Depth-Company-Dream Lily (603313): Profitability improved markedly, production capacity changes steadily advanced

Depth * Company * Dream Lily (603313): Profitability improved significantly, production capacity changes steadily advanced

The company disclosed its semi-annual report for 2019: the report consolidated and the company realized revenue of 15.

800 million, +23 a year.

2%; net profit attributable to mother 1.

5 ‰, +294 per year.

8%; non-net profit attributable to mother 1.

4 trillion, +149 a year.


Among them, 19Q2 achieved revenue of 7.

9 trillion, ten years +18.

1%; net profit attributable to mother is 75.08 million yuan, +123 per year.

9%; deducted non-net profit of RMB 84.81 million, +56 for ten years.


Key points of the support level Domestic sales growth has improved performance, and domestic omnichannel development has been actively promoted.

In the short-term report, the company’s revenue is +23 per year.

2%, 19Q2 + 18.

1%, a month-on-month decrease, in which the revenue of memory foam mattresses and memory foam pillows respectively exceeded +17.

8%, -6.

1%, the growth rate in the first half of 2018 is 8.

9%, 0.

3%, revenue accounted for -2.

4%, -4.

4% to 51.

4%, 14.

1%, sofa, electric bed revenue share increased from zero to 9.

8%, 8.


Affected by the declining demand in the real estate market in mainland China, revenue growth rate was replaced by 7.

5%, accounting for -2.

3% to 15.

8%, foreign revenue +26.

5%, accounting 杭州桑拿网 for +2.

2% to 83.


However, the company actively explores domestic self-employed, franchise, department store, and hotel channels. It now has thousands of sales terminals and reached strategic alliances with large large-scale home furnishing stores.Platform, offline and online synchronization, laying the foundation for the next generation of domestic business.

The preliminary anti-dumping ruling is beneficial to the company, and the production capacity is actively transferred overseas.

In May this year, the United States imposed a 25% tariff on mattresses exported from China. The US Department of Commerce also announced the preliminary findings of the anti-dumping investigation that began at the end of 18, with the company’s lowest anti-dumping tax of 38.

56%, reflecting that the company’s products win with quality rather than dumping at low prices, and local customer relationships are stable, and the remaining few companies are 74.
65% or 86.
64%, the number of unexpected companies was 1,731.

75%. If the final ruling in October this year maintains this criterion, it is expected that a large number of BM clearing will be ushered in, the industry concentration will accelerate, and the company will benefit significantly.

In fact, the company is actively carrying out overseas production capacity deployment. Serbia, Spain, and Thailand production bases have been put into production and supply capacity to the world. The output value is expected to be about 900 million US dollars. The US production base is accelerating construction.The base is put into production, and overseas factories will gradually cover the US market demand.

Lower raw material prices and the depreciation of the renminbi helped boost profitability.

The US dollar is the settlement currency of the company’s export business (with revenue accounting for over 80%). During the reporting period, the prices of main raw materials TDI and MDI continued to fall by about 30% -60%.19H1, 19Q2 gross margin extended by +9.

0pct, +9.

1pct to 37.

4%, 40.


Transportation and miscellaneous expenses and sales channel fees increased, employee compensation increased, convertible bond interest expenses, etc. increased sales / management / financial expense ratio by +1.

1 point / 1.

5 points / 1.

4pct, 19Q2 +2 twice.

5 points / 2.

8 points / 1.

3pct, the net profit of 19H1 and 19Q2 was extended by +6.

5pct, +4.

7 points to 9.

8%, 9.


The Sino-US trade war will reduce the number of mattresses exported by the United States to the United States (at least the largest exporter of mattresses), affect the demand for raw materials, suppress the prices of TDI and MDI, and the company ‘s gross profit margin will remain at a high level in the second half of the year.

It is estimated that the company is actively constructing domestic omni-channels, continuously expanding its production capacity, and is relatively affected by the Sino-US trade war among mattress companies. The prices of TDI and MDI raw materials have continued to decline, and the gross profit margin has room for improvement.The annual EPS is 1.



06 yuan, an annual increase of 94.

6% / 30.

0% / 31.

2%, corresponding to the current expected PE16X, maintain BUY rating.

The main risks faced by the rating are rising raw material prices; RMB appreciation; overseas production bases are put into operation later than expected.

Russia calls on Japanese ambassador to protest Abe’s distortion

Russia calls on Japanese ambassador to protest Abe’s distortion

On the 9th, the Russian Foreign Ministry summoned the Japanese ambassador to Russia last month to protest against Japanese Prime Minister Shinzo Abe’s recent improper statement on Russia-Japan disputed territories and the conclusion of a peace treaty between Russia and Japan. The distortion has gradually become the essence of consensus on accelerating the negotiations.

  Russia’s Deputy Foreign Minister Igor Morgulov said that Russia has noted that the Japanese leader will explain to the original islanders of the disputed territories that the ownership of these (disputed) islands will be transformed into Japan and that the Japanese government will initiallyIdentify reports of joint abandonment of budgets related to disputed territories.

  Morgulov 北京桑拿洗浴保健 reminded the Japanese ambassador to Russia that such a Japanese statement seriously distorted the curve to point to the essence of consensus on accelerating the negotiation of a peace treaty, and let the content of the negotiations mislead the public opinion.

Russia believes that Japan has deliberately created a tense atmosphere for the negotiation of a peace treaty and will inevitably sell the Japanese plan to Russia.

  Abe and Russian President Vladimir Putin met in Singapore last November and agreed to accelerate the process of the Japan-Russia peace treaty based on the “Japan-Soviet Common Declaration” issued by Japan and the Soviet Union in 1956.

The declaration mentioned that after the long-term peace treaty, the Soviet Union handed over to the Japanese side the smaller islands of Sertan and Dancing Islands among the disputed islands.

However, Russia reminded Japan that discussing territorial disputes on the basis of the “Japan-Soviet Common Declaration” does not mean that Russia will automatically hand over the disputed islands.

  Japanese Foreign Minister Taro Kono and Abe will visit Russia in mid- and late-January, respectively.

Kyodo News said that the Russian side protested the prediction to contain Japan and improve the wisdom of the negotiation gate.

  The Russian Ministry of Foreign Affairs reiterated in a statement on the 9th that in order to conclude the Russia-Japan peace treaty, Russia-Japan relations need to be substantially improved, public support exists, and Japan unconditionally recognizes the results of the Second World War, including what the Russians call the South Kuril Islands, todayRussia claims the sovereignty of the four northern islands.

(Liu Xiuling)[Xinhua News Agency Microblog]Original Title: Russia Calls on Japanese Ambassador to Protest Abe’s Distortion of Leadership Agreement

Blu-ray Development (600466): Rapid growth in performance and significant national distribution benefits

Blu-ray Development (600466): Rapid growth in performance and significant national distribution benefits
I. Overview of the event Blu-ray Development announced a semi-annual performance pre-announcement announcement. The company expects that the net profit attributable to shareholders of listed companies for the first half of 2019 will increase by approximately 6 from the same period last year.About 2.5 billion, an increase of about 101% each year; the net profit of alternative non-recurring gains and losses attributable to shareholders of listed companies increased by about 5 compared with the same period last year.About 90 ‰, an increase of about 98% each year. Second, analysis and judgment of performance growth and growth, scale effect performance The company expects to achieve net profit attributable to its mother by about 12 in the first half of 2019.500 million US dollars, an increase of about 101% a year; non-net profit deduction of about 1.2 billion US dollars, an increase of about 98% a year.The growth of the company’s net profit was mainly due to the substantial increase in the carry-over income of the company’s real estate projects during the reporting period.At present, the company has achieved a national strategic layout. Through the continuous expansion of sales scale, the future development is expected to go to the next level. Sales increased steadily, accelerating the nationwide distribution According to data from Kerer, the company achieved sales of USD 48.3 billion in the first six months of 2019, an increase of 10.4%, continued to maintain stable growth, ranking 30th in the industry.As of the end of 2018, the company’s land share in Central China and South China increased from 5% and 13% to 26% and 23%, respectively, and the 上海夜网论坛 proportion of Metropolis and East China decreased from 45% and 21% to 16% and9%, a national breakthrough in depth. Diversified financing, controllable financial risks As of the end of 2018, the company’s asset-liability ratio and net debt ratio after excluding advance accounts were 48.24% and 102.7%, an increase of 1 over 17 years.22 and 11.17 foreign exchange, while the cash short-term debt ratio was 1 from the previous year.62 increased to 1.74. The short-term solvency has continued to improve. Generally speaking, the company’s financial position remains stable.The report summarizes that the company successfully issued perpetual medium-term tickets, short-term financing bonds, ABS for home purchases, private placement bonds, and US dollar bonds. The average financing cost was 7.54%, the overall cost is controllable. Third, investment recommendations Blu-ray development performance has grown at a high speed, sales have steadily increased, the nationwide layout has been deepened, finance has remained stable, and financing channels have been diversified.The company’s EPS is expected to be 1 in 19-21.17/1.78/2.14 yuan, the corresponding PE is 5.0/3.3/2.7 times, the highest and lowest in the past three years, with a median PE of 22.8/7.0/15.1x, giving the company a “Recommended” rating. 4. Risk warning: The real estate budget policy is tightened, and sales are below expectations.

Guangzhou Restaurant (603043) 2019 Interim Report Review: Equity Incentives and R & D Interventions Impact Q2 Performance Interim Report

Guangzhou Restaurant (603043) 2019 Interim Report Review: Equity Incentives and R & D Interventions Impact Q2 Performance Interim Report

Investment Highlights Company Announcement: 1) Revenue in 19H1 9.

51ppm / + 20.

22%, net profit attributable to mother is 64.3 million yuan / + 10.

19%, deducting non-attribution net profit of 5,130 yuan / -4.


Among them, Q2 single quarter revenue4.

1.9 billion / + 20.

77%, net profit attributable to mother is 18.79 million yuan / -4.

92%, deducting non-attribution net profit of 9.43 million yuan / -41.


2) Change the accounting estimates, and change the lease deposit of other business receivables from the provision for bad debts in the previous aging analysis method to no provision for impairment of bad debts.

  In the first half of the year, Q2’s profit accounted for a very small proportion of the previous, and the range of change was normal.

Since the moon cake business with the highest profit margin in Guangxi mainly recognizes revenue in Q3, and Q2 is also quick-frozen, and the sales of wax products are low season, Q2 is the lowest in terms of net profit and net interest rate.

The highlight of the company’s interim report is that the target business revenue has maintained double-digit growth, advance receipts, inventory and operating net cash flow have increased compared with the same period of the previous year, and the construction of the new factory in Xiangtan has been accelerated and the first phase has been trial-produced.The performance in 19H2 and the next few years will grow rapidly.

  Revenue from various businesses has grown steadily, and online marketing network construction has achieved initial results.

19H1 company revenue 9.

51 ppm / + 20.

22%, 1) By product: Mooncake series revenue is 0.

34 ppm / + 107.

99% of this year’s Mid-Autumn Festival is slightly ahead of last year.

60 ppm / + 22.

77%, revenue from other products3.

03 ppm / + 17.

63%, catering revenue 3.

3.7 billion / + 14.

01%; 2) By region: revenue in Guangdong Province 8.

2.5 billion / + 17.

64%, domestic and foreign revenue is 0.

91 ppm / +45.

The 34% rapid growth comes from the gradual emergence of the effects of Internet marketing construction, and overseas revenue is zero.

1.7 billion / + 3.

18%; 3) points model: direct sales 5.

2.6 billion / + 18.

15%, distribution 4.

08 ppm / + 21.

The growth rate was slightly faster at 42%, of which dealers in Guangdong Province increased by 34/11 in 19H1.

  Gross profit margin stayed flat, net interest rate declined, and rates increased during the period.

19H1 company gross profit margin 47.74% / + 0.

05pct is basically flat with a net interest rate of 6.

65% /-0.

82pct decreased slightly.

In terms of period expenses, the sales rate is 27.

58% /-1.

24pct reduces costs from advertising and other management costs (excluding R & D) 11.

64% / + 1.

26pct is derived from the additional supplementary equity incentive expenses of 7.43 million yuan and increased staff costs, and the R & D expense ratio2.

28% / + 1.

26pct originates from the company’s increase of new production lines and new product research and development expenditures, and the financial rate is -1.

18% / + 0.

23pct is basically flat.

Taken together, excluding the impact of changes in accounting policies, the company’s performance in the first half of the year has improved. The main sources are: 1) increased distribution incentive costs; 2) increased R & D investment;
  Earnings forecast and investment rating: The company’s non-performance maximization in the 北京夜网 first half of the year was due to the increase in original incentives and R & D expenses, but the increase in advance receipts and inventory indicated that Q3 moon cake sales were good, and performance gradually returned to normal growth.

Looking forward to the future, the new factories in Xiangtan and Meizhou will be gradually put into operation, and the transformation of the production base of Liangfeng Park and Likoufu will be advanced steadily. The marketing network inside and outside Guangdong will continue to be built, and the expansion of supply and demand will promote rapid growth of performance.

According to the performance situation, the profit forecast is slightly reduced, and the EPS is expected to be 1 in 19-21.



60 yuan, the closing price on August 27 corresponding to PE is 33/27/22 times, maintaining the level of “prudent increase”.

  Risk 杭州桑拿 reminder: The development and growth of attractions are less than expected, natural weather disasters affect the passenger flow of attractions, and the risk of goodwill impairment, etc.

Tongwei (600438): High-performance growth in the second half of the performance is expected to continue to release capacity

Tongwei (600438): High-performance growth in the second half of the performance is expected to continue to release capacity
The company released the semi-annual report for the year 19, and the H1 revenue in the year 19 was 161.2.4 billion, an annual increase of 29.4%, net profit attributable to mother 14.51 ‰, an increase of 58% in ten years, net of non-attributed net profit13.86 ‰, an increase of 55 in ten years.7%.Q2 achieved revenue of 99.55 ppm, an increase of 37 in ten years.5%, an increase of 61 from the previous month.4%, achieving net profit attributable to mother 9.600 million, +60 in ten years.5%, +95.7%.The company’s performance is in line with the performance performance forecast, high-quality production capacity has been continuously released, and the interim results have grown rapidly. New solar cell projects have reached production one after another, and the scale advantage has been consolidated. The first half-year report shows that the company’s photovoltaic cell sales are about 6GW, + 97% per year, and the capacity utilization rate is> 110%.According to research data, the company’s non-silicon cost for single / polycrystalline batteries is zero.2-0.25 yuan / W and presented a downward trend, far below the industry level.According to PVinfolink data, the current stock price of single crystal PERC batteries is zero.93 yuan / W, approaching the cash cost of new capacity in the industry, old capacity, and restructuring capacity are exiting.From a single quarter point of view, the price of pure battery may affect the third quarter profit, which may be under pressure from the previous month. However, driven by the reasonable price difference of single polycrystalline battery, the price of single crystal PERC battery is expected to return to 1 yuan / W, which will bring about improvement in battery business profit. High-purity crystalline silicon has steadily expanded its leading edge, and its production capacity is expected to continue to be released in the second half of the year. According to the company’s semi-annual report, the company’s silicon sales in the first half of the year2.28 per year, at least +162.85%, the production cost of the new production line has reached less than 4 million tons / ton, and the 杭州桑拿网 production cost of the old production capacity is expected to continue to decrease by 10% compared to 18 years.At present, the price of silicon materials has fallen below the cost line of most manufacturers, and the subsequent prices will gradually stabilize. In the first half of the year, the new production capacity of Baotou and Leshan will be released by about 20%.The old factory in Leshan has full horsepower. We expect that the company’s silicon material capacity will be fully released in the second half of the year, and the gradual expansion is expected to reach 6.5Cobalt and silicon materials business will contribute more profits to the company in the second half of the year. The 2019-2021 results are expected to be 0.81 yuan / share, 1.01 yuan / share, 1.Driven by 27 yuan / share of photovoltaic and agricultural and animal husbandry businesses, the company’s net profit attributable to its mother is expected to be 31 in 19-21.27/39.12/49.150,000 yuan, EPS is 0.81/1.01/1.27 yuan / share, the closing price on August 14 corresponds to PE of 15.89X / 12.7X / 10.11X.The company has obvious cost advantages in the field of photovoltaics. The expansion of production capacity consolidates the scale of the leader. The leading edge is expected to expand. The company’s 19-year photovoltaic business estimates 20 times PE, and the agricultural sector 22 times PE, corresponding to a reasonable value of 16.46 yuan / share, continue to give a Buy rating. Risk reminders: PV installations are less than expected, and the price of the industrial chain has fallen sharply; risks of changes in internal policy environments and risks of changes in international trade conditions; and battery technology updates have made the company risk of backward production capacity.

China Coastal Defense (600764): The client’s formulation of plans and the adjustment of the schedule of the assembly plant do not affect the long-term operation of asset injections.

China Coastal Defense (600764): The client’s formulation of plans and the adjustment of the schedule of the assembly plant do not affect the long-term operation of asset injections.

Event: The company achieved revenue in the first half of 20191.

1.5 billion, down 8 a year.

59%; 1453 net profit attributable to mother.

140,000 yuan, down 7 every year.


Key points of investment The adjustment plan of specific customers and the adjustment of the overall schedule of the assembly plant will not affect long-term operations.

In terms of business, the revenue of special-equipped electronic products was 8,326.

660,000 yuan, a decrease of 19 per year.

62%; test and inspection services income 165.

540,000 yuan, a decrease of 58 per year.

03%; income from special power sources such as ballast water 74.

110,000 yuan, a decrease of 85 per year.

63%, income of power tools and other 2264.

640,000 yuan, an increase of 173 in ten years.

55%; Real estate lease income is 592.

310,000 yuan, an increase of 80 in ten years.


Automotive electronics revenue 42.

900,000 yuan, down 63 every year.


At present, the company is gradually optimizing its product structure and flexibly exiting low-value-added industries under the premise of controllable risks to further improve the company’s profitability.

The decline in Great Wall Electronics’ first half of the year was mainly due to the adjustment of specific customer delivery plans and the overall schedule of the assembly plant. At the same time, due to the reform of the pricing review pricing model, the company’s various new research equipment contract prices were not determined.The conditions for revenue recognition were met, which affected the progress of profit realization in the first half of the year.

The gross profit margin and operating cash flow have improved slightly compared to last year, and the net profit margin has remained basically the same.

Affected by the decline in revenue in the first half of the year, the company’s operating costs increased by 10%.

13%, gross margin 44 in the first half.

45%, compared with 43 in the same period last year.

49%, a slight increase.

Selling expenses also fell in the first half of the year6.

34%, management expenses increased due to factors such as investment in information platform construction and increase in employee compensation6.

74% in the first half of the year.

67%, compared with 12 in the same period last year.

58%, basically unchanged.

In the first half of the year, the company’s net cash flow from operating activities was -2144.

620,000, compared with -9767 in the same period last year.

02 thousand.

The reconstruction 深圳spa会所 plan is advancing steadily.

According to the latest announcement, the company plans to make a price of 67.

500 million acquisition of Haisheng Technology, Liaohai Equipment, Jerry Electronics and other six companies, including 59 shares.4 billion (issue price is 21.

49 yuan / share), cash payment 8.

1 billion, while non-publicly raised funds do not exceed 32.

01 billion.

Through this reorganization, China Haiphong ‘s main business is to expand the underwater information transmission to underwater information acquisition, underwater information detection and countermeasures, underwater evidence systems and supporting equipment to achieve full coverage of all professional areas of underwater information systems.
At the same time, it is clear that the company, as a part of the group’s electronic information industry integration platform, thoroughly opens up the business and capital channels of the research institute and listed companies in advance.

After the completion of this injection, China Haiphong’s height as the only integrated platform for the electronics and information industry sector of CSSC Heavy Industry Group has become clearer.

Democracy, the company has announced that the shareholder is China Shipbuilding Industry Corporation and China Shipbuilding Industry Corporation is planning a strategic reorganization. We estimate that the annual profits of the two groups’ external informatization assets will reach billions of dollars.

Investment suggestion: For prudence and consideration, the current forecast does not include the newly injected assets and is published. Considering the maximum amount of matching funds to be raised, the company’s net profit is calculated according to performance commitments. After the reorganization, the current price of China Coastal Defense corresponds to about 33 times PE in 2019, 2020.About 28 times a year.

Risk warning of maintaining “Buy” rating: slow progress in asset integration.

Gloria British (002821): Orders guaranteed high performance growth

Gloria British (002821): Orders guaranteed high performance growth

Investment Highlights: The company’s performance is in line with expectations.

The company achieved operating income in the first three quarters of 201917.

42 ppm, an increase of 44 in ten years.

61%; Net profit attributable to shareholders of listed companies3.

670,000 yuan, an increase of 40 in ten years.

48%; net profit attributable to shareholders of the listed company after deduction3.

380,000 yuan, an increase of 40 in ten years.

48%, corresponding to EPS 1.

60 dollars.

Among them, Q3 single-quarter revenue was 6.

49 ppm, an increase of 45 in ten years.

18%; net profit attributable to shareholders of listed companies1.

370,000 yuan, an increase of 31 in ten years.


The company’s performance was in line with expectations and maintained a high growth trend.

At the same time, the company announced the 2019 annual performance forecast, and it is expected that net profit attributable to mothers will be realized in 2019.


00%, an 西安耍耍网 increase of 25% -40% each year.

The rapid increase in clinical programs ensures high growth.

The company deeply cultivates the innovative drug CDMO, benefiting from the rapid development of the innovative drug industry, the number of clinical project orders has steadily increased, and the “funnel effect” has reduced the commercialization projects for the company’s reserves.Significant growth, confirming the rapid growth in the number and size of the company’s orders.

In addition, the company is committed to creating a full-industry chain service for clinical research, with its business scope constantly expanding, orders continuously enriching, and high certainty in performance growth.

The company’s projects under construction are constantly increasing, and it is planned to raise no more than US $ 2.3 billion in capital to supplement the construction of production capacity. The expansion of production capacity will support the expansion of the company’s business scale.

Gross profit margin stabilized and expenses were well controlled.

The company’s gross profit margin for the first half of the year decreased compared to the same period last year, and the gross profit margin for the third quarter was 45.

20%, an improvement from the first half of the year; through the adjustment of the company’s business structure and gradual expansion of production capacity, the company’s gross profit margin is expected to gradually stabilize.

Report the budget, company selling expenses3.

42%, a decrease of 0 every year.

15pp; administrative expenses 10.

95%, down by 1 every year.

58pp; R & D expenses7.

73%, a decline of 0 every year.

69pp; Finance Expenses cost-0.

67%, a decrease of 0 per year.

56pp; The company’s period expenses are well controlled.

Earnings forecast: We predict that the company will achieve a net profit attributable to the parent company of 5, respectively, in 2019-2021.

7.3 billion, 7.

4.9 billion, 9.

55 ppm, corresponding to EPS of 2.48 yuan, 3.

25 yuan, 4.

14 yuan, currently corresponding to the corresponding PE is 48.



3 times, maintaining the “recommended” level.

Risk reminder: risk of failure of customer’s new drug research and development; risk of industry competition and customer churn; risk of production capacity falling short of expectations.

Huagong Technology (000988): Two-wheel drive helps the company to meet 5G development opportunities

Huagong Technology (000988): Two-wheel drive helps the company to meet 5G development opportunities

The two-wheel drive helps the company to meet the 5G development opportunity. The optical communication business and laser equipment business are the “two wheels” that drive the company’s growth. The construction of 5G networks and the expansion of 5G mobile phones promote the prosperity of the telecommunications optical modules and laser processing equipment.The merger of the leading domestic optical module and laser equipment manufacturers will share the industry’s growth dividend, and another convenience. The integration of the industrial chain is designed to consolidate the company’s competitive advantage and drive participation and improvement.

We are optimistic about the company’s development potential in the 5G era. Is the company expected to be 19?
The 21-year EPS is 0.



80 yuan.

Comparable companies have an estimated PE average of 35 in 2020.

4x, giving the 2020 PE estimated interval of 35?
36x, corresponding to a target price of 24.


twenty four.

84 yuan, the first coverage given a “buy” rating.

  The company is the leader in the application of domestic laser technology. The company is the leader in the application of laser technology.Laser equipment is the two main business pillars.

The company’s historical performance has grown steadily, 15?
The compound growth rate of revenue and net profit for 18 years was 22 respectively.

12% and 13.


With 5G commercial soon, the company is expected to usher in a good development opportunity relying on the prospective layout of 5G-related products and sales channels.

  Optical communications business: Time, geography, people and help start a new 5G journey Time: Lightcounting is expected to 2020?
The compound growth rate of the optical module market for global wireless 杭州桑拿 base station applications will reach 41 in 2022.


Existing and will start 5G scale construction in 2020 and promote the prosperity of the domestic telecommunications optical module market.

Geographical position: As one of Wuhan’s local leading optical communications companies, the company is expected to give play to its advantages in the industry and benefit from supply chain control, manufacturing, and talent recruitment.

Renhe: The company is one of the few domestic companies with complete chip-to-module integration capabilities in the field of optical communications, which makes the company have breakthrough advantages in product quality, customer responsiveness, and cost control, and has won Huawei’s 2019 gold medalSupplier title.

With regard to new 5G products, the company has a wide range of products and 淡水桑拿网 its capacity expansion continues to advance.

Time, place and people and start a new journey of business development.

  Laser equipment business: 5G helps the industry boom, and the integrated layout builds development. The moat company is one of the domestic laser equipment leaders. The related business has ushered in two major development prospects, of which the growth in the number of 5G mobile phones will drive the boom in the laser processing equipment sector;The subsidence, technological excellence, and cost reduction brought about by localization help laser equipment continue to penetrate other industries. Intelligent manufacturing and new energy vehicles will bring new opportunities to the industry.

The company has realized the integration of the industrial chain in the field of laser equipment, and its products cover different products such as high, medium and low power. It is expected to usher in a growth trend driven by the rebound of the boom.

  Investment suggestion Two-wheel drive helps the company to meet the 5G development opportunity. We expect the company 19?
The 21-year EPS is 0.



80 yuan.

Comparable companies have an estimated PE average of 35 in 2020.

4x, giving the estimated PE range of 35 in 2020?
36x, corresponding to a target price of 24.

15?twenty four.
84 yuan, the first coverage given a “buy” rating.

  Risk warning: The downstream demand of the laser equipment business is lower than expected, the competition in the telecommunications optical module market is intensified, and the operating expenses exceed expectations.

Zhonghuan (002129) Company Research: Layout IBC Efficient Technology Rapid Manufacturing Transformation

Zhonghuan (002129) Company Research: Layout IBC Efficient Technology Rapid Manufacturing Transformation

Event: On November 11, 2019, Central Shares announced that the company plans to cooperate with Total. Total expands its global solar business outside Sunpower, which is controlled by the United States and Canada, to MAXEON established in Singapore.

8480% of the shares became the second shareholder of the new company.

Sunpower: Beyond shingles, IBC technology cannot be ignored.

Sunpower is a solar technology provider in the United States, focusing on the development and application of photovoltaic technology.

The shingle technology developed by the company is one of the most distinctive advanced new technologies on the market.

Beyond that, the company has been involved in IBC (Cross Back Contact) battery technology for many years.

In 2016, the company’s IBC battery conversion efficiency exceeded 25%. In the first half of 2019, the company launched a new generation of IBC battery products, MAXEON Gen5, for the company’s A series module sales, and the mass production module conversion efficiency reached 21.

twenty two.

3%, which is much higher than the conversion efficiency of mainstream components in the current market.

The company’s A series of products mainly compete in markets such as household photovoltaics or decentralized photovoltaics, which have high unit cost and resist high conversion efficiency demand.

After the split, MAXEON and Sunpower complement each other. MAXEON focuses on the manufacture and sales of high-end photovoltaic cell modules.

According to the company announcement, the main body of this split MAXEON mainly includes Singapore headquarters and R & D centers, battery factories in Malaysia and the Philippines, factories of Chinese battery and module joint ventures (20% equity of Huansheng PV (Jiangsu) Co., Ltd.), Mexico and FranceModule factories, sales centers in Switzerland and sales companies in more than ten countries.

MAXEON will continue to use the “Sunpower” brand to sell its IBC products to markets other than the United States and Canada, and sell its products to the United States and Canadian markets through a multi-year exclusive supply agreement signed with SunPower.PV sells shingled module products to the international market.

Zhonghuan entered the market, laid out high-efficiency technology, extended applications downstream of the industrial chain, and promoted the gradual progress of manufacturing.

This time, Central Shares contributed 2.

$ 9.8 billion to 1.

54x PB subscribed for MAXEON 南京夜网 28.

8480% of the shares became its second shareholder.

The subscription will promote the new company to continue to expand the production capacity of Maxeon Gen5.

At the same time, the technology and application prospects of Zhonghuan Co., Ltd. in the transition to silicon wafers and the advantages of Sunpower’s IBC battery technology and shingle module technology are combined to reduce costs and increase efficiency, and accelerate the progress of global parity Internet access.

Zhonghuan’s extension to the downstream of the photovoltaic industry chain will help its silicon wafer products get better downstream applications and feedback.

Sunpower’s overseas visibility will also help speed up the manufacturing process of Central.

Performance forecast: Expected company 2019?
Revenue will reach 185 in 2021.



390,000 yuan, net profit attributable to mother 11.



690,000 yuan, an increase of 77 in ten years.

9% / 48% / 54.

3%, corresponding to PE29.



9 times.

Risk reminders: 2020 silicon wafer capacity release is higher than expected, silicon wafer price changes are lower than expected; overseas installations are lower than expected; forecast deviations and estimated risks.

Fuanna (002327): Business adjustment affects short-term performance Concerned about long-term competition and compaction of home textile leaders

Fuanna (002327): Business adjustment affects short-term performance Concerned about long-term competition and compaction of home textile leaders

Net profit fell more than revenue, mainly because the distribution business replaced the company’s release of the third quarter report of 2019 and realized operating income16.

7.7 billion, with an annual downgrade of 4.

88%, net profit attributable to mother 2.

4.6 billion, downgraded by 15.

44%, deducting non-net profit 2.

11 ppm, downgrading by 18 per year.

66%, EPS0.

29 yuan.

The decrease in net profit attributable to mothers is greater than the change in the decrease in distribution business, which is mainly due to the higher net interest rate.

Looking at the quarter, 19Q1?

Q3 single quarter revenue was -5 for half a year.

55%, -1.

76%, -7.

27%, net profit attributable to mothers doubled -16.

32%, -16.

11%, -14.


In 19th, under the weak environment of terminal retail, the company proactively adjusted its business, including helping distributors to remove inventory, promoting the unified call of national terminal POS systems, promoting offline new retail management training and model building, etc., resulting in higher net profit marginBreakthrough in the contraction of the company’s distribution business.

Looking at the split, it is estimated that 1?
In September, the proportion of distribution business was 20% +, which was the top priority for income extension. The revenue from direct sales fluctuated slightly, and online sales maintained 20% + growth.

19H1 company directly operated stores, distribution business, online, other (group purchase, home furnishing, etc.) revenue accounted for about 28%, 23%, 36%, 13%.

Expense ratio rose more than gross profit margin, operating cash flow rose sharply. Gross profit margin: 1 in 19?
The gross profit margin rose in September by 1.

22PCT to 51.


19Q1?Q3 single quarter gross profit margins were 49.

80% (-1.

14PCT), 50.

75% (+0.

34PCT), 54.

64% (+4.

26PCT), the increase in gross profit margin is mainly related to changes in business composition, the main reason for the decline in the distribution business ratio, but at the same time the distribution business expense ratio has increased relatively, the net profit rate has increased, and its decline in proportion has also led to an increase in the expense ratio and an overall net profit rate.
Expense rate: During the period, the expense rate is maximized and increased by 3.

62PCT, of which sales, management + research and development, and financial expense ratios are 29.

29% (+2.

43PCT), 7.

37% (+1.
08PCT), 青岛夜网 0.

16% (+0.


Other financial indicators: 1) Inventory increased by 1 at the end of September 19 earlier.
04% to 8.

33 ppm, a decrease of 16 at the end of September / September.


Inventory turnover fee 0.

98, 1 in the first three quarters of the previous 18 years.

01 was flat and slightly down.

2) Accounts receivable decreased by 78 in the early and early stages.

61% to 0.

80 ppm, a decrease of 57 at the end of September, 2018.

44%, mainly due to receipts at the end of 2018 and 2019; accounts receivable switched weekly to 7.

42, 6 in the first three quarters of earlier 18 years.

88 has accelerated.

3) Net cash flow from operations increased by 339 in ten years.

90% to 6.

40 ppm, of which cash was 23 for goods sold.

12 ppm, an increase of 0 in ten years.

50%, the 北京夜网 cash paid for purchasing goods and receiving labor services is 8.

1.7 billion, with an annual downgrade of 41.

45%, it can be seen that although the company’s operating income has continued to decrease since 2019, the company has strengthened the control of sales receipts, and cash inflows are increasing, replacing the company’s initiative to reduce expenditures such as commodity procurement.

The short-term work focus is to increase payment collection and expand e-commerce business. In 2019, the company’s work focus is on offline business assembly and increase e-commerce development: 1) Strengthen franchisees’ destocking: In 2019, the responsible team in the dealer area will receive payment.For the bonus evaluation indicators, to promote the business team to help dealers to the terminal inventory, to help them improve their profits, at the same time, the company set up a hundred-person channel service team to help dealers to promote information management system operation training, store new retail and other professional skills for the companyThe management innovation of offline channels has laid the foundation.

2) Promote the unification of terminal POS systems across the country: By the first half of 2019, unified access to POS systems in all stores has been completed. The headquarters can monitor the terminal store inventory and sales at any time. The number of offline retail members of the company has reached 66.

60,000, the offline management team broke through the traditional drainage mode, re-established retail thinking, and used the data network to strengthen the store’s radiation effect, with the goal of establishing a standardized membership service process to improve single-store efficiency.

3) Promote the terminal store incentive mechanism, fast product response mechanism, and improve the management competitiveness of direct-operated stores: further integration of channel management, promotion of multi-channel strategy, multi-category development, performance-based adjustment, sales-oriented adjustment, and payment-backed payment, Establish a quick replenishment performance mechanism, dealer reward mechanism, etc.

4) Focus on the development of e-commerce business: In the first half of 2019, the company re-integrated the e-commerce platform operation structure, refined operations on multiple categories of products, and quickly carried out the reform of the e-commerce supply chain. Through the optimization of product structure and integration of platform resources, 19H1 The company’s e-commerce platform sales revenue grows 23% annually.

The home textile leader’s short-term business adjustment and the focus on long-term competitiveness have strengthened us. We believe that: 1) The company has positioned mid-to-high-end “artist spinning” and has established a leading position in the industry. It has adjusted its business against the background of a weak retail environment, focusing on helping franchisees to destock and upgrade uniformlyThe offline system affects the company’s short-term performance (especially the reduction in distribution and sales), but it will help the company and franchisees to continue healthy cooperation and improve terminal operation efficiency in the long term;There are bright spots; 3) The furniture business developed by the company in the early stage is currently relatively small (19H1 household, group purchase and other business income1.

(About 4 trillion, accounting for about 13%), the future will be positioned as light luxury, finished furniture routes, and gradually expand.

The company underestimates the highest dividend payout and the focus expands the most, 16?
The 18-year dividend yield is 1.

49%, 3.

73%, 7.


Considering that business adjustments affect short-term performance, and the retail environment continues to be weak, we cut 19?
The 21-year EPS is 0.

57, 0.

63, 0.
69 yuan, corresponding to 19 times PE for 12 times, downgraded to “overweight” level.

Risk warning: weak consumption, home textile business adjustment is less than expected, and e-commerce business growth is accelerating.