Wanhua Chemical (600309): MDI listing price increased again in March to improve demand and improve profitability

Wanhua Chemical (600309): MDI listing price increased again in March to improve demand and improve profitability

Event: The company issued 杭州夜网论坛 an announcement: starting in March 2019, Wanhua Chemical’s aggregated MDI distribution market in China listed at 15,200 yuan / ton, the direct market price was 15,500 yuan / ton; pure MDI listed price was 24,700 yuan / ton.

Comments: 1. The aggregate MDI distribution and direct sales prices increased by RMB 2,000 / ton last month, and pure MDI increased by RMB 1,000 / ton.

The company released its MDI listing price in March. The prices of aggregate MDI and pure MDI increased by RMB 2,000 / ton and RMB 1,000 / ton respectively, which is the first increase since September 2018.

At the same time, in March 2019, BASF aggregated MDI to implement dealer listing prices of 15,000 yuan / ton, up by 1,400 yuan / ton from the previous month.

We believe that the short-term supply of major suppliers is limited, and downstream 淡水桑拿网 supply after the holiday will bring a good situation of supply and demand, and prices are expected to continue to increase.

Wanhua Chemical resumed production in January, and all MDI units are now operating normally.

2. The prices have returned substantially since September 2018.

The fall of China’s MDI prices from the high point of 2017-2018 is a return to the fundamentals of supply and demand, and it is not necessary to be too pessimistic about the industry’s profitability.

The force majeure events in 2017 promoted the irrational growth of China’s MDI prices and will return to the normal level in line with fundamental support in the future. It is expected that the gross profit margin of MDI will increase by more than 30% in the next two years, and the profit margin will be much smaller than the drop in MDI prices.
3. Wanhua’s MDI production capacity continued to expand and perfected its layout.

TDI, MMA, PMMA and other products were successfully put into production.

The production capacity of Wanhua Yantai Industrial Park will be increased to 110 units / year, and the production capacity of Ningbo Industrial Park will be increased to 150 units / year. A total of 40 new MDI units and integrated supporting projects will be built in Louisiana, USA.

At this point, Wanhua will have production bases in three markets in Asia, the United States and Europe, to achieve layout.

The company’s 30-ton TDI, 5-minute / year MMA, and 8-ton / year PMMA will be put into production in 2019. The structure of multi-category products has been gradually improved, and integration and refinement strategies have been integrated. The execution of projects in the petrochemical field is reflected in C3 and C2Smooth progress of the industrial chain; Wanhua Chemical’s future growth path is very clear.

4. Maintain “Highly Recommended-A” investment rating.

Wanhua Chemical absorbed and merged Wanhua Chemical through issuing new shares, and the integration of high-quality assets was completed.

We expect the company’s expected earnings to be 3 in 2018-2020.

83 yuan, 2.

75 yuan (new equity), 3.

18 yuan (new equity).

The company’s subsequent construction of several heavyweight products has been smoothly advanced, maintaining the investment rating unchanged.

5. Risk warning.

The risk of the company’s MDI product prices falling sharply; the price of oil prices falling sharply; the market promotion of special chemical products reduces expected risks;

Shanghai Mechanical & Electrical (600835) Quarterly Report Review 2019: Q1 Profitability Increases QoQ or Builds Intelligent Manufacturing Platform

Shanghai Mechanical & Electrical (600835) Quarterly Report Review 2019: Q1 Profitability Increases QoQ or Builds Intelligent Manufacturing Platform

The profitability of the first quarter increased month-on-month, or to build an intelligent manufacturing platform, and continued to recommend ratings.
In the first quarter, the company’s gross profit margin stabilized on a month-on-month basis, and the net interest rate rose on a month-on-month basis. The parent company’s book cash of approximately US $ 5 billion provided the foundation for the future of intelligent manufacturing platforms.

It is expected that the company’s net profit attributable to its parent will be 14 from 2019-2021.

01 (-2.

64), 15.

83 (-2.

65) and 18.

50,000 yuan, maintaining the “recommended” level.

Q1 net interest rate increased by 0.

In the nine quarters, Q2 gross profit margin is expected to increase Q1’s company revenue in 201942.

67 ppm, an increase of 7 per year.

16%, net profit attributable to mother 2.

19 ppm, a decrease of 1 per year.

93%, mainly due to the Q1 receivables accrued 30.07 million yuan in credit losses, compared with 10.86 million yuan in the same period in 2018.

The company’s overall gross profit margin in Q1 2019 was 17.

08%, down 3 a year ago.

28 units, but only down 0 from the previous month.

1 average value. Since the second quarter of 2018, the decline in the gross profit margin in a single quarter has eased and stabilized. We expect the company’s gross profit margin to increase sequentially in the second quarter of 2019.

Expense rate during the company’s 2019Q1 period 8.

22%, down by 1 every year.

79 averages, a decrease of 0 from 2018.

During the 28 years, the expense ratio during the period tended to decline; the company’s net interest rate in the first quarter of 2019 was 8.

41%, a quarter-on-quarter increase of 0.

9 units.

The carrying cash of the parent company has reached 49.

200 million, which is the cornerstone of building a smart manufacturing platform. In 2014-2018, Shanghai Electromechanical obtained an investment income of more than 1 billion in cash, and 2018 was 11.

At the end of 2018, the carrying cash of the parent company increased by 5 compared with 2017.

6.4 billion.

We analyze that the increase in the parent company’s carrying cash is mainly to obtain cash dividends from subsidiaries such as Shanghai Mitsubishi.

At the end of 2019Q1, the carrying cash of the parent company was 49.

20,000 yuan, we expect to exceed 5.5 billion yuan by the end of 2019.

As the parent company has no operating assets, its continued increase in book cash may be the cornerstone of the company’s rapid industrial 南京夜网 development, seeking new growth points and actively building a smart equipment manufacturing platform.

Elevator business is a cash cow, and it will continue, or it will push smart manufacturing forward.
Since 2018, Shanghai Electric has focused on the development of smart energy and smart manufacturing businesses, and promoted the development of Shanghai Electric by combining endogenous growth and outbound investment.

The company is the most important asset of Shanghai Electric’s industrial equipment sector, and an important platform for Shanghai Electric to develop into the field of intelligent manufacturing.

From 2016 to 2018, the company’s achievements in smart manufacturing with precision gear reducers exceeded expectations, and its book cash has reached 49.

200 million US dollars, and the cash cow property of the 苏州桑拿网 elevator business continues, or it will push the company to take a leap forward in the field of intelligent manufacturing.

Risk warning: the risk of prolonged real estate development cycle, the risk of rising raw material prices

Gansu GDP squeezes water, listed companies go against the trend

Gansu GDP squeezes water, listed companies go against the trend

Silk Road Jingwei (1) | Gansu GDP squeezes out water, listed companies go against the trend, source WeChat public account: financial breakfast, why can Gansu listed companies maintain rapid growth despite the province’s economic growth decreasing?

This is probably due to the clear property rights management system and equity structure of listed companies, as well as a sound financial reporting system and direct financing costs. In addition, in recent years, Gansu resource-based listed companies have used the nation ‘s financial capital to carry out global resource distribution.At the stage when resource prices bottomed out, these enterprises can directly share the dividends of rising resource prices.

  Gansu has long been known as the Longyuan Silk Road and the Silk Road. By combing the characteristics of the development of the capital market in Gansu in recent years, it has launched a series of reports on the Silk Road Jingwei.

This is Part 1.

  Gansu Province’s GDP growth rate in 2017 declined by a cliff, only 南京桑拿网 3.

6%.

Between 2003 and 2013 before that, the GDP growth rate of Gansu Province maintained a high growth rate of more than 10% for 11 consecutive years, and even during the period of 2014 to 2016, the economic growth rate of Gansu Province maintained.At 8.

9%, 8.

1%, 7.

Above 6%, the growth rate is higher than the national average.

So 3.

The 6% GDP growth rate is definitely in sharp contrast to the rapid growth in previous years.

  This result occurred in the background of reducing production capacity, adjusting structure, and removing water in Gansu Province in 2017. It can be seen that Gansu Province has made great efforts to reform and has great determination.

  However, another happy situation is that the overall operation of listed companies in Gansu Province hit a record high and long-term operating income increased.

5%.

The overall net profit of listed companies reached 43, the maximum profit of industrial enterprises in Gansu Province.

2%.

It can be seen that listed companies have overlapping positions in the economic composition of Gansu Province.

  Currently, there are 33 A-share listed companies in Gansu jurisdiction, of which 16 are listed on the Shanghai Stock Exchange, 8 are listed on the main board of the Shenzhen Stock Exchange, 6 are listed on the SME board, and 3 are listed on the GEM.

  On the whole, the in-depth advancement of structural reforms has brought the total market value of listed companies to 340.9 billion, an annual growth of 23%, accounting for 44% of Gansu’s total GDP in 2017. For the first time, three companies entered the “China’s Listed Companies with a Market Value of 500Strong “list.

  Why can Gansu’s listed companies still maintain rapid growth despite the cliff-like slope of Gansu’s economic growth?

  The author believes that this is due to the clear property rights management system and equity structure of listed companies, as well as a sound financial reporting system and alternative direct financing costs. In addition, these years, Gansu resource-based listed companies have used national financial capital to conduct globalThe layout of resources, so these companies can directly share the bonus of rising resource prices at the stage when resource prices bottomed out.

Therefore, the resource-based listed companies in Gansu Province have won the basis of possession in the right to speak globally to obtain resource prices.

  Listed companies with half of GDP ‘s net profit have learned from Gansu ‘s 2018 government work report that the total GDP of Gansu reached 777.6 billion last year.

In terms of economic aggregates, the province’s economy is not as good as second-tier cities in some developed provinces, such as Foshan in Guangdong (9549.

6 billion), Wuxi, Jiangsu (10511.

800 million).

  (Unit: one billion US dollars) Not only the economic aggregate is not high, but because of the slow transformation and upgrading of traditional industrial structures, enterprises are not sensitive to market and policies, resource and environment constraints have converged and tightened, the base has been long in previous years, and some cadres have been inactive.The impact of factor substitution, the GDP growth rate of Gansu last year was only 3.

6% did not meet expectations 7.

5% target.

  In 2017, the province’s investment in fixed assets was 5,696.

300 million, down 40 from the previous year.

3%.

  Among them, the investment in the primary industry was 382.

0 billion, down 43.

7%; investment in the secondary industry is 1188.

300 million, down 63.

1%; investment in the tertiary industry is 4126.100 million yuan, down 26.

8%.

  According to the Statistics Bureau of Gansu Province, the rapid decline in the growth rate of fixed asset investment is the continuous growth of industrial investment and its proportion, the tightening of funds in place and the investment in real estate development are not enough to stimulate investment across the province.

  Wang Jianjun, a professor at the Gansu Academy of Social Sciences, believes that behind the decline in numbers may also be “squeezing water.”

In fact, the economic fundamentals of Gansu Province did not deteriorate in 2017 and remained stable.

In 2017, Gansu’s “two sessions” clearly stated in the government report that “the number should be clear and the numbers accurate.”

  Contrary to the economic growth rate of the whole province of Gansu, the overall operation of listed companies in Gansu has created a new historical high.

  As of April 30, 2018, 33 A-share listed companies in the jurisdiction have publicly disclosed their 2017 annual reports as scheduled.

The total market value of listed companies reached 340.9 billion yuan, an increase of 23% year-on-year, accounting for 44% of Gansu’s GDP in 2017, an increase of 5 from the previous year.

3 averages.

  Three listed companies, Fangda Carbon, Yinyi Shares, and Silver Nonferrous Metals, entered the list of “Top 500 Listed Companies in China by Market Capitalization” for the first time.

The Air Force Gansu has relatively few companies on the list.

A 55% increase was one of the top ten bull stocks in 2017 (excluding sub-new stocks).

  The revenue and net profit of listed companies in Gansu Province achieved double growth, which continued the good trend of last year, and achieved operating income of 1768.

7.9 billion, an annual increase of 16.

5%, higher than the GDP growth rate of 12 in Gansu.

Nine single ones, the income of enterprises above designated size in Gansu increased by 6.

44 partnerships; realized net profit attributable to shareholders of listed companies 106.

6.9 billion yuan, an annual increase of 241.

07% is 12 of the national level.

5 times, 121 higher than the large-scale enterprises in Gansu.

73 advantages have achieved continuous growth since the beginning of the “Thirteenth Five-Year Plan”.

  Under the ranking, the profit of industrial enterprises above designated size in Gansu Province increased by 246 in 2017.

900 million US dollars, which means that the net profit of listed companies in Gansu Province accounted for 43 of the total profit of the province.

2%.

  In terms of profitability: Jiucheng listed companies in Gansu achieved profit, and net profits of 60% of listed companies increased; among the companies that have been profitable for two consecutive years, 11 companies (42%) have a net profit increase of more than 50%; average growth rate earningsIs 0.

25 yuan, an increase of 0 over the same period last year.

17 yuan; total asset compensation subsidy 5.

15%, an increase of 2.
.

81 mergers; net asset income increased by 8.

5%, an increase of 5 per year.

46 digits; net profit was 85 after eliminating non-recurring gains and losses.

7.7 billion, an annual increase of 293.

08%, achieving a high proportion of growth for two consecutive years.

  The reform of fierce medicine is good for listed companies to eliminate backward production capacity and adjust the structure of economic development. Gansu Province is expected to make great efforts. Of course, this also brings certain reform pains to Gansu’s economic development.

  At the beginning of 2017, the “Gansu Blue Book: Analysis and Forecast of Gansu Economic Development (2017)” stated that it is expected that the GDP growth of Gansu in each quarter of 2017 will exceed the same period of 2016, and the province’s GDP growth rate will also reach about 8%.

  However, the pain caused by the reform is also huge.

  The overall GDP growth rate of the five northwestern provinces in 2017 was earlier, and all of them decreased in 2016, while Gansu ‘s displacement was the largest. In 2017, the GDP growth rate of Gansu was only 3%.

6, a year down 2016 with 4 digits.
  Tang Renjian, Governor of Gansu Province, who just took office in January 2018, reviewed the economic operation and development in 2017 in the 2018 government work report.
  He said that in 2017, Gansu Province faced more difficulties and problems than expected. Due to the slow transformation and upgrading of traditional industrial structures, companies’ insensitivity to markets and policies, tight resource and environmental constraints, base weighting in previous years and inaction of some cadres, etc.Due to the combined effects of multiple factors, the growth of fixed asset investment declined, and the growth rate of industrial added value changed from positive to negative. Gansu Province’s GDP growth rate in 2017 was 3.

6% failed to achieve the expected goal.

  However, the mulberry elm that was lost was lost.

  The pain index brought by the reform in Gansu Province shows that the more thorough it is in reform, the effect of its reform has been transformed into only 33 listed companies in Gansu Province, and the performance of listed companies has increased.

  All seven sectors of Gansu Province listed companies are profitable. Except for the slight decline in net profits of the culture, sports and entertainment industry, the remaining six sectors are showing growth.

  The manufacturing industry has achieved remarkable initial operating revenue of 1492.

1.9 billion, an annual increase of 14.

03%; realized net profit attributable to shareholders of the listed company was 76.

5.7 billion, an annual increase of 227.

64%; net asset income return 9.

88%, an increase of 6 from 2016.

52 advantages, profitability has been significantly improved.

  Gradually achieve a significant rebound in industry performance. Carbon, steel, titanium dioxide, cement and other sub-sectors have achieved net profit growth of three digits, contributing nearly 70% to the net profit increase of listed companies.

  Among them, Fangda Carbon, Jiugang Hongxing, Zhonghe Titanium Dioxide, Shangfeng Cement, Qilianshan and other listed companies are all popular growth stocks in 2017 A-shares.

  The semiconductor industry continues to increase new kinetic energy. Huatian Technology, the only semiconductor industry listed company in Gansu Province, has achieved net profit growth in the electronic packaging field for six consecutive years.Compared with the same period of last year, the net profit increased by 57.

78%, new momentum for economic growth continues to increase.

  The performance of the mining industry has greatly increased, and the electricity, heat, gas and water production and supply industry has turned around. The mining industry in Gansu Province has lost money in 2017. The net profit attributable to shareholders of listed companies has continued to increase.

34%, the electric thermal power gas and water production and supply industry dedicated to new energy development industry reversed the situation in 2016.

  The growth of the real estate industry and the wholesale and retail industry accelerated, and the net profit attributable to shareholders of listed companies increased by 209 respectively.

32% and 71.

43%.

  The positive image of Ganqi has been rising since the ancient northwest, especially Gansu, and it is the frontier area where the Central Plains culture and the Western Region culture collided most intensely.

Zhishuang and Zhanyi are integrated into the cultural microcosm of Northwesterners.

Therefore, the capital market’s perception of the image of Northwest listed companies will not be too high, but it will not be too serious.

  According to the author’s statistics, among the 53 listed companies in Xinjiang, 33 in Gansu, 12 in Qinghai, 25 in Inner Mongolia, 47 in Shaanxi, and 13 listed companies in Ningxia, there was no listed company except Yinguangxia was identified as financial fraud in 2002.Suspected of fraudulent financial data.

This also fully illustrates the characteristics of Northwest listed companies that can perform poorly but also be honest in the end.

  With the acceleration of profit growth, listed companies in Gansu Province have become more and more active in the equity market. The awareness and ability to use the rapid development of the capital market has continued to increase, and the function of optimizing the allocation of resources in the capital market has been further exerted.

  Regarding the initial public offering of IPOs, the pace of listing has obviously accelerated. Gansu has gradually realized the initial public offering of three listed companies, namely Silver Nonferrous Metals, Manor Ranch, Guofang Group, and the issuance of new shares.

5.0 billion shares, raising funds 19.

4.0 billion, the highest and best level.

  In terms of M & A and reorganization, Gansu Province reorganized a total of 6 listed companies to suspend trading and initiate major asset reorganizations 7 times, copying 6 reorganization plans involving transaction value of nearly 20 billion US dollars, completing 4 M & A and reorganizations, with a total transaction value of 142.

310,000 yuan, supporting funds raised 8.

09 billion yuan, an increase of 18.

9.1 billion shares, an increase of about 16 billion yuan in market value.

  Yinyi shares led by innovation, from the original professional military real estate development business to the expansion of the “high-end manufacturing + real estate” two-wheel drive development pattern. In 2017, net profit increased by 211%, and the return on net assets increased by 4.

01 averages.

Hengkang Medical achieved effective integration of resources in the east and west through horizontal mergers and acquisitions, and its total assets increased by 152.

97%, the industry competition pattern has been further optimized.

  For bond financing, Gansu Power Investment Corporation and Jiugang Hongxing issued corporate bonds to raise funds14.
200 million yuan.
  In terms of shareholder dividends, the cash dividend levels of listed companies in Gansu increased at a high level in 2017. 22 listed companies disclosed cash dividend plans, which accounted for 66% of the total number of companies.

USD 3.2 billion, which is nine times the total dividends in 2016, accounting for 69% of the net profit attributable to shareholders of the parent company. The amount of cash dividends reached a record high.

  In terms of environmental trust, Gansu-listed companies have continuously enhanced their awareness of environmental protection, and have basically disclosed the construction and operation of key environmental protection indicators and corrective measures. The substantiality, quantification, and credibility of environmental information have increased from the previous year.

  In terms of poverty alleviation, as a major poverty alleviation province, listed companies in Gansu Province have also contributed a lot to targeted poverty alleviation. Listed companies have actively promoted industrial development and poverty alleviation through the establishment of poverty alleviation industry funds, business development, training, and participation in poverty alleviation activities., Transfer of employment and poverty alleviation, 18 listed companies disclosed information on targeted poverty alleviation in 2017, an increase of 11 from 2016.

  In terms of major contributions, fees and taxes paid by listed companies in Gansu totaled 93.

USD 7.2 billion, an increase of USD 1.7 billion over the previous year, and the net profit realized by all listed companies in Gansu has increased significantly.

  In terms of employment, listed companies in Gansu have created more than 130,000 jobs and paid a total of US $ 13.4 billion in employee budgets, an increase of 30%.

AVIC Optoelectronics (002179) Company Comment: Second Phase Stock Incentives Unprecedented in State-owned Enterprise Growth and Regained Blessing

AVIC Optoelectronics (002179) Company Comment: Second Phase Stock Incentives Unprecedented in State-owned Enterprise Growth and Regained Blessing

Investment Highlights The company released the “Stock Incentive Plan (Second Phase)” on November 18, and the company intends to award 3206 to incentive objects.

50,000 shares of stock.

The number of employees involved in the employee shareholding plan was 1,215, of which 10 were directors, supervisors, and senior management. The price of the company’s shares obtained through non-trading transfer was 23.

43 yuan / share, the duration of the shareholding plan is 48 months.

  The company’s shareholding plan is another employee incentive after the end of employee incentives in 2016, showing the leader’s firm confidence in the company’s long-term development and a positive attitude towards employee incentives.

The company’s incentive reward shares as a percentage of the company’s share capital (3.

0%) higher than the recent incentive plans of AVIC Shen Fei, Philips, Steel Research Gaona, showing the company’s strong incentives for employees.

  The launch of the stock plan lasts for 60 months, with a lock-up period of up to 36 months. It will be unlocked in 3 phases after 24 months from the grant date, and each unlocked 33 after completing the unlocking conditions.

3%, 33.

3%, 33.

4%.

In this employee shareholding plan, the company’s net profit after deducting non-return to the mother in the financial year immediately before the unlocking date is not less than 10% of the compound performance in 2018. As a performance evaluation goal, the company will achieve at least non-return after 2020-2022, respectively.Parent net profit 10.

7.1 billion, 11.

7.8 billion, 12.

9.6 billion.

If the amortization of the expenses of the shareholding plan is considered, the company will achieve at least the non-returned net profit before deduction of the shareholding plan expenses from 2020-2022.

4.9 billion, 13.

5.4 billion, 13.

900 million.

In addition, the company’s performance needs to meet: 1) The company’s return on net assets in the financial year immediately before the unlockable date is not less than 13.

60%, and not lower than the 75th place value of the benchmarking enterprise; 2) The completion of the company’s EVA (Economic Growth Value) indicator for the financial year immediately before the day reached the assessment target issued by the aviation industry, and △ EVA was greater than 0.

  The company is the leader in military connectors.

The demand for military connectors is expected to continue to accelerate in the next two years 四川耍耍网 after the 13th Five-Year Plan; the civilian communications direction will continue to account for the second half of the market, and accompanied by the localization of Huawei’s supply chain, the company’s high-speed backplanes and other high-end connectors will significantly increase the proportion, Expected volume and price of the communications sector are rising.

Therefore, we maintain our profit forecast and expect the company’s net profit for 2019-202111.

74, 14.

59, 17.

5.5 billion.

  The company’s convertible bonds were delisted on November 7, and the total share capital increased to 10.

7 billion shares, corresponding to a PE of 35/28/24 times in 2019-2021 (2019/11/18), maintaining the level of “prudent increase”.

  Risk Warning: The development of high-end civilian products business exceeds expectations; the growth rate of military demand is lower than expected

Supor (002032): Domestic and foreign sales steadily increase, market share increases

Supor (002032): Domestic and foreign sales steadily increase, market share increases
Performance summary: The company achieved 98 revenue in 2019H1.4 percent, an increase of 11 per year.2%; net profit attributable to mother 8.40,000 yuan, an increase of 13 in ten years.4%; net profit after deducting non-return to mother 8.2 ‰, an increase of 15 in ten years.4%. Q2 single quarter revenue reached 43.600 million, an increase of 10 in ten years.1%; net profit attributable to mother 3.2 ‰, an increase of 12 in ten years.6%.The company proposes to dispatch a discovery bonus2.58 yuan (including tax), combined cash dividends 2.1 ppm (including tax), the dividend amount is 25% of the reported multi-year net profit. Market share increased and domestic and foreign sales steadily increased.In terms of categories, the company’s cooking utensils and appliances revenue were 30 in the reporting period.700 million, 67.1 ppm, a ten-year increase of 8.5%, 12.5%.According to the data monitored by GFK and Zhongyikang, the company’s cookware business and small home appliance business accounted for the first and second market shares respectively in the first half of the year.In terms of different regions, domestic and foreign sales have achieved steady growth, and the company’s domestic sales revenue has reached 76.5 ppm, an increase of 11 years.2%; export revenue 21.800 million, an increase of 10 in ten years.8%.Thanks to the continued 杭州桑拿网 transfer of overseas SEB orders, the overall export business continued to maintain higher growth in the first half of the year. Expenses were properly controlled and profitability improved.The average is reported and the company’s gross profit margin is 30.8%, an annual increase of 0.6pp. Expenses have improved compared to last year, and the company’s selling expenses have decreased.8%, a decline of 0 per year.6pp. Reporting average, the company’s net margin is 8.5%, an annual increase of 0.2pp. The operating net cash flow decreased and the turnover rate increased.Reporting average, the company’s operating net cash flow is -0.300 million, even decreased significantly.Scale, the company’s purchase of goods, additional annual growth in cash paid for labor services; and, the company strengthened the expansion of e-commerce channels, affected by the repayment of e-commerce, the account receivable was 27.30,000 yuan, an increase of 20 per year.6%.The company controls its inventory reasonably and its inventory is reduced by 4 per year.5%, the company’s inventory turnover efficiency improved. The brand has a comprehensive layout, with “online and offline” dual drive.In addition to the SUPER brand, the company also retains high-end brands such as LAGOSTINA, KRUPS, WMF under the SEB Group, thereby completing the full coverage of mid-to-high-end brands in the kitchen field.The company continues to strengthen the development of e-commerce platforms and offline markets, and continues to improve the professional operation of e-commerce online. The market share of major categories has continued to increase, while the coverage of third- and fourth-tier markets has continued to improve, and the third- and fourth-tier markets have been improvedService system. Earnings forecasts and investment advice.We adjusted the EPS for 2019-2021 to 2.34 yuan, 2.72 yuan, 3.16 yuan, maintaining the “overweight” level. Risk Warning: The price of raw materials may fluctuate greatly, and the exchange rate may change.

CIMC Group Corporation (000039): CIMC Vehicles Expanded, Global Expansion Speeded Up

CIMC Group Corporation (000039): CIMC Vehicles Expanded, Global Expansion Speeded Up

Investment Highlights The expansion of the listing of CIMC Vehicles on the Hong Kong Stock Exchange will become the fourth listing platform of CIMC Group: CIMC Vehicles, a subsidiary of CIMC Group, is expected to be officially listed on the Hong Kong Stock Exchange on July 11, with a sale price of 6.

38-8.

Constructed in 08, to be sold worldwide 2.

6.5 billion shares, of which the Hong Kong offering accounted for 10%, the international placement accounted for 90%, and the other not more than 15% of over-allotment rights, the highest raised funds will be replaced by more than 2 billion.

After the listing of CIMC Vehicles, the market value is expected to be 11.31 billion to 14.3 billion, which corresponds to a net profit of 12 in 2018.

3 billion yuan, the static market surplus error is 8-10 times.

Without considering over-allocation rights, CIMC Group will directly and indirectly control CIMC Vehicles53 through CIMC Hong Kong after listing.

The 8% equity will become the fourth independent listing platform of CIMC, following CIMC Group, CIMC Enric and CIMC Tianda.

CIMC Vehicles is the world’s largest semi-trailer manufacturer: CIMC Group’s semi-trailer and special vehicle bodybuilding manufacturing business started in 2002 and changed to CIMC Vehicles Co., Ltd. in 2005. The “Lighthouse” factory was established in 2014 and 2015Merged Vanguard in the United States and LAG in Belgium successively. In 2016, it acquired British SDC.

CIMC Vehicle’s revenue in 2016-2018 was 146/194/242 million, with a compound annual growth rate of 28.

9%; realized net profit of 7 respectively.

5/10.

1/12.

30,000 yuan, with a compound annual growth rate of 27.

9%, maintaining a relatively rapid growth, is the company’s stable second largest business.

According to Frost & Sullivan, global semi-trailer sales were up from 90 in 2013.

20,000 vehicles increased to 118 in 2017.

0 million vehicles, with a compound annual growth rate of 7%.

Among them, the sales volume of CIMC vehicles in 2017 was 12.

20,000 vehicles, with a global market share of 10.

3%, the world’s leading semi-trailer, significantly higher than the second German Schmidz 5

2% market share.

Benefiting from the upgrade of safety technology standards and the increase in treatment over-strength, the demand for semi-trailers will remain stable: the safety technology standards for semi-trailers are being continuously improved internally, and new national standards will be implemented in 2016 to phase out dimensions, axle loads and technical requirementsUnqualified semi-trailer; every September 2017, a new national standard “Reset Technical Conditions for Safe Operation” is announced, in which the new semi-trailer is equipped with new technical regulations for disc brake discs and air suspension systems, and its advantages will be January 2020.

The implementation of new technical standards will accelerate the elimination of unqualified semi-trailers and increase the demand brought by vehicle renewal.

At the same 武汉夜生活网 time, since 2019, the speed of local governance has been increasing, and the Ministry of Communications has notified that the national overload overload identification standards must be strictly implemented, the replacement emission standards improved, and infrastructure investment increased. It is expected that the semi-trailer market will gradually maintain a steady growth trend.

Accelerating global expansion, the vehicle business has a great potential to increase its share in European cities: according to 2017 semi-trailer sales data, the company ranks first in the country (15.

7%), North America ranked third (11.

4%), the European market ranked fifth (3.

6%).

There is room for improvement in the market share of overseas markets, especially in Europe and emerging markets.

CIMC Vehicles will accelerate the pace of global expansion after listing. The company plans to use 70% of the funds raised to open new production lines and assembly plants in the United States and Europe, 10% of funds for new product development, and 20% of funds for repayment.Also repay bank loans and increase operating funds.

The company gradually improved the listing opportunity, further enhanced the digitization of production processes, increased the development of new products, and increased its market share in the European and American segments.

Container demand has fallen at a high level, and gross margin is expected to be stable: After rapid growth in 2017-2018, global container demand has shown signs of fatigue since 2019, especially in the second quarter of the Sino-U.S. Trade dispute, which has escalated and accelerated port container exports.Free radicals.

According to the General Administration of Customs data, the volume and total amount of container exports in the previous five months have fallen back to the same period in 2017, and the number of exports in the first five months of this year has alternately increased to -18.

3%, the export value increased by -28 in ten years.

6%.

Considering that the price of steel has risen to an average of 5% in 2018 this year, it is expected that the company’s container revenue will improve this year, and the gross profit margin will remain at the level of last year.

Investment proposal: Independent listing of the vehicle business will improve the management and operation efficiency of the group, improve financing capabilities and convenience of capital operations, and at the same time expand production capacity and technology upgrades in Europe and the United States.Taking into account the fatigue of the global container market since this year, we have lowered the company’s revenue forecast for the next three years by a reduction of 6 respectively.

8% / 3.

9% / 2.

7%, it is expected that the company’s operating income for 2019-2021 will be 1002 trillion, 1182 trillion, 1350 trillion; net profit attributable to mothers will be reduced by 4.

3% / 3.

8% / 3.

7%, expected to be 34.

8.2 billion, 41.

3.6 billion, 48.

06 ppm; According to the current sustainable and profit forecast, the PE in 2019 is 11 times, which is still at a historical height, maintaining the “Buy-A” rating.

Risk Warning: Continuously promoting “transit to iron” will affect market demand for road transport vehicles; intensified trade friction between China and the United States will affect global trade activities and reduce container demand; rising raw material prices will weaken the company’s profitability; land preparation and offshore engineering progressNot as expected.

Hangfa Power (600893): Expected to increase related income in 2020

Hangfa Power (600893): Expected to increase related income in 2020
Recently, Hangfa Power issued an announcement of the expected execution of continuing connected transactions with the actual controller and its related parties in 2019 and the continuing connected transactions in 2020.Down by 5.88%, purchasing goods and receiving services increased by 4.11%.Sales of merchandise to the aviation development system in 202011.520,000 yuan, a decrease of 10 compared with the implementation in 2019.21% sold 91 to the aviation industry.12 ppm, an increase of 27 from 2019 estimates.72%. A brief comment on the planned decline of related 杭州夜生活网 party transactions in 2019.Initially, the company estimates that the total amount of goods sold in the aviation system in 2019 and the total will be 12.8.3 billion, down 6 with the announcement amount ranking.42%, with 71 sales of aviation industry groups.340,000 yuan, down 5 with the announcement amount ranking.45%, mainly affected by the pace of delivery. Some new models use new processes to affect delivery.At the same time, the company expects to purchase 46 products in the aviation development system in 2019.22 trillion, an earlier announcement of a significant increase of 23.98%, mainly due to the increase in the amount of tasks and the increase in procurement.Acceptance of labor services of the Aviation Industry Group increased by 137 over the announced amount.72%.This shows that the company’s output is high, and in 2020 the company is expected to significantly increase its sales of goods to the aviation industry system27.72% shows that the company is full of confidence in delivery in 2020, and performance growth can be expected.The company expects to sell commodities11 to the aviation development system in 2020.520,000 yuan, a decrease of 10 compared with the implementation in 2019.21% sold 91 to the aviation industry.12 ppm, an increase of 27 from 2019 estimates.72%, which is 21% higher than the estimated implementation value in 2019.85%. Affected by the new process technology, revenue has increased.The company released the third quarter of 2019 report and achieved operating income of 127.9.3 billion, down 7 a year.61%; net profit attributable to shareholders of listed companies4.1.3 billion, down 36 every year.47%.The revenue exceeded the decrease. The main part of the model adopting new process technology has not yet realized the sales revenue impact, and the company’s inventory increased by 35.16%, indicating that the company’s production is in good condition. If the delivery problem is solved, the company’s future performance will grow rapidly and it can be expected to be the leader in the aviation industry.The company is the only domestic military aircraft engine product that covers all types of turbojet, turbofan, turboshaft, turboprop, and piston.Internationally, the company is one of the few companies that can independently develop aero-engine products.Domestically, the aero-engine industry is still in a high-speed rising stage, which has an important radiating effect on the development of science and technology and economy, and is a strong support for the development of manufacturing in developing countries.The company has advanced aero engine research and development technology, capabilities, experience, data accumulation and a complete product lineage, and is a leading domestic aero engine research and development manufacturing company.With the continuous increase in downstream demand, the continuous increase in the special investment of the two aircraft, and the continuous increase in the proportion of aviation industry’s main business, the company’s performance promoted stable growth. AVIC has set up an industrial cluster, and the two planes have specifically landed to provide financial guarantee.The establishment of the China Aero Engine Group officially restarted the separation of the industrial system of flying hair, and the development of aero engines will no longer be the ultimate goal of continuous fighter demand.As a pilot product of military aircraft, the modern industrial affiliation of aero engines has been flush with the aircraft.The research and development of aero engine will have the ability to independently control the resource input and research and development direction. A type of aeronautical development and a pre-research system for generational development are gradually being built to truly achieve “power first”.With the special funding for the 100 billion-scale engines brought by the landing of the two aircrafts, with the support of high-intensity funding, breakthroughs have been made in the development of aero-engines in developing countries in the next few years, and other forms of financial support policies are expected to continue to be introduced. Military aviation demand is strong, and civilian products are also expected.The existing military aircraft is in the stage of upgrading, and the demand for replacement and installation of new aircraft in the old period is increasing.With reference to the development history of the US aviation development, Dahandao will implement the dual-use military-civilian future development trend, and the company’s existing technology or products are expected to enter the civilian market.China’s civil aviation market has a particularly broad space. Through the continuous growth of the domestic economy and the expansion of existing cities and the creation of new urban agglomerations, it is expected that by 2030, it will become the world’s largest single country air transport market.Countries have initially and continuously accelerated the development of civil aviation engines. The company actively participates in the development of civil aviation engines, and has taken the lead in the civil aviation engine market in China. Earnings forecast: As the core target of the overall aero engine, the prospect of aerodynamic localization will be broadened, and we are optimistic about the company’s development prospects.It is expected that the company’s net profit attributable to its parent from 2019 to 2021 will be 10 respectively.86, 13.73 and 17.62 ppm, with annual growth of 2 respectively.10%, 26.40%, 28.22%, the corresponding 19 to 21 years EPS are 0.48, 0.61, 0.78 yuan, corresponding to the current sustainable PE is 43.89 times, 34.72 times, 27.06 times, maintain BUY rating.

Gree Electric (000651): Mixed growth in the early stage of single-quarter growth opens up estimated space

Gree Electric (000651): Mixed growth in the early stage of single-quarter growth opens up estimated space

[Investment Highlights]The company released the results of the third quarter of 2019, and the company achieved total operating income of 1566 from January to September 2019.

76 ppm, a ten-year increase4.

42%; net profit attributable to mother was 221.

17 ppm, a ten-year increase4.

73%.

The company achieved total revenue of 583 in Q3 2019.

350,000 yuan, an increase of 0 in ten years.

50%; net profit attributable to mother is 83.

670,000 yuan, an increase of 0 in ten years.

66%.

In the third quarter, the HVAC industry continued to show signs of weakness, and the company’s single-quarter performance also improved, but overall remained stable.

   Financial indicators are sound.

The company’s gross profit margin was 30 in the first three quarters.

16%, 0 per year.

01pct, 19Q3 gross profit margin 28.

71%, once / mom temporarily 1.

64/2.

62pct, we believe that the reduction of the company’s third quarter is due to the early purchase of raw materials with higher purchase prices, and the cost side is still under pressure. Instead of terminal monitoring data, the retail price of the terminal has also been slightly reduced, which will comprehensively suppress the increase in the company’s gross profit margin.

In terms of expenses, the sales / management / finance / R & D expense ratio of the company in 19Q3 was YoY-0.

24 / + 0.

01 / -0.

11 / -0.

88pct, in which the sales expenses and R & D expenses exceeded a relatively obvious margin. On the whole, the company’s expenses were controlled.

The overall impact in the third quarter increased slightly by zero.

07pct to 14.

55%.

   Cash flow improved significantly, and cash on hand was plentiful.

19Q3 net operating cash flow of the company was 327.

30ppm, an annual increase of 117.

13% / 98.

89%, a clear improvement trend, we believe that the merged company continues to demonstrate its ability to occupy upstream and upstream, while increasing payables and bills extended by 71.

38%, the repayment of the restructuring company’s dealers has picked up, 杭州夜网论坛 accounts and bills plus budget receivables totaled 518.

84 ‰, a decrease of 8 per year.

58%.

In addition, the report has 1567 cash in hand.

28 ppm, +30 a year.

25% indicates that enterprises have sufficient surplus.

Advances received 113.5.1 billion yuan, a decrease of 16.

07%, due to the weakness of the terminal, dealers’ confidence in delivery still needs to be restored.

   The mixed reform counterparty confirmed that the optimization of the governance structure and the expected increase in dividends open up the estimation space.

The company announced on October 29 that the final shareholder transfer of Gree Group, the shareholder holding company, was the final transferee of Zhuhai Mingjun led by Gaofeng Capital, which led to more and more mixed reforms.

Gao Ye Capital has invested in consumer, intelligent manufacturing and other fields in the past and has hatched a number of successful projects. It has rich strategic resources. Gao Ye’s entry attempt has brought new vitality to the company’s management system and governance structure.The equity incentive plan is expected to be launched in the future.

As a strategic investor, Gao Yong is expected to put forward certain expectations on dividends. The optimization of the governance structure and the promotion of dividend expectations will open up the company’s estimated space.

  [Investment suggestion]We believe that the company is currently facing the inflection point of two cycles, namely, the inflection point of the post-cycle caused by the return to completion and the company’s own governance structure.

The current growth rate of the air-conditioning industry has improved and dropped. The industry is undergoing a new round of reshuffle. The leading Matthew effect will accelerate in the next two years.

   It is estimated that the company’s operating income for 19/20/21 will reach 2105.

48/2263.

43/2516.

1.6 billion, net profit attributable to mother reached 288.

75/313.

44/345.

1.3 billion, EPS4.

80/5.

21/5.

74 yuan, corresponding to PE12 / 11/10 times, maintain “overweight” rating[risk reminder]industry competition intensifies; foreign exchange risk; diversified development is less than expected.

Gaode Infrared (002414) Note: The first batch of newly-designed military products has won the bid 1.3.1 billion contracts

Gaode Infrared (002414) Note: The first batch of newly-designed military products has won the bid 1.3.1 billion contracts
Event: On April 13, 2019, the company issued a major contract announcement to disclose that it has recently received a certain military product.3.1 billion 佛山桑拿网 subscription contracts. Opinion: The total contract amount announced in December last year and this time is 5.2.6 billion, will have a positive impact on the company’s operating performance in 2019.The company’s scheduled contract amount is 1.3.1 billion, the amount of which was announced on December 8, 2018 was 3.For 9.5 billion military contracts, only recently announced contract amounts totaled 5.2.6 billion, accounting for 48 in 18 years of revenue.52% will have a positive impact on the company’s 2019 operating results. Since 2018, the company and related companies in the infrared industry have repeatedly announced major contracts, further verifying that the military procurement work has been fully resumed after the military reform was implemented.Since 2018, the company has announced military contract awards three times. In the industry as a whole, companies such as Dali Technology have repeatedly announced military contract awards after 2018. Orders continue to be announced to verify the implementation of defense and military reform measures.Full recovery of work.Since 2018, Gaode Infrared has announced that the total amount of winning bids in listed companies in the infrared industry is up to 6.4.5 billion, Dali Technology announced a total of 2 orders.06 billion, Jiu Yang announced the order 1.2.1 billion, further illustrating the advantages of Gaode Infrared in the infrared industry. This contract is the first delivery of a new military model of the company.The first batch of new military model products has been delivered, indicating that the company’s continued research and supplementation has paid off, market development has continued to deepen, and it has opened up new product series revenue sources in addition to the existing military model mission base.There will be follow-up orders after the first batch of delivery, and the company’s new products will continue to contribute to the company’s revenue increase. Expected 2019 1?The return to mother’s net profit in March exceeded 250%?280%.The company announced in its annual report that the net profit attributable to listed companies for the first three months of 2019 reached 576.730,000 yuan?626.160,000 yuan, a change of 250%?280%, the company’s operating performance continued to improve in the first quarter, and the growth rate of net profit further accelerated. Long-term optimistic about the company’s core competitiveness in the field of infrared detection, and the development potential of private military industrial enterprises in the overall design and production field.At the same time, it has a complete technical system of refrigeration and non-refrigeration, leading R & D and production capabilities, and a platform-based development idea, so that Gaode Infrared has sufficient deep technology moats in the infrared imaging field and can penetrate the amount of wafer-level packaged detectors in the futureProduction, packaging efficiency will be greatly improved, device costs will be effectively reduced, which will promote the development of the entire infrared industry. At the same time, the civilian product market may reduce the cost to achieve the scale of application scenarios.As a leader in the thermal infrared imaging industry, the company continues to expand its core business in the infrared thermal imaging industry while continuing to expand its layout in the upstream and downstream of the industrial chain for a long time, expanding the downstream and downstream capabilities of the weapon system assembly, and realizing “parts supply-sub-system supporting-overall”Design” industry chain upgrade.The company is the first and currently the only private enterprise to obtain the overall development qualification of a complete weapon system. At present, it has achieved the overall batch production of a certain type of weapon system and has officially won the bid for a military project.The overall R & D and design capabilities have great potential and extreme scarcity. Earnings forecast and rating: We expect the company’s diluted expected earnings for 2019-2021 to be 0.35 yuan, 0.45 yuan, 0.52 yuan, based on Gaode Infrared’s product technology leadership in the field of infrared imaging, as the scarcity of the overall private military industry market, maintaining the “overweight” level. Risk factors: Insufficient demand for infrared imaging products, inferior production progress and yield rate of infrared focal plane detectors, less-than-expected orders for individual anti-tank missiles, and less-than-expected advancement of infrared imaging products in the consumer sector.

Wanhua Chemical (600309): Reduce China MDI Listing Price in June

Wanhua Chemical (600309): Reduce China MDI Listing Price in June

Event: The company announced the MDI price announcement for China in June: China ‘s aggregate MDI distribution market price was 14,500 yuan / 厦门夜网 ton (down 4,500 yuan / ton from May prices), and the direct sales market was 15,000 yuan / ton (down from May prices4500 yuan / ton); the pure MDI listing price is 23700 yuan / ton (down 3500 yuan / ton from May prices).

Comments: 1. The fluctuation of Wanhua Chemical’s listed price in the first half of 2019.

From January to June 2019, Wanhua Chemical’s pure MDI listing prices were 23,700 yuan / ton, 23,700 yuan / ton, 24,700 yuan / ton, 26,200 yuan / ton, 27,200 yuan / ton, and 23,700 yuan / ton, with an interval of 4,000 yuan / tonIt can be seen that the price of pure MDI is relatively stable; the downstream of pure MDI is mainly PU synthetic leather, elastomers, waterproof coatings, adhesives, spandex, etc., except for PU synthetic leather slurry filling, the other major downstream production is still growing slightly, plusThe proportion of pure MDI traders’ supply is very small, so it has little effect on the actual market volume. The market size of pure MDI is stable. It is expected that prices will remain above 20,000 yuan / ton in the second half of the year.

Polymer MDI listed prices from January to June were 12,500 yuan / ton, 13,200 yuan / ton, 15200 yuan / ton, 18300 yuan / ton, 19500 yuan / ton and 15,000 yuan / ton.

Affected by the trade war, the downstream demand for aggregate MDI decreased in May, so the aggregate MDI market price gradually dropped to the current level of 14,500 yuan / ton throughout May, which also directly affected the listing price in June.

We believe that the overhaul of manufacturers at the end of May will reduce the domestic market supply accordingly. The listing price in June also indicates that mainstream suppliers do not think that prices will fall to the initial level.

In fact, the price of aggregated MDI in Shanghai has steadily increased since the beginning of this week. The demand side purchases on demand, and the price will remain in a narrow range.

In the second half of 2019, the market will be more complicated. Wanhua Chemical’s existing MDI capacity will be increased by 80 through technological transformation, and costs will be degraded and increased. Therefore, even if the MDI price is adjusted slightly, Wanhua Chemical will ensure product profitability by reducing costs.Massive increase the company’s MDI business’s net profit level.

2. Maintain “Highly Recommended-A” investment rating.

We will not adjust the level of Wanhua Chemical because of the short-term MDI price fluctuations because the growth of Wanhua Chemical in the medium-term (12-24 months) or even long-term has not ended, and the company’s various projects are in an orderly and chaoticget on.

The production capacity of Wanhua Yantai Industrial Park will be increased to 110 units / year, and the production capacity of Ningbo Industrial Park will be increased to 150 units / year. A total of 40 new MDI units and integrated supporting projects will be built in Louisiana, USA.

At this point, Wanhua will have production bases in three markets in Asia, the United States and Europe, to achieve layout.

The company’s 30-ton TDI, 5-minute / year MMA, and 8-ton / year PMMA will be put into production in 2019. The structure of multi-category products has been gradually improved, and integration and refinement strategies have been integrated. The execution of projects in the petrochemical field is reflected in C3 and C2Smooth progress of the industrial chain; Wanhua Chemical’s future growth path is very clear.

Wanhua Chemical absorbed and merged Wanhua Chemical through issuing new shares, and the integration of high-quality assets was completed.

We each simulated the possible adjustment of financial calculation indicators after the merger, and it is estimated that the total revenue of the company for 2019-2021 will be 4 respectively.

25 yuan, 4.

66 yuan, 5.

53 yuan.

The company’s subsequent construction of several heavy-weight products has been smoothly advanced, maintaining the investment rating of “Highly Recommended-A” unchanged.

3. Risk warning.

The risk of the company’s MDI product prices falling sharply; the price of petroleum products falling sharply; the expected risks brought by the marketing of special chemical products;