Shanghai Jahwa (600315) 2018 Annual Report Commentary: Q4 bucks the trend for the better 2019 Herborist aims to adjust its output

Shanghai Jahwa (600315) 2018 Annual Report Commentary: Q4 bucks the trend for the better 2019 Herborist aims to adjust its output

This report reads: The company’s 2018Q4 revenue increased against the trend, smoothed out through e-commerce channels, and the adjustment of the Herborist brand. In 2019, the company is committed to maintaining double-digit revenue growth and continuous improvement in operating quality.

Investment points: Investment advice: The company’s Q4 will achieve 12% revenue growth against the trend. It is expected to continue to maintain double-digit revenue growth in 2019. It is worth looking forward to expanding the brand matrix in multiple ways.

Considering the increase in the consumption and operating costs of the new plant and the reduction of government subsidies, the company’s EPS for 2019-2020 is reduced to 0.

96 (-0.

16) / 1.

23 (-0.

28) yuan, 四川耍耍网 the company’s EPS is expected to be 1 in 2021.

54 yuan, considering the continued high growth in revenue, given a PS estimate of 3 in 2019.

6 times, maintain target price of 44 yuan, increase the level of holdings.

Benefiting from the high growth of e-commerce, Q4 revenue bucked the upward trend.

The company initially achieved revenue of 71 in 2018.

400 million US dollars, an annual increase of 10%, net profit attributed to mother 5.

40,000 yuan, an increase of 38 in ten years.

63%, EPS0.

81 yuan, in line with market expectations.

Single-quarter revenue increased by 12%, mainly benefiting from the high growth of e-commerce channels (the growth rate of the entire network on Double Eleven exceeded 40%).

The company deducts non-net profit 4.

57 trillion, an increase of 37 in ten years.

8%. In 2018, the Qingpu factory was relocated, and government subsidies increased by more than 10 years.

100 million, but the non-recurring income offset by other items is only 0 more each year.

2.5 billion, the overall operating quality is steadily improving.

In terms of brand, Tang Meixing performed well in 2018 with a revenue of 16.

300 million, a year-on-year increase of 13%, and a net profit of 0.

7.5 billion, a 103% increase in ten years.

It is expected that the number of Liushen will increase by two, and the number of U.S. and Canadian net highs will increase. Under the influence of Herborist, online distributors, etc., it is expected that the revenue in 2018 will be slightly negative, but in 2019, the direction of Zhungufang + technology empowerment has been found, and revenue is expected to resume growth.

In 2019, we will see the new products of Herborist. The agency + M & A extension is worth looking forward to.

The company’s operating goal for 2019 is still to achieve double-digit revenue growth. After the Herborist brand and channels have been rationalized, it strives for new growth points.

In addition, the company began to sell CHD baking soda products successively in the second half of 2018, and gradually continued to expand the new brand matrix through agency + mergers and acquisitions.

Risk reminder: improper cost control, intensified industry competition, and economic growth decline

China Inspection Group (603060): Q4 Revenue Accelerates Continuous Inflow of Operating Cash Flow

China Inspection Group (603060): Q4 Revenue Accelerates Continuous Inflow of Operating Cash Flow

Investment Highlights China Inspection Group released its 2018 annual report: the company achieved revenue9.

37 ppm, an increase of 24 per year.

57%; net profit attributable to mothers1.

910,000 yuan, an increase of 32 in ten years.

54%, of which Q4 earned 3.

11 million yuan, an increase of 37.


At the same time, the company announced the 2018 成都桑拿网profit distribution plan: 10 bonus shares and 3 bonus shares and cash dividends2.

65 yuan (including tax), 1 for every 10 shares.

The company’s revenue: quarterly, Q1, Q2, Q3 and Q4 increased by 12 compared with the same period last year.

14%, 18.

52%, 25.

68%, 37.

07%; by product, inspection services, certification services, extended services, product sales and security services increased by 25.

55%, 16.

38%, 13.

65%, 41.

74% and 24.


On the profit side, the company achieved a comprehensive gross profit margin of 45 in 2018.

66%, a decrease of 0 from last year.

37 points, mainly due to the lower gross profit margin of inspection services with a higher income.

Among them, inspection services, certification services, extended services, product sales and production safety technical services gross margins decreased by 1 respectively.

37pct, -0.

77 points, -4.

99pct, -5.

96 points and 5.

87 points.

The company achieved a net profit margin of 22 in 2018.

11%, an increase of 1 over the previous year.

48pct, mainly due to the decrease in the expense ratio during the period and other income, the increase in the net investment income and the increase in non-operating income.

Expenses of the company during 201823.

95%, a decrease of 0 compared with the same period last year.

80pct, mainly from the decline in management expense ratio and research and development expense ratio.

The company’s asset impairment loss accounted for 0%.

92%, an increase of 0 from last year.

43 points.

The company’s one-year net operating cash flow in 20181.12 yuan, an increase of 0 from last year.

41 yuan.

Earnings forecast and rating: Without considering the impact of the company’s future profit distribution plan on the company’s equity, we expect the company’s EPS for 2019-2021 to be 1.

07 yuan, 1.

27 yuan, 1.

52 yuan,上海夜网论坛 the PE corresponding to the closing price on March 28 is 25 times, 20.

9 times, 17.

6 times, maintaining the level of “prudent overweight”.

Risk Warning: Downside risks of the macro economy, less-than-expected business development outside the province, less-than-expected M & A integration, risk of cancellation of industry qualifications, risk of corporate credibility

Jiadu Technology (600728) Quarterly Report Review: Faster Growth in Performance Concerns Landing of Track Delivery Orders and Development of AI Business

Jiadu Technology (600728) Quarterly Report Review: Faster Growth in Performance Concerns Landing of Track Delivery Orders and Development of AI Business

The event company released a quarterly report and achieved operating income in the first quarter of 20198.

50 ppm, an increase of 26 in ten years.

13%; net profit attributable to mothers1.

960,000 yuan, an increase of 571 in ten years.

37%; the net profit after deducting non-attributed mothers is 18.25 million yuan, an annual 返回码: 500 网站打不开?重查 increase of 10.


Opinion income grew rapidly, and expenses were well controlled. Unicorn participation in shares was reflected in the company’s revenue growth in the first quarter of the income statement.

13%, a faster growth rate, slightly higher than expected, it is expected that some income recognition rhythm will bring the impact.

Expenses were well controlled, with sales expenses of 34.29 million yuan in the first quarter, a decrease of 12 per year.

21%; administrative expenses 28.97 million yuan, an annual increase of 2.

53%, the growth rate is far lower than the growth rate of income.

Attributable net profit is 1.

960,000 yuan, an increase of 571 in ten years.

37%, mainly due to the impact of accounting treatment, and the item of change in fair value was 1.

91 ppm is expected to be reflected in the income statement for participation in AI-type companies.

If the relevant impacts are removed, the company’s operating profit growth rate will be close to 50% per year.

Concerned about the implementation of rail transit business orders and subsequent development space In March 2019, the company’s wholly-owned subsidiaries won the bid for the Guangzhou Metro 119 budget project. It is expected that this part of the revenue will gradually appear in the second half of this year, which will increase the company’s performance.

As an important part of the new infrastructure, rail transit has entered an intensive approval period in the second half of last year. In the future, there will still be orders for supplementary new construction in the country.

At the same time, according to the Guangzhou Municipal Development and Reform Commission’s three-year action plan to promote rail transit, Guangzhou Metro is planning to “go global” to expand the market.

The company cooperates closely with Guangzhou Metro, and it is expected to follow up with the expansion of Guangzhou Metro in the future and place follow-up orders.

R & D expenditure is actually relatively high. It is optimistic that the AI business generated results. The company’s R & D expenses in the first quarter were 17.07 million yuan, which slightly declined in the long term, mainly due to the capitalization of some R & D expenses.

Development expenditure items in the first quarter increased by 27.62 million yuan earlier than the end of 18 years. Combined with R & D expenses, the overall R & D investment in the first quarter should be more than 44 million yuan.

With high R & D investment, the company’s AI products are making good progress. In terms of public safety, the “Police Video Cloud” product has won bids for Guangdong, Shandong, Xinjiang and other provinces and cities for AI + security projects for 18 consecutive years.Depth (sinking in districts and counties) was expanded in two dimensions.

In urban transportation, the successful case of “City Traffic Brain” was approved by CCTV, and it is expected to start landing in large and medium-sized cities after continuous verification in the future, with results.

Investment suggestions continue to be optimistic about the company’s AI business and benefit from the new infrastructure wave. Due to changes in accounting standards, the 成都桑拿网 19-year net profit was raised to 6.

35 trillion, expected net profit for 2019-2021.



1.3 billion, corresponding to P / E 24.



35 times, maintain “Buy” rating.

Risk Warning: The project landed less than expected; the policy landed less than expected; rail transit investment was less than expected.

Shuanghui Development (000895): Swine Fever Short-term Impact on Slaughter Volume Long-term Positive Concentration Increase

Shuanghui Development (000895): Swine Fever Short-term Impact on Slaughter Volume Long-term Positive Concentration Increase

Key points for investment: Short-term effects of swine fever affect slaughter volume, and increase the concentration in the long term. Affected by African swine fever, the price of pigs and pork has increased significantly in the past three months.43%, an increase of about 3 ppt over pork prices.

Inventory drought + rapid increase in hog prices + impact of African swine fever epidemic, so the slaughter volume will be placed in the first half of this year.

8%, and the amount of pigs slaughtered is 6.

At 2%, the overall slaughter volume decreased.

According to our research, the slaughter volume of Shuanghui Q2 remains at a normal level. However, due to the low price of pigs in the same period last year, the slaughter volume is at a high level. It is expected that the slaughter volume of Q2 will improve this year.

Slaughtering gross profit margin decreased or stayed the same 18Q4-19Q1 due to the effect of African swine fever, the spread between provinces and regions. As a leader in slaughtering regulations, Shuanghui merged part of the interprovincial supply of pork business.

Entering 19Q2, the price spreads in various regions have narrowed. It is expected that the gross profit margin of Q2 will decrease slightly from the previous quarter. In the upward cycle of pig prices, the company also released some frozen meat inventory to stabilize the gross profit margin.

The price of meat products can be raised again, and the cost can be controlled. In April this year, the company raised the price of meat products again, with a range of 2-3%. This is the second price increase after the initial price increase, which involves high,北京夜网 middle and low-end products.Product sales have been affected for a short time, but as the industry leader in meat products, it has only the right to speak. If the cost continues to rise in the future, it may not rule out the possibility of further price increases.

As for the cost of meat products, the company is expected to moderately increase the use of imported pork from the United States and low-priced stock meat in the early stage to limit the growth of subsequent costs. At the same time, it will use domestic favorable policies to promote profitability and maintain the stability of the overall profitability of meat products.

Earnings forecasts and estimates We expect the company’s revenue to be 53.5 billion / 588.3 billion / 64.2 billion in 2019-2021, even +9.

8% / 8.

9% / 7.

0%, the profit is 50.

700 million / 52.

100 million / 58.

8 ‰, +3 for ten years.

twenty two.

6% / 12.

9%, the current corresponding 19/20 PE is expected to be 16x / 15x, maintain “Buy” rating.

Risk warning: pork prices rise faster than expected / meat prices increase, sales decline, affecting revenue

TCL Group (000100): The downturn in the economic downturn and the long-term growth are still no shortage of highlights

TCL Group (000100): The downturn in the economic downturn and the long-term growth are still no shortage of highlights

The TCL Group’s semi-annual report results are in line with expectations. The company completed its asset restructuring and delivery in April 1919. Based on the same caliber, the 19H1 company achieved revenue of 437.

80,000 yuan, an annual increase of 22.

5%, to achieve net profit attributable to mother 20.

90,000 yuan, an increase of 31 in ten years.

9%, located in the middle of the pilot’s guidance range of 20-22 trillion.

Excluding the impact of restructuring business data, according to the same caliber, 19H1 pro forma revenue 261.

20,000 yuan, an increase of 23 in ten years.

9%, pro forma net profit attributable to mother 20.

90,000 yuan, an increase of 42 in ten years.


The overall performance of 19H1 was in line with expectations.

The release of production capacity and the recognition of reorganization led to the company’s performance growth. Huaxing Optoelectronics achieved revenue of 162 in 19H1.

80,000 yuan, an increase of 33 in ten years.

5%, achieving a net profit of 10.

2 ‰, a decline of 7 per year.


Huaxing 19Q2 achieved revenue of 90.

300 million, an increase of 24 from the previous month.

6%, to achieve a net profit of 3.

3.7 billion, down 50.


Mainly due to the high inventory of downstream terminal products since 19Q2, and the purchase demand of manufacturers due to the Sino-US trade dispute, the price of TV panels has fallen rapidly, affecting the overall profitability of the industry.

Huaxing’s revenue achieved a relatively rapid quarter-on-quarter growth, mainly due to the release of T3’s production capacity. T3’s production capacity has reached 50K, and LTPS can rank second in the world.

19H1 large size area increased by 3 in ten years.

9%, the area of small size increases by 458% per year, and the turnover of small size has reached 43%.

2Q19 recognized net profit and loss of asset restructuring11.

50,000 yuan, driving growth in expected performance.

The LCD business boom continued to grow despite the downturn. From the second half of the year, the 成都桑拿网 conversion of the Samsung L8-1 production line to around 120K power generation is expected to gradually drive market supply and demand improvement.

Compared with overseas manufacturers, the domestic LCD manufacturers still have obvious advantages.

The production capacity of domestic high-generation lines continues to be developed. Compared with Korean and Taiwanese manufacturers, 55 “and above products have certain cost advantages, which helps maintain profitability under a low boom.

After 2021, there is no other new LCD production capacity in the world. It is expected that the industry ‘s prosperity is expected to resume from 20H2. During the period, if other South Korean and Taiwan production capacity is withdrawn, the recovery will gradually advance.

Shangxian products are expected to become the highlight of the growth of Huaxing Optoelectronics’ LCD products in recent years, mainly due to the maturity of supporting downstream product development. The five-year compound growth rate of related products is expected to exceed 20%.

The layout of OLED technology continues to lead, and the T4 production line is mass-produced. Huaxing Optoelectronics has earlier locked up the investment layout and technology development of high-end flexible AMOLED, and has the first G4 in China.

5 pilot line, and use this test line to complete a number of technical reserves, including narrow borders, screen cameras and so on.

At present, the performance of its narrow frame design solution reaches Samsung, and the research and development patent of under-screen cameras exceeds 120, leading the world.

At present, the T4 production line has been lit. All brand customers except A customer are in the proofing stage. It is expected that the 19Q4 production line will soon realize mass production replacement.

With the arrival of the 5G replacement cycle, 20 years of T4 throughput is expected to usher in release.

Investment recommendations and ratings exclude the impact of restructuring business data. Based on the combined scope after the restructuring, we predict that the company’s revenue for 2019-2021 will be 589.92, 637.


7.1 billion, net profit attributable to mother is 41.

46, 46.

84, 52.

33 trillion, EPS is 0.

31, 0.

35, 0.

39 yuan, corresponding to PE is 11X, 9X, 8X, maintaining the “buy” level.

Risks suggest fluctuations in the industry’s business climate; capacity release progress is less than expected.

Blu-ray Development (600466): Achievement of Super Pre-Growth Growth

Blu-ray Development (600466): Achievement of Super Pre-Growth Growth
The performance exceeded the pre-annual increase, and the scale effect was obvious.The company achieved operating income of 278 in the first three quarters of 2019.810,000 yuan, an increase of 95 in ten years.27%; net profit attributable to mother is 25.350,000 yuan, an increase of 107 in ten years.83%, significantly higher than the expected growth rate of 77% in the pre-announcement announcement.The performance growth continued the excellent performance of the interim report, which was mainly contributed by the scale increase in the definition of large-scale real estate development projects, and the scale effect brought by the company’s national layout gradually became apparent.In terms of profit margins, a gross profit margin of 26 can be achieved.0%, 5 per year.6pct, net profit attributable to mother 9.1%, a year to raise 0.5 points. An advance payment 604 was recorded.370,000 yuan, an annual increase of 19%, covering 2 of the current revenue.17 times and 18 years of revenue 1.96 times, it is recognized that the settlement scale is abundant. The distribution of sales is more balanced, and land investment is targeted.In terms of sales, the company achieved sales of 715 in the first three quarters.200 million, 65% of the expected 110 billion target has been achieved, an increase of 6 in ten years.6%.The company’s six major sales regions are Chengdu, East China, Central China, Yunnan and Chongqing, Beijing, and South China, each contributing 18.9%, 23.2%, 27.9%, 8.9%, 11.1%, 10.0%, the regional contribution is more balanced, in which the Central China region increased significantly, it continued to increase by 157%.Achieved sales area of 784.30,000 countries, an annual growth rate of 31%.In terms of land acquisition, according to the company’s announcement statistics, the company’s land acquisition amount from January to August was 220.300 million, an annual increase of 23%.From 武汉夜生活网 the perspective of land acquisition, the company continued to consolidate and take a national development path, and targeted to increase the proportion of land acquisition in high-energy cities.In terms of investment, the company gradually started construction of 713 in the first three quarters.30,000 countries, increase by 5 every year.9%, with 244 completions.90,000 countries, increasing 68 each year.8%. Gerber went public successfully, increasing the company’s market value.The company’s property management platform, Jiabao Service, ranks 11th among the top 100 real estate companies in China, and is a leading property company in the Southwest.As of 2019H1, Gerber achieved revenue9.33 ‰, a 59% increase in ten years, net profit1.87 ‰, an increase of 108% in ten years, and a gross profit margin of 33.9%.The company has a 苏州桑拿网 management area of 63.3 million countries, has been stationed in 69 cities, more than 400 projects under management, and 42 of the management area.9% comes from properties developed by Blu-ray Development, which has excellent outreach capabilities. After the listing, it raised funds to promote the company’s scale expansion.On October 18, Jiabao was successfully listed on the Hong Kong Stock Exchange, and Blu-ray’s indirect shareholding ratio was 67.48%, as of the latest close, Garbo’s market value is about 73.800 million yuan.At present, the corresponding dynamic PE is 16 times, and the estimated level is in a position among comparable Hong Kong stock property companies. It is estimated that there is potential for improvement in the future. Maintain company buy rating.It is expected that the EPS for 2019, 20 and 21 will be 1.13, 1.67, 2.23 yuan, the corresponding PE is 5.7, 3.9, 2.9 times. Risk warning: Financing environment continues to tighten, Midwest sales exceed expectations

Semir Apparel (002563): Core Management Team Increases Shareholding, Demonstrates Conversion Confidence

Semir Apparel (002563): Core Management Team Increases Shareholding, Demonstrates Conversion Confidence

The main points of the report describe the announcement of Semir Apparel, and the controlling shareholder Qiu Guanghe transferred their 537 holdings to Xu Bo and Shao Feichun in a block transaction on September 12.

130,000 shares, 268.

560,000 company shares, each accounting for 0 of the total share capital.

1990%, 0.

0995%, the average transaction price of 10.

45 yuan / share.

  Incident review launched an intensive internal incentive plan, showing long-term development confidence.

Since 2018, the company has successively launched the “Second Phase Supplementary Stock Incentive Plan”, which has expanded to cover a total of 513 core backbones with 14.47 million shares, accounting for 0 of the total share capital on the date of announcement.

54%; At the same time, the “Phase I Employee Shareholding Plan” was released. Participants included 5 directors, executives, and 93 middle managers and core backbones, with 8.32 million shares held.

At the same time, actively promote the leadership of direct shareholding incentives.

In November 2018, controlling shareholder Qiu Guanghe transferred to Xu Bo and Shao Feichun about 5.37 million shares and 2.69 million shares respectively, each accounting for 0 of the total share capital.

20%, 0.

10%; In September 2019, the controlling shareholder Qiu Jianqiang transferred to Chen Xinsheng and Zhang Wei respectively the 300,000 shares held by them, each accounting for 0 of the total share capital.


After the completion of the transaction, Xu Bo and Shao Feichun each held 0 shares of the company.

4031%, 0.


Continue to promote the leadership’s direct shareholding incentives, demonstrating the confidence of professional manager models to change.

  A rich matrix of children’s clothing brands and categories, trying to upgrade the “new basic” products for casual wear.

In order to further expand the advantages of the children’s clothing business, the company has tried in many ways: (1) The Barabara brand has gradually expanded its product lines for young children (1-6 years old) and infants (0-1 years old) based on the original Chinese children’s product line.Expanding the coverage of the preschool toddler and newborn baby market; (2) Promoting the entrepreneurial partnership project Makale baby brand with the Group’s resources efficiently, achieving effective synergy in information upgrading and supplier resource sharing; (3) Trying TCP And Kidiliz are brand extensions.

At the same time, in the casual wear brand remodeling products, the company set up a Semir brand positioning task force in the second half of 2018. Based on user changes and unmet needs, it proposed a “quality in everyday” brand value proposition, and launched it in the winter of 20北京夜网19.The “new basic” product line broadens the target customer age group and improves product texture.

  The three core logics of the acceleration of children’s clothing are highly accelerated, the conversion and reset of casual clothing and the optimization of the governance structure are continuously strengthened. We are optimistic about the revaluation of the value brought by the company’s switch from casual to children’s clothing.

In the first half of 2019, the children’s wear business achieved a rapid growth of 30%, and the casual wear business maintained a growth of 12%. The Kidiliz business channel adjustments and internal new store openings have dragged down profit performance in the short term.

At present, the shareholding ratio of Luguantong accounts for about 12% of the free float market capitalization, and excess expansion is expected to bring incremental funds.

It is expected to achieve 19 in 19-20.

0 billion, 22.

800 million, corresponding to PE of 16.

9 times, 14.

Double the risk of maintaining the “Buy” rating: 1. Risk of deterioration of the terminal retail environment; 2. Risks of less-than-expected development of emerging channels; 3. Risks of less-than-expected merger and acquisition integration.

Hudian shares (002463) company comment: 19-year performance in line with expected profitability improved significantly

Hudian shares (002463) company comment: 19-year performance in line with expected profitability improved significantly

I. Overview of the event On February 27, the company released the 2019 annual results report: revenue 71.

30,000 yuan, an increase of 29 in ten years.

7%; net profit attributable to mother 12.

1 ppm, an increase of 111 in ten years.


Second, the analysis and judgment of performance are in line with expectations, and the profitability has been greatly improved. The company revealed in its 19-year performance forecast that net profit attributable 杭州桑拿 to mothers11.

500 million to 12.

50,000 yuan, an increase of 101 in ten years.

6% to 119.

13%, the actual performance is above the median performance forecast range.

Q4 single-quarter revenue of 21.

2 ppm, an increase of 29% per year and an increase of 12 from the previous month.

17%; Q4 is net profit of mother 3.

55 ppm, an increase of 89% in ten years; Q4 net margin was 16.

7%, an increase of 5 pct per year.

In 19, the company needs to make provision for asset impairment of about 9,817.

170,000 yuan, taking into account the hypertension will reduce the return to mother’s net profit 8307.

490,000 yuan, the actual performance has taken into account the above factors.

The performance growth growth mainly benefited from abundant orders for 5G, next-generation high-speed network equipment, servers, etc 北京夜网 .; continuous improvement in operations, and growth in gross profit margin.

08pct; scale effects continue to appear, and profitability continues to improve.

The production and operation conditions are good, and the resumption of work is in an orderly manner. The factory area of No. 1 Donglong Road, Yushan Town, Kunshan City has begun to resume work gradually from February 10. The subsidiary Huli Microelectronics has fully resumed production (there is no suspension during the Spring Festival).

The subsidiary Huangshi Hushi Electronics did not suspend production during the Spring Festival. Production was suspended on February 12 due to epidemic resistance, and work was gradually resumed on February 17.

Benefiting from 5G infrastructure, corporate communications orders are full, high-end products drive profitability, 5G products have grown in volume, and the proportion of revenue has continued to increase, which will benefit from 5G infrastructure trends, high-speed server and network equipment upgrades.

It is expected that the 5G-scale infrastructure will drive the high-speed board volume and price up. After the technical transformation of the Qingying Plant and the Huangshi No. 1 Plant, the high-end PCB output will be effectively increased, and the market share will be further increased.

At present, high gross profit margins of 14-38 layers of corporate communication boards and office industrial equipment boards account for a high proportion of revenue, and the revenue growth rate is fast, which effectively drives the overall profitability to improve.

Auto plates benefit from the ADAS trend, and the product structure continues to be optimized. Huangshi Hu Shi has been successfully put into production. Benefiting from ADAS and new energy vehicle policies, the company continues to increase high-margin mid-to-high-end auto plate investment and order introduction, and its product structure and production efficiency continue to improve.The profitability of auto plates has steadily increased.

In September 19, part of the production process of Huangshi No. 2 Plant has begun to test, and the 19Q4 Huangshi Hushi automobile plate production line has been put into operation smoothly.

Third, investment advice The company is a leading domestic telecommunications and automotive PCB supplier, which has long benefited from 5G infrastructure and automotive electronics trends.

It is expected that the EPS in 19/20/21 will be 0.



09 yuan, the corresponding PE is 40X / 31X / 26X.

Reference SW printed circuit board industry PE is estimated to be 48 times, maintaining the company “recommended” level.

4. Risk warnings: 1. The production capacity is less than expected; 2. The gross profit margin of the automobile board is gradually increasing; 3. 5G is gradually lower than expected.

SSIC (002912) 2018 Annual Report and 2019 First Quarterly Report Review: The rapid growth of network visualization, network content security, big data and other extended applications are worth looking forward to

SSIC (002912) 2018 Annual Report and 2019 First Quarterly Report Review: The rapid growth of network visualization, network content security, big data and other extended applications are worth looking forward to

Event: On the evening of April 19, 2019, the company released the 2018 annual report and the 2019 first quarter report.

The company achieved total operating income in 20186.

910,000 yuan, an increase of 38 in ten years.

85%; Realize net profit attributable to shareholders of listed companies.

500,000 yuan, an increase of 54 in ten years.

73%; the company’s total operating income in Q1 2019 was 9,741.

740,000 yuan, an increase of 8 in ten years.

21%; net profit attributable to shareholders of listed companies was -621.

470,000 yuan, a decrease of 312 a year.


Investment suggestion: Benefit from the continuous increase of network data traffic, big data analysis and continuous growth of network security requirements and other factors and the company’s good results in product upgrade optimization and sales channel construction, the company’s 2018 performance maintained high growthTo achieve net profit attributable to shareholders of listed companies.

50,000 yuan, an increase of 55% in ten years.

As a leading enterprise in the network visualization industry, the company has a rich product business layout, including broadband network products, mobile network products, network content security products, and big data operation products, covering effective network data extraction, data storage and calculation, data analysis and mining,Data application and display.

The income of broadband network products affected by various favorable factors maintained stable and rapid growth. At the end of 17, the total amount of China Telecom’s supporting engineering projects won the bid.

9.5 billion (unrecognized revenue in 2018) will also increase future achievements; in terms of mobile network products, there will be changes in the short term, and in the long term, benefiting from the continuous increase in penetration and innovative integration with extended application products, the future will remainWill maintain steady growth.

Network content security products and big data operation products have 南宁桑拿 mature hardware and technical advantages. They have been gradually developed internally and have begun to bear fruit, and there is huge room for future growth.

We expect the company to achieve operating income in 2019-2021.

2.1 billion, 15.

5 billion, 21.

2.6 billion, realizing net profit attributable to mothers2.

8 billion, 4.

07 billion, 5.

25 trillion, corresponding to 2 EPS.

62 yuan, 3.

81 yuan, 4.

92 yuan, with reference to the closing price on April 19, 2019, the corresponding PE is 37.

51 times, 25.

79 times, 19.

98 times, maintaining the “highly recommended” level.

Broadband network product revenue has grown steadily and the product structure has been continuously optimized: The company achieved operating income of 69,120 in 2018.

800,000 yuan, an increase of 38 over the same period last year.

85% is mainly due to the continuous increase in data traffic and good results in the construction of sales channels. At the same time, the company’s product upgrade and optimization projects have made progress in stages, and product competitiveness has been further improved, which has satisfied customers’ various business needs.

The company’s business structure has remained stable compared to the same period of the previous year, with big data operations and strong growth in network content security products.

Broadband network products, realized revenue in 20183.

810,000 yuan, an increase of 49 in ten years.

35%, accounting for 51% of revenue from 17 years.

27% to 55.

15%.Mobile network products to achieve revenue 2.

15 ppm, an increase of 15 in ten years.

88%, accounting for 37% of revenue from 17 years.

21% fell to 31.

06%, mainly due to the fluctuation of short-term demand for products.

Big data operation products have made breakthrough progress in industry applications, accumulated rich experience in data governance and knowledge maps, and obtained a certain scale of application in various industries at home and abroad. In 2018, they achieved operating income of 1,737.

30,000 yuan, an increase of 244% in ten years.

Network content security products have further enriched product features, achieving 5,436 in 2018.

40,000 yuan increased by 133% a year.

In addition, the company has also strategically entered the field of industrial Internet security, launched industrial Internet security products and solutions based on existing products and technology platforms, and achieved applications in related industries. It is expected that it will also contribute a certain amount of revenue in the future.

China Telecom’s supporting engineering projects are progressing in an orderly manner, and big data may open up growth space: The company won the bid for China Telecom’s supporting engineering projects at the end of 2017, with a project amount of 4.

95 trillion, as of the end of 2018, no revenue has been recognized yet.

With the orderly progress of the project, it will directly increase the performance in 2019, driving the rapid growth of network visualization product revenue.

In terms of big data operation products, the company has initially recognized the market competitiveness of big data platforms such as the audit all-in-one machine developed by the company and industry big data analysis products. It has achieved a certain scale of application in relevant government fields and has received widespread praise from users.

In response to the needs of the rapid development of big data in the public security industry, the comprehensive information collection and analysis system has been continuously optimized to achieve a wide range of applications across the country.

At the same time, major progress has been made in the application systems of relevant industries, and multiple projects have been successfully deployed, which has won praise from customers and opened up future growth space.

The customer structure was further optimized: from industry, government, and operator, the proportion of revenue contribution was 63% and 36% respectively; from the perspective of the top five customers, the total revenue contribution ratio was 40.

05%, a decrease of nearly 8 average values compared with the same period last year; from the regional average, the proportion of income in Northeast, North China, Southwest, Northwest and other regions has steadily increased.

With the steady progress of telecommunications projects and the continuous contribution of multiple types of customer revenue, the company is expected to continue to maintain a high-speed growth trend in the future in network visualization and extended applications.

Gross profit margin remained high, and research and development continued to remain high: The company’s overall gross profit margin in 2018 was 78.

67%, a decrease of 0 compared to last year.

36 pct, mainly due to the decline in gross profit of broadband network and mobile network products.

The gross profit margin of broadband products was 83.

57%, a decrease of 2 over the same period last year.

89 pct, still maintained a high level in general; mobile network products due to the decline in product demand and increased competition in the industry and other factors, the mobile network gross profit margin fell 7.

61 to 71.

79%, but gradually the products will be upgraded in the future and the overall coverage of the system will be upgraded, and the gross profit margin will rise.

In terms of period expenses, sales expense expenses23.

52%, a slight decrease compared with the same period last year, and basically maintained the same proportion change with the scale of operating income; the management expense ratio was 32.

23% (including R & D expenses), a decrease of 1 from the same period last year.

15 pct; R & D expenses reached 1 in 2018.

670,000 yuan, an increase of 40 over the same period.

66%, mainly due to the rapid growth of R & D personnel, the company’s R & D personnel increased from 446 in 17 to 638, and the growth of R & D personnel is the company’s breakthrough in the development of various products, which is conducive to the further promotion of future products;Cost Expense -3.

77%, a decrease of 3 from the same period last year.

62 pct, mainly due to the increase in interest income in the current period compared with the previous year.

The Q1 error in 2019 is a restructuring fluctuation, and the overall probability of high growth in 2019 is high: in the first quarter, the company achieved revenue of 9,741.

740,000 yuan, an increase of 8 in ten years.

21%; realized net profit attributable to mother -621.

470,000 yuan, a decrease of 312 a year.

57%.The temporary transition of Q1 in 2019 is a restructuring mutation. Revenue and profit contributions are mostly recognized in the second half.

The company’s final revenue mainly comes from broadband network products and mobile network products. The end users are mainly government agencies, telecommunications operators and enterprises.

As customers usually implement a budget management system and a centralized procurement system, the peak demand for the market mainly occurs in the second half of the year.

The company currently has sufficient orders in hand and the industry demand continues to grow steadily. The advance payment amount reached at the end of the first quarter.

56 ppm, which is expected to maintain high growth throughout 2019.

Risk reminder: the risk that the company’s supplementary order situation is less than expected; the risk of the growth rate of the network visualization industry falling short of expectations; the risk of the company’s product gross margin falling; the risk of the company’s new product research and development being less than expected;

AVIC Capital (600705): First coverage report: Military + financial scarce specimens benefit from military-civilian integration + industry-finance integration trust securities leases are improving

AVIC Capital (600705): First coverage report: Military + financial scarce specimens benefit from military-civilian integration + industry-finance integration trust securities leases are improving

AVIC Capital is the only financial holding listed company controlled by China Aviation Industry Corporation.

The company holds trust, lease, futures, securities, and finance company licenses through the “Integrated Finance” platform (AVIC Investment).

In addition, AVIC has established Beijing Rongfu Aviation Industry Fund, Huihua Fund, etc., and holds fund licenses.

At the same time, in order to improve the layout of the full financial license, he participated in the establishment of AMC (Chengdu Yihang Asset Management Co., Ltd.).

Under the industrial investment platform, the company invested in a series of high-quality development industry projects through AVIC Xinxing (established in 2012), AVIC Aviation Investment (established in 2013), and the Aviation Industry Fund, making full use of the strong military background, development, industrial resources andBrand advantages, closely surrounding the various industrial chain of the aviation industry, actively explore aviation industry investment, focus on the development of strategic emerging industries, and look for growth points outside the aviation industry.

The company finally perfected the full layout of financial licenses, and at the same time deeply integrated industrial industries and financial resources.

Industrial demand supports the growth of capital, 杭州夜网论坛 and support from shareholders also inputs abundant resources to finance; at the same time, a complete business license meets this capitalization demand of the industry, and capital business optimization can also feed back the healthy development of the industry.

“Military industry + finance” formed a good interactive cycle.

As a scarce A-share target of military industry + finance, the company will become the primary benefit target of military securitization and military-civilian integration.

In 2018, the company’s operating performance continued to grow.

The company’s net profit attributable to its mother was 31 in 2018.

66 trillion, +13 for ten years.

74%; 2012-2018 composite strength 27.


2018 weighted ROE12.

90% in December 2017.

A solid growth was achieved on the basis of 33%.

Leasing, trust and finance business are the top three major sources of income for the company.

In 2018, the lease, trust, finance, and securities accounted for 51 of the company’s revenue structure.

66%, 21.

59%, 16.

86%, 6.

09%; lease, trust, finance, and securities account for 31%, 35%, 20%, and 4% of the profit structure, and the contribution rate of trust to profits.

Among the business segments, trust companies have the largest gross profit margins and the strongest profitability.

AVIC Trust has enhanced its proactive management capabilities and driven its performance to increase, and is a major contributor to the Group’s profits.

Among the 68 trust companies, AVIC Trust has strong innovation and design capabilities. It has issued the first products of various trusts in the market. The business returns are good and ROE is at the leading level in the industry.

In terms of leasing companies, the background of aviation leasing + industrial integration has obvious advantages.

AVIC Securities plans to increase its capital, and the future is expected to improve.

In terms of industrial investment, the project reserves are abundant, and it is not ruled out that the exit can be achieved through capital markets such as the science and technology board, and the future will be rich.

Overall perspective: The company’s sustainable operating performance continues to grow.

The capital increase of trusts and leases has been completed, and the capital increase plan of securities has been formed, and the capital strength of each business has been further enhanced.

The profitability of the trust is at the forefront of the industry. Leasing has the absolute advantage of the aviation business. The securities business is expected to be optimistic. The financial company has strengthened capital management and its performance is optimistic.

In addition, the increase in shareholders’ holdings and the date of war investment highlights long-term optimistic expectations.

“Military + Finance” business synergy is good.

According to AVIC Capital’s profit realization in 2018 and the capital strength of each business line, we use segment estimates for the trust and PB valuation for the remaining businesses, with a corresponding target price of 8.

68 yuan, 49 compared with the current price.

14% increase, the first coverage “Buy” rating!

Risk Tips: Market and Operational Risks, Financial Risks, Management Risks