Gigabit (603444): The performance of the mill in the box waits for the time to fly

Gigabit (603444): The performance of the mill in the box waits for the time to fly

Core viewpoints: 1) The company’s end-game and mobile game eras have all emerged in high quality. In January 2017, the A-share 南京桑拿网 company was a well-known domestic game developer and operator.

Established in 2004, it has successively developed classic works such as “Ask for the Road”, “Award for the Road” and “Fighting Fairy”.

After the transformation of mobile games, there are representative works “Ask” mobile games, “unbelievable maze” and so on.

In January 2017, Gigabit officially listed on the A-share main board.

2) Mining segmented needs, the rise of niche types, and vertical community operations will become the new normal state of the game market. The game market has begun to enter a stable period, with high-quality products, high reputation, and expansion into a trend.The accompanying phenomenon is that the mode of large coverage of traditional application stores is gradually outdated, and the community distribution combining media attributes 四川耍耍网 is rising.

In addition, quality word of mouth began to replace a single purchase operation, and the positive correlation between high word of mouth games and high returns gradually became apparent.

3) The company has increased the advantages of some types of games and long-term operations. Subsequently, it will develop multi-category companies relying on high-quality R & D capabilities, distribution capabilities and capital capabilities formed in the mobile game era.Small ecology; the downstream end has created a high reputation for the Thunder Games platform in communities such as TapTap. At present, it has formed its own word-of-mouth effects in categories such as MMO and Roguelike.

In the future, the company is expected to gradually expand to other types such as the second dimension.

The company plans to launch a number of new works in 2019: “Roguelike”, “Roguelike”, “Guardian of the Force” and so on.

Investment suggestion: We believe that the company has demonstrated its own high-quality R & D capabilities in the end-game and mobile game era, and its long-term operation capabilities have been recognized by the market.

At present, the stability of the company’s existing game flow helps to avoid short-term regulatory adjustments and market changes, and to ensure the supply of new products through equity participation in the construction of R & D ecological benefits. We believe that the company has excellent cost control and abundant game reserves.
Realizing net profit attributable to mothers in 20207.

9.4 billion and 8.

86 trillion, a growth rate of 15.

3% and 11.

6%, corresponding to the current sustainable PE of 15 respectively.

6x and 14.

0x, which is lower than the average PE16 of comparable companies.

5 times.

Considering that the company has obtained version number products, has strong performance certainty, and reduced operating and financial risks, we give it an 18xPE estimate for 2019. The company’s reasonable value is 198 yuan / share, and the first coverage is given a “buy” rating.

Risk reminder: lower than expected risk, risk of intensified market competition, and risk of policy supervision.

China Construction Group (603018): The main business income continued to increase and the restructuring was better than expected

China Construction Group (603018): The main business income continued to increase and the restructuring was better than expected

The profit growth rate was in line with expectations. The company maintaining the “Buy” rating released the third quarter report of 19, and achieved 19 revenue in 19Q1-3.

50,000 yuan, +4.

1%, net profit attributable to mother 2.

920,000 yuan, +20 compared with the same period last year.

5%, Q1-3 company deducted non-attributed net profit +16 year-on-year.

3%, in line with market expectations.

In general, we believe that the company’s Q3 operation is stable. Under the circumstances that the industry is affected by factors such as land, environmental protection, and the release of orders and the slowdown of revenue recognition, the company’s ability to resist cycles is better than market expectations.

The EPS is expected to be 1 in 19-21.



51 yuan, corresponding to the target price of 13.


45. Maintain “Buy” rating.

Core core business maintained steady growth, operating cash flow expectations and profitability remained better. The company ‘s Q1-3 revenue was + 4% year-on-year, and we judged that it was mainly due to the decrease in EPC business income.(Early) Many), we expect the growth rate of survey and design income to remain relatively stable with H1, and Q1-3 gross profit margins will rise again.

77pct, we believe that it is also mainly due to the change in business structure, and the gross profit margin of the survey and design business is expected to remain basically the same.

The company’s Q3 net profit attributable to its mother increased by 1西安耍耍网4% in the single quarter, but Q3’s financial management income decreased by 3.16 million, impairment losses increased by 3 million, research and development expenses increased by 5 million, but government subsidies increased by only 1 million.After the addition of projects, we expect the company’s net profit growth attributable to its mother in a single quarter to try to pick up to about 20%.

We believe that the company has demonstrated strong resistance to the consequences of the overall downward trend in the industry.

The cash flow in the single quarter improved significantly, and the company maintained steady growth in the new quarter. The net inflow of the company’s CFO in the third quarter was Q1.

07 ppm, the score has improved significantly in the same period of 15-18 years, and is expected to reach a better match 重庆耍耍网 between the expected CFO net and profit.

The first three quarters of management and marketing expense ratios have improved compared with H1. We judge that this is mainly due to changes in business structure.

We expect the company’s newly signed contracts for survey and design in the first three quarters to maintain a growth rate of about 10%, with effective contracts in hand exceeding US $ 6 billion, and continue to maintain a leading position in the industry.

We believe that since 19 years, the core contradiction that has hindered the release of new orders in the design industry and the recognition of revenue from old orders is shifting from owners’ fund-raising measures to land, environmental protection and other approval conflicts. If the relevant policy scale can be introduced within the 13th Five-Year Plan, 2020The industry and company fundamentals may be better than expected in the market.

The intention of participating in the PPP project is to obtain survey and design business, and the company that is expected to have a slight impact on the expected and future cash flow will also announce the approval of three PPP project investments in Qitaihe, Yongchuan and Tiantai. We believe that the company’s model for participating in the three PPP projects isParticipation in surveys and design fees will result in a small shareholding ratio. There is almost no possibility of reducing or consuming a large amount of cash flow. The main financing and construction tasks are borne by the consortium.

We expect that the impact of PPP / EPC projects on the company’s senior management and future cash flow will be limited, and the company’s attitude towards engineering business is still relatively cautious.

Continued steady growth and stable foundation. Maintain “Buy” rating. We expect the company’s EPS1 in 19-21.



51 yuan (previous value was 1.



70 yuan), lowering the profit forecast is mainly based on the prosperity of the internal industry and the slow expansion of the company’s EPC business, but the company’s financial quality will help maintain a high level when the EPC slows down.

The current comparable company 19 years Wind unanimously expected PE 12.

75 times. Considering that the company’s performance of stable growth is significantly better than its peers, it is recognized that it will be given a certain estimated premium and given 19-15 times PE, corresponding to a target price of 13.


45 yuan, maintain “Buy” rating.

Risk Warning: The decline in the annual growth rate of inventory affects the growth rate of income, and the return of EPC / PPP projects is less than expected.

Hanzhong Precision Machinery (002158) Company dynamic comment: The off-season pumps do not fade The leading pump industry leverages the high prosperity of the semiconductor and photovoltaic industries

Hanzhong Precision Machinery (002158) Company dynamic comment: The off-season pumps do not fade The leading pump industry leverages the high prosperity of the semiconductor and photovoltaic industries

Event: The company announced its performance report and achieved revenue of 18 in 2019.

0.7 million yuan, an increase of 4 in ten years.

34%; net profit attributable to mother 2.

47 ppm, an increase of 21 in ten years.


In Q4 2019, it achieved revenue of 5.

50 ppm, an increase of 18 in ten years.

03%, an increase of 7 from the previous month.

00%; net profit attributable to mother 0.

770,000 yuan, an increase of 74 in ten years.

42%, an increase of 2 from the previous month.


  The off-season is not off, and the performance of the leading pump industry has entered the fast track: the company’s Q4 2019 revenue and net profit have increased slightly from the previous quarter, and the net profit attributable to the mother has exceeded 0 for two consecutive quarters.

7 trillion, not off-season in the fourth quarter.

In 2019, the company’s revenue increased slightly, and its net profit attributable to mothers increased significantly.

82%; the substantial increase in net profit attributable to mothers continued to adjust the product structure.

Vacuum products gross profit margin 39 in 2018.

94%, with gross profit margin expected to exceed 40% in 2019; net profit margin in 2019 13.

7%, an increase of 2 percentage points in advance; through the increase in the proportion of vacuum product structure, the company’s net interest rate has gradually increased.

  The boom in the photovoltaic monocrystalline and semiconductor markets has accelerated the expansion of production, and the company’s vacuum pumps have continued to deepen the import substitution: Longji recently announced the cash acquisition of Ningbo Yize to increase the overseas photovoltaic market; its Xi’an subsidiary invested approximately $ 4.5 billion in monocrystalline projects.Invested with Xi’an Civil Aviation Industry for a short-term 10GW monocrystalline battery and supporting pilot projects.

Zhonghuan plans to increase production and raise 5 billion funds for semiconductor large silicon wafer construction projects.

The prosperity of the semiconductor industry is rising. Leading companies such as TSMC, UMC, SMIC, and ASE will increase their capital in 2020 to escort the development of the semiconductor industry.

The company is a domestic leader in vacuum pumps. Vacuum products continue to benefit from the expansion of the monocrystalline photovoltaic and semiconductor industries, and are expected to gradually increase market share, leveraging the rapid growth of the high prosperity of the semiconductor and photovoltaic industries.

  The company has successfully developed an air compressor for the fuel cell industry. It is expected to launch a magnetic levitation heat pump unit in 2020: a new efficient and clean battery for fuel cells. The air compressor is a key part of the fuel cell industry.

The company’s successfully developed fuel cell air compressors are expected to break new monopolies in this field and find new growth points for the company’s traditional business.

In addition, the company vigorously develops magnetic levitation heat pump units and is expected to launch this year.

As the leader of the traditional pump industry, the company actively lays out a number of emerging areas with continuous technological strength, waiting for the emerging industries to land and set sail against the wind.

  Upgrade to “strongly recommended” level: underestimated targets, 杭州桑拿网 semiconductor and infrastructure benefit both, the company’s net profit for 2019-2021 is expected to be 2 respectively.



1.1 billion, EPS is 0.



77 yuan, corresponding to PE about 22X, 17X, 13X, raised to “strongly recommended” level.

  Risk Warning: The demand of the photovoltaic industry is less than expected, and the development of semiconductor customers is less than expected.

Shuangchuang Electronics (600990): Gradually achieve market expectations that are firm and optimistic about the company’s growth and platform value

Shuangchuang Electronics (600990): Gradually achieve market expectations that are firm and optimistic about the company’s growth and platform value

Key Investment Events: Sitron Electronics released its 2018 annual report and achieved operating income of 52.

500 million, an annual increase of 3.

75%, net profit attributable to mother 2.

5.7 billion, an increase of 27 in ten years.

82%, net of non-attributed net profit1.

9 billion, an increase of 5 years after adjustment.

26% (17 years after adjustment, net profit after deducting non-attribution to mother is 1.

80 billion).

  For 18 years of regular revenue, net profit attributable to mothers and net profit attributable to non-mothers have slightly exceeded market expectations.

The company’s 18-year revenue and net profit attributable to the company both slightly exceeded market expectations. The net profit and decline attributable to shareholders of listed companies replacing non-recurring gains and losses were mainly due to the merger of Bowei Changan under the same control of the previous year.Realized net profit -0.

US $ 3.9 billion was replaced as non-recurring gains and losses. There is no such replacement in the current period, resulting in a decrease in the net profit attributable to shareholders of listed companies during the current year from the previous year.-0.

390,000 yuan, the net profit after deducting non-attribution is 1.

800,000 yuan, deducted non-attributed net profit for 18 years is 1.

90 ppm, a five-year increase of 5.

26%, slightly exceeding market expectations.

  Management expenses, financial expenses, and research and development expenses have increased significantly each year, and have improved in 19 years. The balance sheet inventory has grown significantly, reflecting the company’s full production tasks.

The company’s 18-year management expenses have increased by 20 compared with the previous year.

86%, mainly due to the increase in the intangible assets in the current period caused by the increase in the amortization of intangible assets and management budget; the company’s research and development expenses increased by 36 compared with the same period last year.

19%, high R & D 杭州桑拿养生会所 investment to ensure that the company continues to maintain its advantages; financial expenses increased by 39 compared to the same period last year.

46%, mainly due to the repayment of the Ping An Hefei project in the same period of the previous year, and the unrecognized financing income offset the payment of financial expenses.

Period ending inventory 12.

270,000 yuan, an increase of 27 over the previous year.

60%, reflecting the company’s production tasks are too full.

  The subsidiary Bowei Changan slightly exceeded expectations. Huayao Electronics was operating normally and the company’s headquarters profit improved.

Bowei Changan realized deduction of non-net profit.

2.9 billion, an increase of 21 in ten years.

7%, mainly due to full orders for low-altitude warning radars and mobile security services. Huayao Electronics has achieved zero net profit for 18 years.

48 ppm, an increase of ten years6.

7%, the power business is operating normally, and the company’s headquarters achieved net profit of 0 in 18 years.

54 million US dollars, a decrease of at least 26%. This is mainly due to the 19th military air traffic radar bidding and the reset of the company ‘s radar and radar supporting business.To provide flexibility for the company’s performance, we believe that the company’s headquarters19 will see a turning point in performance.

  The radar pedigree is complete and technology is leading. It is expected to share the dividends released by the radar market demand.

The company has been cultivating in the field of weather radar for many years, and has more technical foundations. Its products have expanded its leading position in the Meteorological Bureau and the military market, occupying more market share, and will fully benefit from the release of demand for future radar market.

Meteorological radar: The company is one of the supplier units of the Meteorological Bureau and has a high city share.

In terms of air traffic control radar: The company’s military air traffic control radar currently leads the domestic technology and market, and has made breakthroughs in the air force and navy markets at the same time, becoming the main supplier of domestic military aviation radar.

With the resumption of civil aviation management bidding, the strategy of domestic substitution, and the promotion of the construction of the military aviation management system by the Air Force, the company’s business scale will increase, and it is expected to share the localization bonus of the air traffic control radar market in the future.

In terms of warning radar business: The main customer is the military. Benefiting from the gradual improvement of the national radar warning system, the business is expected to maintain steady growth in the next three years.

  Bowei Changan is the only listed platform with high quality external assets and continues to be optimistic about the company’s platform value.

The company’s controlling shareholder, China Electric Science and Technology 38, uses a first-class military and civilian radar advanced production base and has a strong comprehensive strength in electronic information technology and system engineering.The actual controller of the company, China Electronics Technology Group, currently has an asset securitization rate of about 25%, compared with other military industrial groups, it still insists on improving the space.

In November 2017, the company announced that China Electronics Technology Co., Ltd. plans to form CEE Bowei on the basis of 8, 16, 38, and 43 companies. All existing shares of the 38 listed company Sitron Electronics will be transferred to China for free.Denbo holds.

Recently, the appointment and removal of personnel of the CLP Bowei Group was completed, and the internal resource integration of the subgroup was accelerated. The company, as the only listed company affiliated to the subgroup, had a prominent platform value, or would continue to benefit.

We believe that through the release of Guorui Technology’s asset reorganization plan, the company’s further capital operation plan is worth looking forward to.

  Ping An City has received too many orders, providing a new growth pole for the company’s operating income.

The company implements policy advantages, expands its own business in higher-speed downstream areas such as safe cities, intelligent transportation, and smart agriculture, transforms into information system operation services, and gradually implements new security products.

At the same time, the successful “Ping An Hefei” successful case has won consecutive bids for multiple urban security projects, which will steadily increase the replacement basis for the smart city business revenue scale and gross profit margin in the next three years.

The development of key food management informatization, smart storage operations, and smart grain equipment in the field of smart agriculture has seized the commanding heights of the industrial chain and value chain. It is a fast-growing point of growth for the company, and new business is expected to maintain stable growth.

  Profit forecast and investment advice: We predict that the company’s realized revenue for 2019-2021 will be 60.



54 ppm, an increase of 15 in ten years.

29% / 16.

54% / 17.

10%; realize net profit attributable to mother 2.



78 ppm, a five-year increase of 5.

00% / 18.

17% / 18.

24%, corresponding to 19-21 years of EPS were 1.



37 yuan.

The company’s main business is developing well. We are optimistic about the company’s fundamental improvement and platform value, and maintain a “Buy” rating.

  Risk Warning: The bidding of military radar is less than expected; market competition risk; policy risk

Cree Electromechanical (603960): 19Q1 performance achieves high growth

Cree Electromechanical (603960): 19Q1 performance 厦门夜网 achieves high growth

Core point of view: 19Q1 performance achieved high growth, operating cash flow helps to improve.

The company released the first quarter report for 2019. The company achieved operating income of 162.1 million yuan in 19Q1, an annual increase of 70.

6%; net profit attributable to mothers was 24.05 million yuan, an annual increase of 62.


1Q1 company gross margin was 30.

1% is the highest single-quarter gross profit margin of the company after the consolidation in 18Q2; the net profit margin of the company was 14 in 19Q1.

8%, single quarter net interest rate has increased and improved.

In 1Q1, the net cash flow generated by the company’s 杭州夜网论坛 operating activities was -33.87 million yuan, compared with 31.43 million yuan in the same period of the previous year. The Bosch headquarters equipment orders delivered by the company were 90% of the payment received for shipment.It is fully in production and is gradually delivered through the company’s Bosch orders. Operating cash flow is expected to return to a stable level.

The automation equipment business has developed steadily, and the order is in good condition.

According to the company’s 2018 annual report, the company’s flexible automation equipment and industrial robot system business realized revenue in 2018.

13 ppm, an increase of 24 in ten years.

4%; net profit attributable to mother is 58.85 million yuan, an annual increase of 19.


According to the company’s annual report, the company’s automation business in 2018 has a new extension order4.

78 ppm, an increase of 31 in ten years.


At present, the company has a good order in hand.

As an important source of innovation in the automotive industry, particularly the rise of new energy vehicles and autonomous driving, automotive electronics has maintained rapid growth in recent years, and it will translate into a further increase in the rate of automotive electronics, and downstream demand will continue to maintain a high level of prosperity.

The company has formed the expected advantages in the field of automotive electronics and competed with foreign suppliers. The company continues to maintain new areas and the development of new technologies, which will further strengthen its core competitiveness.

Profit forecast and investment advice: EPS is expected to be 0 in 2019-2021.



07 yuan / share, corresponding to the latest closing price of PE is 40x / 30x / 25x.

It is expected that the compound growth rate of net profit in the next three years will be 42.

3%, which gives the company 42 times PE in 19 years, with a reasonable value of 28.

56 yuan / share.

The company has good growth, considering the estimated level, maintaining the “overweight” level.

Risk warning: the expansion of downstream economic growth leads to increased equipment demand; increased competition in the industry; the expansion of new areas is less than expected; the order delivery schedule is uncertain; and the overseas expansion is less than expected.

A shares smell-loose-taste

A shares smell “loose” taste Mid-year loose capital makes you unexpected

A shares smelled “loose”!

Loose capital in the middle of the year makes you unexpected!

The interest rate of this variety has reached the lowest point in 10 years. At the end of June, China’s brokerage firm has arrived. Is the bank’s funding still tight?

  In June of each calendar year, the mid-year and quarter end, the liquidity situation has always attracted market attention.

In June this year, the cross-quarter funding pressure and the MPA assessment pressure of the bank coincided with the impact of other events. Is there any change in the funding situation in June?

  In fact, this week, through structural policy measures and continuous capital injection, the average interest rate of each fund showed a downward trend.

According to WIND statistics, from the week of June 14 to June 21, the net growth of the long-term open market reached 425 billion US dollars, far more than the net increase of 650 for the week of June 7 to June 14Parts per million are second only to 510 billion in the last week of May.

  Under the overall care, the face value of each fund was subdivided across the board.

On June 21, the Shanghai interbank market borrowing rate (Shibor) fell across the board, and the overnight borrowing rate fell to 1.

112%, a new low since June 2015.

The inter-bank pledged repo overnight rate (DR001) fell to 0 intraday.

9% is the lowest point in the past 10 years.

  Completely, the inter-bank deposit market financing was fully restored, and the liquidity pressure of small and 佛山桑拿网 medium-sized banks was significantly eased.

Compared with last week’s interbank deposit certificate, the net financing scale was -880.

At a scale of US $ 10 billion, this week’s large-scale interbank deposit receipts were massively expanded. The net financing scale was US $ 281 billion, and the issuance rate also increased significantly.

  Next week, the last week of June is approaching. The market generally believes that the market capital will be further protected gradually, and the inter-bank fund income may still increase.

In a word, the bank “babies”, rest assured that the New Year.

  Overnight Shibor overnight interest rates plummeted by only 1.

112%, the lowest point in four years. On the morning of June 21, the Shanghai interbank market lending rate (Shibor) fell across the board, and the overnight lending rate was 合肥夜网 quoted1.

112%, a new low since June 2015.

  Historically, Shibor’s overnight interest rate hit a stage low in June 2015. At that time, the lowest rate was 1 on June 1, 2015.

Record low of 027%.

Earlier in 2009, 0.

A record low of 8008%.

  The DR001 pledged repo rate broke 0 during the session.

9%, a nearly 10-year low on June 21. From the perspective of the pledged repo rate in the interbank market, the overnight repo rate (DR001) of deposit institutions dropped by 12.

87bp, the lowest intraday fell to 0.

9000%, the lowest point since September 2009.

However, from the closing average price, it was reported at 1.

1007%, a low since December 28, 2018.

  Historically, the overnight repo rate (DR001) of deposit-taking institutions continued to run below 1% around June 2009.

  DR007, which is the highest and most fancy, also goes out of the same trend.

DR007, which is a 7-day repurchase rate pledged by inter-bank deposit institutions with interest rate debt as the pledge, is the most intuitive judgment indicator of the inter-bank funds, and is often used as a guide to observe monetary policy.

  From the perspective of DR007, the intraday low reached 1 at one time.

1058%, the lowest point since May 29, 2015.

  The inter-bank deposit certificate issue price broke through in an all-round way, and the net financing scale was significantly increased. With the full support of the transformation, the inter-bank deposit certificate market has further fully and significantly recovered this week.

According to WIND statistics, last week, the net financing scale of interbank certificates of deposit was -880.
10 billion.
Among them, the total issued amount reached 5121.

90ppm, the average issuance rate is 3.

1811%, with a maturity of 6001.

9 billion yuan.

  By this week, the net financing scale of interbank certificates of deposit was 2810.

7 billion yuan, with a release budget of 7174.

20ppm, the average issuance rate is 3.

0736%, with an expiry amount of 4363.

5 billion yuan.

  Judging from this data, the net financing scale of interbank certificates of deposits has expanded significantly, and the average issuance increase has gradually decreased.

With the recent recovery of the inter-bank certificate market, the liquidity pressure of small and medium banks has eased.

Obviously, this aspect is related to the previous protection of market liquidity, and it has also been gradually supported by the issue of interbank certificates of deposit by some small and medium banks, which has increased the recognition of interbank certificates of deposit of small and medium banks.

  Yang Ma ‘s policy tools and open operations “should be hard on both hands”. The capital has been loosened for the past month, especially since this week, gradually increasing the amount of investment in the open market, especially focusing on increasing financial support for small and medium-sized banks.At the same time, the bank launched a support plan for the head securities company to disburse funds, and the head securities firm to finance small and medium-sized non-bank institutions, so the market’s tight funding situation has been greatly eased.

  1. On June 14 every year, it is announced that 200 billion rediscounts and 100 billion SLF quotas will be added to small and medium banks.

  2. Every year on June 16, the reporter asked in the explanation of the progress of the takeover of the Mingbao contractor, mentioning that the average creditor’s compensation ratio reached 90%, eliminating market share.

  3. On June 16th, a special conference on preventing and resolving liquidity risks in the bond market was arranged to arrange large-scale securities firms and funds to provide liquidity support to small and medium-sized securities firms and funds.

  4. On June 17, documents related to the repurchase of default disposal were introduced, and the efficiency of appropriate repurchase default recovery was improved.

  5. On June 18, a meeting was held with the CSRC in advance to encourage six major banks to expand financing to small and medium-sized non-bank institutions through some of the leading brokers.

  In addition to these structural institutional arrangements mentioned above, in terms of funding, we have also made every effort in ten years.

From the week of June 14 to June 21, the intensity has increased significantly.

On June 14, the 28-day reverse repo was gradually restarted to release more long-term funds and stabilize the mid-year capital.

On June 19th, under the condition that the sequel expired at 2000 ppm MLF, it added another 40 billion yuan to small and medium banks.

  According to WIND statistics, from the week of June 14 to June 21, the net net growth of the long-term open market reached 425 billion U.S. dollars, far exceeding the net issue of the week from June 7 to June 14.650 parts per million, second only to 510 billion in the last week of May.

Huayu Automotive (600741): Profitability is Steady and New Energy Products Will Be Massive

Huayu Automotive (600741): Profitability is Steady and New Energy Products Will Be Massive

This report reads: Q3’s gross profit margin, net profit margin and flat or slightly improved, reflecting the smooth progress of the company’s product upgrade, strong competition in a weak environment.

Investment Highlights: Maintain “Overweight” rating.

Company Q3 achieved revenue of 350.

3.3 billion (-5.

8%), net profit attributable to 天津夜网 mother 15.

6.3 billion (-1.

7%), deducting non-attributed net profit of 13.

6.9 billion (-9.

5%), the performance was in line with expectations.

The auto industry’s sales in 2019 are under downward pressure. Although there will be marginal improvement in the fourth quarter, the space is still limited.

Are we downgrading the company 2019?
The EPS in 2021 is 2.



57 yuan (original 2.



66 yuan), the average PE of the leading component companies in the merged industry, given to the company in December 2020.

39 times PE, corresponding to a target price of 31.

6 yuan (originally 31.

61 yuan).

The performance is less affected by the downward pressure on industry sales and the ability to resist risks has deteriorated.

Revenue from interior and exterior decoration business in the first three quarters was -6 years.

88%, Yanfeng’s overseas integration and advancement has brought about improvements in production efficiency and profitability.

Functional parts, hot-worked parts for ten years-13.

8% /-23.

4%, initially, the company’s scale business has a high market share in China, and the pressure of the industry’s downward trend penetrates.

The company’s net profit margins for Q3 were 14 respectively.

54% / 6.

04%, MoM (14.

68% / 6.

20%) every year (13.

83% / 6.

65%) are basically the same. The company has maintained the stability of profitability against the background of the industry’s downturn. The side shows that the company’s product upgrade has been smoothly advanced and its competitiveness has been improved.

Some new products of electrification and intelligence have been put into mass production, and the profit contribution can be expected.

The company’s 77HZ millimeter-wave radar, electric drive, air-conditioning compressor, battery toppa and other businesses have all obtained fixed-point projects on multiple platforms including King Long Bus, Volkswagen MEB, MQB, Tesla, SAIC-GM and other platforms.

It is expected to contribute to the company’s performance in the second half of 2020.

Catalyst: Tesla’s production and sales speed up, and new products are continuously launched.
Risk Tips: Forecast of Macroeconomic Growth, Continuous Changes in Auto Industry Sales

SAIC Group (600104): New energy, luxury cars may help companies bottom out

SAIC Group (600104): New energy, luxury cars may help companies bottom out

Report summary: Interim report summary: SAIC Group’s revenue in the first half of 2019 was 376.3 billion, 19% in a row; net profit attributable to its mother was 137.

60,000 yuan, exceeding the expected upper limit of 27.

49%; deducting non-attribution net profit of 125 million US dollars, extended at least 27 years.

61%; gross profit margin 12.

61%, zero in ten years.

5%; net interest rate 4.

98%, 0 years ago.


  Insertion of sales of passenger car brands across the board dragged down revenue and performance.

SAIC-Volkswagen sales decreased by 9 in the first half of 2019.

9%, SAIC-GM’s body dropped by 12.

9%, SAIC passenger cars fell by 13 each time.

2%, SAIC-GM-Wuling plunged 29 in ten years.


Compared with 2018, the sales volume of most companies owned by the company has accelerated.

Along with sales fluctuations, the capacity of SAIC Group companies has reached its lowest level in recent years, which has had a penetrating effect on profits.

In addition, SAIC Volkswagen has invested in the construction of a new energy vehicle dedicated factory, which has a certain impact on profits.

  In 2020, the new energy / luxury car / overseas business will significantly help the company to 北京夜网 resume production and sales and continue to grow.

Volkswagen will launch a number of new energy passenger car models in 2020.

The construction of SAIC-Volkswagen’s MEB dedicated factory is progressing rapidly, and the first batch of test cars will be rolled out as soon as November.

The MEB plant has a designed production capacity of 300,000 vehicles, and can share some of the current process production requirements of other SAIC-Volkswagen plants to further reduce costs.

  The Cadillac brand of SAIC-GM, a subsidiary of SAIC Group, will enter a strong product cycle in the next 1-2 years.

This time Cadillac’s product replacement, almost all models are updated, and multiple blank models before the positioning of new models are introduced, marking the previous generation, sales have increased significantly.

  In addition, SAIC’s 北京夜生活网 independent brand overseas sales grew rapidly, and exports in the first half of the year increased by 80%.

  Profit forecast: It is estimated that the company’s revenue for 2019/2020/2021 will be 8,548 / 9,079 / 977.3 billion US dollars, and the net profit attributable to the mother will be 26.



77 trillion, EPS is 2 respectively.



98 yuan, an annual increase of -25.

5% / 10.

2% / 17.

5%, corresponding to PE of 10.



3 times.

Give the company 12 by the end of 2019.8x P / E with a target price of 29.

36 yuan, maintain the “recommended” level.

A shares cater to expansion and expansion through Yinhua MSCI China A share ETF grasp-jiyu-

A shares cater to expansion and expansion By Yinhua MSCI China A shares ETF to grasp the “base case”

Original title: A-share welcomes the largest expansion in history. Yinhua MSCI China A-share ETF grasps the third step of the “base case”, and includes all large-cap A-shares in the index (including eligible GEM targets) in the MSCI emerging market indexThe separation factor of the company was increased from 15% to 20%. At the same time, the mid-cap A-shares (including eligible GEM targets) were divided by the MSCI Emerging Markets Index by 20%.

This adjustment adjusts performance after the close on November 26.

  It is reported that the expansion will bring A-shares the largest increase in history.

CICC estimates that the size of the incremental funds (active + passive) for the A-shares will be about US $ 35-400 billion (approximately US $ 250-300 billion), and the budget will be allocated twice in May and AugustCapital inflows (about 23 billion U.S. dollars) are about 50% -70% higher.

Among them, the increase of the large-cap stock removal coefficient from 15% to 20% will bring about $ 20 billion in capital inflow (accounting for 54% of the total inflow), and the increase of the mid-cap stock separation factor from 0% to 20% will bring about 170USD 100 million (46% of total inflow).

  It was initially expected that from the end of this year to the third quarter of next year, the international index will increase an equity weight intensively, and A-shares will usher in a period of accelerated foreign goods clearance.

In this context, Yinhua MSCI China A-Share ETF (512380) is expected to take the lead in benefiting from the intensive allocation of A-shares to help investors grasp investment opportunities in the process of A-share internationalization.

  From the past experience of reducing or increasing the proportion of MSCI at least once, the index adjustment has compensated for the excessively obvious shifts in most consecutive days.

Northbound funds, which are foreign weathervanes, have been sweeping cargoes recently, lurking A shares in advance.

  WIND data show that in the last three months on November 6, there was a net inflow of northbound funds of 1,388.

70ppm, accounting for nearly 59% of the net inflows this year, shows a trend of “accelerated” inflows.

  (Data source: Wind as of 2019.


06; Unit: 100 million RMB) According to this, Yinhua’s foreign investment allocation is the preferred target.

Its constituent stocks are 258 the same as the Shanghai and Shenzhen 300 Index, and 155 are the same as the CSI 500 Index. From the perspective of style, the broad market and the mid market are balanced, and both value and growth stocks are equal, which is particularly suitable for the A-share expansion plan.

  From a fundamental point of view, the MSCI China A-share RMB Index shows good profitability, large growth space, and low estimates.

Its constituent stocks have good fundamentals, have the potential for sustained and steady growth, and meet the long-term allocation needs of overseas funds. WIND data show that as of November 6, the MSCI China A-Share Index PB and PE were 1, respectively.

43 and 11.

91 times, which is lower than the CSI 300 and CSI 500.

In 佛山桑拿网 the long run, the long-term profitability of the index is also included in the mainstream market index.

Since the base date of the MSCI China A Index, it has gradually returned 77.

50%, at the same time, the Shanghai Composite Index and Shenzhen Component Index increase 57.

70%, 51.


  Comparison of MSCI China A-Share Index and Mainstream Index Returns (Data source: Wind; as of 2019.


06) It is worth mentioning that some securities firms pointed out that from the end of this year to the third quarter of next year, the international index will increase an equity weight.

With reference to overseas experience, the current A-shares are at the beginning of a sustained period in foreign countries. In the future, Northbound funds will continue to be allocated additional A-shares.

In this context, investors do not hinder Yinhua MSCI China A-Share ETF and its linked funds, follow the pace of northbound funds, and share the dividends of A-share international investment.

Hang Seng Electronics (600570): New crown epidemic has less impact, demand boom continues

Hang Seng Electronics (600570): New crown epidemic has less impact, demand boom continues

The new crown epidemic has a small impact on the company’s operations. Maintaining a “Buy” rating According to the company’s announcement (2020-002), the new crown epidemic has a small impact on the company’s operations.

At present, the company has plans to resume work in batches.

Product development, testing, customer service, etc. work normally through the remote office mode.

The improvement of project implementation and marketing was delayed due to the impact of the epidemic.

From the initial point of view, for projects that cannot be completed in the first quarter, the company will actively follow up in the second and third quarters, so the new crown epidemic has little impact on the resulting performance and the company.

The policy change in 2020 will bring continuous release of new downstream demand. It is expected that the company’s EPS for 2019-2021 will be 1.

64, 1.

46, 1.

81 yuan, maintain “Buy” rating.

It has resumed work on February 3, and is expected to resume work on-site on February 17. According to the company’s announcement, the company will resume work on duty from February 3 to February 7, with an average of about 100 people working 北京夜网 at the headquarters and 150 people working at the customer’s site.There are about 1,000 remote core support personnel.

On February 10, the company began to enter the comprehensive site as a supplement, remote main office status. Currently, it is expected to resume work on February 17 in accordance with local government requirements.

Product development, testing, and customer service have less impact. The pace of project implementation and marketing has been delayed. According to company announcements, in terms of product and technology development, the company is currently able to maintain high development efficiency in the remote office mode.

In terms of testing, after the introduction of new network technology in the epidemic, testing efficiency has been significantly improved.

In terms of customer service, it is mainly remote services, which has little impact.

In terms of project implementation, the projects that need to be implemented on-site are basically postponed, which will affect the completion schedule and affect short-term revenue recognition.

In terms of marketing, affected by the epidemic situation, some business opportunities integration, contract signing, bidding and tendering will be postponed. The company’s countermeasure is to actively carry out online marketing.

The impact of the epidemic on expected performance is limited. In the short term, overall efficiency will improve in the remote office mode, project implementation will encounter difficulties, and product completion cycles will be delayed accordingly, which is expected to have a certain impact on the company’s short-term revenue.

In terms of expenses, the company’s expenses are relatively large. The main expense is staff salaries. As the number of employees’ travel and mobility decreases, the company’s short-term travel expenses and marketing costs will be greatly reduced.

From the previous point of view, for the projects that cannot be completed in the first quarter, the company will actively follow up in the second and third quarters, and integrate the project implementation in a timely manner.

Taken together, the new crown epidemic has little impact on expected performance and the company’s market level.

The change brings continuous demand, maintaining the “Buy” rating. Financial IT demand will continue in 2020.

New rules for net capital, reform of the New Third Board trading mechanism, and China-Denmark interface.

The second edition was revised. Bond amortization was dealt with at a reduced face value. Policy changes such as the GEM registration system and financial opening to the outside world required financial institutions to upgrade and reform their IT systems, resulting in continued demand release.

Considering that the company, as a financial IT leader, will benefit from financial openness and financial innovation for a long time, and maintain its profit forecast, it is expected that the company’s EPS for 2019-2021 will be 1.

64, 1.

46, 1.

81 yuan, corresponding PE is 57, 64, 52 times.

Maintain “Buy” rating.
Risk reminder: the policy advancement exceeds the expected risks, and the downstream prosperity is lower than expected risks.