Month: May 2020

Tianshun Wind Energy (002531): The main wind power industry promotes rapid profit growth and production capacity continues to expand to ensure future growth

The company’s 2019 net profit is expected to increase by 50% -70%, which is in line with the expected company announcement. In 2019, the company’s net profit attributable to the parent is expected to increase by 50% -70% to reach 7.

04 billion-7.

98 ppm; single quarter expected net profit attributable to mother to 1.
.

800 million-2.

7.2 billion, in line with expectations.

　　The company’s rapid growth is expected to achieve a significant increase in demand for the wind power equipment industry in 2019. The company will expand its production capacity in a timely manner in the past two years. The production and sales of towers, blades and molds in the new energy equipment manufacturing sector will increase significantly compared to 2018.

The scale of wind farm grid-connected capacity of the company’s new energy development segment has increased compared to 2018, and the abandonment rate of wind farms in Xinjiang has decreased.

The wind tower production capacity expanded steadily, and the gross profit rebounded from the ton. The company’s capacity increase was mainly due to the completion of the expansion and expansion of the Taicang Plant, Baotou Plant, and Zhuhai Plant.

In addition, the company built 10 new wind towers in Tancheng, Shandong, and successfully put into production.

In addition, the company completed the acquisition of a new base overseas, replacing 10 production capacity, expanding and expanding overseas production capacity.

Recently, the company announced that it plans to build 12 onshore wind tower capacities in Wulanchabu, Inner Mongolia, and plans to invest USD 1.6 billion in the offshore wind power market in Sheyang, Jiangsu, to build 25 alternative offshore equipment capacity plans.

　　The company’s 18-year wind tower capacity is in the adjustment period, affecting the company’s scale of production and sales. The current capacity adjustment is completed, and the 19-year output is expected to increase by more than 25%.

The company’s capacity expansion continues, and it is expected to reach more than 80 in the future, and the company’s wind tower performance will maintain rapid growth.

215MW wind farm was newly added, and wind farm operation growth was highly certain. A total of 680MW wind farms were newly built and operated, with a planned start of 199.

4 MW.

　　The company’s Heze Licun second-phase wind farm has realized grid-connected power generation, Nanyang Tongbai Xiemaling wind farm has realized full-grid power generation, and Shandong Tancheng 150MW project has all been grid-connected.

In the past two years, the company’s wind farm operating capacity has continued to increase, which will bring stable revenue growth to the company. The decline in the wind 南宁桑拿 abandonment rate of the company’s Xinjiang Hami project will also bring a significant increase in the company’s profits.

The first phase of Changshu has reached production, with significant growth in revenue and gross profit margin. The future space will exceed 2018. The company’s first phase of the Changshu Tianshun blade production base officially commenced production, and the ramp-up of production capacity was basically completed.

The company’s blade gross margin reached 29.

42%, an increase of 3 per year.

35 units.

In the first half of 2019, due to the recovery in industry demand and the long-term trend of overlapping large-scale wind power equipment, the supply of large-scale wind power blades in China has been in short supply to a certain extent.

The company will continue to pay attention to the overall supply and 北京桑拿 demand of the blade market and the state of regional development, and in accordance with its own customer development, it will timely expand the capacity of the blade segment.

At present, the company’s blade business customers are mainly domestic customers. In the future, it will open up overseas markets and are waiting for the machine to start the second phase of the project. The blade business must break through the upside.

Investment suggestion We believe that the company’s 18-year wind tower performance affected by the gross profit per ton has not increased significantly, and it has improved significantly in 2019. It is estimated that the net profit attributable to the mother in 2019-2021 will be 7.

57/10.

6/13.

7.2 billion.

EPS is 0.

43/0.

60/0.

77 yuan, maintaining a target price of 8.

00 yuan, given a “buy” rating.

　　Risks suggest that increasing installed capacity in overseas markets will decrease and affect the company ‘s overseas wind tower business. The company ‘s overseas orders cannot maintain positive growth; the abandonment rate has not been improved, wind power investment is subject to policy constraints, and domestic new installed capacity has not increased, affecting industry demand; steel pricesrise.

Tianci Materials (002709) Investment Value Analysis

Natural gas business: significant integration advantages, liquid hexafluoride and new additives may bring new returns. The company is the largest in the world, and overseas customers are expanding and landing.

The company started the upstream integration of carbon fluoride early, successfully produced its own crystal lithium hexafluorophosphate in 2011, successfully promoted the application of liquid hexafluoro in recent years, and accelerated the development of additives such as LiFSI, DTD, lithium difluorophosphate; meanwhile, some of the company’s hydrofluoroAcid, solvent and other supporting upstream.

Through integrated development, comprehensive competitiveness has been further consolidated.

The company’s earlier liquid 夜来香体验网 hexafluoride crystals have the cost advantage of breakage, and the widespread use of new additives will further increase the company’s profitability. It is expected that the company’s business of this scale will bring significant returns.

Daily chemical business: stable operation, global competitiveness, is the company’s niche business.

In recent years, the company’s new products such as Kabo and surfactants have begun to be used.

In terms of market, we have maintained our advantages in the field of shampoo and shower gel, successfully developed the skin care and make-up market, and made certain breakthroughs in new 3D printing and agricultural markets.

It is expected that the company’s daily chemical business is expected to maintain a medium-speed development.

Preliminary and related business: The company’s excessive expansion of restructuring and related business in 2017-2018 brought breakthrough financial burdens. After two digestions in 2018-2019, the settlement of historical issues was basically completed.

At present, the company focuses on iron phosphate doping in this field, and is expected to turn a profit in 2020.

Investment suggestion: It is expected that the company’s daily chemical business will grow steadily, short-term business will grow rapidly, and long-term business will turn a profit.

We expect profit to return to zero in 2019-2021.

1,4.

5, 6.

7 trillion, adjusting the target price to 37-41 yuan, maintaining a highly recommended level.

Risk warning: company profits, lithium ore, Zhongtianhong lithium and other companies will take over control; competition between serial cross-head companies will cause prices and profits to gradually decline; daily chemical raw material price fluctuations will affect gross margins.

ZTE (000063) 2019 First Quarterly Report and Interim Report Commentary: Performance Meets Expectations, 5G Leader Starts Again

The company announced the 2019 first quarter and interim results forecast, the company achieved revenue of 22.2 billion US dollars in the first quarter of 2019, a year-on-year decrease of 19.

3%; net profit attributable to ordinary shareholders of listed companies.

63 ppm, an increase of 116 per year.

0%; For the first half of 2019 performance forecast, it is estimated that the net profit attributable to common shareholders of listed companies will be USD 1.2-1.8 billion, 天津夜网 an increase of 115.

3% -123.

0%.

The performance in the first quarter of 2019 improved significantly, and operating cash flow turned from negative to positive net profit in the first quarter of 2019.

6.3 billion, which actually turned losses before, and was 2 in the single quarter of 2018Q4.

76 ppm, a significant improvement from the previous quarter. In terms of gross profit margin, the overall gross profit margin for the first quarter of 2019 was 39.

97%, gross profit constant (2018Q128.

01 %%) and MoM (2018 32.

(91%) showed a significant improvement, mainly due to the gradual increase in the proportion of high gross profit operators’ business. In terms of operating cash flow, the company’s net operating cash flow in the first quarter of 2019.

6 billion, from negative to positive, the operating conditions continued to improve.

Continue to spend 5G, and the share of the 5G era will increase in 2019. As a key year to build on the success of the year, 5G commercial licenses will be allocated during the year, 4G expansion will be superimposed on 5G small-scale investment.Inflection point.
As the domestic market of equipment giants among the top four in the world, it is recognized that 5G global military must compete, and the company’s R & D occupation in the first quarter of 2019 was 30.

930,000 yuan, accounting for 13% of operating income.

9%.

The company’s current operations have returned to normal levels, and the supply chain has returned to normal. More domestic R & D and channel resources will be expanded, and the expansion to 4G is expected to further increase.

After the 5G leader set off the sanctions storm, the company paid the bills and deposits in time, and the company and ZTE Kangxun’s statements have all been replaced, and the compliance officer reporting to the Bank for International Settlements. At present, the company’s management is operating well.

Risk reminder: 5G progress gradually exceeds expectations, potential restructuring risks, and Sino-US trade frictions exceed expected risks.

Investment suggestion: Maintain “Buy” rating.

The company’s business focuses on the three major areas of operator networks, government and enterprises, and consumers, and actively expands strategic emerging markets such as the Internet of Things, Internet of Vehicles, optical communications, silicon light, and Pre-5G / 5G.

The company’s competitive advantage in the field of 5G network equipment, the layout of the entire industry chain, future performance is expected to resume growth.

The company’s EPS for 2019-2021 is expected to be 1.

22/1.

58/1.

93 yuan, corresponding to 26/20/17 times PE, maintain “Buy” rating.

Wangfujing (600859) company financial report comment: Olay format promotes revenue growth and profits have improved 武汉夜网论坛 under pressure

[Investment Highlights]Wangfujing released its 2019 Interim Report.

At the core of the report, the company achieved operating income of 134.

2.2 billion, an annual increase of 1.

69%; Realize net profit attributable to shareholders of listed companies.

99 ‰, a decrease of 7 per year.

48%.

North China and Southwest China are still the main sources of income, and Northeast China has the highest income growth.

North China and Southwest China are the traditional deep cultivation areas of the company, with a total revenue share of over 60%.

In the first half of the year, due to the impact of macroeconomics and democratic store closures, revenue in North China was slightly inclined.

55%, gross profit margin also decreased by 0.

43 units, revenue breakdown in Southwest China 2.

35%, gross margin has not changed much in ten years.

The company’s newly entered Northeast China in 17 years saw the most significant growth, with a 74% increase in revenue.

2%, gross margin increased by 5.

45 averages to 15.

55%.

Olay business maintained a high growth rate.

In terms of different types of business, department stores / shopping malls accounted for the main part of the company’s revenue, accounting for over 82%, and the revenue was slightly lower than the previous year.

The growth rate of the company’s business format is relatively fast, with a growth rate of 22 in the first half of the year.

75%, but the format itself has a relatively high gross margin.

The expense ratio increased during the period, and the net interest rate decreased.

Period expenses increased. Expenses increased financial expenses compared with the previous year, mainly due to the decrease in interest income and the increase in interest expenses.

In addition, management expenses have also increased, mainly due to the rapid increase in wages.

Taken together, the company’s expense ratio increased by 1.

25pct, net interest rate dropped by 0.

6 points.

[Investment suggestion]Affected by the macro economy and the closure of the store, the company’s revenue in the first half of 2019 was slightly lower than expected. Based on the forecast of the second half of the year, we lowered our profit forecast.

Generally speaking, the company’s fundamentals remain stable. The opening of new stores in the next few years will further increase the company’s expansion. The development of the Olle industry and new supermarket formats will promote revenue growth.Revenue was 276.

61/288.

86/300.

5.9 billion yuan, net profit attributable to mother 11.

99/12.

65/14.

0.2 million yuan, EPS 1.

54/1.

63/1.

81 yuan, corresponding to PE 9/9/8 times, maintaining the “overweight” level.

[Risk reminder]The growth rate of the macro economy is lower than the expected risk; the speed and quality of the company’s exhibition shops are lower than expected.

Hebei Xuanong (000923): Standard Ore Faucet Ready

Ore prices: supply and demand optimization to meet the inflection point, the industrial chain’s discourse power prevailed in the early stages of winning dividends, and so far, affected by the Vale mine disaster in Brazil and the hurricane in Australia, the global iron ore supply has objectively contracted, which has also caused subjective feedback from the main production bodies.The production / sales volume indicators for 2019 have been lowered to varying degrees.

If resumption is not considered for the time being, it can be postponed until 2019 to reduce iron ore supply by at least 6600 seconds, and the shipment data of Australia and Pakistan in the first five months has dropped (to -3.

91%, -17.

13%) It can be proved that gradually, the increase in domestic and foreign production can only be hedged, and the reduction cannot be repeated completely, which makes it a shortage of foundation.

In addition, ore demand has been rising due to pig iron production (+8 in May).

9%), while continuing to flourish.

Under the optimization of supply and demand, port inventories have decreased by 3278 to a maximum of 1.

1.6 billion tons, the lowest level since January 2017.

Due to the high output of steel, the gap will continue to extend, supplementing the advantages of resource concentration, the strong segment of the ore industry chain will not be changed in stages, and the ore price may continue to be strong.

Hebei Xuanong: Specifications + scale, fully benefiting from the increase in the price of mineral resources. The 厦门夜网 resource platform company implemented asset reorganization in 2017 and formed four major business units of copper, vermiculite, iron ore, and machinery. Among them, except the mechanical business is internal, the other threeThese businesses belong to PC (South Africa Parabola Copper Company, the company holds 59.

2%).

The business volume of stone and machinery is relatively small, and the performance is largely offset, while the revenues of copper and iron ore account for 24% and 60%, respectively, and are absolute main businesses.

1) Copper: The copper rod market in South Africa has a capacity of about 8 inches. PC copper rods account for more than 50% of the local market share. It is expected that the first phase of the copper mine will be closed at the end of this year, and the second phase of the copper mine will be 杭州桑拿网 officially put into operation.The expected production capacity will be reached by the end of 2021, and the production target of 7 expected coppers will be achieved in 2022. The production operation will continue until 2030.

After the new and old production capacity is realized this year, the performance of copper units may be significantly improved.

2) Iron ore: Magnetite is an associated ore separated during the processing of copper ore.

After early mining, the stock of magnetite is about 1.

800 million tons, iron content is about 56%, simple magnetic separation can improve the grade to 64.

5%, the highest mining cost, the full cost or not more than 50 US dollars / ton.

At the same time, underground production is still replenishing, and it is expected to reach an annual output of 1500 in the future, which will be settled in US dollars and mainly shipped to China for sales.

If the USD to RMB exchange rate remains at 6.

7, Platts maintains 90 US dollars / ton, and the iron ore business contributes to the profitability of the mother.

0.8 billion yuan.

Reasonable estimates: Is there a low estimate for the current iron ore business?

Since the revenue and profit of the vermiculite and machinery business are relatively small, and the performance is largely offset by hedging, the valuation of the two iron ore and copper businesses is mainly measured next.

For copper mines, we use Jiangxi Copper as the reference object, and its market value of copper per ton reaches 3.

69 million / ton, considering that the second-stage copper mine will be put into production within the year or officially, and the output is calculated at 5 a year, then the corresponding market value of the copper mine may reach 18.

About 4.3 billion.

The company’s current market value is 121.

410,000 yuan, after deducting the market value of the copper business, that is, the market value of the remaining business (iron ore + vermiculite + machinery) should be 102.

9.8 billion, due to the small impact of vermiculite and mechanical properties, it is assumed that the remaining market value can be equal to the market value of iron ore business.

Consider iron ore profit contribution or accessibility.

08 ppm, so the company’s iron ore business currently gives only an estimated PE of 9.

About 3 times, significantly lower than the estimated levels of Rio Tinto, BHP Billiton and Vale (the current PE of the three is 9 respectively.

3, 18.

0, 19.

4. The average value since September 2011 is 12.

84, 12.

67, 11.25).

It is expected that the company’s EPS in 2019 and 2020 will be 1.

02 yuan, 1.

27 yuan, given a “buy” rating.

Risk Warning: 1.

Large fluctuations in mineral prices; 2.

The second-phase project was put into operation less than expected.

Lier Chemical (002258): The price of glufosinate continues to reach a new low expense rate to increase 19H1 performance is gradually expected

The company’s forecast earnings drop by 38 each year.

8% Lier Chemical announced its 2019H1 performance report with operating income of 20.

50,000 yuan, an increase of 12 in ten years.

7%; net profit attributable to parent company1.

600 million, a decrease of 38 every year.

8%, corresponding to a relative profit of 0.

30 yuan, lower than expected earnings.

Considering that the average price of 19H1 glufosinate decreased by 22.

At 6%, we think the company’s sales revenue has increased by 12.

7% is mainly due to increased production.

The net profit exceeded expectations. First, it was affected by the increase in operating costs of the Guang’an base. Second, referring to the first quarter report, we expected the company’s 19H1 expense ratio to also increase significantly at the same time.

Points of concern: The price of glufosinate fluctuates at the bottom, waiting for the peak export season.

The price of glufosinate has been 18 since October 18’s high.

75 million / ton, continued to drop to the current 12.

30,000 yuan / ton.

We believe that the core reason is the expansion of supply. The 7,000-ton capacity of Lier Guang’an Base was put into operation in 18Q4. Shandong Yisheng’s crop has also been improved, and the industry’s periodic excess capacity.

Looking ahead to 19H2, we expect the price to fluctuate at the bottom, but at the same time, the downside is limited.

From the perspective of cost, the format technology currently widely used in China, we judge that the cost is more than 10 thousand tons / ton (excluding tax), so there is limited room for downward price.

After September is the traditional peak export season of the industry, demand has gradually recovered, and glufosinate prices have rebounded weakly.

Expansion + integrated support, Lier strengthened the leading position.

The company’s highest glufosinaldehyde 北京夜网 formaldehyde expansion rate, plans to put one into production in Guang’an.

In addition, the company formulated an integrated layout of the industrial chain, and set up a subsidiary in cooperation with Sancaitang; at the same time, Guang’an Base MDP 1.

5Accelerated construction in the early stage is expected to be put into production within this year.

We believe that companies with an integrated industrial chain layout like Lier will benefit more from future industry competition.

Profenfluramine and fluconazole entered a period of profit release, with small varieties making big profits.

The company’s convertible bond investment projects include propofachlor and fluconazole, two small varieties with strong profitability. We expect to gradually reach production in 2019-2020.

Taking into account the supply and demand pattern of fluconazole and propafluchlor and the current prices, we estimate that the profit after full production will be 3.

About 100 million (floxaconazole 2.

3 ppm, fluroxypyr.

700 million).

Estimates and recommendations Due to lower prices of glufosinate and higher company expense ratios, we set our 2019 / 20e profit forecast from 1.

11/1.

51 yuan down 16% / 1% to 0.

93/1.

50 RMB.

The company currently corresponds to 15/9 times P / E in 2019/20.

Maintain “Outperform” rating and target price of 16.

4 yuan, corresponding to 18/11 times 2019/20 P / E, compared to the current 21% space. Risks Expected from the commissioning of the Guang’an project, the price of glufosinate may change, and other potential risks such as environmental protection and safety.

Zhongxin Travel (002707) annual report comment report: 18-year low base, 19Q1 overall stability is expected to return to the growth channel in the future

Event: The company released an 18-year report and achieved revenue of 122 in 2018.

3.1 billion / + 1.

52%, net profit attributable to mother 0.

2.4 billion / -89.

90%, net profit after deduction is 0.

04 billion / -98.

37%, which is in line with the performance bulletin disclosure.

The company released 19Q1 quarterly report, and achieved revenue of 24 in Q1 2019.

5.8 billion / -0.

93%, net profit attributable to mother 0.

6.5 billion / -1.

37%, net profit after deduction is 0.

6.4 billion / + 6.

87%, in line with our Air Force expectations.

High in 2018 followed by low in 18H2 results.

2018Q1-Q4 revenue growth rates were 10 respectively.

7% / 18.

5% /-13.

4% /-0.

6%, the growth rate of net profit attributable to mothers was 31.

0% / 60.

9% /-18.

3% /-463%.

Among them, the main categories of high income and net profit growth in 18Q2 1) the industry boom turned to Japan and Europe, and the number of outbound tourists increased significantly, 2) the company confirmed that the investment income from the sale of ClubMed increased and the interest on lending increased;Mainly because 1) due to the sharp decrease in demand in Southeast Asia, the company’s discounted sales caused a loss of about 100 million, 2) because the target performance of the acquisition did not meet expectations, the company accrued about 1 of impairment losses mainly based on goodwill.

1000000000.

With a low base of 18 performance, it is still expected to return to the growth channel in the future.

Outbound tourism wholesale business operation, retail business accelerated.

Revenue from outbound tourism business in 2018 was 109.

9.3 billion / + 0.

26%, gross profit margin 8.

84% /-0.

62pct, of which, the wholesale business revenue was 86.

90 billion / -2.

52%, gross profit margin 7.

12% /-0.

76pct, retail business revenue 23.

03 billion / + 12.

39%, gross profit margin 15.31% /-1.

05pct.

Affected by incidents such as shipwrecks in Phuket, Thailand, and a volcanic eruption in Bali, Indonesia, wholesale business revenue also fell by 2%.

52% to 86.

9 billion, gross profit fell by 11.

86% to 6.

19 billion.

Benefiting from the 18-year increase in the number of direct-operated stores for 300 years, the number of direct-operated and partner stores at the end of 18 reached 435, and retail business revenue increased by 12 as well.

40% to 23.

3.0 billion, gross profit increased by 5.

17% to 3.

5.3 billion.

In 19Q1, revenue and net profit attributable to mothers decreased slightly.

1Q1 achieved revenue of 24.

58 billion / -0.

93%, net profit attributable to mother 0.

6.5 billion / -1.

37%, net profit after deduction is 0.

6.4 billion / + 6.

87%, mainly due to the impact of the previous macroeconomic downturn on outbound tourism.

1Q1 gross profit margin 13.

26% / + 1.

47 points, it is expected that the proportion of retail business will increase.

The expense ratio during the 1Q1 period was 10.

23% / + 1.

56 points, of which the sales / management / financial expense ratio rose to 8.

01% / 1.

83% / 0.

40%.

The short-term polishing overseas tourism industry demand is picking up, and the company’s “destination resource operation” model verification is long-term.

Catalyzed by the improvement of the macro economy and the prolongation of the May 1 holiday, Thailand ‘s shipwreck and exchange rate turmoil have been exhausted. It is expected that the outbound tourism industry in the future is expected to usher in recovery, and the company will directly benefit as an industry leader.

In addition, the company has accelerated the “destination resource operation”, and projects such as Switzerland’s Snow Mountain, Japan 成都桑拿网 Bed and Breakfast, and Saipan are expected to contribute an average net profit of one million in maturity. By then, the destination model will be verified and contribute new growth points.

Profit forecast and investment advice: We are optimistic about the long-term positive trend of outbound tourism and the company’s future target performance contribution. It is expected that the company is expected to return to the growth channel in the future.

Irrespective of future non-recurring gains and losses, the company is expected to have a net profit of 2 after deducting non-compliance in 19-21.

69/3.

32/4.

00 billion, corresponding to a growth rate of NA / 23.

4% / 20.

6%, the current sustainable corresponding PE is 25/20/17 times, maintaining the “overweight” level.

Risk reminders: macroeconomic risks, intensified market competition risks, performance recovery failure to meet expected risks, acquisition integration risks, exchange rate changes risks.

Limin shares (002734): “Weiyuan” formally consolidated 19 years of high-growth conversion

Incident company released the 2019 Interim Report: the number of reports, the company achieved total revenue of 10.

880,000 yuan, +52 a year.

65%; realized attributable net profit1.

99 ‰, +92 for ten years.

98%; net profit after deduction 1

89 ppm, +89 a year.

29%; basic profit return is 0.

7 yuan.

Actual Performance Completion and Air Force Performance Preview1.

96?
2.

The 06 trillion segments coincide.

The company expects the net profit attributable to the parent company to be 2 from January to September.

7?
3 billion interval, ten years + 80%?
100%.

A brief comment on the official consolidation of the “Weiyuan” asset group, the growth of income from insecticidal and herbicidal products is increasing., Further enrich the categories of pesticides and herbicides.

The performance of the underlying asset group promises that the net profit in 2019, 2020 and 2021 will not be less than 100 million, 1.

100 million and 1.

200000000.

At the end of May 2019, the target asset group officially completed the consolidation, resulting in a significant increase in revenue for some products.

Reporting on intermediates, the company achieved fungicide revenue6.

180,000 yuan (ten years +7.

25%), gross profit margin 30.

94% (decade +0.

8pct); Achieve pesticide revenue2.

6.8 billion (+430.

8%), gross margin of 23.

83% (year -3.

21 points); achieve herbicide 1.

4.6 billion yuan (+84 per year).

88%), gross margin of 16.

37% (one year -2.

79 points).

The quantity and price of chlorothalonil rose, the investment income increased by 145% of the reported number. The price of chlorothalonil continued to be high, and the price has remained at 5 since 19 years ago.

At a high level of 50,000 yuan / ton, the product price slightly shifted after entering the third quarter.

The average price in the first half of 19 was 5.

5 million / ton, ten years + 10%.
In addition, a share of chlorothalonil that was put into production in the fourth quarter of 18 increased the production capacity, and the company ‘s equity subsidiary “Jiangsu Xinhe” increased its profit significantly against the background of chlorothalonil volume and price rising.

Reporting on the baseline, “Jiangsu Xinhe” achieved net profit2.

6.8 billion, previously + 194%.
Investment income of the company’s consolidated statements1.

04 trillion, previously + 145%, has become the main driving force for performance improvement.

“Hebei Shuangji” increased the volume of mancozeb and replaced it with manganese zinc. The “Hebei Shuangji” 1 destination under construction project was completed at the end of 18, and it is expected to contribute an increase in 2019.

In terms of prices, the average price of mancozeb in the first half of 2019 was 20,930 yuan / ton, with an interval of -10.

8%.

During the reporting period, the company’s manganese and zinc products have been replenished by volume, and the registration of “Brazilian” products in overseas consumer markets has continued to advance. Subsequently, orders in the Brazilian market can grow.

The related expenses brought about by the “Weiyuan” consolidation increased, and the expense rate as a whole maintained a stable reported growth rate. The company incurred sales expenses of 50.89 million yuan, at least +35.

51%, sales expense ratio 4.

68%; incurred management expenses of 71.2 million yuan, +36 throughout the year.

24%, the management expense 深圳桑拿网 ratio is 9.

26%; incurred financial expenses of 18.53 million yuan, +24 a year.

44%, financial expense ratio 1.

7%.

Expand international market development efforts and speed up product registration.

The report initially had 98 newly authorized registrations and 8 autonomous registrations, 7 newly authorized registrations, and 12 renewal registrations.

The newly launched authorized registration areas are mainly located in Southeast Asia, Africa and Central and South America.

The autonomous registration areas are developing countries, Brazil and the European Union.

In terms of preparations, continue to enrich product categories and extend product lines. In the first half of the year, five new products were applied, registration certificates were extended for six, and application products were expanded to two 佛山桑拿网 and approved.

Projects such as anisole and water-based preparations continue to advance. The company’s annual production of 500 tons of anisole-conazole is expected to be completed in the fourth quarter of 2019. At the same time, the design of the 10,000-ton water-based preparations project has started.The installation and commissioning of the Daisen series DF project with an annual output of 10,000 tons went smoothly. The joint-stock company Xinhe Company started the construction of the fourth chlorothalonil production line in the first half of the year.The mycophenolate project is expected to be put into production in the next 2020 and 2021.

The commissioning of new projects will continue to strengthen the company’s continued growth momentum.

Sustained growth momentum is sufficient. In 19 years, high growth is expected to continue. The company’s main products are mancozeb and chlorothalonil to supplement more capacity distribution. At the same time, there is room for growth in production and sales growth in the same time.The in-progress projects such as etoxystrobin are about to be put into production, and the superimposition of “Weiyuan” will bring considerable profit increase. The company’s 19-year high growth is highly certain.

We estimate that the company’s net profit attributable to its parent for 2019-2021 will be 4 respectively.

4,5.

1 and 6 megabytes, corresponding to PE, 10, 9 and 7 times, respectively, maintaining the “buy” level.

Zhongju Hi-tech (600872) Company Dynamics Comment: The profit has changed slightly and the vitality is gradually released

Matters: The company announced its 2019 Interim Report, which achieved revenue of 23 in 1H19.

900 million, an increase of 10 in ten years.

0%; net profit attributable to mother 3.

700 million, an increase of 8 previously.

0%, budget benefit is 0.

46 yuan.

Among them, 2Q19 achieved revenue of 11.

6 billion, an increase of 13 previously.

8%; net profit attributable to mother 1.

800 million, an increase of 4.

4%.

Investment points: 2Q19 performance was slightly lower than expected.

Performance breakdown: 2Q19 delicious fresh income increased by 15.

3% in line with expectations, net profit attributable to mothers increased by 8.

0% was lower than expected, mainly due to the higher-than-expected increase in management expenses.

The parent company made an error of 10.89 million in 2Q19, resulting in a consolidated report that the profit growth rate was lower than delicious.

The condiment is developing steadily, and the market expansion is gradually progressing.

The growth rate of the condiment business in 2Q19 was about 15%, which was similar to the growth rate in the first quarter. The benefits of the replacement reduction are reflected in the statement, because the company gave profits to channels.

In the second quarter of 19, the main category of soy sauce maintained a steady growth of 11%. It is estimated that the growth rate of extremely delicious single products exceeded 40% and is still the main source of growth.Exploited in the catering market; the growth rate of small categories such as oyster sauce and cooking wine was above 50%, still showing good growth of new categories.

From a regional perspective, in the second quarter of 19, the central and western regions and the northern regions were 23% and 22%, respectively. Maintaining high growth should be related to the company’s vigorous efforts to develop third- and fourth-tier markets and accelerate the coverage of blank markets.

In the first half of the year, there was a net increase of 111 dealers, with a total of 975 dealers at the end of the quarter.

Channel fission has shrunk, personnel control has been put in place, and the company’s market operation has become more refined.

It is estimated that the annual growth rate of condiment business is 15%.

Net profit in the second quarter of 19 exceeded expectations, and the increase in management expense ratio was preliminary.

Gross profit margin for the second quarter of 19 was 40.

3%, 0 in ten years.

9 points.

In view of the replacement of the parent company, the total gross profit margin of all subsidiaries in 2Q19 was reduced and downgraded.

6%, a small margin, more due to the increase in cost and price of packaging materials and the impact of product structure (lower gross profit margin of non-soy sauce categories increased).

The management expense ratio (excluding R & D expenses) of the consolidated statement for the second quarter of 19 decreased by 1.

4pct is the main factor that affects the growth rate of profits, mainly due to the increase in the position of management personnel, and the growth rate of employee social security costs.

The sales expense ratio was basically flat in the second quarter of 19, with no major impact.

1H19 Real estate business recognizes revenue of 0.

600 million, profit 0.

200 million, can also contribute positively to the consolidated statement profit.

The basic vitality is initially released, and it is expected to accelerate development in the medium and long term.

In 19, Baoneng officially entered the first year of Zhongju Hi-tech, and carried out multiple break-in work: First, to maintain the stability of the delicious fresh core management team and focus on 南宁桑拿 supporting the development of the condiment business; second, to establish a talent selection and training system internally to break through state-owned enterprisesSystem constraints, market management for team management.

The company’s announcement of an incentive evaluation system for core management personnel has increased the excess performance of excess incentives on an internal basis, replacing the lack of existing systems and forming a more market-based incentive mechanism.Withdrawal of minority shareholders’ rights has entered the arbitration stage, and the process may be slightly ups and downs, but the company fully promotes the matter.

We see that the improvement of Zhongju Hi-tech is gradually landing.

The company’s medium-term goal is “double hundred” in five years. The internal management mechanism is smooth. Zhongju is expected to make great strides forward. With the incentive system, it is expected to accelerate development in the medium and long term.

Earnings forecast and investment recommendations: The 19-year profit forecast is slightly reduced, and the EPS for 19-21 is expected to be 0.

89, 1.

08, 1.

33 yuan, an increase of 16%, 21%, 23% in ten years.

Taking into account actions such as detailed sales staff assessment and excessive incentives for executives in 19 years, the operation of condiments should be on a healthy development track.

If Baoneng can solve the historical problems of the company’s minority shareholders’ rights and improve continuously, it will continue to catalyze the company.

The merger and expansion of MSCI will replace China Torch Hi-Tech. It is still optimistic about the company’s development in the long term and maintains a “strongly recommended” investment rating.

Risk warning: food safety incidents, risk of fluctuations in raw material prices.

Wanhua Chemical (600309): The results of the first quarter report reached the expected MDI listing price and continued to rise

Event: The company released a quarterly report: it achieved operating income of 159 in the first quarter of 2019.

$ 500 million, with a ten-year average of 8.

3%; net profit attributable to shareholders of the listed company.

9 trillion, 45 before New Year’s Eve.

9%; non-net profit attributable to mother 24.

2 megabits, at least 49 a year.

1%; realized profit 0.

89 yuan.

The company released the May China MDI price announcement: China’s aggregate MDI distribution market listed price is 19,000 yuan / ton (up 1200 yuan / ton from April prices), and the direct sales market price is 19500 yuan / ton (up 1200 yuan from April prices/ Ton); pure MDI listing price of 27,200 yuan / ton (1,000 yuan / ton higher than the price in April).

Comments: 1. Both the revenue and net profit reported in January 2019 were mainly due to the apparent fall in MDI prices, but the prices rose all the way in the first half of 19, which is not pessimistic about the company’s MDI earnings.

In February 2019, the company completed the absorption and merger of Wanhua Chemical. After the consolidated financial report, the company’s sales revenue in the first quarter of 2019 changed by 8%.

3%, gross profit decreased by 28.
.

500 million US dollars, net profit attributable to mothers decreased by 23 compared with the same period last year.

US $ 800 million, mainly due to the sharp decline in MDI prices of the main products over the same period last year.

Baichuan information data, 1Q19 / 1Q18 pure MDI price is 21254/32753 yuan / ton, the aggregate MDI price is 13,525 / 22753 yuan / ton, although pure MDI, aggregate MDI prices continue to fall 35.

1% 40.

6%, but this year’s price trend is all the way up. Wanhua announced the listing price in May. The pure MDI price was listed at 27200 yuan / ton in May. The aggregate MDI price has been raised from the initial 11,500 yuan / ton.To 19,500 yuan / ton.

The fall of China’s MDI prices from the high point of 2017-2018 is a return to the fundamentals of supply and demand. The aggregate adjustment of MDI price changes in the fourth quarter of 2018 did not have to be too pessimistic about the industry’s profit. The continued rebound of prices in 19 also reflected the leading role of a good supply layoutEnterprise’s ability to control prices.

At present, the market price of polymerized MDI is 17800-18000 yuan / ton, and the mainstream price of pure MDI is 24,000-25,000 yuan / ton.

In the second half of 2019, the market will be more complicated. Wanhua 武汉夜网论坛 Chemical’s existing MDI capacity will be increased by 80 through technological transformation, and costs will be degraded and increased. Therefore, even if the MDI price is adjusted slightly, Wanhua Chemical will ensure product profitability by reducing costs.Massive increase the company’s MDI business’s net profit level.

2. In the first quarter, the prices of petrochemical products fell more or less, and the fine chemicals and new materials business grew steadily.

Looking at the main products of the entire petrochemical industry chain, in the first quarter of 2019, the average price of Shandong propylene market was 7,527 yuan / ton, which was a 13% decrease month-on-month and a gradual decline7.

25%; the average market price of propylene oxide in East China is 10,405 yuan / ton, down 10 from the previous month.

7%杭州桑拿网, a decline of 16 per year.

4%; East China butanol market average price of 7075 yuan / ton, down 0 chain.

58%, falling by 2 every year.

23%; the average price of butyl acrylate in East China was 9,879 yuan / ton, down 4 from the previous month.

89%, an increase of 6 compared with the same period last year.

92%; Shandong MTBE market average price of 5564 yuan / ton, down 3 chain.

44%, a decline of 5 per year.

82%.

Report on the production of intermediates, fine chemicals and new materials of the company10.

47, sales 8.

In June, the income reached 15.

32 trillion, with revenue growing 41 per year.

7%.

The company’s main products include SAP, TPU, PC, PMMA, organic amines, ADI, water-based coatings and other products. Compared with the same period last year, the price has not changed much, but the production and sales in the first quarter of 2018 were 8 respectively.
28/5.
63. Therefore, reporting potential production and sales growth is the number one priority for revenue and profit growth in this segment.

3. Maintain “Highly Recommended-A” investment rating.

The production capacity of Wanhua Yantai Industrial Park will be increased to 110 units / year, and the production capacity of Ningbo Industrial Park will be increased to 150 units / year. A total of 40 new MDI units and integrated supporting projects will be built in Louisiana, USA.

At this point, Wanhua will have production bases in three markets in Asia, the United States and Europe, to achieve layout.

The company’s 30-ton TDI, 5-minute / year MMA, and 8-ton / year PMMA will be put into production in 2019. The structure of multi-category products has been gradually improved, and integration and refinement strategies have been integrated. The execution of projects in the petrochemical field is reflected in C3 and C2Smooth progress of the industrial chain; Wanhua Chemical’s future growth path is very clear.

Wanhua Chemical absorbed and merged Wanhua Chemical through issuing new shares, and the integration of high-quality assets was completed.

We each simulated the possible adjustment of financial calculation indicators after the merger, and it is estimated that the total revenue of the company for 2019-2021 will be 4 respectively.

25 yuan, 4.

66 yuan, 5.

53 yuan.

The company’s subsequent construction of several heavy-weight products has been smoothly advanced, maintaining the investment rating of “Highly Recommended-A” unchanged.

4. Risk warning.

The risk of the company’s MDI product prices falling sharply; the price of petroleum products falling sharply; the expected risks brought by the marketing of special chemical products;