Jingchen shares (688099) new shares analysis: multimedia smart terminal SOC leader card location smart home core business

Jingchen shares (688099) new shares analysis: multimedia smart terminal SOC leader card location smart home core business

Jingchen is a leader in multimedia intelligent terminal SoCs. The company has been engaged in audio and video solutions for many years. Based on the 12nm process, it has launched 4K / 8K and other ultra-high-definition solutions.

Although the company’s performance was not good in the first quarter, driven by factors such as ultra-high-definition phone replacement and increased smart speaker 杭州桑拿养生会所 penetration, its performance is still expected to achieve steady growth.

In addition, leading companies such as TCL, Skyworth, and Xiaomi become shareholders of the company, which can escort long-term development.

  The leader in multimedia intelligent terminal SoC, new ultra-high-definition products are worth looking forward to: Jingchen’s main products include intelligent set-top box chips, smart TV series chips and AI audio and video system intelligent terminal products.

The company has maintained rapid growth in the past three years, with revenue of 23 in 2018.

6.9 billion, a compound strength of 27 in the past three years.

twenty four%.

However, due to poor market demand for set-top boxes, revenue in Q1 2019 increased slightly.


The company vigorously researched and developed a 4K / 8K solution using a 12nm process, which will lock in advance under the ultra-high-definition trend.

  The troika is working hard to secure the core business of smart homes: We believe that smart homes are currently transforming from “single-point smarts” to “connected smarts”, and smart TVs and smart speakers are the best video and voice portals.

Jingchen started from the set-top box market, gradually entered the smart TV and smart speaker market, and created the “core” of the future smart home.

(1) In terms of set-top boxes: The existing IPTV set-top boxes have grown steadily, and OTT set-top boxes have been under pressure in the short term.

However, with the continued increase in penetration and the trend of ultra-high-definition replacement, smart set-top boxes still have a broad market space.

(2) In terms of smart TVs: the number of TV replacements before 2018 was 1.

8.8 billion units, with smart TVs accounting for 27.

71%, the subsequent penetration rate is expected to further increase.

(3) AI audio and video system terminals: The existing smart speakers are still in the early development stage, and demand is rapidly emerging.

  Intelligent SoC chip leader, deep binding of downstream customers to achieve a win-win situation: The company introduced a 12nm process technology in 2018, and developed leading intelligent set-top box chips, smart TV chips and AI audio and video system terminal chips based on this. In Xiaomi, Alibaba, Amazon and other global leading companies have been fully adopted.

At the same time, the company is deeply bound with downstream customers. TCL, Skyworth, and Xiaomi replace the company’s shareholders, ensuring the continued stability of the company’s orders.

Ranking MTK, NXP and other participants, the company’s revenue growth rate is divided into grades while maintaining a higher R & D expense ratio.

  Raising investment projects to promote product upgrades: The company intends to raise funds15.

1.4 billion US dollars, mainly for the research and development of AI ultra-clear audio and video processing chips, the global integration of digital analog TV standard intelligent main chip upgrade and 8K standard codec chip upgrade projects at home and abroad, to help the company achieve product upgrades and downstream market demand.
  Estimate analysis: We predict that Jingchen’s net profit attributable to mothers will be 3 in 19/20/21.



41 trillion, corresponding to EPS 0 after release.



32 yuan.

With reference to the comparable valuations of similar semiconductor companies around the world and A-shares, and the potential valuation premium of the science and technology board, we believe that the reasonable estimate range is 37-47 times dynamic PE in 19 years, corresponding to a market value of 127-161 trillion, and a target price of 31-39.

  Risk reminder: The company’s net profit attributable to its mother increased negatively in the first quarter. If the subsequent market demand 杭州桑拿 is still not good, the expected performance is potentially at risk; the company’s downstream market products will iterate faster. If chip development is less than expected, it will affect the company’s market competition; customer concentrationHigher; risk of falling inventory prices and falling turnover.

Chao Hongji (002345): Incremental gross profit margin drags down current results Joining business accelerates expansion

Chao Hongji (002345): Incremental gross profit margin drags down current results Joining business accelerates expansion

Performance review maintains a neutral 1H19 performance which exceeds our expectations Chaochao announced the first half of 2019 results: revenue 17.

6 ppm, a ten-year 杭州夜生活网 increase of 8.

5%; net profit attributable to mother 1.

38 ppm, a reduction of 17 per year.

7%, the corresponding return is 0.

15 yuan.

  The revenue was in line with our expectations but the profit was lower than expected because the gross profit margin dropped significantly in the second quarter: the company’s single-quarter revenue increased 2 in 2Q19.

0%, net profit fell by 32.


  Adjustment of self-operated channels and expansion of franchise business: The company’s self-employed, franchise, and wholesale income increased.

3%, 37.

4%, 228%, accounting for 82%, 15% and 1% of total revenue.

The total number of stores of the three major brands Chao Acer, Fandi, and Fei An decreased by 1 to 1,219, of which 3 were opened from jewellery stores to 910 (from 28 to 538 self-operated stores, and from affiliated stores.31 to 372); 4 to 309 women’s bag stores.

  In 1H19, the average income of all categories showed an increase.

Revenue by product, jewellery, gold jewellery, and leather goods grows 8 per year.

0%, 11.

7%, 1.


By channel, East China, with the largest offline share (49%), saw an increase in revenue8.

4%, most of the remaining regions (except South China, Southwest and Northwest) achieved positive growth; online business grew 23.

5%, the revenue share increased to 17.


  The gross profit margin increased significantly.

1H19 gross margin decreased by 3.

4ppt to 36.

4%, according to product, jewellery, gold jewelry, leather goods gross profit margin reduction 2.

9ppt, 2.

6ppt, 3.

3ppt; according to channel, self-employed, franchise, wholesale gross margin decreased 2.

7ppt, decrease by 2.

9ppt, increase by 4.


Reduced sales management expense ratio by 1.

4ppt to 26.


Cash flow from operating activities increased by 24% to 2 per year.

  At the beginning of the development trend, the company withdrew the application for issuing shares and paying cash to acquire all the shares of Siyanli.
The accelerated expansion of franchise business in the first half of the year is in line with the strategy developed by the initial company to sink and further expand the main jewellery channel through agency channels. We expect this trend to continue in the second half of the year.

  Earnings forecasts and estimates 苏州夜网论坛 We maintain our earnings forecasts for 2019 and 2020.

3 yuan and 0.

35 yuan is unchanged, corresponding to an annual increase of 287.

4% and 13.


Currently corresponding to 14 in 2019 and 2020.

9 times and 13.

1x price-earnings ratio.

  Maintain Neutral rating and 5.

17 yuan target price, corresponding to 17.

0 times 2019 P / E ratio and 14.

9 times 2020 price-earnings ratio, compared with the recent inclusion of 13.

8% upside.

  The risk cost is high; the risk of improper integration of mergers and acquisitions.

Huafeng Spandex (002064): Downturn in performance in line with expected demand drags down spandex prices causing 19Q3 performance to shift sequentially

Huafeng Spandex (002064): Downturn in performance in line with expected demand drags down spandex prices causing 19Q3 performance to shift sequentially

Investment Highlights: The company released the third quarter report of 2019, and its performance was in line with expectations.

19 1-3Q19 The company achieved operating income of 32.

80 ppm, 10-year average2.

42%, net profit attributable to mother is 3.

5.7 billion, with a slight interference of 0 previously.

48%, EPS is 0.

21 yuan, performance in line with expectations.

Among them, 3Q19 single quarter realized operating income11.

8 billion (+2 year-on-year.

02%, quarterly +24.

97%), net profit attributable to mother is 1.

2 billion (+ 8% year-on-year.

34% in the fourth quarter.

80%), sales gross margin in the third quarter of 19 (99% of revenue from spandex), compared with the previous year, decreased year by year.

5, 0.

16 up to 20.

85%, 3Q19 net profit margin increased by 3 quarter-on-quarter.

18 averages, rising by 0 each year.

58 averages to 10.


In the third quarter of 19, sales expenses and administrative expenses increased by 5 each year.

37%, 5.

96%, and financial expenses fall by 69 per year.

64%, most of the single quarter revenue and net profit in the third quarter of 19 was mainly due to the decline in the price of spandex products and the narrowing of gross profit margin.

The continued downturn in downstream demand has led to the weak operation of spandex prices at the bottom. The SMEs in the industry have continued to be interrupted. The company’s net profit per ton of spandex is still strong, but the gross profit margin in the single quarter of 3Q19 has all declined.

In 3Q19, the average operating rate of the spandex industry was about 80%, and the company was in full production, but the downstream weaving industry, including warp knitting and warp knitting, started less than 60%.

Since this year, the demand for spandex has continued to slump, and small factories have continued to grow and expand beyond the scope. According to the quotation of China Fiber Net, the average price of spandex 40D, pure MDI, and PTMEG in the 3Q19 quarter decreased by 13 respectively.

2%, 36.

4%, 15.

5% to 30028, 18603, 15398 yuan / ton, according to our calculation, the spandex spread in the 3Q19 single quarter consecutive quarter-on-quarter narrowed by 3 respectively.

2%, 1.


The continued sluggish market has accelerated the reshuffle of the industry, the expansion of old equipment has increased, the number of stoppages has increased, the expansion of advantageous companies has accelerated, the concentration has increased, the conversion of Ruian technology has been completed, and the company’s product structure has been optimized.Keep it above 3400 yuan.

Chongqing 6 predicts that the differentiated advanced spandex production capacity has entered the commissioning stage and will become a new driving force for the company’s growth in the future. The commissioning of large-scale advanced production capacity will also accelerate the reshuffle of the industry.

The 北京夜生活网 newly added Chongqing 6 initial differentiated spandex project has partially entered the commissioning stage and is expected to be put into production at the end of 2019, when the company’s total production capacity will reach up.

8 nominal.

The advantages of the Chongqing base in terms of raw materials, energy (the country’s largest shale gas field, and the group’s thermal power plant directly supplying steam), electricity, sewage treatment, and labor costs have been gradually developed. It is expected that the cost of increasing production capacity will be lower than the cost of the old Ruian plant2000-3000 yuan / ton, the full release of adding more production capacity will bring breakthrough performance flexibility.

Acquired Huafeng New Materials, a subsidiary of the group, and is committed to creating a global 深圳桑拿网 leader in polyurethane products.Huafeng New Material has an existing production capacity of 42 polyurethane polyurethane stock solution, 48 inserts of adipic acid and 42 polyester polyester polyols, and is currently building a new adipic acid production line with a world-leading production scale.

The domestic market share of its polyurethane stock solution and adipic acid is as high as 60% and 30%, respectively. It is the first in the country. After the merger and acquisition is completed, it will significantly increase Huafeng spandex’s revenue, profit and ROE level.

In the future, the company will realize the leap from resource integration to industrial aggregation by opening up new application fields and high-end products of polyurethane products, and is committed to creating a global polyurethane product industry leader.

Earnings forecast and investment rating: Due to the undecided price increase of the supporting financing, we still use the existing spandex business and market value for profit forecasting and evaluation standards. The company ‘s wholly-owned subsidiary Liaoning Huafeng has applied for bankruptcy and liquidation.The unrecoverable part is more than 60 million, so we lower the company’s profit forecast for 2019 and maintain the profit forecast for 2020-2021. It is expected that Huafeng Spandex’s net profit attributable to its mothers will be 3 in 2019-2021.

98 (was 4).

58), 6.

35, 7.

5.9 billion yuan, corresponding to 0 EPS.

24 (was 0.

27), 0.

38, 0.

45 yuan, the current market value of the corresponding PE is 21X, 13X, 11X, maintaining the overweight level.

Risk Warning: 1.

The price of spandex and adipic acid dropped sharply; 2.

The price of raw materials fluctuated greatly; 3.

Chongqing 6 Chongqing’s new capacity production schedule has exceeded expectations; 4.

Subsidiary Bankruptcy Liquidation Value Exceeds Expectations

Qumei Home (603818): consolidated EKORNES revenue growth

Qumei Home (603818): consolidated EKORNES revenue growth

Event: The company achieved revenue of 28 in 2018.

920,000 yuan, an increase of 37 in ten years.

88%; net profit attributable to mother-0.

5.9 billion, an annual decrease of 124.

04%; net profit after deduction is -0.

35 trillion, a decrease of 115 a year.


Revenue in the fourth quarter alone was 12.

20,000 yuan, an increase of 18 in ten years.

09%; net profit attributable to mother -1.

54 trillion, a year of 650.

01%; net profit after deduction to mother 1.

0.6 million yuan, an increase of 595 in ten years.


Revenue in the first quarter of 201910.

500,000 yuan, an increase of 154 in ten years.

79%; net profit attributable to mother 0.

12 ppm, a reduction of 57 per year.

91%; net profit after deduction is 0.

02 million, a decrease of 92 a year.


Opinion: Consolidated Ekornes, revenue growth.

Ekornes ASA generated consolidated income in 20189.

2.8 billion yuan, profit 8704.

370,000 yuan.

Excluding consolidated income and profits, the actual realized income19.

64 ppm, a reduction of 6 per year.

37%; net profit attributable to mother -1.

46 trillion, a decrease of 159 a year.


Affected by the fluctuation of the RMB exchange rate, the company’s 2018 forward foreign exchange contract reduced its net profit by 11.51 million yuan.

(I) In terms of products, the company’s customized / finished products / jewelry and other separately realized revenue5.



96 trillion, with annual changes of 40.

17% /-17.

87% /-35.

81%, the company’s B8 full-house custom shop in the current period quickly sank, achieving rapid growth in revenue.(2) By city level: the company’s revenue ratio in first-tier / second-tier / third-tier cities is 26.

63% / 33.

50% / 36.

80%, the company’s total revenue in the first and second-tier cities accounted for 60%.

13%, benefiting from the first round of land sales in this round to pick up in first and second tier cities, the company’s revenue strives to gradually accelerate quarterly.

(3) In terms of different channels: the company’s direct-operated stores / distribution stores / online sales / bulk businesses achieved revenue2.




06 thousand yuan, the short-term changes were -8.

03% / 53.

02% / 12.

97% /-1.

twenty three%.

In this period, the company’s channels sank, and distributor channel revenue grew rapidly.

The company expects that domestic revenue will increase by about 15% each year in 2019, and overseas revenue will increase by a single unit; it is expected that the consolidated net profit will turn into a profit.

Earnings forecast and estimate: EPS are expected to be zero in 南宁桑拿 19-21.

64, 0.

76, 0.

92 yuan, corresponding PE is 12X, 10X, 8X.

Maintain “Buy” rating.

Risk Warning: Significant RMB Appreciation, Channel Exploitation Is Less Than Expected

Dongshan Precision (002384) 2019 Interim Express Review Comments: Deducting non-net profit exceeds expected company ushers in strategic allocation

Dongshan Precision (002384) 2019 Interim Express Review Comments: Deducting non-net profit exceeds expected company ushers in strategic allocation

Note: Dongshan Precision issued a quick report. In 19H1, it achieved revenue of 99.

79 billion (+ 38% YoY).

37%), net profit attributable to mother4.

2.0 billion (+ 54% YoY).

73%), deducting non-net profit2.

7 billion (+ 160% year-on-year), of which 54 in the second quarter.

87 billion (+50 compared to the same period last year).

0%), Q2 returns to the net profit of the mother 2.

3.0 billion (+ 99% year-on-year), non-net profit deducted in the second quarter1.

7.3 billion (2 million in the same period last year).

Comment: In the first half of the year, the circuit board business unit (Mflex + Multex) achieved revenue / net profit of 5.5 billion US $ 300 million. Benefiting from the unexpected growth of the circuit board business unit, the company’s non-net profit deduction exceeded market expectations.

Looking forward to the second half of the year, the company’s performance is expected to continue to exceed expectations through the traditional peak season of the industry and the continuous improvement of the company’s operating efficiency.

Reviewing the company’s 2018 consumer electronics cycle with downward financial overlap and deleveraging, the company’s performance achieved high growth against the trend. By replacing non-core business and asset impairment, the company broke through the historical burden and was able to fully focus on the 5G core industry layout(Circuit board + filter), the improvement of operating cash flow has reshaped the balance sheet, ensured its asset expansion ability in the 5G tide, and saved the foundation for continued high growth in the next 3 years.From the point of view, the company’s main industry’s in-depth layout around 5G base stations and terminals has entered the harvest period: 1) 5G communication PCB: Multek’s integration flexibility has shown initial results, and the growth potential of high-quality communication board leaders needs to be released.

2) 5G terminal FPC: High-value MPI antennas for major customers are fully introduced, and the strategic layout of new products and endogenous operating quality are on the same orbit.

3) 5G filter: The advantage of the leading position of the dielectric filter is prominent. As a main supplier, it promotes the dividend of the entire construction cycle of 5G.

Earnings forecasts, estimates and investment ratings.

The company has an in-depth forward-looking layout for 5G equipment / 5G terminals. As a leading domestic circuit board manufacturer and 5G leader, we are constantly optimistic about the company’s short-term performance flexibility and medium- and long-term strategic layout.

Maintain the company’s estimated net profit for 2019-202015.

500 million / 22.

100 million, the current sustainable corresponding price-earnings ratio is 16 天津夜网 respectively.


6 times, maintaining the “strong push” level.

Risk warning: PCB business integration is less than expected; sales volume of major customers’ smartphones is less than expected; 5G promotion is weaker than expected.

Jifeng (603997) 2019 Interim Report Comments: The second quarter’s rebound in gross profit margin was affected by management expenses

Jifeng (603997) 2019 Interim Report Comments: The second quarter’s rebound in gross profit margin was affected by management expenses
Matters: The company released an interim report. The net profit attributable to its mother in the first half of 2019 was -21%. Comment: Revenue follows downstream and performance is in line with expectations.The company’s revenue was -11% for the second half of the quarter in 2Q19, and was 0 in 1Q19.3%. Major domestic customers FAW-Volkswagen sold 4% in 2Q19, Geely -25%, and Changfu -61%. Great Wall Motor remained flat, showing overall trends, and the company was relatively limited. Gross profit margins increased on a sequential basis, and overseas wages and restructuring costs affected net profit.The company’s single quarter gross margin was 33% in 2Q19, an increase of 2.8 and 1.4PP, to better support profits.Judging from the gross profit margin of the past few quarters, the company’s gross profit margin has basically stabilized at more than 30%.Management expenses continued to affect the company’s net profit in 2Q19.Looking at the entire first half of the year, management expenses increased by 34 million in the first half of the year, affecting operating margins3.Four points, of which 11Q19 incurred restructuring costs of about 11 million, so there are also the effects of increasing wages of overseas personnel. Assuming that the company’s management expenses are the same as the same period of last year, the growth rate of net profit attributable to mothers in the first half of the year is expected to drop slightly around -1%.In the first half of the year, the company’s net profit attributable to its mother was 21% per year and -16% in 2Q19. Main business barriers have been established.Jifeng is a domestic passenger car seat headrest faucet. It is an interior decoration supplier with few comprehensive coverage of independent, German, Japanese and American customers. The core customers are mainly FAW-Volkswagen, BMW Brilliance, Dongfeng Honda in joint venture, Great Wall of China, Geely, BYD.The company has now entered a positive cycle of improving scale efficiency, opening up and downstream of the industrial chain, a gross profit margin stable at a high level of more than 30% in the industry, and a repeat of the future growth path. Continuous breakthroughs in global operations.The European plant has been approved by European Volkswagen, Jaguar Land Rover, Porsche, BMW, Daimler and other mid-to-high-end product orders to prove the company’s strength.In 2018, the company’s overseas revenue growth rate was 53%.In the first half of the year, German revenue peaked at 1.3 trillion, net profit -0.25 trillion, it is expected that with the rising slope of production capacity, Germany 合肥夜网 Jifeng is expected to gradually reduce losses to normal profits in 2019-2020.In addition, the company’s North American business is also continuously developing. At present, it has synchronized design with Ford and GM in the United States. In the future, it will also realize localized synchronous design and supporting supply through the established US Jifeng. The acquisition of Gramer finally landed.Grammer is a global leader in commercial vehicle seating systems, with total revenue of 18 in 2018.600 million euros, net profit 0. 2.3 billion (of which 3-4 quarters were affected by one-time expenses such as mergers and acquisitions). At 8: 1 exchange rate, Grammer’s 2018 revenue was 7 times the peak, but the net profit margin was 1.2% excellence is lower than 15% of Jifeng’s 2018.Jifeng and Grammer’s planning for the acquisition target began three years ago, and finally received a reorganization approval in August 2019.Jifeng and Grammer operate in the same sub-segment. The cooperation plan has been planned for a long time. We expect that the transition of business management will be relatively stable in the future.After the completion of the acquisition, Jifeng will become a cockpit system integrator. Through the mutual borrowing of advantages, it will further open up the growth space for each other. Especially, the refined management of Jifeng will help Grammer improve the profit margin. Investment suggestion: The company’s main business is stable and has a good momentum. The merger and acquisition of Gramer is about to be completed, and it has entered a new period of development.Regardless of mergers and acquisitions, we expect the company’s net profit for 19-20 years2.700 million, 3.4 ‰, -9% a year, + 25%, corresponding to 18 times and 14 times the current PE.It is assumed that the additional issuance of M & A is completed in 2019 (the additional price of supporting financing is 7).6 yuan / share), preliminary preparation for 2019 net profit assessment is expected to be 6.60,000 yuan, 2020 is expected to be 7.600 million, after considering convertible debt dilution, the corresponding PE is 14 times, 12 times, which is lower than the company’s historical PE hub of more than 20 times, and is similar to the static PE of the sector about 15 times. For the first time, it is given a “strong push” rating and target price.11.1 yuan, corresponding to the 2019-2020 diluted PE for the preparation of the test is 20 times, 17 times. Risk reminders: European factories’ loss reduction is lower than expected, Gramer’s profit margins are raised and expected.

Aerospace Information (600271): Strategic cooperation with Ali will promote integrated business upgrades, promote membership, and develop small loan business

Aerospace Information (600271): Strategic cooperation with Ali will promote integrated business upgrades, promote membership, and develop small loan business
The company’s recent aerospace information release announcement, and Alibaba’s strategic cooperation framework agreement, the two parties will cooperate in cloud computing services and smart industries, finance and tax business, government business, blockchain, enterprise market services and other fields. The review company can transform from a traditional system integrator to an independent software developer (ISV) in the cloud computing era through Ali.The two parties will cooperate in the field of cloud computing services and smart industries. Ali will preferentially choose the company as a hardware provider and integration service provider. The company can provide Ali with the qualifications and channels it needs to enter the smart city market.Through cooperation with Ali, the company will integrate its software development capabilities in the cloud computing era and transform from traditional system integration vendors to cloud-based ISVs.ISVs usually develop software that meets their needs based on the capabilities provided by the cloud platform. They can usually obtain more cloud platform resources at a price and merge with traditional system integration vendors to increase higher gross margins and stronger customer stickiness. In terms of membership, the company will complement Ali to create richer products and business scenarios.The company and Ali have rich experience in serving small and medium enterprises, but the focus is different. The company has obvious channel advantages, and Ali understands its business better.After cooperating with Ali, both parties are expected to create innovative products, cover more application scenarios for small and medium-sized enterprises, and promote them through TravelSky’s membership channel.We expect this phase of cooperation is expected to further enhance the competitiveness of TravelSky’s membership-based business, which will increase its average market price in terms of products and channels. In terms of small loan and credit reporting business, the company also strives to strengthen its product competitiveness through cooperation with Ali.In terms of corporate credit data, the combination of Hangxin and Ali Mean has advantages. 武汉夜网论坛 The data held by the two parties involves corporate taxation, operations and other aspects.If the two parties cooperate in the field of credit information in the future, it aims to improve the service quality of products such as small loans and credit information, reduce the NPL ratio, and ultimately improve the competitiveness of the company’s products. The two parties jointly work on the strategic cooperation of the parent company’s budget. The degree of affiliation with Elephant Tencent, a subsidiary of Democratic Tencent and JD.com, allows positive impact on electronic ticketing. Estimates suggest that we keep the company’s profit forecast unchanged, but date it to the 2020 forecast.The company currently expects a P / E of 28x / 25x for 2019/2020.According to the latest DCF model, the company’s target price is raised by 9% to 32.53 yuan, corresponding to 2019e’s P / E is 33x, which is 15% more upside than the current one.Maintain recommended level. The risk cooperation between the two parties was worse than expected; the macroeconomic downturn; and a systematic substitution of expectations.

Great Wall Motor (601633): Behind-the-scenes hero with huge potential pickup

Great Wall Motor (601633): Behind-the-scenes hero with huge potential pickup
Pickup market Q1 has increased significantly against the trend, with favorable policies and huge potential.From January to March 2019, the total sales volume of the domestic pickup truck market reached 105,956 units, an increase of 10 in ten years.At 60%, the average annual sales volume increased by 10161 units in the same period. Against the background of the overall downturn in the automotive industry, Q1 achieved a sharp increase in contrarian trend, which shows the inherent potential of the pickup market.Since the early days, policies in the pickup truck industry have continued to improve, with the cancellation of dual permits, restrictions on loosening access to cities, and the introduction of subsidies 四川耍耍网 for car purchases in areas with conditions to stimulate the market.In addition, the current capacity of the Chinese pickup market is less than 2% of the overall automotive market, while the US pickup market accounts for 16% of the overall automotive market, and the Thai pickup market accounts for 40% of the overall automotive market in the country.space. Dominated for more than 20 years, the leading position cannot be shaken in the short term.The company started as a pickup truck and has accumulated deep technical strength and brand power. It has maintained internal leadership for more than 20 years, and its market share has remained above 30% for a long time. In the first quarter of this year, its market share reached 37%, and its sales reached 39145.Market share is further increasing.According to the data from the pickup truck market, the Great Wall overlapped the top position among the multiple provinces in 31 provinces in the first quarter of 19, with more than 21 provinces accounting for 30% or more, of which Ningxia, Inner Mongolia, Jilin,Of the seven northern provinces such as Gansu, Shaanxi, Hebei, and Shanxi, the Great Wall Pickup has a market share of over 50% and the highest market share is 85.27%.Based on the reputation and influence that Great Wall Motor has accumulated in the pickup truck market for a long time, its leading position in the pickup truck market has been sustained and unshakable in the short term. Contributing to stable cash flow and profits, ignored behind-the-scenes heroes.As an integral part of the company, the pickup truck segment continues to contribute stable cash flow and profits. However, due to the obvious labeling characteristics of the company’s SUV leader for a long time, the pickup truck business of the company has also become the most easily replaced by the market.Although the sales volume of pickup trucks only accounts for about 13% of the company’s total, the profit contribution may exceed 20%. Due to the fierce competition in the pickup truck market far exceeding the passenger car sector, and the cost and sales expenses have decreased, pickup trucks have become the gross productFor single products with higher interest rates and net interest rates, at the same time, the sales growth rate of the pickup market in the future is expected to continue to be higher than that of passenger cars, which are behind the scenes. The “Cannon Series” is attacking again, and the pickups are becoming more advanced and more passengerized, and the international trend is gradually showing.The three products of the “Cannon Series” pickup truck of the 2019 Shanghai International Auto Show have been officially launched. The products are high-end and passenger-oriented. They are built on a new platform-P71 platform, which is based on global regulations and the global market.Competitive in terms of product and cost.The production of the cannonball series will cover the Great Wall pickup truck’s ability to comprehensively cover the high, middle and low products in the pickup market, enhance the company’s core competitiveness, and lead this pickup product to a whole new level.With the gradual loosening of policies, the pickup market is expected to usher in new opportunities. Consumers’ demand for pickups will also improve in terms of quality and affordability. The high-end pickups, passenger cars, and internationalization trends have gradually begun.appear! Investment suggestion: The company’s pickup truck products are more competitive in the market. In the future, the pickup trucks will be transformed into high-end, passenger-oriented, and internationalized trends. The company’s influence in the pickup truck market is expected to be further enhanced.It is expected that the company’s net profit attributable to the parent in 19/20 will be 60.3.1 billion / 67.3.8 billion, currently expected to correspond to a dynamic assessment of 15 times / 14 times in 19/20.Although the overall sales of the automotive industry are still sluggish, the company’s Q1 sales remain strong, and the overall industry demand will gradually change in the second half of the year. Great Wall will become one of the independent brand leaders and will continue to make strategic recommendations and maintain a “buy” rating. Risk warning: Passenger car sales fall short of expectations, price cuts are larger than expected

Hualan Biological (002007): The supply and demand pattern of the blood product industry has improved, and the performance of the quadrivalent influenza vaccine has increased.

Hualan Biological (002007): The supply and demand pattern of the blood product industry has improved, and the performance of the quadrivalent influenza vaccine has increased.

Blood products have resumed the balance between supply and demand, the new crown epidemic has expanded demand and reduced the supply of pulping supplies. Blood products will usher in supply and demand, and the price increase is expected to be profound.

  The approval of the new pulp station has become increasingly severe, which has led to a continuous decline in the growth rate of the country’s pulp production since 2017. The growth rate of the country’s pulp production in 2017-2019 was 12%, 7% and 6%, respectively.

The terminal demand still maintained a growth of about 10%, and the supply growth exceeded the demand growth. Therefore, the 杭州夜网论坛 increased blood product inventory in 2017 has gradually been digested, the albumin inventory has returned to normal levels, and the static propane inventory has decreased significantly.

The blood product industry has resumed the state of supply and demand balance, and blood products have resumed normal production. In 2019, the issuance and sales of albumin and static propane increased significantly.

  The new crown epidemic drove significant demand for blood products: Jing Cing had significant prevention and treatment effects on new coronavirus, corporate inventories had been fully digested, and market demand continued to grow; 98% of patients with new coronavirus infection had decreased serum albumin contentThe demand for albumin has also increased.

Supply-side pulp extraction is affected; the new crown epidemic will affect the amount of pulp extraction in 2020.

Blood products will usher in anticipation. In the short term, it has shown a reduction in sales expenses and an extended account period to increase profits. In the long term, it will drive up the price of blood products.

  The profit of tons of pulp in the blood products segment increased, and the sales of tetravalent influenza vaccine increased.

  We predict and estimate that the upcoming new crown epidemic will promote the end of the blood product destocking cycle, and products such as Renbai and Jingbing will become popular commodities. The company will be motivated and capable of increasing the amount of pulp extraction, and the amount of pulp extraction in the entire industry will decline.We expect that the company will have a slight increase in pulp production in 2020 and 2021.

In addition, the current out-of-stock products such as Jing Cing will greatly extend the company’s account period and reduce sales expenses, thereby increasing the profitability of ton pulp.

In summary, we expect that the company’s pulp production volume will increase by an average of 5% in 2020; the profit margin per ton of pulp will increase by 6% and 4%.

  With the three consecutive winter influenza outbreaks in 2017, 2018, and 2019, we believe that in the future, citizens ‘awareness of active influenza vaccination will continue to grow and transform. The company’s total annual production capacity of 30 million quadrivalent influenza vaccine production capacity, currentlySufficient capacity.

In summary, we expect the company’s revenue from the quadrivalent influenza vaccine to reach another level in 2020, and the sales of the quadrivalent influenza vaccine will reach 12 million.

  Earnings forecasts and investment advice.

  We expect revenues to be 36 in 2019-2021.



26 trillion, an increase of 12% / 16% / 13%, the net profit attributable to mothers was 12 respectively.



40 ppm, an increase of 13% / 22% / 17% respectively, the current corresponding PE corresponding to 2019-2021 is 44/36/31 times.

The first coverage was given a “Buy” rating.

  Risks indicate that the new coronary pneumonia epidemic has resulted in a higher-than-expected pulp extraction volume; the risk of product price fluctuations; and the sales of tetravalent influenza vaccine exceeded 厦门夜网 expectations.

Sanqi Interactive Entertainment (002555) Company In-Depth Report: 2020 “SLG to the Sea” or “Davies Double Click”

Sanqi Interactive Entertainment (002555) Company In-Depth Report: 2020 “SLG to the Sea” or “Davies Double Click”

First, “SLG going abroad” refers to the core standard of mobile games going overseas. We analyze the market space of SLG going overseas through two dimensions, namely “mobile game market size” (estimated by “game user spending”) and “SLG mobile game preferences.””(With” SLG Revenue / Mobile Game Market Revenue “).

According to App annie data, judging from the mobile game market share, the largest overseas SLG mobile game market is mainly the North American market (23.

3%), the Japanese market (11.

5%), major European markets (9.


From the perspective of SLG preferences, the Japanese and Korean markets are relatively alternative to SLG, and the SLG preferences in other markets are relatively high, especially Saudi Arabia, Russia and Germany.

  By analyzing Sensor Tower’s overseas game list in 2017, 2018, and 2广州桑拿019, we found that at least 6 of the top 10 games in the mobile game list are generally SLG games. It can be seen that the game flow of SLG games that go abroad is relatively large.

At the same time, according to App annie data, China ‘s strategy games (mainly SLG) are far ahead of the strategy games launched by the United States, Japan and South Korea.

Second, the initial three success dimensions of SLG: innovation + play + ecological substitution innovation: from “long history” to “contextual substitution”.

Manufacturers have begun to try SLG-based alternatives for SLG, such as underworld, zombies, etc. These scenario alternatives can often be found in mature movie alternatives.

  Core gameplay innovation: add matching elements and properly combine technology.

There are several matching elements commonly used by game manufacturers: tower defense, card, operation, and real-time strategy.

“Matching elements” need to adapt and still serve “adversarial”. We believe that in the future, you can combine placement gameplay, MOBA gameplay, fighting maneuvers and shooting gameplay.

  Ecological balance: Only player-friendly game ecology can increase user retention.

The construction of game ecology determines the experience that various types of players have during the game. A more balanced game ecology can reduce player turnover.

  Third, the expected success rate of “Liu Yuning New SLG” is sufficient. Because SLG games require a large amount of money to buy, startups may lack sufficient funds. Therefore, Liu Yuning, the first creator of SLG, may be overseas by Sanqi Mutual Entertainment.Perform distribution agency.

  From the financial report, we can see that Sanqi has invested in SLG’s overseas game company-Beijing Honor Technology Co., Ltd. (Sanqi invested 17 million and holds 10% equity, valued at 1.

700 million).

  Analyze Liu Yuning’s innovation in “The King of Avalon” and “The Musketeer Age” from the “history and self” dimension.

“The Rifle Age” has innovations and optimizations in its three dimensions of gameplay and ecology compared to its predecessor, King of Avalon.

1. In some respects, Liu Yuning took a different approach, replacing the “hot weapon age” between the European Middle Ages and modern times.

2. In terms of gameplay, Liu Yuning adopted the “SLG + Development” model.

3. In terms of ecology, in order to reduce the excessively long initial period of development of the player, the Gunnery Age provides players with acceleration items from resources, construction to battle marches.

  According to Liu Yuning’s public interview, he has a deep understanding of innovation and only has the ability to innovate again.

Liu Yuning is a producer who cares about user experience.

Although SLG’s gameplay is currently very mature, he thinks more deeply about the feedback that players want in the game is “existence”, not just the pleasure of simply “battering opponents”.

He hopes to mobilize the deepest emotions of players. For example, Maslow needs the level of “self-realization” in level theory, rather than the superficial “stimulation”.

4. The analysis of SLG elasticity for Sanqi Mutual Entertainment going to sea assumes that the ratio of R & D and publisher distribution is 27%, and the manufacturer’s selling expenses are 24%, and the net profit of the game publishing agency of the sea is 12.


At the same time, if the SLG flow to the sea can reach 80% of the explosive level, then it is expected to be 2020?
The annual profit contribution in 2022 will reach zero.

9.2 billion, 3.

3.6 billion and 3.

44 billion.

V. Investment proposal: Increase the investment of overseas SLGs through Sanqi Mutual Entertainment in 2020, and act as the agent for three SLGs and develop one on their own. Among them, Liu Yuning’s new SLG works (because SLG games need to spend money for purchases, startup companies mayLack of sufficient funds, Sanqi invested in Liu Yuning’s startup company), so we expect Sanqi Mutual Entertainment to make a breakthrough in SLG.

According to the characteristics of SLG’s overseas games, it is expected that SLG will bring revenue and income contribution in 2020. 2021?
2022 will bring revenue and profit contribution.
If Sanqi Mutual Entertainment makes a breakthrough in the SLG category going abroad, the company is expected to improve both in terms of net profit and estimates, and welcome “Double Click Davis”.

  Expected Sanqi Mutual Entertainment 2019?
Net profit in 2020 was 21.

1.7 billion, 24.
6.4 billion, corresponding to the current sustainable 19X and 16X. As we expect that Sanqi Mutual Entertainment may have a breakthrough in the SLG category in 2020, we continue to be optimistic about companies that continue to break through the category and maintain the recommendation level.

Risk reminder: SLG’s overseas development is less than expected, and competition in the overseas game market is intensifying