Member of AVS Standard Working Group and core supplier of mainstream video media. Danghong Technology is one of the few high-tech companies with independent R & D capabilities in high-end video encoding and transcoding products in domestic and foreign markets.Video website, etc.) The core supplier of 4K UHD real-time encoder products.

When Honghong Technology assisted CCTV to launch the first 4K channel in 2018, it was responsible for the technical support for live broadcast of the parade for 杭州桑拿网 the 70th anniversary of National Day, and signal encryption.

The technology supplier that can be the top domestic live broadcast program is the proof of Danghong technology industry category.

  CPU + GPU architecture empowers high-end algorithms, and actively lays out domestic coding standards first. The CPU + GPU architecture used in video encoding and transcoding products is equivalent to hundreds of CPUs in image processing.Medium support has obvious advantages and is the most suitable platform for embedding deep learning into video optimization algorithms. Second, video processing capabilities are expanded and core algorithms ensure that video encoding and transcoding products achieve low latency and high density, and low bit rate.Picture-quality processing capabilities; Third, as a member of the AVS Standards Working Group, the company has developed H in advance.

265 / AVS2 4K UHD encoding and transcoding products, and actively deploy products that support the AVS3 8K encoding standard.

  Ultra-high-definition promotes the upgrading of coding standards, and the trend of domestic substitution is expected. Ultra-high-definition will drive the upgrading of the video industry. It is expected that the codec equipment CAGR will reach 160% in the next three years.

The promotion of the AVS1 / AVS2 coding standard is supplemented by the standard and issued by others, and the related industries are backward.

The current AVS3 research and development progress abroad, promote the use of domestic chip technology, promote the localization of coding and transcoding alternatives, Danghong Technology will benefit significantly.

  Covered for the first time and given an “overweight” rating. We expect the company to achieve operating income of 2 in 2019-2021.

82, 4.

00, 5.

740,000 yuan, net profit attributable to mother is 0.

89, 1.

27, 1.

8.4 billion, with EPS of 1.


59, 2.

30 yuan, corresponding to the current expected PE is 74, 52, 36 times, for the first time to give the “overweight” rating.

  Risks suggest the development of the ultra-high-definition industry, and localization of video coding standards is less than expected.

Yonghui Supermarket (601933): low performance, merged organizational structure adjustment, focus on Yunchao to welcome a new round of growth

Yonghui Supermarket (601933): low performance, merged organizational structure adjustment, focus on Yunchao to welcome a new round of growth

Focus on Yunchao’s main business and start again. One or two mergers will improve overall efficiency.

From the perspective of the company’s strategic management, the company merged Yunchao 1 and 2 for merger management and appointed Li Guo as the executive vice president and president of Yunchao Supermarket.

Yunchao has a large supply chain division and a large science and technology division, which realize the integration of the four centers of financial center, human resources center, logistics center, and engineering center, which will increase the efficiency of 20%.

At the same time, the company divided the country into 10 major theaters, with the general managers of the 10 theaters as core partners, fully mobilizing the enthusiasm of the general managers of the major theaters.

The company promotes the coordinated development of “big stores + mini stores” and leverages third-party platform layout to store business.

① For large stores, it is estimated that 150 new stores will be opened in 2019; ② For mini stores, according to our calculations, it is estimated that mini stores will contribute about 2 billion revenues in 2019, and the mini store stock space can reach 2000+ stores; ③ At homeAt this stage, Yonghui overcomes’s home, Meituan and other third-party platforms to accelerate the deployment of home business. In the future, Yonghui’s own APP will be launched to accelerate development, but it will not develop home through the Internet burn model.

The low point of performance appeared in 18Q4, replacing Yunchuang & Yunshang to reduce the duplicates.

At the end of 2018, the company replaced Yunchuang and Yunshang respectively, focusing on the main business of Yunchao to reduce diversification.

① Yunchuang: In December 2018, the company took 3.

9.4 billion transaction consideration transferred Zhang Xuanning’s 20% shares of Yunchuang. After the transfer, the company held 46 shares.

6% interest rate 26.

6% became the second largest shareholder of Yunchuang, and Yunchuang will no longer consolidate; ② 北京夜网 Yunshang: November 2018, Yonghui Supermarket, Gao Yishunying, Sequoia Binsheng, Youda (natural person shareholder) intends to invest in YonghuiCo., Ltd. increased its capital. After this appreciation, Yonghui held 35% of the shares of Yonghui Investment Co., Ltd., and Cloud Business will no longer consolidate the scope of consolidated statements.

With the company’s reduction of Yunchuang & Cloud quotation, short-term financial inflection points may have appeared, reducing financial drag, reducing operating costs and operating risks.

Promoting the rotating chairmanship mechanism is comparable to Huawei, and the organizational structure is more modern.

In December 2018, Mr. Zhang Xuansong and Mr. Zhang Xuanning dismissed the concerted action relationship. Before dissolution of the concerted action relationship, Mr. Zhang Xuansong and Mr. Zhang Xuanning respectively held the company14.

70% and 7.

77% of the shares hold a total of 22 companies.

47% of the shares, the company’s largest shareholder.

Following this dissolution of the concerted action relationship, Jardines International holds the company19.

99% of the shares, the company’s largest shareholder.

Jie Ming, Managing Director of Jardine Holdings.
Keswick became the rotating chairman and adopted a comprehensive support for the company’s development, integrating global resources to help the company’s supply chain construction.

Mr. Zhang Xuansong is an executive director and legal representative. There is no contradiction between the two brothers’ dual-line development. Li Guo is the executive vice president of Yonghui Supermarket and the president of Yunchao. Wu Guangwang is in charge of strategic investment and mergers and acquisitions. Zhang Hao is in charge of the large supply chain business. Li Jing is in charge ofTechnology and information business. Luo Wenxia is in charge of business development. Zhang Jingyi is the secretary of the board of directors. The scale of corporate governance is stable and controllable.

The company is a national supermarket leader, focusing on Yunchao to improve efficiency, replacing Yunchuang & Yunshang to reduce the pressure on performance, and adjust and complete the preparation.

Net profit is expected to be 23 in 2019-21.



6.7 billion, the current market value corresponds to 40/33/27 xPE.

Combined with the average valuation of A-share supermarket listed companies, the company will be given 1 PS in 2020, corresponding to a target market value of 1039 trillion and a target price of 10.

86 yuan / share, maintain BUY rating.

Risk reminder: Yunchao’s same store is less than expected; mini store development is less than expected; home business development is less than expected.

Minsheng Bank (600016) Annual Report Comments: Private Enterprise Banks’ Poor Positioning Reduced

Minsheng Bank (600016) Annual Report Comments: Private Enterprise Banks’ Poor Positioning Reduced

The recognition of non-performing loans accelerated, and the company maintaining the “overweight” rating released its 深圳桑拿网 2018 annual report on March 29. The net profit attributable to the parent, PPOP, and operating income were +1 respectively.

03%, +11.

18%, +8.

66%, earlier from January to September -5.

04pct, -0.

52pct, -0.

27pct, performance is in line with our expectations.

The company has expanded the recognition of non-performing loans and has replaced the non-performing loan replacement ratio to 100% or less.

We forecast the growth rate of net profit attributable to mothers in 2019-2021.

2% / 9.

1% / 9.

7%, EPS1.



47 yuan with a target price of 8.

twenty one?

72 yuan to maintain the “overweight” level.

The growth rate of assets has declined, and the industry is expected to continue to support the spread. The growth rate of assets at the end of 2018 is one.

57%, the growth rate was earlier than the end of Q3 -2.

86 points.

Loans and deposits still maintained a high growth rate (9 respectively.

00%, 6.

78%, -1 earlier than the end of the third quarter.

42pct, -0.


18-year net interest margin 1.

73%, an increase of 9bp from the previous 1H18. Both ends of the assets and liabilities have contributed positively to the interest margin.

The yield on interest-earning assets increased by 7bp compared to 1H18, of which the loan yield + 11bp (for corporate and retail loan yields + 10bp and + 11bp respectively); the interest-bearing yield dropped by 3bp to 2 from 1H18.

89%, mainly due to the decline in the cost of interbank liabilities (down 30bp to 3 from 1H18).

65%), but the pressure on the cost of deposits has increased significantly (costs are 21bp higher than in 1H18).

As the company’s interbank debt accounted for a relatively high target, interbank interest rates continue to decline in 2019 to continue to provide support for net interest margin.

Although the non-performing loan ratio rose slightly, the poor non-performing scissors has been digested to actively strengthen the recognition and increase write-off efforts, and the overall asset quality is stable.

NPL ratio at the end of 20181.

76%, + 1bp from the end of the first three quarters.

The hidden bad index is better, and the attention-oriented loans accounted for 38bp down compared with the end of Q2.

The biggest bright spot in credit risk is the poor digestion of non-performing loans. The ratio of loans overdue for more than 90 days to non-performing loans decreased by 33pct to 97% from the end of Q2, and was lower than 100% for the first time since 2013.

Disposal of non-performing loans increased, and the proportion of non-performing loans written off in the fourth quarter was 59% (only 17% in the third quarter).
Under the background of strengthening the recognition of non-performing loans, the non-performing loan generation rate reached 4.
14% quarter-on-quarter +2.

85 points.

Provision coverage at the end of 2018 saved 134%, a decrease of 28pct from the end of the first three quarters.

Private enterprises have a clear strategic positioning, and the biggest feature of multiple channels to supplement the strategic positioning of capital companies is “banks for private enterprises.”

Cumulative loans issued to private enterprises in 20181.

37 trillion, accounting for 66 of the gradual release of public loans.


The China Banking Regulatory Commission (CBRC) proposed in November 2018 the goal of adding one-two-five private loans, and Minsheng Bank can reach this target in 2018.

The company’s capital is relatively scarce, but it is replenishing capital through multiple channels.

At the end of 2018, the capital adequacy ratio / core tier 1 capital adequacy ratio was 11 respectively.

75%, 8.

93%, respectively -14bp and + 16bp from the end of the third quarter.

After the issuance of US $ 40 billion of secondary capital bonds on March 1, the capital supplement program being promoted includes 50 billion convertible bonds, 20 billion preferred shares, and 40 billion perpetual bonds, and the capital strength is expected to be fully improved.

Cash dividend ratio increased, target price 8.

twenty one?

72 yuan company proposed dividend 0.

345 yuan, the cash dividend ratio rose to 30.

01% (15 in 2017.


In view of the company’s lowest provision coverage ratio and the 南京龙凤网 possibility of an increase in credit costs, we appropriately lowered the company’s net profit growth forecast to return to parent in 2019-2021 to 7.

2% / 9.

1% / 9.

7% (previous forecast 9).

0% / 10.

4% /-), EPS1.



47 yuan (previous forecast 1).

25 yuan / 1.

38 yuan /-), 2019 BVPS10.

26 yuan, corresponding to PB0.

62 times, we maintain 0 in 2019.


85 times the target PB, with a target price of 8.


85 yuan fine-tuning to 8.

twenty one?8.

72 yuan.

Risk Warning: The economic downturn exceeds expectations, and asset quality deteriorates more than expected.

Energy-saving wind power (601016) quarterly report comments: poor wind resources in the first quarter, profit growth will increase investment in 19 years

Energy-saving wind power (601016) quarterly report comments: poor wind resources in the first quarter, profit growth will increase investment in 19 years
Event: Energy-saving wind power released a quarterly report and achieved revenue in 1Q195.500 million, a decline of 重庆耍耍网 9 per year.7%, net profit attributable to mother 1.100 million, a decrease of 42 every year.2%, net profit after deduction to non-mother is 1.100 million, down 43 each year.1%, recorded EPS0.027 yuan. Poor wind resources in the first quarter caused a decline in power generation. At the same time, the decline in average on-grid electricity prices caused continuous declines in revenue and net profit.In the first quarter, the company realized a power generation capacity of 14.200 million kWh, a decline of 13 per year.1%, mainly due to the impact of wind resources than in the same period last year, of which the company is located in Hebei, Gansu and Mengxi wind farms alternately generating more than 20%.At the same time, the company’s marketization charge reached 5 in the first quarter.200 million kWh, an increase of 34 each 夜来香体验网 year.0%, the proportion of market-based electricity reached 38.4% previously increased by 13.5 averages.As the market-based electricity price was lower than the benchmark electricity price, the average on-grid electricity price in the first quarter gradually decreased3.7% to 0.RMB 462 / kWh. Investment will be increased in 2019.At the end of 18, the company gradually installed 290 units.80,000 kilowatts, and the installed capacity under construction and preparation for installation reached 166 respectively.80 thousand kilowatts and 226.80,000 kilowatts.The company plans to invest 2.8 billion yuan in wind power in 19 years, more than 18 years.In addition, the merger of companies accelerated the pace of mergers and acquisitions and the development of overseas projects. Investment suggestion: In the future, the speed of gradual development will increase, the installed capacity will increase, and the abandonment rate will continue to decline. We expect the net profit in 19/20 to be 5.900 million / 8.400 million, EPS is 0.14 yuan and 0.20 yuan, maintain “Buy” rating. Risk warning: Power demand and supplementary installed capacity are less than expected; risks such as poor wind resources.

Xiang Piaopiao (603711) 2019 First Quarterly Report Review: Cup of Milk Tea Maintains Steady Increase in Juice and Fruit Juice

Xiang Piaopiao (603711) 2019 First Quarterly Report Review: Cup of Milk Tea Maintains Steady Increase in Juice and Fruit Juice
Event: The company released its 2019 quarterly report.From January to March 2019, the total operating income was 8.3.7 billion, an annual increase of 28.26%; net profit attributable to mother is 0.5.2 billion, an annual increase of 83.61%, performance exceeded expectations. Opinion: The cup of milk tea keeps increasing steadily, and the fruit tea continues to increase its volume.In the first quarter of 2019, the company’s brewed milk tea achieved revenue6.2.3 billion, an annual increase of 6.56%; of which the classic series achieved revenue 4.09 million yuan, an annual increase of 14.86%; Good material series achieved revenue 2.1.4 billion, down 6 every year.35%.Revenue from ready-to-drink 20.5 billion, an annual increase of 232.6%; of which liquid milk tea achieves zero revenue.3.5 billion, down 44 each year.08%; juice tea achieved revenue 1.7.1 billion yuan, continued heavy volume. Core areas maintained steady growth and continued to explore the national market.In the first quarter of 2019, the distributor channel achieved revenue7.7.8 billion, an annual increase of 25.32%; of which the East China market realized revenue 3.1.8 billion, an annual increase of 2.09%; Southwest and Central China markets achieved revenue1.3.5 billion and 1.3 trillion, each growing 50.73% and 50.68%; Northwest, South China, North China, and Northeast markets each achieved zero revenue.8.1 billion, 0.5.2 billion, 0.4.1 billion and 0.2 trillion, an increase of 33 each year.32%, 46.83%, 42% and 155.31%.E-commerce channel realized zero revenue.4.3 billion, an annual increase of 68.79%.In the first quarter, the number of dealers increased by 73, and the total number of dealers reached 1,360. Profitability has improved.The company’s consolidated gross margin for the first quarter of 2019 increased by 3 each.62 good 39.16%; the period expense rate drops by 1 each year.26 are good to 30.6%, of which the sales expense ratio decreases by 2.26 excellent to 24.86%, the management expense rate increased by 0 in 武汉夜网论坛 ten years.67 perfect to 5.7%, the financial expense rate increased by 0 in ten years.32 perfect to 0.03%.Benefiting from higher gross margins and lower expense ratios, net margins increased by 1.87 perfect to 6.twenty one%. Maintain a cautious recommendation level.The company’s EPS for 2019-2020 is expected to be 0.95 yuan and 1.13 yuan (upgrade of profit forecast), corresponding to PE and 31 times and 26 times respectively.The company’s cup of milk tea is expected to maintain a steady increase, the volume of juice tea is imminent, and the expansion of production capacity is progressing in an orderly manner.Maintain a cautious recommendation level. Risk warning: food safety risks, etc.