Hengrui Pharmaceutical (600276) company announcement comments: blockbuster new drug carelizumab was approved for listing and expects rapid volume to drive accelerated growth

Hengrui Pharmaceutical (600276) company announcement comments: blockbuster new drug carelizumab was approved for listing and expects rapid volume to drive accelerated growth

The event company announced that Karelizumab for injection has been approved for conditional registration and is suitable for the treatment of patients with classic Hodgkin’s lymphoma who are regenerating or refractory to at least second-line chemotherapy.

Evaluation of Carizolizumab for its excellent clinical efficacy.

Carrelizumab (SHR-1210) is the third domestic PD-1 monoclonal antibody approved. In April 2018, the listing application for Carreizumab injection (CXSS1800009) was redeemed by CDE.

An open-label, single-arm, multicenter Phase 2 study of carolizumab for relapsed or refractory cHL lymphoma in 2018 replaced 75 patients. The results showed that the ORR assessed by IRC reached 84.

8%, CR rate reached 30.

3%; ORR and CR rates evaluated by the researchers were 80 respectively.

3% and 36.


In terms of safety, carelizumab monotherapy in patients with relapsed / refractory cHL is safe and tolerable.

The mechanism of PD-1 / PD-L1 monoclonal antibody immunotherapy and its outstanding clinical manifestations have broad market space.

At present, the imported varieties Opdivo (BMS) and Keytruda (MSD) have been approved for marketing, the domestic varieties Junshi Biological’s tepirilimumab, Cinda’s Xindililimumab have been approved for marketing, and BeiGene’s tirideLizhu has declared production.

In addition, Carrierizumab has received a copy of the CDE for its second indication to market.

Competition for the expansion of indications is more intense.

CDE data show that Hengrui Medicine’s SHR-1210 has performed 34 clinical trials, including more than 10 indications including hepatocellular carcinoma, esophageal squamous cell carcinoma, nasopharyngeal carcinoma, melanoma, non-small cell lung cancer, and lymphoma.

In addition, the combination of carelizumab and apatinib for advanced liver cancer has been approved by the FDA.

We believe that the PD-1 field is crowded and the development of differentiated indications will be an important factor in determining the market space.

The first PD-1 monoclonal antibody Tuoyi (Junshi Biological) sold about 79 million yuan in Q1 2019. Although Karelizumab is the fifth domestically listed PD-1 monoclonal antibody, we believe that Hengrui Medicine can have many yearsThe sales ability in the oncology field grabs the main market share.

Earnings forecast: We believe that the launch of blockbuster innovative drugs may drive Hengrui’s performance to a turning point.

We expect the company’s EPS for 2019-2021 to be 1.

21, 1.


81 yuan.

Based on the continuous strengthening of the trend of the innovative pharmaceutical industry, the company, as a leader in the innovative pharmaceutical industry, is at an industry-leading level in terms of product pipeline variety and quantity and R & D focus. With reference to comparable company valuations, we believe that it is reasonable to give 50-55 times PE in 19Corresponds to a reasonable value range of 60.


55 yuan.

Combined with the 2019 DCF estimate of a reasonable market value of 2928.

60 ppm, corresponding to a target price of 66.

21 yuan, we give 60-month reasonable value range of 60.


21 yuan, corresponding to 50-55 times PE in 19 佛山桑拿网 years, given a “continuous market” rating.

risk warning.

Product sales did not meet expectations; research and development progress did not meet expectations, and generic drugs prices dropped significantly.

Great Wall Motor (601633): Third-Quarter Report Performance Exceeds Expected Production and Sales Growth

Great Wall Motor (601633): Third-Quarter Report Performance Exceeds Expected Production and Sales Growth
Investment Highlights The company’s first quarter net profit was -25.70%, exceeding market expectations.The company released the report for the third quarter of 2019, with Q2 single-quarter revenue of 212.2 billion, an increase of 13.08%, an annual increase of 18.01%; net profit attributable to mother 14.10 billion, an increase of 84.70%, an annual increase of 506.82%; gross margin 18.49%, an increase of 4 from the previous quarter.93 units; net interest rate 6.61%, an increase of 2 from the previous quarter.45 units.In the first three quarters of 2019, the company achieved revenue of 625.78 ppm, a ten-year 杭州桑拿 average of 6.10%; net profit attributable to mother 29.17 ‰, 25 years ago.70%; gross profit margin 15.32%, net interest rate 4.80%.Q3’s single-quarter and first three quarters’ results grew at the same rate. It is expected that: 1) production and sales will increase against the trend and market share will increase; 2) the preferential sales price will narrow. Production and sales increased against the trend, and the increase in market share was conducive to high profit growth after the narrowing of the preferential price range of terminal prices. Production and sales in the passenger car industry increased by 13 from January to September.1% and 11.Under the unfavorable situation of 7%, the company’s production and sales volume respectively completed 72.690,000 and 72.410,000 vehicles, with an increase of 7 each year.76% and 7.01%; sales market share reached 4.75%, an increase of 0 compared with the same period last year.31 singles, the only ones to expand and upgrade mainstream auto companies.With the large-scale promotion around the Spring Festival this year and the completion of the substantial price reduction and inventory clearance before the implementation of the National Six emission standard on July 1, the company’s model terminal discount rate has narrowed quarter by quarter (2019Q1-Q3 average bicycle price[Revenue / Sales]are approximately7.97 million yuan, 8.940,000 yuan and 9.190,000 yuan, up 12 from the previous month.17% and 2.80%), bicycle net profit increased quarter by quarter (2019Q1-Q3 bicycle net profit[net profit / sales volume) were about 0, respectively.280,000 yuan, 0.360,000 yuan and 0.610,000 yuan, an increase of 28 respectively.57% and 69.44%).In the fourth quarter, with the advent of the peak season of automobile consumption, taking into account the gradual effect of policies to promote consumption and other factors in the same period last year, the industry’s production and sales growth rate is expected to continue to improve.As for the company’s new models, in the fourth quarter, it plans to launch a number of new models such as Haval new H9 and Euler R2.We judge that under the resonance of the industry recovery cycle and the new car cycle, the company’s sales and profits are expected to continue to improve. Investment suggestion: In the first three quarters of 2019, the overall economic prosperity of the industry is relatively sluggish. The company’s production and sales have grown against the trend, the market share has continued to increase, and its leading position has become prominent.Stimulated by policies such as promotion of automobile consumption and tax and fee reductions, the auto industry is expected to gradually pick up; using the leading advantages, the company’s production and sales volume is expected to maintain steady growth, while profit margins may continue to increase.We adjust the company’s annual earnings from 2019 to 2021 to be 0.49 yuan, 0.59 yuan and 0.66 yuan, return on equity is 8 respectively.1%, 9.3% and 9.9%. Because the growth of the first three quarters exceeded our previous expectations, we upgraded the company’s investment rating to “Buy-A”. Risk Warning: The boom in the automotive industry is weaker than expected; the company’s new model sales are lower than expected

AVIC Optoelectronics (002179): Military-civilian business synergistic development with steady growth in operating performance

AVIC Optoelectronics (002179): Military-civilian business synergistic development with steady growth in operating performance

Event: The company released the 2 019 semi-annual report.

Reported that the top companies achieved operating income of 45.

9.7 billion yuan, an increase of 28 over the same period last year.

23%; realized net profit attributable to mother 5.

73 ppm, an increase of 23 in ten years.


The business development momentum is good, and the performance growth in the first half is steady.

2019H1 operating income 45.

9.7 billion (+28.

23%), net profit attributable to mother 5.

7.3 billion (+23.

13%), sales gross margin increased by 0 over the same period last year.

69pct to 33.


From the perspective of revenue composition: revenue from electrical connectors and integrated components35.

0.94 million yuan, an increase of 31 in ten years.

79%, an increase of 2 over the same period last year.

12pct to 78.

18%; revenue from optical devices and optoelectronic equipment8.

19 ppm, an increase of 10 in ten years.

94%, accounting for 17 of total revenue.

81%, accounting for a 深圳桑拿网 growth rate of 2.

77 points; fluid, dental and other products income 1.

$ 8.5 billion, an annual increase of 53.

44%, the proportion increased by 0.

66 points to 4.


In the first half of the year, various businesses developed healthily and gradually achieved achievements, benefiting from the continued development of the downstream military and civilian markets.

Interest on convertible bonds increased financial expenses and operating cash flow improved significantly.

The expense ratio (including research and development expenses) for 2019H1 is 17.

23%, an increase of 0 over the same period last year.

68 points: 1) R & D expenses 4.

40,000 yuan, an increase of 54 in ten years.

43%, the expense ratio increased by 1.

49pct; 2) The report added more convertible debt interest expenses, and the financial 深圳spa会所 growth was 226 over the same period last year.

57%; 3) The sales and management expense ratios decreased by 0.

17pct and 0.
94pct, reflecting the improvement of the company’s cost efficiency control capabilities.
Net operating cash flow was 2.

1.9 billion, a sharp increase of 278 previously.

55%, mainly due to the increase in notes payable and increase in note maturity.

The continuous development of the civilian product market will benefit from the release of market demand and localized substitution.

The subsidiary AVIC Fujita is the largest manufacturer of RF coaxial connectors in China, with reported serial revenue and net profit of 2 respectively.

7.3 billion and 0.

3.8 billion, an increase of 49 each year.

69% and 544.


The company’s civilian products have intensified competition in the civilian fields such as communications and new energy vehicles. It is a supplier to multiple world-class car companies and communication giants. The company’s civilian products business will benefit from the rapid release of downstream market demand and the domestic substitution in the context of trade war.
Profit forecast and investment recommendations: The company’s revenue is expected to be 96-2019.



5.3 billion, net profit attributable to mothers was 11.



2.6 billion, with EPS of 1.



68 yuan, the current expected corresponding PE is 35/29/24 times, respectively, given an “overweight” rating.

Risk Warning: The growth of the international market is lower than expected; the growth rate of orders for civilian products is lower than expected.

Hengrui Medicine (600276): Innovative drug Remazolam approved for anesthesia

Hengrui Medicine (600276): Innovative drug Remazolam approved for anesthesia

Event: Recently, the company received the “Drug Registration Approval” of remazolam naphthalenesulfonate for injection, with a specification of 36mg, and the approval number was “Sinopharmaceutical Standard H20190034”.

This product is a short-acting GABAa receptor stimulant. The indication for this approval is sedation for routine gastroscopy, and no similar product has been marketed at home and abroad.

  So far, the company has supplemented R & D expenses of approximately RMB 71.35 million in this R & D project.

  Opinion: 青岛夜网 Add new products to the innovation echelon, I am better to be the first to market. Remazolam tonne sulfonate (trade name “Rebinin”) is an innovative narcotic drug independently developed by the company and has independent intellectual property rights.Is sedation for routine gastroscopy.

In addition, there are indications for elective surgical general anesthesia. The listing application was submitted in June 2019 and prior review was made in August.

Remazolam besylate is a short-acting GABAa receptor agonist developed by Paion AG. It is a super fast-acting sedative / narcotic drug that combines the safety of midazolam and the effectiveness of alternative phenols.The rights granted to Renfu Pharmaceutical, which submitted its listing application in November 2018, has not yet been approved.

The company’s Rebenin is a benzene sulfonate which is more toxic and safer. It submitted a listing application in March 2018, becoming the first remazolam approved for listing.

  Anabolic drugs continue to grow, and Rebinin expects a USD 2 billion 2018 PDB sample hospital hypnosis / sedative market size12.

7.4 billion, of which midazolam1.

5.9 billion yuan; general anesthetic market size27.

6 billion, of which propofol 13.

5.8 billion.

Based on this, we enlarged and calculated the sedation. The national market size of general anesthetics is about 10 billion yuan.

Remazolam is a drug that is improved on the basis of midazolam, while Hengrui’s clinical trial substitute is propofol. If remazolam can replace these two traditional drugs in the market share (total)(About 38%), the market size is expected to be about $ 4 billion.

Although the former follow-up Renfu Pharmaceutical’s remazolam besylate formed some competition after listing, considering the strong academic promotion ability of Hengrui, we conservatively estimate that Rebenin has half of the market share, and sales can reach more than 2 billion.

The company’s anesthesia product line achieved revenue in 2018 of 46.

5.3 billion, gross profit 42.

31 ppm, gross margin 90.

93%, Ruibining will greatly increase the company’s performance of anal pipeline after listing.

  Earnings forecast, estimation and rating company is a leading Chinese innovative drug company, heavy varieties are being approved for listing, rapid volume, at the same time innovative drug product pipeline is rich, long-term space.

Maintain 19-19 EPS forecast to 1.



02 yuan, an annual increase of 30% / 28% / 32%, the current price corresponding to the PE of 19-21 is 72/56/43 times, maintaining the 都市夜网 “overweight” rating.

  Risk warning: the risk that the price of the drug will exceed expectations; the progress of the approval of new products will not meet expectations; the risk of failure in the development of innovative drugs.

Qiaqia Food (002557): The price increase bonus can be realized in 19 years, and growth is expected

Qiaqia Food (002557): The price increase bonus can be realized in 19 years, and growth is expected

The event company released its 2018 annual report and achieved revenue of 42 in 18 years.

0 billion (+16.

5%), net profit attributable to mother 4.

300 million (+35.

6%), deducting non-net profit 3.

300 million (+46.


4Q18 single quarter revenue 12.

900 million (+17.

8%), net profit attributable to mother 1.

300 million (+56.

9%), deducting non-net profit 1.

0 million yuan (+48.


Key points of investment: Revenue: Positive feedback on price increases and new product performance.

18 years of revenue growth 16.

5%, mainly due to a 9% increase in sales / ton price.



In 18 years, prices of many categories have been increased. Among them, the ex-factory prices of original traditional categories such as sweet melon seeds, small and sweet watermelon seeds have been increased by 6% -14.

5%, yellow bag ex-factory price increased by 8-10%.

In terms of products, 1) Blue bags (pecans, caramelized seeds, etc.): 18 years of blue bags sales7.

100 million yuan, an increase of about 34%, the gross margin is expected to be 40% +.

2) Yellow bag (daily nut introduced in 17 years): realized sales of 500 million yuan, an increase of 210% +.

3) Red bags: Channel surveys show that the number of red bags is still increasing after the price increase.

4) New product: The sales income of yam crisps from June to July of the year was 60 million yuan.

In terms of channels, the company has developed an integrated layout of “online + offline + logistics”, of which e-commerce channel revenue2.

800 million, an increase of 42.

7%, revenue share increased by 1.

23pct to 6.

68%, is expected to achieve 500 million revenue in 19 years.

Net operating cash flow for 18 years 7.

500 million (+ 155%), mainly because the company’s upstream bargaining power increased, accounts payable and notes increased by 48.

9% to 5.

700 million.

Profit side: Under the structural upgrade and product upgrade, the gross profit margin of 18 years will be extended by 1

27pct, in which the gross profit margin of sunflower seeds / nut products increased by 1.

72/2.95pct, 18Q4 gross margin increased by 2 after the price increase.

56pct, the effect is remarkable.

18-year sales expense 武汉夜生活网 ratio 13.

58% (+0.

01pct), of which advertising costs 2.

9.7 billion (+31.

8%), is still in the critical period of brand building, the new product promotion force period; the sales team streamlined and improved efficiency, wages and depreciation expenses were 1.

0.9 billion, down 8 a year.


Management efficiency, long-term cost rate (including research and development costs) is 5.

75% (-0.

08pct), 18 years to achieve a net interest rate of 10.

5% (+1.

59pct), 18Q4 net interest rate 10.

4% (+2.

79 points).

Strategic advancement, the company’s up and down power advantage.

In 18 years, the size of the nut industry was about 29 billion yuan, with a 10-year CAGR = 9%, and it is expected to maintain steady growth under the trend of healthy consumption.

The company entered the nut market. Daily nuts rely on internal channels and merged brand operations and e-commerce efforts. Marginal revenue has increased significantly. Gross margin growth has further increased after future expansion. Yam crisps continue to verify the ability to create explosive models.Annual growth is expected.

The company has high industry barriers in channels and products, and has significant competitive advantages.

In terms of internal management, based on the 15-year division reform, the company further divided business units (BU), decentralized power, and launched internal competition to stimulate staff vitality.

The third phase of the 18-year employee stock ownership plan completed the first batch of purchases at a purchase price of 17.

99 yuan / share, benefit binding, sufficient motivation.

Profit forecast and investment grade: It is estimated that the company’s revenue in 19-21 will be 49/56/63 million US dollars each year, + 16/14/13%; the net profit attributable to mothers will be 5.



7 ppm, one year + 18/16/14%; corresponding PE is 22/19 / 17X, maintain “Buy” rating.

Risk warning: product competition is becoming fierce, the acceptance of price increase terminals is lower than expected, the cost of raw materials fluctuates, and there is a natural risk in nut cultivation.

Hualu Hengsheng (600426): Leading company in high-quality coal chemical industry regulates its competitive advantages in the medium and long term

Hualu Hengsheng (600426): Leading company in high-quality coal chemical industry regulates its competitive advantages in the medium and long term

Investment recommendations We are optimistic about the value of Hualu Hengsheng’s mid- and long-term investments. The main reasons are: 1) The company has built up significant cost advantages and core competitiveness in the medium and long term by relying on advanced coal gasification technology and alternative cost control capabilities; 2) developing high added valueIn order to maximize the efficiency of syngas in its new materials industry, the scale of profits will continue to increase; 3) The price of products is at a low level, and there is limited room for continued reduction.

Reasons continue to strengthen cost advantages, solid core competitiveness in the long run.

Relying on an advanced coal gasification platform, the company’s integrated cost control capabilities have built a clear cost advantage. Since its listing, its profit has continued to grow steadily. 2002?
In 2018, the CAGR of revenue and net profit attributable to mothers reached 24% / 30%, the operating cash flow was stable, and the ability to make blood was strong. No equity financing has been carried out since 2011.

In 2018, the company’s three major gasification platforms were interconnected, and the efficiency and cost advantages of the gasification platform were further enhanced. The cost of major products such as urea, DMF, acetic acid, and coal-to-alkali was at the lowest level in the industry.

As the company develops coal-water slurry enrichment technology, coal-water slurry additive technology and other technologies continue to improve the efficiency of coal 淡水桑拿网 gasification platforms, and is committed to long-term stable operation of coal gasification platforms, we expect the company’s cost advantage will continue to be solid.

Layout and development of new material industries to maximize the benefits of syngas.

In order to achieve the best syngas efficiency, and in consideration of the large output of pure benzene in Shandong, and reasonable prices, the company will use “benzene + gas phase” as the second platform to extend the layout of the new material industry downstream.

According to the announcement, the company plans to invest 15.


80,000 yuan construction 16.

7 free radical cyclohexene method high-end refined adipic acid, and 30 free radical caprolactam, 20 nylon 6 chips and other new materials, the company is expected to be put into production at the end 淡水桑拿网 of 2020 and 2021 respectively, is expected to add revenue after the project has reached full production,Total profit of 76 million and 7.

500 million.

Product prices are low and there is limited room to continue to reduce them.

The prices of major products in the third quarter of 19 were at historically low levels, but the company still achieved high profits, with gross and net profit margins of 27% / 17%.

Based on the current price level, industry marginal cost, new production demand and industry competition pattern, we expect that the price of urea, acetic acid, DMF and other products will have limited decline; there is an excess supply of adipic acid and sulfate, but we expect the company’s adipic acid cost to be expectedWith continued decline and significant cost advantages of cholesterol, product profitability is expected to remain stable.

Earnings Forecasts and Estimates We maintain our company’s 2019/2020 attributable net profit forecast24.


5.2 billion.

Currently the company is in line with the corresponding 2019/20 P / E ratio of 10.


2 times.

We maintain our target price of 20 yuan, corresponding to 20% growth space and 13 / 12x P / E ratio for 2019/20, and maintain our Outperform rating.

The prices of risky crude oil and the company’s products fell sharply; the prices of raw materials rose sharply.

Shanghai Port Group (600018) First Coverage Report: Main Business Growth Reinvestment Determines Valuation

Shanghai Port Group (600018) First Coverage Report: Main Business Growth Reinvestment Determines Valuation

This report reads: Changes in the global economic and trade environment, and the growth of the main port industry.

With a large inflow of operating cash, the return on reinvestment will determine the company’s valuation.

  Investment Highlights: 6.

The reinvestment determines the estimated value and covers it for the first time, with a rating of “cautious increase.”

The growth trend of global trade and port tariff reduction policies have led to the growth trend of the port’s main business.

With a large inflow of operating cash, the return on reinvestment will determine the company’s assessment.

The EPS for 2019-2021 is predicted to be 0.

41, 0.

44, 0.

50 RMB.

According to the DCF assessment method and the comparable company PE method, a target price of 6 is given.

39 yuan.


The port management is excellent, but the development speed is high.

As the world’s largest container port, Shanghai Port has high loading and unloading and operating efficiency.

Shanghai Port Group has excellent operation management and leading profitability industry.

  The company’s forward-looking investment in the field of automation promotes the transformation into cost reduction and efficiency improvement in the medium and long term.

However, changing the economic transformation and trade growth forecast, the port demand 上海夜网论坛 growth will also change.

At the same time, port tariff reduction policies are not conducive to profitable growth.


The reinvestment ability is good, and new models and new directions are being explored.

Shanghai Port Group has a good investment record. Investment in ports and ports along the Yangtze River has brought stable sources of supply. Real estate development and investment in banking stocks have brought rich financial returns.

Good investment ability, good accumulated cash to obtain good investment return.

However, changes in the macro environment and industrial policies have made it difficult to replicate past investments. The company is exploring new investment models and directions.


Real estate settlement and equity disposal contribute short-term profits.

In 2017-18, Shanghai Port Group disposed 天津夜网 part of the real estate company’s equity and replaced the sale of financial assets. Real estate settlement increased and contributed short-term profits.

In the next three years, the profit contribution from equity disposal and real estate settlement is expected to gradually decrease, and the substantive nature of reinvestment in new projects remains high.


risk warning.

Global trade has grown significantly, port rates continue to fall, house prices have fallen, and reinvestment yields have fallen.

Longji (601012) Annual Report 2018 & 2019 First Quarterly Report Review: Capacity Planning Continues to Increase, Single Crystal Leads Placed Firmly

Longji (601012) Annual Report 2018 & 2019 First Quarterly Report Review: Capacity Planning Continues to Increase, Single Crystal Leads Placed Firmly
Performance summary: The company achieved revenue of 219 in 2018.Nine ten percent, an increase of 34 per year.4%; net profit attributable to mother is 25.600 million, down 28 a year.2%; of which Q4 revenue was 73.200 million, an increase of 56.7%, net profit attributable to mother 8.700 million, an increase of 125.6%.1Q19 revenue 57.100 million, net profit attributable to mother 6.10,000 yuan, net of non-attributed net profit 6.0 ppm with annual growth of 64.6%, 12.5%, 17.8%. Costs continued to decline, and gross profit margins improved significantly. In 18 years, affected by the 531 New Deal, the price of silicon wafers fell sharply by 43%, and the company’s wafer gross profit margins dropped by 10.1 up to 22.2%, the decline in gross profit margin is lower than the price decline. Because the price of silicon material has also changed, the non-silicon cost of the replacement company has fallen more than expected, and the average unit non-silicon cost of the crystal pull has fallen by more than 10%.At 5%, the average cost per slice of non-silicon increased by 27%.8%.In 19, a large amount of silicon material throughput was put into production, which led to a rapid decline in the price of silicon material, and the cost of the company’s silicon wafers effectively decreased, while the price of silicon wafers rose steadily, and the company’s gross profit margin was repaired. In Q1 of 19, it achieved a comprehensive gross profit margin of 23.5%, ring 18Q4 increased by 1.2 units, through the Q2 silicon material prices continue to fall, and the increase in non-silicon costs continues to decline, the company’s Q2 silicon wafer gross margin will continue to improve. Continuous expansion of production capacity to further consolidate the leading position of monocrystalline integration: 成都桑拿网 by the end of 2018, the company’s silicon wafer production capacity reached 28GW, accounting for more than 40% of the global monocrystalline production capacity. Based on this, the company plans to produce monocrystalline silicon rods / wafers in 2019?At the end of 2021, it will reach 36GW, 50GW, and 65GW, respectively.At the end of 2021, it will reach 10GW, 15GW, and 20GW, respectively; monocrystalline module production capacity in 2019?At the end of 2021, it will reach 16GW, 25GW, and 30GW, respectively, to further consolidate the highly efficient monocrystalline integrated eaves. In the off-season of domestic demand, overseas markets have erupted: “5.Although the “31 New Deal” caused a sharp drop in the price of the industrial chain, it also stimulated the outbreak of overseas markets.In 2018, the company’s overseas monocrystalline module sales reached 1,962MW, an annual increase of 370%.In the first quarter of the year, domestic policies have not yet come to an end. In the off-season of domestic demand, overseas markets have supported global demand. The company’s overseas sales of monocrystalline modules were 940MW, which increased by 154.1%, accounting for 75% of the company’s component sales.8%.We expect that the decline in module prices will continue to stimulate the development of overseas photovoltaic markets, and the company’s overseas business will continue to grow. Profit forecast and rating.The EPS for 2019-2021 is expected to be, 1.85 yuan, corresponding PE is 20X, 15X and 12X. The company is a leading company in photovoltaic single crystal exchange, giving 25X conversion in 19 years, corresponding to a target price of 28.8 yuan, give “Buy” rating. Risk reminder: PV overseas markets may be less than expected risks, and the company ‘s capacity building may be less than expected risks.

Zhejiang Dingli (603338) 2019 Third Quarterly Report Review: Short-term adjustment of stress test optimistic about new arm growth space

Zhejiang Dingli (603338) 2019 Third Quarterly Report Review: Short-term adjustment of stress test optimistic about new arm growth space

The company announced the third quarter of 2019: the company realized operating income14.

45 ppm, a ten-year increase of 9.

02%; net profit attributable to mother 4.

44 ppm, an increase of 12 in ten years.

02%; net profit after deduction to mother 4.

14 ppm, an increase of 15 in ten years.

41%; expected average return on net assets is 15.

80%, reducing by 0 every year.

91 partnerships; net cash flows from operating activities.

29 trillion, down 25 a year.


In the first three quarters of 2019, the company’s operating income increased slightly. However, due to the dual pressure of domestic and foreign market competition, the company’s first three quarters of 2019’s revenue and return to net profit increased faster than in the past.

However, we believe that the company’s short-term operating pressure will not change the long-term growth space. The company’s new arm type is currently in the stage of customer trials and small batch delivery. Next year, the new arm type power generation will gradually come into production and the single unit price will be higher.The market demand is more urgent and will open more market space for the company.

The company’s profitability increased slightly.

In the first three quarters of 2019, the company’s comprehensive gross profit margin was 41.

73%, an increase of 1 each year.

07 averages and a net interest rate of 30.

67%, an increase of 0 every year.

80 units.

The company’s 苏州夜网论坛 operating efficiency has improved significantly.

During the first three quarters of 2019, the company’s period expenses1.

2 billion, down 14 every year.

72%, accounting for 7% of operating income.

06%, a decrease of 1 per year.

96 units.

Company under construction 2.

600,000 yuan, an increase of 63.


Company receivables 5.

68 ppm, an increase of ten years.

99%; inventory 5.

700,000 yuan, an increase of 103 in ten years.


The company’s operating capacity declined slightly, and the company’s accounts receivable turnover rate in the first three quarters of 20192.

65 times, down by 0 every year.

48 times, inventory turnover rate is 1.

84 times, down by 1 each year.

17 times.In the first three quarters of 2019, the company’s long-term borrowing1.

890,000 yuan, an increase of 151 over the 北京桑拿 beginning of the year.

81%, the first is the long-term increase in the development of financial leasing business by subsidiaries; other payables1.

57 trillion, an increase of 37 earlier.

02%, the first is the increase in lease guarantee deposits received by subsidiaries in conducting financial leasing business.

Net operating cash flow of the company 3.

29 trillion, down 25 a year.

51%, the first is that the company purchases goods and accepts cash payments for labor services17.

56 ppm, a previous substantial increase of 45.

49% of the budget, the company received 16 in cash for selling goods and providing services.

28 ppm, an increase of 34 in ten years.

12%; net cash flow from investing activities -4.

80 ppm, a reduction of 5 per year.

US $ 3.5 billion, the first of which is the reduction in the recovery of bank wealth management products due in the current period; the net cash flow from financing activities1.

92 yuan, an annual increase of 389.

36%, mainly due to the increase in bank borrowings.

We adjust our profit forecast and expect the company’s net profit for 2019-2021 to be 5.



51 ppm, corresponding to an EPS of 1 in 2019-2021.



03 yuan / share, corresponding to 42/30/22 times PE (2019/10/29), maintaining the rating of “prudent increase”.

Risk warning: sales of arm products are lower than expected, sales in overseas markets are lower than expected, exchange rate changes and raw material price risks.

Jinfa Technology (600143): Modified plastics business gross profit repair + biodegradable plastics business volume boosted the company’s performance beyond expectations

Jinfa Technology (600143): Modified plastics business gross profit repair + biodegradable plastics business volume boosted the company’s performance beyond expectations
1.The event company released its semi-annual report for 2019 and achieved operating income of 123.42 ppm, a 10-year increase3.21%; net profit attributable to mother 5.100,000 yuan, an increase of 45 in ten years.30%; EPS 0.19 yuan / share.Among them, the second quarter achieved operating income of 64.430,000 yuan, an increase of 0 in ten years.35%; net profit attributable to mother 2.850,000 yuan, an increase of 72 in ten years.44%. 2.Our Analysis and Judgment (I) The company’s sales of modified plastics declined, but benefited from the repair of gross profit margin, which helped the company perform well. The company is Asia’s largest and most 成都桑拿网 complete product manufacturer of modified plastics.Modified plastic business is the company’s main business, accounting for more than 60% of total revenue.The report estimates that the company’s sales of modified plastics56 have been declining due to the continuous decline in the production and sales of automobiles in the past.In 54 months, it fell by 11 every year.82%, revenue also fell by 9 accordingly.97%.However, due to the decline in the prices of upstream raw materials and the company’s strengthening of business management and control, the gross profit margin of the modified plastics business was restored and increased by zero.89 singles, gross profit rose instead of falling, becoming one of the main factors for the company’s performance growth. (2) The volume of sales of fully biodegradable plastics + increase in gross profit margin contributed to the growth of the company’s performance growth report, and the company achieved sales of fully biodegradable plastics2.09 for the first time, growing by 64 each year.57%.The increase in sales is mainly due to the continuous increase in demand from European customers (Italy, France, the United Kingdom, Germany and Germany, etc.).The increase in sales volume increased the gross profit margin significantly (increased by 11.84 single), making its fully biodegradable plastics business another aspect of the company’s performance growth.In China, the implementation of white pollution treatment and the gradual implementation of waste classification, and the huge market space for fully biodegradable mulch and plastic bags will further promote the company’s performance growth. (3) Ningbo Jinfa consolidated the company’s performance and strengthened the company’s performance. At the end of May, the company completed the equity acquisition and industrial and commercial changes to Ningbo Haiyue New Materials Co., Ltd., and renamed Ningbo Haiyue New Materials Co., Ltd.Jinfa New Material Co., Ltd.Ningbo Jinfa has been included in the company’s consolidated financial statements since June 1, and realized a net profit of 21.23 million yuan that month.In terms of the development and utilization of hydrogen resources, Ningbo Jinfa can be rich in production.5 The lowest annual gasoline, with regional advantages, is actively planning the comprehensive utilization of hydrogen resources, which will become a new business growth point. 3.The investment suggestion company is a leading domestic modified plastics company and a leader in the new chemical materials industry.Considering the steady development of the company’s modified plastics business, the continuous heavy volume of the fully biodegradable plastics business, and the performance increase brought by the layout and expansion of new chemical material projects, the company is optimistic about the company’s development in the long term.The company’s EPS for 2019-2021 is expected to be 0.37 yuan, 0.40 yuan, 0.45 yuan, corresponding to dynamic PE is 15 times, 14 times and 12 times.Maintain the “Recommended” level. 4.Risks indicate the risk of rising raw material prices, the project’s failure to meet production expectations, and the risk of falling downstream demand.