Changan Automobile (000625): Lincoln adventurer sells Ford into luxury market

Changan Automobile (000625): Lincoln adventurer sells Ford into luxury market
Key Investment Events: On December 27, 2019, Changan Ford’s Lincoln brand ‘s first domestic aircraft adventurer officially launched pre-sale, offering three two-wheel-drive aircraft, two four-wheel-drive aircraft, and a pricing range of 24.80-35.One million yuan is expected to be listed in the first quarter of 2020, which is expected to boost Changan Ford sales.  Lincoln’s first domestic SUV started pre-sale, and sales performance is worth looking forward to.As the Changan Ford Lincoln brand’s first 北京桑拿洗浴保健 domestic SUV model, the adventurer has excellent design and configuration in terms of appearance, interior, power and configuration.The appearance follows the Lincoln family language. The China Net adopts a woven mesh design; the power configuration is bright and the entire system is equipped.0T high-power engine + 8AT gearbox; the vehicle is equipped with domestic exclusive 12.8-inch central control LCD touch screen, and SYNC + Zhixing interconnection system; quietness comes standard with ANC active noise reduction system, 22 acoustic packages, Michelin Primacy SUV silent tires and other configurations.  The appearance is beautiful, the interior is beautiful, the power is strong, and the cost performance is relatively high compared to competing products.The Lincoln Adventurer is more powerful than the luxury SUVs of the same class, with a maximum engine power of 180kW and a maximum of 390Nm.The interior has undergone a huge upgrade, with a suspended center console and 12.The 8-inch central control large screen is standard equipped with ANC active noise reduction, door password opening, welcome induction system, front seat heating, 9-speaker audio and other luxurious configurations, with a minimum cost of 24.80,000 vehicles, with outstanding cost performance, is expected to continue to seize the market share of luxury entry-level SUVs in the future.  A breakthrough initial fulfillment, with a strong autonomy + Ford cycle, maintaining the level of “prudent increase in holdings”.With the pre-sale of Lincoln’s first domestic SUV adventurer, the listing of Changfu Ruiji, and the continuous introduction of Lincoln models, Changan Ford’s sales and profits are expected to continue to improve.Overlapping new models such as the independent brands CS75plus and CS55plus continue to sell well, as well as the mixed reform and divestiture of the replacement business.We expect 杭州桑拿网 the company’s net profit attributable to its parent to be -11 in 2019-2021.6/21.8/45.90,000 yuan, maintaining the level of “prudent increase”.  Risk reminder: Ford’s new car sales are not good, and the profit margin of the independent brand is lower than expected

The revitalization of the catering industry is still on the way. These food stocks have reached a daily limit.

The revitalization of the catering industry is still on the way. These food stocks have reached a daily limit.

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

  The revitalization of the catering industry is still on the way, these food stocks have reached daily limit!

  Wang Qiaoqi’s revitalization policy is still under study, and the capital market has been moving.

  On the afternoon of February 26, the Director of the Ministry of Commerce ‘s Service Trade Division, Guoyi Yi, revealed at the press conference of the joint prevention and control mechanism of the State Council that the Ministry of Commerce is studying and introducing targeted policies and measures to support catering enterprises, and is also studying the revitalization of the catering industry after the epidemic is over.Expected.

  According to reports, from the monitoring situation, the catering and accommodation industry is currently resuming work, and corporate income has also rebounded.

The rate of resumption of work of the 20 major chain catering companies that have been contacted has reached 57%.

  Affected by this news, today the food stocks broke out collectively, ending the closing, Twin Tower Foods, Tianwei Foods, Goods Shop, Haixin Foods daily limit, Huangshanghuang, Sanquan Foods rose more than 8%.

  Tianwei Food, as a compound seasoning production company dominated by hot pot base and Sichuan cuisine seasoning, Tianwei Food Company officially resumed production and resumed work on February 10, and has now basically resumed production to ensure supply.

  Today, the relevant person in charge of Tianwei Food stated on the investor interactive platform that the online platform will gradually be updated and supplemented by the Tianwei Food WeChat Mini Program Store this week.

In addition, the company’s direct-operated e-commerce platforms on Taobao, Tmall, and Jingdong Mall also facilitate consumers’ online purchases.

  From February 14th to February 27th, Tianwei Food continued to increase by more than 19%.

  Double Tower Foods rides on the east wind of “artificial meat”, and Double Tower Foods has harvested multiple daily limits.

  On February 25, Twin Towers Foods disclosed that its wholly-owned subsidiary Junbang Trading signed an 85% pea protein sales contract with Beyond Meat. The first batch of pea protein purchases was about 285 tons. Later, the two parties will increase pea protein purchases according to market demand.Quantity.

  Affected by this news, Twin Towers Foods’s sustainable intraday soared to 14 at one time.

76 yuan.

From a minimum of 6 on February 4.

48 yuan, to the highest point 14.

76 yuan, double tower food range rose more than 127%.

Today, the company favorably reproduced the daily limit and closed at 13.

71 yuan.

  Data shows that Beyond Meat is a leading American manufacturer of artificial meat. Its main product is a substitute for plant protein meat with meat texture and texture. When it was listed on the NASDAQ in May last year, it soared 163% on the first day.

  Shuangta Food’s third quarter report shows that the company achieved operating income in the first three quarters.

07 billion, down 10 every year.

35%; net profit achieved 1.

48ppm, an annual increase of 194.

30%.

Shuangta Foods mentioned in a recent institution study that the company’s 10 pairs of pea deep processing projects have 南京夜网 been successfully commissioned. After the project is put into production, the company’s annual output of pea protein and market share will further increase.

Shuangta Foods currently has an annual capacity of about 7 pea proteins, of which 4 are high-end protein capacity and 3 are low-end protein capacity, accounting for 30% -40% of the global pea protein capacity.

  Anjing Food, as the leader of the quick-frozen hot pot industry, is up 9 today.

24% at 78.

5 yuan.

From the close on February 3 to the present, Yasui Foods has increased by more than 60%.

  According to the data, Anjing Food’s main business is the production and operation of hot pot materials and frozen rice products.

Currently, it has 7 production bases and 9 factories in Jiangsu, Liaoning and other places.

The company’s main product varieties reach more than 300 kinds.

  On February 21, Yasui Foods released a quick performance report and achieved revenue of 52 in 2019.

6.7 billion, an annual increase of 23.

66%; net profit attributable to mothers3.7.3 billion, an annual increase of 38.

14%.

Dahua Shares (002236): Results in line with expectations rebound in overseas gross profit margin

Dahua Shares (002236): Results in line with expectations rebound in overseas gross profit margin

Performance is in line with expectations.

The company achieved operating income of 236 in 2018.

70,000 yuan, an annual increase of 25.

58%; net profit 25.

2.9 billion, an annual increase of 6.

34%; deduct non-net profit 24.

95 ppm, a ten-year increase6.

61%, 2018 net profit is near the median of 0% to 15% of the baseline forecast change, in line with expectations.

Overseas gross margins rebounded month-on-month, and the fourth-quarter sales expense ratio increased to save the future.

In 2018, the company’s overseas business gross margin was 41.

15%, an increase of 0 compared with the same period last year.

The 68 averages were mainly due to an increase of 7 in the second half of the year.

5 up to 44.

2%, mainly due to the company’s strengthening of overseas channel management and product structure optimization, while benefiting from the stabilization of the exchange rate.

It is worth noting that the company’s sales expense ratio in the fourth quarter 杭州桑拿 was 14.

9%, an increase of 3 per year.

The three singles show that the company is vigorously promoting business expansion, and it is worth looking forward to in the future.

A number of AI technologies took the first place.

In 2018, the company was included in KITTI VISION’s 2D human detection, 2D / 3D vehicle detection, scene flow, optical flow, road segmentation in driveable areas, instance segmentation (cars, pedestrians, etc.), MOT multi-target tracking (vehicles, human bodies), The PRCV2018 large-scale pedestrian search competition (pictures, system test) and other 13 items ranked first, face recognition algorithm in the NIST face recognition competition natural scenes ranked first domestic manufacturers.

In the “Road Vehicle Image Feature Artificial Intelligence Recognition Contest” organized by the Ministry of Public Security, it achieved the best results in the detection of dirt vehicle features, the driver’s face recognition first, the video event detection second, and the vehicle carrying people third.

The R & D of artificial intelligence chips has achieved initial results.

Based on self-developed artificial intelligence chips, the company successfully launched a series of artificial intelligence front-end devices such as the “Smart” series of economical face detection cameras and the “Hui” series of AI entrance and exit snap cameras.

In 2018, the company’s artificial intelligence chip research and development project was supported by the Ministry of Industry and Information Technology’s major science and technology project and the Hangzhou integrated circuit industry development project, which made up a good foundation for subsequent sustainable development.

Investment suggestion: As one of the world’s leading security companies, the company will be one of the biggest beneficiaries of this round of “AI + security” dividends. Its accumulated artificial intelligence technology and market channel capabilities will enable the company to replicate horizontally to multiple emerging industriesThe advantages.

The company’s EPS for 2019-2020 is expected to be 1.

02, 1.

31 yuan, maintain “Buy-A” investment rating, 6-month target price of 20 yuan.

Risk reminder: The development of the intelligent security market is less than expected.

Chaohua Technology (002288): Double upgrade of production capacity and structure enters 5G era

Chaohua Technology (002288): Double upgrade of production capacity and structure enters 5G era
Company dynamics The company released its 2019 Interim Report on July 25, which disclosed the company’s operating income for the period7.10ppm, an annual increase of -0.17%, the net profit deducted from non-return to mother 0.$ 3.8 billion, an increase of 21 per year.39%.  Comment on the matter. Upgrade of production capacity and structure. The company entered the 5G era. The company was established in 1991 and went public in 2009. Its main business includes copper foil, copper clad laminates and electronic circuit boards.The report summarizes that the company’s copper foil, copper clad laminate and electronic circuit board business revenue accounted for 39%.7%, 29.5% and 27.3%.The company’s strategy 杭州桑拿 gradually focuses on the upstream of the PCB, and grasps the market potential of 5G and new energy.From the perspective of copper foil business, the company’s existing capacity of 12,000 tons of copper foil, the second half of this year will increase production capacity of 8,000 tons, and rely on 4,000 tons of lithium battery copper foil into the lithium battery business.The company and Shanghai Jiaotong University jointly set up a joint research center for electronic materials, focusing on 5-10GHz copper foil and substrate material key process technologies, etc., to provide strong technical support for the subsequent addition of 20,000 tons of high-precision copper foil production capacity.From the perspective of the copper clad laminate production line, the company and Meizhou jointly plan to build an electronic information industry 青岛夜网 base, which includes an additional 20 million high-frequency high-speed copper clad laminate production projects.In addition, the company is optimistic about domestic alternatives to FPC, and through the non-public fundraising projects in 2019, it will deploy 1.2 million square meters of FPC projects, injecting strong momentum into the company’s mid- and long-term development.  Non-recurring profit and loss will affect the short-term performance of the future profitability improvement. From the perspective of profitability, the company’s gross profit margin and net profit margin during the period were 21 respectively.47% and 4.48%, an increase of 4 each year.9 points and -0.63pct; Return on equity (diluted) 2.03%, 0 per year.32pct.The company’s copper foil, copper clad laminate and PCB gross margins were 26.64%, 11.80% and 9.50%. In the first half of the year, the proportion of copper foil and copper clad laminate products increased to 69.15%, an increase of 11 a year.5pct, the product structure improved to improve the company’s gross profit level; the company’s net interest rate fell mainly due to non-recurring profit and loss -576.97 million yuan, compared with 504 in the same period last year.880,000 yuan.The current sales expense ratio, management expense ratio, financial expense ratio and R & D expense ratio are 2 respectively.57%, 4.35%, 4.26% and 4.80%, the total expense ratio during the period is 15.98%, a slight increase of 0 a year.55 points.The company’s inventory turnover days are 200.71, 154 last year.59; accounts receivable turnover days 97.26, same period last year 138.27.From the perspective of the company’s capital structure and debt repayment ability, the company’s asset-liability ratio is 44.24%, basically the same as last year; the company’s current ratio and quick ratio were 1.16 and 0.63. It has decreased every year.The company’s current three major business lines of copper foil, copper clad laminates and PCBs are all in the stage of capacity expansion, product upgrades, new capacity climbs and capital expenditures will have a certain impact on the company’s existing profitability, and the company’s long-term strategic performanceCashing is worth watching.  Profit forecast and estimation We expect the company to achieve operating income in 2019-2021.8.1 billion yuan, 23.5.4 billion, 39.$ 5.5 billion, with annual growth of 20 each.63%, 40.05% and 68.00%; net profit attributable to shareholders of the parent company is 0.7 billion yuan, 1.4.1 billion and 2.USD 4.7 billion, with annual growth of 103.92%, 100.07% and 75.32%; EPS are 0.08 yuan, 0.15 yuan and 0.26 yuan, corresponding to PE is 67.11, 33.54 and 19.13.The first coverage gives an “overweight” rating.

Semir Apparel (002563): Strengthening the three core logics of direct shareholding incentives

Semir Apparel (002563): Strengthening the three core logics of direct shareholding incentives

The main points of the report describe the announcement 北京洗浴会所 of Semir Clothing. The controlling shareholder Qiu Jianqiang transferred to Chen Xinsheng and Zhang Wei each of the 300,000 company shares held by them on September 2 and accounted for 0 of the total share capital.

0111%, the average transaction price of 10.

83 yuan / share, the earlier closing price of September 3 discounted 7.

5%.

Incident reviews continued to promote leaders’ direct shareholding incentives, and strengthened the transformation of professional manager models.

Mr. Chen Xinsheng, the transferee, joined the company in March 18 and is currently the Deputy General Manager and Chief Financial Officer; Mr. Zhang Wei joined the Company in April 19 and is currently the Deputy General Manager and Chief Human Resources Officer.

Neither party directly held the company’s shares before the transfer, and each of them held 300,000 shares of the company after the transfer.

In August 18, the company elected Zhou Pingfan as vice chairman and hired Xu Bo as general manager. Based on the launch of the two-phase interest stock incentive plan and the first-phase employee stock ownership plan, the controlling shareholder Mr. Qiu Guanghe in November 18 reported toMr. Xu Bo and Mr. Shao Feichun transferred their 537 holdings.

130,000 shares, 268.

570,000 company shares.

This time, the direct shareholding incentives for newly joined senior executives were further expanded, which strengthened the confidence in building a management team with professional managers as the core.

In the first half of the year, the main business continued to grow rapidly, and asset quality was optimized.

Regardless of K’s consolidation, 19H1 Semir’s main business revenue increased by 21.

4% to 67.

1.5 billion, gross margin increased by 1.

4pct to 39.

7%; among them, casual wear revenue increased by 12.

2% to 29.

4.4 billion, children’s clothing revenue 30% to 37.

300 million, children’s clothing significantly accelerated under the weak background.

19H1 inventory decreased by 2 from the beginning of the period.

200 million, an increase of 2 in the same period last year.

5.8 billion; meanwhile, the ratio of impairment of main business assets to revenue decreased by 0.

2 points to 2.

8%, the return after the expected period is also reduced by 0.

4.3 billion to 2.

9 billion.

It is expected that the report structure and channel-side inventory structure will improve, and the main business inventory will remain healthy.

The company’s main business maintained double-digit growth for nine consecutive quarters. Taking into account the contribution of e-commerce and sub-new stores, the high-end growth of the main business in the second half of the year is expected.

The three core recommendation logics have been continuously verified, and they are optimistic about the revaluation of the value brought by the company’s switch from casual to children’s clothing.

The height of the children’s clothing leader continued to strengthen, and the company’s children’s clothing business market share increased by 0 in 18 years.

7 points, the total share of children’s clothing brands ranked 2-5 increased by 0.

3pct, based on the increase in track dividends and competitive advantages, the children’s wear business continues to maintain rapid growth; the casual wear business has been transformed and transformed, and casual stores have expanded rapidly since 18 years.The local low-line large market taps the potential; at the same time, the governance structure is continuously optimized, and the professional operator team incentives are successively launched.

In 19 years, the main main business is still expected to achieve sustained and stable growth. The adjustment of the K channel and the 无锡夜网 new domestic stores have dragged down the profit performance in the short term, but given the improvement of the main business’s profitability and the certainty of performance.

At present, the ratio of the shares of China Stock Connect to the market capitalization of free circulation is 12.

6%, the expansion of foreign exchange reserves is expected to bring incremental funds.

It is expected to achieve 19 in 19-20.

0 billion, 22.800 million, corresponding to PE of 16.

6 times, 13.

9x, maintain “Buy” rating.

Risk reminders: 1. Risk of deterioration of the terminal retail environment; 2. Risks of less-than-expected development of emerging channels; 3. Risks of worse-than-expected merger and acquisition integration.

Depth-Company-Huaxin Cement (600801): Years of Production Capacity Landing + Regional High Economic Performance Released Worry-Free

Depth * Company * Huaxin Cement (600801): Years of production capacity landed + regional high economic performance released

The company released the third quarter report for 2019, with revenue of 80 in the third quarter.

8.5 billion, an increase of 12.

96%; net profit attributable to mother 16.

810,000 yuan, an increase of 25.

15%; EPS0.

80 yuan, an increase of 25.

00%.

The third quarter report performed well, and the volume and price of the cement business went up.

The main points of the support level have achieved new highs, and the financial indicators have improved for several years: Q1-Q3 company revenue was 224.

72 trillion, an increase of 18.

02%; net profit attributable to mother 48.

4.4 billion, an increase of 41.

99%.

In the third quarter, cement continued to show a good trend of rising volume and price, and the indicators and financial indicators improved simultaneously.

Increased gross profit margin increased by 1.

15pct, each cost rate decreased by 1.

62 points.

The receivables turnover rate and inventory turnover rate continued to increase, the debt rate continued to fall, and the recent expansion of capital expenditures, including Yellowstone Throughput, was about to be put into production and reached historical highs.

In the third quarter, the company’s cement continued to show a rise in volume and price: According to recent research, the batch volume in July was 621 tons, the unit price was 350 yuan, and the gross profit was 149 yuan; in August, the batch volume was 673 tons, the unit price was 347 yuan, and the gross profit was 136 yuan.

About an average price of 330 yuan in the same period last year, the unit price of cement still has a considerable increase.

The year of production capacity declines, the release of performance is worry-free: 2019 is the year of the company’s capacity decline, and Yunnan’s 4,000-ton capacity has been ignited; at the end of the year, the production capacity of yellowstone tungsten carbide and overseas Uzbekistan 北京桑拿洗浴保健 and Nepal have been put into operation, a total of one day.

8 nominal.

Aggregate production capacity will be 450 tons in 2019, with a total production capacity of 2,950 tons and a planned capacity of 2,000 tons.

Industry demand is strong and regional prosperity is rising, and the company has benefited the most: From the perspective of the industry, the recovery of Q4 infrastructure coupled with the construction peak season, cement demand remains protected.

From a regional perspective, the reduction in productivity in Hunan in September led to the best performance of cement prices in central China, and the company may become the biggest beneficiary.

It is estimated that the company’s performance is basically in line with expectations. We maintain our original forecast and expect revenues of 317 in 2019-202南京桑拿网1.

53, 339.

79, 361.

1.3 billion; net profit attributable to mothers was 67.

13, 70.

02, 72.

01 ppm; EPS is 3.

20, 3.

34, 3.

43 yuan.

Maintain company buy rating.

The main risks faced by the rating were that the construction of aggregate production capacity was less than expected, the progress of coordinated disposal was less than expected, and the data in central China dropped.

Luxi Chemical (000830): Product price drop and performance caused by maintenance in the park are optimistic about the competitive advantages of large chemical parks

Luxi Chemical (000830北京体验网): Product price drop and performance caused by maintenance in the park are optimistic about the competitive advantages of large chemical parks
Investment Highlights: Company Announcement: The company released the third quarter report of 2019, and the company achieved operating income of 136 from January to September 2019.4.2 billion (YOY-13.50%), realizing net profit attributable to mother 8.6.4 billion (YoY -63.25%), the performance is in line with expectations.Among them, Q3 achieved 37 revenue in a single quarter.810,000 yuan (-26% year-on-year.80% in the second quarter.73%), net profit attributable to mother 1.10,000 yuan (YoY-84.02%, -74.88%). The impact of additional maintenance and trimming on the main product’s falling prices, Q3 performance indicators.Affected by the market, at least some of the products reported 淡水桑拿网 as major products have overlapping degraded margins. According to the annual maintenance plan, the production units (coal chemical industry, salt chemical industry, and new chemical materials in the park) in the park will be inspected for parking for 8 months.profit.According to our trace, it is reported to contain 32% ion membrane caustic soda, formic acid, urea, caprolactam, 27.The average prices of 5% hydrogen peroxide and polycarbonate Q2 were 706, 2440, 1861, 12394, 1138, and 16179 yuan / ton, respectively, a change of +6 from 19Q2.2%, -9.5%, -7.3%, -5.0%, -1.3%, -4.7%; coal prices of main raw materials remained stable, and the chain changes of pure benzene, propylene, and bisphenol A were +21.6%, + 89%, -13.1%. Q3’s sales gross margin was 16.91%, ring-on-epoxy 4.31 averages, at least a ten-year average.64 units.In terms of period expenses, the company’s financial expenses in the third quarter increased by about 0 from the previous month.65 ppm with a total cost of 5 during the period.1.4 billion, an increase of 0 from Q2.2.2 billion, affecting current profits. The large chemical industry parks have high competition barriers, and MTO, PC, and fluorine materials projects continue to improve the layout of the industrial chain.After years of development, the company has basically realized the transformation from a traditional coal chemical enterprise to a leader in new chemical materials. The integration, intelligentization and intensiveness of the industrial park have led the industry.The company has strictly controlled safety and environmental protection for a long period of time to ensure production safety, and basically achieve zero discharge of wastewater and ultra-low emissions of flue gas treatment. In the context of long-term severe environmental safety supervision and management in the industry, high-quality chemical parks have become an important moat for the company.This year, the company has successively put into operation a cycloalkyl ketone production project and some second-phase nylon 6 projects. The company will continue to advance the polyol raw material route optimization project (30 tons of MTO), the integration of 100 tons of polycarbonate projects and high-end fluorine materialsProject, the above new chemical materials and new coal chemical products will further improve the company’s industrial chain layout, enhance the company’s industry status, and become a new driving force for the company’s future performance growth. Profit forecast and investment rating: Due to the staggered changes in the price of the company’s products, the company’s profit forecast for 19-21 is reduced to 11.00, 13.84, 16.03 (14 before adjustment.50, 15.46, 16.48 ppm), corresponding to 13/11/9 times PE in 19-21. This profit forecast is based on product prices in alternative locations. We are optimistic about the development space of integrated enterprises in the park for a long time and maintain an “overweight” rating.

Boss Electric (002508): The advantages of refined decoration channels are obvious

Boss Electric (002508): The advantages of refined decoration channels are obvious
The company’s recent situation On December 20th, we 天津夜网 studied the boss’s electrical leaders to understand the company’s recent operations.  Comments on 2H19 retail channel revenue decrease: 1) 1H19 retail channel decreased by more than 15%. The company expects that the 2H19 retail channel decreased by less than 10%, slightly improved, and dealer confidence recovered.2) The boss insists on high-end positioning and continues to push for new sales. The company does not expect a price war and the average retail price will continue to increase slightly.3) AVC data shows that in November 2019, the retail sales of chefs’ electric appliances will increase by +8 each time.2%.Benefiting from the “Double Eleven” promotion in November, the market performance improved.However, the growth rate of cost-effective brands has accelerated.For example, in November of the Midea chef ‘s wire, offline 武汉夜生活网 retail sales were + 31% and + 34% twice.Boss Electric is positioned at the high end, and retail sales growth in November was slower than the industry.4) We expect the speeding up of real estate delivery will be beneficial to the rebound in demand for kitchen appliances after the Spring Festival in 2020.  Engineering channels continue to contribute incremental: 1) 4Q19 bosses continued to maintain a high growth rate in engineering channels.The company estimates that the total sales of range hoods in 2019 will be about 2.8 million units, of which about 900,000 units will be sold in engineering channels, accounting for more than 30%.2) The company expects the engineering channel to maintain 40% in 2020?The 50% growth rate continued to increase as a percentage of the company’s revenue.The company plans to increase the gross profit margin of engineering channels by increasing the unit price of products and the supporting ratio of products in the engineering channels.3) Benefiting from the improvement in the penetration rate of refined decoration assets, Boss Electric’s 1Q-3Q19 engineering channel revenue doubled.Due to the decrease in the gross profit margin of engineering channel sales, there is downward pressure on the company’s gross profit margin.However, the engineering channel cost rate is low, and the company is expected to continue to maintain a high profit margin.  New product growth: 1) Among embedded products, the sales of steaming and baking integrated machines are better, but the supporting rate can still improve space.The company estimates that 150,000 steaming and baking machine sales in 2019, less than 5%.2) In 2020, the boss plans to invest in the refrigerator market, launch more models to seize market share, research and development, and production are done by the company itself.  It is estimated to maintain 2019 / 20e EPS forecast1.70 yuan / 1.92 yuan.Maintain Outperform rating, consider multi-year valuation conversion, raise target price by 11% to 39.00 yuan, corresponding to 23 times the 2019 price-earnings ratio and 20 2020 price-earnings ratio, compared with the current mainstream has 20% of upside.  The current contradiction corresponds to 19x / 17x P / E ratios in 2019/2020.  Risks: Prospects for the market demand for kitchen appliances; market demand instead of the risk of shifting to cost-effectiveness.

Depth-Company-Adisseo (600299): Equity structure optimization plan nears completion of new proposal system exceeds expectations

Depth * Company * Adisseo (600299): The optimization plan of equity structure is close to completing the new proposal system exceeds expectations

Adisseo announces that it intends to purchase 15% equity of Bluestar Adisseo Nutrition Group Co., Ltd. from China Bluestar (Group) Co., Ltd. in cash. After the acquisition is completed, the listed company will hold the target company.100% equity.

At the same time, the company disclosed a new company executive compensation system, which will be closely linked to the company’s operations and the interests of small and medium shareholders.

  Key points of the support level The optimization plan of the equity structure has been advanced smoothly, while simplifying the governance structure and increasing the company’s performance.

The listed company will acquire 15% equity of the target company held by Bluestar Group, and ultimately achieve 100% control.

The forecast of the underlying equity is estimated at 36.

1.4 billion US dollars, equivalent to about 8 worth of listed companies.

63 yuan / share.

  The controlling shareholder of a listed company promises to keep it below 8 for 30 consecutive trading days within one year after the transaction.

63 yuan / share will be implemented steadily through increasing holdings.

In addition, the pricing mechanism for liquidity discounts in transaction pricing will help listed companies increase their returns.

According to the simulation calculation of Adisseo’s 2018 annual report, the net profit attributable to mothers in 2018 will be 9 after the transaction is completed.

26 trillion increased to 10.

89 million, the listed company’s budget revenue will be from 0.

35 yuan / share increased to zero.

41 yuan / share.

Therefore, we believe that the transaction from the “form” (equity structure) to “content” (performance) is beneficial to the listed company.

  The new remuneration system closely links executive compensation with company operations, and is conducive to protecting the rights and interests of small and medium shareholders.

The executive compensation stipulated in the new salary system includes basic salary, annual bonus, and medium-term (long-term) incentives.

In addition to assessing individual performance goals, annual bonuses also assess company performance goals, which may include safety performance, revenue, earnings before interest, tax, depreciation, amortization, free cash flow after tax, and / or return on capital.

Long-term incentives will mainly assess the ability to continuously create value for shareholders, which may include total shareholder returns, returns on existing assets, profitable growth, and the quality of the company’s earnings.

  In addition, the company also set a five-year (2019-2024) reward and punishment adjustment factor, which will help the assessment of leadership and the company’s market value more closely.

The introduction of this remuneration system bundles executives with the company’s operations and the rights and interests of small and medium shareholders. It not only unites the community of interests between executives and small and medium shareholders, 四川耍耍网 but also reflects the company’s confidence in future development.

  It is estimated that the company ranks second in the global methionine market share, and liquid methionine occupies the first place in the world.

In the future, the company’s production capacity will expand, and the profitability industry will be the best.

It is expected that the EPS for 2019-2020 will be 0.

43 yuan, 0.

51 yuan, corresponding PE is 24 times, 20 times.

Maintain BUY rating.

  The main risks faced by the rating are outbreaks of large-scale epidemics; emergencies such as environmental protection and safety; sudden increases in raw material prices or a key intermediate supply interruption; project construction is not up to expectations; abnormal exchange rates affect the company’s performance.

Monternet Group (002123): 5G Circle Network

Monternet Group (002123): 5G Circle Network

Leading domestic enterprise SMS industry, providing comprehensive information and communication service providers of Fuxin, Video Cloud and IOT Cloud.

The company started with enterprise SMS and is a leading company in this field in China.

By continuously strengthening technology research and development, the company provides Fuxin, video cloud and IoT cloud services respectively for mobile communications, video development and IoT terminals, gradually forming comprehensive information and communication services.

Fuxin is an upgraded version of SMS, which is also valuable compared to SMS. The company is expected to replicate the technical and channel advantages of corporate SMS.

Fuxin is the abbreviation of Rich Media Information, which is an upgraded version of ordinary SMS.

The company’s Fuxin 武汉夜网论坛 can be embedded in the user’s SMS application through the upgrade of the mobile terminal, or pre-installed in the SMS application of the mobile phone, and the content is sent to the mobile terminal through the push method.

From the perspective of the display form, Fuxin can display videos, pictures, and voice, which is valuable relative to SMS from a marketing perspective.

In addition, since Fuxin uses traffic as a carrier, its marginal cost is also reduced, and gross margin is converted into short messages.

Fuxin has huge potential.

With WeChat public account scoring, Fuxin has a unique advantage.

The WeChat public account is a closed operation, and only users can get the content inside.

In fact, the amount of information users accept is limited. When this limit is exceeded, users will cancel some other WeChat pushers.

Under the ranking, Fuxin is an open operation, which is actively pushed to users by enterprises, and there is no limit on the number.

At present, WeChat public accounts have appeared with an estimated hundreds of millions of US dollars of companies. In 2018, Hanye plans to purchase Quantum Cloud Technology for 3.8 billion shares.

Quantum Cloud participates in the operation of 981 WeChat public accounts and owns users 2.

400 million people, the average user price is 16 yuan.

As a reference at first, we believe that Fuxin is of great value.

Investment suggestion: The advent of the 5G era will bring lower traffic costs, which will drive the rapid growth of Fuxin’s business with traffic as its carrier. The reduction of costs will also cause Fuxin’s gross margin to replace corporate SMS.

The company’s EPS is expected to be 0 in 2018-2020.

10 yuan, 0.

62 yuan, 0.

87 yuan, maintain Buy-A rating, raise 12-month target price to 18.

6 yuan, corresponding to 30 times PE in 2019.

Risk warning: Fuxin’s promotion is less than expected; industry competition is intensifying.