Sofia (002572): Orders pick up from March to maintain buying

Sofia (002572): Orders pick up from March to maintain buying
Conclusions and recommendations: Incident: The company achieved operating income in 1Q11.8.5 billion, down 4 previously.67%, net profit 1.07 billion, an increase of 3 previously.69%, mainly benefiting from growth in investment income, with a combined gross profit margin of 34.4%, a decline of 0 per year.3pct, net profit after deduction of 79.42 million, a decrease of 18 per year.32%, the results after deductions were less than expected, mainly due to the decline in revenue and gross profit margin. The company’s revenue growth rate was lower than expected, mainly due to the small effect of promotional activities in the fourth quarter of 2018, which caused insufficient factory-side orders in the first quarter. At the beginning of the new year, the company tried new promotion policies.There is a lag effect, which is not reflected in the 1Q performance. It is expected that the promotion effect will start to be reflected in 2Q. Initial income source, wardrobe income 9.7.7 billion, down 7 previously.11%, in addition to promotional factors, the Spring Festival also has a certain impact, 1-3Q wardrobe customers about 8.60,000, previously reduced by 9.58%, the customer unit price is 10825 yuan / order.Doubled.43%, gross profit margin was flat, cabinets realized revenue1.0.8 billion, an increase of 12 previously.98%, net profit -1817.720,000 yuan, a year of 34 losses.36%, the gross profit margin rose relatively 2.85 points.Wooden doors realized revenue of 2838.250,000 yuan, an increase of 36 in ten years.1%, net profit is -1377.590,000 yuan, a year of loss reduction of 22.92%, gross margin fell by ten in ten years.3 points.The cabinet and wooden door business achieved profitability in 2018, and it also showed an upward trend in the first quarter. The integration of benefit channels will have an effect on the company’s performance in the future.In terms of other income, the income of furniture and household products was zero.6.2 billion, down 10 previously.91%, gross margin decreased by 5.97 points.In addition, the company’s accounts receivable increased by 13 each year.5%, mainly due to the continued growth of bulk business. Expenses remain high, but the overall control is good, exceeding the decline of 0.96pct to 23.45%, mainly benefiting from the decrease in management expenses and research and development expenses, and sales expenses were affected by promotional activities, advertising and other factors, which rose by 9%.2%, financial expenses increased by the short-term impact of short-term income67.twenty four%. In terms of channels, the report has continuously increased 57 terminal station stores, of which 39 are large home furnishing stores, indicating that the speed of dealer opening is accelerating, and the company’s large home furnishing strategy is steadily advancing.In addition, 650 stores are planned to be added during the year, of which 300 are added by the Sophia brand, 100 each by Sami and Milana, and 150 are large home furnishing stores. Through sinking channels and continuous encryption in first-tier and second-tier cities, it is beneficial to construction companies.Competitive Advantage. 杭州桑拿 Profit forecast: In summary, considering the company’s order recovery, slightly increase the profit forecast, it is expected that the company will achieve a net profit of 10 to 2020 respectively.8.6 billion and 12.200 million, an increase of 13 in ten years.23% and 12%, the EPS is 1, respectively.18 yuan and 1.32 yuan, the current sustainable corresponding PE is 18 respectively.6 times and 16.6 times, maintain buy investment advice. Risk warning: industry competition is further intensified, macroeconomic growth is intensified, and channel improvement is less than expected

Wanhua Chemical (600309): Company performance meets expectations 2019 MDI boom repair

Wanhua Chemical (600309): Company performance meets expectations 2019 MDI boom repair

Event: _ On March 1, 2019, the company released the 2018 performance report, Wanhua Chemical achieved operating income of 606 in 2018.

21 ppm, an increase of 14 in ten years.

11%; realized net profit attributable to mother 106.

10 ‰, a decline of 4 per year.

71%; basic return is 3.

88 yuan, down 5 per year.


Investment points: MDI prices drop, dragging down the company’s performance: The company’s main revenue and profits at the current stage come from polyurethane series products, polyurethane revenue, gross profit accounted for 55%, 75%, changes in MDI prices company performanceSignificant impact.

Since the second quarter of 2018, the domestic aggregate MDI price has dropped significantly. At the end of 2018, the aggregate MDI price was 11,462 yuan / ton, which has gradually decreased by 57.

95%, the previous gross profit level increased by nearly 100%, but the company’s return to net profit decreased.

From our three quarterly report, the company’s preliminary net profit attributable to the parent is 100.

5.5 billion vs. actual 106.

At 10 billion, the difference is only 5.

5%, the performance is basically in line with expectations, in the long run, we are still optimistic about the company’s profitability and outstanding cost control capabilities.

The MDI boom is repaired in 2019, and the company’s revenue growth can be expected: On February 28, 2019, Wanhua significantly raised the listing prices of aggregated MDI and pure MDI in March, the ranges were 2000 yuan / ton and 1,000 yuan / ton,It is also the first time that Wanhua has raised since September 2018.

Similarly, BASF also raised the listing price of aggregated MDI in March, from 1,600 yuan / ton to 1,500 yuan / ton.

In addition, the failure of Covestro’s distillation unit will also affect the price of pure MDI in the future. We expect that the MDI price will have a breakthrough repair in 2019 to provide guarantee for the company’s future performance.

The company completed the overall listing 重庆耍耍网 and layout, and future growth is expected: After the company has completely completed the overall listing, after the reorganization is completed, the company’s MDI production capacity is replaced by its own 180 and BC’s production capacity is replaced by 210, ranking first in the world, and achievedThe company’s layout has evolved from a single MDI oligopoly to two industrial chains and six business divisions. Its business covers polyurethane fields such as isocyanate, TDI, and polyether polyols; acrylic acid and its esters, and propylene oxide.Petrochemical industry; a fully integrated company in the field of water-based PUD, PA emulsion, TPU, ADI surface materials and other special chemicals and materials industry, future development is expected.

Profit forecast and investment advice: It is estimated that the company’s net profit attributable to the parent in 18-19 will be 100.

55 billion, 129.

01 billion, corresponding to 3 EPS.

676 yuan, 4.

719 yuan, corresponding to the current sustainable PE is 7 respectively.

61 times, 5.

93 times.

Maintain “Buy” rating.

Risk factors: MDI prices have fallen sharply, and petrochemical prices have fallen sharply.

Tsingtao Brewery (600600) 2018 Annual Report Comments: Closing the Factory to Optimize Capacity

Tsingtao Brewery (600600) 2018 Annual Report Comments: Closing the Factory to Optimize Capacity
Event: The company released its 2018 annual report. In 2018, the company achieved operating income of 265.75 trillion, the same increase by 1.1%, the annual operating income is 276.3 billion, an increase of 5.2%, net profit attributable to mother 14.22 trillion, with an increase of 12.6%; 18Q4 company realized operating income of 29.3.4 billion, an increase of 1.5%, annual caliber business income is 30.20 trillion, the same increase of 4.42%, net profit attributable to mother -6.780,000 yuan, reasonable for the same period last year 6.06 trillion, proposed to send 0.48 yuan, the dividend rate is 46%. The price increase and structural optimization promote the increase in ton prices.The company implemented a new revenue indicator in 2018, and adjusted the market-assisted distribution originally included in selling expenses to offset operating income. Therefore, we will calculate financial indicators on a comparable basis.In terms of volume and price, the company’s beer sales in 2018 reached 8.03 million kiloliters, an increase of 0.8%, of which the main brand achieved sales of 3.91 million kiloliters, an increase of 3%.9%, Laoshan and other brands achieved sales of 4.12 million kiloliters, down by 2.0%, the main brand accounted for 48.7%, increase by 1 every year.5pcts, sales of high-end products reached 173.30,000 kiloliters, an increase of 6.0%, accounting for 21.6%, increase by 1 every year.2pcts, product structure continues to upgrade.The company’s overall average price in 2018 was 3440 yuan per thousand liters, an increase of 4.4%, mainly due to the initial price increase and the improvement of product structure.In terms of different regions, the growth rate in Shandong / North China / East China has accelerated, with growth rates of 13 respectively.0% / 7.8% / 4.7%, Southeast / South China continued to adjust, the growth rate was -11.3% /-4.2%. Cost growth has dragged down gross profit margins and the efficiency of distribution of sales expenses.The company’s gross profit margin in 2018 was 40.1%, a decline of 0 per year.5 points.Among them, the Shandong area drops by 0 every year.4pct, South China area rises by 0 every year.4pct, the North China area rose by 0 every year.4pct, East China area 重庆耍耍网 drops by 0 every year.5pct, due to product structure adjustment in the Southeast region, it has dropped 5 times.Two.From a cost perspective, the cost of raw materials is 112.23 trillion, with an increase of 7.5%, the cost of finished products purchased 11.96 trillion, with an increase of 9.6%, the rising cost of raw materials and other costs caused the company to increase the cost of ton of wine. In 2018, the cost of ton of wine was 2035 yuan, an increase of 5%.2%, higher than the growth rate of ton price; in terms of expenses, the company’s sales expense ratio in 2018 was 21.4%, a decline of 0 per year.51pct, of which marketing promotion10.5.5 billion, down 14.5%, benefiting from slowing competition in the industry’s price war, and advertising costs8.6.4 billion, an increase of 18.8%, administrative expenses rate 5.02%, the same 深圳桑拿网 increase of 0.28 points, mainly due to the increase in employee compensation.In terms of different regions, in 2018, the net profit in Shandong / North China increased, achieving a net profit of 13 respectively.09/5.2.5 billion, an increase of 11.1% / 26.At 7%, the net profit in South China reached 76.02 million yuan, turning losses into profits.Taken together, the company’s net profit margin in 2018 was 5.2%, profitability is basically flat. Closed factories will increase production capacity to the maximum, and the growth rate is expected to increase.In 2018, the company closed down Yangpu and Wuhu companies, closed factories and other factors, resulting in an asset impairment loss of 1.470,000 yuan, the cost of staff placement is about 47.59 million yuan.The current actual production capacity is 9.87 million kiloliters, compared with 10.58 million kiloliters in the same period last year, and the actual capacity utilization rate is 77.7%, an increase of 6.Three.In addition, from April 2019, the expected growth rate has dropped from 16% to 13%. Benefiting from the reduction in conversion rate, the company’s performance is expected to increase. Earnings forecast, estimation and investment rating: We believe that the trend of high-end beer industry trend under the upgrading of consumption, the product structure promotes the steady increase of the company’s ton price, and the company’s performance is expected to continue to improve against the background of improved competition in the beer industry.We forecast the company’s EPS for 2019-2021.30/1.59/1.92 yuan, currently expected PE is 33/27/23 times, EV / EBITDA is 14/13/11, with reference to the industry average, 30 times PE in 2020, corresponding to a target price of 48 yuan, maintaining a “recommended” rating. Risk factors: intensified competition in the high-end market; increased promotion efforts; and rising raw material costs.

Tower Group (002233): Rainfall affects performance worse than expected but regional cement demand is supported

Tower Group (002233): Rainfall affects performance worse than expected but regional cement demand is supported

From January to June 2019, the company’s performance decreased by 18 year-on-year.

7%, EPS 0.

59 yuan From January to June 2019, the company realized operating income of 28.

600 million, down by 5.

7%, net profit attributable to shareholders of listed companies7.

0 million yuan, down 18.

7%, budget benefit 0.

59 yuan; the company’s revenue in the second quarter alone was 14.

800 million, down 18.

1%, net profit attributable to shareholders of listed companies.

800 million, down 43.

8%, budget benefit 0.

23 yuan.

Half-year profit distribution plan: 3 for 四川耍耍网 every 10 shares.

0 yuan cash dividend (including tax), cash dividend rate of 51.


  The profit level is expected to decline, and the performance is lower than expected.

1%, a decline of 8 per year.

4 units; sales rate, management rate and financial rate are 1.

6%, 5.

1%, -0.

5%, change 0 every year.

2, 1.

5, -0.

2 digits, period rate 6.

3%, up by 1 each year.

5 units.

The company’s comprehensive gross profit margin in the second quarter was 30.

3%, an annual decrease of 11.

3 units; sales rate, management rate, and financial rate are 1.

8%, 4.

9%, -0.

5%, change 0 every year.

4, 1.

3 and -0.

3 averages, period rate 6.

2%, up by 1 each year.

4 units.  In the first half of the year, the company’s main investment in Guangdong and Fujian provinces grew 10%.

5% and 7.

0%, housing investment gradually increased by 12.

4% and 17.

5%, regional cement demand growth -2.

4% and 5.

The average price of high standard cement is 518%.

3 yuan / ton increased by 5.

0%, 460.

0 yuan / ton down by 2.


The company sold cement 825 from January to June.

2 samples, increase by 4.

4%, but affected by continued rainfall in eastern Guangdong in the second quarter, the average price of cement sales fell by 7 compared with the same period last year.


In addition, the increase in the company’s costs is obviously mainly affected by environmental protection and transportation restrictions. At the same time, the gross profit level has fallen sharply under the combined effect, causing the company’s performance to fall short of expectations.

  Earnings forecast and investment recommendations Affected by the drop in cement prices in the first half of the regional rainfall company and environmental protection caused by rising costs, the company’s profit forecast for the year 19-21 was lowered to 1.

59, 1.

74, 1.

91 yuan (previous forecast 1).

96, 2.

16, 2.

38 yuan).

The integration of the Hong Kong-Zhuhai-Macao Greater Bay and the Pearl River Delta transportation network construction layout, the merger of the rural rejuvenation strategy and the construction of a new countryside in eastern Guangdong have supported regional cement demand.

The second phase of the company’s Wenfu Expressway line will be put into operation in the second half of the year, with reduced rainfall, and it is expected that both volume and price will rise.

As the cement leader in the Pearl River Delta region, the company’s market share is expected to further increase.

Reduce target price to 11.

20 yuan corresponds to about 7 times the PE level in 2019, maintaining a “buy” rating.

  Risk Warning: The demand performance is less than expected, and the risk of a sharp rise in prices of raw materials and coal.

Yutong Technology (002831): Performance achieved quarterly acceleration of gross profit margin expected to repair strong

Yutong Technology (002831): Performance achieved quarterly acceleration of gross profit margin expected to repair strong
A brief evaluation of performance In the first three quarters of 2019, the company achieved revenue / net profit of 63%.46/6.08 million yuan, an increase of 16 a year.35% / 12.13%, fully diluted EPS0.62 yuan, in line with expectations. Operating analysis Q3 revenue and performance growth accelerated again, and gross margin is expected to continue to be repaired.Q3’s revenue and net profit attributable to mothers were 26.6.2 billion and 3.1.2 billion, an increase of 22 each year.79% and 13%, the growth rate increased by 9 in the second quarter of this year earlier.2pct and 1.19 points.Q3’s gross profit margin reached 33.75%, the highest gross profit margin in a single quarter since 2017, which was an increase of 2 from the same quarter last month.55pct and 4.85 points.The quarter-to-quarter improvement of the company’s gross profit margin was mainly due to the decrease in the prices of core raw materials such as coated paper and whiteboard.Our research 北京桑拿洗浴保健 results show that the company’s gross profit margin and raw material price fluctuations have a two-quarter lag.Before the third quarter of this year, the average price of major paper types in China showed a downward trend.Therefore, we expect that the company’s gross profit margin for Q4 may continue to rise. It is optimistic that the return of mobile phones will reverse the sales of color boxes next year, and tobacco and alcohol packaging will contribute a pure increase.The launch of 5G will shorten the replacement cycle, which will lead to the reversal of the expansion of mobile phones. IFC expects that the number of global smartphone expansions will increase next year.Under this expectation, we are optimistic that the company’s mobile phone color box sales will accelerate its growth next year.On the basis of long-term 佛山桑拿网 consumer electronics box packaging business, the company continues to promote new business such as tobacco and alcohol, cosmetics packaging.At present, the company and its subsidiary Wuhan Aite have won bids for tobacco companies in Hunan, Hubei, Sichuan and Fujian.In terms of wine packaging, the company has also developed Maotai, Luzhou Laojiao, Shuijingfang and other brands as customers.We are optimistic that newly developed tobacco and alcohol packaging customers will contribute pure incremental revenue to the company. The competition layout is well advanced.On March 23, the company announced that it plans to issue convertible bonds to raise 1.4 billion, of which 1.7.8 billion will be invested in production bases in Vietnam and Indonesia.We believe that investing in Vietnam and Indonesia bases will further expand the layout of a wide range of overseas product lines, and replace the rapid economic growth opportunities of emerging markets such as Vietnam and Indonesia, continue to expand business volume, promote international market competitiveness, and reduce Sino-US trade frictions.Operational risks.On April 30, the company announced that its wholly-owned subsidiary, Vietnam Yuzhan, plans to pay RMB 6,034.820,000 yuan, purchased the original leased plant and land use right.While consolidating the foundation of the company’s overseas business expansion, it will also greatly reduce Vietnam ‘s Yuzhan operating costs. Profit forecast and investment advice The company has outstanding advantages in the field of consumer electronics packaging, and has successfully expanded high-end businesses in various fields such as tobacco and alcohol.We predict that the company’s EPS after full dilution in 2019-2021 will be 1.25/1.61/2.02 yuan (three years CAGR27.12%), corresponding to PE 17/13/11, and maintain the company’s “Buy” rating. Risk factors: the risk of rising raw material prices; exchange rate risk; the risk of losing large customers; the risk of lifting restricted stocks.

5G authorization issuance of nearly 1.5 billion large orders to preemptively lay out 5 concept stocks

5G authorization issuance of nearly 1.5 billion large orders to preemptively lay out 5 concept stocks

Our trainee reporter Wang Ke, according to the official Weibo news of Xinhua News Agency, recently the Ministry of Industry and Information Technology will issue a 5G commercial license, which will officially enter the first year of 5G business.

It is reported that the 5G standard is a unified international standard jointly formulated by the global industry, that is, the declared standard essential patents account for more than 30%.

In the technology trial stage, multinational foreign 南京桑拿网 companies such as Nokia, Ericsson, Qualcomm, and Intel have participated in depth. With the joint efforts of all parties, 5G already has a commercial foundation every year.

  Analysts said that companies, governments are working together, and 5G construction acceleration signals are obvious.

Since May, 5G equipment bidding has continued to accelerate, and scene demonstrations and emerging application exploration go hand in hand, with 76 single-month bidding projects.

In addition, 5G construction also shows the characteristics of continuing to penetrate the local area. In May, bidding for two provinces in Anhui and Heilongjiang was added.

As of May 31, 26 provinces or municipalities in 34 provinces across the country have conducted 5G tenders, continuing a gradual and good trend, and investment opportunities for companies in the 5G industry chain deserve attention.

  ”Securities Daily” reporter statistics found that on Monday (June 3), the overall performance of the 5G concept plate was dazzling. Among them, Hejing Technology, Huamai Technology, Creative Information, Zhongtong Guomai, Huiyuan Communications, Vertical Communications, HengmingDa, Xintian Technology, Ziguang Guowei, Mingpu Optical Magnetic, Oriental Jiasheng, Mega Intelligent, Zhongguang Lightning Protection, Wutong Holdings and other 14 stocks rose and stopped.

Including Chun Hing Seiko (8.

56%), Hudian shares (8.

15%), Shennan Circuit (6.

40%), New Yisheng (5.

94%), Shenyu shares (5.

82%) and other internal 11 stocks have cumulative growth of more than 5%.

In addition, 83 stocks including Tongyu Communications, Datang Telecom, Powerway Alloy, Special Information, Gospel (rights), etc. all achieved varying degrees of growth on Monday.

  In terms of capital flow, on Monday, the 5G concept segment achieved a large net inflow of large single funds. Among them, ZTE (61154).

310,000 yuan), Chunxing Seiko (24389.

240,000 yuan), China Unicom (24195).

510,000 yuan), Hudian shares (21855.

330,000 yuan), Wutong Holdings (17005.

(700,000 yuan) and other 5 stocks on June 3 suffered a large single fund over 100 million yuan, attracting a total of 14 money.

8.6 billion yuan.

  Regarding the market outlook for the 5G sector, Zhongtai Securities stated that it is recommended to focus on the following sub-sectors, small base stations: Jingxin Communications, Cambridge Technology, Zhongjia Bochuang; IoT modules and terminals: Wingtech, Guanghetong, Gaoxing, Mobile Communications, Sunsea Communications, Neusoft Carrier; Intelligent Controller: Top State, He Ertai; Edge Computing Provider: Wangsu Technology, Inspur Information.

5G investment cycle upwards: Fiberhome, ZTE, and China Tower; high-speed optical modules: Guangxun Technology, Zhongji Xuchuang, Xinyisheng and Tianfu Communications; antennas and RF: Tongyu Communications, Mobi Development, Dongshan Precision,Big Dipper, terminal equipment: Xinwei Communication and McGee Technology.

Zoomlion (000157) 2019 annual performance forecast comment: annual performance forecast in line with expected growth momentum continued

Zoomlion (000157) 2019 annual performance forecast comment: annual performance forecast in line with expected growth momentum continued

Annual results forecast net profit is 4.3-4.5 billion, an increase of 113% -123% year-on-year, which is in line with the forecast of the company’s 2019 annual results. The net profit attributable to shareholders of listed companies is expected to be 4.3-4.5 billion, an increase of 112.

89% -122.

79%, corresponding to EPS 0.


57 yuan, in line with our expectations.

Core product sales maintained rapid growth, profitability increased significantly. The company’s core product sales were strong, scale effects improved, and cost control benefits were significant. Revenue growth in the first three quarters of 2019 increased by 51.

0%, net profit increases by 167 per year.


We expect the company’s two core product sales of concrete machinery and lifting machinery to maintain rapid growth, such as concrete pump trucks, tower cranes, and cranes.

The market share of core products of the 0 series continued to increase, and their competitiveness was further strengthened.

Benefiting from factors such as intelligent manufacturing, scale effects, product upgrades, structural optimization and management level improvement, the company’s profitability has greatly improved.

Successfully issued preliminary notes, lowered interest rates and saved financial costs. The company successfully completed the latest issuance of medium-term notes in October 2019, and the total of RMB 2.5 billion has been raised.

The middle term of this issue is 3 + 2 years, and the coupon rate drops to 3.

75% of the funds raised are mainly used to repay the company’s existing interest-bearing debt.

The company has repaid 9 billion medium-term notes issued in the same period, with a coupon rate of 5 at that time.


Therefore, the company completed the borrowing of the new and the old, and the comprehensive increase of interest rates is expected to decrease significantly, saving future financial expenses.

The post-cycle segmentation industry maintained high growth. The company’s direct benefit to the company’s construction machinery products are mainly late-cycle concrete machinery and hoisting machinery, which has gradually entered the peak period of upgrading.

The company’s lifting machinery and concrete machinery continued to be replaced before the domestic market share. Among them, construction lifting machinery and long boom pump trucks continued to be the first in the industry.

With company 4.

The 0 series of core products continue to exert their strength. In the future, the company will still have considerable development space in the concrete machinery, lifting machinery and aerial platform markets.

The profit forecast and annual performance forecast of rating companies are in line with our expectations.

We maintain the company’s profit forecast. It is expected that the company’s EPS for 19-21 will be 0.



RMB 74.

Maintain “Buy” rating 杭州桑拿网 on the company’s A and H shares.

Risk reminder: upstream solid investment is lower than expected risk, product price reduction risk, new business development risk

Zhaoyi Innovation (603986): a storage platform expansion giant

Zhaoyi Innovation (603986): a storage platform expansion giant

Leading memory chip company, MCU core target: As a leading domestic leader in memory chips and microcontrollers, Zhaoyi Innovation has built the only storage chip full-platform company in China with a strategic layout of storage + IoT.

With Intelligent Industrial Manufacturing (Industry 4.

0), artificial intelligence (AI) and the Internet of Things (IoT) continue to lead the future market growth. The company’s products include a wide range of handheld mobile terminals, consumer electronics, personal computers and peripherals, telecommunications equipment, medical equipment, automotive electronics and industry.Control equipment and other fields.

NOR Flash radiates yet another spring, and SLC NAND can be expected in the future.

NOR: Emerging fields such as AMOLED and TDDI are rising strongly. Broadband is used as a new driving force for growth of NOR Flash in application scenarios. Zhaoyi’s innovative low-capacity NOR Flash business is the third largest in the world.

SLC NAND: Facing rigid demand under supply contraction, the company’s 24nm yield continues to advance. In 2019, the production capacity will double, and production capacity and processes will land one after another. SLC NAND will become a new performance growth point.

MCU benefited from downstream needs, and acquired Silio Micro-layout for human-computer 武汉夜生活网 interaction.

As the core component of the Internet of Things, MCU benefits from the wave of Internet of Things. It is estimated that the CAGR of the Chinese market in the next five years will be 12%.

Zhaoyi Innovation, as a domestic 32-bit MCU leader, purchased Siliwei’s layout of human-computer interaction for 1.7 billion; Siliwei promised to achieve a maximum net profit of no less than 3 in 2018-2020.

US $ 200 million. As of the end of 2018, Siliwei had achieved a net profit of 9507.

20,000 yuan, accounting for 29% of the total performance commitment.


Heavily cut into the DRAM track, the prototype of the storage platform is now available.

In the era of big data, downstream DRAM demand is strong. The market size in 2017 has reached 72 billion U.S. dollars, and the demand for DRAM bits will also maintain a 武汉夜生活网 compound growth of 20% in the next four years.

Zhaoyi Innovation cooperated with Hefei to produce and sell DRAM. At the end of 2018, it has mass-produced ahead of schedule. The 10% yield is positive and optimistic. The maximum production capacity after the production will account for about 8% of the market.

Earnings forecasts and investment advice.

Without considering the acquisition, we expect the company’s EPS to be 1 in 2019-2021.

78, 2.

32, 2.

57 yuan, corresponding to 49, 37, 34 times the current PE.

With reference to the average valuation of the industry and consideration of the company’s scarcity and industry leadership level, and considering the changing trend of the price of memory chips, the company is given a 59-fold increase in value in 2019, which can replace 105 yuan correspondingly, and maintain a “buy” rating.

Risk reminder: the risk that the expansion of production capacity does not meet the expectations; the risk of the storage down cycle being worse than expected; the risk that Silicom’s promised performance does not meet the expectations; the risk that the DRAM R & D yield and profitability do not meet the expectations; the risk of estimated value.

There are three advantages to fund investment: good timing, good drivers, good products

There are three advantages to fund investment: good timing, good drivers, good products

There are three good times for fund investment: good timing, good driver, good productsLightning strikes due to incorrect evaluation by corporate executives, and even lightning strikes due to scallop migration and starvation of pigs . Rolling down the skyray can only help investors smile proud of the stock market.investment.

But for ordinary investors, it is difficult to do this due to the limitation of the capacity circle. At this time, the most cost-effective option is to choose a good fund.

So what kind of fund is a good fund?

I think that the “good” of good funds is mainly reflected in three points: good timing, good “driver” and good products.

Good time: The market is estimated to be low ▲▲▲ The spring breeze is blowing over the tide, and the tide is just when the sails are sailing.

From multiple perspectives, it is now a better time for investors to set up the A-share market.

First of all, from the estimated level, wind data statistics show that until the close on August 7, 2019, the Shanghai Composite Index surplus returned to 12.

39 times, the historical median is 14.

09 times.

The Shanghai Composite Index is trading at 35.

At the 74th percentile, initially, the Shanghai Composite Index was only 35 in history.

74% of trading days are higher than current estimates.

Looking further, looking back at the history of nearly 17 years since 2002 to June 2019, the current market estimates are significantly lower than the historical lows of 2005, 2008, and February 2016.

From the perspective of global estimates and comparisons, A shares are also relatively low, and their allocation value is prominent.

  From a policy perspective, the central conference has pointed out that finance is an important core competitiveness of the country. With the support of regulatory policies, the development of these capital markets has entered a golden period, and the long-term investment value is good.

At the same time, equity investments are also in a new exchange period.

In the context of financial supply-side reforms, the break-in rate and the change in fixed income have gradually reduced the yield rate. Combined with the national strategic positioning of “housing and living”, domestic asset allocation will gradually shift to equity assets.of.

Good driver: GARP creates a powerful fund manager ▲▲▲ It is not enough to have a good time. A “good driver” who can manage good times is also important.

A fund manager is like a helmsman in a ship and a driver in a car. It is a real soul, especially for partial stock funds.

So what kind of fund manager is considered a “good driver”?

For example, Mr. Hong Liu, the proposed fund manager of Castrol Ruihong for three years regularly opening a hybrid fund (fund code: 501088).

  (Mr. Hong Liu, Managing Director of Harvest Fund, Investment Director of Shanghai GARP Investment Strategy Group) In 2016, the fund managed by Hong Liu at that time won the 2016 Stock Fund Champion.

At the same time, torrent management products also won 2 Star Fund Award trophies and a Gold Fund trophy in 2017.

In 2018, torrent management products won the Star Fund Awards trophy again.

And in January 2019, the public funds under its management received Morningstar’s 3-year 5-star fund rating, and its investment management capabilities were recognized by professional institutions.

The achievement of outstanding performance is attributed to the GARP investment strategy, which is superior in torrents.

This achievement of the legendary fund manager Peter Lynch’s investment strategy is also applicable to A-share investment under the succession and innovation of Torrent.

According to Torrent, the core advantage of the GARP strategy is “buying growing companies at a reasonable price.”

From the perspective of inheritance, investment must adhere to the “Sanhao” stock selection strategy, that is, a good industry, a good company, and a good buy price.

From the perspective of innovation, it is necessary to improve quantification and other means, establish a comprehensive risk-reward indicator system, and re-establish risk budget parameters to improve the investment sharpness of the GARP strategy.

Investment is the realization of cognition. Rich investment research experience and resume will add points to fund managers.

Old drivers may not be good drivers, but good drivers are all old drivers.

Good product: “4P” dimension analysis of Castrol Ruihong ▲▲▲ There are 4P principles for fund products in the international market: philosophy (idea), people (team), process (process), performance (performance)

Below we analyze the investment value of Castrol Ruihong’s three-year open 深圳spa会所 fund from the above aspects.

Let’s look at philosophy (idea) first.

Castrol Ruihong’s investment philosophy is the GARP strategy, which has led to the well-known fund manager Peter Lynch.

Peter Lynch has managed the Fidelity Magellan Fund for 13 years and has an annualized return of 29%, using the GARP strategy.
The core advantage of the GARP strategy is “buying growing companies at a reasonable price”, which is the so-called “risk-reward ratio” of domestic investors.
The management team of Castrol Ruihong Fund also inherited and reformed the GARP strategy derived from Peter Lynch.

Look at People again.

In addition to Mr. Hong Liu’s proposed appointment as a fund manager, Castrol’s huge investment research team continues to empower Castrol Ruihong Fund.

Up to now, Harvest Fund has won the “Top Ten Golden Bull Fund Management Companies” award nine times, and has maintained a leading investment and research team.

Then comes Process.

A rigorous and scientific investment process can regulate the behavior of fund managers.

Castrol Ruihong has a complete stock selection and risk control process.

Taking stock optimization as an example, there are three steps to establish, track, and maintain the stock pool.

  Step 1: Establish the stock pool to quantify the financial data of the report and use the subjective fine screening of the investment manager to generate the stock pool; Step 2: Track the stock pool to continuously track the companies in the stock pool and convert the financial data in the reportAs a result, the fundamental situation of the industry, combined with the judgment of the estimation, forms a real-time perception of the risk-benefit ratio of individual stocks.

By comparing the risk-benefit ratio of individual stocks in the pool, the combination with the highest cost is selected. The third step is to maintain the stock pool to regularly check the quality of the stock pool. Eliminating the industry or company fundamentals will make it difficult to estimate the risk-reward ratio.The investment risk-benefit ratio that improves the fundamentals has become more and more standard, achieving the metabolism of the stock pool.

  Last is Performance.

As of the close of August 7, 2019, the SSE Composite Index surplus has reset 12.

39 times.

According to statistics, when the Shanghai Stock Exchange’s P / E ratio is below 13 times, the fund’s initial offerings will achieve positive returns until the end of June 2019, and the highest return will exceed 13 times.

Therefore, the future of Castrol Ruihong’s three-year regular open fund is worth looking forward to!

  (Data source: February 2019 report of the fund; deadline: end of June 2019) So no matter which dimension you look at, Castrol Ruihong will be worthy of the title of “good product”.

The first technology ETF joins the fund to raise 2 days from today

The first technology ETF joins the fund to raise 2 days from today
Source: China Net Finance Original title: The first technology ETF joined the fund. From now on, the first technology leader ETF will be launched in two days after the listing.At a time when some OTC investors are looking forward to it, Huabao Fund has officially announced that the connection fund of the leading technology ETF will be officially issued today (August 26).With the speed indicator of doubling the size of the technology ETF, the fundraising speed of its linked funds this time also eliminates the ambiguity, and only the two-day fundraising period of August 26 and August 27 is scheduled.  It is reported that the Huabao Technology TapETF connection fund is divided into two types of sharing A and C, A sharing code 007873, C sharing code 007874.The sales channels are the official website of Huabao Fund Company, Gongbao App, and 22 third-party agency agencies.  On August 16, Huabao Technology Stock ETF, the first domestic ETF fund to track the CSI Technology Stock Index, was officially listed on the Shanghai Stock Exchange.On the first day of listing, the technology ETF’s intra-market trading was extremely active, and it had been in a state of premium trading for a long time.At the end of the day, the market closed up by 1.17%, changing the habit of discounting ETFs on the first day of listing, a rare premium on the market, and a premium rate of 0 on the first day.19%.Over the next few days, the technology ETF continued to stage long-term premium transactions, high turnover rates and other exciting plays, and its daily turnover on the third day of listing was as high as 8.US $ 9.7 billion, ranking first in all thematic / industry funds in Shanghai and Shenzhen, and third in all stock-based ETFs, with turnover significantly exceeding the CSI 300 ETF and GEM ETF.Statistics show that as of August 23, the total 北京夜网 turnover of the technology ETF in the short 6 days after listing has exceeded 3.5 billion yuan.Its daily average turnover of nearly 600 million US dollars, in terms of liquidity is comparable to GEM, Shanghai and Shenzhen 300 and other mainstream head wide-base index ETF.  With high liquidity, investor enthusiasm for participation is increasing.Among them, three days after the listing of the technology ETF, its size has doubled, from 10.300 million quickly increased to 20.800 million US dollars, doubled in history to accelerate the ETF, which is undoubtedly a landmark event in the A-share market.As of August 23, the latest growth rate of technology ETFs has also remained above 20 trillion.  According to public information, the Huabao Technology ETF will supplement the sample space of the top 50 stocks in the electronics, 青岛夜网 computer, communications, biotechnology and other technology fields with large scale, high market share, strong growth ability, and high R & D investment, reflecting the Shanghai and Shenzhen stock exchanges.The overall performance of leading company stocks in the city’s technology sector is a true “all-technology” index.Among the top ten weighted stocks in the index, there are both the Chinese innovative drug leader “Hengrui Pharmaceutical” and the global security leader “Hikvision”, as well as the first A-share pure artificial intelligence first share”, A series of leading A-share technology companies with core competitiveness, such as consumer electronics leader” Luxun Precision “.  Statistics show that from July 1, 2012 to July 31, 2019, the cumulative gain of the CSI Technology Leading Index was 176.62%, relative to the Shanghai Composite Index, the CSI 500 and the GEM 50 Index have gradual excess returns of 144 respectively.85%, 135.36%, 95.26%.This shows that by merging the active screening of estimates, profitability, and growth, the strategy can achieve a sufficiently long-term return performance, which makes the historical performance of the index significantly exceed the mainstream wide-base index.  The Huabao Technology ETF Linked Fund issued this time is divided into two types of shares, A and C. The main difference between the two types of shares is the difference in recognition / purchase fees and redemption fees.Generally speaking, if the investor conducts short-term operations, it is more suitable to buy category C, because category C sharing does not accept the subscription / purchase fee, and does not charge the redemption fee if held for more than 7 days (only the sales service fee is taken according to the holding time)).However, if you want to allocate assets in the medium and long term, it is more cost-effective to buy A.  The launch of the launch of the technology ETF linked fund further enhances the off-site influence of the Huabao fund industry theme ETF matrix, consolidating the strength of Huabao in this segment.Prior to this, Huabao’s existing brokerage ETFs, bank ETFs, military industry ETFs, medical ETFs and other industry ETF funds, together with corresponding connection funds, provided a variety of high-quality options for investors on and off the field.