New potential of A shares: the long-term technology bull is starting

New potential of A shares: the long-term technology bull is starting

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  Original title: Jing Guan Toutiao | Reporter Zheng Yizhen Hong Xiaotang Jiang Xin An unexpected outbreak of the new crown epidemic disrupted the pace of production and life of enterprises and the people, but also unexpectedly catalyzed the surge in demand for new economic industries.

  The number of daily consultations on the online consultation platform has increased, and the 100 billion internet medical market has ushered in the first year of explosion; more than 200 million students have been “online” collectively, and the online education platform has harvested a large wave of traffic dividends; more than 300 million users have resumed work and used remote office applications… Just like the SARS that led to the rise of e-commerce 17 years ago, this new crown epidemic also brought the possibility of “speeding up” and upgrading the industry.

  Sensitive capital markets plunged on the first day of 20207.

After 72%, it also skyrocketed “accidentally”. By February 20, it stood at 3,000 points, and the turnover of the two cities exceeded the trillion mark for two consecutive days.

  The funds have smelled the opportunity of long-term layout of China’s science and technology industry.

In the 18 trading days from the beginning of the year to February 20, the A-share market quickly switched from consumption to technology.

Chips, semiconductor materials, Tesla concept stocks rose more than 40%, and cloud office rose more than 30%.

The traditional liquor, consumption, and home appliances were slightly affected by the epidemic.

  The technology sector market benefited from the rapid shift of offline consumer demand to online. In the view of Sun Jianbo, general manager of China Reading Capital, this transfer has brought about a large penetration of the mobile Internet. For these technology companies, it took many yearsThe nurturing market developed at once.

At the same time, under the downward pressure of the economy, the transition was reduced once after the holiday, and the reverse repurchase and MLF interest rates were reduced to release trillions of liquidity and support the development of the industrial economy.

The China Securities Regulatory Commission loosened its refinancing policy, alleviating the tight cash flow of listed companies under the epidemic and attracting more medium and long-term funds to enter the stock market.

  Liquidity has boosted the market’s extreme differentiation, and the GEM refers to the increase since this year (21.

62%) far exceeds the Shanghai Composite Index (-0.


This time the technology bull market is supported by actual business with the support of supporting policies and environmental possibilities.

In the face of the fast-growing “tech bull”, some institutions believe that overestimating technology stocks, although potentially risky, pay more attention to performance growth; there are also institutions that are relatively cautious and choose a combination of high-selling gains in the short term.

  In the medium and long term, investors are more determined that China ‘s new core assets will most likely appear in the high-tech field in the future.

In the view of Southern Information Innovation Fund Manager Zheng Xiaoxi, the country’s achievements are well understood. No matter what the emerging strategic industrial plan is continuously introduced or the rapid launch of the science and technology board, it reflects the high-level determination and promotion of the development of “hard technology”.Urgency, policy, talent, funds, resources, etc. are all pouring into these areas.

  Like many high-quality technology companies such as Apple and Amazon in the U.S. stock market, which have outperformed the market for a long period of time, China’s technology stocks are starting to take off, catalyzed by the transformation of the country’s cultivation of a new economy and the outbreak of this crisis.

  From conservative to radical Spring Festival, Wang Yuan (pseudonym), a private equity fund manager in South China, decisively adjusted positions.

Affected by the new crown virus epidemic, the Shanghai Stock Exchange Index plunged 7 on the first trading day (February 3) after the holiday.

7%, worried that the market will continue to fall, the market value of holdings fell below the early warning line, Wang Yuan “cut the stock at half cost”.

What is left is the infrastructure and cycle sector stocks that are optimistic about it before the holiday. Under the skyrocketing of small and medium-cap stocks, half of his positions are now on 5G and semiconductors.

  ”The sentiment of the market is on technology stocks, and it is impossible to wait for the traditional industry to slowly ‘crawl’.

At the end of last year, some fund managers copied infrastructure and cycles. They took a long time like me and did not make any money.

It is not possible to go back and buy infrastructure now, the time cost is too high.

Fund managers have to be assessed every six months or three months, and the problem of not making money for six months is very serious.

“Wang Yuan, a conservative investment style, said.

In an interview with the Air Force, Wang Yuan has always adhered to his investment style-petroleum, aviation, infrastructure, nonferrous metals. This time, he turned to the higher-risk technology sector.

  A-shares rebounded continuously from February 4th, and the unilateral rise in the next two weeks quickly and quickly recovered the lost ground, and returned to more than 3000 points on February 20th.

The small and medium-sized companies rebounded significantly more than the Shanghai and Shenzhen 300 and other broad market indexes. The GEM index hit a three-year high, and the small and medium-sized board index also hit a new high in the past two years.

  From the perspective of the industry sector, electronics, computers, and new energy equipment continued to perform better. After the surge in medical health, it fell back. The cyclical sectors such as real estate, steel, and tourism and catering delivery, which were hindered by the impact of the epidemic, performed relatively well.Weaker.

  The bifurcated market under the turmoil of the epidemic disrupted the stock layout of a public offering institution in Beijing.

In anticipation of the weak economic recovery in developing countries, the public offering institution focuses on the allocation of cyclical value and financial stocks. At the same time, it is slowly adjusting its strategy-key holdings have increased their operating efforts and reduced their holding costs.Long-term layout opportunities for smaller technology growth sectors.

  The public equity institution’s stock strategy analyst believes that in the short term, the technical aspects of funds and market risk appetite determine the short-term market trend.

Initially, the funds raised by stock funds mainly flowed into the technology growth sector. At the same time, the surrounding stock market, especially the NASDAQ market in the United States, continued to grow. The market was generally not optimistic about the consumer service sector. The stock structure funds were also transferred to the technology sector.Run to win the market.

  The Economic Observer newspaper interviewed a number of public fund managers and found that the organization did not reduce its positions due to the interruption of resumption of work and the interruption of economic recovery.  A fund manager in Shanghai found out to reporters that the position before the holiday has always been relatively high. Although there were distortions in the market on the first trading day after the holiday, there was only some worry on that day. Later, the emotional impact has been released on the same day.After that, the market has gradually stabilized and recovered, and it will not cause a substantial impact on market trends in the medium and long term. Coupled with a series of policy releases, future stock assets are still very attractive, and not only have they not lightened their operations,I also selected appropriate positions on some oversold stocks.

  An equity fund manager of a medium-sized public equity 南京夜网 institution in Beijing also stated that it did not carry out substantial operations in investment operations, and it was still optimistic about the investment targets it had held, earning long-term industry development and company growth money.

  The fund manager of another large fund company said that the short-term operation is to stay in place and increase tolerance for the transition. After the implementation of the new financing regulations, some companies have received funds to support related industries, and at the same time, they have appropriately increased their positions.Plate.

  According to the statistics of the stock positions of the National Fund Securities Public Offering Fund, as of February 17, the position of stock funds was 91.

55%, an increase of 1 from the previous quarter.

42%, including 181 funds to increase positions and 87 funds to reduce positions.

The overall position of the hybrid fund is 72.

08%, an increase of about 1 last quarter.

29%, of which 1,300 funds increased positions and 724 lightened funds.

According to the calculation of National Gold Securities, among the top ten fund companies under management, recently, 8 subsidiary companies of the company chose to increase their positions, including E Fund, Harvest Fund, GF Fund, Huaxia Fund, ICBC Credit Suisse Fund, etc.

  The enthusiasm of institutional investors for the “old king” and “new king” has not diminished.

A shares stood at 3000 points on the day of the 20th, and the trading volume exceeded one trillion.

The hot issue of funds, the science and technology theme fund crazy money.

On February 18th, the new fund of Chen Guangming’s Ruiyuan was issued with a plan to raise 6 billion U.S. dollars, with a subscription amount of more than 100 billion that day and a product placement ratio of less than 5%.

  Regarding the style of this year’s market, investors’ attention focuses on the battle between the “old king” and the “new king”, that is, the old king represented by liquor and household appliances and the new king represented by technology.

  Xuan Yi, chief strategy analyst of Huaxia Fund, believes that in the short term, the new king may be more dominant. The leading style of the market is currently guided by technology stocks. The degree of certainty of the prosperity of the technology industry represented by semiconductors and cloud computing is increasing.
  An interview with a series of institutional investors, including public placements, private placements, and insurance funds, found that the current allocation trend of stocks is roughly 5G, semiconductor, new energy, biomedical and other technology growth stocks, and some institutions add warehouse real estate., Infrastructure, banks and other underestimated blue chips, appropriately reduce consumption, transportation, aviation and other sectors of the severely affected by the epidemic.

  According to Wind data, the consumer electronics sector has only increased by 3% so far, while the strongest growth is in the strong alcohol, soft drinks, insurance, and airports sectors, which have fallen by 7 respectively.

7%, 9.

9%, 8.

2%, 9.

At 6%, the aviation logistics and food sectors also fell 4% and 2%, respectively.

  The market style is extremely differentiated, and the GEM and the main board deviate from the excellence.

The reason is to reduce the compulsory blockade and quarantine measures introduced to control the epidemic, which has gradually stepped up the pace of economic recovery, and the downward pressure on the economy has increased sharply.The severely affected by the epidemic is tourism, catering, consumption, transportation, and 5G, semiconductor and new energy sectors are less affected by the epidemic. On the contrary, under the catalysis of the “housing economy”, remote office has been accelerated, onlineEducation, online healthcare, streaming media, etc. rely on the penetration rate of the electronic technology industry.

  Xuan Wei believes that the impact of this epidemic on performance is probably as follows. Catering, tourism and consumption will gradually reduce revenue expectations by 20% -30%. Jewellery and department stores will be reduced by 10% -20%. The influence of liquor will be 10%.The impact of non-alcoholic food is between 5% and 10%, while that of home appliances is the smallest, about 5%.

  The market consensus is that the impact of the outbreak on technology stocks is limited, and loose liquidity has also helped push small and medium-sized tickets higher.

Under the policy easing, the elasticity coefficient of technology growth stocks will be more conducive to greater easing policies.

  Less than 20 trading days after the holiday, the shift has cut interest rates three times.

On February 3, a long-term record was introduced.

The US $ 2 trillion reverse repurchase operation, while the current 7-day and 14-day reverse repo operation rates fell by 10 basis points.

On February 17th, the 2000 trillion medium-term loan facility (MLF) operation and the 100 billion 7-day reverse repurchase operation were completed in advance, and the one-year MLF went from 3.

25% down 10 basis points to 3.


On February 20, data released by the National Interbank Funding Center showed that the one-year LPR was 4.

05%, a decrease of 10bp; LPR over 5 years is 4.

75%, down 5 basis points.

The one-year medium-term loan facility (MLF) is the most important “policy interest rate” at present, and it is the basic coordinate that affects the current loan market quoted interest rate (LPR).

  This aspect has reduced corporate financing costs, strengthened corporate profits, reorganized, and lowered interest rates have also brought up estimates.

  How long can this market last?

Will high-tech feasibility continue to be hot, and will the fast-moving A-share market style switch suddenly?And when will the white horses suppressed by the epidemic stand up?

  Fidelity International Fund Manager Zhou Wenqun believes that under the gradual bleak fundamentals outlook this year, the main factor supporting the market now is the expectation of subsequent continuous liquidity release, and whether this expectation will be realized, whether its strength is in place, and liquidityWhere it ends up, these factors may in turn increase market volatility.

Although it is sometimes difficult to judge how long the strength of small-cap stocks will last, the expectation that the economy will bottom out and rise is expected to end.

  Estimates of technology stocks are generally relatively high, with some bubbles.

Wind data shows that the integrated circuit board price-earnings ratio is 113 times, the chip plate price-earnings ratio is 103 times, the cloud office price-earnings ratio is 77 times, and the Tesla concept stock market earnings ratio is 53 times.

Computer software, medicine and other sectors performed relatively moderately, and the level of estimation was relatively reasonable or slightly higher.

  According to the Economic Observer News reporter, a public offering institution in Beijing has sold information technology stocks spreading short-term gains and some medical and health stocks with higher gains.

  Yang Yan, investment director of Shanghai Miqian Investment Management Co., Ltd. believes that the theme of technology stocks this year will not change at least in the first half of the year, but there will definitely be potential risks, and the overall amplitude will not be particularly large.

At this stage, it is most insurable to select technology stocks whose quarterly earnings are accelerating, because at this stage, it is difficult to measure it with absolute estimates based on some sectors and industries of a stock. It is more about whether the performance is still accelerating.
  Liu Yannan, general manager of Huazhou Assets, said that the valuation of speculated technology stocks is more valued. Many technology stocks are now 10 times PB and PE 100 times. Excessive consideration is difficult to expect excessive returns.

Under the support of many policies, A shares are expected to emerge from a wave of fast bull market. The Shanghai Composite Index is expected to rise to between 3,500 and 4,000 points. The sector is optimistic about technology and consumption.

After the resumption of work, consumer stocks will make up, large finance, and traditional manufacturing will resume. Now that market sentiment is so strong, the downside of technology change stocks will not be particularly large.

  As for the consumer stocks that have fallen sharply recently, the equity fund manager of a medium-sized public equity institution in Beijing said that due to the recent epidemic and other factors, the short-term direct impact on listed companies such as tourism, catering, hotels, and aviation has been extensive, and it has affected some manufacturingThe resumption of work in the industry has also caused a certain impact, but other short-term factors have not changed the overall economic development, nor will it change the market’s long-term stable growth trend. At present, we can see that the inflection point of more and more growth rates is getting closer., Comprehensive resumption of work and economic activities will return to normal, and the market will return to its original track.

  Many institutions believe that in the long run, China’s future economy will be dominated by technology and consumption.

Fidelity International Fund Manager Zhou Wenqun said that in the short to medium term, the consumer sector will indeed have some pressure in the segmented technology / medical and other industries in the economic downturn.

The recent market interpretation of the epidemic situation has seen a clear differentiation between consumption and technology: bearish on consumption and more on technology.

Zhou Wenqun stated that its goals are relatively standard, the market is expecting too much from 5G and other attractions, and the downside risk to technology demand (such as the mobile phone industry chain) is not enough. In the short term, the technology sector is estimated to be high.

  In addition to the favorable liquidity of industrial transformation and upgrading, the surge in technology stocks also benefited from new opportunities for the acceleration of China’s industrial upgrading catalyzed by the epidemic crisis.

The rapid change of A-share style this time is the market’s preemptive response to China’s economic structural transformation and industrial upgrading.

Although China’s economy is almost stagnant due to the epidemic, a series of policies and changes are catalyzing the rapid rise of China’s new economy.

  Sun Jianbo, general manager of China Reading Capital, observed that the epidemic affected all face-to-face industries that required rent and entities, while the Internet and the new economic service model suddenly increased the penetration rate.

For example, it may have turned out that the elderly did not like online shopping. Many people interfered with video conferences, but now they have accepted them. Telemedicine has also proven to be reliable.

For the technology industry, the biggest risk is that society is changing too slowly.

This epidemic brought about a change in concept and a major infiltration of the mobile Internet. This infiltration is unprecedented and there is no dead end.

  The implication of this penetration on investment is that the application of new technology has accelerated, and the profits of related companies have been greatly advanced.

Distance education used to cost a lot of money, and now it may soon be profitable.

The market, which took many years to develop, suddenly developed.
Sun Jianbo said that the opportunity for growth stocks is expected to happen, and this epidemic has made people discover that conversion is catalyzed and converted, whether it is the use itself or the technology itself.

  Catalyzed by the epidemic, some companies are actively seeking change.

Catering company Xibei launched an online sales platform and takeaway platform to help itself. The company’s WeChat and DingDao quickly expanded their servers to meet the surge in online office market demand.

Many online education institutions offer online courses for free, increasing the number of users quickly.

The surge in online demand has led to the acceleration of 5G substrates.

  If SARS has taught Chinese people how to buy and sell goods online, then the new crown pneumonia epidemic is teaching more people to buy and sell services online and work remotely.

UBS Securities believes that the scarcity of expected growth, we are still optimistic about the structural shifters after the epidemic, namely the digital ecosystem.

Prospects selected in our model portfolio include brokers, building materials / industrial, medical equipment and technology companies, who are participants in policy relaxation / stimulus.

Domestic investors are overweighting the Chinese technology sector, and domestic investors appear to be more sensitive to the long-term growth triggered by the new crown pneumonia epidemic: the digitalization of households, businesses, and governments is rising.

  Institutional investors are full of expectations for China’s new economy.

In the view of Huang Xingliang, the fund manager of Wanjia Industry, a new global industry cycle has begun, and 5G-connected Internet of Everything will have great room for future expectations. Through the breakthrough development of technology companies in recent years, many domestic competitionSexual companies, such as consumer electronics, LCD panels, and drones, are among the top echelons in the world, and their facial recognition penetration rate far exceeds the market.

  At the same time, Huang Xingliang believes that China has the world’s largest application consumer market, which is the backing for the development of domestic technology companies.

From the perspective of policy support, considering trade frictions and technological competition, the problem facing the policy is to support and attach importance to the growth and development of local technology companies, and each company has invested heavily in research and development.The development of domestic technology companies is likely to exceed investor expectations.

The unexpected performance of related companies in the future will become the main source of excess income.

  The investment directions that Xinhua Asset Management focuses on are divided into two categories-stable profits and growth.

For example, large consumption is a typical stable profitable industry, and subdividing the electronic sector is a typical growth industry. Supporting the development of the electronics industry is in line with the country’s strategic guidance for economic transformation and upgrading.

From the perspective of industry development trends, the electronics industry is moving from a demographic dividend industry to a higher value chain, and a large number of invisible champions are on the rise. It can be expected that the domestic electronics industry chain will continue to prosper from a long cycle.

  Many investors worry that technology stock estimates are high.

However, Zheng Xiaoxi, Manager of Southern Information Innovation Fund, believes that in the early 1970s, a large number of high-quality leading companies emerged in the U.S. stock market, and more importantly, high-quality technology companies that outperformed the market over a long period of time. This has a good mapping effect on the development of the domestic market:In the future, new core assets will most likely appear in the high-tech field.

  Zheng Xiaoxi said that the logic behind it is that China’s industrial upgrading is on the brink of completion. Only after completing the industrial upgrading can it have the opportunity to cross the “middle income trap” and improve its international competitiveness.

In addition, since last year, trade frictions have referred to China’s “import substitution” as a very urgent agenda, and industrial upgrading and import substitution all depend on the development of technology companies.

The country understands this very clearly, policies, talents, funds, resources, etc. are pouring into these areas, and the industry is fully prepared, so it is optimistic about the prospects of the future science and technology field.

Furthermore, with the increasing influx of foreign countries, the valuation of A-share assets may gradually be aligned with that of U.S. stocks.

  In Zheng Xiaoxi’s view, 2019 is the initial stage of information technology investment. The upgrade of the 5G communication system may bring a new wave of technology.

At present, it is still early in the 3-5 year cycle, so it is optimistic about investment opportunities in information technology innovation in the medium and long term.

Enjie (002812): Expansion of production speed and scale create barriers to expansion leading global supply

Enjie (002812): Expansion of production speed and scale create barriers to expansion leading global supply

The company’s recent situation The company’s investor relations activity record on February 19 revealed that it will add 20 bar code production lines in 2019, thereby increasing its shipment target to 1 billion flats.

CIAPS data show that the company’s output in January was 65 million square meters, an annual increase of 86%.

Comment on the increase of 20 production lines in 19 years, scale advantages and strengthen competitive advantages.

Lithium-ion carbide is a typical heavy asset industry, and the cost of raw materials accounts for a relatively small amount.

The core elements of cost reduction are maximizing production capacity and yield.

The core of stable supply lies in scale and technology.

In the past 18 years, structural excess supply competition has intensified, 西安耍耍网 and prices have continued to fall by nearly 40%.

The company’s production capacity is high, and its output market share will be reduced in 201836.


The main main budget is a shared budget.

The industry expanded its finished products under profitability differentiation.

In 2019, the company’s three real estate lines in Wuxi, Jiangxi, and Zhuhai will expand and scale advantages will increase, meeting the needs of large-scale high-quality supply from downstream core customers.

We expect the company’s market share to further increase.

The overseas core supply system has developed smoothly, improving the quality of earnings.

The company expects shipments from overseas customers to reach 2 in 2019.


At 500 million flats, we will jointly develop products for Volkswagen and Hyundai Motors with overseas customers, and it is expected that the supply will be greatly increased.

In addition, four asynchronous production lines in Zhuhai were certified by a well-known overseas customer and will be shipped in early March.

Supply overseas has higher product unit prices and cash flow remittances, improving the company’s profit quality.

Q1 is full of production schedules, and domestic core customers have a stable supply relationship.

The company expects domestic customers to ship 7 in 2019.


700 million flats, with 53 million flats shipped in January, an increase of 231% per year, and 50 to 53 million flats will be shipped in February.

The company has stable cooperation with Mao, Guoxuan, Funeng, etc., and has increased cooperation orders.

At the same time, we expect the price decline to slow down in 2019.

The company’s strong cost control and an increase in the proportion of overseas sales can jointly maintain the gross profit margin, increase volume and increase profitability, and strengthen the certainty of performance.

It is estimated that the industry’s capacity expansion is weak, and some of the production capacity is cleared. The company’s expansion and expansion of high-efficiency capacity will consolidate the scale barriers and enhance the long-term competitive advantage.

Overseas customers are progressing smoothly, and domestic customers cooperate to stabilize and increase orders.

Maintain 19 / 20e net profit, consider the company’s short-term performance to strengthen certainty, increase mid- and long-term growth expectations, and move the market evaluation center upwards, raising the target price from 61 yuan 12

3% to 68.

5 yuan, corresponding to 19 / 20e 39 / 28x P / E, there is 10.

3% upside. Maintain recommendation.

Risks The production and sales of new energy vehicles fell short of expectations, and the market share of Enjie shares fell short of expectations.

Sanmei Co., Ltd. (603379): The bottom of the cycle highlights the nature of the leading high-purity electronic hydrofluoric acid to lead the growth

Sanmei Co., Ltd. (603379): The bottom of the cycle highlights the nature of the leading high-purity electronic hydrofluoric acid to lead the growth

Recommended logic: 1) At the bottom of the three-generation refrigerant cycle, the company’s counter-cyclical expansion will consolidate the position of the leader in refrigerants, and it will enjoy the prosperity conversion bonus in the future; 2) The most severe ODS law enforcement action is launched, F141b enters the price increase channel, and the sales volume is calculated according to 3.The company’s price increased by 1,000 yuan, and the performance increased by 21 million yuan; 3) Morita New Materials (50% held by Sanmei) 2 Invested in the trial production of high-purity electronic hydrofluoric acid terminals, through breakthroughs and upgrades in Japan and South Korea, it is expected to accelerate its entry into South Korea in the futureSemiconductor supply chain.

At the bottom of the refrigerant cycle, the overweight layout is right.

Affected by the unfavorable factors such as the concentrated release of production capacity and sluggish demand, the third-generation refrigerant is currently at the bottom of the cycle. The company has abundant funds in hand, complete raw material support, and a brand and channel foundation. It is expected to further consolidate the industry leader level during the downturn.

And through the production and production management management is about to come to an end, the next three generations of refrigerants are expected to replicate the R22 boom cycle. The company’s three generations of refrigerants will replace about 16 production capacity, supporting 13 to replace hydrofluoric acid, and 14.

2 Preliminary planning and the layout of the Thai base, the future industry prosperity will become the biggest beneficiary.

The most severe ODS enforcement action began, and F141b prices ushered in a trend increase.

F141b, as a polyurethane foaming agent, is the first generation of R11 foaming alternatives that have been banned.

The management of F141b production is limited. It is expected that it will be replaced to at least 5 locations each year by 2020, each with a decrease of 20%. There is no short-term replacement for the external wall insulation demand in the short term, and the market supply is tight.

On July 8, 2019, the Ministry of Ecology and Environment implemented a special action for the enforcement of ozone depleting substances. F141B opened a price increase channel, the company’s market share was as high as 55%, and the ownership industry had the absolute right to speak.

2 Initial high-purity electronic hydrofluoric acid trial production, which is expected to enter the Korean semiconductor supply chain in the future.

High-purity electronic grade hydrofluoric acid is used for high-end wafer etching. It is one of the key materials for semiconductor production. The supply certification cycle is usually long (at least 1?
2 years), after the supplier is identified, it is difficult to replace.

In July, Japan imposed sanctions on South Korea by restricting exports of electronic hydrofluoric acid and other products. The original stable supply relationship was broken, and Chinese mainland enterprises ushered in historical possibilities.

Morita New Material (50% owned by Sanmei) 2 is inserted into the trial production of electronic hydrofluoric acid, which can be used for 5-7 nanometer chip etching, transforming Japan and South Korea’s breakthrough and upgrading, and accelerating the supply of the Korean semiconductor market in the future.

Earnings forecasts and investment advice.

It is estimated that the company’s net profit attributable to the mother for 2019-2021 will be 9 respectively.

68, 10.


0.6 billion, corresponding to 18, 16 and 13 times the current PE.

The third-generation refrigerant is at the bottom of the cycle. The company’s counter-cyclical layout continues to consolidate the leading 上海夜网论坛 vertical. At the same time, the company is the biggest beneficiary of the F141b price increase.”Overweight” rating.

Risk warning: the policy consensus is not in place; the downstream demand is sluggish; the industry’s expansion of production exceeds expectations; the price of fluorite increases significantly.

Huaneng International (600011): Slight increase in revenue due to price reductions and slight increase in costs caused a significant increase in profits

Huaneng International (600011): Slight increase in revenue due to price reductions and slight increase in costs caused a significant increase in profits

Event Overview On October 22, 2019, the company released the third quarter of 2019 report: the company achieved operating income of 1272 in the first three quarters of 2019.

32 ppm, an increase of 0 in ten years.

99%; net profit attributable to shareholders of listed companies is 53.

89 ppm, a 170-year increase.


Basic income is 0.

32 yuan, an annual increase of 166.


  Analysis and judgment: The increase in volume and price caused a slight increase in revenue. The decline in power generation in the second quarter narrowed the company’s first three quarters of 2019, and the electricity sales were 3021.

87, 2879.

8.9 billion degrees, down 7 each year.

52% / 6.


However, in the first three quarters, the company’s average on-grid settlement price for each operating power plant in China was 417.

69 yuan / MWh, an increase of 0 in ten years.

14%. Under the background of volume reduction and price increase, the company achieved operating income of 1272 in the first three quarters.

32 ppm, an increase of 0 in ten years.


The company’s power generation in the first three quarters decreased by a total of 24.6 billion kWh compared to last year, of which Q1 / Q2 / Q3 had 武汉夜网论坛 generated less power in the past year than 4.

72, 123.

2. 96.

At 7.7 billion kWh, the decline in power generation in the third quarter has tended to narrow.

The provinces in which thermal power generation decreased in the second quarter include Henan, Jiangsu, Guangdong and Shanghai. The total reduction in the three provinces and one city accounted for 59% of the total reduction in the second quarter. The thermal power generation in the third quarter occurred.The provinces where competitors fell were Shandong Province and Henan Province, which respectively accounted for 69 of the second quarter’s reduction.

6% and 13.


In the above provinces, except Henan Province, all of them belong to the provinces where the internal power transmission input is short-circuited. Under this impact, the local thermal power generation unit ‘s power generation has decreased significantly.

  Take Shandong Province as an example. In 2018, the province’s power grid was connected to 70 billion kilowatt-hours of external electricity, which accounted for about 15% of the total power consumption of the entire network. This proportion is still further increasing this year. Affected by this, the company ‘sCoal-fired generating units generated 6.7 billion kWh less electricity in the third quarter of this year, which was a drag on the growth rate of listed companies’ overall power generation.

  The decline in the cost of thermal coal caused a large increase in profit, and the company’s installed structure continued to optimize. The company’s operating income in the first three quarters increased slightly by zero.

In 99% of cases, net profit attributable to mothers increases by 170 per year.

95%, initially the cost of thermal coal prices down.

In the first three quarters, the company’s coal power accounted for 84% of the total power generation. The average domestic coal price in the first three quarters (Qinhuangdao Port 5500 kcal thermal coal) was 598.

18 yuan / ton, compared with the average price of 654 in the same period last year.

13 yuan / ton down 8.

56%, the cost side is better controlled due to the decline in coal prices.

In addition, the company has better bargaining power by taking advantage of its own scale advantage. The proportion of long-term associations and the high redemption rate, and the company’s simultaneous reduction in thermal power generation costs, have directly led to a significant increase in profit margins and net profit margins.

At the end of the coal power pricing negotiation, a warm-up period has been entered. In the context of electricity price reform, power companies are expected to reduce prices and pressure is expected to be significant. From the demand side to the supply side, the pressure on coal prices is expected to increase.

The report summarizes that the company’s wholly-owned Huaneng Liaoning Yingkou Thermal Power Wind Power Plants12.

5MW, 60% of Huaneng Henan Ouchi Wind Farm projects total 6MW and 96%.52% of Huaneng Henan Select Kiln Wind Farm projects totaling 14 MW were put into production respectively.

As of September 30, 2019, the company’s controllable power generation installed capacity was 106,169 MW, and equity power generation installed capacity was 93,766 MW, of which natural gas, hydropower, wind power, solar power and biomass power generation accounted for about 16 of clean power installed capacity.

1%, the company accelerated towards the goal of continuously optimizing the installed structure.

  The marketization of power trading has been steadily progressing, and the scarcity of high-quality power generation assets highlights the company’s settlement of market-based trading power in the first three quarters of 1464.

7.1 billion kWh, the proportion of trading electricity is 51.

23%, an increase of 10 over the same period last year.

87 units, the marketization ratio has further increased.

At the end of September, the State Council executive meeting decided that from January 1, 2020, the coal-electricity price linkage mechanism will be cancelled for coal-fired power generation that has not yet achieved market-based transactions. The benchmark on-grid electricity price mechanism will be established and changed to “base price + up and down””” Market-oriented mechanism.

From the point of view of impact, the most directly affected by this should be the thermal power industry.

Against the background of the current decline in the growth rate of electricity demand and the excess installed capacity of thermal power in the whole society, comprehensively promoting the market-oriented trading of thermal power will promote the decline in electricity prices to a certain extent. In the short term, the profit space of thermal power companies will be compressed.

The competitive advantages of integrated power generation companies that span multiple fields such as thermal power, hydropower, wind power, etc. are obvious. At the same time, large-scale thermal power companies with strong cost advantages have obvious advantages, and plant profit differentiation will intensify. This may be the supply side of the power industry.Reform, optimistic about the scale advantages and cost control advantages of leading enterprises.

  Investment suggestion: As the industry leader, under the circumstances of the growth rate of power generation in the second and third quarters, through controlling fuel costs and other means, the company can obtain the replacement of its net profit in the first three quarters.

95% rapid growth.

Although the thermal power industry has expectations of comprehensively promoting market-oriented transactions, the company, as a leading enterprise with clean energy installed capacity accounting for over 16%, and able to better control the cost of thermal coal procurement, will still have obvious advantages in future competition.

We estimate that the company EPS for 2019-2021 will be 0.

45, 0.

57, 0.

63 yuan / share, corresponding to PE, 13, 10, and 9 times, respectively, covering for the first time, giving an “overweight” rating.

  Risk reminders: 1) The trend of thermal coal price is reversed; 2) The growth rate of electricity consumption in the whole society is less than expected; 3) The subsidy price has fallen sharply during the process of power marketization.

Angel Yeast (600298): Continuous improvement in performance and upgrade to buy

Angel Yeast (600298): Continuous improvement in performance and upgrade to buy

Summary and suggestions: Event: The company released three quarterly reports to achieve revenue of 55.

6 billion, an increase of 13 previously.

5%, net profit 6.

700 million.

The earliest drop is 1.

2%, gross margin is 35.

4%, a decline of 0 per year.

4pct, estimated 3Q to achieve income 18.

500 million, an increase of 17 previously.

4%, net profit 200 million, an increase of 17.

8%, after deducting non-profit increase of 21%, gross profit margin of 33.

7%, down by 0 every year.


3Q results were in line with expectations.

3Q revenue was better than expected.

Among them, yeast derivatives maintained rapid growth. The overall growth rate was 20%. The yeast export business benefited from rapid currency depreciation. The growth rate of 1-3Q export yeast business revenue is expected to be around 12% (domestic sales revenue growth rate is 10% -11).%) In addition, due to the lower price of white sugar in the first half of the year, the company’s white sugar was reluctant to sell. In 3Q, with the rebound in prices, sales increased.

Due to the relatively lower gross profit margin of sugar and export business, changes in the product mix have slightly reduced the overall gross profit margin.

Driven by the recovery of sugar prices and the rapid growth of exports in 4Q, revenue is expected to maintain rapid growth, and the expected revenue growth rate is expected to reach about 15%.

Profit growth improved quarter by quarter.

After 1-3Q deduction, non-single quarterly net profit growth rates were -13.

4%, -4.

2% and + 21%, showing significant improvement. The expansion is due to the elimination of the difference in base period (Last year ‘s Chifeng factory relocation and Yili factory capacity displacement and other problems). Instead, 2Q completed some factory inspections in advance. The 3Q volume increased and the unit was fixed.Cost reduction.

At present, the company’s capacity utilization situation has improved. The Yili factory is relocated every year. At present, the capacity utilization rate reaches 90%. The Chifeng factory has been relocated. At present, the production capacity has been replaced by 2 and overseas factories are also producing smoothly.The highest, 19Q4 performance is expected to accelerate growth.

Expenses temporarily increased, and internal operating efficiency improved.

3Q expense ratio dropped by 0.

53pct to 20.

03%, mainly benefiting from the appreciation of foreign currencies (USD, Egyptian nominee and ruble), increased exchange gains, and a significant decrease in financial expense ratio2.

08pct, but the sales expense ratio, management expense ratio and research and development expense ratio increased by 0.

48 pieces, 0 pieces

16pct and 0.

91pct, mainly due to increased staff and budget and increased R & D expansion.

We believe that the rise in the expense ratio is a temporary phenomenon. The main reason is that since the new chairman Xiong Tao took office in August, he has begun to adjust the company’s organizational structure and improve operational efficiency through consolidation and streamlining. It is expected that the reform effect will be gradually realized from 4Q.

In addition, 3Q inventory decreased by 7 compared with the previous month.

3%, the balance of 武汉夜生活网 accounts receivable decreased by 10% month-on-month, corresponding to 3Q net cash inflow from operating activities5.

7.2 billion (+ 53% year-on-year) also indicates that the company’s sales recovery has accelerated, reflecting an improvement in the company’s internal governance.

According to the current molasses procurement situation, the price of raw materials may maintain a slight downward trend. With the elimination of restrictions on the production of overseas factories and the production of domestic factories, and the elimination of the difference in base period brought by the return to normality, the company’s performance has improved.

Raise the average profit forecast, it is expected that net profit will be achieved respectively from 2019 to 20209.

400 million and 10.800 million, an increase of 9 in ten years.

12% and 15%, the EPS is 1, respectively.

13 yuan and 1.

31 yuan, the current sustainable corresponding PE is 24.

5 times and 21 times.

The company’s operations have improved positively, so it has been upgraded to a “buy” investment rating.

Risk warning: substantial appreciation of RMB, food safety issues, intensified international competition, and increased pressure on environmental protection

Fenglin Group (601996): Faster revenue growth performance in line with expectations

Fenglin Group (601996): Faster revenue growth performance in line with expectations

Event: The company achieved revenue in the first quarter3.

USD 3.9 billion, an annual increase of 16.

78%; net profit attributable to mother 0.

30 ppm, an increase of 5 per year.

6%; net profit after deduction is 0.

30 ppm, an increase of 25 per year.


Opinion: Expansion of production capacity and rapid revenue growth.

The company received a government subsidy of 500,000 yuan in 19Q1, which is equivalent to 4.56 million yuan in 18Q1. Therefore, the profit growth after deduction is faster than the profit growth.

In 19Q1, the company’s Nanning plant and Chizhou plant expanded production. Expansion of production capacity led to rapid revenue growth.

At the same time, the company’s Nanning factory is mainly engaged in super particleboard, and its product performance 杭州桑拿 is excellent; the Chizhou factory is mainly engaged in fiber sheet, which is positioned at the high end.

The product structure has been optimized, and the proportion of high-end products has continued to increase, driving the growth in net profit of non-returning mothers to decelerate faster than revenue growth.

The gross profit margin increased, and the expense ratio increased slightly.

1Q1 company gross profit margin 23.

06%, an increase of 2 a year.

66 points.

We expect the gross profit margin to continue to increase in the future: 1.

Improvement of human efficiency: The company has a strong ability to automate production, transform new plants to achieve production, and generate income per capita.

Product upgrades: The company continuously upgrades its products, making full use of its industry-leading research and development capabilities, and continuing to develop high-end board types. It has developed high-end board types including super / super-strand particleboard and raw materials that can be used to achieve stronger.Physical properties.

The proportion of high-end board sales continued to increase, helping the company to increase its gross profit margin.

19Q1 company period expenses16.

02%, increase by 1 year.

42pct, in which the sales / management (including R & D) / financial expense ratios are 8 respectively.

50% / 6.

95% / 0.

57%, each increase by 0.



09 points.

The company’s R & D expenses increased significantly in 19Q163.

63%, the company invested heavily in research and development, product performance continued to improve, and continued to consolidate its segmentation in high-end sheet.

Earnings forecast and estimation: EPS are expected to be 0 in 19-21.

20, 0.

22, 0.

26 yuan, corresponding to PE is 17X, 15X, 13X.

Maintain the “overweight” rating.

Risk Warning: Raw material prices have risen sharply, and downstream demand has fallen short of expectations.

Tianwei Food (603317): Bottom Sichuan Chuan Qi Qi Fa Chuan Xiang leading to sail the country

Tianwei Food (603317): Bottom Sichuan Chuan Qi Qi Fa Chuan Xiang leading to sail the country

Core point of view: The market of compound seasoning industry is large and the growth rate is considerable. Among them, hot pot bottom material and Chinese compound seasoning are the two sub-sectors with a growth rate conversion. At present, there is no obvious leader in all compound seasoning industries. Tianwei Food is the industry.The company whose internal comprehensive strength is predicted has broad future growth space. It is expected that the company will achieve a compound annual growth rate of 27% in the next three years.

The market of the compound seasoning industry is large, the concentration is low, and the leader has ample room for growth.

1. The compound seasoning market size was 109.1 billion in 2018, and the CAGR was 16% in 2013-2018, and the industry scale is expected to reach 148.8 billion in 2020.

2. For B-side catering companies, compound seasonings cater to the trend of health and scale to better ensure food safety; for C-side consumers, compound seasonings are convenient and fast, rich in taste, and solve cooking pain points.

3. The concentration of the compound seasoning industry is low, and the market share of leading companies needs to be increased. Taking hot pot bottom materials as an example, CR5 is about 31%, and leading companies have ample room for growth.

杭州夜网 Hot pot base and Sichuan cuisine seasoning are working together to consolidate traditional distribution channels and expand catering channels.

1. Product side: The company has a variety of product types, including more than 100 varieties in 9 categories, with a mid-to-high-end orientation, and a significant price gradient; new product research and development capabilities are strong, and 13 new products have been launched this year, which have been sought after by the market and recorded better.Sales performance and strong product power.

2. Brand end: The company currently has influential brands such as “Dahongpao”, “Good People” and “Sky Crane”. “Dahongpao” focuses on hot pot base materials, and “Good People” focuses on Sichuan cuisine seasoning such as fish series. “”Skycar” is mainly for spicy sauce, etc., which has local characteristics.

3. Channel side: In the consumer channel, the company has been cultivating for many years, and has developed strategic single products such as hand-made hotpot bottoms and fish seasonings. The C-side has a clear first-mover advantage. In the catering channel, it has been cultivated for a long time, and the customized meal business has developed rapidly.

In the future, the company will continue to enhance its brand power, and the development of customized catering business can be expected.

The company will focus on building a “good people” brand, optimize and upgrade its product structure, and continue to adhere to the strategy of large single products. At present, the company is actively developing new products such as mushroom soup base and thirteen-fragrant crayfish seasoning, and is committed to creating the next sales explosion.

In the field of catering channels, the company continues to cultivate large customers and will accelerate the development of customized catering business based on guaranteed gross margins in the future.

Earnings forecasts and investment advice.

It is expected that the operating income for 2019-2021 will maintain a compound growth of 22%, and the net profit attributable to mothers will maintain a compound growth of 27%. The EPS in the next three years will be 0.

79 yuan, 1.

03 yuan, 1.

32 yuan, the corresponding PE is 60X, 46X, 36X, for the first time to give the “overweight” rating.

Risk warning: raw material prices may fluctuate significantly; channel expansion is less than expected; food safety risks.

Here is a list of high-quality growth stocks: 100 companies are growing for 4 consecutive years

Here is a list of high-quality growth stocks: 100 companies are growing for 4 consecutive years

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap 武汉夜生活网 potential potential opportunities!

  Here is the list of quality growth stocks!

Performance has increased for 4 consecutive years, foreign investment has burst, funds have been leveraged, and chips have been significantly concentrated.
  Source: Databao Original Lin Lifeng. Among the listed companies that have disclosed their annual reports, more than a hundred companies have reported positive growth for the fourth consecutive year. Among them, many shares have been funded northward, and leveraged funds have also increased positions.

  It is time for the A-share annual report announcement season. As of January 14, 2020, according to the data released, nearly 800 listed companies in the two cities have released performance forecasts. In terms of the lower limit of the forecasted net profit, 4 companies have reported net profit exceeding 10 billion yuan.

Postal Savings Bank is currently the most profitable of the listed companies with a net profit forecast, with a net profit range of 60-61.7 billion in 2019; followed by Maotai, Guizhou, with a net profit of $ 40.5 billion.

Listed companies with higher forecasted net profit also include SAIC Group’s forecasted net profit of 25.6 billion yuan, and Wen’s shares forecasted net profit of 13.81 billion to 14.3 billion yuan.

  From the perspective of pre-increasing, based on the pre-increasing lower limit, a total of 130 companies have announced that their net profit will double, of which 8 companies have announced a net profit increase of more than 10 times.

Wanji Technology is the latest king of pre-increasing. The company has announced that the net profit will increase by more than 100 times, the new Anhui precision will increase by about 77 times, and Daqing Huake will increase by 20 times.10 times more.
  Hundreds of companies’ performance is growing for four consecutive years From the listed companies that have released annual report performance forecasts, the Securities Times · Databao statistics found that the net profit of more than 100 listed companies has been growing for the fourth consecutive year.

  Among these companies, compared with the 2019 pre-increasing median, a total of 4 companies have a median pre-increasing higher than 100%.

Evergrande’s new year report has the highest pre-income increase, with an annual pre-income increase of 229%. The company’s net profit doubled in 2016 and 2018, and the net profit increased by 4 in 2017.

4%, but also achieved positive growth.

Regarding the reasons for the increase in last year, the company stated that the number of new long-term units and the number of completed projects had maintained rapid growth. At the same time, the report pointed out that the performance of Internet companies is expected to meet expectations.

  Yiwei Lithium Energy’s 2019 net profit pre-increased by a median 170%. In 2016 and 2017, the company’s net profit increased by more than 60%, and in 2018 the net profit increased by more than 40%.

Yiwei Lithium Energy is mainly engaged in lithium-ion batteries. The company’s net profit increased from less than one million in 2014 to more than 500 million US dollars in 2018, and its four-year net profit compounded growth reached 61.


The company said that the sharp increase in performance last year was mainly due to increased product sales and higher gross profit margins.

  In addition, Shanghai Electric Power Co., Ltd. and Tongji Technology all have positive net profit growth for 4 consecutive years, and last year ‘s pre-increased median stocks exceeded 100%; Sanquan Foods and Mingtai Aluminum pre-increased median over 90%.

  From the perspective of funding, if the above-mentioned performance increases continuously, 42 stocks will be increased by Beishang Fund after 2020, and 15 shares will be reduced by Beishang Fund.

Calculated based on the average transaction price after 2020, the total increase in holdings of stocks reached 48.

8.8 billion, a total reduction of only 300 million.

  Judging from the first few stocks that increase the amount of holdings, the conversion performance of Northbound Capital’s marked increase in warehouse positions has continuously increased.

Among them, the largest increase in holdings is China National Travel Service. After the beginning of the year, the capital of the Northbound Group gradually increased to 13%.

1.7 billion yuan, an increase of 14.44 million shares.

China National Travel Service predicts an increase of 50% in 2019. In 2016, 2017 and 2018, the company’s net profit increased by more than 20%. Last year’s net profit increased faster than in the past.

  Hikvision, the two stocks of billions of lithium energy can increase the amount of northward capital reached 4, respectively.

Hikvision is a global leader in the security industry with a growth rate of 400 million U.S. dollars. In 2016, 2017, and 2018, net profit increased by more than 20%. Last year’s performance increased by 5% -20%.risk.

  Changchun High-tech was increased by Northbound funds3.

The company ‘s net profit was increased by 20% to 35% last year. Guizhou Moutai, Shennan Circuit, Lixun Precision, and Dahua Co., Ltd. all contributed more than 200 million to the North Margin stock to raise funds.

  From the perspective of leveraged funds to increase positions, more than 30 shares were added to positions in Maotai, Guizhou, and 6 of them exceeded RMB 100 million.

Guizhou Moutai is the stock with the largest amount of additional positions, and the latest financing balance increased by 13 at the end of last year.

03 billion.

  Aerospace Rainbow leveraged funds to increase the size of warehouse positions ranked second, it is estimated that the financing balance at the end of last year increased by 1.

The company predicts that the net profit pre-increasing range for 2019 is 10% -50%, and the company’s net profit growth has exceeded 20% in the past 3 years, of which the increase in 2017 is 187%.

  In addition, there are 4 stock leveraged funds of Changchun High-tech, Shennan Circuit, Hengyi Petrochemical, and Dongshan Precision that have exceeded 100 million yuan.

  At the same time, there were 21 stocks added by Beishang Capital and leveraged funds. Guizhou Moutai was the most popular stock with two funds, with a total market capitalization of 15.

At 8.5 billion US dollars, Changchun High-tech, Shennan Circuits was increased by more than US $ 400 million by the two shares, and Dahua shares were increased by more than US $ 300 million.
  The number of shareholders of the 7-share Guolian Group plunged by 30%. With reference to the end of the third quarter, among the above-mentioned continuous growth in stocks, the number of new shareholders in some stocks has changed. Among them, the number of shareholders in 7 shares has declined, including Guolian shares.Guangwei Composites, Cap Bio, Haowu, Aerospace Rainbow, Yealink Networks, and Sanquan Foods.
  The number of shareholders of Guolian shares fell the most, and the number of shareholders of the company was one at the end of the third quarter of last year.

410,000, the latest number of shareholders is only 0.

920 thousand households, a decline of 34%.

The company’s median net profit increased by 65% last year. In 2016, 2017, and 2018, the net profit increased by 99%, 145%, and 59%, respectively.

  Guangwei Compound Materials, the number of shareholders of Kaipu Biological fell by more than 10%.

Among them Guangwei Fucai’s net profit was 1 in 2015.

7.6 billion increased to 3 in 2018.

7.7 billion, the latest 2019 performance forecast net profit exceeds 500 million.

Kaipu Bio’s net profit increased from 6521 million in 2015 to 1 in 2018.

1.4 billion US dollars, the company’s latest forecast last year’s net profit1.


500 million yuan.

Both companies have demonstrated good growth.

  Disclaimer: All information content of DataBao does not constitute investment advice. Securities are risky and investment should be cautious.

Aerospace Development (000547) Company comment: Five-in-one microelectronics star company expects high-speed growth in 2019

Aerospace Development (000547) Company comment: Five-in-one microelectronics star company expects high-speed growth in 2019
47% net profit in 2019?68% growth or more than expected, the performance of multiple sectors was heavy. On January 18, the company issued a 2019 performance forecast, and the net profit attributable to the parent is expected to be 6.58?7.54 ppm, a 47% increase in one year?68%, initially for the company’s electronic blue army equipment in 2019, cyberspace security, communication and accusation systems have entered a period of rapid development, and their performance has achieved breakthrough growth.  With the goal of winning informationized local wars, the in-depth development of the five-in-one electronic blue army system. Aerospace development is a listed company formed by the Aerospace Science and Industry Group through reverse acquisition. Based on electronic information technology, five major business directions have been determined: the electronic blue army.Equipment, cyberspace security, communication and intelligent control systems, microsystems, marine equipment.The company aims to win local wars under the conditions of informationization, and develops an electronic blue army system that integrates many functions such as tactical warfare research, systematic offensive and defensive confrontation exercises, weapon equipment performance verification and other functions in a complex electromagnetic environment to create China Electronics.Blue Army major equipment supplier.  The reduction of shareholders’ shares is currently ended. As of January 6, 2020, the two platforms have reduced their holdings by nearly 5%. In 2015, the two limited partners of the company, Kang Mandi and Kibbutz, purchased assets by issuing shares and raised matching funds to invest in the company.The sale period is 3 years, and the sale restriction has been lifted on January 3, 2019.As of the end of June 2019, the semi-annual report was released. The two major shareholders of the company, Kibbutz, and Comandi respectively held the company5.59% and 3.With a 37% stake, the company announced on July 3, 2019 that the two shareholders plan to reduce their holdings of the company’s shares by no more than 6% within 6 months (2019/7 / 18-2020 / 1/18).  On January 7, the company announced that Kibbutz, the latest situation of the reduction of Kang Mandi, Kang Mandi has been 3.37% of all shares are reduced (concentrated bidding 1.37%, block trade 2%); Kibbutz reduced its holdings by 2.16% (concentrated bid 0.16%, block trade 2%).At present, Comandi does not hold company shares, and Kibbutz holds 3 shares.43%.  The largest shareholder of the company is Aerospace Science and Industry Corporation (8.99%) and its affiliated Scientific and Technical Institute of Defense Technology (7.twenty three%).  Actively respond to national strategies and aim to build domestic first-class electronic information technology development goals. The white paper of China’s National Defense in the New Era 2019 points out that the world’s military development with information technology as the core is changing with each passing day, the form of war is accelerating the evolution of information warfare, and intelligent warfare.The beginning of the situation; long-term mechanization construction tasks have not been completed, the level of informatization needs to be improved urgently, we must actively adapt to the new form of modern warfare, promote the integration and development of mechanization informatization, accelerate the development of military intelligence, and make significant progress in informatization by 2020 and fully advance the weaponModernize equipment, and strive to basically achieve national defense and army modernization by 2035, and build the people’s army into a world-class army by the middle of this century.  As the main supplier of the 西安耍耍网 annual electronic blue army equipment, the company’s medium and long-term sustainable development is expected.  Profit forecast and level: We believe that the current trend of information technology and intelligent industry of weapons and equipment has arrived, and the revenue growth rate from 19-21 in 19-21.76% / 25.03% / 22.62% raised to 31.78% / 30.08% / 29.71%, revenue 46.3/60.3/78.2 ppm, gross profit margin may fluctuate after batch production, gross profit margin from 44.2% / 47.8% / 47.8% down to 37.8% / 27.9% / 28.7%, net profit 7.0/9.1/11.70,000 yuan, EPS is 0.44/0.57/0.73 yuan, PE is 26.94/20.70/16.07x, maintain “Buy” rating.  Risk warning: If the speed of equipment informationization decreases, product delivery is less than expected, shareholders reduce their risk.

Lixun Precision (002475) in-depth report: Multi-business efforts to create a new business model ecology

Lixun Precision (002475) in-depth report: Multi-business efforts to create a new business model ecology
Different views from the market: Different from the market, here we focus on analyzing the company’s product business model and the new business layout competition.We believe that the company will turn its product model into “components → modules → terminals” by means of efficient mergers and acquisitions around major customers, and gradually form a positive feedback ecosystem.We believe that the next three years will be the high-speed development stage of the company’s new business, and the proportion of customers will rise. The profitability of AirPods equivalent business will also improve significantly. At the same time, 5G construction and the rapid development of new energy automobile industry will also provide newDevelopment potential. Airpods and SPK / RCV, antenna, wireless charging, 5G and other diversified services are driving growth.With the increase in AirPods production capacity and yield, we expect the company ‘s AirPods business to have a CAGR of 44% in 20杭州桑拿网19-2021, and its net profit is expected to increase by 1.4pct.At the same time, the company adopts the combination of Lixin + Meilu + Kang Controls in the SPK / RCV field. It is expected that the share of SPK / RCV in A customers will continue to rise.The company’s high-precision system integration experience and learning ability accumulated in the field of acoustics have obviously promoted the company’s other business expansion.In fact, in the field of wireless charging, the company integrates the triple capabilities of coils, FPC and modules, and is the core supplier of customers’ wireless charging modules. In the future, the mobile phone wireless charging RX terminal will promote accelerated penetration.In the 5G era, the three key technologies of ultra-dense networking, massive MIMO, and millimeter wave communication are all in the development of mobile phone and substrate-side antenna architectures and materials. We believe that the company currently has a large number of technology reserves to seize this industry opportunity. Efficient mergers and acquisitions to create a positive feedback system of “components → modules → terminals” product model.The company has extensive market segmentation and R & D technical experience in consumer electronics connectors, and gradually uses it as the basis for expanding to other businesses such as connectors, speakers and antennas.With advanced precision system integration experience and learning capabilities, the company first expanded product categories around customers, and then expanded to other major customers at home and abroad.We believe that the company will focus on large customers and use efficient mergers and acquisitions as a means to transform its product model into “components → modules → terminals”. At the same time, it will expand from the consumer electronics side to the communications and automotive side, and gradually form a positive feedback ecosystem.This positive feedback system effectively reduces the company’s operating and technological transformation risks while giving the company room for growth. Profit forecast: We expect the company’s operating income for 2018-2020 to be 358/499/644 million, and its net profit attributable to its mothers will be 27.28/38.36/49.62 trillion, corresponding to the latest diluted EPS are 0.66/0.93/1.2 yuan, the current sustainable corresponding 2018-2020 PE is 38, 27 and 21 times respectively.Combined with the company’s leadership in consumer electronics, and the company’s multiple new businesses in 18 and 19 years to enter A customer, we give 35 times PE in 19 years, the corresponding target price is 32.55 yuan, a reasonable estimate of 30.30% coverage for the first time, given a “strong recommendation” rating. Risk warning: AirPods sales and Type C penetration are lower than expected, major customers’ technical solutions change