Eddy Precision (603638): Excavator boom driven breaker + hydraulic parts grow clear logic

Eddy Precision (603638): Excavator boom driven breaker + hydraulic parts grow clear logic
Event: The company released the report for the third quarter of 2019, and the company achieved operating income for the first three quarters10.68ppm, an increase of 42 per year.44%, net profit attributable to mothers2.580,000 yuan, an increase of 47 in ten years.28%.  The company’s periodic attributes have weakened, and the demand for renewal of the stock of breakers is strong.As a construction machinery attachment, the breaker is broken in relation to the quantity of the excavator.The current 10-year holdings of the excavator market reach 152.60,000 units, according to our calculations, the domestic demand for hydraulic breakers is 150,000 to 200,000 units, of which more than 60% are the renewal needs of the excavator stock.At present, the domestic hammer allocation rate is 20% -25%, and the extended hammer allocation rate is basically above 35%.With the improvement of safety and environmental protection requirements, the continuous advancement of infrastructure construction, and the continuous increase of labor costs, the periodic nature of the breaker will continue to weaken.  The company’s profitability is stable and its operating cash flow has improved significantly.Benefiting from the cyclical recovery of construction machinery, the profitability of the company’s breakers and hydraulic components continued to increase.The company expanded its cooperation with well-known OEMs, and its production capacity continued to be full. The company’s gross profit margin for the first three quarters of the company reached 42.46%, net sales margin reached 24.13%.The company strengthened the management of accounts receivable, and the company’s net operating cash flow in the first three quarters reached 1.3.5 billion, a year-on-year increase of 488.35%, indicating that the company’s repayment situation has improved significantly.  Non-public issuance projects have met to help reduce production capacity.The company’s non-public issuance project was approved by the China Securities Regulatory Commission in September, and the amount of funds raised will not exceed 700 million yuan. It will be used for high-end hydraulic motors, hydraulic breakers, and high-end hydraulic main pump construction projects.After the completion of all the construction, the company will increase the annual production capacity of 80,000 hydraulic motors, 20,000 hydraulic breakers, and 50,000 hydraulic main pumps. It is expected that annual revenue will increase.770,000 yuan, increasing net profit2.4.4 billion, will help the company’s future performance growth.  Company profit forecast and investment rating: We expect the company’s operating income for 2019-2021 to be 14 respectively.51 ppm, 17.8.7 billion, 24.09 million yuan; net profit attributable to mothers were 3.3.1 billion, 4.1.4 billion and 5.68 ppm; EPS is 0.86 yuan, 1.07 yuan and 1.47 yuan, the corresponding PE is 31.26X, 25.12X and 18.29X, maintain “highly recommended” level.  Risk reminders: 1. The sales volume of the excavator industry is less than expected; 2. The prices of raw materials fluctuate 厦门夜网 sharply; 3. The downstream demand is severely deteriorated.

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Kodali (002850) in-depth report: Nirvana bath fire structural component leader returns strongly

Kodali (002850) in-depth report: Nirvana bath fire structural component leader returns strongly
Key points of investment Global leader in precision lithium-ion precision structural parts, a big turning point in profit in 19Q2: The company was established in 1996, and was a consumer lithium-ion structural part in 1999. It began to make power battery structural parts and automotive structural parts in 2007.In cooperation with power batteries, the power lithium battery structure accounted for the largest proportion in 14 years.After the listing in 17 years, the company’s revenue was 14 in 19-19 due to the significant drop in product prices, the development of new customers and the construction of new bases.5/20.0/11.7 ppm, a ten-year increase of -0.3/37.8/46.7%; net profit attributable to mother is 1.66/0.82/0.80 billion, a growth of -28 / -50 / 259% in ten years.In 19Q2, there was a big turning point in capacity utilization improvement, with a gross profit margin of 28%, a chain + 9pct, and a net profit of 0.5.7 billion, a 933-fold increase, a 154% increase in the ring, Q3 continued, the release of production capacity will continue to grow rapidly in the next year. Structural components are ignored by the market, the unit value is not low and the differences are obvious, and one ultra-multi-small pattern is stable: structural components affect penetration of battery safety, consistency, cycle life, etc., and also affect the yield of cell production. ProductsThe quality difference is actually very obvious.At the same time, the value of structural parts accounts for about 8% of the cost of the battery cell, which is close to both ends and the cathode.In 19 years, the domestic lithium battery structure has a global 北京夜网 market size of about 39 / 6.5 billion, and is expected to reach 159.26 billion in 2025. The demand growth rate will be 25-30% in the next 5 years.The leading city of Kodali ‘s battery structural parts accounts for nearly 60%, and the global share is about 35%. In the past 5 years, Kodali has been a super multi-strong layout. After Kodali ‘s listing, it has further expanded its advantages in customer expansion and capacity expansion.The world’s number one structural component. The technology scale is comprehensively advanced, and the Ningde era is deeply bound. LG and Panasonic break through.CATL started cooperation at the beginning of its establishment, and has been steadily occupying a share of more than 90%. At the same time, it has fully explored high-quality potential customers, including Eternal Lithium Energy, AVIC Lithium 重庆耍耍网 Power, and Xinwanda.Entered the supply chain of LG Chem, Panasonic, etc. very early. This year, it broke through the LG Nanjing cylinder power project to supply Tesla Shanghai. The value of the bicycle is about 2,000 yuan. If Tesla sells 200,000 vehicles, it can contribute more than 40 million.profit. The base layout is close to large customers, the target output value is 10 billion, and the throughput is increased to increase the profit flexibility. The company is close to customers to build four bases, which saves about 3-4% of transportation costs and further locks large customers.At present, profits mainly come from Huizhou, with a capacity utilization rate of 70% to 80%. If full production is expected, the output value can reach 18 billion.The current capacity utilization of the Puyang base is currently low. The 19H1 revenue is about 1 billion and the full output can reach 2.8 billion. It is mainly used by CATL Liyang base, AVIC lithium, Xinwangda, LG Nanjing and other peripheral customers. The capacity of peripheral customers will start in the second half of this year.Initial launch, maximized production capacity, and great flexibility in revenue and profit.The Dalian base is under construction and is dedicated to supply Panasonic square power batteries.The output value of the first phase of the Ningde base is 700 million, and it is expected to start production at the end of 20th.In general, the current output value is 5 billion, and this year’s revenue is only 2 billion. In the future, 10 billion output values are planned. The release of demand for power batteries will be converted, and the cumulative growth will bring great income and profit flexibility. Earnings forecast and investment grade: We estimate the company’s net profit for the year 19-21 to be 2.09/3.39/4.4.9 billion, an increase of 154/62/33%, EPS is 0.99/1.61/2.14 yuan, considering that the company is a global leader in lithium battery structural parts, Ningde Times / LG / Panasonic are large customers, giving 30 times PE in 2020, corresponding to a target price of 48 yuan, the first coverage given a “buy” rating. Risk reminder: fluctuations in raw material prices, falling product prices, and risk of policy changes

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Southeast grid (002135): the general trend of steel structure turnkey performance CAGR over 40% in the next three years

Southeast grid (002135): the general trend of steel structure turnkey performance CAGR over 40% in the next three years

Investment Highlights: The first increase in holdings.

We predict that the company’s EPS for 2019-21 will be 0.



The growth rate of 54 yuan is 56/58/32%. With reference to comparable companies in the same industry, it is estimated and based on the fact that the company is a leader in domestic steel structure and the general contractor has achieved regional / industry breakthroughs. A certain premium will be given to the company in 2020.

1x PE, target price of 7 yuan, the first coverage gives an overweight rating.

  The steel structure turnkey benefit policy support and industry transformation are the general trend, and the environmental protection / assembly type promotes development.

  1) The output value of domestic steel structures has accelerated significantly, with a growth rate of 32 in 2018.

1%, but steel structure output accounts for only 7.

4% (estimated 30%) / The output value of steel structure accounts for only 2 of the total output value of the building.

9% has a high space for improvement; 2) The policy support is significantly enhanced and clearer and clearer, the design / construction tends to be more difficult and more complicated. The need to improve the steel structure, and the owner’s familiarity with the steel structure is increasing.3) The two major logics of environmental protection and production limitation / assembly type also promote the development of steel structure general contract; 4) Steel structure general contract can expand the scale (by multiplying the project) / increase profit (main net interest rate and ROE) / improve paymentAnd cash flow.

  The advantages of the company’s overall development contract will be the most direct beneficiaries, and the regional and industry scale will achieve breakthroughs.

  1) Four advantages: ① Strong technical qualifications (10 core technologies / 200 patents / contract level 1) ② Full industrial chain (design, construction and construction package) ③ Excellent brand quality ④ Strong marketing network; 2) RegionalThe first level has a large number of orders outside Zhejiang Province, and the industry-scale 天津夜网hospital project has rich experience and strength (Xiaoshan Hospital belonging to the group company); 4) 57% increase in new signing from January to September (industry first) / 57% increase in net profit(Industry No. 2) / Debt ratio is only 60%; 5) Expansion by 10%.

1% is far lower than CSI 300 (35.

6%), which is currently lower than the cost of employee shareholding (5.

86) about 7.

2%; fund position is 0 (highest 8 in history.


  Catalysts: Acceleration of general contracting business, enhanced environmental protection / assembly-type policy support and other core risks: general contracting / less-than-expected cost advantages of steel structure, traditional construction methods, etc.

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Bank of Hangzhou (600926): Bad performance has been far away

Bank of Hangzhou (600926): Bad performance has been far away

High deposit growth promoted scale expansion, and performance significantly improved. From 2016 to 18H1, the average deposit growth rate of the six comparable city commercial banks dropped from 25% to 10%, while the Bank of Hangzhou increased from 18% to 30%, a difference of 20 pct.

; Although the difference narrowed to 8pct in 18Q3.

, But still no small advantage.

Hangzhou Bank was able to achieve a loan growth rate of 24.

1%, the difference from the average of 6 companies narrowed significantly, while guaranteeing 1.

45% investment growth.

18-year net interest margin 1.

95%, an increase of 30BP compared to 17 years, and the gap with the 6 averages narrowed from 35BP to 12BP; 18Q3 interest-generating assets grew 8%.

17%, which is 5 higher than the average of 6 companies.

15 pct.

Driven by net interest income, revenue for the 18 years was 17.1 billion yuan, a year-on-year increase of 21%. Net profit attributable to mothers was 54 billion yuan, a year-on-year increase of + 19%, and total assets were 921.2 billion yuan, a year-on-year increase of +10.


The interest margin and scale still have potential. Xiaowei / Cultural Innovation is waiting to be optimistic about the potential for scale expansion.

1) Personal deposits account for a relatively low proportion, and this part of the growth potential has been released; 2) The storage potential shown since the beginning of 18 comes from its solid large and medium-sized customers, a wide range of small and micro retail customers, and then gradually released; 3)As of 18H1, interbank debt accounts for 30%, and there is still a small amount of space available for the 1/3 limit. The 19-year capital budget is expected to continue to remain low, and the power to issue deposits and receipts will increase.

Optimistic about the potential for spread recovery.

1) Due to the reduction of deposit costs relative to other coefficient forms, an increase in the proportion of deposits can reduce the total cost; 2无锡桑拿网) On average, the issuance rate of 1-year interbank certificates of deposit of city commercial banks was 72BP lower than 18H2 in January-February of 1919.This low interest rate situation can be maintained. Measured at 30% of interbank debt, it will reduce the cost rate by 22BP in 19 years. 3) The proportion of loans will increase, and will lean toward small and micro, and retail, with enhanced pricing advantages.

We are optimistic about the development of the science and technology, cultural and creative industries in Xiaowei.

The proportion of small and micro companies has increased, and loan pricing has been improved. Science, technology, culture and innovation will be in the proper direction of economic development and have a bright future.

The bad stock has been basically cleared out, capital shortage is urgently 北京夜生活网 needed to ease, and the non-performing rate is stabilizing and falling, and the bad forward-looking indicators replace the average industry level.

In 16-18, the non-performing rate of Hangzhou Bank has changed from 1.

62% preliminary expectations1.


The attention rate has been 4 from 15 years.

97% fell back to 1 in 18Q3.

44%; 18Q3 overdue 90+ ratio is 1.

68%, only 11BP higher than the bad rate.

Defects in Zhejiang Province began to clear earlier than the country.

The growth rate of non-performing loans in Zhejiang Province reached its peak in 12 years, and then continued to decline. By 17 years, the growth rate had been negative; the non-performing ratio had begun to decline from 16 years, while the national non-performing ratio remained stable at a high level.

Most of Hangzhou Bank’s assets are located in Hangzhou, and its badness has also entered the clearance phase.

The proportion of high-performing companies with high-performing public debt continued to drop, and the proportion of personal loans increased.

From 2011 to 18H1, the proportion of public debt increased, and the proportion of individual loans decreased, exchanging 8 twice.

9 pct.

; The proportion of industries with a high incidence of corporate non-performing loans decreased from 37% to 17%, and gradually decreased by 20 pct.

The credit risk has been greatly reduced.

Core Tier 1 capital adequacy ratio 8.

21%, which is only 71BP higher than the regulatory red line. Capital tensions need to be eased.

投资建议:存量不良基本出清,业绩回升潜力释放受益于市场利率下行而阻力成本趋于降级,重叠端扩展潜力释放,存量不良基本出清,18年业绩回暖之势有望持续,持续19年 月At the close on the 1st, its PB (IF) was only 0.97 times, which is substantially lower than the average of the first four PB.

17 times, the rebound in performance will bring an estimated boost.

It is estimated that the growth rate of net profit in 18-20 years will be 19.

0% / 18.

5% / 17.

7%, corresponding to an EPS of 1.



47 yuan, the current price corresponds to 0 in 18/19/20.



73 times PB.

The first coverage was given to Bank of Hangzhou in January 2018.

15 times PB with a target price of 10.

58 yuan, increase the level.

Risk reminder: the progress of capital replenishment is less than expected; the quality of assets is dragged down in order to complete the tasks of small and micro enterprises / private enterprises; intensified competition for reserves has increased pressure on resistance costs.

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Focus Media (002027) Annual Report Comments: Short-term performance continues to weigh on optimistic mid- and long-term layout value

Focus Media (002027) Annual Report Comments: Short-term performance continues to weigh on optimistic mid- and long-term layout value

Event: The company released its 2018 annual report and 2019 first quarter report.

The company achieved operating income of 145 in 2018.

51 ppm, an increase of 21 per year.

12%; net profit 58.

23 ppm, a decrease of 3 per year.

03%; net profit 50 after excluding non-recurring gains and losses.

26 ppm, an increase of 3 per year.

58%; basic return is 0.

40 yuan; the company distributed a cash dividend of 1 yuan (including tax) to shareholders for every 10 shares.

The company achieved operating income in the first quarter of 201926.

11 trillion, down 11 a year.

78%; net profit 3.

4 billion, down 71 a year.

81%; net profit after excluding non-recurring gains and losses1.

16 trillion, down 89 a year.


Key points of investment: Media growth in the life circle is better than the overall advertising industry.

Affected by external macro factors, the domestic advertising market in 2018 went from high growth at the beginning of the year to return to stability at the end of the year and finally achieved 2.

A slight increase of 9%, among which the growth of the media in the living circle is still very stable, and the revenue of elevator television advertisements has increased by 23.

4%, elevator video poster advertising revenue increased 24.

9%, the growth rate is higher than the level in 2017; although the growth rate of cinema video ads is improved compared to 2017, it is still as high as 18.


Significantly accelerated expansion in 2018 led to high costs.

Since the second quarter of 2018, the company has significantly increased elevator media resources.

As of the end of 2018, the company’s self-operated elevator TV media from 30 in 2017.

80,000 units increased to 72.

40,000 units, an increase of 134.

6%; self-operated elevator poster media points from 121.

100,000 to 193 in 2018.

80,000, an increase of 60.


The rapid expansion strategy brought high media resource point rents, equipment depreciation, labor and operation and maintenance costs plus the newly set up points still need time to reach a profitable state. Therefore, the profit side in 2018 was under pressure.

As of the first quarter of 2019, the company’s elevator media resources reached 275.

50,000, an increase of 9 around the end of 2018.

30,000, while the 18-year routine has increased by 114.

80,000 points. The speed of point expansion in 2019 is already obvious. It is expected that the company will focus on point optimization in 2019 and is committed to improving the efficiency of point use.

Rising operating costs led to a decline in gross profit margin.

In 2018, the company’s overall business gross margin was 66.21%, down 6 from 17 years.

51 units.

In terms of business, building media realized 120 operating income.

76 trillion, an increase of 28 in ten years.

69%, operating cost 36.

12 ‰, an increase of 65 per year.

24%, gross margin is 70.

09%, down 6 from 17 years.

61 units; theater media operating income23.

82 ppm, an increase of 2 per year.

08%, operating cost 12.

24 ppm, an increase of 23 per year.

79%; gross margin is 48.

60%, a decrease of 9 from 17 years.

02 units.

The 18-year expense ratio remained basically stable, and rose in the first quarter of 1919.

The company’s 2018 selling expenses were 23.

31 ppm, an increase of 16 in ten years.

69%, accounting for 16.

02%, a decrease of 0 from 17 years.

61 units.

Management costs are 4.

12 ppm, an increase of 36 per year.

64%, R & D expenses are 2.

28 ppm, an increase of 2 per year.

07%, the total R & D expense ratio and management expense ratio is 4.

40%, an increase of 0 from 2017.

02 units; financial expenses were 93.65 million yuan, a decrease of 27 per year.

03%; four expense ratios totaled 19.

78%, a decrease of 0 from 17 years.

16 units, basically maintained stable.

In the first quarter of 2019, the budget rate ratio increased to varying degrees. Around 18 years, the sales expense ratio increased by 2.

With 6 averages, the management expense ratio increased by 2.

In total, 17 R & D expenses increased by 0.

27 per share, financial expense ratio increased by 0.

61 units.

Short-to-medium-term performance will remain under pressure.

The company’s operating income for the first quarter fell by 11 each year.

78%, operating costs increased by 80.
24%, net profit decreased by 71 after reducing non-recurring losses.
81% and 89.

17%, gross margin from 66 at the end of 18.

21% dropped to 36.


Affected by the macro economy, the weakness in the growth rate of the advertising market in the fourth quarter of 2018 is expected to continue into the second quarter. Therefore, the company’s net profit is expected to decline by 77 in the first half of 2019.

88% to 67.


Cooperation with Ali is progressing in an orderly manner.

In 2018, Alibaba took a stake in Focus Media and became the company’s second largest shareholder.

The two parties have jointly signed a strategic cooperation agreement. In the future, they will jointly increase the value of global advertising and work together in areas such as face recognition, electronic screen recognition interaction technology, and OTT smart TV.

The company’s next-generation elevator TV 杭州桑拿 screen has a real-time monitoring system for advertising effects. The elevator posters enabled by big data can achieve accurate distribution of thousands of faces. Advertising screens have been tested on the network, can be detected in real time, data can be returned, and effects can be evaluated.

The digitization of the company’s advertising points can effectively help advertisers achieve precise delivery, improve the efficiency of advertising and sales conversion rates, and increase the value of the company’s advertising points in the long run.

Investment rating and profit forecast: There are two main reasons for the company’s performance under pressure in 18 and 19 years: (1) Influenced by the company’s 18-year high-speed expansion strategy and updating the elevator TV screen and elevator poster frame equipment; the company’s rent, equipment andThe cost of labor and other costs has increased significantly; (2) Advertisers’ delivery expectations are affected by the external economic environment, Internet companies are affected by the market, and the delivery expectations are significantly offset from the delivery budget. It is difficult to effectively increase the number of advertising spots.

We don’t think we need to be too pessimistic about the company’s long-term development, because: (1) the company’s expansion strategy has been gradually phased out, and in the future, it will focus on the optimization strategy to increase the point utilization rate, and the cost pressure will gradually be eased; (2) the external economic environment is recoveringThe long-term expectations of the advertising market and the long-term expectations of advertisers are expected to increase the company’s advertising position publication rate; (3) the company still has the market share advantage and financial strength in the industry competition pattern, and the macroeconomics has a major impact on factors(4) Continue to be optimistic about the company’s cooperation with Ali and inherit Ali’s technical capabilities. The value of the company’s advertising placement will be transformed into the company’s digital progress.

While optimistic about the company’s long-term investment value, but the short-term performance will continue to be under pressure, the company maintains its “overweight” investment rating. It is expected that the company’s EPS in 2019 and 2020 will be 0.

25 yuan and 0.

29 yuan, according to the closing price of 6 on April 26.

17 yuan, the corresponding PE is 25.

0 times and 20.

9 times.

Risk warning: Macroeconomic recovery is lower than expected; rental costs rise; industry competition intensifies

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Zijin Mining (601899): Internationalization progress continues to accelerate the scale of mineral products continues to increase

Zijin Mining (601899): Internationalization progress continues to accelerate the scale of mineral products continues to increase
Performance summary: The company achieved revenue of 1,016 in the first three quarters of 2019.2.7 billion yuan (+33 per year).42%), net profit attributable to mother 30.0.6 billion (ten years -10.34%), deducting non-net 合肥夜网 profit 27.5.3 billion (year-14).67%); Q3 single-quarter revenue of 344.2.9 billion yuan (+30 a year.62%, compared to -9.77%), net profit attributable to mother 11.5.2 billion yuan (+39 per year).52%, +17.71%), deducting non-net profit of 10.9.6 billion yuan (+28 a year).96%, +20 from the previous quarter.18%).  Core assets: the company’s output of mineral gold in the first three quarters29.41 tons, +12 per year.51%; mine copper production 26.42,, +44.82%, the increase mainly came from the production of the flotation system of the Kolwezi copper mine and the commissioning of the wet process system, the second phase of Duobaoshan commissioning and the increase of the newly acquired Zijinboer copper industry; the output of mineral zinc.88, an annual increase of 27.05%, the increase is mainly from the newly acquired Bisha project.The company’s overseas projects continued to make efforts, and the scale of mineral products exceeded the average value to achieve substantial growth.  Performance interpretation: The company’s Q3 single-quarter performance was slightly higher than expected.Preliminary: ① Gold price performance exceeded expectations, 2019Q1 / Q2 / Q3Comex gold average price 1305/1312/1481 USD / exchange rate, SHFE gold average price 287/293/337 yuan / gram, Shanghai gold Q3 single quarter chain + 15%;Copper production continued to grow quarter-to-quarter, and the copper output in Q1 / Q2 / Q3 mines in 2019 were 7.86/8.82/9.36, Q3 single quarter +6.08%.The rise in precious metal prices and the increase in copper output from mines have added to the losses caused by the decline in copper and zinc prices. Shanghai Copper Q2 was -2 in the third quarter.14%, Shanghai Zinc Q3 single quarter QoQ.54%.  Financial analysis: At the end of 2019Q3, the company’s asset-liability ratio is 59.40%, an increase of 1 year over the same period last year.32 per share; accumulated financial expenses for the first three quarters of 11.600 million yuan, +44 per year.08%, mainly due to the increase in M & A financing at the end of last year.In addition, sales and management expenses will increase at least, mainly due to the merger of new mergers and acquisitions.The company actively promoted the public issuance of A shares. The company has obtained the approval from the CSRC. The gradual public issuance will be gradually implemented, and the financial structure will be optimized.  Pre-judgment of prices: Global interest rate reduction cycle is in progress, and precious metal prices are in a long-term upward channel. Weak terminal demand has dragged down copper prices, but structural supplementation caused by insufficient global copper supply in the medium and long term will return copper prices to the upward channel; global zinc concentrate supplyLoose, weak terminal demand, zinc prices are under further pressure.  Earnings forecasts and investment advice.It is expected that EPS for 2019-2021 will be 0.18 yuan, 0.22 yuan, 0.28 yuan, corresponding PE is 18 times, 15 times and 12 times.Taking into account that the company is the highest quality mining enterprise in China, with abundant mineral resources reserves, the internationalization progress is continuously accelerating, and the rating of “Buy” is maintained.  Risk reminder: The project construction and production progress may be less than expected, domestic demand may not meet expectations, or metal prices may be affected, and overseas operation risks.

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Yunnan Germanium Industry (002428) 2019 Third Quarterly Report Review: The decline in the volume and price of germanium products dragged down the performance of the gallium business

Yunnan Germanium Industry (002428) 2019 Third Quarterly Report Review: The decline in the volume and price of germanium products dragged down the performance of the gallium business

In the third quarter, the sales volume of germanium deep-processing products of the company declined, and the price of germanium products dropped, which dragged down the company’s performance.

The sales of gallium selenide semiconductors increased rapidly, with a growth rate of 44.


It is expected that the supply and demand pattern of germanium will improve in the future, and the price of germanium is expected to bottom out.

The gallium chloride business in Sri Lanka continues to maintain a rapid growth trend, and the company is expected to turn a profit.

Give the company 1 in 2020.

6x PEG estimate, corresponding to a target price of 12 yuan, maintaining the company’s “Buy” rating.

The first three quarters of 2019 are still possible, and the third quarter net profit has improved significantly from the previous quarter.

In the first three quarters of 2019, the company achieved total operating income3.

33 ppm, an increase of 4 per year.

18%, realized net profit attributable to mothers-10.75 million yuan, 218 compared with the same period last year.

31%, the performance is in line with the performance forecast.

Among them, the third quarter realized operating income1.

03 trillion, quarter quarter / quarter on quarter respectively.

48% /-18.

90%, net profit attributable to mothers was -2.51 million yuan, quarter-to-quarter / quarter-to-quarter respectively.

44% / + 72.

54%, the company’s third quarter net profit 杭州桑拿 improved significantly.

Sales of germanium deep-processed products generally declined, and sales of primary germanium and gallium arsenide semiconductor materials increased significantly.

The main factors influencing the performance are: 1) The sales volume of germanium deep-processing products has declined, of which infrared-grade germanium products have fallen by 53.

95%, photovoltaic grade germanium products fell by 71.

47%, fiber-grade germanium products fell by 17.

46%; 2) Regional sales of molten germanium products increased by 94.

68%, semiconductor materials increased 44.

09%; 3) The price of main products fell, of which the price of regional molten germanium dropped by 21.

72%, the price of infrared germanium products dropped by 16.

81%, the decrease in product prices brought about a decrease in operating 北京夜网 income of approximately 21 million yuan; 4) the newly-increased trading business income of 41.11 million yuan in this period, which reduced the decrease in revenue after replacement.

69%; 5) This period increased marketing efforts for new materials and increased sales expenses by 40.

44%, increased bank loans to supplement working capital during the period, and financial expenses increased by 137 each year.


The supply and demand pattern of germanium is expected to improve, and the future potential of gallium semiconductors is huge.

In the first three quarters of 2019, germanium prices remained low.

We expect that in the future driven by 5G construction, the German supply and demand pattern will improve, and germanium prices are trying to bottom out.

At present, the company has the ability to produce a 6-inch semi-insulating crystal gallium substrate, with a production capacity of 800,000 wafers per year (equivalent to 4 inches), benefiting from the rapid development of the domestic semiconductor industry, so the volume of chemical transportation is expected to become the main growth of future performancepoint.

Risk factors: Fluctuation in germanium prices, sales of germanium products are below expectations, and sales of gallium arsenide semiconductors are below expectations.

Investment suggestion: German supply and demand pattern will improve, and German prices are expected to bottom out.

With sufficient production capacity of gallium selenide semiconductors and a rapid growth trend, the company is expected to turn a profit.

Maintain the net profit attributable to the parent company for 2019-2021.15/0.


00 ppm, the corresponding EPS prediction is 0.



15 yuan.

Give the company 1.

6 times PEG, combined with DCF estimates, given a target price of 12 yuan in the next year, corresponding to a market value of 7.8 billion US dollars, maintaining a “buy” rating

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Gujia Household (603816): Income Consolidation Exceeds Expected 2019Q1 Value Bottom

Gujia Household (603816): Income Consolidation Exceeds Expected 2019Q1 Value Bottom
Event On April 22, 2019, Gujia Household released the first quarter report of 2019. The company’s operating income for the first quarter of 2019 was 24.60 ppm, an increase of 32 in ten years.79%; realized net profit attributable to shareholders of the listed company was 2.95 ppm, an increase of 10 in ten years.04%; the net profit attributable to shareholders of listed companies in place of non-recurring gains and losses is 1.96 trillion, a year down 0.93% of our analysis and judgment channels continued to expand, and mergers and acquisitions contributed to growth. In terms of sales channels, the company attaches importance to channel sinking and deeply cultivates third- and fourth-tier cities.While building traditional furniture stores, the company will expand its sales channels by entering into department stores, cooperating with real estate leaders such as Evergrande, Vanke, Country Garden, and Suning Retail Cloud to form a diversified store layout. In the first quarter of 2019, the company realized storesSteady growth in numbers. Companies such as Rolf Benz, Natuzzi, Banlchi, and Hilburg Home, which were acquired in 2018, have consolidated their accounts. Outward mergers and acquisitions have contributed to the growth of operating income and have maintained rapid revenue growth. The consolidated revenue exceeded expectations and the company’s non-net profit negative growth in the first quarter of 2019 achieved operating income24.60 ppm, an increase of 32 in ten years.79%; realized net profit attributable to mother 2.95 ppm, an increase of 10 in ten years.04%, the net profit attributable to shareholders of the listed company instead of non-recurring gains and losses is 1.96 trillion, a year down 0.9%. The rapid growth of the income end was initially due to the contribution of the acquisition of consolidated companies last year, the diversification of sales channels, and the innovation of marketing models to help increase product sales and improve the product structure.During this period, the growth rate of the profit side was lower than that of the income side. In fact, the increase in the expense ratio during the period increased operating costs, especially the increase in sales expenses after mergers and acquisitions, which reduced the gross profit margin of sales and gradually led to a relatively early growth rate of net profitlow.The reason for the negative increase in non-net profit was the high base in the same period last year. During the period, the expense ratio increased, and the gross profit margin increased slightly. In the first quarter of 2019, the gross profit margin was 34.73%, down by 1 every year.72 points.The slight decrease in gross profit margin was initially due to the higher production costs of 杭州桑拿网 consolidated enterprises. Expenses for the company’s period in the first quarter of 201924.87%, up 2 every year.40 marks.The sales expense ratio increased by 2 compared with the same period in 2018.44 points to 18.75%, the management expense ratio decreased by 1 compared with the same period in 2018.12pct to 3.05%, the financial expense ratio decreased by 0 compared with the same period in 2018.Up to 13 points ct1.08%, R & D expense ratio increased by 1 compared with the same period in 2018.Up to 21 points ct1.99%.The increase in the expense ratio during the period was mainly due to the increase in the sales expense ratio, and the change in the expense ratio was mainly due to the company’s acquisition and consolidation last year. The accounts receivables turnover rate decreased, the operating and investment cash flow improved 淡水桑拿网 in the first quarter of 2019.2.2 billion, compared with 9 at the end of 2018.32 trillion minus 11.87%, compared with 4 in the first quarter of 2018.3.9 billion yuan increased by 87.00%.Accounts receivable turnover high pressure2.80, compared with 4 in the same period in 2018.27 drops by 1.47. Reported company operations, improved cash flow from investment activities.Net cash flow from operating activities of the company in the first quarter of 2019 was 2.48 ppm, an increase of 1154 in ten years.85%, initially for the increase in sales scale, making up for arrears and increasing cash flow from operating activities; net cash flow from investment activities was 1.43 ppm, a 258-year increase.81%, the initial redemption of wealth management products led to an increase in cash from investment activities; the net cash flow from financing activities was -422.910,000 yuan, a decrease of 111 per year.05%, the first is Xibao return Liu Longbin debt. Investment suggestion: We estimate that Gujia Household will achieve 125 in revenue in 2019-2020.50,000 yuan, 150.1.9 billion, an increase of 36 each year.34%, 20.10%; net profit attributable to mothers is 12.5.1 billion, 15.27 ppm, an increase of 26 in ten years.45%, 22.03%, corresponding to PE of 18.10x, 14.84x, maintain “Buy” rating. Risk factors: Declining real estate sales, rising raw material costs, and intensifying industry competition

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GEM (002340): Signed a precursor strategic agreement to create a strong alliance in the industry chain

GEM (002340): Signed a precursor strategic agreement to create a strong alliance in the industry chain

Hand in hand with Xiamen Tungsten Industry and Bangpu Cycle, signed a ternary precursor material procurement agreement. The company announced on April 8 that its wholly-owned subsidiaries Jingmen Green and Xiamen Tungsten New Energy Co., Ltd. will focus on ternary material precursor technology, capacity assurance, and market resources.In other aspects, they have cooperated and signed the “Framework Agreement on the Strategic Cooperation of the Purchase and Sale of the Ternary and First-Class Substance Precursors”, and signed the “Framework Agreement on the Strategic Cooperation of the Ternary Precursors” with Bangpu Cycle on the supply of nickel-cobalt hydroxide.

The company’s ternary material production capacity continues to expand, and at the same time, it further consolidates the advantages of downstream customers in the industry. It is expected that the company’s EPS will be 0 in 19-21.



35 yuan, maintaining the company’s “overweight” rating.

订单与技术等多方面合作,打造下游优质客户群根据公告,厦钨新能源向公司采购NCM三元替代前驱体,19年于于5000吨,2020年起每年过多于7000吨,到2023年 末stop.

Each subsidiary of Bangpu Cycle purchases NCM hydroxide from the company, in principle, 15,000 tons / year, until the end of 2023.

According to the announcement, 夜来香体验网 Bangpu Cycle is a holding subsidiary of CATL and a core supplier of materials for leading domestic and foreign battery companies; Xiamen Tungsten New Energy is a wholly-owned subsidiary of Xiamen Tungsten Industry, which ranks among the top in domestic production and sales.

It is said that the 18-year annual report, the company’s air force and ECOPRO signed a total of 17 nickel precursor supply agreement.

And we have agreed on a ternary precursor contract with Ningbo Rongbai. We believe that the company continues to develop high-quality customers, and gradually strengthens its technology and market leadership in the field of high nickel ternary precursor manufacturing.

The precursors and gradual production capacity continue to increase, which is expected to drive profitable growth. We believe that medium- and long-term power battery materials will become the main driving force for the company’s performance growth.

According to the annual report, the company already has the core technology of high-nickel ternary precursors. In 18 years, the ternary precursor transfer volume reached 4 indicators, of which single crystal series precursors and NCA high-nickel precursors accounted for more than 75%.More than 7,000 tons; At the end of 18, the company has built a ternary precursor with 8 injections / year capacity, recycling ternary materials for power batteries (3 tons / year), and precursor raw materials (6 tons / year).The production capacity has been successively achieved in 19-21, helping to continue to improve profitability.

As the cobalt industry bottomed out and rebounded, the industry progressed into the era of strong alliance. According to wind data, MB standard grade cobalt was quoted on April 5th.

5-16 years old.

At $ 2 per pound, the average price is 13 from the bottom price on March 22.

$ 75 / lb rose about 11.

6%; driven by overseas prices, domestic cobalt products such as electrolytic cobalt, cobalt sulfate, tricobalt tetroxide, etc., have rebounded to varying degrees.

We believe that the medium-to-long-term new energy automobile industry will still maintain high growth. In the future, the expansion of battery materials will mainly focus on a small number of title companies, and the deep binding of upstream and downstream will gradually form at the same time. Technical upgrades and product certification barriers will form enterprises.Profitable “Moat”.

Continue to develop high-quality customers and maintain an “overweight” rating. The company continues to develop power battery material production capacity. Due to the rebound in cobalt prices and the development of downstream orders, the company’s revenue is expected to be 141 in 19-21.

94, 167.

42, 209.

20,000 yuan, net profit attributable to mother is 9.

47, 12.

24, 14.

54 ppm, an adjustment of 16 from the previous adjustment.

8%, 13.

8%, 13.

5%, corresponding to PE is 25, 19, 16 times.

With reference to a comparable company’s average PE of 19 times in 19 years, due to the company’s continuous increase in battery material production capacity, the company is given a certain estimated premium and given a PE range of 28-30 times, corresponding to a target price of 6.


90 (was 5.


80 yuan), maintaining the “overweight” level.

Risk warning: prices of metals such as cobalt and nickel have fallen; the company’s capacity release has fallen short of expectations.

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Gold Medal Kitchen Cabinet (603180) Quarterly Review: Bulk Continuous Expansion Helps Steady Revenue Growth

Gold Medal Kitchen Cabinet (603180) Quarterly Review: Bulk Continuous Expansion Helps Steady Revenue Growth
The continuous expansion of bulk business has promoted the company’s steady growth. The company disclosed the third quarter report of 2019, and the report gradually realized operating income13.8.7 billion (+ 22% YoY).75%), net profit attributable to mother 1.3.2 billion (+10 compared to the same period last year).78%).Affected by the increase in the proportion of engineering business, the comprehensive gross profit margin was 35.07% (year -3.75pct), net profit attributable to mother 9.52% (year -1.03pct).Company single 重庆耍耍网 Q3 achieved operating income 6.0.2 million yuan (+23 compared with the same period last year).53%), net profit attributable to mother 0.6.2 billion (+7 year-on-year.50%). Affected by changes in the business structure, the company’s expense ratio declined.Q1-3 sales expense ratio 17.18% (year -3.27pct), management expense ratio 4.41% (decade -0.73pct).In terms of cash flow, operating cash flow2.3.3 billion (+ 81% YoY).43%), well maintained. Strengthening the cultivation of engineering agents, looking forward to reducing costs and increasing efficiency and improving bulk profits. In terms of bulk business growth, the company has established strategic cooperation with dozens of large real estate developers and has continuously strengthened the cultivation of core engineering agents.In terms of profitability, the ratio of engineering 武汉夜生活网 business to retail business and downstream bargaining power have improved, but the need for more batch standardization of engineering orders has also given the company room to reduce costs.It is expected that the company will continue to reduce costs and increase product profitability while maintaining its growth momentum.In addition, the company is also actively deploying new businesses such as wooden doors, cloud finishing, and smart homes, which provide growth momentum for the company’s long-term development reserve. Earnings forecast and investment advice The company’s EPS for 2019-2021 is expected to be 3 respectively.50, 4.14, 4.90 yuan / share, closing on October 29 corresponds to 2019 PE 17.0 times.The company’s category expansion and channel expansion have made breakthroughs in elasticity, and cost control is expected to gradually improve. Maintain a reasonable estimate of 20 times PE in 2019, corresponding to a reasonable value of 70 yuan per share.We are optimistic about the category of the company and the driving force for channel expansion, and maintain the company’s “Buy” rating. Risks suggest that real estate sales are sluggish and competition in the industry is intensified; the expansion of wardrobe and wooden door categories has fallen short of expectations; the channel advancement has fallen short of expectations.

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