Yunnan Baiyao (000538): Clearing channel inventory performance meets expectations

Yunnan Baiyao (000538): Clearing channel inventory performance meets expectations

The event company released the 2018 annual report. In 2018, the company achieved operating income.

08 million yuan, 33.

07 ppm and 29.

1.8 billion, an increase of 9 each year.

84%, 5.

14% and 4.

91%, realized profit 3.

18 yuan, on the one hand, operating cash flow2.

53 yuan, basically in line with our navy’s expectations.

The company plans to use the total share capital at the end of 201810.

4.1 billion shares are the base number, and a cash dividend of 20 per 10 shares is distributed to all shareholders.

00 yuan (including tax), a total of 20 cash dividends were distributed.

8.2 billion.

Brief comment on streamlining channel inventory and overall steady growth. In 2018, the company’s pharmaceutical division realized operating income of 45.

30 ppm, an increase of 2 per year.


We estimate that the company ‘s pharmaceutical business unit made a slight change in the first three quarters by cleaning up the channel inventory, and the pharmaceutical business unit in the fourth quarter of 2018 achieved a recovery.

Benefiting from the 2018H1 drug price increase, the parent company’s profit-side growth rate in 2018 was 18%, exceeding the income-side growth rate by 10%.

In 2018, the company’s health products division achieved operating income44.

67 ppm, a ten-year increase4.


We estimate that the company’s health product channel inventory control is good and the terminal growth rate is good. Step by step, we can see that the health product has a certain degree of control over delivery.

In 2018, the company’s Chinese Medicine Resources Division achieved revenue13.

67 ppm, an increase of 20 in ten years.


In terms of products, in 2018, the company launched new product systems covering natural pectin, concentrated stock solutions, compound fruit and vegetable fermentation drinks, and health creams.

Exploring new retail models on channels, expanding 8 physical stores, and building self-operated channels to mainly expand online sales platforms.

The new product + new retail model is expected to ensure that the business unit will continue to grow in the future.

In 2018, the provincial pharmaceutical company realized operating income of 163.

33 ppm, an increase of 12 in ten years.


Commercial sector companies are closely surrounding the market and actively respond to changes.

Gradually establish joint ventures with small and medium-sized distributors at the county level in the province to continue to cultivate the Yunnan market to increase market share, transform, implement customized services for medical institutions at and above the county level, and effectively consolidate existing channel advantages.

In addition, the company actively explores the market of hospital stores, undertakes the business of hospital stores, undertakes the market share of prescription outflows, explores new models such as slow / special disease medical insurance pharmacies and DTP pharmacies to help the development of the pharmaceutical business sector.

Adhere to high dividends and continue to give back to shareholders in 2018, the company plans to use the total share capital of 10 at the end of 2018.

4.1 billion shares are the base number, and a cash dividend of 20 per 10 shares is distributed to all shareholders.

00 yuan (including tax), a total of 20 cash dividends were distributed.

820,000 yuan, the remaining undistributed profits are reserved for future years.As of the end, the company has received dividends from shareholders and investors for 24 consecutive years, and has become one of the listed companies with the highest shareholder returns in Shanghai and Shenzhen. Long-term holdings will yield generous returns.

Expenses are better controlled, 杭州桑拿养生会所 financial indicators are basically normal in 2018, and the company’s comprehensive gross profit margin is 30.

55%, a decrease of 0 from the middle report.

64 units, mainly due to the increase in the proportion of low-gross commercial income, the industrial gross profit margin is normal, and the sales expense expenditure14.

68%, a decrease of 0 per year.

47 units.

Management expenses

17%, a decrease of 0 per year.

Forty-two in total, the cost was better controlled; the amount of accounts receivable increased by 50.

22%, mainly due to the increase in receivables of the provincial pharmaceutical company; inventory increased by about 1.4 billion, mainly due to the increase in the inventory of provincial pharmaceutical companies; the net cash flow from operating activities increased by 127.

55%, mainly due to bills receivable, the cumulative increase in cash flow faster than the increase in expenditure.

Net cash flow from operating activities matches net profit.

Other financial indicators are basically normal.

Earnings forecast and investment rating In the short term, the company has absorbed and passed the review of the Securities Regulatory Commission. The employee shareholding plan has been voted through the shareholders’ meeting in an attempt to welcome the restored growth after the channel adjustment. In the long term, the implementation of major asset restructuring will injectThe new vitality brings continuous improvement of the integrated incentive mechanism and the development of outreach M & A, opening a new chapter in the development of the company.

We expect the company to achieve operating income of 265 in 2018-2020.

05 ppm, 300.

04 ppm and 341.

6.3 billion, net profit attributable to mothers was 33.

9.1 billion, 38.

06 ppm and 43.

1.3 billion, an increase of 7 each year.

8%, 12.

2% and 13.

3%, equivalent to 2 respectively.

66 yuan / share, 2.

98 yuan / share and 3.

38 yuan / share, maintain BUY rating.

Risks prompt fierce competition in the consumer goods industry; new shareholders and management team run in longer than market expectations; outbound M & A progress and intensity are difficult to predict;

Shanghai Airport (600009): Analysis of the genetic code of the long distance running champion

Shanghai Airport (600009): Analysis of the genetic “code” of the long distance running champion

Key 成都桑拿网 points of the report: The long-distance running athlete of the transportation industry, Shanghai Airport, is the most long-distance running champion in the transportation sector, and achieved a compound annual return rate of 21 from 2010 to 2018.

6%, leading the transportation sector; Among the A-shares with a market value of more than 20 billion in 2010, Shanghai Airport ranked fourth in the annual compound yield, trailing only Hikvision, Gree Electric, and Maotai in Guizhou.

“Seven points depend on performance, three points depend on estimation.” Performance is the core of its long-distance running champion temperament.

The combination of “can make money” and “sustainable money” means that Shanghai Airport, a “good business”, cannot be duplicated and has a monopoly resource advantage, relying on a strong moat to build a solid barrier to entry, and the industry characteristics are more like high-end liquor.

Furthermore, on the combined path of profitability and growth attributes, the rising path of Shanghai Airport’s higher-end liquor spirit leader is clearer, that is, its future profit promotes certainty.

How to achieve General Changsheng?

Why does Shanghai Airport maintain the characteristics of high profitability and high growth?

From the financial data, the non-aviation elasticity release driven by consumption return and the diminishing of fixed costs due to the flow scale effect are the two paths for profit improvement. From the main business perspective, non-aviation core business tax exemption is a highly profitable and high-growth industry.Is the main driving force to release the company’s performance.

With the scale of other international hub airports, Shanghai Airport is based in the Yangtze River Delta region, which has the largest population and the most developed economy in China. Under the “one city, two games” policy, the company has approximately exclusive high-end consumption power in the Yangtze River Delta region, and the proportion of international passengers far exceeds the capital.The airport and Baiyun Airport have only the irreproducible location moat advantages, which are the key genes for Shanghai Airport’s long-term success.

Hidden assets are the main business of “runners”. Shanghai Airport also has unique hidden assets, which contributes to additional performance improvements: 1) Only Shanghai Airports listed in the domestic airport have a 40% stake in their own oil company, Pudong Aviation Oil, Pudong Aviation Oil has strong profitability, and the return on investment reached 2 in 2004-2018.

9 times, still achieve the role of performance “stabilizer” under high oil prices; 2) Shanghai Airport adopts a unique asset-light operating model, and the leased cost is gradually depreciated and the sum of financial costs is summed up.Sexual “bonus”.

Therefore, in addition to sharing the company’s high-profit and high-growth main business income, holding Shanghai Airport also means investing in its unique investment income and operating model.

Can the future glory continue?

There are three main development paths for 杭州夜网论坛 internationally listed international airports: high growth in their own traffic, rapid growth in non-aerospace revenue per passenger, and expansion of outbound traffic.

Considering the medium-term planned capacity of Shanghai Airport, it is expected that the gradual increase in traffic will become the new normal; through the expansion of commercial area, new tax-free contracts will be implemented, and the rapid growth of non-airline revenue for single- and medium-term forward passengers will become the key to market value improvement. It is expected that by 2025年 年上海机场的市值有望突破2800亿,较2018年底仍约3倍空间,长期持有价值显着。
Risk Warning: 1.

Risks of tax exemption policy; Macroeconomic downside risks; intensified competition in duty-free shops in the city

Hailier (603639): Performance exceeds expectations, optimistic about the company’s long-term development

Hailier (603639): Performance exceeds expectations, optimistic about the company’s long-term development

Core point of view: The company releases its 2018 annual report and 2019 quarterly report.

The company achieved revenue of 21 in 2018.

90,000 yuan, an increase of 37 in ten years.

88%, realized net profit attributable to mother 3.

67 ppm, an increase of 28 in ten years.

45%, of which Q4 achieved net profit of 5025.

49 million, 47 the previous year.


The company achieved revenue in the first quarter of 20196.

20,000 yuan, an increase of 12 in ten years.

91%, net profit attributable to mothers reached 68.42 million yuan, with an annual extension of 24.


The company’s performance in the fourth quarter of 2018 and the first quarter of 2019 were lower than market expectations.

Imidacloprid’s business climate is down, and the profitability of the formulation business is under pressure.

According to the 2018 annual report, the company achieved a sales volume of 5,137 tons of pesticides, an increase of 61.

04%, average selling price 16.

66 million / ton, up 8 in the past.

58%, imidacloprid business volume and price go up is the company’s 2018 performance growth lead.

The profitability of the high-priced extrusion preparation business of the original drug. In 2018, the company’s preparation segment 杭州桑拿网 achieved sales of 19,868 tons, placing 6 each time.

56%, gross sales margin 29.

87%, compared with the same period last year 1.

04 points.

In the first quarter of 2019, the demand for imidacloprid was light, and the business climate dropped at a high level. According to the company’s first quarter report for 2019, the average sales price of pesticides in Q1 of 2019 was 15.

79 million / ton, temporarily extended by 8.

18%, sales of 671 tons, at least 29 per year.

14%, the downturn in the pharmaceutical business dragged down the company’s first quarter results.

Many projects go hand in hand and are optimistic about the company’s long-term growth.

According to the company’s 2018 annual report, the company’s 1,000-ton pyrazole ether fungus project was first put into production at the end of 2017, and the capacity load continued to increase. In 2018, it invested in 253 original drug products.

42 tons.

In addition, the company’s second-generation nicotine new product thiamethoxam, clothianidin and the third-generation new nicotine furfuramide (total 3500 tons), and an annual output of 2000 tons of prothioconazole fungicide technologyThe construction of the workshop and workshop has been basically completed by the end of 2018.

We expect company 19?
The net profit attributable to mothers for 21 years was 3.

89, 4.

89, 5.

52 trillion, corresponding to the current highest PE is 11.


4, 8.

3 times.
With reference to comparable companies, the average PE in 2019 is estimated to be 13.
9 times. Considering that the company’s new projects continue to advance and the future growth is worth looking forward to, we give the company April 2019.

5 times PE, with a reasonable value of 33.

35 yuan / share, maintaining the “overweight” rating.

Risk warning: Lower downstream demand leads to the company’s product sales exceeding expectations; expansion of production leads to changes in product prices; environmental protection approvals and other factors cause the company’s capacity reduction schedule to exceed expectations.

Ying Hantong (430642): In-depth development of innovative IOT solutions, in-depth expansion of business, science and technology board has completed the second round of inquiry

Ying Hantong (430642): In-depth development of innovative IOT solutions, in-depth expansion of business, science and technology board has completed the second round of 北京桑拿洗浴保健 inquiry

Event: The company released the semi-annual report for 2019, and the company achieved operating income in the first half of the year1.

24 ppm, a ten-year increase4.

68%; net profit attributable to mother is 2101.

160,000 yuan, an annual increase of 22.


The revenue of independent research and development of wireless data terminal products has increased significantly, and the company’s performance has maintained a steady growth: the company’s overall company maintained a stable development momentum in the first half of 2019, and the company’s independent research and development of wireless data terminal products saw a significant increase in revenue, driving operating income and net profit compared to the same periodSteady growth.

The company’s related financial data performed better. The company’s gross profit margin in the first half of 2019 was 50.

70%, net interest rate is 17.

50%, both higher than the same period last year, and increased profitability.

Utilize the development trend of the Internet of Things to expand horizontally in multiple markets and regions, deepen the development of innovative IoT solutions, expand business in depth, and establish barriers to competition: the company gradually develops the core technology of the Internet of Things through independent research and development, the Internet of Things product portfolio, and uses the Internet of ThingsThe development trend is expanding horizontally in multiple markets and regions; and on the basis of the Industrial Internet of Things intelligent gateway products and cloud platforms, in-depth development of innovative IoT solutions for the targeted industry segments, transformation of sensing, communication and artificial intelligence data analysis technologiesAt the level, it provides a complete set of high value-added Internet of Things (IoT) solutions for industry customers, expands its business in depth, and establishes competition barriers.

The company’s business model is the development + sales + technical services of industrial IoT communication equipment, cloud platforms, artificial intelligence and industrial Internet of Things (IIoT) solutions.

Continuously improve research and development efforts, significant results of independent research and development: In the first half of 2019, the company expanded research and development efforts, continued technical innovation, and improved existing products and research and development of new products and technologies with remarkable results.

Yinghantong launched a smart heating network system, which provides a “cloud” + “end” integrated heating network solution, which comprehensively helps the heating network to run efficiently and intelligently; assists companies to scientifically manage heating resources, improve the efficiency of thermal energy use, and respond quickly to the sceneFailure; accelerate the realization of industrial innovation and transition and upgrading.

And the company successfully passed the “Enterprise Intellectual Property Management Regulations” (national standard GB / T 29490-2013) certification assessment, obtained the “Intellectual Property Management System Certification”, and the edge computing gateway InGateway900 received AWS IoT Greengrass certification, marking the company’s intellectual property rightsThe standardized management, the use of intellectual property rights, and the prevention of intellectual property risks have reached a new level, which is a strong proof of the company’s high capacity for independent innovation and the level of intellectual property management.

Talking about Ubiquitous Electricity Internet of Things, Yinghantong’s intelligent response, deep integration, and empowering the grid: Ubiquitous Electricity Internet of Things means transforming around the power system, fully applying the “big cloud and mobile intelligence” (big data, cloud computing, Internet of Things, Mobile Internet, artificial intelligence) and other modern information technology and advanced communication technology, to achieve the exchange of everything in the power system interconnection, human-machine interaction, with a comprehensive state perception, efficient information processing, convenient and flexible application features such as smart service systems.

Its architecture includes the perception layer, network layer, platform layer, application layer, ubiquitous electricity, and the ubiquitous “Ubiquitous Electricity Internet of Things.”

Yinghantong’s intelligent response, deep integration, and empowering the power grid, from edge computing to cloud big data, are closely tied to power grid business applications, and better meet the needs of establishing the “ubiquitous electric power Internet of Things”.

The intensive AI + big data intelligent analysis system developed by Yinghantong combines sensor unit, mobile communication, cloud computing and AI + big data applications, and vertically interconnects the four-layer architecture of the power Internet of Things.

Yinghantong obtains Beijing “Intellectual Property Pilot Unit Certificate” to promote the company’s technological innovation and development: In the first half of 2019, Yinghantong obtained Beijing ‘s “Intellectual Property Pilot Unit Certificate” and was identified as the Beijing Intellectual Property Experiment 2019-2021The unit, Yinghantong’s complete intellectual property management system and excellent innovation technology won this honor, which shows the company’s deep cultivation and accumulation in technological innovation, independent innovation ability 杭州桑拿 and protection; this realization fully affirmed the waste of YinghanThrough the intellectual property strategy, the achievements in the use and protection of intellectual property have laid a good foundation for the company’s scientific and technological innovation and development.

Investment suggestion: The company has a comparative advantage in the Industrial Internet of Things industry, and its revenue and profits will maintain steady growth in the first half of 2019.

Finally the latest company market size 8.

2.6 billion, PE TTM 16.

4 times, it is recommended to pay attention.

Risk Warning: Market Operation Risk, Technology Update Risk

Shandong Iron and Steel (600022) 2019 Third Quarterly Report Review: Looking forward to Rizhao boutique steel base to support long-term profit

Shandong Iron and Steel (600022) 2019 Third Quarterly Report Review: Looking forward to Rizhao boutique steel base to support long-term profit

Shandong Iron and Steel released the third quarter report for 2019, and net profit attributable to mothers decreased by 80% year-on-year.

The company’s operating income from January to September 2019 was 53 billion yuan, an increase of 31% year-on-year, mainly due to the commissioning of the Rizhao base, the expansion of production and sales scale; and net profit attributable to mothers4.

9 ‰, a year-on-year decrease of 80%, mainly due to the increase in steel profits; gross profit margin 6.

76%, a decline of 5 per year.

3 points, a breakthrough in profitability.

The production of Rizhao base supports the growth of steel sales by 34% each year, but the profit per ton of steel has significantly changed.

The company’s January-September 2019 steel sales volume was 913 tons, an increase of 34% year-on-year; the ton steel revenue was 5801 yuan / ton, a continuous decline of 3%; the gross profit per ton steel was 392 yuan / ton, a decrease of more than 45%; the net profit per ton steel was 81 yuanTons, a decline of 79% per year.

Since 2019, the overall prosperity of the steel industry has declined, and the cost of iron ore and other materials has soared. Although the company’s steel production scale has increased, the profit level per ton of steel has plummeted.

The increase in taxes and fees, high costs, and high profits and losses of minority shareholders affect the net profit attributed to the mother.

On January 9, 2019, the company’s ton steel period cost was 263 yuan, an increase of 15% year-on-year; of which, the ton steel research and development expense was 135 yuan, a continuous increase of 105 yuan, and the company allowed to increase potential space in terms of cost reduction and efficiency improvement; the revenue was 27% per monthIncrease by 15.

6 points; minority shareholders’ profit and loss 2.

5.3 billion, a year-on-year increase of 35%, making the net profit of motherhood low.

The company holds 51% of the shares in Rizhao Boutique Steel Base.

2019Q3 single quarter net profit -0.

8.8 billion, Laiwu base is possible, Rizhao base is profitable.

The company’s single quarter operating income in 2019Q3 was 206.

25 ppm, an increase of 31 in ten years.

6%, an increase of 11.

4%, mainly due to the gradual commissioning of the Rizhao base; the company’s net profit attributable to its mother in a single quarter was -0.

8.8 billion, of which the parent company (mainly Laiwu base) has a net profit of -1.

US $ 9.8 billion, indicating that the Laiwu base was terminated due to high costs and 淡水桑拿网 other reasons; minority shareholders’ profit and loss was zero.

9.3 billion, indicating that the company holds 51% of Rizhao boutique steel base profitable.

The Rizhao boutique steel base supports long-term profitability and maintains the “overweight” rating.

The company’s Q3 profit forecast, we expect the prosperity of the steel industry to decline, so lower the company’s estimated EPS for 2019-2021 is 0.

07 yuan, 0.

07 yuan, 0.

08 yuan.

The company’s Rizhao base will continue to release output and earnings flexibility. The company is also expected to gradually acquire minority shares in Rizhao base to increase net profit attributable to its mother. We expect the company to maintain long-term profitability and growth potential and maintain an “overweight” rating.

Risk warnings: Rizhao base is put into operation less than expected; steel prices fluctuate; production safety risks of the company.

Daqin Railway (601006): Midstream Column Height Index of West Coal and East Transport Highlights Investment Value

Daqin Railway (601006): Midstream Column Height Index of West Coal and East Transport Highlights Investment Value

Investment suggestion: The Daqin Railway is an important channel for transporting coal from the west to the east. Although affected by multiple factors this year, we expect that the gradual traffic volume will remain stable.

In the medium and long term, the mismatch in coal production and sales and the “transit to iron” policy will support demand for rail freight.

In general, although the Haoji Railway has been officially opened to traffic, the short-term diversion impact is limited. The performance of the Daqin Railway is stable, the dividend payment rate is high, and it still has obvious investment value.

We expect the company’s EPS to be zero in 19-21.



01 yuan, corresponding to the current PE is 8.



5 times.

Measured by DDM evaluation model (internal value 8.

9 yuan), given a target price of 9 yuan, maintain “strongly recommended-A” rating.

南宁桑拿 Due to multiple factors since the early days, the transportation volume of the Daqin Line has changed, but coal demand is expected to resume in the fourth quarter.

The Daqin line is the company’s core asset, but this year, due to typhoons, cable failures, and changes in thermal power demand, the Daqin line will gradually complete its freight volume from January to August 20192.

9 billion tons, a reduction of 3 per year.


However, in the fourth quarter of the reorganization, the macro economy stabilized and recovered, hydropower ebb, and thermal power demand gradually recovered. It is expected that the overall freight volume will gradually remain stable.

The regional distribution of coal resources in the country is mainly concentrated in the “three western” regions. The mismatch of production and sales has replaced the basis of coal transportation demand.

China’s coal resources are concentrated in the “three western” regions (Shanxi, Shaanxi and western Inner Mongolia).

In terms of coal supply, in 2018, the previous raw coal output was 35.

4.6 billion tons, an annual increase of 5.


The total production of the three provinces and autonomous regions of Shanxi, Shaanxi and Mongolia.

4.3 billion tons, accounting for 68 of national output.

9%, the proportion of the previous year (67.

2%) increase by 1.

7 points.

While coal consumption is concentrated in the eastern coastal areas, this mismatch in production and sales has formed the coal transportation layout of west coal transportation to east and north coal transportation to south.

It is expected that coal production capacity will increase further in the future and will be concentrated in the “Three West” regions, and coal transportation demand will further break through and improve space.

The railway reform continued to deepen, and the “powerhouse of transportation” benefited the railway sector.

At present, the Beijing-Shanghai high-speed rail officially launched the A-share listing work.

At present, the total iron debt ratio remains high, and high-quality railway assets are listed. It is expected to optimize the defect structure and enhance economic efficiency.

We expect that the securitization of high-quality railway assets will continue to advance in the future.

In addition, recently, the Central Committee of the Communist Party of China and the State Council issued the “Outline for the Construction of a Strong Country in Transportation”.

Relevant policies continue to benefit the railway industry, and high-quality railway assets such as the Daqin Railway are expected to fully benefit.

Risk reminder: The macro economy exceeds expectations, the Haoji railway diversion exceeds expectations, and the “transit to railway” policy fails to meet expectations

Science and Technology (002322): Successful bid for water quality monitoring

Science and Technology (002322): Successful bid for water quality monitoring

Event: Company Announcement: Beijing Shangyang Oriental Environmental Technology Co., Ltd., a wholly-owned subsidiary, has won the third package of “Jilin Province Eco-Environmental Department Jilin Province Water Environment Quality Automatic Monitoring System Purchase Service” third contract. The contract is expected to start service 30 hours after the contract. The project includesPurchase service of automatic monitoring data of provincial water environment quality in eastern area of Jilin Province (7 years), the bid amount was 51.08 million yuan.

  Key points for investment: Water quality monitoring project orders are won, and more projects are expected to land.

  The company’s bid for the purchase of Jilin Province’s water environment quality automatic monitoring system purchase service project has demonstrated the company’s ability and strength in the construction and operation and maintenance of automatic water quality monitoring stations, and gradually stabilized and expanded the Northeast market, which is a further step for the company’s environmental automatic monitoring business.Lay the foundation.

The system of governing water along the river has entered a new stage. The merger of the river system has evolved from “famous” to “real”, from full establishment to full effect, 武汉夜网论坛 realizing the combination of name and reality, and increasing the demand for monitoring systems for governance.

As the main basis for the formulation of water environment treatment plans, the evaluation of effects, and the restoration of responsibilities, a sound water quality monitoring system will play an important role.

The current monitoring system will not be able to meet the requirements for comprehensive coverage of monitoring data, real-time and effective, in the water control work of the river head.

Among the various sub-categories of overall water quality monitoring, the monitoring needs brought about by river regulation and control of water will be the first to be driven by policies.

As a home smart environmental protection solution provider, the company’s wholly-owned subsidiary, Shangyang Huanke, has been committed to high-end design, innovative integration, independent research and development, and managed operation and maintenance in the field of environmental monitoring. It has a leading advantage in the field of water quality monitoring.

The company has a complete equipment production line, a large number of operating water stations, and participated in the formulation of multiple industry standards.

  It is expected to fully benefit from the heavy volume of the industry market in the future, and expect more project orders to land.

Maintain “Recommended” rating and maintain the company’s EPS for 2019-2021 to 0.

87 yuan, 1.

10 yuan, 1.

30 yuan, corresponding to PE is 14 times, 11 times, 10 times.

It is expected that the water quality monitoring industry is expected to gradually increase its volume, and the company will fully benefit, be optimistic about the future development space of the company, and continue to maintain the “recommended” rating.

Risk reminder: the risk that the project order does not meet expectations, the progress does not meet expectations

Goodix Technology (603160) 2018 Annual Report and 2019 1 Quarterly Report Review: Under-Screen Optical Leader Firms 2018 and 2019 Q1 Results Larger Than Expected

Goodix Technology (603160) 2018 Annual Report and 2019 1 Quarterly Report Review: Under-Screen Optical Leader Firms 2018 and 2019 Q1 Results Larger Than Expected

Core view The company is based on traditional capacitors, touch chips, and accelerates the application of fingerprint optical solutions under the screen. At the same time, it is looking forward to the layout of 3Dsensing and NB-IoT, and the growth path is clear.

The penetration of under-screen fingerprints is accelerating in 2019, and it is optimistic that the number of implanted mobile phones with under-screen fingerprint chips will reach 1.

With 500 million units, the company, as a leading manufacturer, has benefited greatly from its progress, and its revenue and profits will continue to improve.

The 2018 and Q1 2019 results exceeded expectations.

The company achieved revenue of 37 in 2018.

2.1 billion (+1.

08%), net profit attributable to mother 7.

4.2 billion (-16.

29%), exceeding the expected growth, mainly due to the report and the increase in the proportion of fingerprint chip sales under the optical screen, driving the revenue of fingerprint recognition chips to 30.

8.3 billion (+ 5%), revenue accounted for 83% (+ 3pcts).

In addition, the company’s 2018Q4 / 2019Q1 respectively achieved revenue13.


2.5 billion, +39% /-10% MoM respectively, achieving net profit attributable to mothers4.


14 ppm, +105% /-2% month-on-month. The first quarter of 2019’s performance grew faster than expected. We believe that the company’s leading position in the fingerprint industry under the optical screen is stable.

In the first quarter of 2019, HOVM flagship models P30, Reno, X27, and Xiaomi Mi 9 will soon be available exclusively for the company. Looking forward to the second quarter of 2019, domestic OVMs (Oppo, Vivo and Xiaomi) are expected to be launched in the high-end (similar to Find, NEX)As a core manufacturer, the company will actively benefit in 2019.

Continued high investment in research and development, and the fingerprints under the screen will increase the gross profit margin.

The company’s sales + management expense rate is + 3pcts per year, which is mainly due to the increase in company product promotion, share payment expenses and consulting service fees in 2018.

R & D costs amount to 8.

400 million (+ 41%), the expense ratio increased to 22.

5% (+6.

3pcts), in addition to single-point + wide-area screen fingerprint chips, the company also increased research and development and pre-research investment in cameras, Bluetooth and NB-IoT IoT chips, 3D sensing and automotive applications.

In 2018, the company added 144 new patents, and 75 items increased significantly from one year to 2016.

In terms of gross profit margin, due to the good competition in the industry, the company’s chips and recognition algorithms are leading, the unit price of fingerprint chips under optical screen is stable, the gross profit rate is good, and the price gradually exceeds market expectations.Capacitive fingerprint chip is about US $ 1). The gross profit margin in Q1 2018 / Q1 2019 reached 65% / 61%, which is a significant improvement from 52% in Q3.

Equity incentives will be conducted for two consecutive years to restrict core technical personnel to help 都市夜网 the company’s development.

The company’s 2018 equity incentive plan covers 300 senior and middle-level technical personnel, and plans to grant 10 million copies at an exercise price of 84.

22 yuan, lock-in period 1.

5 years.

This incentive plan is intended to cover 128 middle-level and core technical personnel, and it is planned to grant 2.34 million shares of stock investment (exercise price of 105).

33 yuan, lock-up period of one year), 800,000 shares of extension stock (grant price of 52.

67 yuan, one year lock-up period).

The company intensively launched stock budgets and budget stock incentive plans to restrict the interests of core personnel and help the company’s sustainable development.

Based on biometrics, lay out a broad IoT chip market.

While consolidating the biometrics market, the company is 南宁桑拿 actively deploying Bluetooth chips, NB-IoT chips and 3Dsensing, and is committed to building a “sensor + MCU + security + connectivity” integrated platform in the IoT field., BLE wireless connection chip, security MCU + biometric fingerprint sensor and other products.

The new product is expected to be the first to land in the field of Bluetooth audio, and is expected to bring incremental revenue in the second half of the year.

In 3Dsensing, the company has existing samples of structured light solutions, and ToF is accelerating. It is expected that mass production products will also land in the second half of the year.

Risk factors: New technology application is less than expected; customer development is less than expected; unit price and gross profit margin of the product decline.

Investment suggestion: The company is based on traditional capacitors, touch chips, accelerating the application of fingerprint optical solutions under the screen, and it is looking forward to the layout of 3Dsing and NB-IoT.The penetration of under-screen fingerprints is accelerating in 2019, and the number of mobile phones equipped with under-screen fingerprint chips in the entire market is expected to reach 1.

500 million units, the company’s leading level is significant.

We raise the company’s EPS forecast for 2019/20 to 2.


55 yuan (previous forecast was 2).


68 yuan) and predicts an EPS of 4 in 2021.

33 yuan, taking into account the leading premium of 70% of the listed share, giving 45 times PE in 2019, the corresponding target price is 133.

44 yuan, maintain “Buy” rating.

Xinhua Insurance (601336) 2018 Annual Report Comment: Steady Growth in Profits and Values to Improve

Xinhua Insurance (601336) 2018 Annual Report Comment: Steady Growth in Profits and Values to Improve

Event Xinhua Insurance released its 2018 annual report. Xinhua Insurance announced its 2018 annual results, and the company gradually realized premium income of 1222.

86 trillion, ten years +11.

9%, net profit attributed to mother 79.

22 trillion, +47 a year.

2%, the remaining margin is 1956.

37 trillion, ten years +14.

8%; new business value 122.

1 megabyte, the highest growth rate turned to 1.

2%, with an embedded value of 1731.

5.1 billion, a stable growth of +12 for ten years.


Net investment income income 5.

0%, total investment income return 4.

6%, respectively decreased by 0.

1pt / 0.


The average average return is 2.

54 yuan (January 2017.

73 yuan), to achieve an embedded value of 55.

A brief comment of 5 yuan on the stable release of profits, and the reserve fund accrues to the net profit of return to mother in 201879.

22 ppm, with a ten-year increase of 47.

2%, mainly due to the changes in the assumption of the traditional insurance reserve discount rate. The 750-day moving average Treasury bond yield curve is in the upward range in 2018, which is 8bps higher than the morning line, resulting in less reserves.The 750-day curve is down, and the company ‘s profit base is relatively speaking, which results in a relatively considerable profit growth rate in 2018. However, it still has a certain gap compared with the 80% profit growth expectation in the first half of the year, mainly because the company adjusted its actuarial assumptionChanges in accounting estimates have increased life insurance and long-term health insurance liability reserves by 18 respectively.

95, 31.

4.3 billion, a 50% reduction in pre-tax profit.

3.8 billion; the assumed adjustment scale makes the provision of insurance liability reserves more lengthy, can adjust the rhythm of profit release, and provide a low base for profit growth in 2019.

Assume that the 10-year Treasury yield remains at 3.

14%, the 750-day moving average yield will still move up in 2019, and it will only decrease slightly in the fourth quarter. Based on the above, we expect the company’s profit in 2019 to maintain high growth.

The company’s remaining margin in 2018 is 1956.

37 trillion, ten years +14.

8%, stable earnings growth.

The growth rate of NBV has improved, and the value growth can be expected. The company can increase the development speed of guaranteed business, making the growth rate of NBV far better than the growth rate of new single premiums.

In the first year of 2018, long-term insurance premiums have fallen by 27.

3%, the decline was much narrower than in the early and early stages, and the growth rate 佛山桑拿网 of new business value improved quarter by quarter, which was 122.

100 million, the annual growth rate is positive to 1.

2%, in line with market expectations.

Benefiting from the development of protection services such as health insurance, the company’s new business value ratio was 39.

7% excellence improvement 8.
2pt to 47.
9%, business quality has been strengthened.

The company’s embedded value reached 1731 in 2018.

51 ppm, an increase of 12 in ten years.

8%, the main contribution comes from the new business value and the expected value of embedded value, contributing 8%, 9 respectively.

2%, the investment return is less than expected, and has a negative impact on the embedded value3.

8%, the impact is small. In 2019, the long-term government bond interest rate will be stabilized, and the equity market will pick up.

The return on investment fell in line with expectations, and the expectation in 2019 improved to the end of 2018, and the company’s total investment assets amounted to USD 6,998 billion, which increased slightly.

At 7%, the allocation of large-scale asset allocations was stable and slightly optimized with changes in market conditions, with debt-based financial assets accounting for 65.

7%, down 1.

6pt, the proportion of equity assets contracted to 16.

6%, down 2.

5pt, non-standard assets accounted for 32.

3%, down 2.

7pt, mainly configured real estate investment plans and collective funds trust plans, the gap increases the overall rate of return.

However, due to the downturn in the stock and bond market, the expected return on investment has still declined internally. The company’s net investment yield and total investment yield are 5% and 4 respectively.

6%, a decrease of 0 compared to 2017.

1pt, 0.

It is expected that the decline in yields in 2019 will not continue. At present, the 10-year treasury bond yields have stabilized indicators. Although there is still downside risk, the proportion of corporate security products has increased, the dead balance, and the fee difference have contributed to the embedded value.As the percentage increases, the sensitivity of internal value to interest rates gradually decreases, and the impact is expected to be limited, and the slow bull market will continue to benefit equity asset investment to improve the total investment income level.

Investment suggestion: The company develops guaranteed products to promote the maximum value of new business and improve the growth rate of new unit premiums. The value improvement effect is obvious; the embedded value grows steadily, and the profits have room to release.High performance growth; Optimized asset allocation on the investment side and improved yield; We conservatively estimate that the embedded value of the company in 2019 will reach 204.1 billion U.S. dollars, a growth rate of 13% and an embedded value of 65.

4 yuan, the current P / EV is 0.

8 times, we think a reasonable estimate is 1 times, and the target price is 65.

4 yuan, give “buy” rating.

Risk warning: premium growth is slower than expected, downside risks to government bond rates

Lechuang Technology (430425): a professional enterprise in the field of military motion control products

Lechuang Technology (430425): a professional enterprise in the field of military motion control products

Chengdu Lechuang Automation Technology Co., Ltd. is a new enterprise specializing in the research, development, manufacturing and sales of military motion control products.

It is the earliest domestic professional company that develops motion controllers based on “DSP + FPGA” and promotes precision motion control products such as servos. It is also the earliest domestic professional manufacturer that independently develops universal motion controllers.

The company mainly produces and sells motion controllers and drive execution products. It adopts the independent technology research and development model and uses the advantages of “platform technology + application technology” to provide motion control products and overall products for customers in different industries in the field of motion controlsolution.

That is, it uses “general motion control technology” as the platform and “industrial application technology” as the core. At the same time, it provides a complete motion control solution consisting of motion controller, servo, stepper driver and supporting motor.

At the same time, the company also provides customers with personalized product development services according to the needs of the application industry.

The global motion control market will remain 4.

With a composite strength of 4%, 重庆耍耍网 the global scale will exceed US $ 13.4 billion by 2021.

As the brain of various types of equipment, the motion control system determines the accuracy and efficiency of the equipment and is an important way to differentiate between different brands of equipment.

According to data estimates, the annual motion control market size in 2016 reached 62.

46 ppm, a ten-year increase of 8.

7%, and the market size is expected to approach 9 billion yuan by 2020.

Subdivided into specific products, the current three types of controllers are almost three minutes in the world. In 2016, based on PC, dedicated controllers, PLC controllers accounted for 32%, 39%, 29%.

The new generation of embedded controllers has achieved good results.

In the first half of 2018, the company realized operating income of 31,676,205.

75 yuan, 成都桑拿网 an increase of 4,188,389 over the same period last year.

37 yuan, the annual budget is 15.

twenty four%.

Among them, the existing business continued to maintain steady growth; the vision positioning dispensing system and the vision positioning automatic edge-cutting cutting system based on the company’s next-generation embedded controller MC7744 / MC7764 achieved better results and became the company’s new profit growth point.
Profit forecast forecast company 2018?
2020 net profit attributable to shareholders of listed companies will be 0.

10.7 billion, 0.

115 ppm, 0.

143 trillion, the budget revenue is 0.

41 yuan, 0.

44 yuan, 0.

55 yuan.

Risks indicate the risks of peer competition; the risks of new technology product competition.