Lanqi Technology (688008): The world leader in memory interface chips

Lanqi Technology (688008): The world leader in memory interface chips

The company went public according to the first criterion.

The estimated market value is not less than RMB 1 billion, the net profit in the past two years is expected to be positive and gradually the net profit is not less than RMB 50 million, or the expected market value is not less than RMB 1 billion, and the net profit is positive and operating income in the latest yearNot less than RMB 1 ppm.

Leading global memory interface chip company.

Lanqi Technology is a chip design company that provides chip solutions in the field of cloud computing and artificial intelligence. Its main products include memory interface chips, Jincatch server CPUs, and hybrid secure memory modules.

Lanqi Technology is one of the only memory interface chip companies in the world that has passed the chip certification.

In 2018, Lanqi Technology accounted for 46% of the global memory interface chip market, sharing the market with international giant IDT.

The company’s revenue has grown steadily, and its gross profit margin has remained high.

From 2016 to 2018, the company achieved operating income8.

400 million, 12.

3 ‰ and 17.

600 million, CAGR reached 44%; net profit attributable to mothers was 0.

900 million, 3.

500 million and 7.

400 million, CAGR reached 185%.

The company’s comprehensive gross profit margin has maintained a high level in the past three years, and was 51 in 2016 and 2017, respectively.

2%, 53.

5%, the gross profit margin increased to 70 in 2018 due to the divestiture of the low-margin consumer electronics chip business.


The memory interface chip technology is leading, and the self-developed architecture has become an international standard.

The company has been deeply engaged in the field of memory interface chips for ten years and has become one of the world’s major suppliers that can provide complete buffered / semi-buffered solutions from DDR2 to DDR4 memory. The self-developed DDR4 fully buffered “1 + 9” architecture was adopted by JEDEC asInternational standards.
The company has now completed the first generation of DDR5 engineering chip chip tape and functional verification, the indicators are in line with expectations, is expected to complete the first generation of the first generation of DDR5 memory interface chip production 杭州夜网论坛 version of the development work.

Cooperate in research and development of server platform and open up 100 billion market.

X86 processor, Tsinghua University Dynamic Security Monitoring Technology (DSC) and Lanqi Technology’s memory monitoring technology can realize chip-level real-time security monitoring functions.

Jinchai server platform is aimed at internal server OEMs and provides a complete solution based on Jinchao CPU. It has now entered the market promotion stage.

In 2018, the size of the x86 server market exceeded 100 billion yuan a year, and the future prospects of Jincatch server platform are expected.

Profit forecast and estimation.

We estimate the net profit of Lanqi Technology to be 9 in 2019.

8 ppm, taking into account the historical range of US stock IDT and the average PE estimation level 深圳桑拿网 of A-share semiconductor design industry in 2019, we believe that the company’s PE range is 35-40X, which corresponds to a reasonable market value space of 343-392 trillion.
Assume the total share capital of the company after the issue is 11.

300 million shares, the corresponding price range is 30.


7 yuan.

Risk Tips (1) The risk of research and development breakthroughs and technological breakthroughs in the generation of DDR5 memory interface chips is lower than expected.

(2) Risks of downstream market demand for memory interface chips and server platforms being less than expected.

(3) Intel, as a server platform supplier, risks affecting product supply and pricing.

HKUST News Flying (002230): Leading artificial intelligence industry dividends in technology to open high-speed growth track

HKUST News Flying (002230): Leading artificial intelligence industry dividends in technology to open high-speed growth track
Viewpoint focus on maintaining outperforming industry investment recommendations HKUST Xunfei is a leader in the artificial intelligence industry of the United Nations. The company’s intelligent voice technology is leading the world.In the next 3-5 years, the application field under the boom of the artificial intelligence industry has entered a period of rapid growth. Xunfei adheres to the “platform + race track” development strategy, and can use technology barriers to continue to stabilize market access and realize technology realization and profit release.  Reason The artificial intelligence industry is at its third peak, and the application field is growing rapidly.Beginning in 2016, the artificial intelligence industry has entered the technology landing phase of the application field.HKUST Xunfei lays out the technical and application layers of the industry and, under the guidance of national policies, can seize the opportunities for industry transformation in the next 3-5 years to achieve high-speed growth.  Adhere to the “platform + track” strategic layout to B & C two-wheel drive.InfoFly faces the vast developer community 南宁桑拿 through the AI open platform, and at the same time conducts business layout in key areas.For the B business, Xunfei has solid channel advantages through the B-terminal gene, and future growth is expected; for the C business, Xunfei expands and expands to obtain technological advantages, and the overall business structure is tilted to the C terminal, which is conducive to profit release.  The AI + core business track is full of flowers.In terms of AI + education, the promotion of intelligent business has been smooth, and it has now entered a period of realization of economies of scale. We expect business income to be close to 10 trillion in 2020. In terms of AI + office and intelligent hardware, Xunfei Translator 3.0, the new products such as Xunfei smart recording pens have better performance than similar competitors, and the 天津夜网 market has responded well. We expect that the revenue of smart hardware business will continue to double.  Expense growth was controlled, and operating leverage drove up profit margins.In the past three years, Xunfei increased its spending on R & D and sales, built technical barriers and opened up sales channels.Beginning in 2019, the company will focus on improving per capita benefits, and its operating leverage will gradually come into play. We expect the company’s net profit margin to increase by 1-2 indicators to achieve profit growth that matches revenue.  The profit forecast is in line with expectations for the third quarter of 2019. We maintain our profit forecast unchanged.It currently corresponds to 88 in 2019/2020.1x / 61.5x price-earnings ratio, we maintain an outperform industry rating and a target price of 37 yuan, based on the 2020 segment total valuation method, corresponding to 97.3x 2019 P / E ratio and 67.9 times 2020 price-earnings ratio, 10 compared with the same period last year.4% upside.  Risk market competition has intensified; new products have fallen short of expectations; the accounts receivable cycle has been extended.

Tianwei Food (603317): The third quarter growth rate increased significantly than expected channel investment

Tianwei Food (603317): The third quarter growth rate increased significantly than expected channel investment

Event: The company released the third quarter report of 2019, and the first three quarters achieved operating income10.

7.8 billion, an annual increase of 24.

29%; net profit attributable to mothers1.

9.5 billion, an increase of 19 years.

55%, deducting non-attributed net profit1.

6.9 billion, a 10-year growth of 8.


In the third quarter alone, the company achieved operating income4.

4.8 billion, an increase of 14 in ten years.

77%; net profit attributable to mother is 0.

9.3 billion, an annual increase of 2.

43%, deducting non-attribution net profit 0.

78 ppm, with a ten-year average of 14.

17%, performance was lower than market expectations.

Investment rating and estimation: The company’s growth rate in the third quarter will be a quarter-on-quarter ratio, and the profit forecast will be maintained.

0, 3.


3 billion, an increase of 12 each year.

8%, 20.

7%, 18.

9%, corresponding to EPS 0 in 2019-21.

73, 0.

88, 1.

04 yuan, the latest bid corresponding to PE in 2019-21 is 77, 64, 54 times.

The rapid growth of the company in the third quarter was related to the growth of production capacity 夜来香体验网 and the new channel is still in the growth period. At the same time, the company’s substantial increase in channel costs affected short-term performance.

In the long run, the company is in the high-growth advantage segment of the condiment industry, and has a certain first-mover advantage, which is worth continuing to track and maintain the overweight level.

The single-season growth rate of the category was a quarter-on-month increase, and the proportion of the customized meal single-season increase slightly.

In terms of category structure, in the first three quarters, the company’s hotpot base and Sichuan cuisine seasonings achieved revenue4.

85 and 5.

1.3 billion, an increase of 12 each year.

8% vs. 40.

8%, Sichuan cuisine seasoning growth in the first three quarters was mainly driven by fish seasoning series.

In the single quarter, Q3 hot pot base 南宁桑拿 and Sichuan cuisine seasoning have achieved 2 respectively.

32 and 1.

8.9 billion, an annual increase of 7.

8% vs. 26.

5%, Q2 single-quarter growth of 33.

4% vs. 48.0%, Q3 is significant above the ring.

In terms of channels, the customized meals 19Q1 / Q2 / Q3 achieved revenues of 2958/3157 / 74.8 million, respectively, and the revenue share was 9 respectively.

7% / 9.

8% / 10.

0%, a gradual increase from the previous month, indicating that the growth rate of customized meals exceeds the overall level of the company. In the long term, customized meals still have room for transformation and development.

Dealers are still the main channel. As of the end of 19Q3, the company’s total number of cooperative dealers was 1,054, a net increase of 172 from 19H1, an increase of more than 85 from 19Q2, indicating that the channel network is accelerating.The number of dealers increased by 18/37/71, indicating that East China and Central China are the key investment promotion areas outside the company.

Expenses plus a general decline in profitability.

The gross profit margin for the first three quarters was 37.

4%, 10-year average 1.

6pct, single quarter is 35.

5% down 4.

3pct, it is estimated that the company will increase channel support and increase sales.

Q3 single season sales expense ratio 9.

8%, an increase of 3 per year.

6pct, the main reason is that the company will increase market development and channel construction after the company is listed.

0.8 billion, an increase of 22 million from the previous month. It is recommended to pay attention to the change in revenue growth in the fourth quarter.

Net profit in the third quarter was 20.

7% twice a year 2.

5pct, mainly due to increased costs.

Catalysts for continued performance: New products perform better than expected, customized meals increase more than expected

China Communications Construction (601800) first quarterly report in 2019: Q1 revenue and performance rebounded new progress noticeably accelerated

China Communications Construction (601800) first quarterly report in 2019: Q1 revenue and performance rebounded new progress noticeably accelerated

Q1 revenue and performance accelerated.

The company achieved revenue of 1022 in 2019Q1.

500 million, an increase of 10% in ten years; net profit attributable to mothers 39.

300 million, an increase of 14% in ten years.

Non-recurring gains and losses 2.

200 million, 1 more than the previous year.

500 million US dollars, mainly due to the increase in land acquisition and disposal income, the net profit after deduction to the mother 37.

1 ‰, 10% growth in ten years, matching the growth rate of income.

The company’s 2018Q1-2019Q1 achieved revenue growth rates of 13% / 7% / 3% /-8% / 10%, respectively, and achieved net profit growth of 9% / 8% 12% -23% 14%.

Compared with the fourth quarter of last year, the company’s revenue in the first quarter of this year has obviously rebounded, and it is expected that the investment in infrastructure will continue to recover.

The company plans to increase revenue by no less than 10% in 2019, and it is expected to gradually maintain steady growth in the future.

The overall performance of financial indicators is stable, and cash flow can increase.

2019Q1 company gross profit margin 12.

46%, -0.

13 pct, period cost rate is 8.

26%, a year-on-year increase of +0.

12 pcts, the overall remains stable, including sales / management (plus R & D) / financial expense ratio YoY + 0.

01 / + 0.

59 / -0.

47 pct, the decrease in financial expense rate is expected to be mainly due to the decrease in exchange losses in the current period.

Asset impairment losses (including credit losses) were basically the same as last year.

Fair value gain increased by 1.

64 ppm, mainly due to changes in the fair value of derivative financial instruments.

Anion rate 18.

6%, a decrease of 3 from the previous year.

6 pct.

Attributable net interest rate 3.

84%, a year-on-year increase of +0.

16 pct.

Net cash exchange from operating activities 382.

90,000 yuan, an increase of 224 over the same 杭州夜网论坛 period last year.

0 million yuan, mainly due to the receivable turnover limit, the cash-to-cash ratio decreased, while the business scale expanded, the cash-to-cash ratio increased.

In the first quarter, the cash-to-cash ratio and cash-to-cash ratio were 117% and 171%, respectively, YoY-11 / + 9 percentage points.

Q1 orders significantly accelerated, and orders in hand were abundant.

In 2019Q1, the company’s new vertical order was 2033 million US dollars, an increase of 13% year-on-year, an increase of 12 pct compared with the growth in 2018, and the acceleration was obvious.

The orders for infrastructure construction / infrastructure design / dredging business were 1727/58/223 billion, a year-on-year increase of 12% /-54% / 97%.

Among them, the value of newly signed PPP investment project contracts was 16.6 billion, 北京夜网 accounting for 8% of the company’s total orders, and a continuous decline of 43%.

As of the end of 2018, the company has orders in hand1.69 trillion yuan, which is 3% of the company’s annual revenue.

4 times extra extra.

In 2019, the company plans to increase the growth rate of new remote orders by no less than 8%, of which 150 billion in orders for PPP investment projects.

Investment suggestion: We expect the company to achieve net profit attributable to its mothers of 221/242 / 26.6 billion from 2019 to 2021, an increase of 12% / 10% / 10%, and an EPS of 1.



64 yuan, the current sustainable corresponding PE for the next three years is 9 respectively.



6x, maintain “Buy” rating.

Risk reminders: risks of fluctuations in the macroeconomic cycle, risks of project implementation progress not meeting expectations, risks of overseas operations, risks of exchange rate fluctuations, etc.

Kanghong Pharmaceutical (002773): CompaXip approved for DME indications to further enhance product competitiveness

Kanghong Pharmaceutical (002773): CompaXip approved for DME indications to further enhance product competitiveness

Kang Hong Pharmaceutical issued an announcement on the evening of May 16th: Kang Hong Biological received a “Drug Registration Approval” for Compaqip Eye Ophthalmic Injection, and approved Compaqipup’s Supplementary Indication “for Diabetic Macular Edema”Visual impairment “.

The company’s traditional Chinese medicine and chemical medicine are expected to gradually stabilize this year. The core product, Compaqap, is rapidly increasing in volume, and the trend of continued rapid growth will be better in the future.

The approval of complementary indications will help Compaq’s academic promotion. If it can be covered by medical insurance, it will further accelerate the growth of Compaq’s sales and maintain the company’s “strongly recommended” rating.

The approval of DME indications will help promote Compaq’s academic promotion and strengthen its market position.

DME is the indication with the largest number of patients in neovascular ocular fundus disease, with about 4 million domestic patients.

A large number of clinical studies at home and abroad in the military have shown that anti-angiogenic drugs can effectively treat DME, and domestic clinical use has begun, and similar products ranibizumab and aflibercept have been approved for DME in China in 2018.

Compaq’s approval of DME indications will help promote the company’s academic promotion, increase the coverage of patients with DME indications, improve product competitiveness, and solidify the number one market share.

Compaqip may again conduct medical insurance negotiations this year. If DME indications can span coverage, prices will decline 无锡夜网 from next year. Accelerated sales growth will intensify hedging pressure to reduce prices, which will help Compaqip’s revenue to maintain rapid growth.

Both Compaqap and ranibizumab entered health insurance through negotiated price reductions in 2017, covering wet age-related macular degeneration (wAMD) indications, with payment standards valid until December 31, 2019.

Abexipp was launched in China in 2018, and both wAMD and DME indications have been approved.

Therefore, although no clear policy requirements have been issued for the items in the previous round of medical insurance negotiations, we believe that Compaq may participate in the new round of medical insurance negotiations again, and face some pressure to reduce prices.

However, at present, all three products have been approved for DME indications. The conditions for their coverage have been matured through a new round of negotiations, which can achieve the guiding significance of “exchanging price for quantity” in medical insurance negotiations and improve the availability of innovative drugs.
If Compaq Ship has increased the coverage of DME indications in the new round of medical insurance negotiations, even if the price declines, the sales growth is expected to accelerate significantly, and the revenue is expected to maintain rapid growth.

Earnings forecast: We expect the company to achieve revenue of 34 in 2019-2021.

36 billion, 40.

2.4 billion, 47.

7.2 billion, an increase of 18%, 17%, 19% each year, and the net profit attributable to mothers is 9 respectively.

4.1 billion, 12.

03 billion, 15.

4 billion, an annual increase of 35%, 28%, 25%, the EPS for 2019-2021 is 1.

40 yuan, 1.

79 yuan, 2.

23 yuan.

The company currently expects the corresponding 19-year PE estimate to be 32 times, and maintains the company’s “strongly recommended” investment rating.

Risk reminder: The intensity of medical insurance control fees is higher than expected; pressure on product price increases; product R & D progress is less than expected

Sanquan Food (002216): 4Q18 profit in a single quarter, 19 years of focus on catering and fresh food business

Sanquan Food (002216): 4Q18 profit in a single quarter, 19 years of focus on catering and fresh food business

2018 results are in line with expectations of Sanquan Food’s 2018 results: operating income increased by +5.

4%, net profit attributable to mother +10 for ten years.


Among them, 4Q single quarter revenue was half a year -1.

7%, net profit attributable to mother for ten years +257.

2%, to achieve a previous turnaround.

Basically consistent with the performance report, in line with expectations.

The company plans to distribute a cash dividend of 0 for every 10 shares.

3 yuan (including tax), the dividend rate is 24%.

Development Trends The catering business is growing at an impressive rate, and the direct management + distribution coverage actively lays out the chain catering market.

The company’s catering business realized revenue for 18 years5.

600 million, an increase of 46%, is at a stage of rapid development.

At present, the company adopts a direct sales + distribution coverage sales model to provide one-stop standardized and personalized product food supply services for chain catering, mainly deep-cultivating fast food, hot pot, group meals and other channels. It has cooperated with Parkson Group, Haidilao, and Banu., Xiabuxiabu nurture, Huazhu Hotel, etc. form in-depth cooperation.

The company’s catering business accounted for more than 10% of total revenue in 18 years, and we expect it to become an important growth point in the company’s future development.

The growth of retail business is slow, and the company focuses on high-end products and diversified categories.

The company’s retail business realized revenue for 49 years.

80,000 yuan, the same increase 2.

2%, the slower growth rate was mainly due to fierce market competition.

We believe that the company’s retail channel mainly breaks through the promotion of high-end new products, and the circulation channel mainly breaks through the expansion of outlets and channel sinking, broadening the cooperation of new retail, convenience stores, e-commerce, group purchase and other businesses, and expanding the development space of retail business.

At the same time, we expect that the company will be affected by the African swine fever incident in the short term in 1Q19, but in the long run, the event will help the expansion of leading companies and promote the concentration of the industry.

Expense rate is expected to have downside, and new channel business is expected to drive profitability levels back.

The company actively develops new 2B channels such as catering, fresh food, and convenience stores. We expect the net profit margin of the new channel business to be higher than that of the supermarkets, so the overall profit margin recovery will be improved.

At present, the competition in the commercial super channel is still very fierce, and the company continues to get extra, but the cost is difficult to reduce in the short term.

Therefore, we believe that the company’s expense ratio will generally remain stable, but benefiting from the expansion of new channel business, there will be some downside in the long run.

Earnings forecast is maintained at 19/20 EPS forecast of 0.


26 yuan.

Estimates and recommendations Because the company’s profit margin has not returned to normal levels, we continue to use the P / S estimation method.

The company’s current consensus corresponds to 19/20 1.


02 times P / S, the main reason is that the sector’s estimated center moves upwards, raising the target price by 6% to 9.

5 yuan, corresponding to 1 in 19/20.


17 times P / S, 15% more space than currently expected, maintaining the recommended level.

Competition in risk industries has intensified, raw material prices have fluctuated, channel penetration has been slow, and food safety incidents have occurred.

Hebang Biological (603077): New projects coming into operation after the peak season

Hebang Biological (603077): New projects coming into operation after the peak season

This report reads: The price of soda ash will rise slightly, the price of glass will remain strong, the price of glyphosate will try to stabilize, and new projects will be put into production to contribute to the performance.

In addition, high employee shareholdings demonstrate the company’s development confidence.

Covered for the first time, giving a cautious overweight rating.

Investment points: cautious increase of holding level: main business profit stabilizes, EPS 0 is expected in 2019-2021.



08 yuan, considering that the company’s new projects have been put into production one after another, with reference to the comparable company’s 2019 price-earnings ratio of 29.

80 times, corresponding to the target price of 1.

74 yuan, the first coverage, given a “cautious increase” rating.

The three major areas of chemical industry, agriculture, and new materials have developed together, and high-shareholding employees have demonstrated confidence.

Hebang Biotechnology is located in Leshan, Sichuan. It has formed a business layout in which the three major areas of chemical industry, agriculture, and new materials develop together. Revenue has steadily increased year by year. The CAGR in 2012-18 was as high as 22.


The company has annual output: soda ash 110, ester, glyphosate 5, bisglyphosate 18, special glass 46.

5 traces, 4.3 million square meters of coated glass.

The company intends to pay the transfer price1.

77 yuan / share implementation 3.

The 9.9 billion employee shareholding plan has a broad coverage and can effectively unite people’s hearts.

Soda ash 武汉夜生活网 prices will rise slightly, glass prices will remain strong, and glyphosate prices will stabilize.

At the beginning of August, the inventory of soda ash manufacturers has fallen to a historically low level of 43 months. The current market price is 1,600 yuan / ton, which was 25 yuan / ton earlier in July. It can be adjusted at the end of each month. The price is expected to rise slightly.

In the second quarter, glass stocks were better depleted, supporting glass prices continued to rise for seven months, and prices will remain strong through the coming season.

The linkage of glyphosate and diglyphosate boom started on October 1st, and the northern glycine enterprises may usher in the expected production suspension, and the price is trying to stabilize.

The methionine and diglyphosate projects have been put into production one 天津夜网 after another.

7 It is expected that methionine will be put into production in 19Q4. At present, the price is at a low level for nearly 10 years. Considering the high degree of oligopoly in the global market, China has initiated an anti-dumping investigation and the price is trying to stabilize in the future.

The double-glyphosate process optimization project is expected to be put into production in January 20, and the production capacity will be increased to 22 tons / year, which can achieve complete self-sufficiency of imino diacetonitrile.

risk warning.

The expansion of production is slow, and environmental protection efforts are lower than expected.

Hubei Energy (000883): Thermal power issuance and guarantee, contribution to revenue growth, multiple factors to ensure high growth next year’s performance

Hubei Energy (000883): Thermal power issuance and guarantee, contribution to revenue growth, multiple factors to ensure high growth next year’s performance

Event Overview The company released its third quarter 2019 performance report: reporting that the two companies achieved operating income of 120.

68 ppm, an increase of 33 over the same period last year.

5%; operating cost is 92.

5.3 billion, a year-on-year decrease of 37.

74%; Net profit attributable to shareholders of listed companies.

14 ppm, an interval of 12 from the same period last year.

95%, basic profit returns 0.

23 yuan, an increase of 14.


  Analyzed and judged that the thermal power generation and guaranteed supply and supplementary units put into operation resulted in further increase in power generation. According to the information disclosed to the Hubei Provincial Development and Reform Commission’s Electricity Dispatching Office, the annual average water supply segment in Hubei Province was dry during the first three quarters, causing displacement of hydropower generation.

Taking September as an example, the average amount of incoming water in the Hanjiang River basin in Hubei Province is 30% more than the average for many years, and the average annual inflow of waterfalls in the mainstream of the Yangtze River and Qingjiang River is 20% to 80%.

The first three quarters of Hubei’s hydropower generation (excluding the Three Gorges) was 311.

7.2 billion kWh, a decline of 16 per year.


The company’s hydropower units are all located in the Qingjiang River Basin. Due to the dry water, the company’s 杭州桑拿 hydropower generation capacity was 55 in the first three quarters.

2.3 billion kWh, a decrease of 23 per year.


In order to ensure the continuous supply of electricity, Hubei Province’s thermal power plants issued additional supplements in a timely manner. The first three quarters of Hubei Province’s thermal power generation capacity was 1116.

8.1 billion kWh, an increase of 20 in ten years.


The company’s Ezhou Phase III # 5 and # 6 units (2 million kilowatts) have been put into production one after another. According to the company’s announcement, the first half of the Ezhou power plant’s power generation significantly exceeded the initial planned progress, setting a record high.

Increasing demand for thermal power in the province and the commissioning of additional units by the company have resulted in a significant increase in the company’s thermal power generation.

From January to September, the company achieved thermal power generation of 133.

9.6 billion kWh, an increase of 77 in ten years.

13%, making up for the impact of interference from hydropower generation. In the first three quarters, the company completed a total of 201 power generation.

2.6 billion kWh, an increase of 26 in ten years.


Hydropower performance rebounded at the bottom of the synapse, and Ezhou Phase III may obtain high power generation companies’ auction rights to develop the Jiangpinghe Hydropower Plant in 2015. The hydropower station is a leading hydropower station in the five steps of the main stream planning of the Huangshui River, with an installed capacity of 450,000 kilowatts., The annual average power generation is 9.

600 million kWh. It is expected that the water will be stored in the sluice during the year and will be put into operation in 2020.

2019 is a rare dry year in the Qingjiang River basin in the past ten years, and we believe that it is a high probability event that the water supply in the river basin next year is better than this year.

New hydropower units have been put into operation and the water supply in the river basin has improved, and hydropower performance has promoted bottoming out.

In the peak season of power demand, although Hubei has additional thermal power generation guarantees, but it is still insufficient for the province’s continuous power demand, but it has kept Hubei in a state of net transfer of power resources (excluding the Three Gorges).

The company’s Ezhou Phase III project is one of the three key thermal power projects in Hubei Province. It is also the largest single-unit thermal power unit with the highest parameters in Hubei Province.

Supporting the construction of Ezhou Phase III is the 500 kilovolt Ezhou Power Plant Phase III grid connection project. This transmission line sends electricity to Wuhan Donghu New Technology Development Zone, which effectively guarantees the Ezhou Phase III power consumption and comprehensively considers the power of Hubei Province.According to the supply and demand situation and the construction of supporting transmission facilities, we expect that the third stage of Ezhou will obtain cracked power generation.

Haoji Railway may reduce fuel costs. Explosive growth of Jingzhou Coal Terminal. Haoji Railway was opened on September 28. Divided from traditional transportation methods, Haoji Railway has certain advantages in transportation costs. According to our calculations, it compares with the traditional “Daqin Line +Haijin River “, the national railway from northern Shaanxi to Hubei route classification, transporting coal to Jingzhou Port via Haoji Railway can save about 30 yuan / ton.

The current pricing of the Haoji Railway is higher than expected. There is no cost advantage in transporting coal directly to Jiangxi through Haoji, and the volume of the Haoji Railway needs to rely on the Jingzhou Coal Terminal.

The Jingzhou coal iron and water combined transportation storage and distribution base is the first station that meets the Yangtze River after Haoji descends south. It also cooperates with other coal terminals on the Yangtze River. Its construction speed changes and the planning capacity is the largest.The terminal is the key to Haoji’s capacity increase. After it was put into operation, the explosion of the Jingzhou coal terminal led to an explosive growth in a short time.
  Investment proposal The company’s Ezhou power plant is the largest coal-fired power plant in Hubei Province. Benefiting from the commissioning of the third-phase Ezhou unit and the construction of supporting facilities for power consumption, the company’s thermal power generation is expected to continue to grow in the future.
Incoming water in the Qingjiang River Basin is likely to improve and the Jiangpinghe Power Station will be put into operation in 2020, and the company’s hydropower performance will rebound.

The outbreak of the Jingzhou Coal Wharf, which is the key baseline for the south of Haoji, is constantly growing.

Taking the above factors into consideration, we maintain our profit forecast and target price unchanged. We expect the company’s revenue in 2019-21 to be 148.

91 ppm / 153.

82 ppm / 155.

29 trillion, an increase of 20 each year.

99% / 3.

30% / 0.

96%; net profit attributable to mothers is 17.

73 ppm / 23.

9.7 billion / 26.

08 million yuan, an increase of -2 in ten years.

09% / 35.

17% / 8.


The corresponding EPS are 0.

27 yuan, 0.

37 yuan, 0.

40 yuan, maintain “Buy” rating.

  Risk warnings 1) Downward electricity prices; 2) Incoming water in Qingjiang River Basin continues to be dry; 3) Haoji-Railway Railway fails to meet expectations; 4) Jingzhou Coal Terminal does not meet expectations or charges; 5) Macroeconomic systemic risks.

Huadian International (600027) 2019 First Quarterly Report Review: Costs Improve Less Than Expected Expected Coal Price Elastic Release

Huadian International (600027) 2019 First Quarterly Report Review: Costs Improve Less Than Expected Expected Coal Price Elastic Release

The net profit growth after deduction is approximately 10%, and the performance is slightly lower than the market expected operating income of 233.

80 四川耍耍网 billion, +4.

04%; net profit attributable to mother is 7.

7.4 billion, +12.

60%; net profit after deduction is 7.

22 billion, +9.

78%, less than market expectations.

Cash flow from operating activities was 62.

58 billion, +16.


Demand for electricity is good, electricity is sold, and on-grid prices exceed positive growth in 2019Q1, generating 519 electricity.

9.2 billion kWh, +8.

11%; online power 484.

7.9 billion kWh, +8.


The annual growth of power generation and grid-connected power is mainly the power contribution of newly commissioned units, as well as the strong demand for electricity in the service area and the increase in the number of hours of use of generating units.

In the first quarter of 2019, market-based trading power was approximately 21.1 billion kWh, with a trading power ratio of 43.

61%, compared with 30 in the same period last year.

52% up 13.

09 pct.

However, the market electricity discount rate has increased and narrowed, and the average on-grid price in 2019Q1 was 415.

79 yuan / MWh, an increase of 2 per year.

The gross profit margin improvement of 62 yuan / MWh was less than expected, and the expense rate was stable and decreased. The company’s gross profit margin in 2019Q1 was 13.

35%, increase by 1 every year.

35 pct, a margin lower than comparable company Huaneng International (up 4).


The expense ratio is well controlled at 7.

10%, compared with last year’s average of 0.

27 pct, mainly due to financial expenses of 13.

0.8 billion, +0.

54%, financial expense rate interest rate is 0.


The investment income is 1.

28 billion, -36.

32%, the first is the impact of reducing the share of coal mines.

The profit and loss of minority shareholders in the first quarter was 3.

28 billion, +204.

05%, the first is the impact of structural differences between the unit-to-unit ratio and profit over imbalances.Asset and liability financing 69.

84% were 70 at the end of 2018.

40% continued to drop 0.


Investment suggestion: Good demand for electricity and weak coal prices, optimistic about the profitability of thermal power and continued repair. From the perspective of this year’s demand for electricity, the growth rate of electricity consumption in one month is 3.

0%, 7 in February.

2%, continued to rise to 7 in March.

5%, continued to maintain an upward trend, better than market expectations; January-March power consumption growth rate was 5.

5% was in line with expectations.

It is expected that the reduction in the expected growth rate (16% to 13%) is beneficial to the increase in electricity sales revenue and is expected to hedge the continued concession of electricity in the market; coal prices are facing a decline in the growth rate of real economic demand, and the overall overall center may run downwards.Favorable thermal power continued to rebound.

It is expected that net profit attributable to mothers will be 28-20 in 2019-2021.



400 million; diluted EPS is 0.



42 yuan, corresponding to PE14.




Risk reminder: Electricity demand has fallen more than expected, and coal prices have risen more than expected.

Anyang Iron and Steel (600569): Cost rises under pressure in third quarter

Anyang Iron and Steel (600569): Cost rises under pressure in third quarter

This report reads: The company’s steel production and sales in the first three quarters of 2019 were stable, and performance was under pressure due to cost factors.

Macro data shows that real estate is favorable and strong, and automobile production and sales are picking up.

With the iron ore price falling, the company’s performance is expected to gradually rise.

Investment Highlights: Maintain “Overweight” rating.

The company achieved revenue of 234 in the first three quarters of 2019.

40 ppm, a decrease of eight years ago8.

78%; net profit attributable to mother 3.

78 ppm, a drop of 75 a decade ago.

97%; the company’s Q3 single-quarter revenue was 85.

5.2 billion, down 13 a year.

86%; the company’s Q3 net profit attributable to its mother for the single quarter was 1.

2.7 billion, the company’s Q3 performance exceeded expectations.

Taking into account the cost pressure brought by the sharp rise in iron ore prices, the supply side has increased more than expected, and the company’s EPS for 2019-2021 is reduced to 0.



22 yuan (originally 0.



43 yuan), the company’s performance fell by a marginal deviation, giving the company below the industry average of PB 0 in 2019.

Make a 75X estimate and lower the company’s target price to 2.

61 yuan, “overweight” grade.

The gross profit per ton of steel decreased month-on-month, and the third quarter performance was under pressure.

In the first three quarters of 2019, the company’s steel sales were 132, 234, and 217 tons, and the ton steel ton was 4,276, 3946, and 3947 yuan / ton. The cost of the ton steel was 3867, 3486, and 3546 yuan / ton, respectively.It is 409, 460, 400 yuan / ton, the three fees per ton of steel are 350, 322, 288 yuan / ton, the net profit per ton of steel is 43, 83, 59 yuan / ton, the company’s third quarter gross steel tonnage, net profit outstanding advantages over the chain.

Asset-liability ratio went down, and expenses continued to be optimized during the period.

In the March quarter of 2019, the company’s asset-liability ratio was 72.

67%, a year-on-year decrease of 1% compared to 2018.

8 units.

The company’s expenses during the first three quarters of 20197.

86%, maintaining the budget level, of which financial expenses2.

35%, the chain continues to decline 0.


Demand for steel remains strong and ore prices have fallen, and the company’s performance is expected to pick up.

According to our research and macro data, land reserves still exist, and infrastructure and automobile production and sales gradually pick up. Steel demand in the fourth quarter does not need to be pessimistic, and steel prices tend 南京桑拿网 to rise and fall.

The company is the largest production base of high-quality panels and high-quality building materials in Henan Province, with obvious competitive advantages.

Against the backdrop of high iron ore prices, the company’s performance is expected to gradually rise.

Risk warning: the macro economy is accelerating to decline; the supply side rises more than expected.