Jerry Shares (002353): Performance Exceeds Expectations, Maintains High Growth in Second Half

Jerry Shares (002353):北京夜生活网 Performance Exceeds Expectations, Maintains High Growth in Second Half

The event company announced the 2019 semi-annual performance forecast, and it is expected that it will return to its mother’s net profit for the first six months of 20194.

65 ppm to 5.

21 ppm, an increase of 150% to 180% per year.

  The short evaluation benefited from the high prosperity of the drilling and completion equipment industry. The company’s interim report forecasted results exceeded expectations. The company announced 1H2019 net profit attributable to the parent4.

65 ppm to 5.

21 ppm, a year-on-year increase of 150% to 180%; of which, 2Q is attributed to the mother’s net profit3.

55 ppm to 4.

11 megabytes, which previously increased by 134% to 170%, exceeding expectations, and ultimately increasing the investment in exploration and development of unconventional oil and gas resources such as shale gas. The drilling and completion equipment industry has maintained a high level of prosperity since it bottomed out in early 2018.
  With cost reductions and efficiency improvements, oil companies have been able to adapt to the new normal of low oil prices. In the fourth quarter of April 2018, oil prices have fallen sharply, but upstream development and production projects have not been cancelled significantly, and expanded equipment orders have not appeared.The situation of selling orders.

We believe that the reason for this phenomenon is that after the decline in oil prices in 2014, after 4-5 years of cost reduction and efficiency improvements, most oil and gas fields in non-OPEC countries currently cost 30 to 50 US dollars per barrel.The level is lower than the current trading price of 60-65 USD / barrel of oil distribution, and higher investment yields of oil and gas fields in non-OPEC countries. Oil companies have been able to better adapt to the new normal of low oil prices, so we judge thatEven under the current low oil price normal situation, oil and gas equipment will still be in a boom upward cycle.

  PetroChina’s drilling and completion equipment industry will enter a high-boom cycle. According to the CNPC News Center, in 2018, CNPC Oil Services completed a gradual increase of 10% and fracturing extension increased by 52%. In 2019, CNPC’s drilling workload will further increase beyond the growth rate.Raising to 15% -20%, the number of horizontal wells will reach 2,000, and the number of unconventional oil and gas wells such as shale gas and tight gas is expected to double, so the current drilling and completion equipment such as fracturing vehicles is still in short supply.

Since January 2019, CNPC has released a reduced number of bids for drilling and completion equipment accessories, so we judge that the volume of bids for drilling and completion equipment will increase significantly in 2019.

In addition, from the perspective of secondary schools, 30% of the annual increase in domestic natural gas production is contributed by shale gas. If the contribution of shale gas production is excluded, the growth rate of conventional natural gas production is only about 5%, which is in line with the 2020 domestic gas demand required by the State Council.The output reached the target of 200 billion cubic meters, and the compound growth rate of 10% is far from that.

Therefore, from a secondary school perspective, the drilling and completion equipment industry will also be in a high boom cycle.

  It is judged that the drilling and completion equipment industry will maintain a high prosperity in the second half of the year, to ensure the growth of 2020 performance and the cumulative national gas production of 724 from January to May 2019.

900 million cubic meters, an increase of 9 in ten years.

8%, natural gas imports 3943 attachments, an annual increase of 13.

At 4%, natural gas’s external dependence continues to increase. Unconventional oil and gas resources, such as shale gas, are an important focus for ensuring energy security.

According to grassroots research in the industry chain, scale efficiency has been brought about through the improvement of technological efficiency and the rapid growth of shale gas production. At present, domestic shale gas extraction has generated economic benefits. It is expected that 148 petrochemical fracturing vehicles will be tendered in 2019, an increase of 76%.The implementation of bidding will guarantee the growth of performance in 2020.

Increase the company’s operating income from 2019 to 2020 to 69.

13 ppm and 94.

11 ppm, the ten-year growth rate is 51% and 36%; increase the net profit attributable to mothers from 2019 to 2020 to 12 respectively.

06 ppm and 19.

3 billion, an annual increase of 96.

1% and 60%, give 15 times the estimate in 2020, raise the target price to 30.

22 yuan / share.

  Risk reminders: 1) The industry’s business climate exceeds expectations; 2) Order delivery is lower than expected.

Industrial and Commercial Bank of China (601398) Annual Report Comments: Asset Quality Continues to Improve, Capital Strength Further Strengthens

Industrial and Commercial Bank of China (601398) Annual Report Comments: Asset Quality Continues to Improve, Capital Strength Further Strengthens

Investment Highlights: Event: ICBC released its 2018 annual report.

In 2018, the company achieved operating income of 7,737.

89 ppm, a six-year increase of 6.

51%; net profit is 2976.

76 ppm, a ten-year increase4.

06%; At the end of 2018, the company’s non-performing loans increased by 1.

52%, a decrease of 0 from the end of 17 years.

03 averages.

The net interest margin narrowed slightly from the previous quarter, and the growth rate of operating income and net profit slowed down.

The company’s 18-year net interest margin is 2.

30%, the same as Q1-3.

Since 18Q2, the company’s asset-side rate of return has risen upward, the net interest margin has entered the platform period from the rebound stage, and the net interest margin has continued to decrease gradually.

Affected by the rapid growth of net interest margin, the growth rate of the company’s net interest rate income declined slightly.

62 units.

In addition, the growth rate of the company’s litigation fees and net commission income in 18 years has also improved compared to Q1-3. It is expected that the decline in personal wealth management income will increase, and the growth rates of card handling fees and custody services will decline.

As the growth rates of major types of revenue have all slowed down, operating income growth in 18 years has fallen faster than Q1-3.

2 units.

In 18 years, the company’s operating expenses fell by 2 every year.

24%, of which asset impairment losses increase by 26 each year.

47%, an increase of 4 units earlier than Q1-3.

Affected by the rapid growth of operating income, the company’s net profit attributable to mothers increased at a faster rate of 1 to 3 in Q18.

04 averages to 4.

06%.

The asset quality improved steadily, and the provision coverage ratio increased.

At the end of 18, the company’s non-performing loan subsidy1.

52%, a decrease of 0 from the end of 17 years.

03 At least, continuing the steady improvement since 17 years.

In addition, the balance and proportion of the company’s focus loans and overdue loans fell by the end of 18H1, and the degree of non-performing substitution further decreased compared to 18H1, and the overall asset quality improved well.

In 2018, the company accrued 1615 for impairment losses on various assets.

0.94 million yuan, an increase of 26 in ten years.

47%. At the end of 18, the company’s 合肥夜网 provision coverage ratio reached 175.

76%, a significant increase of 21 from the end of 17 years.

69 units.

According to the new regulations on provision supervision, it is expected that the company’s provision coverage rate supervision standard will be 120%. The current provision coverage rate has a high margin of safety, and the pressure on provisioning has improved significantly in the future.

Strengthen capital management and improve marginal capital adequacy ratio.

In 18 years, the company continued to deepen capital management reforms, strengthen capital savings and optimization, steadily improve its internal source capital replenishment capabilities, and further strengthen its capital strength.

Since 18Q3, the company’s capital adequacy ratio has rebounded for two consecutive quarters.

By the end of 1四川耍耍网8, the company’s core Tier 1 capital adequacy ratio, Tier 1 capital adequacy ratio, and capital adequacy ratio had increased by 0 at the end of 17 years earlier.21, 0.

18 and 0.

25 averages to 12.

98%, 13.

45% and 15.

39%.

The company has issued USD 55 billion tier 2 capital bonds in March 19 to supplement tier 2 capital. It is estimated that it will issue USD 80 billion perpetual bonds to supplement other tier 1 capital in the future, and issue no more than USD 100 billion preferred shares to supplement other tier 1 capital.capital.

It is expected that the company’s capital strength will be further enhanced.

Investment Advice.

The company’s 19-20 BVPS is expected to be 6, respectively.

93 and 7.

58 yuan, press 5 on April 7.

At the closing price of 81 yuan, the corresponding PB is 0.

84 and 0.

77 times.

The company’s industry leader is further stable and its operations are stable. In particular, the improvement in asset quality is better than that of the industry. For the first time, it has given the company an “overweight” investment rating.

Risk warning: serious deterioration of asset quality, systemic risk

Jifeng (603997): Passenger car seat headrest leader overseas factory + M & A integration has begun

Jifeng (603997): Passenger car seat headrest leader overseas factory + M & A integration has begun
Overseas expansion smoothed fluctuations in performance.The company’s revenue in the first half of the year was $ 1 billion, broken down by 5 each year.68%; net profit attributable to mother 1.1.5 billion, down 20 a year.62%, in line with expectations.The industry with constant changes in company revenue has initially contributed to the growth of high-end customers such as the European market, Volkswagen, BMW, and Porsche.The increase in profit margin is greater than the income, mainly due to the significant increase in management expenses brought about by overseas reorganization and increase in personnel. Passenger car seat headrest faucet started international competition.The company’s main products are seat headrests, headrest struts and seat armrests.The comprehensive customer coverage includes FAW-Volkswagen, BMW, Audi, Cadillac, Changan Ford, GAC Fick, Nissan, Honda, Toyota, Mazda, Volvo, Great Wall, Geely, BYD, GAC and other joint ventures and independent customers.Significant results have been achieved in overseas expansion in the past two years, with orders from BMW, Volkswagen, and Jaguar Land Rover in Europe, which have contributed 重庆耍耍网 to the increase in overseas markets. Funding has been approved, and Grammer is determined to win.The company earns European seat leader Grammer, which promotes accelerated product lines and overseas customers.Grammer’s revenue in 2018 exceeded 10 billion, far exceeding Jifeng, but the profit scale was somewhat.Grammer is conducive to a significant increase in the company’s revenue scale, and Jifeng’s cost control capabilities are conducive to improving Grammer’s profit level, and the synergy effect is expected to significantly improve the growth space. Investment suggestion: We expect net profit attributable to mothers to be 3 in 2019 and 2020 respectively.0, 3.3 trillion, corresponding to the current estimate of only 16 times, maintain “Buy” rating. Risk warning: Passenger car sales continue to be sluggish; overseas 杭州桑拿 expansion is less than expected

China Chemical (601117): Performance suppression factors gradually eliminate growth and enter the fast lane

China Chemical (601117): Performance suppression factors gradually eliminate growth and enter the fast lane

Sinochem is the most fully qualified company in the field of nitric acid chemical engineering: it achieved operating income of 629 in the first three quarters of 2019.

30 ppm, an increase of 17.

36%, net profit attributable to mother 24.

460,000 yuan, an increase of 50.

43%.

The actual controller of the company is China Chemical Engineering Group Co., Ltd., with a shareholding ratio of about 37.

08%.

The chemical industry’s solid investment has returned to growth, and the industry is showing oligopoly competition.

Supply-side reforms have helped the chemical industry’s profits to improve. Since the beginning of the year, the chemical industry’s prosperity has clearly rebounded, and industry profit margins and profit margin indicators have increased.

The industry presents a oligopoly competitive landscape, and China’s chemical share is rapidly increasing.

In the field 杭州桑拿 of chemical engineering, China’s chemical competitive advantage is obvious; in the field of petrochemical engineering, China’s chemistry has developed rapidly, and its scale is about the same as that of Sinopec; in the field of coal chemical engineering, China’s chemical industry has the best.

Order growth driven revenue continued to pick up, and excess orders were in hand.

The increase in capital expenditures of chemical companies since 2017 has driven the company’s chemical and petrochemical engineering orders to grow at a high rate; the economic improvement of coal chemical projects + warming policies = rapid growth in coal chemical orders, and it is expected to create a new high in recent years in 2019.

Since 2016, overseas business development has continued to increase, overseas branches have grown rapidly, orders 杭州桑拿网 accounted for more than 50%, and revenue accounted for no increase; entering the field of infrastructure construction, the future growth space is broad.

As of the end of 2019, the company’s order protection multiple was 3.

16 times, can guarantee the rapid growth of future income.

Performance suppression factors are lifted, and safety margins are high.

The price of PTA rebounded and Shengda went into production. The reduction in asset impairment losses was reduced, and the company’s performance suppression factors were lifted. The funds in hand were sufficient, accounting for 76 of the market value.

8%, the safety margin is high, it is estimated to be in the expected position.

Financial analysis: ROE is continuously repaired and cash flow is better.

Since 2018, the company’s ROE has continued to be repaired, during which the expense ratio has increased, and its management and control capabilities have improved; the company’s operating capabilities have gradually increased, its asset-liability ratio has decreased, and its leverage ratio has been continuously optimized; its net operating cash flow / operating margin has increased.

Earnings forecast and grade: We maintain the company’s earnings forecast. It is expected that the EPS for 2019-2021 will be 0.

63 yuan, 0.

80 yuan and 0.

97 yuan, the closing price on February 10 corresponding to PE were 11.

5 times, 9.

1x and 7.

5 times, maintaining the company’s “prudent overweight” rating.

  Risk reminder: the macroeconomic downturn, the downturn in the chemical industry’s downturn affects the company’s new breakthrough orders, overseas market politics and exchange rate risks, the risk of bad debt losses, and orders in hand fall below expectations

China Satellite (600118) 2018 Annual Report Review: Steady Development of Main Business, Highly Improved R & D Investment

China Satellite (600118) 2018 Annual Report Review: Steady Development of Main Business, Highly Improved R & D Investment

Investment Highlights The company achieved operating income of 75 in 2018.

830,000 yuan, +2.

68%; net profit attributable to mother 4.

180,000 yuan, +1.

95%; net profit after deduction to mother 3.

59 trillion, + 3.

91%; net operating cash flow 8.

68 ppm, an increase of 12 per year.

3.9 billion; the company plans to use the total share capital of 11.

8.2 billion shares are the base, and cash dividends are paid for every 10 shares1.

10 yuan (including tax), a total of 1 dividend distribution.

3 billion.

The company’s operating income and net profit increased slightly, maintaining a steady development trend overall.

The company focuses on the main satellite industry. The proportion of satellite development and satellite applications has remained above 99% in the past five years.

The company’s profit level rose slightly and remained stable overall with a comprehensive gross profit margin of 14.

75%, rising by 0 every year.

59 grades, of which the main aerospace manufacturing and satellite applications gross margin13.

34%, rising by 0 every year.

65 units; net interest rate 8.

79%, rising by 0 every year.

64 units.

Total company period 北京桑拿洗浴保健 expenses 5.

50,000 yuan, an increase of 26 in ten years.

88%, accounting for 6% of operating income.

66%, an increase of 1 each year.

27 units.

The company received 78.08 million yuan in government subsidies in 2018, a decrease of 20 per year.

97%, accounting for 18.
.

69% of Democrats affect net profit.

The company attaches great importance to research and development, which is mainly reflected in the three characteristics of increased research and development expansion, a high proportion of research and development personnel, and a high proportion of highly educated personnel.

The company’s total R & D funding in 2018 was 2.

6.5 billion, an increase of 202 every year.

42%; 1,596 R & D personnel, accounting for 35 of the total number of companies.

52%, increasing by 0 every year.

There are 24 single companies; the company has 3,373 technology development and technology management personnel, accounting for 75 of the total number of employees.

07%.

In terms of education structure, the company has a total of 2195 master and doctoral degrees, accounting for 48 of the total number of companies.
85% of our coverage for the first time, it is expected that the company will achieve net profit attributable to mothers in 2019-2021.
61/5.

21/6.

24 ppm, EPS is 0.

39/0.

44/0.

53 yuan, corresponding to the closing price of PE on March 19 is 67/59/50 times, giving a “careful increase” rating.

Risk Warning: The space launch situation is less than expected, and the satellite application market expansion is less than expected.

Xusheng shares (603305) 2019 third quarterly report comments: revenue improved month-on-month, gross margin stabilized and rebounded

Xusheng shares (603305) 2019 third quarterly report comments: revenue improved month-on-month, gross margin stabilized and rebounded

Event: The company achieved operating income in the third quarter2.

7.4 billion, a decrease of 17 per year.

53%, an increase of 8 from the previous quarter.

9%; net profit attributable to mother is 0.

51 ppm, a decrease of 47 per year.

21%, an increase of 9 from the previous quarter.

3%.

  1) Tesla’s output increased, and the company’s operating income increased sequentially. The fourth quarter will continue to improve.

The company’s revenue improvement was mainly due to the increase in Tesla Model S / X and Model 3 output by 12% / 10% in the third quarter to 1.

630,000 vehicles and 7.

With 980,000 units, Tesla is expected to produce 10 in the fourth quarter.

40,000 vehicles, an increase of 8 from the previous month.

8%, the company’s fourth quarter revenue will 合肥夜网 continue to increase.

  2) The output of high gross profit models S / X rebounded, and the company’s gross profit margin stabilized and rebounded.

In the third quarter, the rebound in model S / X production increased the company’s gross profit margin by 2 quarters.

5pct, reaching 35.

3%, the gross profit margin is expected to continue to increase in the fourth quarter.

  3) The company’s expense ratio increased rapidly during the period.

In the first three quarters, the company’s sales expense ratio and management expense ratio increased by zero.

62/2.

92 points to reach 1.

79% / 10.

69%.

Among them, the increase in the sales expense ratio was mainly due to the increase in the number of newly developed customers and the increase in freight and customs fees; the increase in the management expense ratio was mainly due to the increase in the number of management personnel leading to increased expenses.

  4) The fundraising project was approved to provide the company with performance flexibility.

The company’s investment in the chassis aluminum forging project was successfully approved. It is expected that the project will reach production in 2020-2021, which will provide the company with performance flexibility.

  5) Profit forecast and investment rating.

Because the progress of the new Model S exceeded expectations, the sales of ModelS / X rebounded more than expected, and according to the calculation of non-Tesla customers’ sales revenue growth was less than expected, we reduced the company’s EPS for 19-21 by 17% / 12% / 5%, respectively0.

56/0.

73/1.

00 yuan, corresponding to 53/40/29 times the surplus.

The company benefited from the continued growth of lightweight and new energy vehicles. The Tesla Shanghai project and model Y progressed more than expected, and the investment and investment projects have been put into production. This has brought the company’s performance increase. At the same time, short-term factors have disrupted profit growth potential, and the company has long-term growth space.Still huge, maintain the company’s “overweight” investment rating.

  6) Risk warning.

The impact of trade friction on the company exceeded expectations; Tesla’s sales fell short of expectations; new business expansion fell short of expectations.

CV Source (002841) 2019 First Quarterly Report Review: Performance Exceeds Market Expectations, Profitability Improved Significantly

CV Source (002841) 2019 First Quarterly Report Review: Performance Exceeds Market Expectations, Profitability Improved Significantly
Event: The company released a quarterly report for 19 years, and achieved operating income of 33 in 19Q1.6.1 billion (+26.33%), net profit attributable to mother 1.8.8 billion (+47.39%), net of non-attributed net profit1.7.3 billion (+31.68%). The company’s first quarter performance exceeded market expectations and continued its high growth trend. The company’s products include LCD TV main control boards, educational interactive smart tablets, and conference interactive smart tablets.Since the education tablet orders are concentrated around the summer, the gross profit margin of the board business has decreased, so Q 1 is the company’s business off-season (Q1? 18?Q4 net profit ratios were approximately 12.75%, 25.60%, 46.31%, 15.34%), the company has achieved net profit 1 attributable to mothers in 19Q1.880,000 yuan (+31.68%), exceeding market expectations.At the same time, the company foresees that the growth rate of the net profit of the mother company in 19H1 will be 30%?60%, continuing the high growth trend since 18 years. The company’s gross profit margin improved significantly, and the budget expense ratio increased slightly. In 19Q1, CV’s overall gross profit margin reached 22.25% (+ 4pcts), gross margin improved significantly.We analyze the reason for the increase in the company’s gross profit margin mainly due to the fall in the price of raw materials for the board business. As a result, the company’s higher gross profit margin increased the proportion of education tablets and conference tablets.1Q1 company sales rate reached 5.86% (+1.66pcts), the management fee and R & D expense rate reach 11.13% (+2.47pcts), with a financial rate of -0.82% (18Q1 is -0.71%), the company’s sales rate, management and research and development rate slightly increased, we believe that mainly due to the company’s active product promotion and continuous research and development. The company has deeply cultivated the field of intelligent interactive display and has ample room for growth. The company’s card business has steadily ranked first in the world. In 18 years, the smart card restructuring accounted for 41%, and its revenue continued to expand.The education 深圳桑拿网 informatization business has benefited from policy dividends, with the domestic market share taking the lead, and gradually moving from the realization of imported equipment to the service ecosystem.The blue ocean market of corporate conference business has the leading product expansion in China and is expected to achieve an annual growth rate of more than 100%.The company has cultivated in the field of intelligent interactive display for many years and has a clear strategic layout, which is expected to achieve sustained and sustained growth. Profit forecast, evaluation and rating. Combined with the company’s 19Q1 performance, we raised the company ‘s 19 shares?The 21-year return to mother’s net profit is forecast to 14.56/19.08/25.370,000 yuan, corresponding to EPS 2.22/2.91/3.87 yuan, corresponding to PE of 33X / 25X / 19X, maintaining the “buy” level. Risk reminder: Changes in education informationization policies, fierce market competition affects corporate competitiveness

Inner Mongolia First Machine (600967) 2019 Third Quarterly Report Review: Reduce Costs and Increase Efficiency, Continue to Promote Performance Growth

Inner Mongolia First Machine (600967) 2019 Third Quarterly Report Review: Reduce Costs and Increase Efficiency, Continue to Promote Performance Growth

I. Overview of the event On October 30, the company released the third quarter report of 2019 and achieved operating income of 75.

3.6 billion, an increase of 5 every year.

24%; net profit attributable to mothers4.

21 ppm, an increase of 20 per year.

53%.

Second, the analysis and judgment of performance increase, cost control effect is significant in the third quarter before 2019, the company achieved operating income of 75.

3.6 billion, an increase of 5 every year.

24%; net profit attributable to mothers4.

21 ppm, an increase of 20 per year.

53%.

In a single quarter, Q3 achieved revenue of 22 in a single quarter.

22 ppm, an increase of ten years6.

9%; net profit attributable to mother was 86.87 million yuan, a year-on-year increase of 43.

82%, the growth rate in the third quarter increased significantly.

Company period expenses 3.

51%, a decrease of 1 from the same period last year.

09pct, the initial cost savings for the sales department led to a 30% annual decrease in sales expenses.

84%, the reduction in interest income from deposits led to a decline in financial expenses.

The company’s gross profit margin is 9.

78%, a decrease of 1 from the same period last year.

16 points.

The company’s inventory increased by 75 from the beginning of the period.

05%, the increase in unfinished delivery of products, indicating that the company has too many orders and the 杭州桑拿网 industry’s prosperity has improved.

Military special vehicle leader, Interior + Foreign Trade Security Development Company, as the country’s only equipment production base that integrates main battle tank series and medium-heavy wheeled armored vehicle series, has now formed a combination of wheels and shoes, a combination of vehicles and guns, and a combination of light and heavy.Advanced production layout combining domestic and foreign trade.

In recent years, the company’s foreign trade products VT4 tanks and VN1 wheeled tanks have created new achievements.

According to the newly released White Paper on China ‘s National Defense in the New Era, the proportion of equipment costs in defense military expenditures has increased to 41%, and in the future, efforts will be made to eliminate old and old equipment, and 成都桑拿论坛 increase the main battle equipment lineup, including the inside of Type 15 tanksLoading speed.

With the gradual elimination of the effects of the military reform, the resumption of military procurement will promote the company’s stable growth in the military sector.

Railway vehicle orders continue, and the future growth of the sector is expected. Railway vehicles include open cars, tankers, flat cars, box cars, hopper cars, special vehicles, etc., covering 60-ton to 100-ton vehicle products.

The company totaled ten years during the year10.

The 01 million railway vehicle orders were delivered to each other within the year.

At present, the company is increasing its foreign trade development efforts and continues to make efforts in markets such as Indonesia, Lithuania and Sweden. We expect that the company’s railway vehicle field will also develop steadily in the form of domestic sales + foreign trade in the future.

Third, investment advice The company is a leader in conventional special vehicles. It must increase the proportion of defense equipment costs and accelerate the installation of main battle equipment. We are optimistic about the company’s long-term development.

Expected company 2019?
EPS in 20201 will be 0.

38, 0.

44 and 0.

51 yuan, corresponding to PE of 27X, 23X and 20X, the average evaluation of comparable companies is 50X, given a “recommended” rating.

4. Risk warnings: 1. Military expenditure growth is not up to expectations; 2. Slow development of foreign trade market

Funeng shares (600483): Haifeng has great potential to drive continuous growth

Funeng shares (600483): Haifeng has great potential to drive continuous growth
The combined performance of cogeneration in 2018 was outstanding, and wind power performance declined slightly.The company achieved operating income of 93 in 2018.500 million US dollars, an annual increase of 37.57%, net profit attributable to mother 10.5 ppm, an increase of 24 in ten years.52%, performing well.From the perspective of important subsidiaries’ breakthrough profit growth.Combined heat and power: Net profit of Hongshan Cogeneration, a core subsidiary of combined heat and power in 20184.40,000 yuan, an increase of 47 in ten years.twenty two%.Mainly due to the poor water supply in Fujian Province in 2018, thermal power indicators issued in parallel and the market-based electricity price increased slightly, connected to the Internet electricity 66.700 million degrees, ten years +10.4%, the on-grid electricity price is 0.393 yuan / degree, +0 for ten years.92 minutes / degree.Initial funding of 379.In June, it is +10 every year.9%, average heating price 150.2 yuan / degree, a slight decrease of 4 before.4 yuan / ton.Coal-fired pure condensing power generation: Company 9 in October 2017.8.3 billion acquired 20% equity of China Resources Wenzhou and 51% equity of China Resources Liuzhi, and the swap company completed industrial and commercial changes in early 2018.In 2018, the power of Liuzhi Power Plant was 59.900 million degrees, net profit 2119 million; China Resources Wenzhou dividend income1.1.8 billion.Wind power: The company installed wind power at the end of 201871.40,000 kilowatts, +50,000 kilowatts per second.In 2018, the wind conditions in Fujian were not as good as in 2017, and the amount of electricity on the grid was 17.4.5 billion kWh, zero for ten years.8%, utilization hours 2692 hours, at least 145 hours reduced, the average on-grid electricity price ranks 0.6 points / degree, resulting in a decrease in net profit of the new energy company of the wind power operation entity by -8 in 2018.31% to 4.2.2 billion.Gas power: Jinjiang Gas Power, the main body of natural gas power generation in 2018, produced 26.2.3 billion degrees, +14 in ten years.8%, replacing electricity 24.1.3 billion kilowatt-hours, basically unchanged for a year, net profit of 41.39 million yuan, an increase of 176 in ten years.36%. Fujian has a bright sea breeze, and Funeng takes the lead and is expected to continue its long-term growth.There is a “narrow tube effect” in the Taiwan Strait. Fujian Province has unique wind resources. At the same time, the power generation area is the consumption area. It does not abandon wind and limit power.According to the policy plan, Fujian plans to increase the installed capacity of sea wind by 2 million kilowatts during the “Thirteenth Five-Year Plan” period, which is still in the start-up period. The sea wind is promising.Up to now, the company has operated 19 onshore wind power projects and put into operation a total installed capacity of 75.40,000 kilowatts, accounting for about 24% of the total installed capacity of wind power in Fujian Province, ranking first in the province. From 2014 to 2018, the wind power operation entity Funeng New Energy Company’s net profit increased at a compound growth rate of 20.4%.At the same time, the company currently approves the land wind project under construction13.40,000 kilowatts, sea breeze project 89.80,000 kilowatts, there are also 2 million kilowatts of offshore wind power, 200,000 kilowatts of onshore wind power are pending approval.According to the current progress of projects under construction, as well as raising investment funds and sufficient cash flow support, it is estimated that 杭州夜网 the company will install about 900,000 kilowatts of land and wind in 2020, and install about 500,000 kilowatts of wind in sea, and the profit scale is expected to exceed 700 million U.S. dollars, with a compound annual increaseSpeed is expected to exceed 30%. Participation in many nuclear power projects further opens up room for growth.On April 1, 2019, the Director of the National Nuclear Safety Administration decided that “China will continue to develop nuclear power on the premise of ensuring safety. In 2019, there will be nuclear power projects starting construction.”” Nuclear power approval was officially restarted after more than 3 years of silence.The company is actively deploying nuclear power projects, with equity participation in construction and reserve of nuclear power projects of about 16 million kilowatts, and 合肥夜网 equity installed capacity of about 3.8 million kilowatts.At the same time, in December 2018, the company and the controlling shareholder Funeng Group reached the “Intent Agreement for the Transfer of Fujian Ningde Nuclear Power Co., Ltd. 10% Equity”, and planned to transfer 10% equity of Ningde Nuclear Power. Ten thousand yuan, net profit 16.480,000 yuan, profitability budget.The rich nuclear power reserve is expected to lay the groundwork for the company’s long-term profit growth. Earnings forecasts and investment advice.It is expected that EPS for 2019-2021 will be 0.82, 1.02 and 1.19 yuan, corresponding to PE12X, 9X and 8X, optimistic about the continued growth of wind power business, given 13 times the estimate in 2020, target price of 13.3 yuan / share, maintain “Buy” rating. Risk warning: coal price fluctuation risk, wind power construction and operation may be less than expected risk.

Crystal Optoelectronics (002273): Optical coatings demand for good optical innovation opens new growth space

Crystal Optoelectronics (002273): Optical coatings demand for good optical innovation opens new growth space

Leading in precision optoelectronic thin-film components, focusing on new optical business and starting secondary growth. The company is committed to the production and sales of two major products, infrared predetermined filters (IRCF) and optical low-pass filters (OLPF). The products serve Apple.Huawei, Samsung, OPPO, vivo and other first-line / mainstream brands at home and abroad.

The optical industry is one of the most certain racetracks for consumer electronics innovation in the next few years. With the continuous acceleration of optical innovation, the company relies on the technology accumulation of optical cold processing and thin film optics and semiconductor optics to seize dual-camera / multi-camera, screenFingerprints, 3D imaging, periscope cameras, AR devices and other market opportunities, optical products are expected to usher in a new round of growth.

Multi-camera and high-expected upgrades. IRCF benefits from increased demand and increased size. Revenue is expected to return to high growth. This will translate into smart phone multi-camera and high-prompt accelerated upgrades, as well as increased demand for car cameras and security HD cameras.The market demand for infrared predetermined filters for optical components is expected to resume high growth, and the demand for large-size filters is increasing. Judging the optimization of the structure is expected to drive the price up slightly, and gradually improve and maintain stability.

The company is a global leader in infrared predetermined filters. The expansion of blue glass IRCF is completed. It is expected that with the increase in industry demand and the increase in large-size filter conversion, traditional IRCF revenue is expected to return to high growth and stable profitability.

3D cameras, periscope, under-screen fingerprints and other rapid penetration, new products open up growth space, mobile phone optical innovation accelerated, 3D imaging, periscope, and under-screen fingerprint recognition and other penetration rates are rapidly increasing, and it is expected to become a high-end model in the next year.Match.

New products such as the company’s 3D imaging filters and wafer processing, periscope camera prisms, and fingerprint recognition filters under the optical screen have been successfully introduced into large die at home and abroad. The new products further open up the company’s growth space and are expected to contribute to growthNew kinetic energy.

The volume of AR glasses is expected to grow rapidly. The key projection of forward-looking card AR imaging modules is expected to accompany the continuous breakthrough of core technologies such as the expansion of 5G VR / AR applications, the exploration and maturity of cloud gaming, new social models, and overlapping near-eye display technologies.Expansion of AR glasses is expected to increase rapidly in 2021.

The company is looking forward to the AR market. In recent years, it has participated in Israeli Lumus and established a joint venture with German SCHOTT. The upstream and downstream cooperation of the industrial chain will position the core optical imaging 北京夜网 system and optical components of AR equipment to share market dividends.

Invest in Japan’s Guangchi to promote the development of new products and new customers, and increase the return on investment. Invest in Japan’s Guangchi to promote the development of new products and new customers, strengthen the development of new products and customer development.The demand and operation of Japan’s Optics Optical Coating Machine continue to improve. The company can obtain stable investment income while obtaining industrial synergy.

The profit forecast and forecast do not take into account investment gains such as Japan ‘s Guangchi, and the company’s net profit attributable to the parent from 2019 to 2020 is expected to be 4 respectively.

2, 6.

1, 7.

700 million, the current sustainable corresponding PE is 40, 27, 22X, according to the 2020 40X estimated target price of 21.

71 yuan / share, first coverage, buy rating.

Risk warning: smartphone industry sales significantly expand, optical innovation fails to meet expectations