Month: March 2020

Space 21： The leader in high-speed commercial satellite remote sensing big data services

Space 21: The leader in high-speed commercial satellite remote sensing big data services

Investment Highlights: The company is a leader in domestic commercial satellite remote control services, focusing on commercial satellite remote control big data services and solutions.

The company’s satellite remote sensing data and service products are mainly used for government departments, scientific research institutes and public institutions to conduct ground observation and information collection.

The company specializes in commercial remote sensing satellite operation, data acquisition, processing and solution provision. Currently it has “Beijing 2” series of 3 reverse satellites in orbit. Satellite manufacturing and launching are completed by many professional manufacturers.

The company is a leader in domestic commercial satellite remote sensing data services. Since its establishment, it has participated in a number of scientific research projects jointly supported by the “10th Five-Year Plan”, the National 863 Plan and Beijing, and then invested in the construction of the “Beijing 1” remote sensing small satellite system., And it is the first in China to provide commercial satellite remote sensing data services.

The company’s operating income has grown rapidly, with a stable customer structure and strong profitability.

The company is located in a high-speed growth period, with a compound growth rate of 45 in the past two years.

32%.

The company’s gross profit margin has declined slightly in recent years, but is still at a relatively high level, with a gross profit margin of 53 in the past two years.

16% / 54.

34%. The slight decrease in gross profit margin was mainly due to the completion of the company’s own reflection satellite constellation “Beijing 2” and its depreciation.

The company is extremely well-known in research and development. The proportion of research and development expenditure in the past three years has remained at about 10%, and the compound growth rate of research and development investment in the past three years has reached 41.

73%, accounting for 10% of revenue.

77%, 9.

41%, 10.

26%, the absolute amount of research and development costs continues to increase and the proportion is stable.

The company’s overall net interest rate is relatively high, at 11 in the past two years.

93%, 10.

02%, reflecting the overall profitability of the product, as well as cost and expense control ability indicators.

The company’s commercial satellites have their own and independent operation and control capabilities, and they have covered the entire industrial chain of satellite data services.

The company is ahead of its competitors in satellite development and autonomous operation control, and has the ability to acquire, process, analyze and apply satellite reverse data.

The company is a leader in satellite remote sensing data acquisition and processing. The company’s “Beijing 2” constellation includes 3-star sub-meter full-color satellites that 杭州桑拿 transform 4 meters of multi-spectral resolution satellites. It has the ability to revisit any place in the world for 1-2 days.The level of measurement and control technology has reached the international advanced level of the same kind, and it is currently the only commercial inverted satellite constellation planned by the national civil space infrastructure in China.

At the same time, the company successively conquered key technologies such as cloud-free screening of stored data on the satellite, satellite intelligent observation, rapid surface change, and dynamic monitoring, laying the foundation for the subsequent participation in major projects such as “Digital China”, “Belt and Road”, and smart cities.

It is recommended to use PE or PEG estimation.

According to the “Rules for the Examination and Listing of Stocks 深圳桑拿网 of the Science and Technology Innovation Board of the Shanghai Stock Exchange” issued by the Shanghai Stock Exchange, the listing standard chosen by the issuer is “the estimated market value is not less than RMB 1 billion.The profit is not less than RMB 50 million, or the expected market value is not less than RMB 1 billion. The net profit in the latest year is positive and the operating income is not less than RMB 100 million.

“risk warning.

The growth rate of the satellite remote sensing service market is accelerating; the lifetime of its own satellites is less than expected, leading to the risk of missing orbiting satellites.

Tesla’s abandon cobalt causes cobalt stocks to tumble, ternary materials batteries still optimistic

Tesla’s “abandon cobalt” causes cobalt stocks to tumble, ternary materials batteries still optimistic

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

　　Original title: Tesla’s “abandoning cobalt” caused cobalt stocks to plummet. The ternary material battery trend is still optimistic. Chen Yukang. ○ Editor Lin Jian was affected by rumors that Tesla plans to adopt Ningde era cobalt-free batteries. Yesterday’s cobalt industry concept stocksCollective downward.

In the final close, Hanrui Cobalt, Huayou Cobalt, and Luoyang Molybdenum fell, while Dow Technology fell more than 9%.

　　In the spot market, the end of short-term rise in cobalt prices.

According to statistics from the Yangtze Nonferrous Metal Network, the average price of No. 1 cobalt on February 19 was 280,000 yuan / ton, which was 5,000 yuan / ton lower than the previous February 18.

The Air Force, due to factors such as logistics potential, has shown a stronger cobalt price.

　　On February 18, market rumors said that the negotiations between Tesla and the Ningde era entered a later stage. Tesla plans to use cobalt-free batteries, namely phosphoric acid, in pure electric vehicles produced at its Chinese factory.Lithium iron battery.

Ningde Times responded to Shanghai Securities News and said it would not comment.

　　Affected by the above rumors, the concept stock of lithium iron phosphate battery strengthened on February 19th, 北京夜生活网 Qianjiang Motorcycle, Shengyang Co., Ltd., and German Nanometer rose and stopped.

　　”The lithium iron phosphate battery of the Ningde era does have many advantages. For example, it is the best in developing countries in terms of fast charge, energy density, and safety. It has a lot of practical applications in buses and passenger cars.
”

Tesla’s choice of batteries in the Ningde era is also based on the above comprehensive considerations.

Zhang Xiaofei, chairman of senior engineering consulting, said in an interview with Shanghai Securities News.

　　An expert in the new energy industry told the Shanghai Stock Exchange that Tesla’s plan to adopt cobalt-free batteries is expected. This is one of the alternatives to expand supply options, reduce costs, and reduce supply constraints.

“The lithium iron phosphate battery of 南宁桑拿 the Ningde era has gained market recognition.

In addition, Tesla has acquired Maxwell, a battery technology company.

It is optimistic that with the support of new technologies such as supercapacitors and dry electrodes, the performance of installed batteries can be further improved. Through various measures, the goals of cost control and battery life guarantee can be achieved.

“The expert said.

　　The megatrend of ternary material batteries has not changed to some. Some people stated at the time of booking that the expanded demand for lithium iron phosphate batteries does not affect the use of ternary material batteries. From the current stage of technology, ternary lithium batteries are stillFirst choice.

　　In response to rumors of Tesla’s plans to adopt Ningde Cobalt-free batteries, the Cobalt Branch of the China Nonferrous Metals Association (hereinafter referred to as the Cobalt Branch) stated that it is unclear what size Tesla plans to use lithium iron phosphate batteries, butThere are no plans to stop using the current nickel-cobalt-aluminum batteries.

This will not change the general trend of ternary material batteries for electric vehicles.

　　Zhang Xiaofei also said that Ningde Times lithium iron phosphate battery supply to Tesla and used model configurations have not been announced.

In consideration of cost performance and safety, Tesla is very likely to divide the product into two models or two configurations of the same model according to lithium iron phosphate batteries and ternary lithium batteries, such as differences in price and battery life.

　　According to Anteco’s calculations, Tesla’s output in 2019 is 36.

For 50,000 vehicles, the consumption of nickel, cobalt and lithium (lithium carbonate) is 1.

6, 3000 tons and 1.

Two.

In 2020, Tesla’s planned production is 500,000 units. It is estimated that the consumption increase of nickel, cobalt and lithium (lithium carbonate) will be 7,000 tons, 1,200 tons and 5,000 tons, respectively.

　　”Ruo Tesla began using Ningde lithium iron phosphate batteries after July 2020, which is equivalent to adding some low-profile options for Chinese customers.

It is not that Tesla cars do not use ternary batteries at all, let alone change the general trend of ternary lithium battery applications.

“The cobalt industry branch said.

　　In addition, according to the estimation of CITIC Securities, based on the judgment of Tesla’s domestic model 3 expected future sales of 300,000 vehicles, the estimated annual cobalt consumption is 2100 tons.

If 20% of the models adopt lithium iron phosphate, which will affect the consumption of cobalt by about 400 tons, it will not change the long-term growth trend of cobalt consumption.

　　”Most of the high-end electric vehicles still use ternary lithium batteries, and the use of cobalt is expected to continue to expand.
”

Even if the proportion of cobalt in the battery is changed, it will not affect the increase in overall demand.

Zhang Xiaofei said.

Xin’an (600596)： Growth of performance growth and growth across the industry chain can be expected

Xin’an (600596): Growth of performance growth and growth across the industry chain can be expected

Performance summary: The company released its 2018 annual report and achieved operating income of 1.1 million yuan, a year-on-year increase of 51.

2%, net profit attributable to mother 12.

3 ppm, an increase of 131 in ten years.

5%, EPS is 1.

80 yuan.

At the same time, the company issued a forecast for the first quarter of 2019, which is expected to achieve net profit attributable to mothers.

18-1.

25 ppm, a reduction of 51 per year.

8% -54.

5%.

The preliminary main product volume and price rose sharply, and the performance increased sharply, and the price of organic 上海夜网论坛 silicon dropped in 18Q4.

The company is a leader in the domestic silicone and glyphosate industry. The existing silicone capacity is 34 accesses / year (equity capacity is 24 accesses / year), and the glyphosate capacity is 8 accesses / year.

Initially, the company ‘s performance has greatly increased, both the volume and price of its own products: the company has gradually sold organic silicon (discounted DMC) 13.

4In the initial period, the annual growth rate was 22.

8%, the average sales price of silicone products excluding tax2.

57 million / ton, an increase of 33 in ten years.

6%; pesticides (original medicines) sold in developing countries9.

2 Initially, growth is 27 per year.

4%, the average sales price of glyphosate raw materials without tax is 2.

48 million / ton, an increase of 16 in ten years.

1%.

By quarter, the company’s 18Q1-Q4 revenue was 26.

6/33.

1/27.

6/22.

700 million, net profit attributable to mothers was 2.

59/4.

52/4.

54/0.

At 68 million U.S. dollars, the company ‘s Q4 performance growth was mainly due to the decline in both the price and spread of organic silicon. The average price of organic silicon in 18Q4 was 22,081 yuan / ton, down 33% from the previous month.

1%, the average spread is 11,468 yuan / ton, down 48 chain.

6%.

Affected by this, the company’s first-quarter performance in 2019 also declined, and the average price and spread of 19Q1 silicones were 19,250 yuan / ton and 9,500 yuan / ton, respectively, down 34.

7% and 46.

9%.

Layout the entire organic silicon industrial chain, and work hard on the downstream terminals of organic silicon.

At present, there are only 12 effective start-up companies in China for silicone monomers, with a capacity of 275 tons / year. The company merges 34 years / year of silicone capacity, and builds a complete silicone industry chain around the synthesis of silicone monomers.

On the upstream side, the company and the Yanjin County Government’s high-level metal silicon layout project plan to construct an annual output of 10 to industrial silicon projects in three phases within 5 years to ensure the safety of the supply of organic silicon upstream raw materials.In the midstream, the company ‘s Zhenjiang Jiangnan Organic Silicon Phase II project is expected to be completed in the first quarter of 2020. By then, the company ‘s organic silicon monomer production capacity will reach 50 tons / year, and it will successfully enter the world’s first echelon.

On the downstream side, the company and Evonik set up an annual production of 8,000 tons of fumed silica project, which is expected to start production in 2021Q1; the company transferred 24% of Xinan Momentive’s distribution to Momentive in the United States, in liquid silicone rubber, silicate additives, sealants and other organic siliconCooperation in the field of Sino-Singapore materials; the company’s Zhejiang Leader project invested 24 million US dollars in construction2.

5Organic silicon advanced terminal material projects every year, focusing on terminal key areas such as new energy.

Supply-side reforms combined with stricter environmental protection have helped the recovery of the glyphosate industry.

At present, there are 9 glyphosate manufacturers in China with a production capacity of 68.

5 every year.

Due to the dual impact of supply-side reforms and environmental protection, some companies stopped production and restricted production. In 2018, the operating rate of the glyphosate industry was as high as 83%, and the average price of alternative raw materials increased by 16%.

In addition, the market that is lagging behind in small capacity has gradually cleared, and the concentration of the glyphosate industry has continued to increase, with the domestic CR3 reaching 66%.

As one of the leading domestic glyphosate companies, the company has gradually formed an internationally leading large cycle of chlorine, silicon and phosphorus elements with independent intellectual property rights, and has achieved maximum resource utilization and greening.

Profit forecast and rating.

It is estimated that the company’s net profit attributable to the parent in 2019-2021 will be 5.

7.9 billion, 7.

01 billion, 8.

6.2 billion, EPS is 0.

82 yuan, 0.

99 yuan, 1.

22 yuan, corresponding to PE is 18X, 15X and 12X, given the “overweight” rating.

Risk reminder: the risk of ethylene oxide, glyphosate price fluctuations, default risk, less than expected risk, glyphosate export is less than expected risk, and the company’s project progress is less than expected risk.

CRRC (601766) 2018 Annual Report Comments： Performance in line with expectations is expected to usher in accelerated growth

CRRC (601766) 2018 Annual Report Comments: Performance in line with expectations is expected to usher in accelerated growth

The company’s operations are stable, and quality improvement and efficiency continue to be realized.

The railway industry is expected to continue its boom, and the market after maintenance is expected to become a new growth highlight.

Maintain “Buy” rating.

Performance was in line with expectations, and operating efficiency continued to improve.

The company achieved operating income of 2190 in 2018.

8.3 billion, an increase of 3.

82%, net profit attributable to mother 113.

0.5 billion, an increase of 4.

76%, combined EPS 0.

39 yuan.

From the perspective of income structure, the operating income of railway equipment business, urban rail and urban infrastructure business, new industry business and modern service business were 1,205 respectively.

71, 347.

61, 497.

00 and 140.

51 ppm, a ten-year growth rate of 11.

46%, 3.

52%, -7.

71% and -8.

84%, non-core business contracted properly.

Sales, management, R & D and financial expenses accounted for 15 of the total revenue.

22%, compared with 15 of the previous year.

35% is continuously optimized, and the estimated cost rate through the consolidation of the truck and locomotive sectors will further improve the space.

Reported total company gross margin 22.

16%, a decline of 0 every year.

52 pcts, the main reason is related to the product delivery structure.

The report estimates that the company’s new budget order is 3049 trillion, of which 430 trillion are international orders, and 2327 trillion are in hand at the end of the period, of which 829 trillion are international orders.

The growth of railway equipment is accelerating, and the market after maintenance is expected to become a new bright spot.

Reported that the revenue of railway equipment business of Tier 1 companies increased by 11.

46% to 1205.

7.1 billion, including machine, passenger, mobile and truck revenues of 261.

39, 74.

30, 667.

26 and 202.

76 trillion, each year +11.

53% / + 43.

33% / + 15.

96% /-7.

88%.The company’s motor vehicle delivery has passed the trough of 2017, and passenger cars have benefited from the growth of power-concentrated product delivery as scheduled, while locomotives and trucks have continued the boom in transit iron demand.

We expect that the number of tenders for motor vehicles will remain 300-350 in 2019. The company announced in 19Q1 that it had issued 29.6 billion high-level revision orders. The scale of this project is significantly higher than in previous years, confirming that motor vehicles have entered the overhaul cycle, and supplemented the demand for locomotive and bus maintenance.

The “transit railway” will still ensure implementation, and the growth of urban rail business is clear.

By 2020, the plan to raise the national railway freight volume to 4.8 billion tons will still start to support the demand for locomotives and trucks. It is estimated that the number of locomotives and trucks will gradually be bidding or exceed 800 and 60,000.

The urban rail subway tender 18H1 was dragged down by the tightening of the industry, and the approval of the 18H2 subway project was accelerated. It is expected that the subway tender in 2019 will return to the scale of more than 8,000 vehicles. The company has full orders in hand. Under the background of the peak subway mileage in 2019-20, the cityThe revenue of the rail sector is still highly certain.

risk 上海夜网论坛 warning.

1.

EMU bidding, urban rail construction was less than expected.

2.

Overseas orders were delivered less than expected.

Profit forecast and estimation.

The company’s demand for motor vehicles is sustainable, and the market after maintenance is expected to constitute a new growth bright spot. The purchase of locomotives and trucks is expected to benefit from the “transit to iron” support, and the prosperity of the urban rail during the “13th Five-Year Plan” period is guaranteed. At the same time, the company continues to promote quality and efficiency, Bring profit margin in the long run.

Maintain the company’s 132 in 2019-2020.

06, 148.

Net profit forecast of 7.4 billion, an increase of 164 in 2021.

73 trillion, corresponding to EPS are 0.

46, 0.

52, 0.

57 yuan, maintain “Buy” rating.

Antarctic e-commerce (002127)： Q1 high growth is in line with expected growth in interconnection volume

Antarctic e-commerce (002127): Q1 high growth is in line with expected growth in interconnection volume

The event company released the first quarter of 2019 report: 2019Q1 company achieved 8.

24 ppm, a 63-year increase of 63.

4%; net profit attributable to mother 1.

22 ppm, an increase of 36 in ten years.

73%; deduct non-attributed net profit1.

190,000 yuan, an increase of 45 in ten years.

53%.

A brief comment on Q1 performance was in line with expectations, and the business of this division maintained a strong growth. The revenue of Q1 companies also increased by 63.

4% to 8.

2.4 billion, net profit attributable to mother increased by 36.

73% to 1.

2.2 billion, in line with our expectations.

Among them, comprehensive brand service income and dealer brand licensing service total revenue increased by 55 each year.

36% to 1.

2.9 billion, headquarter business (entities other than time interconnection) attributable to the parent net profit 0.

92 ppm, an increase of 50 per year.

79%; Time Connect revenue increased by about 70% to 6.

800 million, net profit attributable to mother increased by about 6% to 0.

3 billion.

GMV continued to grow at a high rate. It is expected that the 19 GMV growth rate will be 50%, and Q1’s GMV will increase by more than 53.

03% to 51.

5.6 billion, high growth rate continues, we expect the company’s GMV growth rate in the ten years of 2019 is expected to maintain more than 50%.

Q1 Currency Conversion Rate (Integrated Brand Service Revenue and Distributor Brand Authorization Service / GMV) 2.

5%, realizing ability to stabilize.

In terms of different brands, the major brands Antarctic / Cartier / Classic Teddy Q1GMV increased by 56 respectively.

79% / 38.

93% / 38.

54% to 45.

200 million / 5.

600 million / 0.

3.5 billion, the main brand growth remained strong; in terms of platforms, Ali / Jingdong / Pinduoduo GMV increased by 49.

56% / 37.

78% / 95% to 36 billion / 8.

4 billion / 5.

200 million, the advantages of mainstream e-commerce channels continued to consolidate.

The time interconnection exhibition industry went smoothly, and the deepening of cooperation with major customers benefited from the rapid growth of VIVO channel revenue. In 19Q1, time interconnection revenue increased by 70% to 6.

Above 800 million, net profit also increased by about 6% to zero.

3 billion. The gross profit margin was affected by the increase in the proportion of time-interconnected revenue, and the fee control effect was good. The Q1 company’s gross profit margin decreased by 5.

36 pct to 21.

49%, we expect that the proportion of time interconnection revenue, mainly affected by low gross profit margins, will increase by about 3 pct to 82.

5%, as well as the influence of time-connected major customers to profit marketing.

In terms of expense ratio, Q1’s expense ratio decreased by 0 year-on-year.

63 pct to 5.

78%, the cost control effect is good, in which the sales / management / financial expense ratios are changed to -0.

32 pct / -0.

11 pct / -0.

2 pct to 1.

89% / 4% / -0.

11%.

Q1 company’s net interest rate fell by -2.

98 pct to 14.

81%, the company’s headquarters business still maintained good profitability (Q1 net profit increased by 50.

79% to 0.

9.2 billion), the decline in Q1 net profit margin is a normal result of changes in revenue structure.

The turnover days of accounts receivable of Q1 Company continued to decrease by 38.

02 days to 87.

In 63 days, the turnover of accounts receivable improved significantly, driving Q1’s operating cash flow to increase by 295% to zero.

9.1 billion (-0 in 18Q1).

4.7 billion).

The company’s Matthew effect is increasingly strengthened, and the core competitiveness is continuously improved. 19GM1 continues the high growth trend on the basis of 18 years of GMV, the moat barriers are consolidated, and the business closed-loop logic is clear: the continuous tilt of resources such as traffic brought by high sales and consumersUnder the high degree of recognition, the category expansion defects are increasingly reduced, thereby ensuring 重庆耍耍网 the rapid expansion of the company’s ecosystem.

The company’s new categories, new brands, new channels continued to expand, and the quality of business operations continued to improve.

The company brand has occupied a large number of consumers’ minds with the label of high cost performance, and will benefit greatly from the Matthew effect of the Internet industry in the future.

Investment suggestion: Following the trend of consumption, the company is based on high cost performance and mass consumer market.

The market space for head categories is still large, new categories are growing rapidly, major platforms, major brands GMV are growing rapidly, and time-connected large customers are rapidly increasing in volume revenue.

We expect the company to return to its parent’s net profit for 2019-2021.

5 billion, 16.

2 billion, 20.

800 million, EPS is 0.

51, 0.

66, 0.

85 yuan, corresponding PE is 24, 18, 14 times, maintaining the “buy” level.

Risk factors: intensified competition in the industry; less-than-expected development of mobile Internet business; obstacles to new product development

Hang Seng Electronics (600570) Series Depth 2： The Transformation of Securities Asset Management IT System Affects Geometry-

Hang Seng Electronics (600570) Series Depth 2: Is the Transformation of Securities Asset Management IT System Affecting Geometry?

The difference between this report and other reports in the market is: first of all, to improve the specific role of core IT systems in the securities asset management industry, the main principles and division of labor, and then to replace the three major policy changes in 2019 and their impact on the transformation of information systems, And finally to the product reserves of Hang 苏州桑拿网Seng Electronics, and judge the company’s future growth.

2019: The year of the transformation of the securities asset management information system1. External access to the securities trading system is liberalized: On February 1, the Securities Regulatory Commission issued the “Interim Provisions on the Management of External Access to Securities Trading Information Systems (Consultation Draft)”, markingThe brokerage interface is open to the public again after almost three years.

The biggest demand side of internal opening is private equity investment and quantitative financial institutions. For the problems of scattered account management, low efficiency, and sensitivity to order speed, the external connection of the system will effectively improve investment management and product operations.

Both the broker-dealer and the private equity end will increase the demand for supplementary systems; 2. Public settlement fund brokerage settlement mode is changed to conventional: On February 16, the Securities Regulatory Commission issued the “Notice on the Matters Concerning the Conversion of Newly-established Public Fund Manager Securities Trading Mode””To transfer the new public fund manager’s securities trading model from a pilot to a conventional one, which will specifically bring demand for settlement systems, risk control systems and custody systems; 3, MOM rules are implemented: On February 22, the Securities Regulatory Commission issued the“ Securities》 Product Management Guide for Managers of Fund Management Institutions (MOM) (Consultation Draft). MOM products are invested and operated in the mode of parent account-sub account, but virtual accounts cannot be reset. Each sub account must follow the procedures inCSI opened an account to achieve breakthrough management.

Master fund managers need to establish a sound technical system to implement unified risk control and income settlement.

MOM products and each sub-asset unit need to be estimated and accounted for separately.

Therefore, with the landing of MOM product size, there will be a large number of supporting system requirements in the future.

The core of Hang Seng’s electronic card position, IT conversion has promoted the growth of external connections to the brokerage information system. Hang Seng has prepared mature Oplus securities investment systems and PBOX speed trading system products for private equity and brokerages respectively. At the same time, it must meet the requirements of the simulation environment test in the opinion draft.The company launched a comprehensive simulation test platform and launched it on the merger brokers. For the settlement of public fund brokers, the company took the lead in launching the institutional counter system at the first level, which has been launched in March 2018.

Based on the demand for IT from downstream financial companies, we understand that there are five main factors that affect the growth of non-bank financial IT companies: financial companies’ profitability (macro economy, market transaction volume), policy / rule changes, financial innovation, productsAlternative upgrades and incremental markets.

The pace of policy launch in 2019 far exceeds market expectations, and changes in the financial market will directly lead to changes in the securities asset management information system. Hang Seng Electronics, as an IT supplier of card core securities and asset management financial system core systems, will benefit first.Accelerating growth due to industry changes.

Expected company 2019?
Net profit attributable to mothers will be approximately 8 in 2南京夜网 020.

900 million, 11.

600 million, corresponding to PE is 59 times, 45 times.

Risk Warning: 1.

Risks that the policy implementation is less than expected, and the market share of new business expansion is less than expected; 2.

Risk of cost increases due to growth in personnel required for new business

Gree Electric (000651)： Some contents of Gree’s equity transfer plan deserve attention？

Gree Electric (000651): Some contents of Gree’s equity transfer plan deserve attention?

Incident description The company’s controlling shareholder Gree Group intends to take 46.

The price of 17 yuan / share transferred 15% of Gree Electric Equity to Zhuhai Mingjun for a total transfer price of 416.

6.2 billion, with a lock-up period of 3 years. We briefly comment on the contents of the plan as follows: Event comments are deeply related, and fair incentives are about to be launched: The company led by Dong Mingzhu merged to form Gezhen Investment, and also served as an entity to participate in the equity transfer;It held Zhuhai Mingjun 11 in total by subscribing to Zhuhai Mingjun’s capital contribution and assigning LP transfers.

10% equity; therefore, after the equity transfer is completed, the company merger will indirectly increase the company’s holdings1.

67% equity.

　　In addition, the plan states that the company will continue to focus on equity incentive plans for key employees and not more than 4% of the company’s shares. It can be seen that through the reform of the benefits of senior management, the company will be deeply bound.

The operation maintains a strong right to speak, and GP’s earnings increase significantly: Gree will be changed to have no controlling shareholders and actual controllers after the completion of the equity transfer. However, considering that Zhuhai Mingjun can appoint someone to be recognized as a candidate for the three directors,And the company’s executives and the second largest share of Tokyo Sea Guarantee have strong interoperability and a good history of cooperation. We judge that they still have a strong right to speak on the operation. For this reason, the company holds Zhuhai Yujun, the upper GP of Zhuhai Yuxiu 41% Equity, which can further strengthen management autonomy, change the GP income corresponding to this equity to increase significantly, and 8% of the total GP income will be distributed to company members and employees in an appropriate manner.

The dividend is expected to be initially repaired, and the performance is still certain: The funding source of Zhuhai Mingjun’s transferred shares is its own funds and bank loans, with a ratio of about 1: 1. Due to factors such as covering the cost of funds and protecting creditors, Zhuhai Mingjun promises to achieveThe company’s 无锡桑拿网 annual net profit dividend ratio is not less than 50%; combined with the company’s operating expectations and historical dividend situation, we judge that the subsequent actual dividend ratio is higher than this lower limit.

In addition, the company’s active promotion of profit-taking activities has aroused great attention. We believe that the main starting point is to tap the increase in channels such as e-commerce and further capture market share. The company’s short-term revenue performance has gradually exceeded expectations under the price-for-value promotion, and the expected performance can be maintainedDeterministic growth.

The previous company ‘s “Buy” rating: The time for the introduction of the stock allocation plan has improved, causing some investors to have some controversy over whether the mixed reforms can 北京养生会所 be implemented. Therefore, the smooth introduction of the plan can fully dispel market concerns;The management has achieved sufficient benefits in terms of equity constraints, mean dimensions of director seats and other dimensions. In the future, how to optimize the corporate governance structure while taking into account the positive incentive mechanism and better dividend expectation, we expect the company’s estimated center to increase steadily, 15 times.Gree is not far away; it is expected that the company’s EPS in 2019 and 2020 will be 4.

78 and 5.

26 yuan, the current corresponding PE is only 12 respectively.

07 and 10.

97 times, re-buy rating.

Risk reminders: 1. Significantly intensifying competition in the industry; 2. Blocking approval of mixed reform issues.

Shiji Information (002153)： Yunhua’s high growth continues to end!

Shiji Information (002153): Yunhua’s high growth continues to end!
Key points of investment: Increased competitiveness, expected to widen the gap with peers.Since 2017, the company’s platform and international business have developed rapidly, and overseas orders have grown and synergistic POS business revenue has increased.The company’s official website has initially disclosed that it has announced the appointment of Mr. Dan Bell as senior vice president of Shiji Americas. Mr. Dan Bell has been the senior vice president of North America for Oracle Hotel Division. He joined MICROS in 2002., Sports and leisure sector experience.After Mr. Bell joins, Shige Americas Chief Operating Officer Greg Berman will give full play to the development and growth of Shige Changlian’s distribution solutions globally.We expect the company’s increasing advantage over its peers. The number of high-end and high-end hotel customers continues to increase, and cloud POS is the first to break through.The company is based on the use of hotel catering and entertainment to take the lead in achieving breakthroughs in high-end hotels. It quickly opened the market through Infrasys Cloud, a cloud catering solution product and excellent service capabilities. The official website re-launched: 1) Hyatt Hotel Group announced in February 2019Enable Shiji Infrasys Cloud to manage affiliated hotels, hotels and restaurants; 2) Infrasys will launch 100 intercontinental hotels (Shiji’s official website disclosed in May); 3) Infrasys partners include Crown, Shangri-La, Hilton, Wyndham.The total number of the top 20 high-end hotels in the world is expected to be more than 60,000. The company opens the customer procurement through the catering system, creating favorable conditions for the future landing of core PMS. At the same time, in addition to high-end users, the depth of cloud-based products simultaneously builds a moat.On July 29, Shiji’s official website disclosed that Shiji Treasury and Shiji Changlian are strong and powerful. The online platform of Shiji Treasury currently provides services to thousands of corporate customers and more than 100 TMC travel management companies, while building 6 housesDirect sales system.Through this press conference, we can find breakthroughs in hotel cloud products outside of Shiji Information. When travel services and hotel services are opened and assisted, we can provide more full-module supply and integrated services such as pos, pms, crs, payment and distribution.Ability and full product line lead the opponent. Interim report overseas revenue increased by nearly 80%, and cloud MRR increased by 118%.1) In the first half of 2019, the company’s operating income from countries and regions outside the mainland of China reached 1.63 ppm, a significant increase of 79 over the same period last year.78%.Revenue growth is expected to come mainly from hotel cloud POS orders.The company’s SAAS business achieved a monthly repeatable subscription fee (MRR) of 118 in 1981 over decades.8%, the total number of enterprise customers (end users) stores at the end of about 60,000, with an average renewal rate of about 90%.2) The expected increase in revenue growth mainly comes from hotel cloud POS orders. Assuming that each hotel’s purchase cost is 15 million, it can get close to 500 hotels in the first half of the year. It is expected that this year, the hotel cloudification will have exceeded 1,000, achieving a network growth watershed1000 companies decide to win or lose), the cloud POS business segmentation opponents have significant advantages. Maintain profit forecast and overweight rating.It is expected that the company’s revenue for 2019-2021 will be 34.5, 38.8, 44.3 trillion, the net profit is expected to be 5 in 2019-2021.19, 6.23, 7.5.5 billion.Considering that the company’s cloud POS business orders are accelerating, it is expected that the implementation speed of the cloud 北京夜网 PMS system will accelerate. If Shiji obtains a similar position with Micros in the future: 15,000 hotels in Yunhua (for Micros 1/2), the market capitalization space is considerable.

Enjie shares (002812) announcement comments： plans to acquire 100% stake in Suzhou Jieli and gradually stabilize

Enjie shares (002812) announcement comments: plans to acquire 100% stake in Suzhou Jieli and gradually stabilize

The report reads the agreement between the company and Shengli Precision Micron. It intends to transfer 100% equity of Suzhou Jili with a total transaction value of 20.

200 million, including 9.

The consideration of RMB 500,000 was transferred to the equity of this transaction and Suzhou Jieli owed no more than 10 to Shengli Precision.

7 billion total other payables.

Key investment points Wet segmentation has been integrated. The increase in the first half of the segmentation industry has mainly come from wet segmentation. According to statistics from high-tech lithium battery data, the average total output from January to June 2019 was 11.

500 million square meters, an increase of 52% in the past, of which wet subdivision 上海夜网论坛 8.

3.9 billion yuan, a 94% increase over the past ten years, accounting for up to 73%; dry slice crops3.

1.1 billion flat, basically flat for one year.

Wet anisotropy has become a leading trend.

Industry No.1 Acquisition industry No.2, industry structure further optimized In the first half of 19 Enjie shares industry No.1, with a market share of 42%, Suzhou Jie Li industry No.2, market share of 15%, the total share of the two is close to 60%Industry CR5 accounts for 80%.

From the volume point of view, the advantages of the faucet are further strengthened, and the growth rate of small factories is flat or significantly inclined.

In the first half of the year, Shanghai Enjie crop reached 3.

500 million flats, an increase of 133% in ten years; Suzhou Jili output 1.

300 million flats, an increase of 184% in ten years.

At present, the only companies in the industry that are still expanding are Shanghai Enjie, Suzhou Jili, Xingyuan Materials and other leading companies.

Strong alliance, complementary advantages, and significant synergy effects 1) For Enjie, the company currently focuses on power batteries, and Suzhou Jeli has significant advantages in 3C. At present, customers include ATL, LG, Murata, etc.The 4,5um ultra-thin film products have achieved mass production. After the acquisition, restructuring of Enjieda’s products and customers became a good complement.

2) For Suzhou Jie Li, the current products that replace Jie Li are mainly based on base films, and the advantages of substitution are not obvious.Conducive to the cost reduction and transformation of Jili production line.

The two are strong and powerful, with complementary advantages and significant synergistic effects, and the leader further improves stability.

Earnings forecast and estimation We estimate the company’s net profit attributable to the parent in 2019-2021 to be 8.

41/10.

97/13.

22 ppm, an increase of 62 in ten years.

26% / 30.

35% / 20.

56%; EPS is 1.

04/1.

36/1.

64 yuan / share, the corresponding PE is 31.

69/24.

31/20.

16. Give “Overweight” rating.

Risk prompts less-than-expected acquisitions, industry expansion exceeds expectations

Lujiazui (600663)： First-half results are in line with expectations Real estate sales are still weak

Lujiazui (600663): First-half results are in line with expectations Real estate sales are still weak
Results review 淡水桑拿网 1H19 results in line with expectations The company announced 1H19 results: operating income of $ 8.2 billion, an annual increase of 24%, net profit attributable to the parent of $ 2 billion, an increase of 11%, corresponding to zero profit.51 yuan, in line with our expectations.　　The growth of gross profit margin went up, but the high base of investment income dragged down the growth rate of mother net profit.The company achieved real estate sales income of 49 million, an annual increase of 27%, and led to an annual increase of 24% in operating income.The preliminary real estate sales gross profit margin increased by 14 to 59%, which led to an increase in post-tax comprehensive gross profit margin of 6 to 46%, and gross profit after tax increased by 41%.In the same period last year, the company disposed of 50% equity of Qianxiu 重庆耍耍网 Industrial, which drove the investment income in 1H18 to 1.4 billion U.S. dollars. Affected by this base, the company ‘s investment income gradually decreased by 85% to 200 million U.S. dollars.%.　　Leasing business grew steadily.The company’s high-end on-balance sheet operating property rental income increased by 8% to $ 1.9 billion per year, of which office property rental income increased by 5% per year, mainly benefiting from the average rent of mature Grade A office buildings exceeding 5%.At the end of the period, the main active property area of shareholders increased by 2% annually to 2.64 million square meters.　　Financing costs are low and the net debt ratio is rising.Year to date the company starts with 3.88?3.With a coupon rate of 95%, 3.5 billion corporate bonds will be issued gradually (with a maturity of 5 years), and will be issued at 3.A 2% coupon issuance of 10 billion ultra short-term financing (period of 270 days), and financing costs are significantly lower than the industry average.At the end of the period, the company had 54 trillion cash in hand, an increase of 46% earlier.At the end of the period, the company’s net debt ratio was 150%, with 19 units expanded earlier.　　Development trends are expected to remain relatively weak throughout the year.The contracted budget / contracted sales area of residential properties of the company’s buildings decreased by 12% / 23% to US $ 600 million / 10,000 square meters, corresponding to an average sales price of 52744 yuan / square meter, an increase of 14%.We expect sales to pick up marginally in the second half of the year (mainly due to the company’s new construction area in the first half of the year13.670,000 square meters, which is expected to increase the saleable resources in the second half of the year), but the scale of sales is still weak compared with other comparable companies in the industry.　　The profit forecast corresponds to the current expectations of the estimated company.5/12.3x 2019 / 20e PE ratio.Maintain neutral rating and target price.18 yuan, corresponding to 14.5/13.1x 2019 / 20e price-earnings ratio, which has continued upside of 7% over the recent past.Maintain B-share neutral rating and target price.46 US dollars, 22% more upside than currently sustainable.　　The key focus of risk layout is a significant increase in the city’s size policy; the elimination rate and the progress of pushing the market are lower than expected.