Hua Tailai (603659) 2018 Annual Report Comments: Expected Growth Multi-Business Blossom

Hua Tailai (603659) 2018 Annual Report Comments: Expected Growth Multi-Business Blossom

This report reads: The company’s 2018 net profit increased by 32%, and Q4 performance improved significantly from the previous quarter, and gradually increased operating cash flow by 778%, showing a good operating quality, replacement, cover film, lithium battery equipment multi-business bloom.

Key points of investment: Performance is in line with expectations, maintaining target price and increasing holdings.

Since the price of polyamide raw materials and graphitization processing costs have increased since the second half of 2018, the company’s gross profit margin has increased, so the company’s profit forecast for 2019-2021 is adjusted to 1.

81 (-0.

02), 2.

41 (-0.

09), 2.

97 yuan, maintaining the target price of 78.

71 yuan, maintaining the overweight level.

Q4 has a good profit and a large increase in cash flow.

The company’s profit growth rate is slower than its income growth rate, mainly due to the decrease in monthly gross profit margin.

In terms of quarters, Q1-Q4 deducted non-net profits were 1.

04, 1.



59 trillion, a significant quarter-on-quarter growth.

Q1-Q4 comprehensive gross profit margins were 36.

5%, 34.

8%, 29.

6%, 29.

At 06%, the gross profit margin gradually 四川耍耍网 stabilized after experiencing an extension in the third quarter; Q1-Q4 deducted non-net margin was 18.

12%, 14.

55%, 12.

5%, 15.

59%, the net profit margin increased significantly in the fourth quarter, mainly due to scale effects.

The initial operating cash flow was 3.

300 million, a 778% increase, showing a good quality of operations.

Monthly sales have increased significantly, and gross margins have increased.

Maximum income for permanent materials19.

800 million, an increase of 35% in ten years, sales volume2.

93 Initially, the annual increase was 24%, and the unit price was 6.

760,000 / ton, up 8.


Due to the increase in raw material prices and graphitization processing costs, although the company’s sales price has increased, the additional gross profit margin has still dropped from 37% to 32%, a decrease 深圳桑拿网 of 5 percentage points. At the end of 2018, the company’s large-scale production capacity was replaced by 3The threshold of 5 is gradually reached, and Inner Mongolia 5 can be gradually completed by supplementing the supporting graphitization capacity, further improving the repeatability of profitability, and the subsequent gross profit margin will gradually stabilize.

Initially realized profit 4.

200 million, an increase of 11%.

Risk warning: Long-term gross margin expansion exceeds expected catalysts: companies enter international high-end supply chain

Anti-aging grasp three age points

Anti-aging grasp three age points
Dialysis expert: Professor Wenyi Niu Wenyi, professor of Department of Social Medicine and Health Education, School of Public Health, Peking University, Liu Dequan, former director of the Department of Traditional Chinese Medicine, Beijing Geriatric Hospital, Yang Pingping, Secretary General of the Geriatric Psychology Branch of the Chinese Society of Geriatrics and Geriatrics, is always a natural physiological process.A new study shows that although this process continues, it does not develop at a constant speed, which is what people often say is that they “get old suddenly.”Recently, a new study published in the journal Natural Medicine showed that there are three gears for human aging: 34 years old, 60 years old, and 78 years old.Researchers from Stanford University’s Alzheimer’s Research Center analyzed 4263 18?From the 95-year-old plasma data, after measuring the levels of about 3,000 different proteins, it was found that the protein level remained relatively stable overall, but the readings of various proteins had changed greatly during the above three ages.Researchers explain that these changes in protein levels are not only a characteristic of human aging, but more likely a cause of aging.”Continuously conducting research, we are expected to pass blood tests to the age of people above the molecular level.”Professor Tony Weiss-Cray, who led the research, said:” The more we know about age, the more we can intervene.In the future, we may know that knowing what diets and behaviors can help extend life and thus help people avoid various illnesses.In conjunction with this research, Life Times invited a number of experts to explain in detail the health issues that need to be focused on at each of these age points.At the age of 34, health shifts from peak to downhill. Human aging and disease are global changes caused by cell damage or death.As early as 1925, Wilson, a famous American biologist, put forward: “All the key issues of life must be found in cells.”Niu Wenyi, a professor in the Department of Social Medicine and Health Education at the School of Public Health of Peking University, told reporters that although young people are in a period of strong fertility and relatively mature and stable physiology, the number of cells in the body and the water in the cells are beginning to decrease. This isThe first turning point in aging.Liu Dequan, former director of the Department of Traditional Chinese Medicine, Beijing Geriatric Hospital mentioned that most of the people around the age of 34 are in a state of heavy family burdens, heavy work pressures, and complex interpersonal relationships, which affects physical health. These external factors and the in vivo proteins mentioned in the researchSudden changes in readings are causal.Experts believe that people in their 30s should focus on the health of the nervous system and musculoskeletal bones.After 30 years of age, cerebral blood circulation slows, blood flow decreases, and the number of nerve cells in the brain gradually decreases, which affects memory, coordination, and brain function.Human muscle mass at 25?At the age of 30, it reaches the highest, and then gradually decreases with age. The elderly affect the body’s metabolic rate. Around 35, bone loss begins.Beginning at the age of 30, the heart’s ventricular walls and heart valves gradually thicken, and the heart’s metabolic system begins to age.Essentially, the vital capacity also begins to decrease slowly.Yang Ping, Secretary General of the Geriatric Psychology Branch of the Chinese Society of Gerontology and Geriatrics, told reporters that people around the age of 34 due to stress and increased sense of responsibility easily lead to psychological problems such as anxiety and depression.Liu Dequan reminded that causing changes in people’s lifestyle and dietary habits, some elderly chronic diseases such as hypertension, diabetes, arteriosclerosis, etc., occur more and more in young and middle-aged people. At the same time, chronic fatigue also increases their chronic fatigue.Syndrome, risk of obesity.At the age of 60, these machines can enter the old age of about 60, people are at the end of menopause, and they are facing changes in their living conditions such as retirement. These factors together lead to faster aging.Liu Dequan said that this age group should focus on circulation, digestion and immune system.Around 60 years of age, the cardiac stroke output (referring to one stroke, the volume of blood ejected by the serial ventricle) is reduced by 30% compared to the age of 20?40%, the heart disease system continues to age, which can easily cause problems such as insufficient blood supply and decompensation.In terms of digestion, about 60 years of age, oral, esophageal, and gastrointestinal functions gradually decline, and gradually reduce their metabolic capabilities, leading to digestive tract diseases, reduced digestive enzyme secretion and decreased activity, digestive function declines, and the risk of metabolic tract diseases increases.The aging of the endocrine system is mainly reflected in various hormone levels and the sensitivity of target organs to it.A decade-long study published in the journal “Aging” shows that with the increase of age, the total number of T lymphocytes in the human body continues to decrease, and the immune function decreases accordingly, making them more vulnerable to invasion by bacteria and viruses.Psychologically, the social status change caused by the gradual decline and recovery of physical functions in people around the age of 60 is likely to cause psychological decline and accelerate aging.Yang Ping also mentioned that more than half of the people over the age of 60 have coping with their own health and sense of insecurity, thereby increasing their psychological burden, and more likely to cause psychological problems such as emotional instability, anxiety, and depression.At 78 years old, the system and organs are rapidly aging. At about 78 years old, certain functions of the human body have entered a rapid aging stage. Nervous, urinary, respiratory, and circulatory systems, as well as cognitive and psychological changes, have changed significantly.In terms of the nervous system, the number of elderly brain cells and synaptic connections are reduced, cerebral blood flow is changed, resulting in decreased memory, 合肥夜网 fatigue, and slow response to the outside world.In the urinary system, renal arteriosclerosis and renal blood flow complications can lead to renal failure.Elderly men are often accompanied by benign prostatic hyperplasia, frequent urination, urgency, and inexperienced urination; elderly women may experience symptoms of urinary incontinence due to sphincter relaxation of the pelvic floor.Regarding the respiratory system, the elderly will experience problems such as decreased respiratory muscle strength and tracheal calcification, which will lead to increased airway obstruction, pulmonary ventilation and pulmonary ventilation.As the cilia movement weakens, the ability of the elderly to reduce sputum gradually decreases.In terms of the circulatory system, the ventricular wall of people around 78 years old thickens, and adjacent arteries harden, which is more likely to cause organ volume.At 杭州桑拿 this stage, the brain function of the elderly is degraded, and cognitive deterioration is very obvious.In 2018, a study published at the annual meeting of the American Population Association showed that brain aging will have a partial cognitive impairment period of about 4 years from 73 years old, and Alzheimer’s disease may occur in the following one and a half to two yearsOr similar cognitive disorders.Psychologically, the elderly often show self-centered, conservative, suspicious, irritable, inferiority and other personality disorders and empty nest syndrome and other psychological problems.Facing aging is the key to life extension and aging is an irreversible process, but we can try to delay it.Yang Ping said that facing aging is the key to delaying aging. It is especially important to maintain an optimistic attitude. People should timely focus on the fear of aging, irritability, loneliness and depression.Experts agree that it is important to maintain a good lifestyle and diet regardless of your age.Should pay attention to a balanced diet, diverse structure, mainly cereals, eat more fruits and vegetables, milk, soybeans, eat fish, poultry, eggs, lean meat in moderation, less salt and less oil.In terms of lifestyle, pay attention to the combination of work and rest, relieve stress in a timely manner, quit smoking and limit alcohol and ensure redundant sleep, pay attention to eating and moving balance, and maintain a healthy weight.Adhering to regular exercise has a positive effect on delaying aging.It should be noted that the physical fitness of the elderly has declined comprehensively. Exercise must be carried out step by step. You should choose systemic physical activities such as walking, brisk walking, Tai Chi, etc. that are not too long and not too intense.In addition, everyone must insist on regular medical examinations.Finally, Liu Dequan reminded that the family’s care for the physical and mental health of the elderly has a very positive effect on their health and longevity.Faced with people around the age of 60, family members should assist them in arranging their retirement life and encourage them to cultivate positive interests and hobbies so that they can enjoy themselves and do something good.Most people around the age of 78 have a sense of empty nest when their children are away, and they often pay too much attention to their health. At this time, family members should pay more attention to care and communicate with them.▲ (Reporter Jiang Yue)

Chenming Paper (000488): The cost advantage of pulp and paper leading is obviously recommended

Chenming Paper (000488): The cost advantage of pulp and paper leading is obviously recommended


Event summary The company achieved operating income of 288 in 2018.

76 ‰, a decrease of 2 per year.

02%; realized attributable net profit of 25.

1 billion, down 33 a year.

41%; realized non-net profit deducted from the parent company.

54 ‰, a decrease of 42 per year.


Net operating cash flow was 141.

Ten percent of 00, a year-on-year increase of 592 times.


Our Analysis and Judgment (1) The scale of revenue has fallen slightly, and the downturn in the market has led to a decrease in profits. In 2018, the company achieved operating income of 288.

76 trillion, a decrease of 5 from the previous year.

9.6 billion.

From an industry perspective, mechanism paper / finance leasing contributes revenue 243 respectively.


02 trillion, a year-on-year change of -19.


34 ppm, with a ten-year growth rate of -7.

52% / 11.

90%, the two account for 84% of total revenue.

17% / 7.

63% is an important part of the company’s revenue.

From the perspective of the main mechanical paper products, white cardboard, double-adhesive paper, coated paper, electrostatic paper, release paper, and household paper respectively achieved revenues of 64.






49 trillion, the corresponding revenue increase is -4.

66 / -2.

13 / -7.




60 ppm, a ten-year increase of -6.

75% /-3.

35% /-14.44% / 1.

39% / 0.

02% / 8.


Among them, white cardboard, double offset paper and coated paper accounted for 71% of the total paper machine business revenue.


By region, domestic / foreign revenue was 245.


15 trillion, respectively contributed revenue increase of -9.


84 ppm, a ten-year increase of -3.

84% / 9.

78%, of which the domestic region contributed 85% of operating income.

06%, most of the main content.

The net profit attributable to shareholders of the listed company for the current period was 25.

100,000 yuan, a decrease of 12 from the previous year.

6 billion.

The reasons for the decrease in profit come from two aspects: First, due to the downturn in the papermaking market in the second half of the year, the company’s paper sales fell, the price fell, and the profitability of the company fell.As a result, the company’s financing costs have risen and financial costs have increased.

(2) Comprehensive gross profit margin decreased 2.

64pct, the cost rate during the period dropped by 2.

16pct’s consolidated gross profit margin for 2018 was 31.

27%, a decrease of 2 compared with the same period last year.

64 units.

From the perspective of the main products and industries, the gross profit margins of white cardboard, double-adhesive paper, coated paper, electrostatic paper, release paper, and finance lease were 16 respectively.

23% / 26.

60% / 27.

47% / 40.

11% / 39.

74% / 92.


The gross profit margins of the three major paper types of white cardboard, double offset paper, and coated paper in 2018 increased by 14 compared with the same period last year.

71% /-3.

20% / 0.

09%, usually caused by a slight increase in revenue; electrostatic paper / anti-stick paper / finance lease gross margin increased from the same period last year.

51% / 5.

63% / 6.

72%, a gap of growth.

The decrease in the gross profit margin of white cardboard and coated paper was mainly due to the decrease in the market price of white cardboard and coated paper, and the increase in the gross profit margin of electrostatic paper and release paper was mainly due to the decrease in costs.

Expenses for the company during 2018 16.

97%, ranking fell 2 last year.16 units.

The sales / management / financial expense ratios are 4 respectively.

12% / 3.

35% / 9.

49% change in the same period last year -0.



13杭州桑拿 units.

The increase in financial expense ratio was mainly due to the increase in interest expense.

Of the 2018 financial expenses, interest expenses increased by 10.

5.6 billion.

(3) Integrated layout of forest pulp and paper with significant cost advantages The company has started to implement the strategic layout of forest pulp and paper integration since 2001. In the domestic paper industry, the company has a high self-sufficiency rate of wood pulp until the end of December 2018, The company has a capacity of 328 additives for homemade wood pulp.

According to the report baseline, Huanggang Chenming’s annual output of 30 targeted chemical wood pulp projects has been put into production in mid-November 2018, and Shouguang Meilun’s 40 chemical wood pulp projects have also entered the production commissioning stage 西安耍耍网 and will soon be put into production.

The commissioning of these projects can further improve the self-sufficiency rate of wood pulp, change the contradiction between supply and demand of wood pulp raw materials, and reduce production costs.

Compared with the ratio of purchased wood pulp, the cost advantage of self-made pulp is significant, which ensures that the company’s paper products continue to lead the industry in terms of gross profit margin: It is reported that the company’s average ton paper price is about 5,626 yuan / ton (compared with 5298 yuan / ton in the same period last year).), Gross profit per ton of paper is about 1721 yuan / ton (1544 yuan / ton in the same period last year).

As the company’s self-sufficiency in wood pulp increases, gross profit per ton of paper is expected to increase further.

In addition, the price of wood pulp raw materials is relatively stable, the advantages of bulk material procurement and the expansion of supporting logistics services greatly reduce the logistics and transportation costs of raw materials and finished products, which greatly improves the company’s cost advantage and quality stability.

(IV) Leading paper production capacity, scale advantage highlights the company as a leading company in the Chinese paper industry. After years of development, it has now formed a capacity of more than 1,100 tons of pulp and paper, and has a scale that rivals international paper companies.Hubei, Jiangxi, Jilin, Wuhan and other places have built paper production bases.

The large-scale centralized production and operation model makes the company have obvious economic benefits, and makes the company have alternative market influence in terms of raw material procurement, product pricing, and industry policy formulation.

In addition, in recent years, environmental protection policies have been intensively introduced, the industry has accelerated the clearance of small and medium-sized production capacity, and the concentration of the industry has increased significantly. Large and large enterprises can continue to increase the barriers to entry into the industry through the advantages of large-scale production and enjoy the industry’s new profit cycle.


Investment suggestion As a leader of Chinese papermaking companies, the company has a leading industry in terms of production capacity and significant scale advantages.

There is a full range of paper products, with the main products occupying the forefront in the market. The leasing business has made more efforts and the profitability is stable.

Through the development of upstream pulping business, the company has improved the self-sufficiency rate of wood pulp, which can significantly reduce production costs, enhance the company’s core competitiveness, and provide strong support and guarantee for the company’s future development.

In terms of environmental protection, we have sound pollution control facilities. These environmental protection indicators are at the forefront of the country and the world.

At the same time, the company actively cooperates with universities, scientific research units and international advanced enterprises to increase technical innovation capabilities and scientific research and development efforts. It has 18 invention patents and participated in the formulation of 5 national standards to lead the latest and highest-end technologies of the Chinese paper industry.

Therefore, we predict that the company will achieve revenue of 314 in 2019/2020/2021, respectively.



1.7 billion, net profit 32.



07 ‰; corresponding to PS0.



62 times, corresponding to PE7 / 6/5 times, the first time “recommended level”.


Risks indicate the risk of fluctuations in raw material prices; the risk of excess capacity and reduced demand; the risk of changes in environmental protection policies.

Ultrasonic Electronics (000823): 5G terminal volume improvement improves demand-side established technology makers regain growth momentum

Ultrasonic Electronics (000823): 5G terminal volume improvement improves demand-side established technology makers regain growth momentum
Investment points 5G drives the upgrade of consumer electronics motherboards, bringing both high-end HDI volume and price, and the company is expected to achieve overtaking of HDI tracks in the 5G era.As the main application of HDI, 5G mobile phones are expected to explode in 2020. Various brands of mobile phone product lines have increased technical requirements for HDI motherboards, and product structure upgrades have caused supply and demand mismatches. As a result, domestic HDI manufacturers have more opportunities to enter the new track competition.In addition to mobile phones, other terminals such as Internet of Things modules, 5G modules, miniLED backplanes, automotive central control motherboards, etc. have also seen a strong upward trend.In fact, the layout of domestic HDI manufacturers has increased + new entrants have high industry barriers, and the company has a first-mover advantage. By continuously expanding its downstream scope, it has increased its penetration rate.The company’s technology accumulation and expansion plans are expected to achieve rapid growth in the consumer electronics motherboard upgrade stage.  Take root in Apple’s supply chain and occupy a stable share in the high-end market.The company entered the supply chain of Apple SLP interposer in 2017 and has a stable market share.In the short term, high-end companies are not interested in this product market, while low-end companies are temporarily unable to get involved due to technical barriers (line width close to 60 microns, HDI level, resin plugging holes, and unique plating process), and the company can be stable.Considering the increase in the area of Apple’s SLP structure and the increase in unit price, the company’s intermediary board is expected to continue to benefit in 20 years, and the company’s overall profit rate is expected to increase.  The company’s operating income has fluctuated, with overseas revenue accounting for the majority.As a traditional manufacturing company, the company’s operating income has shown a volatile growth since 2010.After 2015, the net interest rate has been increasing, and is currently stable at about 6%.The company’s overseas territory revenue has been increasing year by year, and the average gross profit margin has also stabilized at about 20%.The company’s overseas business ratio is higher than that of the territory. Due to the relative sensitivity of overseas order prices, its profitability has changed.The 深圳桑拿网 company achieved operating income in the first half of 201922.400 million US dollars, net profit attributable to mother exceeds 33.12%.The company’s main business is stable, with various businesses in full bloom, upstream bargaining power has changed, and cost control remains stable.Among the listed companies, the company’s comprehensive index ranks high and has competitive potential.  As a top-notch manufacturer, a company with a good reputation and a product line with both depth and breadth will be able to prioritize favorable market advantages in the next 5G outbreak.The company is the most rare technology-oriented company among domestic PCB manufacturers, and it is also one of the companies with the most comprehensive industrial chain technology, the most extensive technical layout and the strongest technical solution 西安耍耍网 capabilities in the subdivided fields in the PCB industry.The deep accumulation of experience has made the company from a company that originally introduced HDI production technology to a competitor in the global high-end HDI field today. The company’s product quality has certain competitive advantages in some companies.supplier.In addition, the company is involved in multiple businesses, including printed circuit boards, liquid crystal display devices, ultrasonic detectors, copper clad laminates and other sub-sectors covering the world’s mainstream customers, and the future market space is broad.  Profit forecast and investment recommendations: We expect revenue of 50 billion / 6.1 billion / 6.9 billion in 19/20/21, and net profit attributable to mothers is expected to reach 2 in 19/20/21.800 million / 3.700 million / 4.6 billion.The current market value of PE = 33x / 25x / 20x is an alternative transformation of the entire PCB board.Comparable companies are estimated to be 50x, 32x and 25x in 19/20/21 respectively, with the first coverage giving a “Buy” rating.  Risk alert events: pressure and impact from market competition, exchange rate changes, new technology upgrades, and acceleration.

Sanlipu (002876): Product price increases and production capacity of Hefei Plant is released.

Sanlipu (002876): Product price increases and production capacity of Hefei Plant is released.

Investment Highlights: Company Announcement: Release of 2019 Third Quarter Report to Realize Revenue10.

42 ppm, an increase of 61 in ten years.

34%, net profit attributable to mothers was 23.62 million yuan, an increase of 4.

01%, net profit after deduction of 14.53 北京夜生活网 million yuan, an annual increase of 29.

28%; of which the third quarter income4.

250,000 yuan, an increase of 86 in ten years.

27%, net profit attributable to mothers was 22.4 million yuan, a year-on-year increase of 496.


Estimated net profit for 2019 is 4,985.


660,000 yuan, an increase of 80% -130%.

Slightly more than expected.

Revenue was in line with expectations, and profit grew significantly more than expected.

In 2019, the improvement in the quality of some of the company’s products and the release of Hefei Sanlipo Optoelectronics’ production capacity led to a significant increase in the company’s revenue.

The combined company ‘s Shenzhen production line has strong demand for small-size products, and the company has increased some of its capacity through technological transformation. In addition, the merger of the Hefei plant has begun 天津夜网 to realize profits. Large-scale products have been stably supplied to BOE, Huike, and the yield and capacity of the production line have been as much as possible.Maintained at a high level; third, the company’s products basically stabilized at the current level after the price increase in the first quarter.

From an industry perspective, there will be no new capacity launch this year, and we believe that product prices are expected to continue to maintain stability.

The company has a large number of orders and raised production lines to provide continuous growth momentum.

The company recently launched a non-public offering and raised less than 1.1 billion funds. At present, it has feedbacked once to build a new production line with a width of 2500mm. The product size has been extended from small to medium-sized to oversized with more comprehensive coverage.

With domestic 8.

5th generation and 10.

The 5th generation panel line was put into production, which brought a lot of demand for polarizer procurement. It is estimated that the demand for LCD panel polarizers from mainland panel companies (excluding the need to set up factories in mainland China) is 2.

With 700 million square meters, the global panel companies’ demand for LCD polarizers is about 500 million square meters. At present, the self-sufficiency rate of panel polarizers is less than 20%. Therefore, we expect that domestic polarizer companies will still face development space.

We expect that after the new production line is put into production, it is expected to start contributing in the second half of 2022. By then, the company’s TFT-LCD polarizer production capacity will reach 61 million square meters. From the perspective of product size, it will cover small to large sizes and 65 inches or moreSuper-sized polarizer products promote the maximization of production capacity and the bargaining power in upstream and downstream.

The demand for large-size polarizers has opened, driving the company’s performance inflection point, raising its profit forecast and maintaining the “overweight” level.

According to the company’s production line situation, the revenue and profit forecast are slightly raised, and the net profit for 2019-2021 is expected to be zero.

61, 1.

55, 2.

2.2 billion yuan (previous forecast was 0.

29, 0.

80, 1.

1.5 billion), the corresponding EPS is 0.

59, 1.

49, 2.

13 yuan per share, corresponding to PE of 77X / 30X / 21X, if non-public issuance of 20.8 million shares, completed in early 2020, it is expected that the fully diluted EPS in 2020-2021 will be 1.

24, 1.

78 yuan / share.

Risk warning: sharp fluctuations in raw material prices, increased costs caused by exchange rate changes, and the new production line is less than expected

Qibin Group (601636): The strategy of entering the high-end pharmaceutical glass value-added electronic glass is becoming clearer

Qibin Group (601636): The strategy of entering the high-end pharmaceutical glass value-added electronic glass is becoming clearer

The company plans to invest in a neutral borosilicate medicinal glass project. The project is planned to be constructed in phases. The construction scale is 3 kiln and 8 lines 100 tons / day (kiln output) neutral borosilicate medicinal glass tube, as well as product deep processing.The total investment is about 600 million yuan.

This time, it is planned to invest in the construction of the first phase of the neutral borosilicate pharmaceutical glass tube project in Zixing City, Chenzhou City, Hunan Province. The total planned investment for this phase of the project is 155.28 million yuan, of which 100 million yuan is self-raised.The company raised 69.2 million yuan in fundraising expenses, followed by the company’s business partners and other key management personnel to invest in the establishment of a follow-up investment platform and investment (30.80 million yuan), and the remaining 55.28 million yuan applied for loan settlement.

Comment: Medicine glass is another direction for the company’s high-end products after electronic glass. After achieving the world’s best scale, the company released a mid-to-long-term development plan this year, formulated “one body and two wings” and “strengthened and enlarged”The development strategy of the “two wings” is the high-end of the product. Electronic glass is only a step in the high-end of the company’s products. It is currently progressing smoothly and is expected to be officially delivered in Q2 next year.

The company’s goal perception does not stop there. This entry into military medical glass is another direction for the company to seize the high-end market ranking.

According to the content of the 2017 consistency assessment, the drug glass market is expected to usher in quality enhancement and expansion. The consistency evaluation policy reached by the State Food and Drug Administration in 2017 clearly requires that the packaging materials used by generic drugs should be consistent with the original research drugs.All drugs use neutral borosilicate glass.

The implementation of the preliminary policy means that the packaging of nitrate medicines is turned on neutral5.

0 The borosilicate glass substitute is a safe way to use ordinary soda-lime glass, and the replacement ratio will increase year by year.

From the international perspective, except for a few countries such as China and India, the import of neutral borosilicate glass in China is based on the use of neutral borosilicate glass as the raw material for cartridges, vials, sodium and sodium hydroxide.Pre-filled bottle.

The domestic products packaged with neutral borosilicate glass are mainly divided into freeze-dried medicines, water injection medicines, biological medicines and other high-end medicines or medicines converted for export.

At present, the neutral borosilicate glass tubes required in China mainly rely on imports, with an annual demand of about 3,000 tons, and are often subject to foreign companies’ monopoly on prices and fluctuations in supply periods.Anhydrocarbon, test tubes, etc. are imported more than 200 million pieces per year, equivalent to 2,000 tons of glass tube demand. At present, the domestic imports of neutral borosilicate glass tubes are mainly monopolized by Germany’s SCHOTT, Japan Electric Glass, and Corning in the United States. According to China Glass NetworkAccording to the information, the length of SCHOTT neutral borosilicate glass tube in Germany is about 27,000 yuan / ton. According to this calculation, the domestic replacement space for light domestic products is about 1.3 billion, which is all over the country.

0 Borosilicate glass is gradually replacing ordinary soda-lime glass, and the demand for borosilicate glass is expected to grow rapidly in the future. According to the International Reportlinker report, the global pharmaceutical glass market will reach 220 in 2025.

500 million US dollars, India and China’s emerging markets will grow 9%, China will become one of the major consumers of pharmaceutical glass packaging bottles.

The senior executives of this project forced follow-up investment All senior executives of this investment company followed up with a total of 101 participants in the neutral borosilicate pharmaceutical glass tube project (Phase 1), of which 42 were senior investment managers at the deputy general manager level or above.People, 48 volunteers (excluding the deputy general manager), 2 volunteers for the neutral borosilicate medicinal glass tube project (Phase 1), 8 qualified candidates for other projects, foreign (Malaysia) 1 person following the vote.

Among the members of the board of directors and supervisors who participated in the project are Mr. Zhang Baizhong, director and president, Mr. Yao Peiwu, chairman and secretary, Mr. Zhang Guoming, director and chief financial officer, Mr. Ling Genluo, director and vice president, Ms. Yingying Hou, and supervisor Wang LiMr. Yong.

Mandatory follow-up investment ensures that the interests of senior management and listed companies are consistent, which is conducive to improving the probability of project success.

A win-win culture is conducive to the realization of medium- and long-term development planning. The company’s Fuling Qibin Electronic Glass Co., Ltd. intends to implement investment and project investment with key management personnel such as business partners of the capital increase and share expansion company.

The key management personnel such as the company’s business partners set up a follow-up investment platform (5 limited partnerships) to raise funds of RMB 31.64 million to increase capital and invest in Fuling Electronic Glass Company.

After the capital increase, the registered capital of Liling Electronic Glass 武汉夜生活网 Company increased from 150 million yuan to 181.64 million yuan, and the follow-up investment platform will receive Liling Electronic Glass Company17.

4191% equity.

Whether it is the company’s business partner plan, employee shareholding plan, or the follow-up investment mechanism of electronic glass and medicine glass, fully reflecting Qibin Group’s motivation, willingness to share, and strive to achieve a win-win situation in the process of transforming into a professional manager systemWe believe that this is an important guarantee for the company’s mid- and long-term development planning.

Reiterate the “Buy” rating. We expect the company’s operating income for 2019-2021 to be 89.

400 million, 98.

200 million, 104.

USD 900 million, increasing by 6 each year.

8%, 9.

7%, 6.

8%; net profit attributable 杭州桑拿 to mothers is 13.

300 million, 15.

900 million, 17.

300 million, an increase of 10 each year.

4%, 19.

2%, 8.


EPS are 0.

50, 0.

59 and 0.

64 yuan / share, corresponding PE is 9/7 / 7x.

We believe that the changes in the glass supply and demand pattern provide the basis for the stability of the industry’s long-term profitability. As a leader in the industry, the company has a clear development strategy and incentive schemes in place. A win-win culture is an important guarantee for the strategy to achieve.Marginal, re-buy rating. Risks suggest that glass prices have fallen sharply; raw material prices have risen sharply.

Kouzijiao (603589) Interim Review: Channels Do Deep Q2 Revenue Acceleration Structure Steadily Moves Up

Kouzijiao (603589) Interim Review: Channels Do Deep Q2 Revenue Acceleration Structure Steadily Moves Up

The company announced its 2019 Interim Report, with revenue of 24 in 2019H1.

1.9 billion / + 12.

04%; net profit attributable to mother 8.

9.5 billion / + 22.

02%; of which revenue in Q2 2019 was 10.

5.7 billion / + 16.

3%; net profit attributable to mother 3.

50 ppm / + 23.


What do we expect the company 2019?
Realize net profit attributable to mothers in 2021.



22 ppm, an increase of 19 years.

9% / 17.

6% / 16.

7%, corresponding to an EPS of 3.



20 yuan.

Currently sustainable corresponding to 2019?
The PE in 2020 is 20.



0 都市夜网 times.

The company operates steadily, has an excellent product structure, and continues to benefit from the upgrade and concentration trend. As the channel sinks and speeds up, it gradually squeezes out the market share of 100 yuan in the county and township market.

Maintain the “Highly Recommended” rating.

Channels in the province are sinking and accelerating, and the contribution of sales outside the province has significantly increased. In 2019H1, the number of dealers in the province increased by 34 to 384, with sales revenue19.

2.7 billion / + 9.

28%, accounting for 80%. The province actively exerts the initiative of manufacturers to enter the enhanced hotel channel control and public relations of key enterprises. At the same time, it accelerates the improvement of the township market distribution agency network, the channel sinks and speeds up, and the future township market sales contribution contributes to improvement.Based on large businesses outside the province, it actively screened and optimized 20 dealers outside the province and reported a series of revenue4.

7 billion / + 26.

90%, accounting for 20%, the contribution of sales outside the province has increased significantly.

The structure has been moved up, and the new products will help to upgrade the mainstream price dividend. The company’s products have always been excellent, and the sales revenue of high-end liquor in H1 201922.

8.2 billion / + 11.

7%, accounting for 95%, middle and low-grade liquor sales revenue1.

1.4 billion / + 26.

77%, accounting for about 5%.

It is expected that the products in the key markets of Kouzi Warehouse for 10 years and above will still maintain a growth rate of more than 20%.
The price of 200 yuan in the province has been steadily expanding and becoming more mature. New products in the early summer (priced at 268 yuan / bottle) and Zhongqiu (398 yuan / bottle) are expected to accept the mainstream upgrade price (200-300 yuan) bonus. It is expected to increase Q3 performance in the short term.

The price increase pushed up the gross profit margin, and the expenses remained stable. The overall gross profit margin of the company in 2019H1 was 75.
94%, with a rise of 1.

55 points, mainly due to the upward shift in product structure and the 2018 price increase contribution.

In terms of expense ratio, 2019H1 sales expense ratio and management expense ratio are 9 respectively.

47% and 4.

4%, respectively decreased by 0.

29 points and 0.

36pct; the gross profit margin increased during the supplementary period and the fees fell, the net profit of the company in 2019H1 was 36.

99%, with the same rise of 3.


Risk warning: intensified competition in the province, impeded sub-high-end prices, hindered expansion outside the province, and food safety risks.

Hailan House (600398): The revenue growth of the main brand in 19Q1 turned positive and the momentum of stabilization has been transformed

Hailan House (600398): The revenue growth of the main brand in 19Q1 turned positive and the momentum of stabilization has been transformed

Investment highlights: 19Q1 revenue growth 5.

23%, net profit increased by 6.


In 1Q1, the company realized revenue of 61 million US dollars, a year-on-year increase of 5.

23%, net profit attributable to mother 12.

1 ppm, a six-year increase of 6.


Gross profit margin 43.

59%, an increase of 3 per year.

69pct, net interest rate 19.

9%, a year to raise 0.


In terms of revenue, the main brand HLA revenue is 5 billion US dollars, an annual increase of 2.

16%, the earlier 18Q3, 18Q4 -2.

57%, -0.

42% improvement; women’s clothing brand Ijutu income 3.

4 ppm, an increase of ten years.

At 06%, the Aiju Rabbit brand is still in the process of adjustment, resulting in a breakthrough in growth rate fluctuations (18Q3, 18Q4 revenue growth rate: 3.

27%, -19.

43%); total revenue of other retail brands1.

400 million, because the scale is still small, the growth rate is 1139%.

Product upgrades, channel improvements, and the main brand HLA stabilized and grew.

The highlight of the company’s business in 19Q1 was the stabilization of the revenue growth rate of the main brand, with a single brand revenue growth rate of 2.

16%, the earlier 18Q3, 18Q4 -2.

57%, -0.

42% improved; the number of stores in Q1 increased by 72 nets, and the number of directly operated stores increased by 14 nets, with direct sales accounting for 4% (18Q1: 1%).

We believe that the scope of improvement of the main brands: ① product popularity and marketability; ② and the optimization of channels brought by the development of shopping malls.

In 2018, the company proposed that “fabrics are the soul of clothing”, focusing on developing product quality and improving consumer acceptance.

And the company continues to expand shopping mall channels to increase brand exposure in new traffic gathering places.

Due to the potential for direct investment in some shopping malls, the proportion of the company’s direct sales has increased, confirming the fact that new channels are being developed.

High-quality traffic, the proportion of high-single stores has increased, and appropriate single brands have a high base in 18Q1 (revenue +9.

48%), still achieved stable growth and reversed the trend of 18H2 offset.

We judge that the direction of the main brand’s return to growth has been rebuilt. Through channel optimization in 2019, the same store will continue to improve; when the main brand accounted for 南京夜网论坛 about 80% of revenue (2018, 19Q1: 79%, 82%) margins improved,The company’s overall business may achieve accelerated growth.

Gross profit margin continued to increase and entered the harvest period of management value.

1Q1 company gross margin was 43.

59%, an increase of 3 per year.

69 points, of which the gross profit margin of the main brand is 45.

70%, an increase of 4 per year.74pct, the gross profit of the main brand accounted for 86% of the company’s overall gross profit (19Q1).

We believe that the improvement of the company’s gross profit margin is a reflection of the brand’s bargaining power of channel franchisees.

The company uses a direct franchise franchise model. Franchisees provide store opening funds. The company is responsible for store location selection, employee recruitment training, product selection, logistics and after-sales.

Ranking the traditional franchise model, the company has assumed more management functions.

As the company scales up and its brand power increases, its appeal to franchisees increases.

Therefore, the company has the bargaining power to obtain more profits on the value chain and enter the harvest period of management value.

We judge that the overall gross profit margin in 2019 will be significantly improved compared to 2018, and profitability will be enhanced.

Product innovation of traditional brands.

The company’s brand is mainly developed in the 2-4 line. In the past, it was more people-friendly in product design.

As consumers demand higher product quality and higher fashion, the company is also making adjustments to its products.

Put forward the concept of “fabric is the soul of clothing” and develop functional fabrics.

In terms of product design, we have seen the increase in fashion models and fashion models. In March 2018, the company cooperated with Shangying to develop a “Big Trouble in Heaven” co-branded T-shirt to strengthen style development capabilities.

We believe that the main brand gradually changes in style and tone, adapting to the aesthetic concepts of modern consumers, and the acceptance of products in the market will improve in the future.

Multi-brand layout to cultivate long-term growth points.

In addition to the restoration of the main brand, the company’s new brand layout is advancing steadily, and reserves are reserved for long-term development.

In 2017-2018, the company successively developed urban workplace women’s clothing OVV, technology new men’s clothing AEX, trendy brand black whale, and home living hall Hailan preferred, and obtained 52% of the CUHK children’s clothing brand “boy and girl” through holding 52%.

The company uses its own retail management capabilities to empower new brands and tap new growth points in multiple apparel market segments.

We are optimistic about the forward-looking nature of the company’s multi-point layout and promote the cultivation of new growth points in the future.

Profit forecast and estimation.

We expect a net profit of 36 in 2019 and 2020.

9, 39.

700 million, a six-year growth rate of 6.

86%, 7.


The company’s 2019 PE evaluation interval is 12-15 times, corresponding to a reasonable value interval 9.


30 yuan, maintain the “preliminary market” rating.

risk warning.

Terminal retail was weak, and new brand expansion failed to meet expectations.

Tongkun shares (601233) quarterly report comments: the company’s profitability improved, performance in line with expectations

Tongkun shares (601233) quarterly report comments: the company’s profitability improved, performance in line with expectations

Event: On 重庆夜生活网 August 26, 2019, the company announced the third quarter report of 2019: the report, the company achieved operating income of 372 in the first three quarters.

4 billion, an increase of 20 per year.

66%; net profit attributable to mother 24.

$ 5.1 billion, twice a year.

10%; basic income 1.

34 yuan, at least 2 in 2018.


Key points of investment: The performance of the PTA business is bright, and the company’s performance is basically in line with expectations: the company achieved operating income of 372 in the first three quarters of 2019.

40 billion, an increase of 20 per year.

66%; net profit attributable to mother 24.

$ 5.1 billion, twice a year.

10%, performance is in line with expectations.

The slight fluctuation in the quarter was initially due to a surge in PTA prices in the third quarter of last year, and the company’s profit in the single quarter of 2018Q3 was 11.

4 billion is the starting point for the company’s single quarter profit. The PTA price change in the fourth quarter of 2018 caused a negative net profit in the fourth quarter; net profit was 10 in the third quarter of 2019.

6.1 billion, profitability is already the second highest point in the company’s history.

Judging from the spread, as of 2019Q3 (September 30), the average PTA spread was 1061.

40 yuan / ton, the lowest is temporarily 16.

88%; Polyester filament POY exclusion tax is 7,600 yuan / ton, which has accumulated 31 in the past year.

22%; FDY is priced at 7,600 yuan / ton without tax, which is more than 32 at the end of last year.

14%; DTY is priced at 9,100 yuan / ton without tax, at least -27 in the past year.

78%; from the perspective of sales, the company’s polyester filament sales in the first three quarters of 2019 were 419.

69, an increase of 28 each year last year.

89%, of which POY / FDY / DTF sales were 280.

88 digits / 83.

27 digits / 55.

54 inches.

Actively promote project development and expand production capacity to realize the entire industrial chain layout: The first phase of Zhejiang Petrochemical with a 20% stake in the company is expected to be put into production in the second half of this year.In 2005, ethylene has extended into the upstream raw material PX field to realize the layout of the entire industrial chain.

In addition, the company’s existing four projects are under construction: Hengyou has an annual output of 30 POY projects, Hengyou has an annual output of 30 POY technical transformation projects for polyester, and filament civil construction is in the final stage, and some spinning equipment has been completed.Installation, polyester device is about to be put into production; civil construction of the green intelligent fiber project with an annual output of 30 is completed, and the polyester device has recently been commissioned;Construction sweeping phase.

In the future, the project will be put into production gradually, and the company’s performance can be expected.

Profit forecast and investment recommendations: The company’s operating income is expected to be 484 in 2019-2021.



9.3 billion yuan with P / E of 7.

78, 7.

39, 7.


Maintain the “overweight” rating.

Risk factors: Crude oil price volatility breaks; weak downstream terminal demand

New Beiyang (002376): The turning point in performance has reached the underestimated leader in smart devices

New Beiyang (002376): The turning point in performance has reached the underestimated leader in smart devices

The second entrepreneurship led to a significant improvement in operating conditions, and the proportion of innovative businesses continued to increase. In 2015, the company proposed that the second venture, finance, logistics and other innovative businesses gradually began to exert momentum and entered a high-speed growth period. In 2018, it was further driven by the new retail businessAchieve high growth.

Since the transition in 2015, the proportion of innovation business revenue has increased from 46% to 76%, and significant results have been achieved.

  The inflection point of the 2019H2 order recovery has reached the first half of 2019. The company’s performance has been slightly affected by the logistics and purchasing rhythm of major retail customers.

The company’s order cycle is shortened, generally within three months, so changes in the pace of customer orders will cause fluctuations in the company’s performance.

The company’s retail sales in the same period last year were too many orders for logistics business. The current period’s revenue and profit performance were relatively large.

At present, the company’s logistics customer orders are rapidly recovering, retail customer selection is advancing steadily, and new and old customer development is in line with market expectations. It is expected that the inflection point has arrived in the third quarter, and steady growth is expected to be achieved gradually.

  Innovation business opens up growth space, new customers are expected to gradually step out of the pilot and continue to be optimistic about the development of the company’s “retail + finance + logistics” innovation business, with breakthroughs in each business line’s growth space.

  The company builds products, capacity, maintenance, comprehensive competitive advantages in channels, and high business barriers.

The company has a sufficient reserve of innovative products, and new customer development is in line with expectations. In the future, it is expected to gradually 都市夜网 exit from the pilot and contribute to incremental performance.

  It is estimated to be at a historical low level. It is estimated that the repair space penetration company is estimated to be at a historical low level. From the company’s PE Band situation in the past 9 years, the current PE (TTM) is 24.

09 times, an absolute low since listing.

The inflection point of performance has arrived, and it is estimated that the repair space is joined.

  The risk reminds new customers that the risk of developing less than expected; the risk of logistics and retail customers purchasing less than expected is raised to the “buy” rating through multiple angle changes, so that the company’s reasonable estimate interval is 17.

82 yuan to 20.

42 yuan, compared to the company’s current total of 36.


00% premium space.

We expect the company to return to its parent net profit for 2019-2021.



13 trillion, profit growth rate is 29/21/20%, diluted EPS = 0.



07 yuan.

The company’s 2019H1 performance is affected by the pace of customer purchases, and orders are now recovering, with a turning point in performance.

Considering the high growth and high barriers of the company’s various business lines, the company has room for growth and is estimated to be in an absolute position.