Indian women break through temple taboos, trigger multiple demonstrations

Indian women break through temple taboos, trigger multiple demonstrations

Immigrant Indian women sneaked into a Hindu temple under police protection on the 2nd, breaking through long-term taboos and triggering demonstrations by conservatives.

  [Successful challenge]This implanted female was in her 40s and entered the Sabarrimara Temple in the southern Kerala state under the protection of plainclothes police in the early morning of the 2nd.

  According to the traditional concept, women between the ages of 10 and 50 are not allowed to enter the temple pilgrimage, because women of this age have menstrual periods and will defile the temple.

This traditional taboo was supported by the High Court of Kerala in 1991.

  However, the Supreme Court of India ruled in September 2018 that women of all ages could enter the Sabarrimara Temple. Some women then repeatedly tried to challenge the restricted area according to law, but were blocked by conservatively sending believers.

杭州龙凤桑拿网  This placed the woman two weeks ago trying to enter the Sabari Mara Temple unsuccessfully.

They broke through the barrier again in the early morning of the 2nd and eventually succeeded.

The video showed that they covered their heads, lowered their heads, and quickly walked into the temple without encountering obstacles.

  The two told media reporters that they did not follow a sacred step on the pilgrimage road, but were assisted by police to enter the temple from the employee passageway under the protection of dozens of plainclothes police.

  Kerala’s Chief Minister Pinarai Vijayan confirmed that the replacement of women into the temple and the protection of the police, of course, the police want to protect anyone who wants to visit the temple.

  Kerala is governed by a left-wing party, and the state government supports the Supreme Court’s decision to allow all women to enter the temple.

An official, speaking on condition of anonymity, told Reuters reporters that the police have carefully arranged to help insert women into the temple and intend to gradually help more women do so.

In addition, the police arranged police forces outside the women’s residence to protect their safety.

  [Contradiction]Implanting women into temples has triggered street demonstrations in Kerala.

During a demonstration in the capital Tiruvanentabura, police used tear gas and high-pressure water guns to disperse the crowd.

  After their successful entry, the temple was closed for a time to purify the ceremony with antiques.

  The tradition of barring women from certain age groups from entering the Temple of Sabarimara has the support of the ruling party, the People’s Party of India.

In response to the women’s taboo breakthrough in this regard, the Kerala branch of the Indian People’s Party intends to launch a two-day demonstration.

The leader of this division identified the state government as conspiring with the inclusion of women.

  The Indian People ‘s Party ‘s political opponent, the Congress Party, also targeted the masses, warning the state government that it would pay a price to go against tradition.

  In addition, many Indians support lifting restrictions on women’s access to temples.

In response to the call of the Kerala government, a large number of women formed a wall of more than 600 kilometers in Kerala on the 1st, called gender equality.

Kerala’s ruling party, the Indian Union (Marxists), said about 5.5 million women participated in the event.

  Advocate for women’s rights writer Mina Kandersamy tweeted on social media on the 2nd to support the involvement of women.

I wept with joy as they entered the temple. She pointed out how long it took us to advance the space for us and write us into the annals of history.

(Hui Xiaoshuang) (Xinhua News Agency Special) Original title: Indian women placed taboos to break temple taboos, triggering street demonstrations in many places

Lixun Precision (002475) Commentary Report: High Performance and Optimistic about the New Ecology of the Company’s Business Model

Lixun Precision (002475) Commentary Report: High Performance and Optimistic about the New Ecology of the Company’s Business Model
Event: On April 15, 2019, the company announced its 2018 performance.The company’s operating income in 2018 was 358.50 ppm, a 57-year increase of 57.06%; net profit attributable to mother 27.23 ppm, an increase of 61 in ten years.05%; gross sales margin 21.05%, a year to increase by 1.05pct; net sales margin 7.85%, a year to raise 0.19 points; net cash flow from operating activities.42 trillion, an increase of 1761 in ten years.14%. Comments: The profitability has clearly reversed and strengthened. Consumer electronics, automotive and communications high-speed growth companies continued to have high revenue growth in 2018. The gross profit margin and net sales margin decreased, and the number of employees increased by 43.In 39% of cases, per capita income and per capita profit increased by 9 respectively.55%, 12.30%, profitability significantly reversed and strengthened.In view of different industries, the revenue growth of the consumer electronics, automotive and communications sectors in 2018 was 76.50%, 52.81% and 30.04%.Under the situation that the overall smartphone is saturated, the company’s consumer electronics business performance is still outstanding, indicating that the company’s business expansion around customer A has been substantially smooth.The combined company ‘s net profit attributable to mothers in the first quarter increased by 70% -90%, which is higher than the net profit attributable to mothers in the second quarter of the past three years, indicating that the company ‘s automotive and communications businesses have entered the fast track of growth. The operating capacity has continued to increase, and high R & D investment is optimistic about the company’s new business development. The company’s operating cycle in 2018 was 143.In 64 days, the turnover rate of inventory and accounts receivable was 6, respectively.90, 3.94, which has continued to improve over the past three years, indicating that the company’s operating capabilities have continued to increase.At the same time, the company’s R & D expenditure was 25%.1.5 billion, an annual increase of 63.10%, combined with the company’s high-precision system integration experience and learning ability, we are optimistic about the company’s Airpods and the diversified business development status of SPK / RCV, antennas, wireless charging and so on.In the 5G era, three key technologies such as ultra-dense networking, massive MIMO, and millimeter wave communication are evenly distributed in the mobile phone and substrate-side antenna architecture and material development. We believe that the company currently has a large number of technology reserves to seize this industry opportunity. Efficient mergers and acquisitions to create a positive feedback system of “components → modules → terminals” product model. The company has extensive market segmentation and R & D technical experience in consumer electronics connectors, and gradually uses it as the basis for expanding to other businesses such as connectors, speakers and antennas.With advanced precision system integration experience and learning capabilities, the company first expanded product categories around customers, and then expanded to other major customers at home and abroad.We believe that the company will focus on large customers and use efficient mergers and acquisitions as a means to transform its product model into “components → modules → terminals”. At the same time, it will expand from the consumer electronics side to the communications and automotive side, and gradually form a positive feedback ecosystem.This positive feedback system effectively reduces the company’s operating and technological transformation risks while giving the company room for growth. Profit forecast and estimation: We estimate the company’s operating income for 2019-2021 to be 499/643/7武汉夜网论坛44 trillion, and the net profit attributable to the mother will be 38.63/50.19/60.30,000 yuan, the corresponding EPS is 0.72/0.94/1.12 yuan, the current sustainable corresponding PE for 2018-2020 is 34, 26 and 22 times respectively.And in 18 and 19 years, the company’s new business cut into A customer, we give 35 times PE for 20 years, the corresponding target price is 32.9 yuan, a reasonable estimate of 26.20%, given a “strong recommendation” rating. Risk warning: AirPods sales and C-type penetration are lower than expected, and major customers’ technical solutions change.

Chlor-Alkali Chemical (600618): Integrated operation of chlor-alkali enterprises awaits industry recovery

Chlor-Alkali Chemical (600618): Integrated operation of chlor-alkali enterprises awaits industry recovery

The company closed the Wusong Park and went light-loaded,北京桑拿洗浴保健 and the expense ratio dropped sharply. In the future, the company will focus on chlor-alkali business and continue to expand its production capacity.

After the prosperity of the chlor-alkali industry, the performance will generate explosive power.

Covered for the first time, giving a neutral rating.

Investment points: Neutral rating for the first coverage.

At present, the chlor-alkali industry is in a downturn, but after the company closed Wusong Park, the cost has dropped sharply. It is estimated that the EPS for 2019-2021 (the next three years) will be 0.

72, 0.

79, 0.

81 yuan, with a growth rate of -21%, 11%, and 2%; given a 19-year price-earnings ratio of 11 times, corresponding to a target price of 7.

92 yuan.

Leading chlor-alkali enterprises closed down Wusong Park and went light.

The company is a leading chlor-alkali manufacturer with comprehensive strength, and now has the production capacity of 72 units of caustic soda, 72 units of dichlorocarbonyl, 60 units of liquid chlorine, 8 units of pasty and special resins.

Production capacity under construction includes 20 toluene vinyl chloride expansion project and 20 alternative paste resin phase II projects, and the production capacity will continue to expand in the future.

In 2017, the company closed Wusong Park, the management costs were significantly reduced, the profitability was significantly improved, and the ROE level was higher than the industry average.

Integrated business operation model, breaking through the overseas monopoly chlorine cycle technology.

The company’s production base is in the Shanghai Chemical Industry Park, which can give full play to the synergistic effect of the upstream and downstream industrial chains, and work closely with international chemical companies to establish an integrated operation mode of supporting facilities and pipeline transportation in the chemical industry zone.

In addition, the company’s Deacon technology has entered the feasibility report preparation stage and has obtained 5 authorized patents. After the project is opened, it will break through overseas patented technologies, which can realize the chlorine cycle to reduce costs and expand the supply of chlorine to improve performance.

Wait for the chlor-alkali industry to pick up.

The main contribution of the company’s performance is to gradually burn alkali, accounting for 66% of net profit.

42%.

Since 2018, the downstream alumina industry has been in a down cycle and the liquid chlorine market has turned from weak to strong. From the perspective of the demand side and the balance of chlor-alkali, the price of caustic soda is lacking support.

In view of the close relationship between the demand for alumina and the real estate completion area, we expect the land completion area in the second half of the year may pick up, which will drive the alumina demand upward in a short cycle.

In addition, by improving the in-situ digestibility of liquid chlorine, the imbalance of chlor-alkali is expected to be eased, and the chlor-alkali industry will benefit.

Risk warning: the risk of sluggish demand and the risk of sharp price decline.

Po Laiya (603605): Proposed to establish a joint venture with Spain’s PRIMA-DERM, committed to developing high-end anti-aging market: multi-brand layout

Po Laiya (603605): Proposed to establish a joint venture with Spain’s PRIMA-DERM, committed to developing high-end anti-aging market: multi-brand layout

Event On November 6, 2019, the company issued an announcement to invest in the establishment of a joint venture company: In order to explore and expand the anti-aging skin care market, the company plans to invest 2 million yuan in a joint venture with the Spanish cosmetics group PRIMA-DERM, mainly in China.Japan, South Korea, Victoria, New Zealand and Southeast Asia military promote and sell PRIMA-DERM products belonging to the anti-aging brand Singuladerm.

Among them, the company intends to contribute RMB 1.06 million, accounting for 53%, and PRIMA-DERM intends to contribute RMB 0.94 million, accounting for 47%. 杭州夜网论坛 The scope of consolidated statements of the consolidated company of the joint venture company.

Comments Singuladerm is a well-known anti-aging brand mainly used in Spain as a “peptide” ingredient: the brand belongs to the well-known skin care group PRIMA-DERM, and has more than 30 years of skin care ingredient research and development experience.

In 1987, the founders Jose and Antonio created the world’s leading active ingredient research and development company Borun Corporation). In 2001, the peptide peptide R & D and production plant was established. In 2008, the skin care group PRIMADERM was established, which belongs to Singuladerm.The brand focuses on various peptide small molecule anti-aging products.

The Spanish cosmetics group PRIMA-DERM supplies the Singuladerm brand products with exclusive license to the joint venture company. The main rights and obligations include: ① ownership trademark license agreement with the joint venture company, which exclusively licenses the joint venture company to use the Singuladerm brand for free;Sell products to joint ventures; ③ Issue a power of attorney or related documents authorizing the joint venture to register or register products with the competent authority in the territory free of charge; ④ Produce for the joint venture and provide priority products to the joint venture; ⑤ Place products on the market to the joint venturePrior to that, any new products designed by PRIMADERM and sold under the Singuladerm brand were first shown to the joint venture.

Listed companies are mainly responsible for assisting the development and sales of the Singuladerm brand in the Chinese market. The main rights and obligations include: ① assisting the joint venture to obtain relevant licenses, register and establish business in China; ② promoting the progressive supply of the joint venture and PRIMA-DERMAgreement; ③ Provide loans to the joint venture company according to their needs; ④ Provide venues, personnel, services and marketing tools to the joint venture company at preferential prices and conditions; ⑤ Assist the joint venture company to apply for tax reductions and exemptions permitted by Chinese law and other relatedDiscounts, etc .; ⑥ Assist in the promotion and sales of products through its own sales network.

Investment suggestion The company proposes to establish a joint venture with Spain’s PRIMA-DERM, which is committed to developing the high-end anti-aging market, opening up a multi-brand layout, and having the opportunity to go further in research and development.

The 2019-2021 forecast of the company’s net profit attributable to its parent is 3, respectively.

85, 4.

99, 5.

99 ‰, one year + 34%, + 29%, + 20%, PE corresponding to the current market value is 47, 36, 30 times, respectively, maintain BUY rating.

Risk reminder investment still needs approval from relevant domestic and foreign departments, new brand development 上海夜网论坛 is less than expected, and market competition is intensifying

Beifang Huachuang (002371) 2019 Semi-annual Results Express Review Comments: Steady growth in performance is expected to absorb expansion in photovoltaic and semiconductor fields

Beifang Huachuang (002371) 2019 Semi-annual Results Express Review Comments: Steady growth in performance is expected to absorb expansion in photovoltaic and semiconductor fields

Matters: 南京夜网论坛 The company released the 2019 semi-annual report performance report, which was reported twice to achieve a total operating income of 16.

55 ppm, an 18-year increase.

63%, net profit attributable to mothers1.

28 ppm, a ten-year increase of 7.

87%.

Comment: Revenue and performance have grown steadily, and orders in hand are redundant.

In the first half of 2019, the company realized total operating income16.

5.5 billion, an annual increase of 18.

63%, of which electronics technology equipment income is 12.

470,000 yuan, an increase of 17 in ten years.

13%, electronic components income 3.

98 ppm, an increase of 22 in ten years.

49%.

The company’s 19Q2 revenue was 9.

470,000 yuan, an annual increase of 11 and a quarter.

15% and 33.

76%.

The company achieved net profit attributable to mothers in the first half of the year1.

28 ppm, a ten-year increase of 7.

87%.

At the end of 2019Q1, the company’s inventory was 34.

8.5 billion, advance receipts 16.

4.4 billion US dollars, too many orders in hand, is expected to form better support for expected results.

Demand in the photovoltaic field is improving, and the semiconductor equipment sector is expected to benefit from domestic wafer fab expansion.

The parity of PV is gradually approaching, the expansion of photovoltaic industry is strong, and the company’s orders have increased compared with last year.

Since 2019, the expansion of domestic wafer fabs has continued to provide strong support for the company’s semiconductor equipment needs.

The company is one of the largest domestic high-end semiconductor process equipment suppliers with the most abundant product systems. The 12-inch 90-28 nanometer integrated circuit process equipment has been industrialized, and the 12-inch 14 nanometer integrated circuit process equipment has entered the process.Verification phase.

The penetration rate of the company’s products in downstream production lines has continued to increase. In addition to SMIC, the company’s equipment has also entered Huali Microelectronics, Yangtze River Storage and other leading domestic production lines.

It plans to add value to further improve the layout of advanced process equipment and enhance market competitiveness.

The company plans to raise up to 2 billion US dollars through non-public offering of shares for high-end integrated circuit equipment R & D and industrialization projects and high-precision electronic component industrialization base expansion projects.

If the fixed increase project is successfully implemented, the company will further realize the industrialization of 14nm equipment on the basis of 28nm equipment, and carry out the key technology research and development of 5 / 7nm equipment to create a stronger core competitiveness.

Profit forecast, estimation and investment grade: We maintain our expectation that the company will realize operating income of 45-20 years.

83, 62.

00 and 76.

610,000 yuan, net profit attributable to mothers3.

89, 5.

75 and 7.

23 trillion, corresponding to EPS 0.85, 1.

26 and 1.

58 yuan, corresponding to PE 82, 56 and 44 times.

The traditional semiconductor equipment 都市夜网 industry is still in its growth stage. Consider using the PS method to evaluate, with overseas mature companies AMAT and ASML as comparable companies. PS estimates that the hub is 2-5 times and 5-8 times respectively.High performance growth, given 5-5 in 2021.

5 times PS, with a discount rate of 10%, with a target market value of 316 in 2019.

6-348.

2 trillion, maintaining a target price range of 69.

1-75.

9 yuan, maintaining the “recommended” level.

Risk warning: The industry demand is lower than expected, the equipment domestication progress is lower than expected, and the equipment verification progress is lower than expected.

Guiyan Platinum (600459): Revenue growth coincides with investment income confirmation performance exceeds expectations

Guiyan Platinum (600459): Revenue growth coincides with investment income confirmation performance exceeds expectations
Event: On August 22, the company issued an interim report, reporting that the two companies achieved operating income of 104.53 ppm, an increase of 20 in ten years.1%, net profit attributable to shareholders of listed companies1.$ 1.1 billion, an increase of 47 per year.77%, deducting non-net profit1.20,000 yuan, an increase of 52 in ten years.58%.Among them, the second quarter contributed 49 operating income.5 ppm, an increase of 13 in ten years.46%; Net profit attributable to shareholders of listed companies is 0.80,000 yuan, an annual increase of 42.86%, an increase of 150% from the 南京桑拿网 previous month; non-net profit attributable to the mother is zero.710,000 yuan, an increase of 39 in ten years.22%, an increase of 129.03%.Performance growth is the reported increase in the prices of precious metals, and with the strengthening of market development, the increase in sales scale of precious metal precursor materials, precious metal special functional materials, etc. has led to increased operating income. The three major sectors of new precious metal materials, precious metal resource recycling and business and trade support each other and develop in synergy.Sales of precious metal palladium precursor materials and main salts for electroplating of platinum group metals increased.The precious metal secondary resources recycling business continued to expand. While accelerating the recovery process and equipment upgrade, increasing the recovery efficiency and production capacity of key materials, increasing the PTA coal-based distillate, gradually developing the dehydrogenation market, continuously expanding the precious metal raw material channels, and promoting market share;Overall, the report shows that the scale of commercial trade in precious metals has grown steadily. The report initially obtained investment income of 2200.07 million yuan, an increase of 82 in ten years.16%.The increase in investment income was primarily due to the liquidation of hedging business during the reporting period, and the income was recognized.In addition, due to the floating profit and loss of positions in the hedging business, the fair value increased by 536.450,000 yuan, adding another watt to the company’s performance growth. The precious metal catalytic precursor material project will drive the company’s performance growth in the future.The company accelerates the construction of the project and plans to complete the civil engineering and equipment procurement of the project by the end of 2019, which is expected to be put into production within 2020.After the project is completed and put into production, the annual output of precious metal precursor materials is expected to be 299 tons, and the annual sales income before tax is expected to reach 26.8.2 billion. profit prediction.The company’s operating income is expected to be 191 in 2019-2021.23, 219.91,25.4 billion; net profit is 2.03, 2.34, 2.55 ppm, an increase of 28 in ten years.9%, 15.7%, 8.6%; corresponding EPS is 0.46/0.54/0.58 yuan, the current sustainable corresponding PE is 41.1/35.5/32.7. We give “Overweight” rating. Risk warning: the progress of capacity construction is less than expected, policy risks, and product price fluctuations.

Nanjing Securities (601990) Interim Commentary: The securities brokerage business has developed rapidly in the first anniversary of listing

Nanjing Securities (601990) Interim Commentary: The securities brokerage business has developed rapidly in the first anniversary of listing

Event: The company released its 2019 Interim Report and achieved operating income10.

20,000 yuan, an increase of 57 in ten years.

32%, net profit attributable to mother 3.

840,000 yuan, an increase of 105 in ten years.

99%; ROE3.

56%, an annual increase of 1.

59 shares; the company’s total assets are 325.

03 trillion, an increase of 31 earlier.

19%, the mother’s net assets of 107.

12 trillion, an earlier increase of 1.

12%.

EPS is 0.

14 yuan / share.

The main business performance is good, self-operated, and the performance of futures brokerage has increased significantly.

In the first half of the year, the company’s overall main business performance improved steadily, with securities brokerage business revenue5.

44 ppm, a ten-year increase6.

29%; investment bank business revenue1.

25 ppm, an increase of 49 in ten years.

48%; asset management business revenue is 0.

USD 3.1 billion, an annual increase of 2.

71%.

In the first half of the year, the company’s self-employed business and futures brokerage business performance increased significantly, and self-operated business revenue2.

740,000 yuan, an increase of 369 in ten years.

48%; revenue from futures brokerage business is 0.

950,000 yuan, an increase of 337 in ten years.

30%.

Brokerage and credit transaction business accounted for a decline in revenue and still contributed more than half of the main revenue.

The operating income of the brokerage business and credit transaction business accounted for 51% of the main business income, and it will decline 21% in the future.

In terms of brokerage business, the company’s net income from securities business (including seat lease) 2.

200,000 yuan, an annual increase of 24.

16%; As for credit transaction business, as of June 30, 2019, the company’s Liangrong business balance was 45.

53 trillion, an increase of 21 earlier.

78%, reported interest rate income1.

62 ppm, a decrease of 22 per year.

14%; the balance of stock pledged repurchase business was 26 trillion, an increase of 5 earlier.

15%, realizing zero interest income.

880,000 yuan, an increase of 36 in ten years.

42%. The overall performance of the subsidiaries was excellent, and a new investment subsidiary was established.

In the first half of the year, Ningzheng Futures, a subsidiary of the company, realized operating income of 9,680.

59 million yuan, net profit 762.

40,000 yuan; the wholly-owned subsidiary Jushi Venture Capital achieved operating income of 1,117.

100,000 yuan, net profit 568.

540,00杭州桑拿0 yuan; Ningxia Equity Exchange Center, a holding subsidiary, realized operating income of 208.

08 million yuan, net profit -22.

970,000 yuan; the Fu Anda Fund of the joint-stock company realized operating income of 8,393.

160,000 yuan, net profit 3,744.

510,000 yuan.

The company’s wholly-owned subsidiary, operating alternative investment business, registered capital of 50 million yuan.

The company’s wholly-owned subsidiary, Blue Sky Investment, was incorporated on June 17, 2019, and operates alternative investment businesses.

Investment suggestion: The company uses the regional competitive advantages of the brokerage business to drive the development of other business lines.

Maintain the “overweight” rating.

Risk reminders: the decline in the activity of stock trading; market risk risks; macroeconomic 南宁桑拿 downturn.

Cree Electromechanical (603960): Deeply cultivate the main industry, continuously improve competitiveness, and maintain rapid growth

Cree Electromechanical (603960): Deeply cultivate the main industry, continuously improve competitiveness, and maintain rapid growth

In the first half of 2019, the company continued to deepen its main business and continuously enhance its core competitiveness. Both revenue and profit have been significantly improved, and operating income was achieved in the first half of the year.

48 ppm, an increase of 45 in ten years.

33%, net profit attributable to the parent company is 0.

4.6 billion, an increase of 62 in ten years.

58%.

Operating cash flow 0.

5.4 billion, with a year-long improvement.

Operating income for the second quarter1.

8.6 billion, an increase of 28 in ten years.

75%, net profit attributable to mother 0.

2.2 billion, an annual increase of 62.

23%, the growth rate of net profit in the second quarter continued the high growth rate in the first quarter.

By business segment, automotive electronics equipment revenue1.

7.9 billion, an annual increase of about 50%, auto parts revenue1.

6.9 billion, an increase of about 40% over the same period, both maintained rapid growth.

Gross margin in the first half of the year was 28.

68%, which is basically the same as the same period last year, and the expense ratio during the period was 11.

56%, little change from the same period last year and the previous year, and maintained a stable level overall.

  R & D expenditure continues to grow, expanding to new areas such as IGBT module packaging and testing, optical communications and 5G wireless communications.

R & D expenditure in the first half of 杭州桑拿 the year was 0.

1.8 billion, an estimated 94% increase last year, with a research and development ratio of 5.

19%, maintaining high growth in R & D commitment.

The development and layout of new areas include IGBT module package testing, assembly and testing of drive motor controllers for new energy vehicles, robotic automation and intelligent applications in the automotive interior industry, optical communications and 5G wireless communications, etc.Good results have been achieved and related products have been generated and released.

  Adequate orders in hand, new orders are expected to maintain steady growth.

In the first half of 2019, the company’s flexible automation equipment and industrial robot system business broke new orders1.

7 billion US dollars. The newly signed contracts are mainly focused on new energy automotive electronics (motors, electrical control, energy recovery, etc.), automotive interiors, optical communications and 5G wireless communications.Bosch (overseas), UMC, Johnson Controls, Finisar and other high-quality customers are expected to gradually obtain orders this year compared to last year, there is a good growth.

At the same time, as one of the main suppliers of Volkswagen engine runways, the beneficiary country has achieved 5 national standards and 6 national standards, and the profit level will also be further improved.

  Investment advice and rating: The company’s net profit for 2019-2021 is expected to be 1.

10 billion, 1.

5.8 billion and 2.

1.1 billion, corresponding to PE of 40x, 28x, 21x, given the “overweight” rating.

  Risk reminder: New energy vehicle industry’s development is less than expected; orders received are less than expected

Huagong Technology (000988) 2019 Performance Preview Comment: Performance Steady Upward Delivery of 5G Optical Modules

Huagong Technology (000988) 2019 Performance Preview Comment: Performance Steady Upward Delivery of 5G Optical Modules

Event: On January 20, the company issued a 2019 杭州桑拿网 annual performance forecast.

The company is expected to realize net profit attributable to mothers for the whole of 20194.

90,000 yuan?
5.

4 ppm, an increase of 72 over the same period last year.

77%?
90.

40%; Q4 is expected to achieve net profit attributable to mothers in the single quarter.

270,000 yuan?
0.

77 ppm, an increase of 0 in ten years.

49%?
184.

60%.

Performance rose steadily, and Q4 single-quarter profit grew steadily.

The company is expected to realize net profit attributable to mothers for the whole of 20194.

90,000 yuan?
5.

4 ppm, an increase of 72 over the same period last year.

77%?
90.

40%; It is estimated that the net profit attributable to mothers will be zero in the fourth quarter.

270,000 yuan?
0.

77 ppm, an increase of 0 in ten years.

49%?
184.

60%.

The company expects that the impact of non-recurring gains and losses on net profit will be about 2 in 2019.

40,000 yuan?
2.

6 trillion (8707 in the same period last year.

920,000 yuan), of which the change in fair value of transactional financial assets and the gain on disposal are approximately 1.
.

6.7 billion.

The company’s 100G optical modules were shipped in bulk overseas, 400G products were trial-produced, and 10G optical chips were successfully mass-produced.

5G will bring continuous growth in global traffic, and optical modules will fully benefit as traffic “gates” for communication networks.

According to the announcement, the company’s 100G products in the data center area have been shipped in batches overseas; 400G series products have begun trial production in small batches, and core technology in the field of data center transformation has begun research and development.
At the same time, the company launched the first digital high-end product 400G QSFP-DD SR8 optical module, which solved many design difficulties in signal pointing, optics, COB key processes, heat dissipation and reliability; initiated the establishment of Yunling Optoelectronics, and extended the optical communications industryChain, 10G optical chips have successfully achieved mass production, and 25G optical chips and devices have completed optimized design.

“New era” of optical communication: In the first year of 5G in 2019, the company achieved full coverage of 5G optical communication products.

2019 is the first year of global commercialization of 5G. The purchase of optical communication modules for 5G base stations will gradually increase, becoming one of the important driving forces to improve the prosperity of the optical module industry.

In December 2019, China Mobile started the first centralized mining of 5GSPN optical transmission equipment. According to China Mobile’s centralized mining announcement, it is estimated that the amount can reach 10 billion.

The company seizes the possibility of the 5G era, focusing on the requirements for 5G fronthaul, midhaul and backhaul network construction, focusing on 25G?
200G high-speed optical module products, providing a full set of solutions; according to the announcement, the company’s optical fiber direct drive, single-fiber bidirectional, wavelength division expansion and other optical module products have expanded volume shipment capabilities.

The company’s 5G optical module order has been successfully delivered, and it is the first domestic 深圳spa会所 enterprise investment advice to obtain an order for 5G optical module: do we expect the company in 2019?
Income in 2021 will be 57.

5.6 billion (+10.

0%), 65.

1.8 billion (+13.

2%), 77.
6.4 billion (+19.

1%), the net profit attributable to shareholders of the listed company is 5.

0.5 billion (+78.

0%), 6.

2.7 billion (+24.

1%), 8.

0.8 billion (+29.

0%), the corresponding EPS is 0.

50 yuan, 0.

62 yuan, 0.

80 yuan, corresponding to PE is 41 times, 33 times, 25 times, maintain “Buy-A” investment rating.

Risk warning: 400G market development is less than expected; overseas cloud computing market expansion is less than expected.

Shanxi Fenjiu (600809) 2018 Annual Report and 2019 First Quarterly Report Comments: 18 Years of Prosperous Production and Sales Prosperous, 19 Years of Product and Channel Optimization and Growth Guaranteed

Shanxi Fenjiu (600809) 2018 Annual Report and 2019 First Quarterly Report Comments: 18 Years of Prosperous Production and Sales Prosperous, 19 Years of Product and Channel Optimization and Growth Guaranteed

I. Overview of the event On April 26, Shanxi Fenjiu released the 2018 annual report and the 2019 first quarter report, 18 two companies realized operating income of 93.

8.2 billion, up from +47.

48%; net profit attributable 杭州夜网论坛 to mother 14.

67 ppm, previous + 54%; basic EPS is 1.

69 yuan, 7 cash dividends are planned for every 10 shares.

50 RMB.

1Q1 company achieved revenue of 40.

58 trillion, +20 for ten years.

12%; net profit attributable to mother 8.

77 trillion, ten years +22.

58%, with a basic EPS of 1.

01 yuan.

Second, the analysis and judgment of the 18-year revenue / profit growth rate is dazzling. The 19Q1 performance growth rate is stable.

8.2 billion, up from +47.

48%, revenue in the fourth quarter was 24.

66 trillion, +108 a year.

75%; net profit previously attributed to mother 14.

67 trillion, +54 a year.

01%, Q4 belongs to the mother net profit 2.

30,000 yuan, +46 a year.

45%; average gross profit margin 66.

21% per year -3.

The 62 singles were mainly affected by the re-integration of the gross margin of low-priced fen liquor.

Expense rate during the 18-year period is 23.

88% every year -2.

81 units, of which the sales expense ratio is 17.

34%, -0 per year.

55 units; management expense ratio 6.

83% every year -2.

21 units; financial expense ratio -0.

29%, -0 per year.

05 averages.

Overall, the company’s 18-year revenue growth rate exceeded the previous forecast (+ 40%), and the profit growth rate was the same as the previous forecast (50%?
60%), the company’s performance growth is dazzling.

In 19Q1, the company’s revenue / net profit was 40.

58/8.

77 trillion, +20 for ten years.

12% / + 22.
58%; gross margin 71.
94%, ten years +0.

99 units.

Period expense rate is 26.

28%, ten years +4.

99 units, of which the sales expense ratio is 20.

74%, ten years +3.

06 units; management expense ratio 3.

96%, ten years +0.

24 units; financial expense ratio 1.

58%, ten years +1.

7 units.

Affected by the high base in 18Q1 and the unexpected pace of revenue recognition in 18Q4, 19Q1’s single-quarter revenue growth rate has improved on a quarter-on-quarter basis, but when 18Q4 + 19Q1 are added together, revenue +47.

56%, still maintaining high growth; advance receipts12.

3.0 billion, an increase of 4 every year.

8.4 billion, -4.

50 ppm, Q2 performance growth certainty is expected to improve.

Taking into account that at the end of 18 years, the first unlocking conditions for the company’s equity incentives are 2019 revenue growth and no less than 22.

2%, so we judge that the company’s revenue growth rate will increase in the next three quarters from 19Q1.

Two years of strong growth in liquor production and sales in 18 years to improve overall performance, brand and product structure has been integrated and optimized.

250,000 kiloliters, +38 in the past.

29%, of which high-priced wine / low-priced wine sales were 1.

86/4.

870 thousand kiloliters, +36 each year.

91% / + 39.

6%, high-priced wine / low-priced wine income were 56.

71/23.

60 ppm, at least +51.

58% / 25.

0%, two booms in production and sales ensure overall performance growth.

In 18 years, the company systematically integrated wine brands such as Fen Liquor and Bamboo Leaf Liquor, actively adjusted its product structure, introduced new products such as Blue and White Fen Liquor 50 and Chinese clothing, upgraded Panama series products, and accelerated the strategic layout of bamboo leaf green liquor.

Affected by this, the gross profit margin of high-priced wines for 75 years was 75.

18%, ten years +0.

53 averages, ton price +10 per year.

72%; low-price wine gross margin of 50.

72% a year -11.

63 units with a ton price of -16 per year.

twenty three%.

It is expected that in the future, high-end products will pursue high gross profit, and low-end products will continue to pursue sales strategies.

Streamline sales channels, launch equity incentive plans, and enhance performance-driven 18-year competition.
Affected by mergers and acquisitions, the scope of merger of the company’s dealers has expanded. In 18 years, the number of dealers in and out of the company was 628/1726, with + 153% / 69% respectively.
19Q1 company has 2146 dealers, more than + 11%.

In addition, in 18 years, the company launched an equity incentive plan, which granted 5.95 million shares of shares to 395 middle and senior management personnel and business backbones. This plan was launched to deeply bind core backbones with the company’s interests and strengthen performance driving forces.

Third, profit forecast and investment recommendations The company is expected to achieve operating income of 115 to 21 years.

4/139.

63/166.

16 ppm, a year increase of + 23% / + 21% / + 19%; the company’s net profit attributable to the parent company in 19-21 is expected to be 19.

04/24.

25/29.

380,000 yuan, an annual increase of + 30% / + 27% / + 21%, according to the latest EPS of the corresponding EPS is 2.

20/2.

80/3.

39 yuan, the current corresponding PE is 26/21/17 times.

At present, the overall liquor sector is estimated to be 30 times. The company’s estimated level is lower than the industry average. Taking into account the long-term endogenous growth momentum brought by product structure and channel optimization, we maintain a “recommended” rating.

Fourth, risk warning: Liquor business expansion is slower than expected, gross profit margin has dropped significantly, and food safety issues.