Hongdu Aviation (600316): The first three quarters of revenue have increased significantly to create a leading defense equipment

Hongdu Aviation (600316): The first three quarters of revenue have increased significantly to create a leading defense equipment

Event: The company announced the third quarter report of 2019, and the first three quarters achieved operating income17.

00 ppm, an increase of 28 per year.

17%, net profit attributable to mother-0.

800 million, a decrease of 6 every year.

03%, budget gain -0.

11 yuan.

Opinions: (1) The company’s operating income in the first three quarters increased significantly28.

17%, the first is the increase in the number of aviation products delivered by the company’s core business.

Q3 achieved operating income of 5.

7.4 billion, down slightly by 1.

53%; (2) The company’s net profit attributable to its mother in the first three quarters of the year decreased by 6.

03%, of which Q3 attributed net profit to -0.

29 ppm, a reduction of 5 per year.


The growth rate of net profit attributable to motherhood is lower than the growth rate of revenue mainly including:

15%, mainly due to the increase in interest paid by the company to obtain bank borrowings in the current period; b) the report caused the company’s management expenses to increase by 20.

18%, mainly due to the adjustment of the performance salary distribution model, which caused increased wage costs and increased repair costs; (3) In terms of assets and liabilities, a) the company and Hongdu Group replaced related assets, resulting inEarly early total assets decreased by 32.

13%, net assets attributable to shareholders of listed companies decreased by 21.

18%, 72% reduction in fixed assets.

69%; b) the end of the accounts receivable decreased by 59 compared with the beginning of the period.

05%, mainly due to the company’s receipt of payment from customers and acceptance of bills of exchange; (4) in terms of cash flow, a) the company’s net cash flow from operating activities decreased by 175.

09%, mainly due to the increase in cash paid for the company’s purchase of goods in the current period; b) the company’s net cash flow from investment activities decreased by 36.

04%, mainly due to the decrease in cash paid for the company’s purchase and construction of long-term assets in the current period; c) The company’s net cash flow from financing activities increased by 91 each year.

35%, mainly due to the company’s annual increase in bank borrowings.

Air and sea equipment has created new requirements for L15, and multifunctional integration has adapted to new requirements.

L15 trainer is the company’s core product. According to basic training and entry combat scenarios, it is divided into various models such as L15 AJT and L15 LIFT.

In the future, the types of fighters of our army in the air and sea category (J-10 / 20/11/16, etc.) will be gradually installed. The gradual demand for flight training tasks will drive the growth of the company’s trainer business.

In addition, some L15 models have broken through the traditional flight training positioning, only supersonic speed, weapon plug-in and precision guided weapon capabilities, replacing air combat missions, and it is expected to become a supplementary model of naval aircraft carrier aircraft in the future.

Add missile assets to increase revenue from main businesses.

On May 31, 2019, the company and Hongdu Group merged the “Asset Replacement Agreement”, and the company put out the parts manufacturing business and the missile business.

Issuing new assets instead of enhancing the company’s main business profitability, while improving the asset structure, also in line with the development requirements of the future development of trainer models, and enhance the long-term competitiveness of the company.

Investment suggestion: Considering the continuous development of the company’s trainer business, the future trend will continue to grow, 深圳桑拿网 and the company’s missile business will increase the overall profitability. We predict that the company’s EPS in 2019/20/21 will be 0.



47 yuan, corresponding to PE is 56/41/30 times, the first coverage, giving the company an “overweight” rating.

Risk warning: L15 production capacity is lower than expected, and the integration of missile business is slow.

Changchun High-tech (000661) Tracking of the First Quarterly Report: Performance Continues to Be Beautiful and Growth Hormone Maintains High-speed Growth

Changchun High-tech (000661) Tracking of the First Quarterly Report: Performance Continues to Be Beautiful and Growth Hormone Maintains High-speed Growth
1.Event: The company released the 2019 first quarter report.1Q1 achieved revenue of 17.75 ppm, a 72-year increase of 72.07%; realize net profit attributable to shareholders of listed companies.650,000 yuan, an increase of 73 in ten years.67%; net profit deducted from non-attributed mothers3.580,000 yuan, an increase of 96 in ten years.93%; realized earnings per share 2.15 yuan. In terms of financial indicators, selling expenses6.20 ppm, an increase of 45 in ten years.77%; management costs 8115.530,000 yuan, an annual increase of 23.58%; R & D expenses1.150,000 yuan, an increase of 36 in ten years.98%; financial expenses -800.950,000 yuan, a decrease of 424 a year.24%; net operating cash flow 6.180,000 yuan, an increase of 398 in ten years.31%; accounts payable 3.24 ppm, an increase of 73 in ten years.63%, mainly due to the increase in settlements temporarily estimated by real estate companies. 2.Our analysis and judgment: (1) Growth hormone drives the pharmaceutical business to maintain rapid growth, real estate business settlement increases and thickens performance. The company’s performance is beautiful, mainly due to the rapid growth of the pharmaceutical business and the actual business settlement.Rapid growth of pharmaceutical business19 The company achieved operating income in the first quarter.750,000 yuan, +72 a year.07%; net profit attributable to mother 3.65 ppm, +73 for ten years.67%; deduct non-attributed net profit 3.58 trillion, ten years +96.93%.The acceleration of the company’s reported performance is mainly due to two reasons: (1) Growth hormone drives the pharmaceutical business to continue its high growth trend.Reported intermediate pharmaceutical business income +44.16%, net profit +62.15%.We believe that it is mainly driven by growth hormone, and terminal data show that the growth rate of growth hormone sales in the first two months has exceeded 60%.(2) Real estate business settlement income increases every year. As for the issue of vaccine batches, the batch of 19Q1 varicella vaccines was issued24.270,000 bottles, a reduction of 75 per year.5%; rabies vaccine batch issued 51.360,000 bottles, a reduction of 63 a year.1%. Expenditure is well controlled.From the perspective of expenses, the sales expense ratio was 34 in 19Q1.95%, a decrease of 6 per year.31pp; management expense ratio 4.57%, a decrease of 1 per year.79pp.We believe that the decline in the expense ratio during the period is related to the replacement transition of the actual business settlement. (2) Continue to be optimistic about the growth hormone to maintain rapid growth The company’s multiple advantages in the domestic growth hormone market, we are optimistic about its future high-speed growth.As a domestic growth hormone leader, Kinsey has the comprehensive advantages of the most complete dosage forms, the strongest terminal control ability, and the development of new indications.We are optimistic about the company’s growth hormone business to maintain rapid growth: (1) The domestic growth hormone penetration rate has decreased, and the market has room for expansion.There are about 7 million children with dwarf who are currently in the treatment window period, of which more than 2.8 million are children with growth hormone deficiency (GHD). Assuming a national market size of $ 4.5 billion in 2018, even considering the difference in urban and rural consumption capacity, the GHD treatment rate is onlyAbout 10%.If only GHD indications are considered, and long-acting dosage forms are not considered for the time being, it is assumed that in the future urban and rural penetration rates will reach 20% and 10%, respectively, and the use ratio of water injection and powder injection will reach 4: 6 and 1: 9 respectively, then conservative estimatesThe market size for growth hormone therapy for GHD is above 110 ppm. (2) The phase IV clinical study of the long-acting dosage form has been completed, which is expected to continue to contribute to the performance flexibility and further strengthen the company’s growth hormone hegemony skeleton.During the reporting period, the company’s long-acting growth hormone has completed phase IV clinical research, which will gradually build the foundation for the subsequent academic promotion of products and enter the European and American markets, and continue to continuously contribute to performance flexibility. (3) The sales team continues to expand, the sales channels continue to sink, and the market coverage is expanded.By the end of 18, the company’s sales team was about 1,400 people. In the future, it will continue to expand the sales team and continue to expand the market coverage, thereby increasing the number of hospitals and prescribing physicians, and the number of new patients. (4) In the short term, it is absolutely difficult to seize the market share of Kinsey water needles.As the domestic market has huge room for expansion, each company is expected to grow together.Even considering the competitive factors, Anke’s water needle reached 19 years old, and was approved in the first half of the year. Novo Nordisk water needle has been approved for listing, but at the same time, it also faces problems such as bidding and hanging the net, and there are product conversion costs in the place of doctors. (5) Growth hormone is mostly prescribed outside the hospital and is not affected by the proportion of drugs.The sales model of Kingsey growth hormone is usually that after the patient confirms the use of growth hormone in the first visit of a tertiary hospital, it is subsequently transferred to a children’s hospital or a clinic next to the hospital with a prescription, which is not affected by the hospital’s strict control of the proportion of drugs. (6) The child height management market is heating up.Parents have a high degree of recognition of children’s height, and the child height management market continues to heat up. (III) Continue to be optimistic about the development prospects of vaccine business. We are optimistic about the company’s vaccine business development prospects. Enlarging existing products will help maintain rapid growth, and gradually develop a rich pipeline of pipeline products. It is also expected to continue to contribute to performance flexibility: (1) Rabies vaccine is expected toContribution to performance increase.The 18-month effective rabies vaccine process has been significantly improved and scaled up. Considering the impact of previous vaccine incidents, it is expected that Maifeng’s mad vaccine market will accelerate its recovery and contribute to performance flexibility. (2) Chicken pox vaccine continues to expand into the international market and is expected to accelerate its volume in the future.The company has completed registration of chickenpox vaccine in India and Nigeria, and is about to complete registration in Indonesia.At the same time, registration work is underway in Guatemala, Bangladesh, Turkey, Thailand and other countries.The product will also benefit from the vaccine incident, and is expected to achieve further volume through continued development of the international market. (3) The nasal spray influenza vaccine has been reported to be produced and will be replaced with a priority review in June 18th. If it is successfully marketed, the alternative route to nasal spray will be left blank. (4) The research and development of mad seed freeze-dried powder needles has progressed in an orderly manner and is in the state of planned recruitment.At the same time, a sufficient amount of products for phase III clinical trials have been prepared, and the drug inspection report of the Chinese Academy of Sciences has been obtained in advance. (5) Invest in Ruizhou 武汉夜网论坛 Biological, 20-valent pneumococcal vaccine is expected to enter the clinic in 19; (6) Purchase of full-human anti-rabies monoclonal antibody technology. If it is successfully marketed, it will form synergy with the company’s existing rabies vaccine. 3.Investment suggestion The company’s first quarter report has a very good performance. The growth of growth hormones in the main strata drives the pharmaceutical business to maintain rapid growth; and it will fulfill its business earnestly.We continue to be optimistic about the company’s development prospects.The company is a domestic leader in biopharmaceuticals. We believe that growth hormone performance will maintain rapid growth: through consumption upgrades and people’s understanding of height management, the growth hormone market has a broad future growth space.The company 深圳丝袜会所 has the most complete product line in the field of growth hormone, the strongest terminal control ability, the speed of new indication development, the leading technology and the active deployment of new alternative technologies.In terms of dosage form, powder injection strengthens and consolidates competitive advantages; rapid development of new indications for water injection promotes continuous heavy volume; long-acting dosage forms are exclusive dosage forms; intravenous clinical completion and sales channel expansion will significantly increase performance.Regenerative human follicle stimulating hormone replaces domestic blanks and promotes the process of import substitution after approval of supplementary indications.The vaccine business is about to enter a new stage of development: chickenpox vaccine is opening up the international market, and rabies vaccine will turn a profit through process modification and dosage form upgrade.Huakang Pharmaceutical is committed to maintaining stable growth.The company’s real estate business will also maintain steady growth.Regarding the impact of the acquisition of the remaining equity of Jinsai Pharmaceutical for the time being, it is expected that the net profit attributable to the mother for 2019-2021 will be 13.49/17.88/23.05 ppm and EPS were 7.93/10.51/13.55 yuan, corresponding PE is 39/29/23 times. 4.Risks suggest that the market for long-acting growth hormone is less than expected, the market for recombinant human follicle stimulating hormone is less than expected, vaccine safety risks and policy risks, and new drug development is less than expected.

Mind Control (603508) First quarterly report in 2019: Q1 revenue and non-deduction growth exceeded expectations

Mind Control (603508) First quarterly report in 2019: Q1 revenue and non-deduction growth exceeded expectations

LKJ-15 promotion will reposition high growth in the next 3 years, and upgrade to “strongly recommended”. In 2019Q1, revenue and non-deducted net profit growth exceeded expectations. In 2019, LKJ-15S promotion will re-orient to high growth in the next 3 years.The consolidation and promotion of LKJ-15S promoted the company’s gross profit margin.

It is estimated that the company’s net profit attributable to its mother will be 9-2021.

61 (+0.

38), 5.

44 (+0.

40) and 7.

2.5 billion; Excluding the recognition of investment income in 2019Q1 due to M & A by Lanxin5.

56 ppm, expected net profit attributable to mothers in 20194.

US $ 0.5 billion, compared with the same caliber, the net profit attributable to mothers will increase by 52%, 34% and 33% in 2019-2021, with a compound growth rate of approximately 40%. Based on the company’s continued high growth in the next 3 years, the rating is upgraded to “strongly recommended”.

Compared with the same caliber, the growth rate of revenue in Q1 2019 and net profit attributable to mothers increased by 69% and 53%. The company’s revenue in 南京夜网 Q1 2019 was $ 400 billion (+ 151%), net profit attributable to non-mothers1.

US $ 3.2 billion (+ 233%) due to 100% equity split and consolidation of Lanxin; Mind Control revenue in the first quarter of 20181.

5.9 billion, net profit attributable to the mother of 57.13 million yuan, Lanxin Technology revenue of 77.70 million yuan, net profit of 34.6 million yuan; two total revenue in the first quarter of 20182.

3.7 billion, net profit attributable to mother 91.73 million.

In the first quarter of 2019, Mind Group controlled the net profit of its mothers6.

$ 9.7 billion, net of two mergers and acquisitions of Lanxin Technology. 5

After 5.6 billion, the net profit actually returned to the mother1.

41 trillion; compared with the caliber, the growth rate of the company’s revenue and net profit attributable to mothers in Q1 2019 increased by 68.

6% and 53.


It is expected that the promotion of LKJ-15S in 2019 is imperative, and the high-growth LKJ-2000 has undergone three replacements in the next three years. It has not been upgraded to the new system in about 19 years. Until the end of 2018, the company’s LKJ-15S has been in Beijing, Zhengzhou, Nanchang, etc.The safety trial operation of 8 railway bureaus exceeded 1.5 million kilometers.

On April 25, 2019, the procurement of Zhengzhou Railway Bureau’s LKJ update project already contained 5 sets of “LKJ-15”. The first bid has been launched. Other road bureaus may follow up later. It is expected that the promotion of LKJ-15S in 2019 is imperative.

We expect a compound growth rate of LKJ sales of 10% in 2019-2021, of which the proportion of LKJ-15 will increase from 10% to 45%; considering the price increase of LKJ-15S, the domestic compound LKJ market size will grow at a compound rate of 30%, and LKJ-15S in 2019 Promotion is a high probability event, restructuring the company’s high-growth foundation in the next 3 years.

Lanxin Technology does not include the consolidation and promotion of LKJ-15S to promote the company’s gross profit margin.

41%, an increase of 8 per year.

4 averages, an increase of 4 from 2018.

For 42 tiers, Q1 Lanxin consolidated the tables to boost the company’s gross profit margin.

We expect that in the future, the increase in the proportion of LKJ-15S sales will drive the thinking and control of the headquarter’s gross profit margin, and the company’s gross profit margin will enter the upward channel.

Risk Tips: Risks of New Product Promotion Progress than Expected and Impairment of Goodwill

Fenda Technology (002681): Metal parts drag down performance smart wear is the biggest surprise

Fenda Technology (002681): Metal parts drag down performance smart wear is the biggest surprise

1H19 results were lower than our expectations Fenda Technology announced 1H19 results: Revenue 14.

80,000 yuan, an annual increase of 3.

9%, net profit attributable to mothers is 75.05 million yuan, which is extended by 48 per year.

4%, below our United Nations expectations.

Of which 2Q19 single-quarter revenue of 8.

30,000 yuan, an increase of ten years.

9%; net profit of 26.67 million yuan, divided by 70.


The poor performance in 1H19 was mainly due to: 1) Oppenda was reduced by RMB 44 million due to relocation and inventory disposal; 2) The overall metal structure business was affected by mobile phone penetration and increased competition, resulting in a decrease in revenue 31.

2深圳SPA会所%; 3) Sino-U.S. Trade frictions disrupted export orders for speakers, and the 1H19 speaker business grew by 12%.

5%, slower than we expected.

Development trend The smart wear business is the biggest surprise.

Revenue of smart wearable business of 1H19 company1.

800 million US dollars, an annual increase of 1300%, mainly from the growth of Huawei bracelets, Philips watches, Decathlon bracelets, etc., the company has been gradually implementing the layout of intelligent hardware.

We expect annual revenue to reach more than 500 million U.S. dollars and benefit from the 5G AIOT era in the future.

Speaker outlets began to recover, and smart speakers are still bright.

The export of 1H19 traditional speakers has improved due to the impact of Sino-U.S. Trade frictions, but smart speakers have performed well, 北京桑拿洗浴保健 enabling the speaker business to double.

We are seeing a rebound in overseas orders for traditional speakers from July to August. The peak season is expected to come earlier in September to October of the previous year, and the smart speakers will continue to be strong. We still maintain the original speaker business’ 44% growth forecast.

The worst part of the metal piece gradually passed.

In the past two years, the company’s metal parts business has encountered great challenges, especially metal appearance parts for mobile phones.

Recently, under the background of Huawei’s upgrade and localization, the domestic metal parts market has picked up, and the company’s subsidiary Oppenda has re-entered the Vivo supply system.

Expanding demand for smart door locks, electronic cigarettes, and smart homes, the company’s metal parts business is expected to gradually recover.

Earnings forecasts and estimates Taking into account the impact of the decline in smartphone launches and the impact of Sino-US trade frictions, we lower the company’s 19 / 20e EPS by 15% / 5% to 0.


26 yuan.

Currently corresponding to 19e 22.

5x P / E.

Maintain neutral and 5.

00 yuan target price, corresponding to 19e 25.

0 times P / E, compared with the current 11% upside.

Risks Smartphone emissions are down; Sino-US trade friction risks.

Abe’s new cabinet trap scandal suspected of participating in a 16-year-old girl’s massage adultery party

Abe’s new cabinet trap scandal suspected of participating in a 16-year-old girl’s “massage” adultery party

(Original title: Scandal on the day of taking office: Abe’s new cabinet member suspected of being involved in a 16-year-old girl’s sexual prostitutionActive phase Matsuyama Masaharu was dug out from a female party party 19 years ago.

  It was reported that on February 14, 1998, 33 cadres from the Japan Youth Conference held a gathering of antiques at an underground izakaya in Asahikawa, Hokkaido. At the event, a 16-year-old girl was dressed as a womanThe method is completely naked, and the whole body is covered with sashimi for the participants to accept.

  In June of that year, a 16-year-old girl was exposed, and four people were subsequently arrested by the Asahikawa Central Police Department.

It is reported that Matsuyama Masaji, who was then the vice chairman of the Japan Youth Conference, also participated in the pornographic activity, and was exposed by the Japanese photo magazine in the weekly “flash” from November 3 to 17, 1998.

  Mr. Matsuyama, 58, was first elected as a senator in July 2001.

And in the cabinet reorganization on the 3rd formally served as the 100 million total active phase.

  In an interview with the media, Matsuyama Masaji denied that Matsuyama himself had participated in the women’s sports event that year, and said that Matsuyama had not been questioned by the police. There was no such thing as women’s sports.Utensils, feast for grand sushi.

Original title: Abe’s new cabinet member has just taken office and is caught in a scandal: once participated in a “feminine body”杭州夜生活网 adultery party

Inner Mongolia First Machine (600967) 2019 Interim Review: Expenses during the continuous growth of revenue and inventory help boost profits

Inner Mongolia First Machine (600967) 2019 Interim Review: Expenses during the continuous growth of revenue and inventory help boost profits

The company released its 2019 Interim Report: The company achieved operating income of 53.

1.5 billion, an annual increase of 4.

57%, meeting the target 43 of the 2019 business plan.

92%; realized operating profit 3.

91 ppm, an increase of 13 in ten years.

33%; net profit attributable to mothers3.

34 ppm, an increase of 15 in ten years.


The report summarizes that the growth rate of the company’s net profit attributable to the parent is higher than the growth rate of revenue, mainly due to the decline in the company’s expense ratio during the period.

Although the company’s gross profit margin is 9.

92%, a decrease of 1 per year.

52 single, but the company period expenses from the same period last year 2.

20,000 yuan expected 1.

4.5 billion, a year-on-year decrease of 34.

22%, accounting for 1% decrease in revenue.

61 units.

By quarter, the company achieved revenue of 36 in Q2 2019.

41 ppm, a 10-year increase2.

65%, an increase of 117.

5%; net profit achieved 1.

97 ppm, a reduction of 13 per year.

97%, an increase of 43 from the previous month.

8%; gross profit margin 9.

61%, a decrease of 1 per year.

71 total, a decrease of 0 from the previous month.

96 units; net interest rate 5.

44%, a decrease of 1 per year.

04 averages, a decrease of 2 from the previous quarter.

82 units.

Due to the second quarter of 2018’s revenue, gross profit margin and net profit significantly exceeded the previous period’s values, an excessively high base was the main factor that caused the above-mentioned financial indicators to decline in the second quarter of 2019.

Since the company’s asset reorganization in 2016, the company’s inventory has grown rapidly, and the inventory in 201南宁桑拿9H1 is 31.

50,000 yuan, an increase of 50 from the beginning of the year.

95%, mainly due to the increase in unfinished product delivery during the reporting period.

From 2016 to 2018, the company’s total inventory and revenue were 112.

1.9 billion, 136.

1.2 billion, 143.

540,000 yuan, an increase of 21 each year from 2017 to 2018.

33%, 5.45%; 2019H1 is 84.

65 ppm, an increase of 16 in ten years.


The rapid growth of the total value of the company’s inventory and revenue indicates that the company’s production and operation are in good condition.

We adjusted our profit forecast for the company based on the latest financial report, and expect the company’s net profit attributable to mother to be 6-2019.



64 ppm, corresponding to 31/23/20 times PE of the closing price on August 26, 2019, maintaining the rating of “prudent increase”.

Risk warning: the increase in military demand is lower than expected; the increase in railway orders is lower than expected; the foreign trade orders for military products are lower than expected.

China Power (600482) 2019 Semi-annual Report Review: Military and civilian products business grows steadily

China Power (600482) 2019 Semi-annual Report Review: Military and civilian products business grows steadily

Event: In the semi-annual report for 2019, the company achieved a total operating income of 149.

890,000 yuan (+7.

38%), net profit attributable to mother 5.

2.7 billion (-35.

08%), gross profit margin 13.

17% (-1.

16pcts), net interest rate 3.

66% (-1.


Investment points Business scale increased.

From January to June 2019, the company realized 淡水桑拿网 operating income of 149.

890,000 yuan (+7.

38%); net profit attributable to owners of the parent company5.

2.7 billion (-35.


The return of net profit to mothers gradually decreased as the gross profit margin decreased from the previous period.

13pcts (adjusted), gross margin decreased by 1.

600 million, interest income in the current period decreased by 5994.

410,000 yuan.

Reporting information, the company received new orders 251.

40 trillion, with 238 orders held at the end of the period.

5.1 billion yuan; revenue from military products20.

44 trillion, revenue from civilian products 129.

4.5 billion.

Revenue from military products declined, and military reform orders were released or welcomed.

As a national key military enterprise, the company continues to maintain its top position in domestic 天津夜网 naval gas turbines, steam turbines, special batteries, integrated electric propulsion systems, military high-power diesel engines, heat engines, transmission systems and other power equipment.

However, due to the postponement of orders caused by the continuous advancement of the national military reform, the decline in the company’s military products revenue has decreased, resulting in a decline in comprehensive gross profit margin.

The core of the report achieved revenue 20.

4.4 billion (+3.

97%); military products accounted for 13.

64% (-2.


With the gradual release of military reform orders, it is expected that military products revenue will usher in a certain increase.

The private goods business has steadily increased, maintaining a good momentum.

The company’s civilian products business is divided into two categories: marine civilian products business and non-marine civilian products business.

Reporting information, non-marine civilian products business income 101.

5.8 billion (+33.

64%), revenue accounted for 67.77% (+4.


The non-shipping civilian products business with the three pillars of chemical power business, gas power business, and marine nuclear power business benefited from the civilianization of military technology, and the performance resumed steady growth.

Among them, the revenue of the chemical power business increased by 4 per year.

82%, double strengthening in technical innovation and market brand promotion, supporting in the first half of 2019, the market sales achieved a trend uptrend; Fengfan Torch Co., Ltd. re-established cooperative relationships with many important customers, and realized the first batch supply of high-end products.

Revenue from marine civil products business27.

8.7 billion (+16.

13%), with revenue accounting for 18.

59% (-1.


In the field of low-speed diesel engines, China’s ship-firewood integration work has continued to intensify. New diesel engine orders are based on the number of units received, and the power and contract value are increased by 27 compared with the first half of 2018.

12%, 21.

63% and 27.

72%, effectively increasing the domestic low-speed diesel engine market share to 35%.

Key scientific research projects have been implemented in depth, and the design of the standby power supply engineering prototype of the CHD622V16 land-based data center in the field of medium and high-speed diesel engines has been optimized.

Investment suggestion: The company’s military and civilian business is dual-driven. In the future, military products orders are expected to be further breakthroughs and releases. The market space for civilian products business is wide and performance is expected.

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

50, 16.

53, 19.

61 trillion, EPS is 0.

86, 0.

98, 1.

16 yuan, currently corresponding to 29, 25, 21 times PE.

Risk warning: industry risk; risk of price fluctuations of main raw materials; exchange rate risk

Mu Linsen (002745): LEDVANCE’s Exceeded Expected Package Business Is Expected to Bottom Up

Mu Linsen (002745): LEDVANCE’s Exceeded Expected Package Business Is Expected to Bottom Up

Event: The company released the company’s operating income of 179.

52 ppm, a 119-year increase.

76%, of which, LED materials 淡水桑拿网 achieved operating income of 63.

180,000 yuan, LED finally realized operating income 113.

8.9 billion, accounting for 35 of operating income.

20% and 63.


Net profit attributable to shareholders of listed companies.

20 ppm, a ten-year increase of 7.


The packaging business was affected by the industry boom and its own relocation, exceeding expectations.

Since the second half of the year, the company has experienced negative growth, mainly from the downturn in the packaging business.

The merger, the company’s Zhongshan and Ji’an are still in the process of production line adjustment, packaging capacity is lacking, and incidental accidents caused by suppliers brought the company2.

With a loss of 700 million U.S. dollars, production and operation failed to meet expectations; it was reduced. Due to the impact of macroeconomic and trade frictions, the 重庆耍耍网 downstream demand for LEDs was weak, and the company received serious attention as a packaging leader.

If the government subsidy is replaced, the packaging business will be replaced in the long run.

At present, the adjustment of the company’s production line is nearing completion. Through the recovery of accumulated production capacity, the company’s profitability will gradually recover.

The first year of LEDVANCE consolidation exceeded expectations.

The highest contribution of LEDVANCE goes to the mother’s net profit2.

1.8 billion, is the company’s main source of non-profit deductions.

In terms of gross profit margin, we estimate that the overall gross profit margin of LEDVANCE is above 32% (for reference, the gross profit margin of Mulinson’s overseas business is 31.

35%, including a small amount of overseas business of Mulinsen), compared to 28 in 2017H1 before the acquisition.

The 61% increase is obvious, indicating that LEDVANCE has been in a good operating condition after the acquisition.

The scale of operation, LEDVANCE is more resolutely transforming to LED, while simultaneously developing ground and downstream lighting business; at the same time transforming the supply chain and research and development base into a domestic transition, costs and expenses are effectively reduced, and operating efficiency is also improved.

In the environment where the global lighting industry is generally sluggish, LEDVANCE still has a good performance, showing a good synergy between Mulinsen and LEDVANCE.

Internationalization of business and product branding go hand in hand, and the company’s focus is shifting downwards.

Mu Linsen is based on the domestic LED packaging business. After being divided into LEDVANCE, it will reorganize and enrich the downstream business, forming two major layouts of “manufacturing + branding”; and it is expected to extend the business to the world, so that the advantages of Chinese manufacturing can be fully exerted, and the future potential is unlimited.

LED applications now account for 63 of total revenue.

44%, there is no doubt that the end product will be the focus of the company’s operations.

As a well-known global lighting brand, LEDVANCE is expected to further increase its profit margin after a deep adjustment of its business strategy, becoming a source of profit for listed companies.

Profit forecast and estimation.

LED packaging business is expected to bottom out, LEDVANCE development is smooth, we expect listed companies in 2019?
2021 revenues are 223.



6.3 billion, net profit attributable to mother 8.



170,000 yuan, maintain “Buy” rating.
risk warning.
Total LED lighting demand; LED packaging competition is intensifying.

Goldwind Technology (002202): Inflection point expansion ROE will step into the recovery channel

Goldwind Technology (002202): Inflection point expansion ROE will step into the recovery channel
Investment Highlights Three Norths lifted the ban, rushed to install electricity prices, and the wind power industry boomed.Looking forward to 2019-2020, in addition to the logic of the industry’s improvement in 2018 (the lifting of the ban in the Three Norths, normalization of the Mid-East, offshore and decentralized volume, etc.), there are two positive factors in the 北京夜网 industry: the ban in the Three Norths continues to be lifted, and electricity prices are grabbedStarting construction, we expect that the new installed capacity in 2019/2020 is expected to reach 28GW / 33GW, an increase of about 33% / 18%.  Both the volume and price of the bidding market have risen, and the turning point for wind turbine profits can be expected.The number of domestic open tenders in 1H19 reached 32.3GW, an annual increase of 93.4%, a record of the highest semi-annual bidding volume.Judging from the tender price, June 2, 2019.0MW / 2.The average bid price of 5 MW-class units increased by 12 points from the low point in September last year.1% / 6.2%, considering the fan delivery cycle, the focus on fan products, the large-scale delivery, and the low performance of fan performance in 3Q19.  Beginning in the fourth quarter of 1919, the turnover rate and net interest rate increased at the same time, and the ROE resonance picked up.In the first half of 2019, China’s new wind power installations increased by 14.5%, the company’s external sales capacity increased by 52 in the first half.38%, turnover rate has begun to pick up, 1H19 company asset turnover rate is 0.18, with the same increase of 18.twenty one%.In fact, since 4Q19 began to improve the profitability of wind turbines, the company’s profitability has entered a repair stage, at which time the turnover rate and profitability will have a resonance rebound, and ROE will enter a stage of rapid improvement.  The era of bidding and flat prices has begun, and leading OEMs have obvious advantages.Since 2019, wind power has entered the bidding era in full, and at the same time, parity projects have begun to guide the industry to pay more attention to LCOE. The OEMs have more advantages in wind turbine selection and wind farm system design. Therefore, LCOE is the main competitive factor.In the competitive bidding and flat pricing era, the competitiveness of leading OEMs has become more prominent.  There is a difference between Vestas’ business model and the core competitiveness gap has narrowed.The difference between the company’s and Vestas’ business models is that Vestas’s related income derived from fan sales is higher than the company, and its fan sales accounted for only 23 in 2018.8%, much lower than the company’s 73.2%, but its business related to fan sales reached 83.5%.In terms of wind turbine products, judging from the results of the world ‘s best wind turbine selection, there is no intergenerational difference between the company and Vestas onshore wind turbines, and there is an intergenerational difference in offshore wind turbines, but the company ‘s R & D expenditures have started in 2015.It maintains a comparable level with Vestas, and its proportion exceeds Vestas. With the support of this research and development intensity, the difference between the company and Vestas will continue to narrow.  Investment 无锡桑拿网 suggestion: It is estimated that the net profit will be 32% in 2019-2021.54, 45.84 and 55.31 ppm, an increase of 1 each year.16%, 40.89%, 20.64%, the current budget (A shares) corresponding to three years PE is 17, 12, 10 times, maintain “Buy” rating.  Risk alert events: market competition risk, risk of abandoning wind and electricity, exchange rate risk.

Boss Electric (002508) Tracking Report: The bottom has been improved

Boss Electric (002508) Tracking Report: The bottom has been improved
Core point of view Since the current cycle, the company’s performance has been under pressure. It previously followed the downward trend of real estate and is estimated to have fallen to the bottom of history.However, looking to the future, the company’s low point has passed: in the short term, the engineering channel is the first to improve. Considering hardcover houses-completion-delivery, the overall completion bonus is approaching, and the second half of the performance will gradually start an upward cycle;However, the high-end pattern is stable, and the company’s share is stable; the long-term new products can leverage on, and the pain points continue to improve, leading to a steady increase in average price, and there is room for increase.   Short-term: The real estate completion bonus is approaching, and the second half of the results will start an upward cycle.In the past ten years, real estate has had three rounds. The first two rounds of companies have relied on channel diversification and the cost of raw materials to achieve a smooth leap.In the current cycle, the previous dividend has been limited. The company’s performance has been under pressure since 17Q4, and it has gradually followed the downward trend of the land. It is estimated that the decline has reached a historical low, corresponding to 14 times pe in 19 years and 25 times pe in the past.However, at the current point in time, the growth rate of hardcover houses has improved first (19H1, boss engineering channel income increased by + 80%). Considering hardcover houses-completion-delivery, real estate completion improvements are approaching, kitchen appliances or the final bonus for completion is expected, the third quarter is expectedThis is the turning point of the company’s performance and the upward cycle is started.   Medium-term: The high-end shape is stable, and the low-end “fighting of vassals” is stable.The after-sales attributes of kitchen appliances (difficult to install and difficult to repair) determine that consumers will give premium to high-end brands. Currently, the oligopoly of the high-end market, the boss + Fangtai share exceeds 80%.In fact, it is difficult to impact upwards, and the company’s structure is stable.In terms of channels, simplification has become a mega trend, but the actual situation in the field also needs to be considered.Kitchen appliances are subject to low single-category revenue and slow turnover, especially high-end brand dealers’ store display requirements are high, and first-tier dealers are not directly replaced in the short to medium term.In the new KA, e-commerce channel entrants focus on the cost-effective market. Although the channel efficiency is higher, the impact on the company’s business is limited.   Long-term: New products relay, pain points still drive the average price.The company’s long-term increase comes from two main lines: 1. The holdings have increased, of which the penetration rate of smoke stoves has reached 50 +%, which has entered a growth growth, while the penetration rate of new dishwashers and steam boxes is only 1%, and the total long-term sales of new products exceed the probability of hoods; 2. The average price has increased. Although the overall technology of kitchen appliances has transitioned from 无锡桑拿网 gradual innovation to experiential improvement, the pain points of noise, hygiene, and quality stability are still there, and subsequent maintenance is troublesome. It is expected that ASP will continue to increase with consumer income.In mature markets, it is likely that ASP will increase by 20-50%.   Risk factors: Continued downturn in real estate; White power faucet accelerates into the field of kitchen appliances; New product launches are less than expected.   Earnings forecasts and estimates: Considering the low real estate + consumption boom in the first half of the year, the EPS forecast for 2019/2020/2021 was slightly revised down to 1.66/1.87/2.09 yuan (previous forecast was 1.79/2.08/2.43 yuan), corresponding to 14/12/11 times the PE.The company is a high-end leader in the kitchen appliance industry. The engineering channel has been heavy, and the short-term completion bonus is approaching. The historical bottom estimate is extended and the “Buy” rating is maintained.