Dongfang Cable (603606): Offshore Wind Power Enters Burst Period, Submarine Cable Leader’s High Growth Can Be Expected

Dongfang Cable (603606): Offshore Wind Power Enters Burst Period, Submarine Cable Leader’s High Growth Can Be Expected

Investment highlights: The company is a leading submarine cable company in Southeast Asia, leading the high-end market for submarine cables.

The company produces various wires and cables for R & D, production, sales and service, and forms three major business segments: land cable, submarine cable and engineering services.

The company’s technological level is leading the industry. In 2007 and 2010, it produced 110kV photovoltaic composite submarine cables and 220kV photovoltaic composite submarine cables. It broke through the foreign occupation and realized import substitution.The rate is over 40%, and in 2018, it became the only company in the industry with a 500kV submarine cable body and a 500kV soft joint engineering application.

Benefiting from the outbreak of offshore wind power business, the company achieved operating income of 30 in 2018.

2.4 billion, an annual increase of 46.

67%; net profit attributable to mothers1.

71 ppm, an increase of 241 in ten years.

55%.

The company achieved operating income of 25 on January 9, 2019.

68 ppm, an increase of 17 in ten years.

32%; net profit attributable to mothers3.

20,000 yuan, an increase of 162 in ten years.

31%.

  Offshore wind power has entered an outbreak period, and the market space for submarine cables is expected to be about 26.5 billion in the next three years.

Island interconnection was once the main market for submarine cables, and through the acceleration of the development of offshore wind power, submarine cables ushered in a wider market demand.

The baseline offshore wind power since 2017 has ushered in breakthrough progress. In 2018, it added 1.65 million kilowatts of new installed capacity, an increase 四川耍耍网 of 42 throughout the year.

2%, cumulative installed capacity reached 4.44 million kilowatts.

The annual installed capacity of offshore wind power in 2019-2021 is expected to reach 3GW, 4GW, and 5GW, respectively. The corresponding internal submarine cable market space layout is expected to expand the capacity to 26.5 billion yuan.

  Submarine cable business orders broke out and is expected to become a new growth point for performance.

With the launch of offshore wind power, the company’s submarine cable orders have exploded. The amount of successful bids for submarine cables has increased by $ 4.5 billion since 2017, of which the amount of successful bids since 2019 has reached 17.

6.8 billion yuan.

With the realization of submarine cable order delivery revenue, the proportion of submarine cable business revenue has increased rapidly. In 2018, the company’s submarine cable system business revenue reached 10.

72 ppm, an increase of 802 in ten years.

61% of the main business income from 6 in 2017.

14% increased to 35 in 2018.

47%.

  Horizontally expand the rich product series, and initially build the advantages of the entire industry chain.

The company will raise funds in 20177.

1 ‰, currently planning to occupy 6.
.

31 trillion US dollars to build a high-end marine energy equipment cable system project, is expected to expand the output value of 4.5 billion, while enriching the company’s product line.

At the same time, the company actively extends its engineering services downstream, and has the most advanced domestic large-scale submarine cable construction vessels with the strongest offshore construction capacity. Since 2018, the company has repeatedly won domestic large-scale offshore wind power turnkey projects, with orders amounting to 1 billion ordersIts scale is ahead of its peers, and it further builds the advantages of the entire industry chain.

  Coverage for the first time, given an “overweight” rating: through the technical maturity of offshore wind power and the decline in cost, the demand for offshore wind power investment has significantly improved, and the industry has entered an accelerated period.

It is expected that the company will realize net profit attributable to its mother in 19-21.

09, 5.

97, 7.

81 trillion, the corresponding EPS is 0.

62, 0.
91, 1.
19 yuan / share, the current PE corresponding to 19-21 years is 17 times, 12 times and 9 times respectively.

Considering that the company’s future performance increase is mainly contributed by the offshore wind power business, and the company’s assessment is highly correlated with the wind power sector’s estimates, we choose Riyue shares, Hewang Electric, Taisheng Wind Energy and Dongfang Electric in the wind power sector as comparable companies.

The industry average valuation in 2019 is 22 times PE. With reference to the industry average valuation, we give the company 22 times PE in 2019, corresponding to a current total of 27.

The increase rate of 23%. Considering that there is still uncertainty in the rate of expansion of the offshore wind power market, it is prudent to give an “overweight” rating for the first time.

  Risk warning: Offshore wind power projects are not up to expectations; submarine cable capacity is not up to expectations.

Jingxin Pharmaceutical (002020) Annual Report for 18 Years and First Quarter Report for 19 Years: Performance Continues to Grow, Main Business Expected to Accelerate

Jingxin Pharmaceutical (002020) Annual Report for 18 Years and First Quarter Report for 19 Years: Performance Continues to Grow, Main Business Expected to Accelerate

Events: 1) The company published an annual report for 18 years, and realized revenue for 29 years.

400 million, net profit attributed to mother 3.

7 billion, net of non-attributed net profit3.

160,000 yuan, an increase of 33%, 40%, 654% each year, achieving EPS 0.

51 yuan, in line with market expectations.

2) The company released the quarterly report for 四川耍耍网 the year of 19, and achieved revenue in 19Q1.

9.3 billion, net profit attributable to mothers1.

3.1 billion, net of non-attributed net profit 0.

0.94 million yuan, an annual increase of 39%, 49%, 20%, to achieve EPS 0.

19 yuan, slightly exceeding market expectations.

3) The company issued a 19-year interim report forecast. It is expected that the net profit attributable to mothers in 19H1 will increase by 45?
65%, slightly exceeding market expectations.

Opinion: As the channel inventory is digested, the growth of the main business will accelerate in the future.

In 18 years, the company’s finished drug revenue was 16.

78 billion, API 8.

4.8 billion, equipment 3.

0.94 million yuan, an annual increase of 47%, 31%, -2%.

The decline in equipment revenue was due to the high base in 17 years of cargo holdings, and the profit growth rate in 18 years still exceeded 10%.

From the perspective of breed income, 杭州桑拿网 rosuvastatin 6.

9.3 billion, pitavastatin 1.

1.1 billion, rehabilitation new liquid 2.

5.9 billion, Bacillus licheniformis.

0.5 billion, sertraline 1.

2.4 billion, Levetiracetam 35.5 million.

Based on the forecasted median weather forecast, the company’s net profit attributable to its mother in 19Q1 and Q2 increased 49% and 55%, which is very beautiful.

The high growth in 19Q1 has investment income factors. It is estimated that the distribution of securities for the transfer of property contributed more than 20 million profits. Therefore, the net profit of non-returned mothers increased by 20% in 19Q1.The 19Q1 channel mainly digests high-priced stocks. The 19Q2 rosuvastatin, levetiracetam, and amlodipine collections will significantly contribute to performance.

R & D has increased, and the central nervous product line has ushered in gains.

18 years of research and development funds 2.

4.2 billion, a previous increase of 47%, continued to increase.

The company has a deep layout in the central nervous system and is welcoming gains.

Levetiracetam and sertraline have passed the consistency assessment. The first generic drugs, carbaratin, and pramipexole have been approved.

Memantine capsules, Pallipidone sustained-release tablets, and the innovative drug EVT201 capsules are all in clinical stages.

The company has invested in 7 overseas innovative companies. The technical collaboration and commercial cooperation with the company in the future are worth looking forward to.

Profit forecast and evaluation: As a representative of high-quality pharmaceutical companies, the company is accelerating research and development transformation and will usher in gains.

Regardless of subsequent investment income, we maintain the EPS forecast for 19-20 to 0.

66/0.

83 yuan, plus the 21-year EPS forecast is 1.

05 yuan, an annual increase of 29% / 25% / 27% respectively, the current price corresponding to 19-20 years PE is 16/13 times, it is estimated to be attractive, maintain the “buy” rating.
Risk warning: the progress of the consistency assessment is higher than expected; the price of the drug is lower than expected.

Greenland Holdings (600606): Steadily Released Diversified Business Collaboration

Greenland Holdings (600606): Steadily Released Diversified Business Collaboration
I. Overview of the event Greenland Holdings released the 2018 annual report, and the company achieved operating income of 3487 in 2018.30,000 yuan, an increase of 20 per year.1%, net profit attributable to shareholders of the listed company 114.40,000 yuan, an increase of 26 in ten years.5%. Second, the analysis and judgment of the continued release of performance, profitability has steadily increased the company’s operating income in 2018 to achieve 3487.30,000 yuan, an increase of 20 per year.1%, net profit attributable to shareholders of the listed company 114.40,000 yuan, an increase of 26 in ten years.5%.The net profit growth rate is faster than the revenue growth rate initially because the company’s sales gross profit margin reached 15.35%, an increase of 1 from the previous year.01 per share; budget, the company’s return on net assets reached 16.23%, an increase of 1 over 17 years.78 levels, profitability continued to increase. Finance continued to be optimized and financing channels were open 杭州桑拿网 until the end of 2018. The company’s net debt ratio and asset and liability restructuring excluding advance receipts 171.83% and 56.86%, a decrease of 34 from the previous year.19 and 4.15 averages, the level of leverage continues to improve.In 2018, the company obtained 38.4 billion credit extensions from banks such as Agricultural Bank of China, People’s Livelihood, and Everbright, and successfully issued 26.800 million US dollars of debt and 1.5 billion yuan of debt, and obtained CMBS fundraising on the Shenzhen Stock Exchange10.At the same time, in a tight financing environment, the company’s comprehensive financing cost was 5.4%, an increase of 0 from only 17 years.21 are single and remain low in the industry; comprehensively, greenfield financing channels are diverse and financial costs are controllable. The coordinated development of diversified business, the industry further highlights the reported growth, the company ‘s large infrastructure business realized operating income of US $ 148.1 billion, an increase of 41%; the value of newly signed contracts reached US $ 2,162 billion, an increase of more than 63%, and the development momentum continued to increase.Drive the company’s overall performance to the next level; maximize the profit of large financial services by 2.5 billion U.S. dollars, an increase of 25%, promote the orderly operation of the project, and actively explore the transformation and development; the large-scale consumer industries such as corporate commerce, hotels, and tourism are focusing on gradual consumption upgradingThe business opportunity to build a strong domestic market, continuously expand the connotation and extension, the industry is outstanding. Third, investment advice Greenland Holdings has achieved steady growth in sales, maintained sales, improved finance, smooth financing, and coordinated development of diversified businesses.The company’s EPS is expected to be 1 in 19-21.16.1.41, 1.71 yuan, corresponding to PE 6.5/5.3/4.4 times, the company’s highest in the past three years, the lowest, the median PE is 32.7/6.5/11.9x, maintaining the company’s “recommended” rating. 4. Risk Warning: The real estate industry has tightened policies and sales have fallen short of expectations.

Diou Home Furnishing (002798): Significantly high growth in tooling advantages expected to continue

Diou Home Furnishing (002798): Significantly high growth in tooling advantages expected to continue

Net profit attributable to mothers increased by 598% in 2018, and the performance was in line with expectations.

08 million yuan, an increase of 707% in ten years; net profit attributable to mothers3.

81 ‰, a year-on-year increase of 598%, in line with our budget expectations.

18Q1 / Q2 / Q3 / Q4 single-quarter revenue increased by 936% / 678% / 801% / 561% year-on-year; net profit attributable to mothers in the single quarter increased significantly by 2215% / 410% / 1397% / 380%.

The main business of ceramic tiles and sanitary wares develops synergistically, and future growth is expected. We expect the company’s EPS to be 1 in 2019-2021.

28, 1.

70, 2.

27 yuan, maintain “Buy” rating.

Oscino benefited from the rapid development of tooling business, with revenue growing by 53 per year.

The 4% Ousinuo engineering channel has significant advantages, forming a high-quality customer base for shareholders such as Country Garden, Vanke, Evergrande and other domestic real estate leaders. In 2018, due to the rapid development of tooling business, Ousinuo’s revenue increased by 53.

4% to 36.

810,000 yuan, of which Country Garden’s largest customer revenue reached 20.

400000000.

The company took advantage of the scale effect brought by large-scale tooling orders, enhanced cost advantages, and increased gross profit margin by 0.

9 points to 35.

8%, net interest rate (excluding the cost of consolidated booths) will increase by 0 every year.

5 points to 9.

7%.

In 2019, the company will continue to actively promote cooperation with leading real estate companies such as Agile, Rongsheng and R & F while continuing to increase its share of cooperation with existing customers such as Country Garden. The retail end will accelerate the sinking of county channels and the layout of urban community storesHigh growth expectations continue.

The main business of sanitary ware grew steadily, and the synergy effect was used to expand the engineering channels. In 2018, the revenue of Emperor Sanitary Ware sanitary products increased.

4% to 4.

79 trillion, of which sales increased 11 per year.

3%, the average price increased by 2% year-on-year to 1080 yuan / set, the gross margin fell by 0.

8 points to 33.

7%; Acrylic board business revenue grows 33% per year.

3% to 1.

US $ 4.5 billion, of which sales and average prices increase by 8 each year.

4%, benefited from the decline in MMA prices of major raw materials, and the gross profit margin extended by 0.

7 points to 15.

4%.

In 2019, on the basis of consolidating the advantages of the retail 深圳桑拿网 channel, the main sanitary ware industry will actively expand the sanitary ware product tooling business through the channel advantages and management experience of the tooling business in Europe, becoming a new revenue growth point.
Expansion of its own production capacity and long-term and long-term growth of the basic production and use, we expect the company’s 2019 production capacity is expected to reach 5,700 GM.

With the continuous release of the company’s production capacity and the improvement of the previous production capacity, the problem is expected to be eased and at the same time, it is expected to form a scale effect, improve production advantages, and further improve the company’s profitability.

Significant tooling advantages, maintaining the “Buy” rating Ossino has a significant advantage in the 武汉夜生活网 field of ceramic tooling. In 2019, the company is expected to continue its high revenue growth, driven by the stock + incremental customers.

Maintaining profit forecast, we expect the company 2019?
The net profit attributable to mothers will be 5 in 2021.

0, 6.

6, 8.
7 trillion, corresponding to EPS 1.
28, 1.

70, 2.

27 yuan.

With reference to a comparable company’s average PE of 18 times in 2019, give Diou Household 22?
23 times PE estimates, the target price range is 28.

16?
29.

44 yuan, maintain “Buy” rating.

Risk warning: Real estate sales exceed expectations, and new client expansion is below expectations.

Enhua Pharmaceutical (002262): Good growth in the industrial sector meets expectations

Enhua Pharmaceutical (002262): Good growth in the industrial 南京夜生活网 sector meets expectations

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

The company achieved operating income in the first three quarters of 201931.

98 ppm, an increase of 10 in ten years.

68%; net profit attributable to shareholders of listed companies5.

21 ppm, an increase of 23 in ten years.

34%; net profit attributable to shareholders of the listed company after deduction 5.

21 ppm, an increase of 24 in ten years.

73%, corresponding to EPS 0.

52 yuan.

Among them Q3 single quarter revenue 11.

00 ppm, a ten-year increase of 7.

52%; Net profit attributable to shareholders of listed companies1.

99 ppm, an increase of 24 in ten years.

11%.

The company’s performance was in line with expectations.
  The company also announced that it will gradually realize net profit in 2019.

03-7.

08 million yuan, an increase of 15% -35% in ten years.

  The industrial sector maintained good growth.

The report estimates that the company’s industrial sector is expected to maintain a growth rate of more than 20%. Among them, the first-line varieties Li Yuexi and Fortune have maintained a good growth of about 20%; the growth rate of Youmei has been significantly reduced due to the influence of mining, and the expected growth rate is expected to increase.Around 15%; second-line breeds such as remifentanil, aripiprazole, and duloxetine have small bases, maintaining a rapid volume trend.

The company’s main products are used for hemp drugs, and the policy barriers are high. The conversion to alfentanil and oxycodone is about to be reported and the company’s other products are successively approved for listing. The impact of centralized mining expansion is expected to be gradually replaced. The companyLeading performance maintained good growth momentum.

  Gross profit margin increased and cash flow increased.

Reported volume, the company’s gross sales margin was 60.

53%, an increase of 6 per year.

22pp; net sales margin is 16.

07%, up 1 every year.

67pp; selling expenses 31.

93%, an increase of 4 per year.

05pp; administrative expenses 8.

15%, rising by 0 every year.

51pp; Finance Expenses cost-0.

29%, rising by 0 every 北京养生会所 year.

18pp.

The company’s net cash flow from operating activities was 5.

640,000 yuan, an increase of 133 in ten years.

9%, mainly due to the increase in reported sales and the increase in receivables.

  Profit forecast: We predict that the company’s net profit attributable to the parent company in 2019-2021 will be 6 respectively.

5.7 billion, 8.1 billion, 9.

900,000 yuan, the corresponding EPS is 0.

64 yuan, 0.

79 yuan, 0.

97 yuan, the current sustainable corresponding PE is 17 respectively.

3/14.

0/11.

5 times, maintaining the “recommended” level.

  Risk reminder: the risk that the progress of drug bidding does not meet expectations; the risk of drug price reduction; the risk that the development of new drugs does not meet expectations.

Zhejiang Pharmaceutical (600216): The performance is slightly lower than the expected low in vitamin demand, and continues to be optimistic about vitamin E

Zhejiang Pharmaceutical (600216): The performance is slightly lower than the expected low in vitamin demand, and continues to be optimistic about vitamin E

Event: Zhejiang Pharmaceutical released the third quarter report of 2019, with total operating income of 53 in the first three quarters of 2019.

1.9 billion, an annual increase of 4.

21%, net profit is 3.

600 million, down 30 a year.

0%, the basic EPS is 0.

38 yuan, the average ROE is 4.

66%.

Corresponding to the third quarter of 2019 operating income17.

3.4 billion, down 7 from the second quarter.

12%, net profit of 79.32 million yuan, 46 instead of 46.

36%, an increase of 73 per year.

twenty three%.

The company’s R & D expenses in the third quarter of 20191.

2.5 billion.

Comments: 1.

Performance was slightly lower than expected.

Net profit in the third quarter was RMB 79.32 million, which was 46 instead of 46.

4%, an increase of 73 per year.

2%, the company’s performance is affected by vitamin sales, the third quarter of the calendar year is the vitamin sales off-season.

At the same time, the company’s R & D expenses 深圳桑拿网 in the third quarter increased by 77.83 million yuan from the second quarter, which was mainly related to the company’s purchase of related research and development projects. It was a one-time commercial act that affected the current profit, but it would not continue to affect the company’s profit.

At the same time, the company overhauled the production line in July and August, which affected the current expenditure and increased the current cost. In addition to the above factors, the net profit performance in the third quarter was acceptable.

2.

Low vitamin demand has passed, and vitamin E continues to be bullish.

The demand side is affected by African swine fever. In July and August, pigs ‘stalls have reduced elongation and vitamin demand has decreased.

According to data released by the Ministry of Agriculture,重庆耍耍网 the live pig inventory increased by 0 in September.

6%; the number of fertile sows can increase by 3 from the previous month.

7%.

In September, the output of pig feed increased by 10% month-on-month, and the output of piglet feed, sow feed, and fattening pig feed increased by 12 respectively.

7%, 8.

7% and 9.

1%.

Feed demand is improving, and the inflection point is beginning to appear. Vitamin demand is expected to enter an accelerated warming-up period, and the supplementary vitamin E industry pattern is improving. Continue to be optimistic about future vitamin E prices.

3.

Optimistic about the company’s innovative drug business.

The company has received the CDE notice of on-site inspection of a new class of drug, nerofloxacin malate injection, and is expected to be listed in the first quarter of next year if the progress is smooth.

Phase one clinical details of the company’s ADC drug ARX788 were re-released from December 10th to 14th.

The company and Ambrx shortened the second ADC drug-ARX305 (for renal cell carcinoma, non-Hodgkin’s lymphoma CD70 positive tumors) cooperation development and licensing agreement, the company’s ADC’s anti-innovative drug pipeline continued to develop.

Profit forecast and investment grade: Affected by African swine fever, vitamin prices are lower than expected. We lower our 19-year profit forecast and maintain our 20- and 21-year profit forecast. The company’s net profit for 2019-2021 is expected to be 6.35/16.

38/20.

82 trillion, EPS is 0.

66/1.

70/2.

16 yuan.

Taking into account the better structure of vitamin E, the innovative drug business has gradually realized, and growth can be expected, maintaining the “Buy” rating.

Risk reminders: production safety risk, vitamin product price decline risk, risk of weakening downstream demand in the aquaculture industry, raw material price risk, Sino-US trade dispute risk, exchange rate risk, continued global economic expectations, new drug approvals fail to meet expectations, and innovative drug development failurerisks of.

Yunnan Baiyao (000538): 3.

5 trillion cornerstones invest in Chinese antibody mixed reform

Yunnan Baiyao (000538): 3.

5 trillion cornerstones invest in Chinese antibody mixed reform

Event: On October 25, 2019, the company’s board of directors approved the use of its own funds of $ 50 million (approximately 3.

50,000 yuan) as a cornerstone investor in the subscription of the initial public offering of innovative drug company China Antibody Pharmaceutical Co., Ltd. (“China Antibody”) on the Hong Kong Stock Exchange.

This is the first time that Yunnan Baiyao has invested in innovative drug companies as a cornerstone investor.

Opinion: Chinese antibodies are new biotechnologies focused on the treatment of autoimmune diseases.

Established in 2001, China Antibody is a Hong Kong biopharmaceutical company that is mainly committed to research, development, production and commercialization of antibodies and other biological agents for the treatment of autoimmune diseases.

The R & D base is located in Hong Kong and the production facilities are located in Mainland China. The listing materials were delivered to the Hong Kong Stock Exchange in July 2019.

The company has potential first-in-class and first-in-target products under research. It has 6 clinical stage studies, 2 products have entered the clinical stage, and 4 products are in the IND application.At this stage, the fist product SM03 is the first and only clinical stage anti-CD22 antibody antibody used in the treatment of rheumatoid arthritis in the world, and it is already in the clinical stage III.

The company invests in Chinese antibodies, which is expected to complete the extension of the product line in the orthopedics field and leverage the force to enter the innovative drug market.

Yunnan Baiyao’s core products Baiyao series (such as aerosols, white salves, white medicine band-aids, etc.) focus on hemostatic analgesia, swelling and stasis. For pain management, product sales channels are biased towards the consumer side.

Chinese antibody is expected to be the first flagship product to be marketed in the future. SM03 targets chronic immune system diseases such as rheumatoid arthritis, which also belongs to the field of bones and joints. It requires long-term medication and changes in consumption attributes.

The company is expected to participate 360 degrees in all aspects of biopharmaceuticals from target recognition, molecular screening, clinical research, production to commercialization of the complete industrial process, and will be able to independently establish innovative drug platforms; at the same time, the company is also expected to leverage the rich experience of Chinese antibodiesA team of scientists and a top scientific advisory team establish independent innovation teams to deeply enter the innovative drug development ecosystem and the innovative drug market.

Company 7.

US $ 300 million investment in Bandung Holdings for industrial hemp cultivation and industrial chain.

As of October 14, the company has preliminary agreement with Hong Kong Bandung Holdings Group to 7.
.

HK $ 300 million to subscribe for convertible bonds with a maturity of two years and an annual interest rate of 3%.

According to the announcement, the funds raised by Bandung Holdings will be used for industrial cannabis and CBD-related business development, research and development, investment, acquisition or other 杭州桑拿网 applications.

By absorbing and merging Baiyao Holdings, the company has preliminarily succeeded Bandung Holdings29.

59% of shares became its largest shareholder.

Follow the initial water change 0.

258 reconstruction / share calculation, assuming all convertible bonds are converted into stocks, the company will hold 51.

06% stake.

Yunnan is the most suitable area for industrial cannabis cultivation due to climatic conditions, and it is currently the only province in China that allows and supervises the cultivation of industrial cannabis.

And Yunnan Baiyao’s Traditional Chinese Medicine Resources Division has successfully developed Yunnan-based localized medicinal materials such as Sanqi and Chonglou.

We expect the company’s future business release notes to include industrial cannabis cultivation and industrial chain development, becoming one of the most important players in the domestic industrial cannabis field.

The scale investment of Hong Kong Bandung and China’s antibodies is the start of the company’s new growth and internationalization after the completion of mixed reforms and equity incentives.

In the past two years, the company has completed mixed reforms, joined budget reforms, replaced directors and supervisors, and the recent implementation of employee incentive plans.

As a representative of the transformation and innovation of traditional pharmaceutical companies, it is expected that in the future, more external cooperation and extension will emerge in the field of orthopedic hospitals, orthopedics and gynecological patent medicines.

Earnings forecast and rating: Maintain forecast for the year 19-21. The EPS is 3.

11/3.

57/4.

09 yuan, corresponding to 19-21 years PE is 26/23/20 times.

The company’s long-term strategic goals are ambitious. After the employee incentives are completed, it will accelerate the extension and have a bright future. Maintain the “Buy” rating.

Risk warning: New product promotion progress exceeds expectations, outbound M & A is lower than expected.

CCTV Media (600088) First Coverage Report: Waves of Media Convergence Backed by CCTV

CCTV Media (600088) First Coverage Report: Waves of Media Convergence Backed by CCTV

CCTV’s subsidiary listing platform has been in the capital market for more than 20 years.

CTV Media was co-sponsored by five legal entities, CCTV Wuxi Taihu Film and Television City, China International Television Corporation, China Power Hi-Tech Television Development Co., Ltd., Beijing Future Advertising, and Beijing Screen Car Rental. It is the first state-owned culture in China to test the capital market.Media company, listed in 1997.

The actual controller of the company is the former CCTV (now merged into CCTV main station).

CCTV Media focuses on advertising, film and television, and tourism, with advertising revenue accounting for a maximum of 48% (18 years).

Since 17 years, the company’s operating performance has begun to pick up. In 2018, it continued to pick up and achieved revenue8.

1.1 billion, an increase of 13% in ten years; net profit attributable to mothers1.

1.5 billion, a 39% increase in ten years.

1Q1 company achieved revenue 2.

09 million yuan, an increase of 34 in ten years.

09%; net profit attributable to mother is 35.79 million yuan, an increase of 47 year-on-year.

01%, continue to pick up.

Utilizing CCTV resources to develop business, advertising, film and television, three major sectors go hand in hand.

Based on special resources, China Television Media’s advertising business has contracted the full-channel advertising resources of Science and Education Channel of CCTV and some of the new media advertising resources, focusing on the cultivation of the four major industries of “baijiu, automobiles, big health, and urban tourism”;The company’s North China Ultra HD technology has the leading strength and is the first domestic enterprise to enter the field of high-definition television production. The newly constructed ultra-high-definition technology support system has successfully helped CCTV to launch 4K Ultra-HD channels, which can meet the full-service needs of high-end 4K programs.After the release of the National Ultra HD Plan, it is expected to open up new industry 深圳桑拿网 space.

The company’s tourism business is centered on Wuxi and Nanhai Branch, and its revenue and gross profit have steadily increased in the past 20 years.

Backed by CCTV, each has rich assets, and there is room for business development and collaboration.

The actual controller of the company is the former CCTV. From 2018, it has been merged into the main station of the Central Broadcasting Station, a public institution directly under the State Council, and led by the Central Propaganda Department.

One of the sponsors of CCTV Media, China International Television Corporation, is a large state-owned enterprise with full investment from the former CCTV. It is also the main market player of the original CCTV’s global layout, all-media communication and the entire industry chain operation. It has more than 50 subsidiaries., Including sports, film and television, animation and other content areas, as well as media technology, market research, etc.

Investment suggestion: As a subsidiary of CCTV, we believe that CCTV Media has sufficient resource advantages for its main business development and has technical strength in the field of ultra high definition. For 19 years, the company highlights the trend of media integration and development, and is expected to be under the new trend.Create a new situation in industrial operation, and focus on the scale of the map, the company’s shareholders are rich in assets, business integration and innovative development in the media wave is worth looking forward to.

We estimate that the company’s net profit attributable to its parent for 2019-2021 will be 1.

5.7 billion / 1.

8.9 billion / 2.

180,000 yuan, an increase of 36 in ten years.

7% / 20.

6% / 15.

4%, corresponding to PE of 34.

1x / 28.

3x / 24.

5x, follow-up arbitration and compensation with the company will arbitrate, to integrate the special resource advertising and film and television services under the background of the development of the media to achieve room for increased profits.

Combined with the domestic media platform People’s Network (2019PE 58.

57x), Xinhuanet (2019PE 29.

23x), considering the background of CCTV’s CCTV shareholders and the performance space under the trend of financial media, we believe that the reasonable estimate range of CCTV Media is 19 years 45x-55x, corresponding to a market value of 70.

6.5 billion-86.

35 billion, the corresponding price zone is 17.

76 yuan / share-21.

76 yuan / share, the first coverage given a “buy” rating.

Risk reminders: The company’s resources with shareholders fail to meet expectations, the impact of macroeconomics on advertising, the impact of new media and new technology competition, and the production and sales of film and television projects fall short of expectations.

Huaxin Cement (600801) 2019 First Quarterly Report Review: Off-season Exceeds Expected Volume and Price

Huaxin Cement (600801) 2019 First Quarterly Report Review: Off-season Exceeds Expected Volume and Price

Matters: The company’s first-quarter 2019 performance increased by 90%.

6%, earnings per share are 0.

68 yuan From January to March 2019, the company realized operating income of 59.

80,000 yuan, an annual increase of 32.

5%, net profit attributable to shareholders of listed companies10.

10,000 yuan, an increase of 90 in ten years.

6%, EPS0.

68 yuan, off-season performance exceeded expectations.

The first are: 1. The company’s production and sales scale has expanded. Aggregate sales increased by 46% in the first quarter of 2019, and cement and clinker sales increased by 19%. 2. Under the background of environmental protection and supply-side reform, the prices of cement and other products remained better than before.

Comment: Regional prices remain high and profitability increases Despite the reduction in clinker prices and cement prices in East China before the Spring Festival, the impact on core areas of Huaxin Cement is relatively small, and cement prices in Central and South China remain high.

In the reporting year, the company’s cement clinker sales increased by 19% year-on-year. It is estimated that the company’s comprehensive price of ton products in the first quarter of 2019 was 396 yuan, an annual increase of 11% or 39 yuan, and the comprehensive cost of ton products was 251 yuan, exceeding the increase of 5% or 13 yuanThe gross profit per ton of product was 145 yuan, an increase of 26 yuan per year, and the cost of ton was 59 yuan, each time falling by 7 yuan. Based on comprehensive factors, the report pointed out that the company’s net profit per ton product was 67 yuan, an increase of 25 yuan.

Reported average, company gross margin 36.

6%, an increase of 3 per year.

4pct.

Sales rate, management rate and financial rate are 6 respectively.

8%, 4.

7%, 1.

5%, a year-on-year decrease of 0%.

8, 1.

2, 1.

5pct, the company’s rapid decline in the size of its interest-bearing debt has led to a rapid reduction in its financial expenses; the period rate was 13.

1%, a decline of 3 per year.

5 points.

The remaining increment of Huaxin Cement’s main business contributes to the growth of performance. Huaxin Cement promotes the optimized layout of cement production capacity, and the coordinated development of aggregate and environmental protection business. In the future, the incremental growth will be particularly significant.

Based on the company’s 2018 production capacity layout and planning, we expect that in 2019, Huaxin Cement’s various businesses will continue to increase: In terms of cement business, Shannan, Tibet, which commenced production in August 2018, and two total production lines of 240 in Xigaze will contribute in 20192In the third quarter of 2019, Huangshi replacement line will be completed and Yunnan Lu advises the 4000t / d line to resume production. Taken together, the effective capacity of the above supplementary cement is about 300. It is expected that the company’s output in 2019 is expected to increaseIn terms of aggregate business with high gross profit margin, it is planned to increase aggregate production capacity by 2,000 tons in 2019 to double the production capacity; it will realize that the hazardous waste disposal capacity of environmental protection business will 北京夜生活网 also increase.

Profit forecast and investment rating: Since 2019, the company’s sales volume and price have both increased. The quarterly results are expected. The scale of the company is expected to increase. Under the environmental protection and supply-side reform policies, prices are also expected to remain good.The company’s performance is expected to continue to grow steadily.

The volume and price performance of the company’s products continued to be better than expected, and we raised our EPS forecast for the company in 2019-21 to 4.

10, 4.

45, 4.

70 yuan (previous forecast was 3).

66, 3.

97, 4.

14 yuan).

Maintain target price of 29.

28 yuan, maintaining the “recommended” level.

Risk reminder: Faster growth of fixed asset investment and real estate investment may lead to a decline in the industry’s prosperity; falling cement prices and rising raw material and coal prices will erode the profitability of cement products

Dayang Electric (002249) Coverage Report for the First Time: Rooted in New Energy and lays out hydrogen fuel cell business

Dayang Electric (002249) Coverage Report for the First Time: Rooted in New Energy and lays out hydrogen fuel cell business

This report reads: The company has gradually expanded from home appliance motors such as air conditioners to automotive motors and new energy vehicle drive motors, and has invested in Ballard Plus’s hydrogen fuel cell business to take the lead in future development of the industry.

Investment Highlights: 6.

Cover for the first time, and increase the holding level with caution.

The company has expanded from home appliance motors to new energy vehicle motors and fuel cell fields.

EPS is expected to be 0 in 2019-2021.

17
, 0.

10, 0.

12 yuan, with reference to the industry’s average assessment of 23X PE, given a certain premium for the subsequent growth of fuel cells, given 27X PE in 2019, and a target price of 4.

6 yuan, covering for the first time, carefully increase the level of holdings.

7
Affected by the impairment of goodwill, the company’s 2018 performance increased.

The company’s revenue in 2018 reached 86.

3.8 billion; net profit attributable to mother is -23.

760,000 yuan, exceeding the expected minimum.

The preliminary includes: 1) the decline in the company’s gross profit margin affected by tariffs and market competition factors; 2) the subsidiaries Shanghai Electric Drive and Patelai accrued goodwill impairment of 2.1 billion and 3, respectively.

10,000 yuan, the impact on the company’s net profit.

8.

The vehicle business group was established to give full play to the synergies of all parties.

At present, the company has integrated the four subsidiaries of Shanghai Electric Drive, Patelai, Wuhu Genorui and Dayang New Power into Dayang Motor Vehicle Business Group. Its products include vehicle rotating motors, new energy vehicle drive systems, and car starters.

We believe that business integration can give full play to the synergies of participants in products, channel customers, etc., while effectively controlling related costs and avoiding waste of resources.

9.

Participated in Ballard and increased the layout of hydrogen fuel cells.

Since 2016, the company has successively invested in the related business of leading companies in the field of fuel cells. 1) In August 2016, the company’s wholly-owned subsidiary invested $ 28.3 million to subscribe for Canadian company Ballard9.

9% equity; 2) The company’s 深圳spa会所 subsidiary has the right to transfer 10% equity of Ballard and Weichai Power Joint Venture to further deepen the tripartite cooperation.

At present, the company’s fuel cell products include battery components, vehicle controllers, motor drive systems, etc., and through the participation of related companies in the industrial chain to open up gas phase storage and transportation, hydrogenation, and fuel cell system development, etc., it is expected to take the lead in the future to benefit from the development of the fuel cell industry.
10.

Risk reminder: New energy vehicle sales are lower than expected, the company accrues goodwill impairment