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Yinlun shares (002126): International joint venture sells thermal management business to provide the company with more international supporting opportunities
Core point of view event: International Thermal Management Modine Manufacturing sells automotive thermal management business. Modine’s manufacturing and sale of automotive business provides important opportunities for the company to expand its international business.Modine Manufacturing is the world’s leading manufacturer of thermal management product development products, which replaces industrial and commercial, construction, automotive and other fields. Among them, automotive cooling solutions include automobiles, commercial vehicles and off-road vehicles.In May 2019, Modine Manufacturing announced that it will sell the automotive 杭州夜网 business in automotive cooling solutions to optimize the profitability of this business segment and improve overall capital expenditures; downstream customers include international car companies such as Daimler, Fiat Chrysler, Volkswagen and Volvo.Yinlun shares are a direct link to Modine ‘s automotive business. The sale of Modine ‘s automotive business provides an important opportunity for the company to expand into the international market. The global supply chain system is reshaped, and the company is expected to get more supporting opportunities.Affected by the acceleration of global automobile sales growth, the profitability of international vehicle and component companies continued to weaken.In 2018, Modin manufactured automotive cooling solutions with a gross profit margin of 13.8%, lasting 2 units in 2016; the earlier Yinlun shares were 12.5 mergers; decline in profitability to advance its sale of related businesses.International component suppliers chose to sell or replace related businesses due to weakening profitability. International vehicle companies began to reselect suppliers in order to reduce costs, and the global component supply chain system entered a reshaping stage.Yinlun shares have entered the international supply chain, and it is expected to get more supporting opportunities for international vehicle companies in the future. The company’s international supporting business is expected to become a profit growth point in the future.The long-term company has made breakthroughs in the expansion of international customers. In the field of traditional vehicles, it has successively won orders from American General Motors, Jaguar Land Rover and MANN + HUMMEL. In April 2019, the company completed the acquisition of Setrab AB of Sweden, and its downstream customers include Mercedes-Benz, Ferrari and other international high-end vehicle customers. At the same time, its plant in Poland can provide a production base for European operations.By obtaining orders from international customers and overseas acquisitions, the company has steadily advanced its international business and promoted internationalization and development in the context of the reshaping of the global supply chain system. It is expected to become a profit growth point in the future. Financial Forecast and Investment Suggestions: Forecast EPS0 for 2019-2021.45, 0.57, 0.At RMB 71, the comparable company is a car conduit and parts related company. The average PE valuation of the comparable company in 19 was 22 times, and the target price was 9.9 yuan, maintain BUY rating. Risk reminder: after-treatment of exhaust gas, new energy vehicle thermal management system supporting quantity is lower than expected, and replacement supporting 无锡桑拿网 quantity is lower than expected.

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Changshu Bank (601128): Standing on the coast of the East China Sea to explore the top of inclusive

In terms of customer group positioning, Changshu Bank ‘s small and micro businesses are highly sinking: the company ‘s loans to small and micro businesses below 10 million (approximately 250,000 per household) are higher than the industry (approximately 550,000 per household), and the big banks (approximately 400,000 per postal deposit)Sink deeper.

The average age of personal business loan customers is 37 years old, about 70% are from rural areas, and about 78% are first-time lenders. The premium is high and the risks are dispersed.

Changshu Bank achieves relatively high interest margin + low / poor stability. In addition to customer group positioning, it also relies on product design, service methods, and risk control to accurately cut into the pain points of small and micro financial services.

1) Seize the “short-frequency and fast” characteristics of small and micro financing, and design product solutions and provide community-based services to increase stickiness; 2) Localize German IPC technology and reduce the degree of information asymmetry through “sea-man tactics”
In addition, it is combined with a semi-automated credit factory to create a batch, process, and reproducible risk control model that takes into account asset quality and processing efficiency; 3) Creates standardized staff training for the highly labor-intensive features of IPC technologyThe system structure solves the problem that the number of client managers and professional requirements are high in the identification of small and micro risks.

Can long-term competitive advantage be maintained?

1) The sinking is deeper, and there is a clear misalignment in competing with Daxing.

The expansion of small and micro businesses of big banks mainly relies on the improvement of digital information, while regional banks such as Changshu have the main advantage of intensive offline personnel outlets to tap social information.

At the same time, Changshu’s target customer base has short-term and fast financing requirements that cannot be met by current large and medium-sized banks.

In the face of inadequate competition response in 2019H1, Changshu has its special background. The adjustment since the third quarter has fully reflected its importance.

2) Economic barriers of scale + growth in different places, creating a double moat in the local competition.

Compared with other rural commercial banks in Jiangsu, the small and micro business barriers in Changshu lie in the size of the stock and the licenses in different places: the stock scale guarantees efficiency, and the licenses in other places open up growth space, which can be profitable and sustainable.

3) Asset quality is stable and predictable.

The company’s customer base has fully subsided, the risk diversification + loan structure, which is less affected by the regional economy, has dominated retail, and the micro-loan business risk control system is relatively mature.

Low bad, high provisioning sustainable, thicker safety pad.

Where is the future growth space of Changshu Bank?

1) Branches in different places maintain high growth.

In the past four years, the compound growth rate of Changshu remote branch branches has exceeded 30%. It is expected that the compound loan growth of existing remote branch branches in the next four years (18-22) will be 22%, and the loan ratio will increase to about 42% in 21 years.
2) High profitability of rural banks + extended expansion.

After 13-16 years of intensive opening in Changshu Village, the ROE gradually increased to 17.

3%, higher than 10 of the parent bank.

8%; At present, all the equity of Xingfu Departmental Village Bank has been transferred and integrated. In 2020, a new round of capital increase, establishment, merger and acquisition of village banks will be promoted.

3) Structural adjustment, scale effect and impairment savings are positively contributing to ROE: Compared with the modern structure of Taizhou Bank, Changshu Bank’s loans accounted for the total assets, and personal business loans accounted for 10pct and 15pct of the total loans, respectively.After the expenses on the village bank’s operation are on track, the scale effect of non-labor costs will gradually appear; benefiting from the reduced bad net generation, credit costs will be saved.

As a leader in the micro-loaning sector in Jiangsu, the company has significantly engaged in the same industry with key indicators. It is optimistic about its remote branches, the growth of rural banks and the 成都桑拿网 room for improvement of ROE.

We estimate the company’s operating income for the years 19-21 to be 64.

700 million, 74.

3 billion, 84.

500 million, net profit attributable to mothers was 18.

3 billion, 22.

2 billion, 26.

6 billion.

EPS are expected to be 0 in 19-21.

67 yuan, 0.

81 yuan, 0.

97 yuan, the final net asset is expected to be 6 at the end of 2019.

09 yuan.

Based on the closing price of 2019-12-17, the corresponding PE for 19-21 is 13 respectively.

5, 11.2 and 9.

3 times, corresponding to 1 at the end of 2019.

48 times, maintaining a prudent overweight rating on the company.

Risk Warning: Unexpected Exposure Expected, Regulatory Policy Changes Exceeded Expectations, Economy Exceeded Expectations, Decline

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Qi Xingchen (002439) 2018 Annual Report Review: Rapid Growth of Emerging Business Expects 19 Years of Technology Driven + Policy Dividend Resonance

At first glance, the company’s revenue growth rate in 2019 is expected to pick up, performance growth is expected to be stable, the proportion of standard service revenue is steadily increasing, and cash flow performance will help to continue to optimize.

Maintain “Buy” rating, corresponding to a target price of 35 yuan.

The performance was in line with expectations, and factors such as divestiture of subsidiaries affected revenue in the short term.

The company achieved operating income of 25 in 2018.

2 ‰, an increase of 10 in ten years.

68%; net profit attributable to mother 5.

69 ppm, an increase of 25 in ten years.

90%, of which net profit after deduction is 4

360,000 yuan, an increase of 35 in ten years.

80%.

The growth rate of the company’s revenue in 2017 was mainly affected by the completion of the replacement of the subsidiary Anfang Hi-Tech, and was affected by changes in the growth rate of the military business.

In addition, 2018H1 revenue increased by 7 per year.

36%, 2018H2 revenue increased 12% year-on-year. We judge that the company’s large-scale project order execution accelerated in the second half of the year.

Overall, the company’s 2018 earnings performance was in line with expectations, and its revenue performance was slightly lower than expected.

Stable accumulated technology and initial scale of new business performance.

In 2018, the company invested 5 in research and development.

470,000 yuan, accounting for 22% of operating income, an increase of 16 a year.

54%, significantly higher than the growth rate of income, further enriching technology reserves.

For new businesses, the company has made significant progress in strategic new businesses such as smart city security operations, industrial Internet security, and cloud security, achieving sales of approximately $ 400 million and recognized revenues of more than $ 200 million.

In terms of smart city security operations, the company has established or under construction 北京夜生活网 security operation centers in 20 cities to conduct business. In 2019, it plans to gradually build more than 35 national security operation centers. In terms of industrial Internet security, the company’s products have been launched in power, Public security, transportation and other industries began large-scale deployment; in cloud security, the company and Inspur, Tianjin Feiteng, Huawei and other industrial ecological cooperation.

We believe that the company’s new business is expected to form a scale in the future and promote the rapid growth of the company’s performance.

Waiting for insurance 2.

0 is expected to be promulgated, and 5G + policies will help the development of the industry, which is expected to usher in opportunities in 2019.

Since the Cyber Security Law came into effect in the second half of 2018,深圳桑拿网 it has been waiting for guarantees2.

The implementation of the 0 policy is expected to continue to strengthen. We judge that the industry’s implementation policy is expected to be introduced in the first half of 2019, and emerging security needs are expected to rise rapidly.

At the same time, 5G technology promotes the Internet of Things to achieve “Internet of Everything”, and terminal security has become the most likely security issue.

We estimate that in the five-year plan by 2020, the annual investment in 5G security is expected to reach US $ 220 billion, and the scale and complexity of network applications continue to increase, and the demand for security is also shifting from products to operations.

It is estimated that the investment scale of smart city information security in 2019 will be about 53.8 billion, and the construction of security operation centers will usher in rapid growth.

The company’s leading active strategic layout of new network security technologies and local data centers is expected to usher in new development potential in 2019-2020.

Risk factors: New business advances less than expected; information security policy falls short of expectations; company’s security operations business returns less than expected.

Investment suggestion: In the medium term, the company’s revenue growth rate is expected to pick up in 2019, performance growth is expected to be stable, and the proportion of standard service revenue will steadily increase. The cash flow performance will help continue to optimize.

We maintain our EPS forecast for 2019-2020 of 0.

74/0.

89 yuan, plus EPS forecast 1 in 2021.

06 yuan, corresponding to PE 38/32 / 27x.

Taking into account the clear industry policy bonus in 2019 and the company’s existing incremental business layout, we maintain a “Buy” rating with a target price of 35 yuan (corresponding to 47 times PE in 2019).

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Shenzhen Huaqiang (000062) Quarterly Report Comment: Gross Profit Ranking Affects Q3 Results, Firm’s Steady Growth Trend

Q3 revenue grew steadily, and the gross profit margin extension resulted in the net profit released by the previous company in the third quarter of 2019, and the first three quarters of 2019 achieved revenue of 99.

3 ‰, an increase of 18 in ten years.

09%, net profit attributable to mothers4.

88 ppm, five-year average of 5.

69%.

One quarter of 2019Q3 achieved revenue of 40.

1.4 billion, an increase of 18 in ten years.

52%, net profit attributable to mothers1.

460,000 yuan, the average ten years 7.

72%.

In terms of gross profit margin, the gross profit margin in the single quarter of 2019Q3 was 10.

4%, a decline of 5 per year.

1 average, down 1 from the previous month.

3 units.

The overall prosperity of the electronics industry generally brings 杭州夜网论坛 pressure on distributors’ performance growth, but the company ‘s domestic sales of domestic agency products and market share have increased after the company ‘s merger. The growth rate of revenue has remained at close to 20%.Prices (such as MLCC) have fallen several times in 2019, leading to lower gross profit margins.

The company strengthened cost control and improved operation quality. The company’s sales, management and R & D expenses decreased in the first three quarters of 2019.

68%, of which sales expenses fall by 28 every year.

26%, the strengthening of cost control led to a significant decline in the company’s expense ratio.

At the same time, if the impact of the investment income account on net profit is excluded, the company’s net profit attributable to its mother in the single quarter of 2019Q3 (excluding investment income) is 1.

41 ppm, a decrease of 2 per year.

46%, Q3 growth rate Q1 / Q2 decline significantly narrowed.

In addition, the company’s net operating cycle has been shortened month-on-month, and cash flow from operating activities has improved on a regular basis.

Profit forecast and rating We are optimistic about the company as a distribution leader to embrace future achievements and achieve the growth prospects of Hengqiang, the strong one. It is expected that the company’s EPS in 19-21 will be 0.

66/0.

79/1.

02 yuan, corresponding to PE is 21.

4/17.

8/13.

8 times.

With reference to the top of the company’s leader and the growth rate of future performance, the company is given a PE valuation of 20 times the 20-year performance and a reasonable value of 15.

85 yuan / share, give “Buy” rating.

Risks suggest that the downturn and growth of the electronics industry cycle are less than expected; 5G progress is not up to expectations; emerging areas such as automotive electronics are developing less than expected; industry competition is intensifying; corporate mergers, acquisitions, reorganizations, and integration are below expectations.

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Yongxing Materials (002756): Steady growth of stainless steel plate

Founded in 2000, the company is mainly engaged in the research and development and production of high-quality stainless steel and nickel-based iron-nickel-based alloy rods and wires.

At present, the company’s main business is divided into two major sectors of 南京龙凤网 stainless steel and lithium battery new energy.

The lithium carbonate business is expected to become a new growth point for the company in the future.

The company’s annual production of 25-oxide high-quality stainless steel and special alloy bar and wire projects is put into production.

The project starts with the construction of high-standard, intelligent production lines, strives to be an industry benchmark in terms of equipment selection, production process design, etc., introduces internationally advanced rolling units, online solid solution furnaces and automation technology equipment, and uses onlineAdvanced thermomechanical control process technologies such as performance control, on-line heat treatment, and clean production technologies such as pure oxygen combustion, waste heat recovery and power generation, have realized the automation, intelligentization and green manufacturing of the production process.Processing production line.

The project productivity company’s product quality has been steadily improved, manufacturing costs have been effectively reduced, and the product market competitiveness has been continuously enhanced, effectively consolidating and enhancing the company’s leading position in the high-quality stainless steel rod and wire market.

The annual output of Yongxing New Energy 1 enters the battery-level lithium carbonate project and will enter the trial production stage.

After the trial production started, Yongxing New Energy segmented the “Letter of Intent for Purchase and Sales Cooperation” with some prospective customers, applied for certification to prospective customers, and submitted mass production samples to gradually order.

In addition, the company actively lays out upstream resources and relies on the rich lithium mica ore resources in Yichun, Jiangxi to build a full industrial chain from lithium ore mining to battery-level carbonic acid production. The project has high comprehensive benefits and strong overall competitiveness, which has become a new profit growth point for the company.
Profit forecast: The company is a leader in stainless steel wire and rods. While consolidating its industry category, it will enter the new energy field, build a production line of lithium carbonate, a core material for ternary batteries, and actively arrange upstream raw materials. This part of the business is expected to become the company’s newgrowth point.
We predict that the company’s operating income for 2019-2021 will be 49.

87, 51.

86, 53.

9.3 billion; net profit attributable to 重庆耍耍网 mother 4.

58,4.

98, 5.

41 ppm; corresponding EPS is 1.

27/1.

38/1.

5 yuan, corresponding to PE is 11 respectively.

2/10.

3/9.

4. Give “Overweight” rating.

Risk reminders: The capacity release of investment projects and new lithium battery projects is less than expected; the dynamic changes in the price of lithium carbonate; the decline in product demand; the risks brought by the changes in raw material prices; the uncertainty caused by the Sino-US trade war; policy risks;

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Gree Electric (000651) Quarterly Report Comments: Q3 High Base to Maintain Steady Growth and Long-Term Performance Expected

The mixed reform was implemented and the company maintained the “Buy” rating. The company announced the third quarter report of 2019, and the company achieved operating income of 1,550 in Q1-Q3 2019.

3.9 billion, previously +4.

26%, net profit attributable to mother 221.

1.7 billion, +4 a year.

72%, of which, in the single quarter of 2019Q3, the company achieved operating income of 577.

42 trillion, ten years +0.

03%, net profit attributable to mother 83.

67 trillion, ten years +0.

66%, the overall growth rate is in line with our expectations.

The implementation of the company’s mixed reforms is expected to release more strategic resources for the company’s long-term development, 合肥夜网 or accelerate the company’s transformation into a leader in the air-conditioning industry.

At the same time, it is expected to further coordinate the major shareholders with the company’s operating interests or enhance the company’s value.

The company still maintained steady growth under the high base of 2018Q3, and the expected performance is expected.

We maintain the company’s EPS for 2019-2021.

06, 5.

97, 7.

The 07 yuan forecast maintains the company’s “Buy” rating.

The operation is stable, although the volume of air conditioners has decreased, the revenue has continued to increase. The company achieved operating income of 1550 in Q1-Q3.

3.9 billion, previously +4.

26% in the single quarter of 2019Q3, the company achieved operating income of 577.

42 trillion, ten years +0.

03%.

Industry online data shows that from January to September 2019, the company’s scheduled air-conditioning volume was 36.77 million units, which was changed to -5.

8%.

Although the volume of the company’s air conditioners has been reduced, the industry oligopoly structure is difficult to change. The company maintains channel strength, product strength, and brand strength, and the average price still helps maintain the industry’s leading position.

At the same time, the transferee of the mixed reform was confirmed, and combined with Gao’s extensive layout in the smart life and smart manufacturing ecosystem, it promoted Gree to build a smart home ecosystem and provided more strategic resources for the company’s smart manufacturing and diversified transformation.
Q3 gross profit constant -1.

30PCT company achieved gross profit margin 30 in Q1-Q3 2019.

89%, ten years +0.

11 points.

Among them, in the single quarter of 2019Q3, the company’s gross profit margin was 29.

44% a year -1.

30pct.

The decrease in costs still has a positive impact, but the increase in tax deductions and the reduction in the gross profit margin of household appliances increase or affect the company’s gross profit level.

During Q3, the expense ratio decreased, and the contribution rate of research and development expenses decreased.

48%, ten years +0.

21PCT (Q3 single season half year -1.

22PCT).

Among them, the selling expenses are 9.68%, ten years +1.

08PCT (Q3 single season half year-0.

24PCT). In the first half of the year, the company did not expand the follow-up price war, but enhanced the competitiveness of the terminal through sales promotion, and the sales expense ratio increased.

R & D expenses 2.

95% every year -0.

34PCT, the base of R & D expenditure in the same period of 2018 is relatively high, and it will fall in 2019.

Management expenses

85%, flat for one year.

Interest income increased significantly, and the company’s financial expenses were -15.

6.7 billion.

In summary, the company’s net profit attributable to its mother was 83 in Q1-Q3 2019.

67 trillion, ten years +0.

66%.

Mixed reforms are advancing steadily, and future development is expected. We maintain the company’s EPS for 2019-2021.

06, 5.

97, 7.

The prediction of 07 yuan, the average PE of the reference industry comparable companies in 2019 is 12.

18x, the company’s mixed reform has been implemented, and the final transferee has been confirmed. Dating Gaofeng Capital is expected to bring modern corporate system reform, improve corporate governance structure, and promote the release of more strategic collaborative resources for the company.With the advantages and the strength of domestic leading brands, the mixed reform has a high probability to accelerate the company’s development to the vertical air-conditioning industry leader, enhance the future growth space, and the future leader value will become more prominent.

Recognition given to the company 14 in 2019?
16xPE estimates, corresponding to a target price of 70.

84?
80.

96 yuan / share, maintain “Buy” rating.

Risk Warning: Foreign exchange inflow is lower than expected.

Macroeconomic downturn.

Land impact may exceed expectations.

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北京桑拿丝袜会所

Yinlun shares (002126)： International joint venture sells thermal management business to provide the company with more international supporting opportunities

Changshu Bank (601128)： Standing on the coast of the East China Sea to explore the top of inclusive

Qi Xingchen (002439) 2018 Annual Report Review： Rapid Growth of Emerging Business Expects 19 Years of Technology Driven + Policy Dividend Resonance

Shenzhen Huaqiang (000062) Quarterly Report Comment： Gross Profit Ranking Affects Q3 Results, Firm’s Steady Growth Trend

Yongxing Materials (002756)： Steady growth of stainless steel plate

Gree Electric (000651) Quarterly Report Comments： Q3 High Base to Maintain Steady Growth and Long-Term Performance Expected

Star fund manager self-purchased： Qiu Dongrong 16 million, China and Europe Cao long 10 million

China National Travel Service (601888) company comment： 19-year performance is expected to increase by 50% Focus on tax-free main business to enjoy policy optimization bonus

Haida Group (002311) 2019 Interim Report Comments： Feed sales maintained high growth, 19H1 profit increased by 12%

UFIDA (600588) financial report comment： rapid growth in cloud service revenue increases R & D efforts