Midea Group (000333) Midea ‘s strong retail performance on the market in April

Midea Group (000333) Midea ‘s strong retail performance on the market in April
The recent situation of the company Ovie Cloud Network monitoring, the growth rate of China’s home appliance retail market in April fell, especially above the offline channel.Midea has a strong market retail performance on everyone’s wire, and it is divided into two categories. Comment on the US air conditioner retail growth in April is significantly higher than the market: 1) Since the US air conditioner launched its promotional strategy in late February, the retail sales growth has continued to significantly exceed the industry.In April, Midea ‘s online retail sales of air conditioners increased by 63% each year, ranking first in the market.2) Although Midea adopted a cost-effective strategy, which led to a decline in the average retail price, through the improvement of efficiency, Midea’s gross profit margin remained better.In addition, Midea has begun to restrict the development of Oaks.3) Due to the good retail growth in March and April, the channel inventory level of Midea is the lowest. 4) Gree is not cutting prices, and there is no price war in the market. Midea ‘s online appliance retail sales have grown rapidly: 1) Midea ‘s retail sales in the refrigerator and washing machine online market increased by 27% and 49% in April, significantly higher than the industry.The washing machine market, Midea, Little Swan’s differentiated positioning achieved good results.The average offline retail price of Little Swan in April was 3494 yuan, surpassing the Haier brand; the average online price was the same as Haier.Midea’s April offline average price has been reduced by 5% every year, strengthening its cost-effective positioning.Refrigerators are not as competitive as washing machines, so online growth is more likely to result in lower prices.2) Midea’s kitchen appliances business is still in an adjustment period. In April, online and offline retail continued to 杭州桑拿 shift; kitchen small appliances business performed moderately, and its growth was close to that of the industry. The impact of the trade war is small: the company’s exports to the United States are about 2 billion US dollars, accounting for about 6% of its revenue.Companies can transfer orders to overseas bases to resolve tariff barriers. Midea is temporarily suspending the merger of Little Swan, which will increase the company’s net profit attributable to the parent company by 1 billion in 2019, but will also increase its share capital. It is estimated that the merger of Little Swan will not be considered for the time being, and the EPS forecast for 2019/20 will be maintained3.46/3.88 yuan. Maintain recommended level and target price of 62.40 yuan, corresponding to 18/16 times P / E in 2019/20, compared with the current 23% increase.The company currently expects to correspond to 15/13 times P / E in 2018/19. Risk Market Demand Risk Risk; Sino-US Trade Friction Risk; Global M & A Integration Risk

Hexing Packaging (002228): Re-reading Questions Reporting Our Thinking

Hexing Packaging (002228): Re-reading Questions Reporting Our Thinking

The report “Hexing Packaging, the dual face of angels and devil” published on the Securities Market Weekly on October 9, 2018, questioned the quality of Hexing Packaging’s operations and overcome the ban on liquidation through the acquisition of assets to improve profitability.

Hexing Packaging may drop by 10% the next day, and the company is expected to drop from 7 in the next 5 trading days.

05 drops to 4.

91, a drop of 30%.

In view of the bearish viewpoint, we found through analysis that the company does not have the problems of operating quality and false profits.

There is no problem with the company’s profit quality, and the substantial increase in receivables was mainly due 苏州夜网论坛 to the consolidation and PSCP scale expansion.

The rapid growth of accounts receivable in 2016 was mainly affected by two reasons. One is that in 2016, Hezhong Chuangya completed a consolidated statement with the company, increasing the absolute value of accounts receivable, but at the same time, the company’s revenue scale also increased simultaneously.Second, 2016 is the first year of the PSCP platform. The company needs to shorten the collection period for users by expanding cash to attract original users to enter the platform system. Therefore, the account receivables / income ratio at this stage is slightly increased to 32.

6%, but as the scale of the platform grows, the ratio quickly drops to 26 in 2017.

8%, further stepped up to 22.

5%, indicating that the adoption of the PSCP model has gradually matured, the 南京夜网论坛 overall revenue scale has increased, and the company’s bargaining power for downstream accounts has improved.

In 17 years, the net operating cash flow was negative, mainly due to the delayed discounting of the company’s strategic reserve of raw materials and bills.

The company’s operating cash flow in 2017 was mainly affected by two reasons. One was the rapid growth of corrugated base paper prices in 2017. The company increased the stock of raw materials to prevent continuous increases in paper prices. At the end of 2017, the company’s inventory increased compared with the end of 2016.Up to 2.

2.3 billion; Secondly, due to the high bill discount rate at the end of 2017, the company did not discount bills receivable, so the bill receivables in the first quarter of 2018 increased by 1.

5 billion.

Therefore, the decrease in the amount of operating cash flows in that year is only a temporary adjustment of the asset structure, not the deterioration of the upstream and downstream accounting period structure.

Affected by consolidation, the corruption rate rises, 17?
The gradual decline in 18 years restored the historical average.

The increase in yield in 2016 was mainly affected by the merger and acquisition of Hezhong Chuangya’s assets. However, the company achieved a gradual decline in the resistance rate in 2017-18 by improving the operating efficiency of Hezhong Chuangya while improving its own profitability.The impact of tables has been eliminated.

Under the integration of Hexing, Hezhong Chuangya (Asia) has enhanced operating efficiency and is a high-quality target. There is no purpose of inflating profits by acquiring Hezhong Chuangya (Asia).

Hezhong Chuangya (Asia) was acquired by Crossbridge Hexing in 16 years. Under the integration of Hexing Packaging, the operating efficiency has been greatly improved, and the company’s acquisition consideration is reasonable.

Company 19 to 16?
The 17-year statement was re-adjusted to consolidate the bridge construction and consolidation, basically eliminating the 18-year profit surge caused by the acquisition of non-operating income.

The company’s 18-year growth comes from the expansion of the PSCP business and the steady advancement of its main business, and still achieves a 68% increase in net profit after deductions.

The company’s PSCP is a low-risk and sustainable industry integration path. It has solidly and steadily advanced around the corrugated packaging business. It is expected that double growth can be expected, and a “buy” rating is given.

We expect the company to achieve net profit attributable to mothers in 2019-2021.



16 trillion, with an increase of 48.

1% / 46.

5% / 41.

6%, the current sustainable corresponding PE is 20.



9 times.

Risk reminder: the risk of a sharp rise in raw material prices, serious macroeconomic risks, and the development of the PSCP platform is less than expected.

Blu-ray Development (600466) First Coverage Report: Sales of 100 Billion Arrows Penetrate on the Strings to Open Long-Term Growth Space

Blu-ray Development (600466) First Coverage Report: Sales of 100 Billion Arrows Penetrate on the Strings to Open Long-Term Growth Space
Sales of 100 billion arrows on the strings, regional penetration opened up long-term growth space, and for the first time, the coverage was given a “buy” level.We estimate that the company’s operating income from 2019 to 2021 will be 38 billion / 48.9 billion / 61.2 billion, and the net profit attributable to the mother will be 33.4 ppm / 50.1 ppm / 68.500 million, EPS is 1.12 yuan / 1.68 yuan / 2.3 yuan, the current sustainable corresponding PE is 5.8 times / 3.9 times / 2.8 times.Target price 8 for the first time.4 yuan, give “buy” rating. A large amount of value drives short-term sales growth, and the penetration of six regions opens up long-term growth space.In the short term, the company plans to start an area of 18 million square meters this year, an annual growth of 67%, which strongly promotes the release of value and drives short-term sales growth; in the long term, the company has basically covered major urban agglomerations and economic belts, and the region has continued to penetrate and open up the longGrow ceiling.The company’s existing soil storage (undeveloped area) is about 14 million square meters. We believe that the company will be more aggressive in acquiring land in the future. It is estimated that the amount of land acquisition 北京桑拿洗浴保健 will gradually reach 400 trillion, and the supplementary value will be about 1,400 trillion, which will strongly support sales next year. Delivery of housing drives the release of short-term results, and the repair of net profit margins boosts long-term results.In the short-term, accounts received in advance in 19Q1 were 56.4 billion, and the coverage ratio for the previous year’s operating income reached 1.83 times, sufficient resources to be settled, and a high completion growth rate this year will effectively promote the release of performance; in the long run, the company’s net profit margin is significantly lower than the industry average. Through product structure improvement, cooperative development, and deepening of OEM and construction,Net profit repairs are expected to boost long-term results. The proposed listing of Garbo Property brings opportunities for asset revaluation.The company is actively promoting the listing of Blu-ray Garbo Hong Kong shares.After Garbo’s listing, the scale can hire more investors to provide ammunition for mergers and acquisitions. The reorganized Blu-ray Garbo is still on the list of listed companies, bringing opportunities for reassessment of assets of listed companies.According to the general estimated level of Hong Kong property companies, conservatively estimate that Jiabao’s price-earnings ratio will remain at 10 times after listing, corresponding to a market value of at least US $ 3 billion, and Blu-ray Development’s current market value is only US $ 18.7 billion. The degree of property listing for listed companies is worth looking forward to. High dividends are underestimated, leverage is reasonable, and equity incentives lock in performance.According to the company’s stock budget exercise conditions, the attributable non-net profit from 2019 to 2020 will be 3.3 billion and 5 billion, respectively, and the exercise price will be 6.84 yuan / share, higher than the market price; the company’s five core executives have fully completed the first exercise, the total exercise amount1.800 million, showing strong confidence in the company’s future development.The estimated budget is only 5 for the current year.8 times, lower than the plate average. Risk warning: the project completion and settlement progress are less than expected; the settlement gross margin is less than expected; the company’s sales are less than expected; the Blu-ray Jiabao Hong Kong shares are listed less than expected.

Xusheng shares (603305) 2019 third quarterly report comments: profitability slightly improved MoM waiting for Tesla volume

Xusheng shares (603305) 2019 third quarterly report comments: profitability slightly improved MoM waiting for Tesla volume

Guide to this report: Benefit from Tesla’s delivery volume in the third quarter +16 for half a year.

2%, the company achieved revenue of 2 in Q3.

740,000 yuan (at least -17.

53%, +8.

83%), net profit attributable to mother 0.

51 ppm (decade -47.

21%, +10.


Investment Highlights: Maintain the “overweight” rating.

Raise target price to 36.

50 yuan (originally 29.

31 yuan).

Company Q3 revenue 2.

740,000 yuan (at least -17.

53%, +8.

83%), net profit attributable to mother 0.

51 ppm (decade -47.

21%, +10.

86%), EPS is 0.

13 yuan, the performance was slightly lower than expected.

As Tesla discontinued the Model S / X 75D models this year, the company’s high-margin products decreased, resulting in a decline in comprehensive gross profit.

Are we downgrading the company 2019?
EPS is 0 in 2021.

56 (formerly 0.

92) / 0.

69 (Original 1.

11) / 0.

95 (original 1.

22) Yuan. Due to the intensive expansion of the company’s new production capacity and the immediate localization of Tesla, the company is expected to promote repairs and go up.

50 yuan (originally 29.

31 yuan), corresponding to 38 times PE in 2021.

Benefiting from localization, in the fourth quarter and 2020, the high probability Tesla will continue to increase its volume, thereby improving Xusheng’s profitability.

Tesla’s Shanghai Super Factory is currently trial-producing cars, painting, and final assembly, and the total production is expected to reach 1,000-2000 units by the end of the year.

Production at the new plant is expected to begin in 2020, with annual production expected to reach 500,000 units after full replenishment.

The company’s 淡水桑拿网 operating and financial conditions in the third quarter were sound.

The gross profit margin was +2 from the previous month.


New products and new customers are advancing steadily.
The company’s No. 4 plant is gradually put into use, and the No. 5 and No. 6 plants are expanding production. New products such as gearbox housings, battery cases, and forged castings are in line with the future trend of lightweighting.
Clients, with the exception of Tesla, the company is actively exploring new customers such as Great Wall, GAC, and Mercedes-Benz.

Since the company went public, it has raised funds to invest in new aluminum alloy products through ipo, convertible bonds, and non-public issuance (planned) to open up room for growth.

Catalyst: Domestic Tesla prices announced.

Risk reminder: The uncertainty of the Sino-US trade war and the risk of increased competition in the electric vehicle industry.

Taoli Bread (603866): Launch of 2020 Employee Stock Ownership Plan Short-term Factors Disturb Confidence in Long-term Growth

Taoli Bread (603866): Launch of 2020 Employee Stock Ownership Plan Short-term Factors Disturb Confidence in Long-term Growth

The company’s recent situationThe company announced the launch of the 2020 employee stock ownership plan (plan), which plans to cover the company and its subsidiaries’ backbone employees not exceeding 602 people, the source of funds is the controlling shareholder’s equity, the size of which does not exceed 400 million US dollars, and the stock source is the secondary market purchase companyStocks, with a lock-up period of 3 years, will be finalized and awarded based on individual performance evaluation results.

This plan is in parallel with the existing employee shareholding plan (which has been carried out to the third phase). We believe that it reflects the company’s confidence in facing long-term growth in the face of disturbances such as the impact of short-term epidemics and market competition.

The review launched the 2020 employee stock ownership plan (budget) with great strength and coverage.

The company’s current employee shareholding plan (draft) is in parallel with the existing employee shareholding plan (which has been carried out to the third phase in 2019).400 million, with “shares” as the subscription unit, the maximum number of shares is 400 million, the stock source is the secondary market to buy company shares, and it is targeted to include the secretaries of the director and the chief financial officer of no more than 602 key employees of the company and subsidiaries, lockedFor a period of 3 years, the individual’s performance will be evaluated and divided into A (excellent), B, C, and D (failed) which essentially leads to the final allocation.

We believe that the employee stock ownership plan is conducive to binding the long-term interests of the company and employees, and helps to motivate employees and retain excellent management talents and business backbones.

The short-term performance may be affected by the epidemic situation, and long-term optimistic fundamentals remain stable.

We expect that the new coronavirus epidemic will have a certain impact on the company’s short-term performance, mainly reflected in the impact of factory production and reduced terminal passenger flow.

We believe that the impact of the epidemic is a 厦门夜网 short-term disturbance factor. We are still optimistic that the company’s long-term fundamentals are stable and differentiated in the core competitive advantages of the short-bread bread industry.Lead.

This employee stock ownership plan also demonstrates the company’s long-term growth confidence.

It is estimated that the consideration of the epidemic situation will have an impact on the performance of the industry and the company. We lower the EPS forecast for 2020/20213.

twenty four.

8% to 1.


32 yuan.

According to the profit reduction, the target price is reduced by 5% to 52 yuan, corresponding to 45/39 times P / E in 2020/2021, and the current price corresponds to 33/29 times P / E in 2020/2021. The current price has 36% upside and maintains outperformIndustry rating.

The scope and continual 杭州夜生活网 expansion of the risk epidemic situation, the risk of regional expansion, intensified industry competition, fluctuations in raw material prices, and food safety risks.

Shaanxi Coal Industry Co., Ltd. (601225) released a comment: Performance Express meets expectations and underestimates high-quality thermal coal leader

Shaanxi Coal Industry Co., Ltd. (601225) released a comment: Performance Express meets expectations and underestimates high-quality thermal coal leader
Core point of view: The net profit attributable to mothers in 2019 is about 116 trillion, which is in line with expectations.The company released the 2019 performance report, and the company realized a net profit of 115 in 2019.9.6 billion, a five-year growth of 5.5%, the average average ROE is about 20.9%.It is estimated that the company’s net profit attributable to its mother was 25 in the fourth quarter of 19Q4.10,000 yuan, an increase of about 18% in ten years.  In 2019, the company’s coal production and sales will increase by 6 every year.4% and 23.8%.Judging from the raw coal production in 2019.From January 1, 2019, the company’s coal production and sales in 2019 increased significantly. According to the company’s announcement, the company’s raw coal production in 20191.1.5 billion tons, coal sales 1.7.杭州桑拿网7 billion tons, an increase of 6 each year.4% and 23.8%.In addition, the company’s coal price in 2019 rose steadily.According to Wind data, the thermal coal price index of Shaanxi Coal Trading Center will increase by 5 in 2019.8%.  The company’s coal production was less affected by the epidemic situation. After the holiday, the price of coal in Shaanxi’s producing areas rose sharply.The Shaanxi Coal Group to which the company belongs is the only state-owned large-scale coal enterprise in Shaanxi Province, with a high proportion of high-quality and advanced production capacity. The Shaanxi Coal Group’s coal production is less affected by the epidemic.According to Shaanxi Daily, as of February 11, 94% of the mines of Shaanxi Coal Group resumed production, and the supply of electric coal inside and outside the province was operating 四川耍耍网 normally.However, due to the slow resumption of production of private small and medium-sized mines in Shaanxi, affected by the epidemic after the holiday, the road transport spreads in stages, the supply and demand of coal in the producing area is tight, and the coal price has fluctuated recently.According to wind data, the price of pit openings at the end of bituminous coal (5500 kcal) in Yulin, Shaanxi has gradually increased by 71 yuan / ton or 18% after the holiday.  Profit forecast and investment advice.The company has excellent resource endowments and abundant resource reserves, and there is still room for growth in the medium and long-term coal industry.The extension, followed by Yuan Datan Coal Mine, Xiaobaodang Phase II was completed and put into production, and the company’s output was promoted year by year.At the same time, the company’s sales structure is expected to be gradually optimized. The Haoji Railway has been operating at the end of September 2019, and the company will benefit from the improvement of railway capacity in the medium and long term.The company’s EPS is expected to be 1 in 2019-2021.16 yuan, 1.09 yuan and 1.18 yuan.Considering the evaluation of comparable companies and the potential for performance growth, the company is given a 9-year PE valuation of 20 times, corresponding to a reasonable value of 9.77 yuan / share, maintain “Buy” rating.  risk warning.The downstream demand growth rate was lower than expected, the coal price fell more than expected, and the company’s new mine construction progress was gradually expected.

Huaxin Cement (600801): Hubei, Southwest China’s Demand for Better 19 Years of Growth Confirmed

Huaxin Cement (6北京桑拿洗浴保健00801): Hubei, Southwest China’s Demand for Better 19 Years of Growth Confirmed

The demand for cement in 19 years is better than in 2018. Under the judgment that the average price of real estate construction investment and infrastructure investment is upward, we judge that the growth rate of FAI’s construction investment in China this year will be in March 2018.

There is a clear rebound based on the 6% growth rate. We judge that the short-term growth rate may increase to double digits. The demand for cement output is expected to resume positive growth, while the growth rate of the same caliber data may increase to 8%., Which means that the sales growth rate of leading companies is expected to increase from about 2% in 18 years to about 8%.

The company’s main production capacity is more than 70%. The market volume and 深圳桑拿网 price are the same. Among the top 5 provinces where the new cement production capacity is located, Hubei, Yunnan, and Chongqing have better demand sides. Both real estate and infrastructure have maintained good growth rates, so they all show volume.Prices are rising at the same time, while Hunan is dragged down by infrastructure investment, demand has improved, and prices are lower than the same period last year. Although demand in Tibet has fallen, due to the internal supply gap in the region, production capacity has been fully utilized, production has continued to increase, but prices have been higher.During the same period last year, the company’s capacity distribution, more than 70% of the region’s volume and price trended upward, and the performance growth in 2019 has a high degree of certainty. Aggregate business is in a period of rapid development.Resources, the annual global aggregate consumption of sand and gravel is about 40 billion tons, and it is the world’s largest producer and consumer each year. The annual aggregate consumption of sand and gravel is about 20 billion tons, which is recovered at a price of 55-60 yuan per ton.The output value has exceeded one trillion yuan.

The company currently has an aggregate capacity of 2,500 tons, and currently has a capacity of 1,300 tons.

Revenue of the company’s aggregate business in 20188.

300 million US dollars, an annual increase of 61%, sales of 1,450 inches, an annual increase of 26%.

It is estimated that from 2019 to 2020, operating revenues will increase by 32.3 billion, 33.8 billion, and 35.2 billion US dollars, respectively.

5%, 4.

8%, 4%; net profit attributable to mothers is 70.

0 billion, 71.

100 million, 73.

400 million, an increase of 35 each year.

1%, 1.

6%, 3.


The EPS is expected to be 3 in 2019-2021.

34 yuan / share, 3.

39 yuan / share and 3.

50 yuan / share, corresponding PE is 6/6 / 6x.

Based on 7-9 times PE in 19, a reasonable estimate of 23.


06 yuan, given a “buy” rating.

Risk prompts a sharp increase in demand and a rise in product prices; production safety risks; exchange rate risks;

Little Swan A (000418): strong execution ability, fast transition effect

Little Swan A (000418): strong execution ability, fast transition effect

2018 results are higher than expected The company’s 2018 results: operating income of 236.

400 million, an increase of 10 in ten years.

5%; net profit attributable to parent company 18.

6 ppm, an increase of 23 in ten years.

6%, profit 2.

94 yuan.

Operating income for the fourth quarter of 201862.

2 ‰, an increase of 15 in ten years.

0%; net profit attributable to parent company 5.

20,000 yuan, an increase of 41 in ten years.


In the fourth quarter of 2018, revenue exceeded expectations and retinal pigmentation drove performance beyond expectations.

Initial special dividend 4.

0 yuan, 2018 dividend rate of 135.


Good financial indicators and good operating results: 1) Gross profit margin 26.

2%, a year to raise 0.

9ppt; Net profit (including minority shareholders’ profit and loss) rate 9.

0%, increase by 1 a year.


Return on net assets 24.

3%, increase by 1 every year.


2) The cash flow is good, and the cash at the end of the period is 161.

600 million yuan, an increase of 22 over the beginning of the period.

10,000 yuan.

Execute T + 3, ending inventory 17.

600 million, down 2 from the beginning of the year.

300 million.

3) The sales volume and price 杭州夜网 went up, and the sales volume of washing machines was 21.15 million units, an increase of 3 per year.

4%, the average ex-factory price was previously increased by 7.


Market resilience is strong: 1) In the face of market demand differentiation in 2018, Haier Casa Di competed at the high end and Xiaomi competed at the low end. The company once lost market share.

1Q / 2Q / 3Q / 4Q revenue growth rate of 19.

7% / 7.

5% /-0.

9% / 15.
2) The company adjusts its strategy in time to cope with multi-brand operations.

Midea’s brand positioning is cost-effective and actively expands the market. In 2018, revenue increased by 27%.

Little Swan brand positioning is mid-to-high end, with an average price increase of 12%.

Beverly’s benchmark against Casarti has grown significantly by 222% in 2018.

AVC monitors offline channels, and Beverly’s retail sales accounted for 2% in 2018.

5%, the market share is increasing rapidly.

The development trend Midea Group will absorb the merger of Little Swan by issuing A shares, which is expected to be completed in 2Q19.

Earnings forecasts take into account higher-than-expected income and the impact of declining growth rates, raising the 2019/20 EPS estimates by 5% / 5% to 3.

37 yuan / 3.

87 yuan.

Estimates and recommendations maintain recommended levels.

Raise target price by 11% to 72.

82 yuan, corresponding to 22x / 19x 2019 / 20eP / E, compared with the current increase of 28%.

The company currently corresponds to 17x / 15×2019 / 20e P / E.

Risk Market demand fluctuation risk.

Great Wall of China (000066): Attribution Attribution Eliminates Uncertainty PK System Firm Performer

Great Wall of China (000066): Attribution Attribution Eliminates Uncertainty PK System Firm Performer

Event: On June 24, 2019, Great Wall of China announced that its controlling shareholder, CEC, intends to hold Tianjin Feiteng 21 held by China Zhenhua Electronics.

46% of the equity was transferred to the company by agreement. Compared with the previous disclosure, the company ‘s proposed part of the Tianjin Feiteng equity transaction counterparty was expanded from the original Huada Semiconductor to Huada Semiconductor and China Zhenhua.13

54% to 35%.

Main points: 1.

All the shares of Feiteng held by CEC are placed under Great Wall, and the uncertainty will be announced soon. CEC intends to announce the internal allocation and division, which represents that Great Wall of China has actually re-established a part of the CEC domestic hardware platform.

As a representative of domestic CPUs, Feiteng is valued by investors. Its ARM architecture has the most competitive ecological environment in fact, and its next-generation products FT-2000 and FT-2000 + have superior performance, and continue to narrow the gap with foreign CPU giants.

However, CPU research and development needs to invest a lot of funds, Feiteng needs a good financing channel to support subsequent research and development.

Great Wall of China, as the listing platform that has the closest business relationship with the domestic CPU Feiteng. After all the CEC Feiteng shares are transferred to Great Wall, Great Wall will become a substitute company for the Chinese-made CPU of the listed company, and will be the core asset of the post-war domesticization trend of Sino-US trade.

2. Imitate Supermicro’s focus on the Feiteng motherboard business and serve the PK system. The PK system is CEC’s long-term commitment to solving the security of domestic IT infrastructure and promoting its software and hardware security ecosystem. However, the ecology cannot be limited to Feiteng and Kirin. How to improve on the hardware sideFeiteng’s share is a major issue for CEC.

With reference to the development history of foreign IT hardware, SuperMicro will launch a new CPU-based basic board as soon as Intel launches a new CPU, helping OEMs to quickly launch the whole machine, so that consumers can quickly enjoy Intel’s first-time technology.The convenience brought by the progress has realized the revenue growth of 5 times in 6 years, becoming an IT equipment company with accelerated growth in that year.

Currently based on Feiteng’s servers and PCs, Great Wall of China is immediately launched.

Years of OEM business experience 杭州夜网论坛 and senior motherboard technology team have created the powerful board design capabilities of Great Wall of China.

It is expected that in the future large-scale promotion of the domestically produced CPU industry, the chips, BIOS and manufacturing capabilities of Great Wall of China will work together to play a similar role as Intel’s in promoting Intel. In cooperation with other OEMs, the host and server equipped with Feiteng CPU will be quickly pushed toParty, government and army markets.

3. Feiteng helps domestic cloud computing to improve security. Cloud is the current IT development trend. Many domestic cloud computing vendors are fiercely competing with international cloud computing giants. However, because the IT hardware that carries the cloud is basically monopolized by American companies, it is extremelyInsecurity.

However, because the core of cloud technology is to virtualize and pool hardware, it does not have single CPU performance, and related domestic server CPU vendors have core advantages in security.

Therefore, domestic cloud computing vendors have started to use domestic CPU-based cloud computing platforms. For example, at the second Digital China Construction Summit, Tencent released the Tencent Cloud TStack based on Feiteng, and Alibaba Cloud released Alibaba’s proprietary Yunan based on the Feiteng hardware platform.The agile standard cloud computing platform, based on the Alibaba Cloud platform built by China Electronics Feiteng 1500A and 2000+, has been practically deployed and applied in some provinces and cities across the country.

Investment suggestion: The proposed equity transfer re-establishes the position of China Great Wall’s domestic CPU leader, and also resets the position of the fixed performer of the CEC “PK” system.

It is expected that the company’s net profit attributable to its parent in 2019-2021 will be 11 respectively.

8.2 billion, 12.

1.5 billion and 13.

70 billion, EPS is 0.

40 yuan, 0.

41 yuan and 0.

47 yuan, given a “strong recommendation” rating.

Risk warning: Feiteng business promotion fails to meet expectations, Feiteng chip equity transfer progress is lower than expected.

Hengli Petrochemical (600346): Refining and Chemical Projects Put into Operation, Promote Performance and Huge Future Growth Space

Hengli Petrochemical 都市夜网 (600346): Refining and Chemical Projects Put into Operation, Promote Performance and Huge Future Growth Space

Event description: On August 10, 2019, Hengli Petrochemical (600346) released its 2019 Interim Report.

In the first half of 2019, the company realized operating income 都市夜网 of 423.

33 ppm, an increase of 60 in ten years.

04%; net profit attributable to mother is 40.

21 ppm, an increase of 113 in ten years.


The preliminary trend of profit growth is that the large-scale refining and chemical projects will be put into full production and produce results, and the profit of the “polyester + PTA” industry chain business will increase significantly.

Event comment: The oil refining project is fully put into operation, new projects are about to start up, and the performance is growing rapidly.Ester “development model of the entire industry chain.

Interim report realized 325 trillion conversion and depreciation11.

3 ‰, increasing by 2 every year.

5.6 billion yuan.

Refining and chemical projects (excluding self-use PX) revenue 92.

400 million, increased income from refined oil 20.

100 million, totaling 112.

5.7 billion yuan, accounting for 26 of operating income.


Refinery segment achieved net profit13.

600 million, far exceeding market expectations.

The company’s 180 budget / year plasma, 80 additives / year re-investment, 72 forecast / year styrene will start feeding in September this year, 500 tons / year PTA, 150 tons / year ethylene conversion will start in October this year.

The scale of the company can fully enjoy the profit increase of 450 tons / year PX of refined products, and supply its own polyester industry chain. At the same time, it can also improve the overall profitability through refined oil and other chemical products.

The growth of future performance is highly certain.

PTA profit growth, the company’s performance benefited the company’s PTA in the first half of 2019 achieved 160 revenue.

48 ppm, accounting for 41 of operating income.


The average price of PTA in the first half of 2019 was 5492.

25 yuan / ton, an increase of 10 per year.


Its raw material PX average price is 7066.

10 yuan / ton, an increase of 12 in ten years.


Press 0.

655 coefficient ratio calculation, PX price growth rate is lower than PTA growth rate, driving the company’s performance to rise.

The company now has a PTA production capacity of 660 pounds / year, and another 500 tons / year PTA project is under construction. It is expected to start operation in October this year, when the company’s total PTA capacity will increase to 1160 tons / year.

This will help the company further strengthen its competitive advantage in scale and cost.

We expect that as a large number of refining and chemical plants are put into production, the price center of PX will gradually decline and move downward, the profit of the PX-PTA-polyester industry chain will be redistributed, and PTA will help to benefit.

At present, PTA profit is accompanied by a decline in the price of PX into the increasing channel. Until August 9, the PTA spread was 804.

19 yuan / ton, a month-on-month decrease of 50.

45%, a quarter-on-quarter increase of 12.47%.

The high profitability of PTA will drive the company’s performance growth.

The market for polyester filament yarns declined slightly, and the company’s main product for civilian polyester filaments, which has a small impact on performance, was FDY, which sold 64 in the first half of 2019.

52 digits, sales of industrial polyester filaments 7.

30 ounces.

Civil polyester filaments have an average purity of 9994.

14 yuan / ton, temporarily decreased by 3.

78%; the average molecular weight of industrial polyester filaments is 10,766.

58 yuan / ton, down 13 before.


However, benefiting from the company’s differentiated strategy, the company’s product gross margin far exceeds the industry average, and enters the third quarter sales season, and its profit level is expected to remain high.

Starting from September 1, the United States will impose a 10% tariff on Chinese goods worth US $ 300 billion, and textile exports will be restricted to a certain extent.

However, the recent depreciation of the renminbi has increased, stimulating exports, and exceeding the industry’s average level of production capacity cost and operating quality advantages. The increase in tariffs has little effect on performance.

Investment suggestion: We believe that the company is the leader of the polyester industry chain. The smooth implementation of refining and chemical projects has significantly improved performance and is optimistic about the company’s long-term development.

It is expected that the net profit attributable to mothers in 2019/20/21 will be 91.



4 trillion, corresponding to EPS 1.



32 yuan, the corresponding PE is 9.



3 times, maintaining “strongly recommended” level.

Risk reminders: Inventory losses caused by a sharp drop in oil prices; lower than expected downstream demand; poor sales of refined oil products; and less than expected construction progress of other projects.