Month: March 2020

Jacques Technology (002409) In-depth Report: Leading Semiconductor New Material Benefits from Localization of Chip Industry Chain

Jacques Technology (002409) In-depth Report: Leading Semiconductor New Material Benefits from Localization of Chip Industry Chain
Leading company in new semiconductor materials.The company deeply cultivates the field of semiconductor materials, mainly involving semiconductor core materials such as SOD, precursors, fluorine-containing gases, and silicon powder for packaging and testing, covering semiconductor cores such as semiconductor thin film deposition, etching, cleaning, packaging and testing. Downstream customers include SK HaiWorld-renowned semiconductor manufacturers such as Lux, Samsung Electronics, TSMC, SMIC, and Changjiang Storage.The subsidiary Jacques Furui, which is mainly engaged in the field of semiconductor gas transportation equipment, has won the bid for the Yangtze River Storage International Equipment Procurement Project, and cooperated with the semiconductor materials business, or extended it further.The company continues to lay out the semiconductor field and has transitioned into a semiconductor material platform company. Breakthroughs in downstream manufacturing companies have driven rapid growth in upstream materials.Driven by the tide of global semiconductor industry transfer and national policies, the domestic semiconductor industry has ushered in rapid development.Of the 62 new semiconductor wafer fabs that have been put into production worldwide between 2017 and 2020, 26 are located on the mainland.In 2019, the Yangtze River 合肥夜网 storage mass production of 64-layer 3D NAND flash memory, the Changxin storage 19nm DRAM chip mass production, SMIC 14nm breakthrough soon.China’s semiconductor manufacturing industry has gone from quantitative change to qualitative change. After heavy volume, it will drive the rapid growth of the upstream material industry.  At present, the company’s main precursors and electronic special gas global market sizes are 900 million US dollars and 36.800 million US dollars, through the launch of new mainland production capacity, it is expected to increase the precursor and electronic special gas market size of more than 200 million US dollars. Trade conflicts have accelerated the localization of materials.From the “ZTE Incident”, “Fujian Jinhua Incident”, “Huawei Incident” to “Japan-Korea Disputes” between China and the United 杭州夜网论坛 States, core technologies (chips and related equipment materials) often become the grippers of trade conflicts, and downstream related companies have gradually realizedTo the essence of the upstream material.Since the surge in trade in May 2019, downstream companies led by Huawei and Yangtze River Storage have taken the initiative to promote the localization of upstream materials, accelerate the verification progress of internal material companies, change their verification processes, and effectively accelerate the localization progress. National IC Industry Investment Fund (Big Fund) blessing.In October 2019, the second phase of the large fund was established with a registered capital of US $ 204.1 billion, a significant increase from the previous US $ 138.7 billion.As the core fund for the development of China’s semiconductor industry, the large-scale fund has basically completed the investment in the first phase, and the second phase will further promote the integrated development of the industry.  Large funds currently hold listed companies5.The 73% stake helps the company’s long-term development in the semiconductor industry. The volume of LNG insulation materials continued to increase, and the flame retardant business may resume.Following the 2018, the company and Hudong Zhonghua Shipbuilding Group advanced 3 total values in advance1.04 billion LNG carrier ship after the contract of reinforced polyurethane insulation board.In 2019, the company once again cooperated with Hudong Zhonghua Shipyard for ten years, with a total value of 4 items1.With a contract of 300 million yuan, the volume of products continues to increase.In addition, the company signed a cooperation agreement with Dalian Shipyard, which is expected to provide new increments.  Affected by the explosion in northern Jiangsu, Xiangshui Jacques has been in production suspension, and the company’s flame retardant business continued to decline.  The company is actively rectifying and upgrading, and is currently applying for resumption of production. The flame retardant business is expected to gradually recover. “Buy” investment rating.It is predicted that the company’s net profit will be 2 in 19-21.6.9 billion, 3.4.7 billion and 4.5.3 billion yuan, EPS is 0.58 yuan, 0.75 yuan and 0.98 yuan, corresponding to 31/24/18 times the PE.As a leading domestic semiconductor new material company, the company benefits from the localization of the semiconductor industry and gives a “buy” rating. Risk warning: the development of semiconductor materials exceeds expectations, and the flame retardant business is not up to expectations.

Yangnong Chemical (600486): M & A expands and introduces concerns about the integration of agrochemical industry chain to enhance the value of the company

Yangnong Chemical (600486): M & A expands and introduces concerns about the integration of agrochemical industry chain to enhance the value of 佛山桑拿网 the company

Event: On June 7, 2019, Yangnong Chemical issued a major asset purchase announcement for Sinochem Crops and Shenyang Sinochem Pesticide Chemical Development Co., Ltd. (Agricultural Research Corporation for short).

1.3 billion cash acquired 100% equity of Sinochem Crops and 100% equity of Agricultural Research Corporation, and the counterparty was Sinochem International.

The single-subject total non-net profit performance commitment for the three years 2019-2021 is 2.

9.7 billion.

Comments: 1.

The price is fair, in line with the goal of deep reform of state-owned enterprises.

The cash purchase does not dilute the minority shareholders’ equity, and the purchase price corresponds to an annualized PE of 9.

2 times, corresponding to 1 PB.

8 times.

If the transaction is completed, Sinochem International’s agrochemical-related assets will be concentrated in Yangnong Chemical, and Yangnong Chemical’s single and single drug manufacturing company will be transformed into a centralized research, production, and sales integrated industrial chain professional pesticide business management platform.Promote the increase of industry concentration, enhance the company’s scale advantage, and enhance its competitiveness.


Complementary industry chains, varieties, R & D resources, sales networks and customers are complementary.

The distribution and trade of major pesticide products such as Sinochem Crops Parent Company and its subsidiaries Sinochem Agrochemicals and Sinochem Crops Singapore will become a rich and extended pesticide sales channel for listed companies.

The main products of Sinochem Crops Shenyang Kechuang include mesotrione, imazapyr, and pyrrolidone. It has two production platforms, Shenyang Kechuang and Nantong Technology. The products, production platforms and customers are highly complementary to Yangnong Chemical.
The agricultural research company is mainly engaged in the research and development of military innovative original drugs. It has a comprehensive domestic new pesticide creation system, and has the National Engineering Center for Pesticides and the only national key laboratory for new pesticide creation and development in China, Flumorph, Tetrachloropyramid,Ethiazole, formaldehyde, nitric acid and other invasive products have excellent effects.


1 + 2> 3, the synergy effect is obvious, which helps the company’s long-term development.

The two companies include the entire industrial chain of R & D, production, preparation, and sales. After the transaction is completed, the research and development aspect will greatly enhance the company’s innovative original drug research and development capabilities.To expand the company’s domestic and overseas preparation distribution channels, the company’s Rudong preparation project sales are expected to be resolved. Combining the advantages of the company’s original drugs such as permethrin, a strong combination will effectively promote the company’s long-term development.

Profit forecast: As the acquisition still needs the approval of the regulatory agency and the shareholders’ meeting, we will not consider the impact of the acquisition on the company’s performance for the time being. We maintain our profit forecast for 19-21 and estimate that the net profit for 19-21 will be 13.

71, 16.

46, 18.

22 trillion, EPS is 4.


31, 5.

88 yuan with a target price of 70.

88 yuan, corresponding to 16 times PE in 2019, maintain “Buy” rating.

Risk reminders: production safety risks, the risk of falling prices of products such as pyrethrin, the risk of weakening downstream demand, the risk of raw material prices, the failure of the promotion of dicamba-resistant genetically modified crops to meet expectations, the risk of failure to approve acquisitions, and the risk of deterioration of the underlying performanceThe risk that the integration of the target is less than expected, the risk of Sino-US trade disputes, and the risk of exchange rate fluctuations.

Changchun High-tech (000661): Quarterly change without change in core business

Changchun High-tech (000661): Quarterly change without change in core business
Interim results were slightly lower than expected, maintaining a “buy” rating of 1H19 to achieve revenue of 33.900 million yuan (+23.4% yoy), net profit attributable to mother 7.300 million (+32.6%), deducting non-net profit 7.200 million (+39.5% yoy), the profit growth of the pharmaceutical business after replacing real estate is about 25%, and then we expect a growth rate of more than 30% (mainly due to the high base of Kinsey 2Q18 and the stagnation of the vaccine factory relocation approval). We slightly lowered the company’s EPS from 19-21 to 8.04/10.42/12.74 yuan (previous forecast 8).14/10.56/12.94 yuan, excluding the impact of Jinsai reorganization on EPS), the corresponding net profit attributable to mothers is 13 respectively.7/17.7/21.7 trillion, the current price corresponds to 20 years of PE33.0 times, if considering the consolidation for 20 years, the net profit attributable to the mother in 20-21 will be 24.1/29.60,000 yuan (based on the direct share capital after reorganization, PE 28 for 20 years.9x), maintain BUY rating. Kinsey: Differences in base numbers and recognition rhythms led to sudden growth in quarterly growth. Kinsey Pharmaceuticals achieved revenue 21 in 1H19.400 million (+ 42% year-on-year), net profit attributable to mother 5.800 million (+ 48% yoy), we believe that Kinsey can gradually achieve a growth rate of about 45% in 19 years: 1) According to market surveys, the growth rate of pure sales in 2Q19 is slightly slower than 1Q19 (mainly due to the large base in 2Q18).However, the growth rate of Kinsey ‘s overall sales of growth hormone is in the 40-50% range; 2) an increase in sales teams (currently over 1600 people), infiltrating more than 2,000 prescription doctors, increasing per capita yield; and 3) re-registration of long-acting growth hormoneFor approval, we expect to increase the overall gross profit margin with the use of electronic pens after the launch of cassette 北京夜生活网 bottles in 19 years. Hundred grams: The batch of vaccines issued is stagnant, and nasal spray is expected to carry out production inspection in August. Hundred grams of income will be achieved in the first half of the year.1ppm (-29% yoy), net profit attributable to mother 0.400 million US dollars (-31% year-on-year), the current batch of vaccine industry issuance is tightening (according to the data of the China Institute of Inspection and Quarantine, 1H19 frantic vaccine issuance is reduced by more than 29%, vaccinia reduction is reduced by 44%), and the company ‘s plant relocation and relocation throughput is reduced (The new vaccination plant has been put into production).Considering the rigid demand for vaccinia and mad seedling growth, we expect the 2H19 batch issuance to resume growth, and the on-site inspection of the nasal spray vaccine in August is expected to be approved during the year. It is expected that the performance of 100 grams will return to the same period last year. Real estate: The delivery of high-end commercial houses contributed substantial cash flow to the settlement profit of the real estate business in the first half of the year1.2 ppm, mainly due to the delivery of high-end commercial buildings (the actual business profit settlement of the same period last year was 0.6.3 billion).For the current project, the owner of the Huiyuan project has completed the first phase; the second phase of the Junyuan project has been fully completed and the third phase design has been completed; the main construction of the hotel and the office building B of the Kangda Old City Renovation Project are progressing as planned.It is expected that the high-end transformation of the real estate business will accelerate, with an initial contribution of approximately 1.400 million profit. Risk reminders: The reconstruction plan is blocked, the price of water injection is lowered or sales are not up to expectations, vaccine capacity recovery and new product launches are up to expectations.

Taste determines the health of your five internal organs

Taste determines the health of your five internal organs
“Acid into the liver, bitter into the heart, sweet into the spleen, Xin into the lungs, salty into the kidneys”, according to the theory of Chinese medicine, the five flavors correspond to the five internal organs.This sentence means that Wuwei is not only the main nutrient source of the five internal organs, but also regulates the corresponding internal organs.The daily diet is properly matched and the flavors are reconciled, which can nourish the viscera, bones, and blood, which is beneficial to the healthy operation of the body.If the diet is excessively partial to a certain taste, and the corresponding visceral function is impaired, the boots may induce disease.It can be said that taste is the “touchstone” for normal and monitoring the health of the viscera.  Acids hurt the liver.Sour food has astringent, astringent, Shengjin, appetizing and other effects. When eaten properly, it is good for the human body, but if too much acidophilic, it will lead to liver loss and 苏州夜网论坛 evacuation.At the same time, the theory of five elements of traditional Chinese medicine believes that the liver belongs to wood and the spleen belongs to the soil. After eating sour foods, the liver qi is too strong.The most typical symptom is that if you eat more sour foods, your stomach will become sour.  Bitter and sad.Bitterness can clear the heart and relieve anxiety, purging fire and purging, and eating a small amount of bitter food can increase appetite and promote digestion.In Chinese medicine, if you prefer bitterness, it is mostly a manifestation of internal anger, common symptoms include palpitation, palpitations, insomnia, dreams, sores at the corners, and red tongue.  Gandu hurt the spleen.”Sweetness” in Chinese medicine is what we often call “sweet.”Appropriate consumption of sweet foods can nourish qi and blood, but it is easy to form a phlegm-damp constitution.Phlegm dampness and hypertension are the “source of all diseases”, because phlegm dampness can easily trap the spleen, and the spleen qi is weak and can not be transported. It appears obese, the stool is sticky, and the tongue is thick and greasy.At the same time, people with a wet phlegm constitution are also prone to diabetes, cardiovascular and cerebrovascular diseases, tumors and other diseases.  Sindo hurt his lungs.Xin into the lungs, you can declare lungs, nasal congestion, nasal congestion, runny nose and other complications, but if you prefer spicy, it will easily lead to excessive lung air release, resulting in dissipation of air.This is why people who like spicy food often feel dizzy and tired.Over-eating spicy food can also easily stimulate the increase of gastric acid secretion, causing evidence of heartburn (expressed as burning, heartburn).  Salty hurts the kidneys.Salty foods and drugs have vomiting, laxative, and nourishing effects.For example, the Chinese medicine Cistanche is sweet and slightly salty. It is commonly used clinically to treat kidney yang deficiency, waist and knee weakness caused by insufficient essence and blood, cold hands and feet, and intestinal dryness and constipation.However, eating too much salty paralysis damages the kidneys, causing kidney qi or other renal dysfunctions, such as back pain, decreased sexual desire, and reduced fertility.  It can be seen that “eating well” is very important for regulating health.Here are some suggestions for your diet: 1.Foods of any taste should be eaten appropriately. Do not approximate a certain taste or not eat a certain taste.2.Make use of the rule of “five flavors and five internal organs” to make diet and health care, a small amount, the main “collection” in autumn, is the season of lungs, the diet must “reduce Xinxin acid”, reduce the risk of Xinji injury lungs, increase the “acid” convergenceAstringent effect.3.Choose “taste” dialectically.For different constitutions, you can appropriately increase the proportion of a certain taste based on the balanced taste based on the doctor’s advice.For example, sweet foods such as jujube have the effect of replenishing qi and blood. People who are deficient in qi and blood can eat a moderate amount of dates every day; bitter foods can clear their minds, and people with a strong heart in summer can eat bitter melon to relieve their irritability.▲

Marubeni (603983) 2019 Third Quarterly Report Review: Single Quarter Revenue and Profit Growth Accelerates E-commerce Channel Improvement

Marubeni (603983) 2019 Third Quarterly Report Review: Single Quarter Revenue and Profit Growth Accelerates E-commerce Channel Improvement

Event: The company released the third quarter report of 2019.

Comments: The performance is in line with expectations, and both revenue and profit have increased rapidly. From January to September 2019, the company 北京夜生活网 achieved operating income12.

12 trillion, 10 years growth +14.

77% in 2019Q3 realized operating income3.

97 ppm, a +10 increase over ten years.

28%, an increase from the previous two quarters.

On January 9, 2019, the company realized net profit attributable to mothers3.

59 trillion, +52 in ten years.

26%, net profit after deduction to mother 3.

09 million yuan, an increase of 40 in ten years.

24%, of which non-recurring gains and losses mainly include government subsidies of 3,616.

450,000 yuan and investment income of 2195.

70,000 yuan.

Due to the company’s continued fine control over the first two quarters, the sales expense ratio in Q3 2019 gradually decreased to 32.

16%, accelerating the growth of net profit after deductions.

The main brands continued to promote high-end, and the growth rate 重庆桑拿网 of e-commerce channels improved.

At the report level, the main brand Yaomei continued to strengthen its brand building and comply with the trend of high-end, vigorously promote the MARUBI TOKYO series offline, and further strengthen the competitiveness of Shimaru in the high-end anti-aging field.

In addition, while stabilizing the eye cream ace, Marubeni has increased the intake of essences, and strives to capture the high growth outlet of essences.

The sub-brand Chunji is repositioned as a cutting-edge Internet brand, trying to create explosive products with social attributes, opening up the young consumer market.

The Lianhuo brand has fully upgraded counters and products. In 2019, it will launch a new series of imported high-end products imported from Korea. The makeup layout is ready to go.

In terms of channels, the company increased its investment and emphasis on e-commerce channels. In the third quarter, the growth rate of e-commerce was significantly accelerated compared with the previous two quarters.

Among offline channels, department store channels and beauty salon channels all maintained medium-to-high-speed growth.

Investment advice and profit forecast The company is one of the few domestic brands whose major brands are positioned in the mid-to-high end. The differentiated flagship eye cream and anti-aging are in line with the general trend of high-end consumption upgrade in the industry.

On the whole, the company’s past product and marketing integration has established a “Marumi” alternative brand power, and the growth space of single brands is still involved, raising EPS to 1 in 2019-2021.



76 yuan / share, PE50.



38. Maintain “Buy” rating.

Risks suggest that the industry’s prosperity is declining, competition in the brand market is intensifying, and new brand incubation is not up to expectations.

Guizhou Moutai (600519) Incident Review: First-quarter results beat expectations

Guizhou Moutai (600519) Incident Review: First-quarter results beat expectations
Event: The company issued an announcement. After preliminary accounting, the company’s total operating income in the first quarter of 2019 increased by about 20%, and the net profit attributable to shareholders of listed companies increased by about 30%. Comments: Q1 performance exceeded expectations.It is expected to achieve a total operating income of 220 in the first quarter of 2019.7 trillion yuan, realizing net profit attributable to shareholders of listed companies.About 600 million.At the same time, Moutai Group also disclosed the operation of the first quarter on its official website.In the first quarter, Moutai Group achieved sales of 25.7 billion U.S. dollars, an increase of about 21% year-on-year, and completed 26% of the annual plan; realized a profit of 11 billion U.S. dollars, increased 31%, and completed 24% of the annual plan; realized taxes of 11.4 billion U.S. dollars, an increase of 19%, Completed 27% of the annual plan; realized a labor output value of 24.7 billion US dollars, a year-on-year growth of 25%, and completed 25% of the annual plan; among them, the performance of other subsidiaries was outstanding, and the sales of sauce and liquor companies increased even moreThe sales of wine companies increased by 26% each year, and the revenue of wine 北京夜网 companies increased by 67% in ten years. Multiple reasons led to the unexpected growth in the first quarter.The company’s first-quarter results are expected to exceed expectations mainly due to: (1) The increase in direct sales volume and its proportion increased.The number of Moutai liquor dealers decreased by 437 in 2018.The company plans that in the future, Moutai will no longer add new stores, special dealers, and general dealers, and will focus on expanding direct sales channels.(2) The amount of non-standard wines increased.(3) The series of wine keeps increasing rapidly.In the first quarter, the sales volume of sauce-flavored series wines exceeded 2 billion yuan, an annual growth rate of 26%; in 2018, the series wines achieved sales2.98 digits, 80 income.7.7 billion yuan.The start of the year will be achieved in 2019, and the sales target of 10 billion will be achieved in 2019. The delivery volume has maintained a steady increase.Total sales in 2018 6.In 22 years, it increased by 3 every year.54%; of which Moutai sales 3.In the month of 25, the annual growth rate is 7.48%; sales of series of wine 2.98 First, it drops by 0 every year.43%.The total output in 2018 was 7.02 First of all, increase by 10 every year.08%; the output of Moutai is 4.In 1997, it grew by 15 per year.98%; series wine production 2.In May, it fell by 1 every year.98%; inventory is 23.65 years, with an annual increase of 0.twenty two%.2019 Moutai plan to sell 3.Around 1, it will expand its investment in direct sales channels. Maintain recommended level.The company’s EPS for 2019-2020 is expected to be 33.7 yuan, 39.3 yuan, corresponding to PE and 25 times and 22 times.The company’s performance is expected to maintain steady growth and maintain the recommendation level. risk warning.Food safety issues, sales fall short of expectations, etc.

Hengli (600346): Rising PX price drags down performance and refinement results are on the horizon

Hengli (600346): Rising PX price drags down performance and refinement results are on the horizon

Event description: On April 30, 2019, Hengli (600346) released the 2019 first quarter report.

The company achieved operating income of 150 in the first quarter of 2019.

53 ppm, an increase of 29 in ten years.

9%; net profit attributable to mother is 5.

06 billion, down 54 every year.


The initial decline in profits is due to the event that the price of PX has exceeded expectations and financial costs have increased. Comment: Efficient operation opens up the entire refining and chemical process, and Hengli enjoys the first-mover advantage.2018年 年12月15日启动常减压装置的投料试车,仅用时4个月于2019年3月24日就打通全流程,顺利注入汽油,柴油,航空煤油,PX等产品。
This project is the fastest advancing project among private refining and chemical projects. The company will enjoy first-mover advantage and take the lead in realizing the whole industry chain development model of “crude oil-PX-PTA-polyester”.

The scale of the company can fully enjoy the profit increase of 450 tons / year PX of refined products, and supply its own polyester industry chain. At the same time, it can also improve the overall profitability through refined oil and other chemical products.

PTA profit recovery, the company will greatly benefit the company in the first quarter of 2019 PTA realized revenue 91.

600 million, accounting for 60% of operating income.


The average price of PTA in the first quarter of 2019 was 5,540.

42 yuan / ton, up 11 before.


But because its raw material PX average price is 7374.

94 yuan / ton, an increase of 19 in ten years.

55%, dragging down its performance.

At present, the price of PX is in a downward channel and the company will benefit.

The company now has a 660 budget / year PTA capacity. In addition, the company’s PTA-4 and PTA-5 250 power station projects are each under construction. After completion in 2020, the company’s total PTA capacity will increase to 1160 / which will help the company to further strengthen its scale and cost.Competitive Advantage.

We expect that as a large number of refining and chemical plants are put into production, the price center of PX will gradually decline and move downward, the profit of the PX-PTA-polyester industry chain will be redistributed, and PTA will help to benefit.

At present, PTA profit is accompanied by a decline in the price of PX into the increasing channel. Until April 30, the PTA spread was 1568 yuan / ton, a month-on-month increase of 44.

6%, a quarter-on-quarter increase of 76.


The high profitability of PTA will drive the company’s performance growth.

Polyester filament market rebounded and profits picked up The company’s main product for civilian polyester filaments was FDY, with 29 sales in the first quarter of 2019.

In 2005, the sales volume of industrial polyester filament was 3.

69 ounces.

The average molecular weight of civilian polyester filament is 10189.

3 yuan / ton, up 0 before.

79%; the average formaldehyde of industrial polyester filament is 11,155.

43 yuan / ton, down 8 before.


The gross profit margin of the company’s products far exceeds the industry average, and the differentiation strategy is effective.

Polyester filament is directly facing the consumer side, and its profitability is expected to remain high as demand picks up.

Investment suggestion: We believe that the company is the leader of the polyester industry 无锡桑拿网 chain. The smooth commissioning of refining and chemical projects will significantly improve performance and firmly believe in the company’s long-term development.

It is estimated that the net profit attributable to mothers in 2019/20/21 will be 72.


80,000 yuan, the corresponding EPS is 1.



67 yuan, corresponding to PE is 11.



4 times, maintaining “strongly recommended” level.

Risk reminders: Inventory losses caused by a sharp drop in oil prices; lower than expected downstream demand; poor sales of refined oil products; and less than expected construction progress of other projects.

Yuyuan Garden (600655): Interim report results show steady growth; gold and jewelry business stores have doubled profit growth

Yuyuan Garden (600655): Interim report results show steady growth; gold and jewelry business stores have doubled profit 南京夜网 growth
The company issued 19 Interim Reports: 19H1 revenue (adjusted) 196.$ 5.3 billion / + 34.62%, mainly due to the increase in operating income of the jewellery and fashion business and the delivery of property development projects.Net profit attributable to mother (adjusted) 10.2.1 billion yuan / year-on-year +9.31%, net of non-attributed net profit (adjusted) 8.8.7 billion / + 313.43%, mainly due to the increase in the proportion of operating profit during the reporting period, and the current net profit and loss of subsidiaries arising from business combinations under the same control in the first half of 2018 were non-recurring gains and losses, and the performance growth basically met expectations.The company’s 19H1 net operating cash flow was 26.28 ppm (previous year was -11.300 million), mainly due to increased cash flow from the sale of goods and development of properties.2) 19Q2: Realized revenue (adjusted) of 115.47 ppm / + 31.56%, net profit attributable to mother (adjusted) 6.19 ppm / -19.36%, net of non-attributed net profit (adjusted) 6.19 ppm / + 1261.87%. The revenue and profit of the gold jewelry business both increased brightly, and the comprehensive gross profit margin of the same caliber in 19H1 increased and increased3.03 singles.Compared with the same caliber, the company’s comprehensive gross profit margin was 19H1.93% / + 3.03pct, the short-term increase is mainly due to the increase in income and profits caused by rising gold prices in the gold jewellery sector, and the continued expansion of the catering sector.① Jewellery Fashion: The total net increase of 327 stores in Lao Temple and Yayi in 19H1 achieved accelerated expansion, and the number of stores increased to 2,417 in the middle of 19 years (among which, 2224 franchised stores).In 19H1, the jewellery and fashion business achieved an operating income of 100.95 ppm / + 15.91%, gross margin is 7.79pct / + 0.95pct, to achieve a net profit of 2.89 ppm / + 45.32%, mainly due to the company’s completion of the acquisition of the IGI project in 2019, and it is expected that the sales channels will be further developed;6.7 billion / + 18.41%, gross margin is 84.80% / + 1.46%; ③ catering management and services: operating income 3.9.4 billion / year +45.55%, mainly because the company completed the acquisition of Suzhou Songhelou project in August 2018.The gross profit margin is 65.53% / + 0.31 points; ④ Medicine: operating income 1.USD 5.9 billion / year-on-year.33%. The gross profit margin is 20.78% / + 0.21 points; ⑤ Business operation management and property leasing services: operating income 2.8.2 billion / + 44.54%, mainly due to new business management projects undertaken in this period.The gross profit margin was 74.45% / + 0.88pct; ⑥ Property development and sales: operating income 81.48 ppm / + 71.78%, mainly affected by changes in the settlement of property development projects.The gross profit margin is 26.95% / + 2.75 points; ⑦ culture food beverages and commodities: operating income 0.92 ppm / + 16.51%, gross margin is 37.63% / + 3.68 points; ⑧Other: Operating income 0.15 ppm / YoY-58.85%, gross margin is 12.99% /-23.01pct. During the 19H1 period, the expense ratio increased slightly due to the merger and acquisition, and the net interest rate decreased slightly.66% / + 0.91 points.Preliminary view: 19H1 sales expense ratio 3.47% /-0.19 points; administrative expense ratio 5.46% / + 0.67 points, mainly due to the increase in management expenses caused by the expansion of the business scale of mergers and acquisitions, etc .;72% / + 0.43pct, mainly due to the increase in financing costs over the same period last year.19H1 net interest rate 7.04% / + 0.59 points.2) 19Q2: The expense ratio during the period is 9.28% /-2.42 points.Preliminary view: 19Q2 sales expense ratio 3.48% / + 0.02pct; management expense ratio 4.74% / + 1.19 points; financial expense ratio 1.06% / + 0.17 points.Net profit margin for the second quarter of 19 8.61% /-0.27 points. It is planned to introduce two equity incentive plans again to restrict core executives to favor mid-to-long-term companies and achieve steady growth in performance.① On August 27, the company released the “Employee Incentive Plan 2019” for 50 company executives, middle managers and core operations managers of subsidiaries, and planned to grant 3.65 million shares of stock expenditure to the incentive objects (accounting for total0 of share capital.094%), the exercise price is 8.62 yuan / share, the third period of exercise conditions for 2018?The 21 year return to net profit attributable to mothers is consistent with a growth rate of not less than 12%; ② On August 27, the company also released the “2019 Annual Stock Stock Incentive Plan” for 41 senior executives, middle management personnel, etc.Subject granted no more than 301 additional shares.80,000 shares (accounting for 0 of the total share capital).078%), the grant price is 4.31 yuan / share, the third phase of the lifting of the ban is the 2018-2021 return to the mother’s net profit does not increase more than 13.2 billion US dollars. Core logic: Asset reorganization, good products + industry synergy promote the growth of century-old jewellery and rejuvenate.① The company’s jewelry fashion business in 19 years, the speed up of the exhibition shop + the expansion of the catering business category expansion + the steady development of the tourism business + the fashion landmark business’s 3-year performance commitment to help the company’s overall performance benign growth.② Fosun Group’s second increase in shareholding in July 18 achieved absolute control of the company. The major shareholders’ resources tilted to help the company expand its capital operation space, assist the company to effectively organize the management system and system, and help the company’s consumer business acquisition and outlet setup in a variety of formats.Synergy effects increase flexibility for corporate management mechanisms.③ Multiple equity incentives are tied to core executives, and exercise conditions are tied to a compound growth rate of the company’s performance in 2018-22 of not less than 12%, which is expected to achieve a good binding for the company’s stable growth in the next 3 years. Investment recommendation: “Buy-A” rating.After 18 years of integration and adjustment, the company will be driven by the jewellery and catering business drive + equity incentive binding + real estate business gambling drive in the next three years.We expect the company to return to its parent net profit for 2019-2021.900 million, 39.800 million, 45.400 million, a growth rate of +15.5% / + 14.2% / + 13.9%.Give 6-month target price of 12.20 yuan. Risk reminders: The jewellery market is declining, gold prices are rising, industry competition is intensifying, the expansion of franchising channels is not as expected, and the consumer’s spending power is weakening.

Pritt (002324): Gross Margin of Automotive Materials Improves Third-Quarter Performance

Pritt (002324): Gross Margin of Automotive Materials Improves Third-Quarter Performance

The third quarter of 2019 results exceeded our expectations for the company’s third quarter of 2019 results: revenue 9.

37 ppm, an increase of 1 per year.

98%, an increase of 22 from the previous month.

1%; net profit attributable to mother is 52.28 million yuan, corresponding to zero profit twice.

1 yuan, an increase of 568% per year, an increase of 49% from the previous quarter, exceeding expectations, basically the continuous improvement in the order of automotive materials, the gross profit margin improved.

Leading company’s comprehensive gross profit margin 19.

4%, an annual increase of 3.

3ppt, net profit margin 5.

6%, an increase of 4 per year.


  The development trend focuses on the main industry of automotive materials and grasps the development direction of new energy vehicles and lightweight.

Affected by the downturn in the domestic auto market, the company’s sales in the first half of the year showed a certain margin, but the main orders and the situation in the second half of the year have improved, a slight increase compared to the same period last year.

The fluctuation in the price of polypropylene, the main raw material, caused by fluctuations in international crude oil prices. At present, the average internal price of polypropylene is 9,177 yuan / ton, which has accumulated 18% over the same period in the past year. The gross profit margin has improved.

The company vigorously promotes the internationalization process, completes the technical output to the US subsidiary WPR, continues to advance the North American local production process of PRET materials, responds to the development direction of the automotive industry structure, and continuously expands the global market.

  It is planned to acquire Dorsett Group to open up the upstream and downstream industrial chains, to achieve complementary resources and increase profitability.

  Dorsett Group is a professional supplier of anti-aging chemical auxiliary products and services for polymer materials. The main products are UV absorbers (a kind of light stabilizer), which are mainly used in polymer materials such as plastics, coatings, rubber, cosmetics, etc., Is the leader of domestic UV absorbers, complements the company’s polymer new material products and composite materials business, achieves synergy effects while controlling costs, and realizes industrial integration.

According to the company’s plan, the first phase of the Dorsett Group’s Fujian plant ended its operation ahead of schedule, and the second phase of the plant was commissioned before the end of 2020, and the company expects to reduce costs and increase profit contributions by that time.

  LCP products have been accumulated and developed, focusing on the development of 5G communications and military applications.

The company uses automotive composite materials as the main channel, special chemicals and special engineering materials as the wings, and military new material 北京夜网 applications as the driving force.

After more than ten years of industry accumulation and industrial foundation, the company is looking for high value and growth parts of the quasi-LCP industry chain. The company plans to research and develop with LCP film, LCP fiber, 3D printed LCP materials, special injection molding, etc.

  Earnings forecasts and estimates Based on the improvement in gross profit of the automotive new materials business, we raised the net profit for 2019 and 2020 by 55% and 54% to 0.

30 yuan and 0.

37 yuan.

Currently corresponds to 40 in advance.

1x 2019 P / E ratio and 32.

8 times 2020 price-earnings ratio.

Maintain outperform rating and raise target price by 25% to 15 yuan, corresponding to 49.

5x 2019 P / E and 40.

5 times 2020 price-earnings ratio, 23% upside compared to the same period last year.

  Risks Downstream demand continues to weaken, crude oil prices have risen sharply, and industry estimates have shifted the hub down.

Liuyao shares (603368) 2019 third quarterly report review: rapid growth of high gross profit business profitability

Liuyao shares (603368) 2019 third quarterly report review: rapid growth of high gross profit business profitability

Event: The company released the third quarter report of 2019, and achieved revenue of 111 in 1Q1-3.

10,000 yuan (+27.

5%), net profit attributable to mother 5.

4.8 billion (+40.

1%), deducting non-attributed net profit 5.

4.1 billion (+38.


Operating net cash flow was -5.

9.2 billion yuan.

The performance exceeded our expectations and the market.

Opinion: The growth rate of income has improved, and collection of collections has been strengthened.

In a single quarter, the revenue in the third quarter of 19 was 39.

100 million yuan, an increase of 22 a year.

5%, about 2Q19 exceeded the value-added 35.

9% improved.

We believe that the performance is mainly related to the company’s valuable sales receipts and conscious control of the pace of sales growth of the wholesale business.

In the third quarter of 19, the company’s operating net cash replaced 2.

300 million in sales growth of 22.

The reduction of cash under the 5% situation also shows that the company is consciously adjusting the collection of collections.

Profitability has further improved, and high-margin businesses are expected to perform well.

In the third quarter of 19, the company achieved a gross profit margin of 12.

8%, an increase of 2 per year.

4pp, mainly contributed by the rapid growth of high-margin business such as distributed equipment and supplies, industrial and retail.

Among them, Wantong consolidated and Xianzhu Chinese medicine sales volume are the main driving forces for the rapid growth of industrial business, while the rapid growth of retail business is mainly due to the rapid deployment of DTP drug stores, and the Wuzhou model has been actively promoted in Guangxi by many companiesresult.
The sales expense ratio and management expense ratio for the third quarter of 19 were 2 respectively.

7% and 2.

2%, each increase by 0.

3pp and 0.

4pp, mainly due to the impact of higher expense ratios during high-margin business.

Financial expenses 成都桑拿网 in the third quarter of 19

0%, a year to raise 0.

5pp, the rapid improvement, mainly related to the rapid rise of the company’s short-term growth scale.

Overall, the company’s high gross profit margin business continued to maintain rapid growth and its profitability continued to improve.

High gross profit business performed well and profitability improved. Maintain “Buy” rating. Considering the company ‘s performance exceeded expectations, we raised the company 19?
The 21-year EPS is 2.



84 yuan (was 2).

72 yuan), the current price corresponds to 19?
21 years PE is 13/11/10 times.

The company’s high gross profit business continued to grow rapidly to promote the improvement of profitability, and the performance growth was more stable. At present, the company is expected to continue, 杭州桑拿 maintaining the “Buy” rating.

Risk reminders: 1) The risk of price reduction with volume purchases; 2) The integration of Wantong Pharmaceutical, Youhe Ancient City does not meet the expected risk.