Month: March 2020
Ningbo Gaofa (603788) 2018 Annual Report and 2019 First Quarterly Report Review: Steady Annual Report Results under Pressure in the First Quarterly Report
Brief description of results: The company announced the 2018 annual report and the 2019 first quarter report, and the company achieved revenue of 12 in 2018.
Nine ten percent, an increase of six per year.
7%, achieving net profit attributable to shareholders of 武汉夜生活网 listed companies.
15 ppm, a ten-year average of 7.
Revenue in the first quarter of 20192.
2 ‰, 42% above the first level, to achieve net profit attributable to mother 0.
430,000 yuan, an average of 48% in ten years.
Annual report revenue is stable, and impairment affects short-term performance.
Affected by the negative growth of the industry, the company’s revenue in 2018Q4 was 2.
7 ‰, a 10-year average of 22%.
The average interest rate in 2018 was 33.
70% for years before 2017.
24 digits, of which gross profit margin was 34 in 2018Q4.
98%, an increase of 0 compared with the same period in 2017.
Expenditure during 201811.
9%, an increase of 0 from 2017.
7 totals, of which the sales expense ratio, management expense ratio and financial expense ratio are 5 respectively.
5% and 0%, respectively, extend the change by +0.
7%, 0% and 0%. In 2018, the company’s asset impairment losses increased by approximately 60 million yuan compared with 2017, which was basically due to the sale of Sherman Electronics and Sherman Software equity to form goodwill impairment.
Affected by the industry, the performance of the first quarter of 2019 was under pressure.
The company’s main customers are independent brands such as SAIC-GM-Wuling and Geely Automobile. In the first quarter of 2019, due to the significant increase in industry sales, the company’s revenue shifted.
The company’s gross profit margin in Q1 2019 was 34.
62%, an increase of about 0 compared with the same period in 2018.
Expense rate for the period 13.
4%, an increase of about 3 compared with the same period in 2018.
4 units, of which the sales expense ratio, management expense ratio and financial expense ratio are 6 respectively.
7% and -0.
6%, short-term changes of 2 respectively.
2%, 1.7% and -0.
The company’s short-term performance is under pressure, and its mid- and long-term product upgrades are steadily advancing.
Affected by the industry, the company’s short-term performance was under pressure.
In the medium and long term, the company’s product upgrade logic remains unchanged, and the penetration rate of automatic transmission manipulators has steadily increased. At the same time, on the basis of maintaining its independent customer share, it has begun to engage with joint venture OEMs.
Electronic variable speed manipulators have obtained the supporting qualifications for expansion of OEMs, and have been awarded by Geely Automobile, Great Wall Motor and other mainstream independent brand OEMs.
Earnings forecasts and investment advice.
The company’s medium- and long-term logic remains unchanged, and short-term performance is expected to bottom out.
What do we expect in 2019?
The company’s net profit will be 2 in 2021.
200 million, the EPS is 1.
39 yuan, corresponding to 15 times, 13 times, and 11 times the estimated value, maintaining the “Buy” rating.
Risk Warning: The production and sales of automobiles are lower than expected, the penetration of automatic transmission manipulators is lower than expected, and some automotive electronics products are less than expected.
Changchun High-tech (000661) first quarter report in 1919: rapid growth of growth hormone overlaps with land revenue confirmed increase in the company’s first quarter performance growth exceeded expectations
Changchun High-tech released a report for the first quarter of 2019 on the evening of April 18, achieving sales revenue of 17.75 trillion US dollars, an annual increase of 72.07%, net profit attributable to mother 3.650,000 yuan, an increase of 73 in ten years.67%, deducting non-net profit 3.580,000 yuan, an increase of 96 in ten years.93%. The company’s rapid growth of growth hormone in the first quarter of 2019 confirmed the increase in land revenue. The growth rate of net profit attributable to mothers was close to the performance forecast. It is expected that the company’s performance in 2019 will maintain a 40% growth (not considering the acquisition of minority stakes in Kinsey)”Investment rating. The company’s pharmaceutical business revenue in the first quarter increased 44.16%, net profit increased by 62.At 15%, Jinsai Pharmaceutical is expected to achieve revenue growth of about 50% and profit growth of more than 60%, which will make outstanding contributions to the company’s outstanding performance. In the first quarter of last year, the company’s pharmaceutical business revenue growth and net profit growth were 40.47% and 44.44%, the company’s pharmaceutical business revenue growth in the first quarter of this year accelerated, profit growth significantly increased.The core company Jinsai Pharmaceutical continued to maintain high-speed growth, and the proportion of revenue and profits also gradually increased, which drove the company’s performance growth significantly.The growth hormone industry still has great potential to be released. The company’s academic promotion and service average are leading, and patient word-of-mouth communication is actively promoting the company’s further development of the market.The company’s product formulations are complete, the product experience is good, and the market reputation is good. It is expected that the company’s annual growth hormone is expected to continue to achieve more than 40% revenue growth, and the net profit rate is also expected to further increase from last year. In the first quarter of this year, land revenue was confirmed and the land business in the same period last year did not enter the settlement period, which also contributed to the company’s performance growth. In the first quarter of last year, the company’s real estate business did not enter the settlement period, which is the company’s 10 in the first quarter of last year.Basically, the 3.2 billion revenues were all contributed by the pharmaceutical business. According to the first quarter of this year, the pharmaceutical business revenue increased by 44.16%, the estimated pharmaceutical business income is about 14.8 trillion, 上海夜网论坛 that is, the company’s real estate business income in the first quarter of this year was about 3 trillion, contributing about 50 million yuan in performance.Around the first quarter of last year, there was a slight increase in the real estate business, which significantly boosted the company’s performance growth. The company’s stock announcement will issue shares and convertible bonds to purchase 30% equity of Jinsai Pharmaceutical, which will improve the governance structure, and the company’s prospects for continued growth will be further improved, and it is expected to improve. Dr. Jin Lei, General Manager of Jinsai Pharmaceutical, holds 24% equity of Jinsai Pharmaceutical. The company issues shares and convertible bonds to purchase 30% equity of Jinsai Pharmaceutical. After Dr. Jin Lei has obtained the equity and convertible bonds of listed companies, he can fullySharing the value generated by the improvement of Jinsai Pharmaceutical’s operating performance, the company’s continued growth prospects have further improved, and it is expected to promote. Profit forecast: We expect the company’s net profit attributable to mothers to be 14 in 2019-2021.26 billion, 18.8 billion and 23.3.4 billion (not considering the acquisition of a minority stake in Kinsey), respectively increasing by 42%, 32% and 24%, and the EPS for 2019-2021 will be 8 respectively.38 yuan, 11.05 yuan and 13.72 yuan.The company currently expects corresponding 19, 20, and 21 PE valuations to be 37, 28, and 23 times, maintaining the company’s “strongly recommended” investment rating. Risk warning: Sales of recombinant human growth hormone are less than expected; sales of recombinant human follicle stimulating hormone are less than expected; mutations in supply of vaccine products; transformation caused by failure
Joyson Electronics (600699): Gross profit margin steadily increased in 2Q19; security business integration continued to advance
Results in line with our expectations Joyson Electronics announced its 2019 Interim Report with revenue of 308.
300 million, +36 a year.
2%; net profit attributable to mother 5.
1 ‰, 37 years ago.
4%; deduct 5 if not return to mother.
7 trillion, +25 a year.
Among them, 2Q realized deducted non-attributed net profit2.
800 million, performance in line with our expectations.
Development Trend 2Q19 Gross margin and cash flow improved; capital expenditures remained high.
In the second quarter of 19, the company realized revenue of 154.
0 ppm, only one level in ten years.
6%; single quarter gross margin reached 17.
5%, a month-on-month increase and an annual increase of 0.
In terms of expenses, the rate of R & D expenses is increased by 1 each year.
Outside of 6 points, other expense ratios did not change much.
Net profit attributable to mothers and net profit attributable to non-mothers in the second quarter of 19 were two.
$ 400 billion and 2.
In the second quarter of 19, the company realized operating cash flow14.
90,000 yuan, an increase of 18 in ten years.
After the acquisition of Takata assets, capital expansion remained high, reaching 10 in the second quarter of 19th.
US $ 300 million, which we expect to be mainly used to update Takata’s automation equipment to improve efficiency.
In terms of business, 1H19’s security business revenue was 238.
6 trillion, gross margin 16.
7%, compared with 15 in the same period last year.
The 7% water level has risen steadily, and cash cows have gradually appeared.
1H19 automotive electronics revenue 48.
6 ppm, a 10-year increase of 2.
4%; gross profit margin 18.
4%, a decline of 0 per year.
Looking ahead, we expect to gradually reach the domestic public MIB3 project (life cycle of 10 billion) in the second half of the year, and the profitability of the electronics business is still 四川耍耍网 improving.
In addition, the BMS business will also be transformed into the major customers of European Mercedes-Benz and BMW gradually increasing volume; 1H19 functional parts business income18.60,000 yuan, an increase of 1.
6%, gross margin is 22.
7%, an increase of 1 per year.
The layout of automotive electronics business has gradually improved, and it has entered an accelerated acquisition period.
At present, the electronic business has formed a perfect layout of PCC, BMS and HMI, and each product has been further refined. New orders for electronic business in 1H19 exceeded RMB 17.3 billion, which will remain the main growth point in the medium and long term.
Earnings forecasts and estimates Due to the pressure of the global auto market, we have lowered the company’s profit forecasts for the years 19 and 20 by 8% and 13% to 11.
09 ppm and 11.
The current priority is 17.
5x 2019e P / E and 16.
4x 2020e price-earnings ratio.
Maintaining Outperform rating, we cut our target price (25 yuan after the ex-rights of 25 yuan) by 20% to 20 yuan, corresponding to 23.
5x 2019e PE ratio and 22.
The 0x 2020e price-earnings ratio continues to have 34% upside.
Risks The downturn in the European and American auto markets is dragging down overseas business; safety business integration is lower than expected.
Angel Yeast (600298): Short-term pressure still waiting at the turning point
Company Q4 net profit profit 22.
37%, significantly lower than expected.
Key operational indicators such as accounts receivable and inventory are still under pressure. Factors such as short-term downstream demand changes, environmental protection and production restrictions still exist. It is expected that short-term profits will be suppressed.
We adjust the EPS forecast for 19-21 to 1.
36 and 1.
75 yuan, give 23 times PE for 20 years, adjust the one-year target price to 32 yuan, temporarily maintain the “prudent recommendation-A” rating, it is recommended to pay attention to the inflection point of the operation, and layout of long-term growth value.
The 18-year revenue target was achieved and performance was significantly lower than expected.
The company’s 18-year revenue was 66.
8.6 billion, net profit attributable to mother 8.
5.7 billion, an increase of 15 each year.
75% and 1.
12%, the initial revenue target was met, and the profit significantly exceeded expectations, of which the fourth quarter revenue was 17.
870,000 yuan, an increase of 12 in ten years.
16%, net profit attributable to mother 1.
83 ‰, a ten-year average of 22.
37%, with even greater performance growth.
In terms of business, domestic yeast business revenue increased by 15-16%, which was the same as the whole. Overseas yeast business revenue increased by 12%, health products business increased by 40%, leaf growth increased by 10-11%, and animal nutrition metabolism reached single digits.increase.
The company plans to distribute cash dividends for every 10 shares3.
5 yuan (including tax).
With multiple factors superimposed, Q4’s net profit is maximized at a high base.
The company’s highest gross profit margin is 36.
3%, down by 1 every year.
3pcts, net interest rate fell to 12.
8%, the impact of the rise in the exchange rate of overseas business (the Egyptian factory affects more than 30 million profits), the increase in depreciation and general depreciation and the impact of interest expense (increasing more than 50 million financial expenses), the Chifeng factory relocation and production suspension (affecting more than 40 million profits), Yili factory limited production (affecting more than 50 million profits), Russia ‘s high initial depreciation and the impact of financial costs in the initial period of production, reducing 61.79 million yuan.
18Q4 gross profit margin 38.
0%, a significant decline every year 2.
3pcts, the environmental protection factors of the Yili factory are still limiting production, depreciation of Chifeng’s relocation of the new production line, low sugar prices leading to changes in the sugar business, reduction of Russian factories, and other factors combined. The single-season sales expense ratio was 13.
1%, increase by 1 every year.
7pcts, 18Q4 net profit under high base is beyond the expected range.
Key operating indicators 北京夜生活网 are still under pressure. It is expected that growth will still be under pressure in the first quarter and will gradually improve from the second quarter.
In the second half of the year, the company’s profit was suppressed. In terms of key asset indicators, the accounts receivable and inventory increased significantly at the end of 18 years, of which the accounts receivable further rose to 7.
700 million, the inventory of goods increased by 1.
300 million to 7.
900 million, the turnover rate of operating assets fell, and operating quality is still under pressure.
In the short term, Yili’s production capacity and environmental protection have not yet been lifted. The two major domestic and foreign business divisions of yeast have slowed down due to the downstream demand trend. It is expected that the probability of the income end will suddenly change to about 10% in the first quarter.From the second quarter, the growth rate is expected to gradually improve.
The goal of 10 billion yuan in three years, the long-term value is still outstanding.
The company’s annual report discloses that it will achieve an annual revenue growth of more than 15% in 2019-2022, that is, to achieve a revenue target of 10 billion in 2021.The company’s capital expenditure is planned to remain 700-800 million per year, Egypt1.
2 The initial YE capacity will be put into production in the first half of this year, and the cost advantage of supplying EA YE business will be more significant, leading to the second phase of Russia’s expansion1.
2 The yeast content of yeast is expected to be put into production by July 2020. The size layout will continue to advance to achieve the 10 billion target. In the long term, the company’s bargaining power in the industrial chain will change, and its intrinsic value will still be outstanding.
Temporarily maintain the “Prudent Recommendation-A” rating, and recommend the deployment of long-term value.
Based on the company’s short-term operating pressure, we adjusted the EPS forecast for 19-21 to 1.
36 and 1.
75 yuan, give 23 times PE for 20 years, adjust the one-year target price to 32 yuan, temporarily maintain the “prudent recommendation-A” rating, it is recommended to pay attention to the inflection point of the operation, and lay out medium- and long-term growth value.
Risk reminder: demand forecast, cost up, cost control is less than expected.
Jidong Cement (000401): Volume and price rise to drive 1Q losses and 2Q19 growth will remain strong
Performance review maintains the recommended 1Q19 results in line with previous notice. Jidong Cement released 1Q19 results: operating income of 50.
08 million yuan, an increase of 47 in ten years.
7%; net profit attributable to mother is 44.91 million yuan, which has increased by 6 in many years.
30,000 yuan, corresponding to EPS 0.
03 yuan, in line with the previous notice period, for the company’s first positive profit since 1Q10.
Comments: 1) Strong demand, sales volume increased by 30% in ten years +.
The combined sales of cement and clinker in the first quarter of 19 were approximately 1,415 tons, which increased by approximately 350 tons, or 33%, showing strong downstream demand.
2) Significant improvement in reduction in ton price and ton gross profit: According to our forecasts (excluding other businesses except cement, clinker production and sales), the company’s average price per ton in 1Q19 cement and clinker exceeded the big increase of 36 to 354 yuan, driving the gross profit per tonAt least +33 yuan to 117 yuan / ton.
3) Taxes and fees and minority shareholders’ profits and losses have greatly increased in ten years.
As the profits improved, the company’s minority shareholders’ profits and gains increased by USD 100 billion and 1 each year.
9 ppm to 46.32 million yuan and 62.99 million yuan.
4) Net debt ratio increased from 4Q18.
The company’s 1Q19 net debt ratio was 87.
1%, an increase of 29 from 4Q18.
The 7ppt was mainly due to the company’s long-term borrowings and bonds payable in 1Q19 increased by 1 billion and 7 respectively compared with the end of 18.
5) Short-term reduction in operating cash flow.
The company’s net cash flow from operating activities in 1Q19 was 3.
79 trillion, 9 in the first quarter of 2018.
85 percent decimal 61.
5%, mainly due to the purchase of goods, receiving cash payments for labor services and the impact of repeated increases in taxes and fees.
Development Trend 2Q19 earnings are expected to maintain strong growth.
Current Beijing-Tianjin-Hebei regional cement shipment rate?
5%, high every year 8.
3ppt, the cement storage capacity ratio has dropped to 51%.
At present, the average price of Beijing-Tianjin-Hebei high standard cement is 480 yuan / ton,佛山桑拿网 which is about 50 yuan / ton higher than 2Q18. On April 25, Jindong Jidong will raise the cement ex-factory price of Chengde area by 30 yuan / ton again, trying to drive the regionPrices, gross profit per ton continued to increase, and earnings growth continued to grow strongly in the second quarter of 1919.
The project has abundant reserves and is optimistic about long-term performance and high growth.
We believe that under the improved financing environment, key projects are expected to achieve an even higher growth rate of regional cement demand, and the average base price of cement in 3Q18 and 4Q18 regions is low, and the price has some room to exceed expectations.
Earnings forecast We maintain our 2019/2020 earnings forecast2.
93 yuan unchanged.
Estimates and recommendations currently correspond to sustainable ones.
8x / 8.
9x 19e / 20e P / E, maintaining recommended and target price of 24.
20 yuan (corresponding to 11.
0x / 12.
6x 19e / 20e P / E), yes?41% upside.
The key projects in the risk area fell short of expectations. Inner Mongolia and Shanxi’s earnings were worse than expected.
Positions of private placement on dips rise for two consecutive months
Shanghai Securities News Author: Lu Haiqing recent market continues to shock adjustment.However, the latest survey shows that a large number of private equity managers have strengthened their confidence in the equity market in December.In December, Rongzhi · Hedge Fund Manager A-Share Confidence Index was 109.43, compared with 107 in November.56 has improved.As far as positions are concerned, at the end of September, the average position of private equity decreased, and the average position of private equity continued to rise in the past two months. Private placements are expected to increase significantly. In November, Rongzhi · China Hedge Fund Manager A-share confidence index was 107.56, a new low for the year.In December, Rongzhi · Hedge Fund Manager A-share Confidence Index bottomed out, and many private equity fund managers’ confidence in the stock market in December has increased. In terms of overall stock positions, the current average position of equity strategic private equity funds is 67.04%, about 66 in the same period last month.55%, an increase of 0.49 averages.Although at the end of the year some private placements chose to drop bags to secure the fruits of victory, but there were also private placements that carried out radical operations and chose to sprint in full positions.Data show that as of the end of November, 15.17% of private placements are in a full position, an increase of 4.1 digit; the proportion of private placements (excluding short positions) below 50% is 23.22%, an increase of 4.9 averages. In addition, the A-share market position in December increased or decreased the investment plan indicator 107.58, up about 5 last month.29 points, the highest value in the past 3 months.This means that at the end of September, the average private placement was significantly reduced, and fund managers increased their 无锡夜网 sheds significantly. Specifically, 21.80% of fund managers choose to add positions in December, of which 2.37% of fund managers said they would increase their positions significantly, up by 6 in November.83 digits and 0.84 digits; 8.06% of fund managers chose to lighten their positions in December, a decrease of 1 from last month.87 averages. Jiang Lin, an expert from the Rongzhi Rating Research Center, believes that at the end of the year, some institutions choose to cash in on their earnings in advance, and the stock market is characterized by a “stock game”.Generally speaking, the overall market opportunity in December is small, and there are still structural opportunities. Steady investors can wait for a clear trend in the market before intervening. Seizing the opportunity of dips layout When asked about the outlook, Hao Kunsheng’s chairman Zhang Menfa said that December should be the bottom of the market.After the decline in the previous period, the broader market has made up the gap of 2850 points in the previous period, and further down will inevitably lead to the entry of dips.Therefore, there is very limited room for descent.In December, we mainly focused on the opportunities of “unmovable”: first, the varieties that were killed by mistake in the new shares; second, grasping the opportunity to repair the downturn of the science and technology board; third, investment opportunities in the 5G use field. Lin Cun, chairman of Senrui Investment, believes that the market is about to oscillate between 2800 and 3000 points.He judged that the broader market has been consolidating for several years, and the kinetic energy of the selloff has been fully released, so the probability of a selloff is extremely small.At the end of the year, it is still an opportunity to underpay pharmaceutical stocks. This year, pharmaceutical stocks have penetrated because of the previous increase, and the end of the year coincides with volume purchases and other reasons.However, based on past experience, some companies that will not be impacted or even benefited from it are expected to rebound later and even reach new highs.Therefore, it should be carefully screened, and in the middle of the end, get on the car with low suction. In Huahui Chuangfu’s general manager Yuan Huaming’s view, certain core assets such as real estate leaders, insurance leaders, and some commercial banks that are not high in performance indicators are worthy of investors’ attention and taking advantage of market fluctuations to arrange for dips.
China Public Education (002607) 2019 First Quarterly Report Review: Q1 Performance Exceeds Expectations and Prepayments Increase Strongly by 127%
The company’s Q1 off-season performance was dazzling, its competitive advantage was once again highlighted, and its continued strong performance was expected.
Maintain 2019-21 net profit forecast16.
1.3 billion / 19.
9.9 billion / 26.
740,000 yuan, corresponding to a fully diluted EPS of 0.
As the leader of the pure A-share education industry, the industry has both advantages and maintains a “Buy” rating.
The performance is very good: the average revenue and profit have grown rapidly.
2019Q1 revenue 13.
100 million (+61.
9%), gross profit margin 58.
1pcts), net profit attributable to mother 1.
0.6 billion (+304.
5%) and a net profit margin of 8.
1%, in the forecast range of “88 million yuan to 115 million yuan” ceiling.
The growth rate of revenue significantly exceeded market expectations, and the increase in gross profit margin increased by more than 3 percentage points, which once again reflects the company’s strong market competitive advantage, and constantly develops market capabilities and product pricing capabilities.
Q1 is a low season for revenue recognition, but the cost and expense supplementation is rigid.
In the past 3 years, the company’s Q1 covers different degrees of differences, mainly due to the obvious vocational education and training industry in which the company is located, and its business activities and income recognition have been significantly affected by national exams, provincial exams, teacher qualifications, and institution recruitment examsPoint influence.
Usually every year, Q1 related written examinations, supplements to the recruitment list announcement, revenue confirmation replacement.
2019Q1 selling expenses 2.
900 million, 22% sales expense ratio (17 in 2018.
7%), management expenses 2.
200 million, the management expense ratio is 16.
9% (14% in 2018 budget), R & D expenses1.
09 billion, R & D expense ratio 8.
3% (basically 7 in 2018.
3%), Q1 off-season expense ratios are significantly higher than higher.
The beautiful growth in the off-season revenue highlights the company’s ability to control.
Advance receipts reached 43.
600 million, an increase of 127%.
In 2019Q1, the company’s advance receipts reached 43.
600 million (+ 127%), an increase of 24 per day from December 31, 2018.
The company’s course cycle is usually only 1-3 months, and most of the income of the agreement course will be confirmed after the test results are released.
Considering that the March-April period is the peak of the provincial civil service exams and the May-June period is the intensive release period of provincial exam results, it is foreseeable that the company’s strong pre-tuition growth in Q1 will drive the rapid growth of Q2 income, and a beautiful semi-annual report is expected. Risk factors: the risk of policy changes such as civil service recruitment examinations, public institution recruitment examinations, and teacher 杭州桑拿网 recruitment examinations; the risk of weakening the demand for civil servants, public institutions, and teachers; the risk of increased competition in the industry.
Investment suggestion: The company’s three core advantages of R & D, wide channels and strong management continue to be highlighted, and its strong endogenous capabilities are constantly being verified.
The certainty of the company’s high-speed growth has been consolidated, and the net profit forecast for 2019-21 is maintained16.
1.3 billion / 19.
9.9 billion / 26.
74 trillion, corresponding to a fully diluted EPS of 0.
As a leader in the education industry with pure stocks, the company has both industry space and advantages, and has great potential for growth. It maintains a “buy” rating.
Joyson Electronics (600699): Security business integration advances; electronics 西安耍耍网 business orders are plentiful
Both the 2018 and 1Q19 results were in line with expectations. Both companies won the 2018 annual report and the first quarterly report of 2019, with revenue of 561 in 2018.
8 billion, with revenue exceeding +111.
2%; net profit attributable to mother 13.
200 million, previously +208.
7%; deduct non-attributed net profit 9.
1 billion; 19Q 1 revenue 154.
300 million, previously +120.
9%, net profit attributable to mother 2.
7.8 billion, up from +792.
5%; deduct non-attributed net profit 2.
900 million; performance in line with expectations.
Development trend 1Q19 The gross profit margin was flat, and the cost control was strengthened.
The company’s gross profit margin reached 17% in the first quarter of 19, which was flat for many years.
Sales, management R & D, and financial expense ratios are 2 respectively.
7% and 1.
7%, a total decline of 2 per year.
6ppt, the cost management and control ability has been further improved.
In the first quarter of 19, the company’s net profit attributable to its mother was 2.
800 million, an increase of 2 over the same period last year.
Takata Assets consolidated its performance and consolidated its operating cash flow.
In April 2018, the company consolidated Takata assets, and the one-time net income generated by the purchase of assets6.
600 million (non-operating income of 1.9 billion, restructuring costs of 12.
400 million), net interest expenses nearly 500 million, after offsetting only increased non-operating profits of about 200 million, while the company’s profits in 2018 increased by 27.
600 million, a net increase of 17.
600 million, operating profit increased by nearly 1.6 billion, roughly at an effective tax rate of 25%, the company’s operating net profit increased by about 1.2 billion, including the return to the mother’s income of 8.
400 million, mainly from the consolidation of Takata assets (started on April 12, 18).
Even if we do not consider the climb of the security business gross margin, in 2019 only the high number of digits will increase by about 200-300 million.
In 2018, the company’s net operating cash flow reached 29.
700 million, an increase of 10 in ten years.
700 million, good cash flow.
The functional parts business grew steadily, and the electronic business orders were plentiful.
18 years of functional parts business income 35.
9 billion, an annual increase of 22.
8%, and the gross profit margin is basically stable at 23%, contributing to the company’s profit growth.
In 18 years, the automotive electronics business achieved revenue of 92.
300 million, an annual increase of 1.8%, gross margin increased by 2 per second.
7ppt to 21.
1%. At present, the smart car Unicom business and new energy business (BMS) have ample reserve orders in hand, and are expected to contribute major increases in 19 years.
The profit forecast takes into account the smooth integration of the security business, and forecasts the 2019 net profit from 10.
1.9 billion up 17.
76% to 1.2 billion, maintaining a 2020 net profit forecast of 13.
5.4 billion unchanged.
Estimates and recommendations The company currently can sustainably correspond to 22/19/20.
7x P / E.
Maintain the recommended level, but considering the expansion of the sector, increase the target price by 30% to 35 yuan, corresponding to 19/20 years 27.
5x P / E, 25% more space than currently expected.
Risks Takata’s asset consolidation was worse than expected.
Goertech (002241): TWS headset helps turning point to start a new era of intelligent hardware
Consistent strategic layout of components + complete machine product line: The company always adheres to intelligent manufacturing + precision manufacturing two-wheel drive, and uses precision components + intelligent complete machine + content services as its core to create an industrial ecosystem.
At present, the product line is based on the three precision components of sound, light and electricity, and the four layouts of audible, wearable, visual, and household appliances. The core technical strength is outstanding.
As the yield rate of TWS headsets climbs rapidly, the company has ushered in a turning point in performance since 19Q1. In the future, 夜来香体验网 the VR / AR and AI smart speaker business is expected to usher in rapid development with the maturity of 5G and AI technologies. At the same time, MEMS sensors, SiP and other coresComponent technology remains ahead, and we believe the company’s performance is expected to continue to grow.
Intelligent acoustics air outlet has arrived: AirPods is expected to lead the TWS wireless smart Bluetooth headset boom. Under this trend, sound transmission technology and core components will also usher in upgrade requirements. Goertech’s leading layout of TWS headsets’ overall design and assembly and core acoustic components,Absolutely leading the market share, and providing customers with overall technical solutions, working closely with major technology giants, the share and production capacity of major customers continues to increase rapidly, and in the future, it can further expand customers and increase sales of terminal products.It is expected to become a new point of performance growth.
At the same time, the AI smart speaker industry ushers in rapid development opportunities. The company’s in-depth layout of core components and complete machine OEMs is expected to gain more cooperation opportunities with North American customers.
Leading stability of acoustic devices and MEMS: Acoustic devices such as stereo, waterproof, intelligent and other innovation trends are obvious, the prediction of each brand is gradually upgraded, the company’s advanced acoustic device design and production capabilities, through optimized management, lean production, focus on large customers, and consolidateCore competitiveness, leading share among large customers; At the same time, the company continues to strengthen its layout in the microelectronics field, expanding MEMS microphones’ global leading position, and strengthening in MEMS smart sensors, SiP advanced packaging processes, etc., and it is expected to bring new performance in the futureFlexibility and further increase the profit margin of the thick machine business.
VR / AR business is expected to benefit in the long run: GoerTek has mature optical component (VR), optical machine system (AR) and intelligent hardware design and manufacturing capabilities, and has deep cooperation with global technology manufacturers to lay out the VR / AR industry chain. It is Sony, Oculus Exclusive OEMs of VR products are expected to benefit from the full support of the country and the promotion of 5G technology for a long time. The release of new products by leading brands is also expected to further lead the industry development trend.
Financial Forecast and Investment Suggestions We predict that the company’s EPS in 19-21 will be 0.
50 and 0.
61 yuan, according to a comparable company, giving the company a 33-year PE estimate for 19 years, the corresponding target price is 11.
88 yuan, maintain BUY rating.
Risks indicate that sales of TWS headsets have fallen short of expectations; the development of the AR / VR industry has fallen short of expectations; Sino-US trade frictions have intensified.
Shanghai Jahwa (600315) 2018 Annual Report Comment: Steady Revenue Growth and Profitability Better
[Key points of investment]Shanghai Jahwa released the 2018 annual report.
At the core of the report, the company achieved operating income of 71.
3.8 billion, an increase of 10 in ten years.
01%; realize net profit attributable to shareholders of listed companies.
400,000 yuan, an increase of 38 in ten years.
The company achieved operating income of 17 in 2018Q4.
180,000 yuan, an increase of 11 in ten years.
66%; Net profit attributable to shareholders of listed companies is 0.
870,000 yuan, an increase of 42 in ten years.
The personal care segment led revenue growth, with home care product sales growing fastest.
The company’s products are mainly divided into three categories: “beauty skin care”, “personal care” and “home care”. Among them, the home care products based on the “jiaan” brand account for a small proportion of revenue, only 3.
3%, but the largest increase in revenue in 2018, reaching 41.
And accounting for 63% of revenue.
7% of personal care products mainly include “Six Gods”, “Tang Meixing” and other brands, with an annual increase of about 12%.
As one of the company’s main brands, “Six Gods”, in 2018, it vigorously promoted its youthfulness strategy, further increased its popularity and market share, and held an absolute leadership position in the toilet water category, with a market share of 74.
8%, increasing by 0 every year.
2 units, and in the shower gel and soap category, the “six gods” are also domestic brands with the highest market share.
“Tang Mei Xing” is a baby feeding brand newly acquired by the company in 2017. In 2018, it and the company’s affiliated baby skin care product “Qi Chu” had a rapid growth in the mutual drainage in the mother and baby channel. The revenue increased by about 13% and the net profit was renovatedDoubled, significantly exceeding the performance commitment at the time of the acquisition.
The company’s main brand “Beauty Care” in the “Beauty and Skin Care” section was affected by channel adjustments in the second quarter and its relative growth rate was relatively variable.
The gross profit margin was small, but the decrease in the expense ratio increased during the period, and the net ratio increased.
The decrease in gross profit margin was due to the increase in the original cost of the report and the adjustment of the company’s product sales structure.
The company’s beauty and skin care products have the highest gross margins, above 70%. The gross margins of personal care and home care have relatively increased. However, due to the increase in the proportion of revenue, the overall gross margin has decreased slightly, compared with the same period last year.
In terms of three fees, the company’s overall cost control is good, and the marketing expenses, which account for the highest proportion of sales expenses, have only increased by 3%, which also shows that the company’s marketing efficiency has improved.
Management expenses, which account for relatively high wages and benefits, increased by only 2%, and office expenses decreased by 12%, reflecting the improvement of human efficiency.
The financial expense ratio increased and decreased due to the acquisition of Cayman A2, and increased due to the acquisition of Cayman A2.
51 averages, net margin 杭州夜网论坛 increased by 1.
The company adheres to the sixteen-character operating principle, and continues to make progress in R & D and channel supply.
The company steadily promotes the sixteen-character management policy of “first research and development, brand-driven, channel innovation, and supply guarantee”. In terms of research and development, the company launched 39 research projects in 2018, and has applied for 52 patents for research technologies.
In terms of channels, the company continued to promote the omni-channel sales model, and the proportion of online sales further increased to 22.
On the supply side, the company’s new factory is under construction and production. Compared with the old factory, the new factory’s production capacity and intelligent manufacturing level have increased by 杭州桑拿网 an expansion margin, laying a foundation for the company’s production efficiency improvement and product line enrichment.
[Investment suggestion]In terms of revenue, the company merged with the “Six Gods” and “Mejiajing” brands such as toilet water and hand cream are in strong leadership positions. In the future, through continued youthful marketing, revenue is expected to increase steadily, and then the brand “yu”Ze”, “Qi Chu”, etc. to meet demand, and further establish brand awareness through word-of-mouth marketing, which helps maintain a high growth rate.Herborist, Tang Meixing and others follow the high-end trend, optimize services through single-brand stores, and drain each other through mother-to-child channels. There is also a lot of room for imagination in the future.
In terms of profit, the new plant can not only improve production efficiency and reduce costs, but also improve the digitalization and informationization of operation management, saving related manpower and operating costs.
The company’s 18/19/20 revenue is expected to be 80.
8.1 billion, net profit attributable to mother 6.
690,000 yuan, EPS 1.
30 yuan, corresponding to PE31.
03 times, give “overweight” rating.
[Risk reminder]Intensified competition in the domestic daily chemical industry; macroeconomic and consumer demand is less than expected.