Wanhua Chemical (600309): Continue to raise MDI’s listed price in May, first-quarter performance slightly exceeds expectations

Wanhua Chemical (600309): Continue to raise MDI’s listed price in May, first-quarter performance slightly exceeds expectations

The first quarter of 2019’s performance slightly exceeded expectations. Wanhua Chemical announced 1Q19 results: operating income of 159.

5.2 billion, down 8 previously.

3%; Attributable net profit 27.

9.5 billion, down 46% previously, corresponding to 0 earnings.

89 yuan; net profit after deduction is 24.

1.6 billion, of which government subsidies included in the current profit and loss4.

6.4 billion, the replacement of revenue and net profit was mainly due to the reduction in gross profit margin brought by the replacement of MDI prices.

The development trend raised the MDI listing price in May, and the tight supply and demand situation in the industry continued.

The company announced that the aggregate MDI distribution / direct sales market listing price in May was 19,000 / 19,500 yuan / ton, up 1,200 yuan / ton from April, and the pure MDI listing price was 27,200 yuan / ton, up 1,000 yuan / ton from April.

The current pure MDI market price is 24,000 yuan / ton, an increase of 17% over the earlier period, and the aggregate MDI market price is 18,000 yuan / ton, an increase of 56% over the earlier period. Last year, it fell by 15% / 15%.

At present, the main manufacturers are generally offering at a discount. Many MDI devices in the Asia-Pacific region are planned to be overhauled from the end of April to July. The average shutdown time is about 30 days. The tight supply in the market continues. The supply side provides strong support for product price growth.Downstream refrigerators and freezers and other centralized stocking time, peak season MDI prices are expected to continue to rise.

In the medium and long term, the margin of supply and demand improves, and MDI prices will continue to repair.

After Wanhua officially consolidated BC, the polyurethane sector continued to grow, with MDI production capacity of 210 entering the world’s number one, and the top of the faucet was further highlighted.

In 2018, there were 44 indicators of new global production capacity. In addition to Wanhua’s own expansion in 2019, only Covestro plans to add 20 tons of production capacity in Brunsbettel, Germany. It is expected to be released in the fourth quarter of 2019 and affect the production in 2020.Smaller, the global supply and demand structure improved, it is expected that MDI prices will continue to repair.

The petrochemical sector, new materials and fine chemicals continue to deepen the company’s moat, and the value of the integrated park has been revalued.

The company’s large ethylene project is under construction, modified MDI, PMMA continues to extend to the automotive industry chain, and the moat continues to deepen; the company’s own integrated park, supporting production, complete environmental protection and safety facilities, adopting China’s safety and environmental protection policy high pressure, open to foreign investmentWith the promotion of legal intellectual property protection, domestic compliance enterprises will enter a new stage of development.

Earnings forecast We maintain our 2019 / 2020e earnings forecast3.


42 yuan is unchanged.

It is estimated and suggested that the company currently can sustainly correspond to 11/10 times P / E in 19/20.

Maintain the recommended level and target price of 58 yuan, corresponding to 19/20 14.


2x P / E, compared with current expectations of 32%.

The price of risky crude oil fluctuated sharply, and downstream demand was less than expected, and the center of the 无锡夜网 estimate was lowered.

Boss Electric (002508) Interim Review: Fundamentals Build Bottom, Awaiting Boom

Boss Electric (002508) Interim Review: Fundamentals Build Bottom, Awaiting Boom
Event description: The company disclosed its 2019 Interim Report.The company achieved revenue of 35 in 2019H1.300 million, a year-on-year increase of +0.9%; net profit attributable to mother 6.700 million, a year-on-year increase of +1.5%.In Q2 2019, it achieved revenue of 18.700 million, YoY-2%; realized net profit attributable to mother 3.500 million, YoY-2.2%. The industry’s economy is sluggish, and operations continue to be under pressure. Under the cost dividend, profitability has improved.Affected by the expansion of real estate, the kitchen appliance industry continued to be depressed, and dealers lacked confidence, which dragged down the company’s overall performance: 2019H1 company’s range hood / gas stove revenue YoY-1.1% /-1.7%.On the profit side, the gross profit margin of the company in 2019H1 is 54.7%, year on year +1.2pct; According to Zhong Yikang, the average price of the owner’s appliance H1 is -3 for many years.8%, under the background of economic pressure, it is expected that it is difficult to raise prices at the factory. The gradual increase in gross profit margin is mainly due to cost dividends.Period expenses: H1 selling expenses YoY + 0.5 points, mainly due to the increase in sales staff’s salary and the increase in the cost of promotional activities; R & D rate + management fee rate 6.3%, -0.4pct.H1 achieved a net interest 杭州桑拿 rate of 19.2%, +0 year-on-year.3 points. The offline retail industry is experiencing cold weather, and the growth rate of engineering channels is relatively high.In 2019H1, the sales of the retail channel fell by more than 15%, and the e-commerce channel dividend gradually disappeared, and the sales increased by about 2%; the company H1 chose the real estate fine decoration channel, and the sales of the engineering channel increased by 80%; the innovative channel increased by 50%.High concentration of engineering channel manufacturers and high order certainty. At present, head manufacturers such as bosses, Fangtai, and Siemens are the main players; but the accounting period of engineering channels has changed, and the proportion of H1 engineering channels and innovation channels has increased. Accounts receivable of H1 companies in 20194.900 million, a year-on-year increase of +16.9%, a drag on operating cash flow performance.The company continues to optimize and innovate at the channel end, cooperates with Suning to actively explore new retail models, and cooperates with home improvement companies to develop innovative channel outlets. Continue to promote new categories with long-term potential.The company vigorously promotes new integrated integrated categories of steaming and baking integrated machines, ceramics, etc., and strategically creates new performance growth points; Jindi integrated stove H1 achieves revenue of 90.51 million yuan and net profit of 14.31 million yuan.In the short term, new categories are in the introduction stage, and the market is still growing; in the long term, there is still a lot of demand for steaming and baking integrated machines and dishwashers, and the potential for future growth is constant. The fundamentals are in the bottom range and H2 is looking forward to improvement.The company expects Q1-Q3 performance to be + 2% year-on-year?10%.In the middle of the year, the company adjusted its retail sales policy, lowered its targets, restored dealer confidence, and expected the retail channel to narrow in H2. At the same time, the number of engineering channel orders was determined. The e-commerce channel price remained stable.In terms of production scheduling, July was slightly lower, but August has reached a record high, and it is intended to actively prepare for the promotional season.In 2019, the company’s fundamentals are expected to be “low before high”. Risk reminder: The real estate boom is down more than expected, and the competition in kitchen appliances is becoming increasingly fierce.

韩国乐天首家海外免税店关门 韩媒:“祸”不单行

韩国乐天首家海外免税店关门 韩媒:“祸”不单行
­  乐天免税店在韩国的经营因中国游客锐减备受打击,海外事业却也发展不顺,遭遇不小挑战。韩国《亚洲经济》8月2日援引韩联社报道称,乐天免税店1日表示,在印度尼西亚雅加达机场经营的免税店已于7月31日关门。韩媒对此评论称,福无双至,祸不单行。­  该免税店于2012年1月31日开业,是乐天在海外开设的首家免税店,因合约到期停止经营。­  乐天免税店相关人士说:合约到期后我们再次参与了招标,但经营权最终被印度尼西亚的企业拿走了。我们将集中经营雅加达市内免税店等海外卖场,继续进军国际。­  报道称,印度尼西亚政府为了保护免税店产业加大了对本国企业的支持力度,3月底,世界排名第二的美国免税店企业DFS在雅加达机场的免税店也在合上海夜网论坛约到期后关门。­  目前,乐天免税店的海外卖场还有雅加达市内店、关岛机场店、日本关西机场店、东京银座店、越南岘港机场店及泰国曼谷店6家。­  西安耍耍网为了拓展多元市场,近年来韩国免税店企业积极进军海外,但与其他跨国免税企业的竞争越来越激烈,再加上各国政府开始保护本国产业,因此发展频频受阻,收益也在减少,很多企业都陷入了赤字的旋涡。乐天免税店去年在海外的销售额约达1000亿韩元,但反而亏损了491亿韩元。­  新罗免税店的海外卖场已经进驻新加坡樟宜机场、中国澳门机场、泰国普吉岛和日本东京等,今年底还将在中国香港赤鱲角机场开设新店。新罗免税店去年的海外销售额约5000亿韩元,是进军海外的韩国免税店中最高的,但仍然亏损376亿韩元。­  新罗免税店相关人士说:为了实现规模经济,增强在国际市场的竞争力,将继续扩大海外业务,预计明年能扭亏为盈。 原标题:韩国乐天首家海外免税店关门大吉 韩媒:“祸”不单行

Rockchip (603893) IPO pricing report

Rockchip (603893) IPO pricing report

Company profile The company’s main business is the design, development and sales of large-scale integrated circuits and application solutions, providing chip-related products and technical services to customers.

Since its establishment, the company has been engaged in the integrated circuit design industry.

The company is a state-level emerging enterprise and an integrated circuit design enterprise recognized by the Ministry of Industry and Information Technology. After nearly two decades of innovation and development, the company has become an advantageous enterprise in the domestic integrated circuit design industry.

Company highlights (1) In the past two decades of integrated circuit design and R & D practice, the company has established an organizational form that matches independent research and development, and fully mobilizes the company’s technical resources to focus on 南宁桑拿 R & D design through efficient and flexible management methods.It has cultivated an excellent quality and experienced R & D team and mastered a number of core technologies.

The company’s balanced design with high performance and low power consumption, high integration, high reliability and intelligent power management chip design, ultra-high-definition video codec, high-quality audio signal processing, image and visual processing, software and hardware collaborative SoC design,The software development under the multi-application platform has independent intellectual property rights or core technologies, and has leading technological advantages.

(2) The company’s chip product category is complete, the performance ladder is slightly obvious, the price ladder is reasonable, and it is suitable for the market positioning of different grades of terminal products. It can meet the needs of first-tier brands in the high-end market and the differential needs of relatively low-end markets.

At present, other domestic integrated circuit design manufacturers mostly focus on low-end products, and the company’s competitive advantage in the domestic high-performance chip field is obvious.

(3) The company successively cooperated with Intel to launch SoFIA 3GR chip products, cooperated with Samsung and Google to launch Chromebook notebook computers, and cooperated with Acer and Google to launch Chromebook tablet computers, becoming a few domestic companies with Intel, Google, Samsung and other international IT industry giantsOne of the Chinese integrated circuit design companies.

In addition, the company’s chip products have also been adopted by Sony, Huawei, OPPO, VIVO, ASUS, Haier, Tencent and other domestic and foreign brands.

The company attaches great importance to brand building, builds its own brand through good product performance, suitable product prices, and reliable product quality, and accumulates good market reputation.

The company has become one of the mainstream suppliers of intelligent application processor chips, and many intelligent terminal products equipped with the company chips have also won many honors.

Yanjinpuzi (002847) Company comment: “Shop in Island” model leads the KA channel to continue to develop new categories and gradually expands the scale effect to promote the gradual release of profits

Yanjinpuzi (002847) Company comment: “Shop in Island” model leads the KA channel to continue to develop new categories and gradually expands the scale effect to promote the gradual release of profits
Event: The company announced the results of the first three quarters of 19 in the first three quarters of 2019. The core situation of the results of the first three quarters of 2019: the company is expected to achieve net profit attributable to mothers in the first three quarters of 2019.440,000-9091.440,000 yuan, an annual increase of 55% -65%. On a quarterly basis, Yanjinpuzi achieved net profit of 6615 attributable to its mother in 19H1.950,000 yuan, 19Q3 single quarter is expected to achieve net profit attributable to mother 1924.490,000-2475.480,000 yuan, an increase of 20 in ten years.88% -55.49%, in line with expectations; comment on the first three quarter results forecast Yanjinpuzi’s performance growth in the first three quarters of 2019 is mainly due to: 1. On the product side, the company has established a full range of snack food product system, and has accelerated the progress of new product launches in recent yearsThrough the end of the breeding period for new categories, economies of scale are gradually emerging.At present, the company has successfully launched new categories such as baking, dried fruit, and spicy bars, among which the baking volume is quickly increased.Rich product system structure The company can fully implement a wide coverage and differentiated competition strategy; the end of the incubation period for the conversion of new categories has gradually increased, and the company’s gross profit rate has continued to increase. 2. On the channel side, the company continued to expand the KA channel through the “store-in-island” model under the strategy of “direct business super-subject, distribution following”.The company launched the “Shop in Island” model, using exquisite display cabinets to display products in the supermarket, effectively solving the difficulties of the brand differentiation in the bulk of the supermarket, the difficulty of copying across regions, etc., while strengthening the consumer experience while strengtheningThe company’s brand image has improved operating efficiency. 3. Enhanced cost control and optimized profit structure.Increasing companies continue to strengthen cost control and optimized allocation of resources. The production and sales of related new products have gradually expanded, and the benefits of scale have gradually become apparent. 4. Corporate governance: Effectively motivating core employees will help the company implement its strategy in the next three years. The temporary equity incentive plan launched by the company in March 19 involved the company’s core leaders and technical backbones. The incentive speed was transmitted and accounted for the total share capital4.44%; Incentive unlocking performance standards are high, equity incentives are unlocked in three years, and the average value of three-year performance targets is high; it is conducive to the company’s future development and the deep constraints of core business backbone interests, and it can also effectively stimulate employee motivation and ensure the new threeThe plan was successfully implemented. Looking forward to the fourth quarter, the company’s revenue is expected to continue to grow rapidly and profits will gradually be released.The company’s baking capacity is gradually released in the second half of the year, and other related products are also expanded through company channels to increase sales. Under the scale effect, the company’s product gross margin is expected to continue, the expense ratio will gradually decline, and profits will be released steadily. Earnings forecast: We 杭州桑拿网 expect the company’s revenue in 19-21 to be 14 respectively.8/20 / 260,000 yuan; performance is 1.07/1.8/2.3.4 billion, maintain BUY rating. Risk reminders: food safety risks, increased industry competition, unsustainable product innovation, new product growth is less than expected, and regional expansion is less than expected

Comment: Combined Boxing can be used to deal with the crowded 蹭 attractions

Comment: “Combined Boxing” can be used to deal with the crowded “蹭 attractions”
Original title: “Combined Boxing” can be used to deal with the crowded “Scenic Spots” □ Cao Zhongming’s capital market after the opening of the year of the mouse, listed companies gathered together to become a glare scenery.Taken together, masks, Red Seaweed, Tesla, etc. have become the focus of the “Puppet Attractions”.Some listed companies that are not related to their daily operations in production and operation have frequently been related to them in different ways.However, it turns out that the fox’s tail cannot be hidden.  For example, Company A paid on February 3 in the interactive easy response to investors that “the company has drugs and intermediates related to new coronary pneumonia”, and then released information that it had contact with Gilead, the developer of Radixivir.This also triggered its potential strong daily limit for five consecutive trading days.Under the inquiry of the Shenzhen Stock Exchange, the listed company’s response to the cooperation with Gilead was only preliminary contact. There is still uncertainty as to whether the cooperation can be reached.Affected by this news, the stock fell for two consecutive trading days.The same goes for company B at Tesla attractions.At present, Company B does not have any business dealings with the Shanghai Tesla factory, and there is no revenue generated from it. However, Company B has ownership when responding to investors. The company is an upstream company for lithium battery users such as Tesla.In fact, Company B didn’t mention Tesla when replying, but in order to “see the sights”, it was hooked with Tesla, which caused its stop to rise.  Some listed companies are enthusiastic about “scenic spots”, and often have hidden goals behind them.Or due to the pledge of the equity of the major shareholder and the actual controller, to avoid possible risks of future liquidation, loss of the seat of the largest shareholder, etc., through the “hot spot” method and market forces will strive to push higher; orFor the purpose of market value management, stimulate growth by means of “spot attractions” and further increase the market value; or for major shareholders, actual controllers or Dong Jiangao to reduce their holdings of shares at a high level to maximize their benefits.  Compared to the increase in shareholding, repurchase and early termination of the reduction plan to promote mergers, the “hot spot” has the characteristics of low cost, simple operation, and obvious effects. Often, only listed companies need to issue relevant announcements or pass the exchange.The interactive platform can respond to investors to achieve their goals.  It can be seen that the “scenic spots” are mainly holes in the supervision of information disclosure.Therefore, in addition to the necessary inquiries of the Shanghai and Shenzhen Stock Exchanges for listed companies of “Scenic Spots”, they need to adopt a variety of alternatives to conduct supervision in a “combined boxing” manner.  Achieved, in response to major events in the market, listed companies must adhere to the “truthful, accurate, complete, and timely” letter of obligation when responding to investors or issuing announcements.For the concerns involved, no selective disclosure or multiple disclosures are required, including but not prolonging business progress, contract extension, revenue, business proportion, impact on performance, etc.  At the same time, for certain listed companies’ “scenic spots” behavior, Shanghai and Shenzhen transactions must be followed up and monitored.If a listed company announces that it intends to invest in the production of masks, which has hardly been implemented before, it should be determined that those listed companies have 南宁桑拿 implemented false statements.Therefore, it is necessary for the CSRC to conduct administrative intervention to create conditions for investor rights protection.On the other hand, this will increase the cost of those “scenic spots” of listed companies, while affecting their corporate reputation, it will also cost them.  Of course, for those serious violations of laws and regulations behind the “scenic spots”, the CSRC should file a case for investigation.Any severe punishment that should be transferred to the judicial organs shall be transferred to the judicial organs.  (The author is a senior market watch analyst)

Haohua Technology (600378) March 2019 Commentary: Some Product Prices Fall, Pressure on Performance, and Long-term Development

Haohua Technology (600378) March 2019 Commentary: Some Product Prices Fall, Pressure on Performance, and Long-term Development

Event: On October 28, Haohua Technology released 3 quarterly results: the company achieved operating income of 33 from January to September.

3 billion, +13 a year.

00%, realizing net profit attributable to mother 3.

3 ‰, at least -1.

86%, net profit after deduction 3

16 trillion, +769 a year.


Among them, the company achieved operating income of 1051 million US dollars in the third quarter, a year of +3.

96%, achieving net profit attributable to the parent company of 7,269.

97 thousand yuan, at least -22.

12%, net profit after deduction 6685.

3.8 billion, previously +470.

12%, performance was slightly lower than market expectations.

According to the operating data disclosed by the company, from January to September, the company’s main products are: 1) Fluorine materials segment: PTFE resin price4.

92 million / ton, -22 per second.

95%; 2) Electronic special gas plate: nitrogen trifluoride.

39 million / ton, ten years -5.

7%; 3) Special rubber products plate: rubber seal products 14.

69 million / 10,000 pieces, +15 for ten years.

14%; new polyurethane material 1.

85 million / ton, ten years -17.

06%; 4) Fine chemicals plate: palladium catalyst 29.

38 million / ton, ten years -43.

26%, copper-based and nickel-based catalysts 6.

95 million / ton, +5 for ten years.

52%, special coating 3.

85 million / ton, +24 per second.


In general, the prices of fluorine materials and electronic special gas products fell, affecting the company’s profits, while the prices of specialty rubber products and fine chemicals products rose.

Investment Highlights: The injection of high-tech assets has been completed, and the performance of leading new materials has grown steadily.

On December 26, 2018, the company completed the acquisition of 11 science and technology enterprises of China Haohua, and gradually built the technology-driven new material leader of China Chemical Industry.

Trading consideration 63.

2.7 billion, of which 11.

08 yuan / share issue 5.

400 million shares, cash payment of 5 yuan, after the completion of the acquisition, Haohua Group held 72 shares.

4%, the actual controller is China National Chemical Corporation.

The company has five major sectors of fluorine materials, special gases, special rubber and plastic products, fine chemicals and technical services. The products serve 5G, aerospace, military and other national strategic industries.

In 2018, the company achieved operating income of 41.8.2 billion, ten years +14.

7%, achieving net profit attributable to the parent company 5.

2.5 billion every year 61.

05%; In the first half of 2019, the company realized operating income22.

79 trillion, ten years +17.

73%, achieving net profit attributable to the parent company2.

57 trillion, +5 for ten years.


Fluorine materials: supporting the production of 5G cables, polytetrafluoroethylene (PTFE) to achieve import substitution.

The company’s fluorine materials business mainly comes from Chenguang Academy. Its products include polytetrafluoroethylene resin (PTFE), new fluorine rubber (raw rubber) and fluorine compound rubber, tetrafluoropropanol, perfluoro nylon, tetrafluoroethylene monomer, etc.A wide range of electronic communications, aerospace, petrochemical, automotive, textile and other fields.

Among them, the self-developed high compression ratio polytetrafluoroethylene dispersion resin products have successfully supported the production of 5G cables, which are exclusive in China and achieve import substitution; developed second-generation low-creep polytetrafluoroethylene suspension resins and other high-end fluoropolymer materials, Local blank.

At present, the production capacity of fluorine rubber of Chenguangyuan and joint ventures has reached 7,000 tons / year, the first in China; the production capacity of fluorine resins has reached 2.

2Every year / domestic, second in China; supporting intermediates such as difluoromonochloromethane, tetrafluoroethylene, hexafluorophenyl, etc., and some products have the highest domestic production capacity.

Special gases: technical barriers to nitrogen trifluoride and sulfur hexafluoride are high.

The company’s products are mainly fluorinated electronic gases (including nitrogen trifluoride, sulfur hexafluoride, etc.), green dinitrogen tetroxide, high-purity hydrogen selenide, high-purity hydrogen sulfide, etc., a wide range of semiconductors, power equipment manufacturing, LEDs,Fiber optic cables, solar photovoltaic, medical health, environmental monitoring and other fields.

The 2,000-ton / year nitrogen trifluoride project co-constructed by the company and Daesung of South Korea has widely used semiconductor production processes such as etching, cleaning, and ion implantation; the subsidiary Limingyuan is also the only high-purity sulfur hexafluoride production unit in China. Customers include electricityEquipment manufacturing companies and BOE and other panel companies.

In addition, other special gases are also used in the national defense aerospace industry, and some products have been replaced by imports.

Industrial grade sulfur hexafluoride domestic cities account for approximately 30%, electronic grade sulfur hexafluoride domestic cities account for approximately 70%, nitrogen trifluoride city accounts for approximately 30%.

Special rubber products: significant advantages in large aircraft and military markets.

The special rubber and plastic products business includes rubber sealing products, special tires, aerospace plexiglass and new polyurethane materials. The company has undertaken the R & D and production of C919, ARJ21, CR929 and other aircraft sealing profiles, and has important production of Chinese military aviation tires.The base is an aviation tire fixed-point development enterprise of the Air Force, Hainan Airlines and Army Aviation. The research and development of aviation radial tire technology break through foreign occupation. At the same time, the company is an important domestic aviation plexiglass development enterprise, and its products are widely used in military aviation.

Fine chemicals: breakthrough in technological strength, multiple products supporting military use.

Products cover special coatings, catalysts, chemical propellants and raw materials.

The company’s main special coating products include marine coatings, aerospace special functional coatings, industrial heavy-duty anticorrosive coatings, etc. The customers cover military and civilian products.

In the field of catalysts, the company has strong technical strength. Its main products include: nickel-based catalysts (gas conversion), copper-based 西安耍耍网 catalysts (methanol synthesis), and newly developed fuel cell catalysts.

In the field of chemical propellants, the company’s subsidiary Liming Yuan specializes in liquid propellant products and solid propellant raw materials. A variety of liquid propellants widely use missiles, torpedoes, fighters and other weapons and equipment, as well as Shenzhou series spacecraft, Chang’e moon exploration project, TiangongyiSpace Station and other key engineering projects.

At the same time, the company has developed a variety of solid propellant raw materials. Among the various strategic and tactical weapon models for decades, many of them are major domestic manufacturers.

Expansion of investment projects to create new profit growth points.

The company plans to raise no more than 10 specific investors to no more than 10.

苏州桑拿网9 trillion, of which 5.

3 billion M & A deals, while the remaining 5.

6 million US dollars investment project construction, including: 1.

Chenguangyuan 5000t / year high quality polytetrafluoroethylene suspension resin and supporting projects (planned investment 1).

1.9 billion); 2.

2. Guangming Institute R & D industrial base project (special gas, investment 100 million yuan)

Liming Dacheng 1000t / year electronic-grade nitrogen trifluoride expansion project (investment 1).

4.2 billion); 4.

Haihua Institute Advanced Coatings Production Base Project (investment 89.6 million yuan).

After the completion of the project, it is expected to bring new profit growth points.

Earnings forecast and investment rating: Maintain “Buy” rating.

The company has breakthrough technology strength, high quality assets, and broad market space in many fields such as downstream 5G, aerospace, and military industries.We are optimistic about the company’s long-term development. Based on the principle of prudence, we will not consider the impact of targeted issuance on the company’s performance and equity. It is expected that the company’s EPS for 2019-2021 will be 0.

68, 0.

75 and 0.

81 yuan / share, corresponding to PE of 23.

92, 21.

65 and 19.

88 times.

Maintain “Buy” rating.
Risk reminder: Lower-than-expected demand for downstream 5G, semiconductors, military industries, etc., product prices decline, safety and environmental protection production risks, and the uncertainty of the company’s targeted additional issuance.

Dongshan Precision (002384): MFLX profitability significantly enhances MULTEK consolidated contribution contribution

Dongshan Precision (002384): MFLX profitability significantly enhances MULTEK consolidated contribution contribution

The company released its 2018 annual report and gradually realized operating income of 198.

2.5 billion, an annual increase of 28.

82%; net profit attributable to mother 8.

$ 1.1 billion, an annual increase of 54.


Core point of view: The outstanding performance of the printed circuit board business leads the company’s performance growth.

In 2018, the company’s printed circuit boards achieved operating income of 102.

3.5 billion US dollars, an annual increase of 60.

17%, gross margin is 18.

39%, an increase of 4 per year.

91%, mainly due to the rapid growth of MFLX performance and Multek consolidation; touch panels and LCM modules achieved operating income of 47.

4.0 billion, an annual increase of 36.

97%, gross margin is 10.

55%, ten-year average 1.

68%; LED and display device industry operating income 25.

US $ 9.4 billion, an average of 20 in ten years.

85%, gross margin is 14.

21%, an annual increase of 0.

31%, mainly due to the company’s sale of 44% equity of West Dongshan to optimize asset structure; communications equipment components and other operating income22.

03 trillion, 0 years ago.

91%, gross margin is 17.

50%, ten-year average 1.


MFLX’s profitability has improved significantly, and Multek has consolidated its contributions to the table.

MFLX achieved operating income of 88 in 2018.

10,000 yuan, an annual increase of 37.

73%, sales revenue to customer A was 64.

2.4 billion, accounting for 72 of MFLX revenue.

99%, MFLX achieved a net profit of 8.

US $ 2.4 billion, an annual increase of 112%, mainly due to the improved management of Dongshan Precision after the acquisition of MFLX, and the elasticity of the rebound in net profit margin is far greater than the elasticity of revenue; the company passed MFLX and Nasdaq-listed company Flex Ltd. in July 2018.

Completed Multek’s 100% equity settlement. Multek consolidated its accounts in August and achieved operating income from August to December 201814.

3.3 billion yuan, net profit1.

07 billion.

Reduce complexity and simplify operations to improve operational efficiency.

The completion of the acquisition of Multek in 2018 included the company’s business gap in the field of rigid printed circuit boards; the sale of 44% equity of Weidong Dongshan to optimize the asset structure; the company’s rapid reserve of new communication product technologies, layout of new communication product capacity, and separation in ceramic mediaEquipment and other new product areas, increase investment in research and development; at the same time, the company highly improved and perfected the strengthening of internal supervision mechanism, through the internal control management work procedures to improve the company’s internal 无锡桑拿网 control management work level, the company accrued asset impairment losses in 18 years4.

7.3 billion, mainly due to the provision of storm smart technology receivables, some historical burden.

Earnings forecasts and investment advice.

We estimate that the company’s net profit attributable to its parent in 2019-2021 will be 15 respectively.62/20.


07 billion, an annual increase of 92.

6% / 33.

7% / 29.

6%, corresponding to 21/15/12 times the PE.

Taking into account the evaluation of comparable companies, we believe that companies can be given a 19-year 25XPE evaluation, corresponding to a reasonable value of 24.

25 yuan / share, we are optimistic about the company’s profitability and future growth space, and maintain a “buy” rating.

risk warning.

The risk of 5G commercial use falling short of expectations; the sales of smartphones falling short of expectations; the risks of acquisition and integration falling short of expectations; the risk of product prices;

Yangnong Chemical (600486): Performance in line with expectations Focus on the company’s asset restructuring progress and growth

Yangnong Chemical (600486): Performance in line with expectations Focus on the company’s asset restructuring progress and growth

Event: Yangnong Chemical released the 2019 semi-annual report with a total operating income of 28 in the first half of the year.

94 ‰, ten years ago 6.

49%, net profit is 6.

29 ppm, an increase of 11 years.

46%, the basic EPS is 2.

02 yuan, sales gross margin is 34.

79%, with an average ROE of 13.


Corresponding to the second quarter operating income13.

24 ppm, molecular weight 15 ring.

67%, net profit 3.

00 ppm, a molecular weight of 8.

81%, deducting non-net profit is 2.

8.2 billion, compared with 6 formaldehyde.


Comments: 1.

Performance was basically in line with expectations.

The decrease in operating income in the first half of the year was mainly due to the increase in sales of wheat straw shrinking. In the first half of 2019, the sales revenue of herbicides6.

410,000 yuan, an average of 49 in ten years.


Increasing prices of insecticide doses and increasing incomes have offset the replacement of herbicide performance. In the first half of 2019, pesticide sales revenue18.

12 ppm, an increase of 21 in ten years.

43%, with an average sales price of 23.

08 million yuan / ton, an increase of 11 in ten years.


Income from other businesses 4.

4杭州夜生活网1 trillion, an increase of 33 in ten years.

twenty three%.

Net profit in the first half was 6.

29 trillion, the best semi-annual performance since listing.


The price of pyrethroid has improved, and the dicamba business is still to be resumed, and the domestic business is expected to become a new bright spot.

The current prices of kungfuthrin and bifenthrin were 300,300,000 / ton, respectively, which have been improved earlier, but are still at historical highs.

The business of dicamba is still to be resumed. The gradual increase in the amount of dicamba-resistant genetically modified crops in the downstream of the transition will increase the amount of dicamba and reduce the inventory. It is necessary to pay attention to the demand for dicamba in the second half of the year.

The long molecular weight of the company’s permethrin is expected to increase in 19 years, and the price of short orders will decrease, affecting some of the company’s profits.

The company reported that it strengthened synergy with the sales of Sinochem crop preparations, and domestic pesticide sales increased by 55.

5%, Sinochem’s internal pesticide business has seen synergies. 3.

Pay attention to the company’s asset restructuring and growth.

The company intends to transfer 100% equity of Sinochem Crops and Shenyang Agricultural Research in cash.

The company is expected to transform from an original drug manufacturer to an integrated industrial chain pesticide business management platform that integrates research, production and sales. The industrial chain, variety, R & D resources, sales network and customers are complementary to each other with significant synergistic effects.

The acquisition of Baoye Chemical will enrich the company’s pesticide varieties and land resources.

The company’s Rudong Phase III, pesticide preparation and other projects will become the company’s endogenous increase in the next few years.

Earnings forecast, investment rating, and revised estimates: The price of pyrethroids has decreased, and the sales of dicamba have fallen. We have lowered our profit forecast for 19-21, and expect a net profit of 19-21.

83, 11.

75, 13.

2.5 billion, EPS is 3.

50, 3.

79, 4.

28 yuan, according to estimates of comparable companies, giving 18 times PE in 2019, reducing the target price to 63.

00 yuan, maintain “Buy” rating.

Risk reminders: production safety risk, product price decline risk, downstream demand weakening risk, raw material price risk, dicamba-tolerant genetically modified crop promotion does not meet expectations, Sino-US trade dispute risk, exchange rate fluctuation risk.

Industrial Bank (601166) Quarterly Report Review: Earnings Growth Higher, Comprehensive Financial Leads

Industrial Bank (601166) Quarterly Report Review: Earnings Growth Higher, Comprehensive Financial Leads

Event: On the evening of October 29, Industrial Bank disclosed its 3Q19 performance: revenue of 1366.

0.6 billion, a year-on-year increase of +19.

18%; net profit attributable to mother 549.

10,000 yuan, a year-on-year increase of +8.


As of the end of September 19, the scale of assets was 6.

98 trillion yuan, non-performing loan ratio1.

55%, loan-to-loan ratio of 3.


Earnings growth is higher, higher ROE revenues are growing faster, and earnings growth is higher.

Revenue in the third quarter of 19, the growth rate of PPOP and net profit was 19.

2% / 21.

7% / 8.


Revenue growth rate in the third quarter of 19 was less than 22 in 1H19.

5% is slightly down, consistent with the industry trend, mainly due to the advantages of improved net interest rate growth, but revenue still maintains a high growth rate.

The acceleration of net profit growth in the third quarter of 19 increased by 19% compared with the first half of the year, which indicates that the provision for non-standard assets will be replenished or nearing its end, and it is not expected to affect the performance growth in the future.

ROE is high.

In the third quarter of 19, the revised ROE (annualization) reached 11.

72%, a high level for equity banks.

In itself, the “1234” strategic system is gradually taking shape, insisting on the comprehensive financial transformation route of “commercial bank + investment bank”, moving in the direction of light capital, light assets, and high efficiency, and is leading in bond issuance and asset custody.

Consistently, it is expected that the ROE will be improved.

The structure of assets and liabilities has been optimized, and the net interest margin has increased steadily.

The ratio of loan budget to assets was 34 at the end of 16 years.

2% rose to 48 in 3Q19.

5%, the proportion of individual loans in loans was 24 at the end of 12 years.

In the third quarter of 19%, it increased by 4%.

1%, the asset structure was significantly optimized.

In addition, debt-side deposits accounted for 47 at the end of 16 years.

0% increased to 57 in 3Q19.

7%, an increase of more than 10 monomers.

Net interest margin rose steadily.

1H19 net interest margin 2.

00%, the previous increase of 22BP, benefited from the sharp decline in market interest rates.

1H19 debt cost ratio 2.

69%, a decrease of 32BP per year.

Without I9 affecting the reduction, the net interest margin of 3Q19 is 3BP higher than that of 1H19.

Asset quality remained better, and earlier provisioned assets remained better.The non-performing loan ratio in the third quarter of 19 was 1.

55%, down 1BP earlier in 1H19, down 2BP earlier; pay attention to loan ratio 1.

85%, 3BP earlier than 1H19 and 20BP earlier.

Since 13 years, the credit structure has been optimized, the proportion of loans in highly non-performing industries such as manufacturing has decreased significantly, the proportion of mortgages in housing, etc. has increased, the sensitivity of asset quality to the economic cycle has decreased, and there will be little adverse pressure in the future.

Provisions are looser.

The loan-to-loan ratio in the third quarter of 19 was 3.

07%, an increase from 1H19, and the provision coverage ratio was 197.

9%, wide provision.

Investment suggestion: The beneficiaries of low market interest rates, deeply cultivating the “Commercial Bank + Investment Bank” Industrial Bank’s interbank characteristics are distinctive. In 17-18 years, it was affected by high market interest rates, and its performance was under pressure;

We believe that Xingye has a high degree of marketization and cultivates “commercial bank + investment bank”. The general trend of mixed operation in the future will estimate it and improve its long logic.

Taking into account the performance improvement in the third quarter of 19, we will forecast the 19/20 net profit growth rate 7 before conversion.

6% / 12.

9% adjusted to 9.

0% / 11.


Towards the 杭州夜网 end of the estimated switch to 20 years, given 1.

0 times the 20-year PB target estimate, corresponding to a target price of 26.

14 yuan / share, space resistance, maintain Buy rating.

Risk warning: non-standard bad risks, narrow liquidity and narrowing spreads and other risks.