Month: March 2020

The market may gradually shift its focus to the return to work economy

The market may gradually shift its focus to the return to work economy

Securities Times Network Haitong Securities released early comments from investors. After the Shanghai Stock Exchange Index filled the gap this week, the GEM Index finally showed adjustment indicators. The two types of indexes have explained the structural differentiation to the fullest, so that the capital of Northbound has continued to flow into blue chips.Sector, contraction is the continuous issuance of new funds, which promotes the rapid advancement of the technology sector. Generally speaking, under the conditions of abundant liquidity in the first quarter, the market will continue to be active.

In terms of the Shanghai Stock Index, there is limited space for reduction due to the support of a dense moving average below it. In terms of the GEM Index, if it is difficult to further enlarge the trading volume, it is necessary to appropriately avoid part of the high-level sector in the near future.

In addition, from the perspective of market attractions, the recent resumption of labor has accelerated. If the focus of the previous market was on the “home economy”, then the mitigation of the epidemic situation and the recovery of people may gradually shift the focus to the “return economy””Up, the tourism, consumption and other sectors affected by the epidemic may be repaired in the early stages. Due to the limited production, the Apple company may delay the release in the spring and continue to be under pressure. 北京夜生活网 The related consumer electronics mobile phone industry chainA stock has also undergone many adjustments. It is believed that the fundamentals will also improve significantly as the market advances to replace and resume work.

At the end of the operation, it is still recommended that investors balance the style, combine positions, and focus on stock selection rather than timing.

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Zijin Mining (601899) 2019 Interim Report Review: Drop in Copper and Zinc Prices Slows Performance

Zijin Mining (601899) 2019 Interim Report Review: Drop in Copper and Zinc Prices Slows Performance
Event: In the first half of 2019, the company gradually realized revenue of 671.9.8 billion, previously increased by 34.90%, realized net profit attributable to mother 18.5.3 billion, previous interest rate 26.64%, net profit after deducting non-return to mother 16.570,000 yuan, an average of 30 for ten years.28%.In the second quarter alone, the company achieved revenue of 381.56 ppm, an increase of 41 per year.58%, realizing net profit attributable to mother 9.79 trillion, an average of 32 in ten years.07%, net profit after deducting non-return to mother 9.12 ‰, 31 years ago.18%. Opinion: The company’s net profit range in the first half of 2019 was mainly affected by changes in metal prices, production costs, management costs, and financial costs.From the perspective of sub-sectors: (1) Copper sector: affected by the drop in copper prices (average price of 35,558 yuan / ton in the first half of the year, and 36,914 yuan / ton in the same period last year) and the impact of Zijinboer Copper Co., Ltd., which has a higher production costAlthough the output of mineral copper has increased (17.1 Initially, it grows 43 per year.33%), but the gross profit margin was 52.85% formaldehyde to 43.76%; gross profit of the sector was 25.95 ppm, an increase of 12 in ten years.7%.(2) Zinc sector: Affected by changes in zinc prices (average price in the first half of the year was 11,582 yuan / ton, compared with 15,914 yuan / ton in the same period last year) and the Bisha project with higher production costs consolidated, the output of mineral zinc has increased (18.7 Initially, growth is 25 per year.92%), but gross profit margin was 68.6% percent to 48.75%; the segment achieved a gross profit of 10.800 million US dollars, an average of 35 in ten years.5%.(3) Gold sector: Affected by the increase in gold prices (average price in the first half of the year was 274 yuan / gram, 杭州桑拿网 compared with 254 yuan / gram in the same period last year) and the increase in the output of major mines (the output of mineral gold in the first half of the year was 19.1 ton, compared with 16 in the same period last year.8 tons), the gold sector achieved good returns.In the first half of the year, the segment achieved a gross profit of 18.3 trillion, compared with 13 in the same period last year.30,000 yuan, an increase of 37.5%. In the first half of the year, the company’s management expenses increased by about 500 million yuan, an annual increase of 36.9%, first of all due to the scope of mergers and acquisitions of new mergers and acquisitions.Finance costs increased by approximately 1.90,000 yuan, an increase of 28 in ten years.84%, initially due to interest rate growth (the long-term increase increased from US $ 6.8 杭州夜网 billion in the same period last year to the current US $ 13.1 billion, and short-term loans increased from 12.5 billion in the same period last year to the current US $ 15.2 billion). Revised earnings forecasts, investment ratings, and estimates: Based on the price of copper and zinc in a downward range, we lower our company’s earnings forecasts.In 2021, the EPS will be 0.18, yuan, from “buy” rating to “overweight” rating. Risk Warning: The price of gold has risen less than expected.

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Satellite Petrochemical (002648) In-Depth Research Report: Polycarbonate integration has set C2 layout to win at cost

Satellite Petrochemical (002648) In-Depth Research Report: Polycarbonate integration has set C2 layout to win at cost

For more than 20 years, Fengfeng Muyu has been an integrated development of the industrial chain.

The company started from commerce and business, and gradually stepped forward. It completed a leap from the Jiaxing base to the Pinghu base. At present, it has formed a C3 integrated layout with a 北京夜生活 90-inch PDH device as the core, followed by the construction of a $ 33.5 billion Lianyungang base.

From the perspective of profit, the company’s core profit comes from the insertion of three-phase conductors made of dehydrogenation, which is essentially a relatively cheap energy arbitrage behavior.

In terms of product structure, the company currently focuses on starch, acrylic acid and esters and is the industry leader in this product. The revenue of these two businesses accounted for 83% in 2018, and the gross profit accounted for 81%. It is a fist product.

  HGL is still old and loose in 2020, and the cost advantage of PDH is solid.

The company’s excess income earned by the industry mainly comes from cheap crystals and crystals on the cost side, so the propylene and propylene obtained by it have a cost advantage of 1,000 yuan / ton relative to external purchase costs.

Therefore, regardless of the prosperity of the downstream industry, as long as the raw material side continues to be loose, the company’s profits are guaranteed.

As it happens, from the supply and demand data of 2020, the short-term supply growth rate in the United States has remained above 15
% compared to 2018, and the net export volume will increase to 370,000 barrels per day in 2020, a 42% increase compared to 2018.The background is bound to continue to be surplus.

Initially, US data shows that the background of high inventory and large output also exists.

According to EIA’s forecast, in 2020, US grain production will further increase to 1.71 million barrels per day, apparent consumption will remain at 920,000 barrels per day, and net exports are expected to increase by 12%.

5%, the overall supply and demand is expected to be loose, and prices will remain low.

  The profitability of the C3 industry chain is stable, and the SAP market has great potential.

The company’s existing business is divided into three main lines of acrylic acid and ester, polymer emulsion and SAP, core extender and starch prepared by dehydrogenation, and its own gross profit is stable.

On the line of acrylic acid and esters, the neutral level of acrylic acid prices fluctuated and tended to be weak, and the gross profit margin was slightly shifted. The conversion project of 36 acrylic acid esters and 36 acrylic acid esters at Dushan Port Base in Pinghu was completed, and the rest increased.

Both the volume and price of polymer emulsions are stable, and the gross profit margin is also stable, which belongs to the cash cow business.

  In terms of production capacity of super absorbent material SAP, the 6-calorie production line has entered the final debugging stage in H2 in 2019, and the company’s SAP production capacity has increased by 67%.

In terms of gross profit margin, benefiting from the increase in the penetration rate of scattered products caused by aging, it has the characteristics of both volume and price.

  Lianyungang can contribute an annual net profit of 3 billion after it is fully put into operation, and the first-phase project accounts for about 50%.

Following the 135 forecast PE, 219 introduction of EOE and 26 index ACN joint plant project capacity planning, assuming medium ethylene consumption ratio / (cyclic carboxylic acid + formaldehyde) = 1: 1, it can be estimated that the project put into production can contribute 3 billion annuallyNet profit after tax (approximately estimated at 15%), that is, one period can contribute 1.5 billion net profit.

  Investment Advice.

We expect the company’s net profit attributable to mother to be 2019-2021 in turn.

500 million.

300 million and 31.

4 megabytes, corresponding to EPS in order of 1.


44 and 2.

95 yuan / share.

According to the evaluation in the past 2 years, the center was given 15 times PE and 21 times.

The target price of 6 yuan / share is covered for the first time and is given a “strong push” rating.

  Risk Warning: Trade conflicts affect cross-border supply.

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Haier Zhijia (600690): Overseas business is developing well

Haier Zhijia (600690): Overseas business is developing well

Event: The 2019 Interim Report was released, and the company achieved revenue of 989 in the first half of the year.

800 million, an annual increase of 9.

38%; net profit attributable to mother 51.

500 million US dollars, an annual increase of 7.


Key points for investment: Overseas revenues further increase In the first half of 2019, overseas revenues reached US $ 46.7 billion, a year-on-year increase of 24%. Overseas revenues accounted for 47%, and the proportion increased by 5%.

From the perspective of profitability, the gross profit margin of overseas business has also increased by nearly one substitution compared with the gross profit margin at the end of last year, but it is still lower than the domestic sales business by more than five substitutions.

Considering this achievement, the overall sales of home appliances in the US market fell in the first half of the year5.

6% obtained under the background, indicating that the company’s overseas competition is steadily increasing, and the company’s main growth point in the future will also mainly depend on overseas.

Under the background of the overall sluggish domestic market, the retail sales of refrigerators, washing machines, and air conditioners in the first half of the year were reduced by increasing their share in the first half of the year.

3%, 3.

9%, 8.

2%, the retail sales of kitchen appliances, water heaters fell by 2.

9%, 1.

0%, the domestic home appliance retail market is not booming, and the company’s internal revenue is only 1%. However, the company seeks to increase market share by focusing on explosive model competition and guiding products to increase high-end market share. The company’s main products are refrigerators and washing machine lines.The next market share is 3 in the second place.

1x and 2x, the online market share is 2x and 2 respectively of the second place.

1 times.

Taking smart home landing as the starting point to enhance product power and build an overall competitive advantage The company’s kitchen appliances revenue increased 23%, refrigerators increased 9%, and washing machines increased 22% in the first half of the year.

9%, but the air conditioner is 6 per second.

55%, mainly due to the expansion of the domestic air-conditioning industry in the first half of the year and increased competition in the industry, but the company integrates the advantages of the parallel industry and the entire process, and actively promotes the deployment of the smart home network.Integrate Zhijia Cloud, improve user experience, create overall competitive advantages, and promote high-end smart complete sets of products to grow 24% sequentially in the second quarter.

Leading products, retail transformation and transformational operations shape the company’s future. The company will expand its product washing strategy and the leading advantages of water heater products to achieve product leadership. The retail network will realize the comprehensive transformation of township networks, service providers, and business personnel.Home brand new connected network.

In overseas markets, a 360-degree marketing model upgrade for brands, industries, markets and other channels is established to promote “explosive” marketing.

Profit forecast and total investment The company’s profit growth in the first half of the year was lower than revenue growth, due to the increase in research and development expenses and management expenses, of which research and development expenses reached 2.7 billion US dollars, an increase of 21%; administrative expenses of 4.5 billion US dollars, an increase of 12%.

After the company’s large overseas acquisitions, management costs will remain high for a long time, and research and development costs will be difficult to reduce under the high-end strategy.

According to the domestic appliance market entering the 苏州桑拿网 adjustment period and the global economic downturn, the company’s growth will tend to gradually.

Therefore, the company is expected to increase revenue by 9% and profit by 11.

8%, expected EPS is 1.

17 yuan, 13 times of dynamic assessment, and recommended rating.

Risk warning: Real estate stall drags down, industry competition intensifies, overseas economic slowdown drags down, and risks of failure of overseas mergers and acquisitions.

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Zhejiang Meida (002677): Improving profitability, short-term revenue growth rate breakdown does not change company growth value

Zhejiang Meida (002677): Improving profitability, short-term revenue growth rate breakdown does not change company growth value

The company released the 2019 annual performance forecast and reported that the combined company realized operating income16.

90 ppm, an increase of 20 in ten years.

63%; net profit attributable to mothers4.

62 ppm, an increase of 22 in ten years.


Based on this, it is estimated that the company will achieve revenue 5 in 2019Q4.

48 ppm, 天津夜网 an increase of 17 in ten years.

14%; net profit attributable to mothers1.

570,000 yuan, an increase of 20 in ten years.

75%, performance growth faster than revenue growth.

  [Comment]As a leader, the company enjoys the growth dividend of the industry.

According to the total forecast data of Aowei Cloud Network, the retail sales of integrated stoves in 2019 will reach 16 billion US dollars, an annual increase of 30.

1%, retail volume 212.

50,000 units, an increase of 14% per year, the average market price is expected to increase by 14% per year, citing the traditional kitchen appliance industry, whose growth rate has been gradually increasing year by year, the integrated stove industry has continued its rapid growth in recent years in 2019, and presents volume and priceQi Sheng’s development trend.

With the 杭州桑拿 improvement of the penetration rate of fine decoration in the country, the current rate of fine decoration decoration for integrated stoves is still at a relatively low level, with a matching rate of less than 100,000 units, but the growth rate in the fine decoration market in 2019 will reach 28.

9%, second only to the dishwasher. In the future, with the expected increase in the supporting rate, the market for integrated stoves and fine decoration will further increase.

In addition, the entry of bosses such as Midea and other leading brands has also promoted the overall trend of the industry. We believe that the integrated stove industry will continue to grow relatively rapidly in the future driven by the increase in the industry penetration rate and the rate of fine decoration facilities. The company as a leading enterprise marketWith a share of more than 30%, it is expected to take the lead in enjoying industry growth dividends.

  The level of profitability improved, and the marketing strategy continued to deepen.

In 2019, the company’s net profit attributable to its parent was 27.

32% at least 2018 (26.

95%) increase by 0.

37pct, of which the net profit attributable to the parent in 2019Q4 reached 28.

70%, at least 2018Q4 increased by 1.

75pct, single quarter profitability increased significantly.

We believe that benefiting from the cost benefits brought by the company’s efficient production and cost reduction and the reduction of tax rates, the transformation of the retail end is affected by the upgrade of the product structure. The increase in the proportion of high gross margin products drives the average price upward, and the remaining gross margin in the fourth quarter is expected.A certain degree of thickening.

In terms of expenses, we believe that the company will continue to maintain a high-profile strategy in marketing in 2019, steadily promote the layout of the KA channel, and the material sales expense rate will rise in line with the gross profit margin.

  The slowdown in short-term revenue growth does not change the company’s growth value.

We are still optimistic about the growth logic of the increase of the track penetration rate of integrated stoves and the improvement of the rate of fine decoration facilities. Taking into account the intensification of the current industry competition and the effect of the previous base, alternating short-term epidemic resumption of labor, the growth rate of revenue in the next few years is expected to change.However, product structure optimization and cost reduction and efficiency improvement will be the company’s long-term strategy. The trend of increasing profits is obvious. We revised the company’s revenue for 19/20/21 and raised the net profit attributable to mothers and the sales expense ratio for 19/20/21.It is estimated that the company’s total operating income for 19/20/21 will be 16.



01 billion, net profit attributable to mother is 4.



9.3 billion yuan, EPS 0.



07 yuan, corresponding to PE 17/14/11 times, maintain “Buy” rating.

  [Risk Tips]The real estate boom is further down; KA channel construction is less than expected; industry competition is intensifying.

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Jacques Technology (002409) In-Depth Report: Independently Controllable Semiconductor Platform Platform Company

Jacques Technology (002409) In-Depth Report: Independently Controllable Semiconductor Platform Platform Company
1. Phosphorous flame retardant started, and the semiconductor material company was successfully transformed, and the profit returned to the rising channel. The company was established in 1997. The traditional main business is the production and sales of organic phosphorus flame retardants.Beginning in 2016, the company adopted the “M & A + investment + integration” development model and actively transformed into the semiconductor-related materials and equipment industry. It successively acquired Huafei Electronics, Jiangsu UP Chemical, and Komet.Interest rates have increased significantly, and profits and profitability have returned to the rising channel.The company achieved operating income in the first three quarters of 201913.$ 6.2 billion, + 24% for the full year; net profit attributable to mothers1.$ 8.6 billion, + 99% per year.The company expects net profit attributable to mothers to be 2 in 2019.40-2.7 billion yuan, + 81% -103% for the whole year. 2. The domestic semiconductor industry chain started late and has a low level of technology, but it is developing rapidly. There is huge room for replacement. The global semiconductor industry in 2018 was 468.8 billion US dollars, of which China reached 157.9 billion US dollars, accounting for 33.7%, the world’s largest market.From 2014 to 2018, China’s semiconductor components increased by 72.2%, with an average annual compound growth rate of 14.55%.Mainland China is undertaking the world’s third large-scale semiconductor industry transfer. From January to September 2019, the integrated circuit industry in developing countries reached 5049.10%, an increase of 13.2%.However, due to the late start, the overall technological level lags behind the international advanced level, especially the high technical barriers to semiconductor materials, and the self-sufficiency rate of most products is less than 30%. In particular, wafer manufacturing materials mainly rely on imports. China’s semiconductor material market is emerging in 201884.400 million US dollars, accounting for 16.3%, second only to Taiwan and South Korea, is the world’s third largest consumer market for semiconductor materials.The annual IC import volume in 2019 is 3055.500 million US dollars, is the largest import volume of goods, huge import substitution space. In order to support the development of the semiconductor industry, the State has established the National Integrated Circuit Industry Investment Fund (referred to as the large fund). The large-cap fund registered on October 22, 2019 has a registered capital of 2041.500 million yuan, an increase of 47% over the first phase.In 2019, a year ago, a major breakthrough was achieved in LOGIC, 北京夜网 DRAM and 3D NAND, the three major semiconductor manufacturing ends in the world.Big Fund Phase 1 holds company 5 since 2018.73% of the shares became the third largest shareholder, helping the company’s long-term development. 3. Create a “platform” company of semiconductor materials, fully benefiting from the semiconductor industry’s large-scale transfer and localization of the company’s layout of semiconductor core materials such as SOD, precursors, fluorine-containing gas, and silicon powder for packaging and testing, covering semiconductor film deposition, engravingCorrosion, cleaning, packaging and testing of semiconductor core interconnects, downstream customers include SK Hynix, Samsung Electronics, TSMC, SMIC, Yangtze River Storage and other world-renowned semiconductor manufacturers to quickly build a domestic semiconductor material “platform” company. (1) UP Chemical’s main products are SOD and precursor products used in shallow overlap isolation and thin film deposition steps, transforming research and development capabilities, and securing customers.The relevant market size of semiconductor precursor materials in 2019 is about 1.2 billion US dollars, and the composite stretch in the next five years is expected to be more than 10%. 3. Create a “platform” company for semiconductor materials, fully benefiting from the large-scale semiconductor industry transfer and localization. (2) Chemmet’s main cleaning and etching process is fluorine-containing special gas, which is domestic CF4 (2000 tons / year)., SF6 (8500 tons / year + planned to build 4,500 tons / year) leader, while planning to build 3500 tons / year NF3. (3) Huafei Electronics’ main business is the spherical silicon micro-powder for IC plastic packaging, which has grown into a domestic leader in spherical silicon micro-powder. (4) The company and South Korea Foures jointly established Jacques Furui to enter the field of gas transportation equipment; cooperated with South Korea Jaewon to arrange the field of wet electronic chemicals.We believe that the platform built by the company will further improve the layout of the semiconductor material industry chain. 4. Profit forecast and investment recommendations We estimate that the company’s net profit attributable to its parent in 2019-2021 will be 2.54/3.62/4.49 trillion, corresponding to EPS 0.55/0.78/0.97 yuan, PE64 / 45/36 times.With the global semiconductor industry’s transfer to China and the breakthrough of domestic manufacturing companies, it has provided conditions for the localization of upstream semiconductor materials and brought significant pulling effects.Consider the company to build a “platform” enterprise of semiconductor materials, master the core materials in multiple semiconductor industry fields, benefit from the semiconductor industry’s internal transfer, rapid industrial development and localization substitution, combined with industry variable levels, give 70 times PE in 2020, correspondingTarget price of 54.6 yuan, maintain “Buy” rating. Risk warning: less-than-expected capacity release; lower-than-expected downstream verification; product price fluctuations; intensified market competition.

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Central Shares (002129): Partner with Total to invest in MAXEON to start a new journey of transformation and development

Central Shares (002129): Partner with Total to invest in MAXEON to start a new journey of transformation and development

Event: Announcement of cooperation with Total in investing in MAXEON Corporation Announcement of intention to cooperate with Total in Investing in MAXEON Corporation Announcement of intention to cooperate with Total in Investing in MAXEON Corporation Announces cooperation in cooperation with Total Solar International CorporationThe other solar cell and module business is split to MAXEON, a company incorporated in Singapore.

After the US $ 9.8 billion investment in the spin-off of MAXEON, the company’s shareholding ratio in the target company after the subscription was 28.

8480% and became its second largest shareholder.

The spin-off and capital injection is expected to be completed in the second quarter of 2020.

We believe that the company has a leading edge in semiconductor and photovoltaic crystalline silicon wafers. With this investment, it will cut into photovoltaic downstream battery module replacement in an asset-light and alternative manner, which will continue to drive the company’s 杭州桑拿 performance in the future.
It is estimated that the company’s net profit attributable to its parent in 2019-2021 will be 12.



91 trillion, corresponding to 0 EPS.



86 yuan, maintaining the “highly recommended” level.

SunPower is divided into two. MAXEON undertakes the core manufacturing and sales business. SunPower is the world’s leading provider of solar technology. It owns efficient IBC cell production technology and intellectual property rights for shingled modules, but its operating capacity is slightly weak. The spread in China has also led to itsThere are gaps in perception and supply chain.

After the spin-off, MAXEON’s main business will include the original SunPower global production and sales network and patents except the United States and Canada. Its entities mainly include Singapore headquarters and R & D centers, Malaysia and the Philippines battery factories, and Huansheng PV (Jiangsu) Limited.The company has 20% equity, Mexican and French module factories, Swiss sales centers and sales companies in more than ten countries.

SunPower retains sales of modules and power plant operations in the United States and Canada.

MAXEON’s future growth can be expected, the company began to integrate a new journey. In the future, the company’s investment will be used for the expansion and development of the high-efficiency IBC battery modules MAXEON-5 and MAXEON-6 series.

According to reports, SunPower disclosed that the joint venture company MAXEON expects to expand its module production capacity to 5 by 2021.

4GW, including 0.

5GW MAXEON-3, 1.

9GW MAXEON-5 and 3GW P-series components (joint venture with Central).

With the advent of photovoltaic parity on the global scale, the expectations of overseas markets have become more prominent.

In the future, large-scale production layout, operation and sales capabilities will be an important test for domestic manufacturing enterprises.

We believe that using the technical strength of the original SunPower, combined with the production and operation capabilities and supply chain advantages of Central, and Total’s layout, MAXEON is expected to grow into a world-class battery module manufacturer with core technology and intellectual property rights.

The company will also use this cooperation to replace the foundation for the company’s future development.

Risk warning: cooperation progress is lower than expected, competition in overseas markets, efficient battery replacement technology route

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Tangshan Port (601000): Cost reduction and expense control drive 3Q performance growth by 15%

Tangshan Port (601000): Cost reduction and expense control drive 3Q performance growth by 15%

3Q results slightly exceeded our expectations for the third quarter results announced by Tangshan Port: operating income of 25.

60 trillion yuan, an annual reduction of 6%, a 10% increase in costs, so the gross profit margin fell by three percentage points; net profit attributable to the parent company.

USD 7.3 billion, an annual growth of 15%, corresponding to a profit of RMB 0.

06 yuan, slightly more than we expected, mainly due to cost reduction and expense control to drive 3Q performance growth.

  Revenue and cost decrease slightly We believe that it may be partly due to the active control of trade business volume. The decrease in cost exceeding the decrease in revenue may benefit from changes in the structure of tons of goods (higher gross margin business growth decreases): the first three quartersThe company’s bulk cargo tungsten increased by 3%, of which ore and coal increased by 5% and 6%, respectively, while steel and other goods fell by 12% and decreased by 10%.

On the expense side, in the third quarter, the company’s management expenses decreased by 23% each year, and every 40% reduction in financial expenses, a high base in the same period last year.

  Development Trends The coal business is expected to continue to benefit from the increase brought by transit to iron.

Driven by environmental protection requirements, the company’s specialized berths (professional coal berths) and the advantages of railway gathering ports have been highlighted. Under the overall weak coal demand (the first three quarters of the Daqin Line ‘s coal transportation decreased by 5%) enjoyThe increase in structural changes (the company ‘s coal explosion increased by 6% in the first three quarters). At the same time, the company took a stake in the Tanggang Railway and enjoyed the revenue from the railway port.(The decrease was 5% before the third quarter, and the trend has improved. The first three quarters have continued to grow).

At the same time, we also noticed that the company’s ore and steel cargo volume may be affected by 北京夜生活网 factors such as weaker downstream demand, environmental protection and limited production, and there is still some pressure.

The container business is still in the incubation period: the gross profit margin of the container business in the first half of this year was -1.

37%, still waiting for the scale to continue to grow in order to reach the breakeven point.

  Earnings Forecasts and Estimates Due to the slightly better-than-expected performance, we raised our 2019/2020 net profit forecast by 5% / 4% to 17.

6 billion / 18.

5.4 billion yuan, corresponding to a growth rate of 9% / 5% in 2019 and 2020 (considering that the net profit in the fourth quarter of last year was a high base, our earnings forecast implies a flat 4Q19 longer).

The current sustainable correspondence is 8/2019/2020.

6 times / 8.

1x price-earnings ratio.

Maintain Neutral rating and 3.

A target price of 00 yuan corresponds to 10.

6 times 2019 P / E ratio and 10.

0 times 2020 price-earnings ratio, compared with the recent inclusion of 18.

1% upside.

  The risk explosion growth rate was lower than expected, and the loading and unloading rate dropped.

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Hualu Hengsheng (600426) Third Quarterly Report Review: Grain Inventory Is Low and Future Raw Materials May Decline

Hualu Hengsheng (600426) Third Quarterly Report Review: Grain Inventory Is Low and Future Raw Materials May Decline

Investment Highlights: The company’s third quarterly report disclosed the company’s third quarterly report for 2019, with operating income of 10.6 billion US dollars, and the number of replacements.

2%; deduct non-net profit 18.

8 ‰, 25 years ago.

9%; in the single quarter, the operating income in the third quarter was 35.

35 trillion, unchanged from the previous month, alternating ten years.

2%; single quarter net profit 6.

30,000 杭州夜生活网 yuan, a year-on-year decrease of 29% and a month-on-month decrease of 9.

6%; volume and price breakdown: basically in line with expectations, the company continues to adjust flexibly, increasing the production and sales volume of polyols. In terms of business, the changes in the third quarter increased by acetic acid, ethylene glycol, and DMF; and urea decreased significantly— Urea: The output in the single quarter was basically flat month-on-month, with an annual growth rate of 25%; the price of urea has recently improved, and the price of urea futures has fallen below 1700 yuan / ton.

-Organic amines: 8% increase in production, but 7% accumulation;-Acetic acid and derivatives: 6% increase in output, but cellulose replaced 37%, which is the largest drag unit;-Polyol business of the company: large increase in output184%, from 6 destinations to 17 endpoints, an increase of about 2 from the previous quarter.

5 benchmarks; risk reminders: the risk of safe production; the risk of rising raw material prices; profit forecasts and estimates The company’s market attention is relatively high, and the profit estimate is sufficient, but we estimate that the company ‘s potential future expectations are: One: raw materialsThere is room for cost reduction; two: the consolidation of existing inventory locations; three, due to the company’s flexible production, it may not rule out that the price of some products may exceed expectations after the product is disrupted; maintain the company’s profit forecast, netProfits were 28.

69, 33.

01, and 44.

50,000 yuan, the corresponding PE is 9 respectively.

24, 8.

03, 6.

02 times, maintain the company’s buy rating.

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Wu Tailai (603659): Entering the upstream strong base

Wu Tailai (603659): Entering the upstream strong base


Introduction to this report: Access to Revitalizing Carbon 28.

With a 57% stake, considering the comprehensive strength of restructuring of coal materials and its major shareholder Weijiao Group in coal chemical industry, listed companies will obtain high-quality core raw material needle coke supply guarantees, enhancing their competitiveness.

Event: June 14th to 1.

4.5 billion yuan from Quanyuan Enterprises to acquire the revitalized carbon materials it holds.

57% equity, Kuo Yuan Enterprise is a wholly-owned enterprise owned by Tai Tai Lai, so it is a related party transaction.

Opinion: The transaction pricing is significantly cheaper, consolidating the strength of listed companies, maintaining profit forecasts and overweight ratings.

In November 2018, the majority shareholder took 1.

400 million yuan won the revitalization of carbon 28.

57% equity (corresponding to registered capital of 100 million US dollars), and then half a year later to 1.

The transfer of 45 ppm (increasing 5 million yuan) to the listed company only increased the time cost of capital. Considering that the construction of the revitalizing carbon material capacity has been basically completed, the transaction price is much cheaper.

Recently, the company has continuously entered the upstream and upstream graphitization, needle coke and other fields through various methods, which has greatly consolidated the comprehensive strength in the supplement industry, enhanced competitiveness, and maintained EPS earnings forecast for 2019-2021.

81, 2.

41, 2.

97 yuan, maintaining the target price of 78.

10 yuan to maintain the overweight level.

Go upstream and master the core raw materials.

The main product of revitalizing carbon is coal-based needle coke, which is the core raw material of formaldehyde.

Revitalizing Carbon is a holding subsidiary of Shandong Weijiao Group (holding a total of 60% of the shares). It has a long-term and stable source of raw materials such as coal tar and a good needle coke technology reserve.The progress of the project has reached 90%, and it is about to be put into production. It needs 0 per ton per second.

According to the calculation of 8 tons of needle coke, 4 inserts of needle coke can produce about 3.

2 The maximum limit can meet the needs of most of the company’s coal-based needle coke (this year it is estimated that the total replacement amount is 5).

Weijiao Group is a first-class chemical group with comprehensive strength.

The revitalization of carbon materials is backed by Shandong Weijiao Holding Group, which was established in 1971. It is a large enterprise group integrating coal chemical industry, fine chemical industry, new 南京夜网materials, clean energy, and technical services. In 2018, it achieved total sales revenue of 17.1 billion yuanYuan, total assets of 107 million yuan, mainly coke, carbon black oil, industrial naphthalene, modified asphalt and other more than 40 kinds of chemical products on sale.

Relying on the experience accumulated by the Weijiao Group’s coal chemical industry for many years and supporting resources in the upstream coal chemical industry chain, the revitalization of carbon materials will have advantages in raw material procurement, process technology development, and by-product sales.

Risk reminder: Catalyst for revitalizing the construction of carbon material production fails to meet expectations: the company terminates its products and obtains large overseas orders

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