TD Optics (002632) Company dynamic comment: Reflective film business grows steadily Aluminum and plastic films and optical films are expected to contribute incremental performance

TD Optics (002632) Company dynamic comment: Reflective film business grows steadily Aluminum and plastic films and optical films are expected to contribute incremental performance
Event: The company released a performance report for 2018, reporting that the combined company achieved total operating income12.0.6 billion, an increase of 49 over the same period last year.81%; operating profit 2.8.7 billion, a year-on-year increase of 87.84%; total profit 2.860,000 yuan, an increase of 90 over the same period last year.99%; net profit attributable to shareholders of listed companies2.400,000 yuan, an increase of 93 over the same period last year.80%. The license plate film and license plate semi-finished products business improved the company’s performance.At the report level, the company ‘s glass bead product business has grown in the downstream license plate film and license plate semi-finished product market. Product added value supplements The company ‘s main glass bead-based reflective materials have achieved rapid growth; in the future, about 30 million vehicles will be added each year.30 million sets of license plates are needed, and 5-6 sets of license plates can be used per square license plate film. It is expected to increase the market by 6 million square meters every year in the future, and convert more provinces.The license plate semi-finished product supplier changes, and the overall license plate film and semi-finished product market size will show substantial growth, and the company is expected to gain a higher market share. The production capacity of microprism film is gradually released, which is expected to contribute incremental performance.The company is the first domestic leader in the world to break through the microprism reflective film technology barriers. It has a glass microbead reflective film production capacity of 16.8 million square meters, a microprism light emitting film production capacity of 10 million square meters, and a reflective cloth production capacity of 13.2 million square meters.Clothing capacity is 5 million sets.About 3M, Avery, Ruifei and other foreign companies that have suffered colonial rule in the future, the company will take advantage of good service and a slightly lower 15% -20% price advantage in the future, and is expected to quickly seize the domestic market.The company’s sales of high-margin products such as micro-prism reflective film increased the company’s overall gross profit level.In the first three quarters of 2018, the sales volume of microprism reflective film reached 1.97 million square meters.With the further release of production capacity, the company’s microprism film business is expected to contribute incremental performance in the future. The certification phase of the aluminum battery in the field of power batteries is about to enter the harvest period.Aluminum plastic film is one of the key materials for flexible lithium battery packaging, and it is also one of the key barriers in the lithium battery industry chain.The global aluminum plastic film market and technology have been monopolized by a few companies such as Japan and South Korea, and the domestic production rate is less than 5%.Among them, the global market share of aluminum-plastic films produced by DNP and Showa Denko reaches about 70%.Due to the strong monopoly of aluminum-plastic film, prices have remained high, and gross profit margins have exceeded 50%.At the same time, the cost of aluminum-plastic film accounts for about 15% of the cost of soft pack batteries, and the price gap between domestic and foreign prices is about 20% -30%.Domestic lithium battery manufacturers urgently demand to reduce the cost of lithium battery raw materials. Therefore, the aluminum plastic film has realized import substitution, and the domestic demand has become increasingly prominent.The company’s aluminum plastic film adopts a dry process and has entered a stable mass production stage in the second quarter of 2017. The performance indicators are consistent with the performance of similar products of foreign brands. It is 杭州桑拿 one of the very few domestic companies that can mass produce aluminum plastic films.At present, the company has obtained more than 50 3C lithium battery enterprise orders. Mainstream power customers are in the certification stage. Some small manufacturers and mopeds have already purchased power-based membranes.With the completion of certification, the company’s aluminum plastic film business is expected to enter the harvest period. With the acquisition of Warwick, the layout shows optical films, and the future of quantum dot films is promising.Warwick New Material’s main products are multifunctional composite brightness enhancement film rolls for LCDs and optical film sheets (synthetic liquid crystal module optical films). The main customers include TCL, Zhaochi, Skyworth, Kangguan, Huike and other domestic and foreignenterprise.At present, the quantum dot film has been installed and debugged to achieve mass production conditions, which is expected to become a new growth point for the company’s profits. Investment suggestion: The company is a leader in the field of domestic reflective materials. The traditional business has grown steadily, and emerging businesses are expected to provide performance growth points in the future.The company’s 18-20 EPS is expected to be zero.38 yuan, 0.48 yuan, 0.61 yuan; the corresponding PE is 22.16X, 17.59X, 13.90X; Maintain “Highly Recommended” rating. Risk reminder: The prosperity of the reflective material industry is highly expanded, and the range of demand for aluminum-plastic films shows that the demand for optical films has increased significantly.

Chint Electric (601877): Performance maintained rapid growth Low-voltage electrical business is expected to reach another level

Chint Electric (601877): Performance maintained rapid growth Low-voltage electrical business is expected to reach another level

The company released its 2018 annual report and 2019 quarterly report: the 2018 revenue was attributed to net profit, and the net profit after deduction was increased by 17 respectively.

10%, 26.

47%, 38.


Revenue in the first quarter of 2019 was attributed to net profit, and net profit after deductions increased by 17 respectively.

66%, -11.

60%, -12.

11%, after excluding the impact of generator sales in the same period of each year, it is attributed to net profit, and net profit after deduction is increased by 22 respectively.

22%, 22.

57%, maintaining rapid growth.

The company’s photovoltaic sector has entered a stable development stage, and household consumption is expected to resume high growth. After the layout and investment of low-voltage appliances in recent years, the distribution channels have become stronger, and the direct sales business has also made breakthroughs.

The company maintains an excellent balance sheet and cash flow, self-blood-making ability, profitability, and maintains a “strongly recommended-A” rating with a target price of 28-30 yuan.

  The first quarter performance growth exceeded expectations.

The company published 18 annual reports and 1 quarter of 19 reports.

In 2018, the company’s revenue was attributed to net profit, and after deduction, it was attributed to net profit of 274 respectively.

21, 35.

92, 36.

54 ppm, an increase of 17 each year.

10%, 26.

47%, 38.

81%, annual report performance in line with expectations.

In 杭州桑拿网 the first quarter of 2019, revenue was attributed to net profit, and net profit after deduction was 59 respectively.

95, 5.


2.7 billion, an increase of 17 each year.

66%, -11.

60%, -12.


Among them, in the first quarter of 18, the company confirmed that the gain from the sale of power plants was about 1.

7 trillion, excluding the influence of this factor, attributed to net profit, net profit after deductions increased by 22.

22%, 22.

57%, maintaining rapid growth.

  Breakdown of business.

In 2018, the company’s low-voltage electrical appliance business achieved revenue of 163.

40,000 yuan, an increase of 16 in ten years.


The photovoltaic business realized revenue 103.

75 ppm, a ten-year increase of 17.98%, among which, power station operation, battery module manufacturing, and EPC achieved revenue of 19 respectively.

52, 62.

46,杭州桑拿 21.

7.7 billion, an increase of 14 each year.

67%, 18.

56%, 19.


  The low-voltage electrical business is expected to take another step.

The company’s low-voltage distribution business channel capabilities have been further strengthened. At present, it has 500 core core dealers and more than 3,600 distribution outlets. After sales and management in 2015, it began a new round of development and is committed to maintaining rapid growth.Shares have taken another step.
The direct selling business focuses on six major industries: electricity, machinery, communications, industry, construction engineering and new energy. It has cultivated a professional direct selling team and achieved a phased breakthrough.

  The company’s photovoltaic sector is operating steadily with household expectations.

The company’s photovoltaic power generation accounted for over 50%, its operations were stable, and its EPC business was also expanding.

The company’s household photovoltaic business model is already very clear. In collaboration with the low-voltage electrical appliance channel, a strong promotion team has been cultivated at the beginning of 18 years. However, it was affected by 531 policies in 2018.

Above xGW, the compensation intensity is 0.

18 yuan / watt.

After the implementation of the policy, the company’s household business restarted ahead of schedule.

  Investment suggestion: Maintain “Highly Recommended-A” rating with target price of 28-30 yuan.

  Risk reminder: The demand for low-voltage electrical equipment fluctuates, and it is difficult to solve the problem of new energy power generation.

Northeast Securities (000686) 2019 first quarter performance review: net profit growth attributable to mother tripled

Northeast Securities (000686) 2019 first quarter performance review: net profit growth attributable to mother tripled

Key points of investment: Net profit attributable to mothers grows more than 3 times per year.

In the first quarter of 2019, the company’s operating income was 22.

76 trillion, an annual increase of 140.

70%; net profit attributable to mother 5.

68 ppm, an increase of 327 per year.

30%; basic profit income is 0.

24 yuan, an annual increase of 300.

00%; ROE (expected average) is 3.

75%, an increase of 2 each year.

90 pct.

Thanks to the rebound in the securities market, the company’s net income from brokerage business and the fair value of transactional financial assets increased significantly, and net profit attributable to mothers increased by more than three times.

  Brokerage, net income from self-operating income increased greatly.

In the first quarter of 2019, due to the increase in market turnover and the overall growth of securities, the company’s brokerage and proprietary business net income (net investment income-investment income to associates and joint ventures + net open hedge income + fair(Net income from value changes) increased significantly, increasing by 27 respectively.

68% and 370.

42%, of which net income from fair value movement increased by 953.


  Investment banks, asset management and credit business net income fell significantly.

The first quarter of 2019: the securities market share decreased, while the company only had bond underwriting income and no equity underwriting income, contrary to the same period last year with only equity underwriting income and no bond underwriting income, which caused the company’s investment banking net income to decrease by 29%.

34%; the scale of the company’s entrusted assets 成都桑拿网 decreased significantly, and net income from asset management business decreased by 39.

71%; As interest expense is greater than interest income, the net income of credit business in the current period is negative, compared with the same period last year.

  Revenue from spot trading increased significantly.

In the first quarter of 2019, the company’s other business income8.

6.6 billion, an increase of 178.

84%, mainly due to the increase in the revenue of spot trading business of futures subsidiaries.

The company newly added and vigorously developed the spot trading business in 2016. From 2016 to 2018, the revenue of the spot trading business increased rapidly, which was reflected in the income or growth rate of other business was 1863%, 486% and 102%, respectively.Generate total contributions, the proportion of the proportion of revenue in the period is 7 respectively.

01%, 37.

33% and 54.


  Brokerage, self-employed and spot business revenues are revenue relays.

In the first quarter of 2019, the company’s brokerage, investment bank, asset management, credit, self-employed and other business revenues accounted for 10 respectively.

28%, 1.

85%, 1.

05%, -1.

93%, 46.

40% and 38.

05%, of which the brokerage, self-employed and corporate business revenue accounted for the total revenue share of the three businesses in the period from 2017 to the first quarter of 2019 all exceeded 80%, indicating that the company’s revenue is dependent on personal business.

  Investment suggestion: Give a cautious recommendation rating for the first time.

Benefiting from the recovery of the securities market, the company’s net profit attributable to its mother increased by three times in the first quarter of 2019, and its performance rebounded strongly.As of April 25, 2019, the company’s PB was 1.

60 times, it is estimated to be at a historical low, and it is estimated that there is already room for upwards.

  risk warning.

The economy exceeded expectations, the stock market fell sharply, and the stock market’s trading volume shrank sharply.

Depth-Company-Bank of Beijing (601169): Earnings before provision increased rapidly

Depth 南京桑拿网 * Company * Bank of Beijing (601169): Earnings before provisioning increased rapidly

The profitability of Bank of Beijing in the first half of the year has improved significantly compared to 2018, the company’s retail transformation has gradually realized transformation, and the retail deposit and loan business has performed better.

In terms of asset quality, in the second quarter, the company’s non-performing production increased, and the margin of asset quality improved. At present, the company is in the stage of disposal of bad stock.

Maintain the company’s overweight rating.

The main points of the support level before the provision of profits realized rapid growth, credit costs increased.

Bank of Beijing’s revenue in the first half of 2019 increased by ten years19.

6%, a slight change from the previous quarter, 武汉夜网论坛 mainly due to the impact of litigation fee income (-5.

53% year-on-year).

But overall, the company’s revenue performance has improved significantly compared to 2018.

Among them, benefiting from the improvement in interest margin, net interest income increased by 12 in the first half.

3%, which is basically similar to the first quarter (12.


The company stepped up its provisioning efforts and increased the cost of credit by 13BP to 1.

27%, so net profit growth in the first half of the year from 24 before provision.

1% interest rate 8.

56%, the rapid growth of net profit in the first quarter fell by about 1 average.

The gradual improvement of the retail industry gradually increased, and the increase in peers’ reduction of cost pressures eased the widening of interest rate spreads.

Retail loans at the end of the second quarter increased by 10 from the beginning.

4%, leading to an increase of 0% in retail loans.

7 up to 30.


In terms of structure, high-yield loans such as operating loans and consumer loans accounted for 32.

7%, an increase of 1 earlier.

6 averages that promote loan yields (4.

81%) up.

On the debt side, retail deposits increased by 15 at the end of the second quarter.

7%, a significant increase in the same industry, leading to an increase in retail deposits in the initial period1.

2 up to 22%.

In terms of interest margin, in our opinion, in addition to the improvement in loan yields, the improvement in cost pressure on the debt side is the company’s interest margin in the first half of the year (1.

91%) Another important factor for broadening.

Negative identification has become stricter, and asset quality pressure is under control as a whole.

Bank of Beijing’s NPL ratio rose by 5BP to 1 from the first quarter.

45%, we believe that it is related to the debt problems of individual corporate customers and the stricter and stricter identification of bad companies.

At the end of the half year, loans / non-performing increases overdue for more than 90 days fell to 78.


We estimated that the company’s single quarterly annualized bad production in the second quarter generated a replacement of 1%, and the earlier quarter (2%) dropped.

Provision coverage ratio in the second quarter decreased by 1 compared with the first quarter.

58 averages to 213%, compared with the first quarter, loan allocation increased slightly by 8BP to 3.
We believe that the company is currently in the stage of disposal of bad stocks, and the overall pressure in the future can be controlled.

It is estimated that in the second half of the year, we will lower the EPS of Bank of Beijing to 1 in 2019, taking into account the weakening of the positive contribution of the high-cost interbank compensation to the interest margin and the increase in the company’s provisioning strength.


12 yuan (was 1).


15 yuan), the adjusted net profit growth rate is 8.

4% / 9.

4% (was 9).

5% / 10.

7%), currently corresponding to 2019/2020 PB0.

58x / 0.

53x, maintaining the company’s overweight rating.

The main risks faced by the rating: the economic downturn caused the asset quality to deteriorate more than expected.

Nanwei Medical (688029): Three major technology platforms for domestic minimally invasive diagnostic and treatment equipment leaders are expected to grow rapidly

Nanwei Medical (688029): Three major technology platforms for domestic minimally invasive diagnostic and treatment equipment leaders are expected to grow rapidly

Based on R & D and innovation, it has become the domestic leader in endoscopic diagnosis and treatment supplies.

Founded in 2000, Nanwei Medical focuses on the research and development, production and sales of minimally invasive diagnostic and therapeutic devices.

The company has built three major technology platforms including endoscopic diagnosis and treatment, tumor ablation, and EOCT (optical coherence tomography system).

The company achieved operating income in the first three quarters of 20199.

600 million, an annual increase of 41.

2%; achieve net profit attributable to mother 2.

30,000 yuan, an annual increase of 38.

9%; net profit deducted from non-attributed mothers2.

20,000 yuan, an increase of 49% in ten years.

  Endoscopic diagnosis and treatment consumables: The core endoscopic business grew rapidly.

The global market size of endoscopic diagnostic equipment is more than 5 billion U.S. dollars, with an annual growth rate of about 5%. The penetration rate of endoscopic examination in China is currently low, but the growth rate is far beyond the international level.

  The company has six major product series including hemostasis and closure, EMR / ESD, ERCP, EUS / EBUS, etc. Among them, soft tissue clips are cost-effective, CAGR (2015-2018) = 167%, and the revenue ratio is 3

75% increased to 41.

82% are the company’s star products.

  Focus on research and development, innovation-driven.

The company continues to expand investment in research and development, continuous technological innovation, and develops new products.

The research and development achievements won the second prize of the National Science and Technology Progress Award, and the second prize of 无锡夜网 the National Technology Invention Award.

The company cooperated with Johns Hopkins University in the United States to obtain the core technology of EOCT products. It has been approved by the US FDA clinical trials and entered the domestic medical device green approval channel.

EOCT, as the most cutting-edge product for early cancer screening, has a breakthrough market potential.

  The layout of high-end products for minimally invasive diagnosis and treatment emerged.

At the same time as the rapid development of internal mirror diagnosis and treatment consumables, the company has cut into the field of tumor microwave ablation treatment and is marching toward high-end minimally invasive diagnosis and treatment products.

In 2018, the microwave microwave ablation product revenue was 7089 million, with a domestic market share of 23% in this field, ranking first in the echelon.

  Two-wheel drive in domestic and international markets.

In the domestic market, the company’s soft tissue clips, ESD electric knives and other products gradually realized import substitution.

The company’s products cover 2900 inpatient hospitals across the country, and the coverage rate of top three hospitals has reached more than 55%.

  In the international market, the company’s products are exported to the United States, Japan and other countries and regions.

National income reached 5 in 2018.

700 million, accounting for 55.

30%, overseas income reached 4.

100,000 yuan, accounting for 44.


  Investment suggestion: For the first time, assign a “Neutral” rating.

We expect the company’s revenue for 2019-2021 to be 12.

88, 17.

8, 24.

3.9 billion, a 39-year growth of 39.

7%, 38.

2%, 37%, net profit attributable to mother is 2.67, 3.

61, 4.

8.6 billion, an increase of 38 previously.

8%, 35%, 34.


The EPS is 2.

01, 2.

71, 3.

64 yuan.

Considering that the company is a leader in the diagnosis and treatment of digestive tracts, the two-wheel drive at home and abroad, the product is cost-effective, and the technology in progress is advanced.

We think the company’s reasonable estimate range for 2019 is 16-18 times PS, and the reasonable price range is 153-173 yuan.

Yuanzu Shares (603886): Pre-receipt Steady Increase and Price Increase to Promote 19-Year Performance Acceleration

Yuanzu Shares (603886): Pre-receipt Steady Increase and Price Increase to Promote 19-Year Performance Acceleration

Key points of investment: The first net increase in stores in 18 years, the pre-collection at the end of the year highlights the high demand.

In the initial period, there were 40 net new stores, with a total of 631 stores, +6 per year.

8%, while single store revenue is +3 for ten years.

2%, solid performance.

In 武汉夜生活网 terms of categories, mooncake / cake / cake / fruit income plus +12 respectively.

5% / 12.

7% / 4.

0% / 8.

1%, the ton price is +10 per year.

0% /-1.

3% /-10.

8% / + 13.

8%, mainly due to a series of effects during the store promotion process.

The company’s advance payment at the end of 18 years +21.

7% to 6.

09 trillion, mainly due to the increase in sales of union welfare card coupons, showing a high degree of prosperity.

Affected by cost, gross profit was skipped, and a new round of price increase cycle was launched in 19 years. In 2018, Yuanzu ‘s overall gross profit margin decreased by -1.

52ppt to 64.

8%, of which moon cake / cake / cakes / fruit gross margin were -3 in a row.

8ppt / -2.

1ppt / -0.

9ppt / + 7.

8ppt, the average direct material cost per mooncake / cake is +26 per year.

3% / 12.

5%, mainly due to the use of ice cream cold packs and the rise in packaging material prices.

From April 1, 2019, Yuanzu started a new price increase cycle for related cakes and fruit gift boxes. The price increase range is about 10-25%. Assuming the same sales volume, it is expected to contribute more than 4% of revenue growth.
There is room for future sales expenses to decrease. The growth rate of Yuanzu ‘s overall sales expense rate in 2018 is +0.

52ppt, mainly due to the increase in labor costs and advertising costs.

The company’s sales staff increased by 442 in 18 years. If the cost of sales personnel is calculated based on this caliber, it will be about -2% in 17 years, and the single store rent will also total -0.

8%, it is expected that the cost will be lowered after sinking to third- and fourth-tier cities and re-planning.

And by expanding the scope of delivery, the transportation cost rate has increased slightly.

We believe that during the continuous expansion and sinking of Yuanzu, the unit rental cost is expected to decrease while the cost-effectiveness of employees is prominent, and there is room for the company’s future sales expense ratio to continue to decline.

Earnings forecasts and estimates We expect the company’s revenue for 2019-2021 to be 22 respectively.

2 ppm / 24.

4 ppm / 26.

6 trillion, each year +13.

2% / 10.

2% / 8.8%, net profit is 3 respectively.

0 ppm / 3.

56 ‰ / 4.

US $ 0.6 billion, at least + 25% / 17% / 14% respectively. Currently, the total corresponding 19/20 PE is 18X / 16X. Maintaining the “Buy” rating risk indicates that mooncake demand is affected by policies / increase in store rent and labor costsBeyond expectations / food safety risks.

Huayou Cobalt (603799): The acquisition will form a synergistic effect, and the profits can be expected to increase

Huayou Cobalt (603799): The acquisition will form a synergistic effect, and the profits can be expected to increase

Event: The company intends to acquire shares in Tianjin Bamo Technology Co., Ltd. and Yinzhou Huayou Cobalt New Materials Company by issuing shares.

The counterparties of this transaction are Hangzhou Hongyuan Equity Investment Partnership and Wuhu Xinda Xinneng No. 1 Investment Partnership (Xineng Fund).

The company and Bamo Technology’s controlling shareholder Hangzhou Hongyuan Co., Ltd. “letter of intent to acquire equity”, the target equity is Hangzhou Hongyuan intends to transfer to the company all the shares of the target company and all the shares associated therewith;The shareholders’ new energy fund short-term “letter of intent to acquire equity” is marked as held by the new energy fund.

For 68% equity and all related equity, the pricing of the underlying equity is based on the valuation of the target company confirmed by the asset evaluation report issued by the asset appraisal agency, and is determined through negotiation between the two parties.

  The completion of the acquisition is expected 无锡夜网 to form a synergy effect and enhance Huayou’s production technology.

The development, development and large-scale production of Tianjin Bamo Casting Lithium Ion Battery Materials is a state-level emerging enterprise, and currently has an annual production capacity of 25,000 tons.

The products are high nickel materials, ternary materials and high voltage lithium cobalt oxide.

Bamo was selected into the “Ministry of Industry and Information Technology Lithium-Ion Battery Safety Standards Task Force” in 2017, marking the company’s outstanding level of lithium-ion battery research and development technology, and the development of lithium-ion battery materials has become influential and right to speak.

The acquisition has helped Huayou improve its research and development, production technology, and maintain industry-leading 北京夜网 technology, which is in line with the company’s long-term strategy to become a global leader in the field of new energy materials for lithium batteries.

  After the completion of the acquisition, Huayou Yinzhou will become a wholly-owned subsidiary of Huayou Cobalt.

Huayou Yinzhou is 84 shares held by Huayou Cobalt.

With 32% of its subsidiaries, Xinneng Fund is the only minority shareholder.

Huayou Yanzhou’s main products are cobalt chloride, cobalt sulfate, cobalt tetroxide, cobalt carbonate, cobalt oxalate, metallic cobalt, ternary precursors, etc.

In addition, the company was successfully selected as the first batch of enterprises in the “Industrial Conditions for Comprehensive Utilization of New Energy Vehicle Waste Power Batteries” by the Ministry of Industry and Information Technology, creating favorable conditions for the development of the waste power battery recycling market.

Huayou Yinzhou is an important source of profit for Huayou Cobalt. The completion of the acquisition will expand the company’s profits.

  To sum up, the company is a leader in the industry and strives to implement the integration strategy of upstream, midstream and downstream.

The company holds scarce resources in the upstream, expands production capacity in the midstream, and actively deploys ternary precursor products in the downstream, effectively diversifying risks and stabilizing the overall market.

Forecast the company’s net profit for 2018-202024.

19, 30.

54, 36.

28 ppm, an increase of 27 in ten years.

6%, 26.

3%, 18.

8%, corresponding to EPS of 2.



38 yuan, the corresponding PE is 12 respectively.



5. Maintain the “overweight” rating.

  Risk reminder: There are significant uncertainties about whether the transaction can be reached in the event of internal audit and assessment of the major assets restructuring planned by the company.

Big Dipper (002151): the leader of Beidou navigation industry chain

Big Dipper (0都市夜网 02151): the leader of Beidou navigation industry chain

Beidou chip board, 5G components and car networking trio.

BeiDouXingTong started from the development of BeiDou navigation chips, and now has four major business sectors: basic products, defense business, automotive electronics, industrial applications and operation services. The downstream includes navigation and positioning, scheduling, precision measurement, mechanical control, target monitoring, and Internet of Things.And so on, formed the Beidou industry chain leader of Beidou chip board, 5G components and car networking.

The Beidou industry chain is the only chip leader to receive a stake in a large fund.

BeiDouXingTong is the only listed company in the BeiDou industry chain that has been invested by the National Integrated Circuit Fund, with a stake of up to 12%.

Subsidiaries and Xingxing mainly develop Beidou chip boards. They have won the navigation-type, advanced, baseband RF integrated chip comparison champion for 10 years, and created large-scale applications of Beidou in the field of vehicle front-loading, helicopters, autonomous driving and robotics.

Its “advanced dual-frequency differential baseband chip” is a domestic leader, expanding millions of orders each year, and has obvious advantages in terms of energy consumption, miniaturization, and cost.

The company’s newly developed 22nm process RF baseband integrated navigation and positioning chip supporting the new signal of BeiDou-3 will be mass-produced.

Hexin Xingtong is also a major supplier of positioning chips and modules in the unmanned field, providing high-precision positioning modules for DJI and other manufacturers, and exploring high-precision applications in automotive electronics.

5G antennas and automotive electronics are important considerations.

The Big Dipper’s compound growth rate over the past three years reached 38.

65%, mainly from mergers and acquisitions.

Due to the multiple decentralized characteristics of the satellite navigation market segment, outbound mergers and acquisitions are an important way for some companies to grow.

In recent years, Big Dipper has successively acquired companies such as Huaxin Antenna, Jiali Electronics, RxNetworks, in-techGmbH, etc., to achieve the entire industry chain layout of “antenna-chip-board-module-terminal-operation-service”.

In 5G, the subsidiaries Huaxin Antenna and Jiali Electronics are highly competitive in high-end antennas, ceramic filters, and RF components, and are expected to provide large-scale products for 5G base stations.

Jiali Electronics has been included in the priority list of suppliers by ZTE, Datang and others. Huawei has been fast-paced since the second quarter of 1919, releasing a variety of product replacement plans to Jiali Electronics and starting to supply some products in batches.

In terms of automotive electronics, the company has accumulated customer resources from domestic first-tier auto manufacturers such as SAIC Volkswagen, Changan, Geely, Chery, FAW, SAIC-GM-Wuling, etc., and it is expected to become the top three Tier 1 suppliers in the country in the future, and become the “Beidou connected car”Important support.

Additional issuance and expansion of 5G components and high-end car navigation equipment.

The company plans to raise an additional US $ 1 billion this time for the expansion of Jiali Electronics’ 5G communication core RF components and the automotive electronics project of Chongqing Company (intelligent central control, digital instruments, networked equipment and systems, integrated cockpitWait).

Jiali Electronics and Datang Mobile have begun a full-scale cooperation, and more than 20 models of base station terminal component products have been released; ZTE has completed the review and product verification of Jiali Electronics.

From 2016 to 2018, the company’s automotive electronics business revenue averaged a compound annual average of 93.


The global sales of driverless cars will reach 230,000 in 2025, and the number of driverless cars will reach 54 million in 2035.

With the popularization of intelligent driving, advanced navigation and positioning are becoming increasingly important, and the “Beidou Car Networking” has surfaced.

Profit forecast: 2020 is the first year of localization of satellite navigation, and the Beidou domestic application is expected to erupt after the global networking is achieved by June.

As a Beidou upstream chip board card, the company will 天津夜网significantly benefit from 5G communication components and downstream vehicle networking suppliers.

Although the company is still in the state of R & D investment in the past two years, it is in an excellent track and has better card slots, especially to replace the first-mover advantage on the core chips of Beidou III.

It is expected that the company will realize revenue 28 in 2019-2021.

50,000 yuan, 40.

9 ppm and 63.

900 million; net profit of -5 respectively.

7.7 billion yuan, 1.

1.9 billion and 2.

23 ppm, corresponding to -3.

49 yuan, 0.

72 yuan and 1.

35 yuan, the corresponding PE is -8.

56X / 41X / 22X.

The first coverage was given a “strong recommendation” rating. Risk warning: the company’s additional issuance is less than expected; Beidou’s development is less than expected.

Everbright Bank (601818) Semi-annual Report Comment: Stronger-than-expected deposit growth

Everbright Bank (601818) Semi-annual Report Comment: Stronger-than-expected deposit growth

Investment Highlights Everbright Bank’s performance exceeded expectations and interest margins increased.

Everbright Bank’s profit in the first half increased by 13.

1% is the first double-digit growth in recent years.

The main drivers of profit growth came from NIM + 48bps, and the size of interest-earning assets +8.

8%, net fee income +21.


Costs are properly controlled and cost-income ratio is 26.

3%, more than 23 billion impairment losses were accrued in the first half of the year, and the ability to offset risks was further enhanced.

Strong growth in deposits and rapid growth in loans.

The growth of deposits in the first half of the year was strong, with an increase of 15% earlier and an annual increase of 21.

5%, reaching the highest level in recent years, denying that the structure has been significantly optimized, the proportion of deposits has been increased to 70%, and non-deposit-type liabilities have fallen, thereby increasing growth and reducing the efficiency of cost control.

In terms of assets, loans maintained a relatively rapid growth rate, with an increase of nearly 170 billion yuan in the first half of the year, and the proportion of stocks further increased to 55.


In the allocation of resources, the replenishment of public loans increased by nearly 120 billion yuan (including bills), and retail sales increased by more than 50 billion yuan. In the first half of the year, credit resources were tilted toward the public.

The return on assets increased, and the cost of debt was properly controlled to push up the NIM level.

As the company adjusted the credit card installment income recognition caliber, the absolute value of NIM increased to 2 in the first half of the year.

28%, comparable caliber + 48bps. The main contributing factors each year are the increase in interest-earning asset yield + 17bps and impedance cost -22bps.

In terms of debt costs, deposit growth was strong in the first half of the year, but at the same time deposit costs were properly controlled and the increase was not significant.

The NPL ratio decreased slightly by 2bps, and the overdue balance increased.

The balance of non-performing loans at the end of the six months was 40.7 billion, an increase of 2.3 billion from the beginning of the year.

Period-end non-performing interest rate 1.

57%, down 2 basis points from the previous quarter.

We estimate that the company’s TTM is badly generated instead of 1.


The company made provision for 22.8 billion bad debts, with an annualized credit cost of 1.

67%, with a loan-to-lending ratio of 2 at the end of the period.

77%, provision costs 178.

04% remained stable.

During the reporting period, overdue loans increased by 10 billion, of which 6.4 billion were over 90 days overdue, and the ratio of non-performing loans to 90 days overdue decreased. The future trend of asset quality still needs to be continuously observed.

In terms of capital, the ending capital adequacy ratio and core tier 1 capital adequacy ratio were 12 respectively.

29% and 9.


The company’s 30 billion convertible bonds entered the conversion period, and 35 billion preferred shares were issued in July, effectively alleviating capital constraints.

We slightly adjusted the company’s EPS to 0 in 2019 and 2020.

72 yuan and 0.

78 yuan, the final net asset is expected to be 6 at the end of 2019.

09 yuan, based on the closing price of 2019/8/28, the corresponding PE in 2019 and 202上海夜网论坛0 are 5 respectively.

2 and 4.7 times, corresponding to 0 at the end of 2019.

61 times.

Maintain prudent overweight rating.

Risk Warning: Unexpected Exceed Exposure, Transition Less Than Expected

Yutong Technology (002831): Performance Meets Expected Profitability Improvement

Yutong Technology (002831): Performance Meets Expected Profitability Improvement
Event: Yutong Technology released the semi-annual report for 2019, and the company’s revenue in 2019H1 was 36.8 ppm, an increase of 12 in ten years.1%; net profit attributable to mothers was 30,000 yuan, a year-on-year increase of 11.2%; net profit after deduction of non-return to mother 2.3 ppm, an increase of 16 in ten years.2%.The company achieved revenue of 1.9 billion yuan in the second quarter alone, an increase of 13 year-on-year.6%; net profit attributable to mother 1.4 ‰, an increase of 11 in ten years.8%; net profit after deduction is returned to mother 1.3 ‰, an increase of 6 in ten years.3%. The revenue of each product is maximized and the gross profit margin is reduced.In the first half of the year, the company’s comprehensive gross profit margin was 28%, surpassing and increasing by 3.4pct.Strong US dollar pattern and paper price downward trend (2019H1 coated paper / white cardboard / double offset paper / corrugated paper averaged 5594/4970/5998/3482 yuan / ton, respectively, down 22.9% / 21.4% / 19.5% / 14.9%) had a positive effect on gross margin improvement measures.In terms of quarters, the gross profit margins of Q1 / Q2 companies were 27.1% / 28.9%, increase by 1 every year.9/4.9 points.By product: 1) Revenue of boutique box 26.20,000 yuan, an increase of 7 in ten years.3%; gross profit margin 30.4%, an increase of 5 per year.1pct.2) Brochure revenue 3.100 million, an increase of 3 every year.6%; gross margin 33.4%, an increase of 2 per year.1pct.3) Revenue from cardboard boxes3.500 million, increasing by 3.7%; gross profit margin 15%, an increase of 2 in ten years.2pct.4) Self-adhesive realized revenue of 80.59 million yuan, an annual increase of 72.6%; gross margin 24.7%, down by 6 per year.4pct.5) Revenue from other businesses 3.3 ‰, an increase of 99 in ten years.5%; gross profit margin 18.7%, down by 5 per year.5 points. The expense ratio has increased, and the net interest rate has remained flat.2019H1 company sales expense ratio 4.6%, a decline 南京桑拿论坛 of 0 per year.1pct; the rate of management expenses (including R & D expenses) is 12.6%, 2pct a year.Including R & D expenses 1.79 trillion, an increase of 46 in ten years.4; financial expense ratio 2.7%, increase by 0 every year.7 points.Among them, the exchange loss was 32.12 million yuan (23.11 million yuan in the same period last year). We judge that the exchange loss mainly occurred in the first quarter.The company’s net profit in the first half of the year was 8%, which fell by 0 in one year.1pct. Accelerate the volume of new customers and optimize the company’s revenue structure.In the first half of 2019, the company increased the development of smart hardware, tobacco and alcohol, health, cosmetics and luxury products.Especially in the cosmetics and daily chemical markets, we have deeply expanded high-quality large customers such as Procter & Gamble, Unilever and L’Oreal. After the initial running-in, some new customers have gradually increased their orders.At the same time, Xiaomi, Lenovo, Harman, Shuijingfang and other large customers have increased incrementally.In addition, sales of Gore, OPPO, Guizhou Xijiu, and some international customers increased rapidly.From the perspective of the income structure system, heavy-volume customers are mainly concentrated in the fields of cigarette packs, wine packs, and cosmetics packaging, which helps the company to gradually reduce its dependence on consumer electronics products and create new growth poles. The trend of increasing concentration is optimistic that the company will open the packaging value chain.According to industry online data, the packaging industry is a trillion-dollar market industry, with the United States’ leading market share of CR2 packaging exceeding 60%, and the current growth rate of China’s leading packaging cities (CR2 2).7%), there is room for improvement in the future.We are optimistic about the cost advantage of Yutong Technology’s packaging design experience and scale effect. At the same time, the company’s front-end design capabilities and terminal delivery capabilities can significantly enhance customer credibility, and it is expected to become a leading Chinese packaging company in the future. Investment suggestion: We expect the company to achieve net profit attributable to mothers in 2019-2021.1, 14.1, 17.50,000 yuan, an increase of 17 in ten years.5%, 26.7%, 24.7%; corresponding to EPS 1.27, 1.6,2 yuan, maintaining the “overweight” level. Risk warning: industry competition intensifies risks, exchange rate fluctuation risks, and raw material prices rise significantly