Three forces have surrounded this place,Waiting for the final showdown。

The firmness of this hall is daunting,Their previous battles did not cause much damage to it,Want to get out from here,The only way is to turn this place into ruins。
No one can resist the pressure caused by the collapse of a hundred meters of land,Xia Chenglong couldn’t do it when he asked the gods,So neither of these two。
He is not strong enough,Of course to catch the power of these two。
The three-party attack has begun,It means that what happens next cannot be stopped。
Xia Chenglong is very excited,This is a crazy show。
His swordsman has its own appearance,Without any power,So next he only needs to avoid the attacks of both sides。Then let it help smash the top beam above。
This is a bet,After all, it is not easy to get rid of the attack of the two,But he has the teacher’s Yuanhuo plate,That is the basis for him to be so bold。
But the result was surprising,Because Xia Chenglong’s sword is not only tangible but also godlike!
“One sword,The second type of broken sword”
If Xia Chenglong saw the effect of his last sword before leaving,Maybe it doesn’t need to be as real as it is right now,He can use this sword himself。
Three terrible energies collide together,The imaginary explosion did not appear,But finally disappeared at one point。
This condition is not common,But it doesn’t mean it won’t appear。
Because the three forces reach a certain balance,So I just tear up that little space,Take away all the power of the three parties。
but……This situation will not last too long,After all, a space that is not deliberately built does not have the ability to accommodate for a long time。
and so……
Xia Chenglong really panicked,Kick off the lid of a coffin next to it,Then nothing else,Jump into it quickly,at the same time,The Yuanhuo Pan appeared in the body。
Absolutely unimaginable power,When the three parties come together,Will burst out in an instant a force far beyond the previous one。
Xia Chenglong thinks he is strong,But he has not been so arrogant。

Regarding Li Xiangdong’s statement,Chen Geng was also a little surprised,But surprised is surprised,Of course this scene can’t scare him,Chen Geng didn’t even speak in person,Just to Kelly who has been silently serving as a human background board·Hicks nodded。

Kelly received the signal from her boss·Hicks picked up the microphone and coughed slightly,Speak:“Dear sirs,very sorry,Today’s briefing session is just a briefing,We will not discuss specific cooperation details,of course,The staff has prepared the corresponding Chinese and English documents and fax machines for everyone、Telephone,I think that instead of dragging our boss,It’s better to convey the content of today’s meeting to your person in charge as soon as possible。”
This is very nice,But everyone understands the true meaning of this:Don’t you hereBBUp,Useless!The best way is to inform you of our investment plan as soon as possible.,Then come up with a plan that can attract our interest as soon as possible。
As for what“Please mention if you have any requirements”Something like,Please!Needless to say in this case,Now is the time for you to show your sincerity,You yourself put the greatest sincerity you can show before me,Then let me decide……It’s time for me to pick you guys。
It seems impossible for Chen Geng to let go today,A group of people are always on top、The pampered leaders looked at each other,Suddenly said:“Miss Hicks,Where are the fax machine and telephone?”
Chen Geng’s assistant could not prepare many telephones and fax machines,right now,Even if you can be one step ahead of others,I have a little more time for discussion in my own province,The possibility of success can also be higher than others……success,It’s accumulated from such small details。
First778chapter No money to talk, not hard
What Chen Geng didn’t expect was,Ideas to build aviation industry group and auto parts industry group by yourself,Even the highest level was alarmed,The next morning,The planning committee got in touch with Chen Geng,Expressed hope to communicate with Chen Geng on this issue,After getting Chen Geng’s consent、After the two parties have agreed on the time,That afternoon,The Planning Commission appointed an old acquaintance of Chen Geng、Executive Deputy Director Wang Guoqiang came to interview Chen Geng。
“Mr. Chen,You are a big move,”Everyone is busy,And at this level,Everyone is used to going straight,Don’t like going around,Deputy Director Wang took the initiative to enter the topic,Ha ha smiled:“to be honest,Your idea of building an aviation industry cluster and auto parts industry cluster,We can’t even think about it。”
“You are too kind。”
Chen Geng said with a smile,But he knew,Deputy Director Wang’s words are really not polite,The reason is simple,For example, the auto parts industry group,If there was no such thing as Chen Geng, a person with considerable influence in the automobile manufacturing industry worldwide,Come to China to invest in this auto parts industry group?Why!

“how about it,How is my good girl?”Wang Zicheng patted Wang Mengmeng’s head with his hand,Asked distressedly,The daughter who she regarded as the jewel of the palm ran and was rejected in public。

“Dad,Don’t blame you,I said no when I arrived,You still force me,Now it’s alright, your daughter is rejected by others,You are happy?”Wang Mengmeng looks aggrieved,Acting with Wang Zicheng。
“It’s bad father,Dad won’t force you anymore,It’s my father who made my baby girl wronged。”
Wang Zicheng naturally knew,My daughter’s mood,Not at all affected by this incident,And he looks very happy and proud,But as a father,Watching others reject my daughter in public,It’s not like being a father。
Wang Zicheng knows,My baby girl has always been a person no one yearns for since childhood,Unexpectedly, today I was rejected by the Hua family。
“You are cute,Sorry,Uncle Dai Ziyu apologized to you,This kid doesn’t know what happened today,I will educate him well when I go back,Please also give him a chance,Do you think?”
Why is Hua Tianyi willing to lose such a big piece of fat from the dealer?,As everyone knows, the Hua family is such a baby girl,In the future, his family’s property will belong to Wang Mengmeng。
So don’t look at anything else,This family background alone is quite a temptation,But my son is not up to date,As a father, he can only humbly and say good things。
“Of course not,Uncle Hua,You also think no one wants me,Or do you want your son,Refused me twice?”Although Wang Mengmeng said with a smile,But entering Hua Tianyi’s ears left him speechless。
“That was not what I meant,Don’t worry about today,Uncle will give you an explanation。”Hua Tianyi doesn’t know what to say at this time,Can only prevaricate,So as not to embarrass both families。
“Cute,Sorry,I don’t know you are cute,You know my heart for you,I really didn’t know it was you,Give me a chance to love, OK??”
Hua Ziyu, I can’t care if Qin Feng did it on purpose without waiting for Qin Feng to say anything,After talking with Qin Feng, he hurried to catch up,Now he just wants Wang Mengmeng to give him a chance。
“Hua Ziyu,Can you not do this,Can you be responsible for what you said,So many people are watching,Why am I the one who you say if you want it?”
Wang Mengmeng smiled,But his face is indifferent,Looks like a victim to others。
“What a nice girl,If I have a son, I will let this girl be my daughter-in-law。”Many people present praised Wang Mengmeng,But also a pity for the Hua family。
“ladies and gentlemen,friends,Just a small episode,Don’t mind everyone,Today is the birthday of Master Cheng,The descendants of the Hua family,Send blessings to all the guests!”
Originally, these procedures were performed at night,But now to ease the atmosphere,Had to go ahead。
Actually this link will not take long,Because those who can offer gifts at the birthday banquet except for the descendants of the Chinese family,Only those who are well-known or are friends of the doctor Cheng have the opportunity。
The rest don’t care what birthday gift you bring,You can only write your name and put it on the registration。
First of all,Is Hua Tianlong, the eldest son of Doctor Cheng,Although Hua Tianlong didn’t work with his father in medicine,,But I am also a businessman,I saw him come up on stage with confidence,Holding an antique solid wood box in his hand。

but,Lu Menglin didn’t believe what A Jianglong said,After all, it’s just a rock wall in front of you,Nothing looks like an alien spaceship。

A Jianglong found out that Lu Menglin didn’t believe it,Simply put your heart down,Dragging the remains,Struggling to slap on the rock wall with a palm。
boom!Rocks flying around,The strength of this palm is not weak,Comparable to a strong fighter。
This also made Lu Menglin guard himself,It seems that A Jianglong was seriously injured,But not completely without attack,Be careful,Don’t be killed by him。
After this palm,That eagle eye rock looks normal,And no changes。
Lu Menglin frowned,About to speak,But found something strange。
Those rock fragments crushed by A Jianglong’s palm,Actually floated slowly into the air,Then like memory metal,Re-adsorbed to the rock wall,Fill in the gap just now,No damage at all。
This scene,Make Lu Menglin secretly surprised,Because he is already on alert,And didn’t perceive any changes in A Jianglong,Including mental power。
But those pieces will automatically gather,I can only say that the rock wall is really weird。
“I did not lie to you!I’m dying already,I really don’t want this big secret to be buried,As long as you leave me a crippled life,I can hand over this spaceship to you!”A Jianglong said confidently。
Lu Menglin lowered his head for a moment,Asked:“How to open?”
A Jianglong sees the other party on the set,Secretly happy,But his face still looks like a weak man,Kick a piece of gravel with your toes,Lasing into the middle of the rock wall。
boom!The gravel hit a point in the middle of the rock wall,A small crack suddenly opened in the middle of the rock wall,A green beam of light shot out from the crack,Sweep to the ground。

But what does it matter?,For the vast majority of consumers,They only believe in what their eyes see,I saw Ford launched an anatomical model of Victoria Crown,It shows that Ford has confidence in this car、Full of confidence,So they dare to show us the deepest hidden thing in a car,Do you dare other manufacturers??

You didn’t do that,Just say you have a guilty conscience,Explain that you have insufficient confidence in the quality of your products!Explain that your product is not as good as the Ford Crown Victoria……If consumers don’t think so,As a manufacturer,You are responsible、Obligation to guide consumers to think here、And get them to agree with you。
Listening to the cheers and applause that can almost overturn the roof,Henry·In Ford’s mind, he couldn’t help but remember what Chen Geng said when he persuaded himself to make an anatomical model of the Victoria Crown.,I admire Chen Geng to death:This is the real marketing master。
Simultaneously,He also thought of another thing Chen Geng said at the time:“Henry,When other manufacturers did not do this,Ford did it first,Ford Motor is the forerunner that consumers consider most in the automotive industry,You should take this opportunity to establish your own public image,Also if convenient,By the way, it is also possible to step on the feet of other manufacturers,For example, those Dongying enterprises……”
First264chapter I can still play like this?!
Watching the excited crowd and flashing flashes,Henry·Ford thinks Chen Geng is too correct,Since Chen Geng is always correct,So why are you polite?……
Thought of here,He covers his mouth with one hand,To the CEO Philip·Caldwell whispered:“Philip,Later, you will find a few media that have a good relationship with us,Let them publicize it。”
“Good boss,I will arrange。”Philip·Caldwell nodded immediately,He doesn’t even need to think,I already understand the purpose of the boss’s arrangement——As Lee·Iacocca’s successor after being kicked out,Philip·Caldwell knows his identity and position in Ford。
Look to Philip·Henry Caldwell Whispering·Ford,The reporters thought to Henry·Mr. Ford and Philip·The content of Caldwell’s exchanges was immediately extremely curious:Can make Henry·Ford wants to face Philip in front of such a reporter·What Mr. Caldwell said,Must be very, very important?The reporters suddenly shouted:
“Mr. Ford,Can you tell me what you just said to Mr. Caldwell?”
“Mr. Caldwell,Could you tell me what Mr. Ford said to you just now?”
“Mr. Ford……”
“Mr. Caldwell……”
Although I know my question99.999%Impossible to get a response,But the reporters still raised their hands and asked loudly——A reporter,Do you care about your own face??
But the results were a bit beyond the reporters’ expectations,Face everyone’s questions,Henry·Mr. Ford did not refuse to answer this question,Think a little,He actually nodded:“I also just thought of it……I said to Philips,In order to let users better understand our cars,In addition to this Victoria Crown,Ford will launch more vehicle anatomical models,Will also hold more experience activities,Let everyone have a deeper understanding of Ford。”

“That is naturally good!”Of course Qiao Tianyu knows that the Rothschild family is something he cannot afford to provoke,Reconciliation with them is my best way out right now。

“But Lord Lu,How can we resolve the conflict with the Rothschild family??”Qiao Tianyu asked。
“Haha,We have already thought of this for you。”Seeing Qiao Tianyu agreed,Lu’s face showed a relaxed color。
“Cui Laosan invited the messenger of the Rothschild family,almost there,You put down your posture for a while,Two cups of tea,Say something nice,We should apologize,Should lose money,This matter is over。”
“OK then。”Qiao Tianyu nodded and agreed,Even though he still doesn’t know where he is wrong,I don’t know why I apologized and lost money。
But for the Fuxing Society、For Palizovsky and other close friends,Qiao Tianyu decided to lower his noble head this time,Let the Rothschilds let them go。
Talk about Cao Cao,Cao Cao arrived。
Lord Lu just mentioned the Rothschild family messenger,Then I heard the elevator door“Ding”A bang,Cui Laosan smiled、The waist is bent like dried shrimp,Guided a teenager out of the elevator。
Master Lu dare not neglect,Immediately pulled Qiao Tianyu and the others,Greeted him with a smile on his face.
First0212chapter Extremely provocative
On going“meet”On the way,Qiao Tianyu looked the boy up and down。
By the way, the boy looks seventeen or eighteen,Medium size,Typical Jewish appearance,Handsome face、The blonde hair is combed and shiny,A slim tuxedo is extraordinarily noble and elegant,He is a young talent who is personally loved。
But the young man exudes an unpleasant arrogance all over his body,The nose grows to the top of the head,I’ve been holding my head high since I entered the hall,I completely ignored the smiling faces of Lu Ye, Qiao Tianyu and others.,Go straight to the chair in the middle of the hall,Sat down。

Gongjin shares (603118): its appearance is not good but it benefits from industry growth

Gongjin 无锡桑拿网 shares (603118): its appearance is not good but it benefits from industry growth

Matters: Recently, the 5G sector has ushered in a general rally, and many investors are very concerned about Gongjin shares.

We believe that although the company’s weapons sector is not very high in technical barriers, it will indeed benefit from the growth of the industry. In addition, the price of raw materials such as upstream chips, capacitors, and resistors will be reduced. The gross profit margin will increase significantly, and it is expected to usher in an inflection point.The leading internal broadband communication terminal manufacturer will fully share the “Broadband China” strategy and the bonus of Gigabit optical network upgrade in the future. It is recommended to focus on it.

Comment: The all-round king of broadband communication terminals, a leading domestic broadband communication terminal industry ODM manufacturer company has started the development, production and sales of broadband communication terminals since 2005. The company’s current products include optical receiving terminal equipment, DSL receiving terminal equipment, wireless and mobileThere are four types of receiving terminal equipment, PLC and EOC receiving terminal equipment. Among them, optical receiving terminals include two types: EPON and GPON, DSL receiving terminals include three types: ADSL, VDSL, and VDSL2. Wireless mobile receiving terminal devices include WIFI, AP, 3G, and LTE.Class terminal.

The company has established many years of partnership with operators and system equipment providers with global market influence, such as BT, ZTE, Shanghai Bell, Fiberhome, D-Link, Sagem, Great Wall Broadband, etc.Become a leading ODM manufacturer in the domestic broadband communication terminal industry.

Large communication equipment providers require ODM suppliers to provide high-level technical research and development capabilities and scale expansion and rapid delivery capabilities. Therefore, communication equipment providers generally do not change upstream suppliers, benefiting from years of cooperation with large communication equipment suppliers., The company already has strong technical research and development capabilities and scale advantages, in the future is expected to be able to use brand and channel advantages to obtain more orders.

At present, the company’s products cover all types except the satellite broadband receiving terminal, which has become the king of the broadband communication terminal industry.

The cost of raw materials is estimated to return to normal levels, and the turning point in performance may come in 2017. As a result of exchange losses (more than 50 million yuan in exchange losses due to the decline in the exchange rate of the US dollar against the RMB), the cost of raw materials has risen (materials such as storage and capacitors have increased by about 1 ‰), and customers have reduced their prices.Increasing labor costs (a gradual increase of approximately 38 million yuan), the company’s expansion in areas such as mobile communications, and other factors affected the company’s net profit growth to decline, achieving net profit attributable to shareholders of listed companies.

10,000 yuan, a year-on-year decrease of 70.


In 2018, the company actively adjusted its strategic structure, developed direct operator business in the main communications terminal business field, and sold products directly to operators, successfully winning the bid of China Mobile Hangzhou Research Center and China Mobile Internet of Things; at the same time strengthening new product developmentCapabilities, develop high-end products, expand high-end customers, increase product gross margins, vigorously lay out innovation areas, and have achieved initial results in the field of outreach M & A.

According to preliminary calculations by the financial department, it is estimated that the proportion of net profit attributable to shareholders of listed companies in 2018 will increase by approximately 89.63 million yuan, at least approximately 88, compared with the same period of last year (101.37 million yuan).


In terms of cost, the company’s main raw materials include chips, PCBs, power supplies, optical modules, and electronic components, which are basically general electronic components.

Raw materials account for more than 86% of production costs.In 2018, the electronics industry component field generally ushered in price increases. Among the passive components, MLCC rose the largest, and aluminum electrolytic capacitors and chip resistors also showed price increases. The prices of copper-clad boards and PCBsIt also performed well during this period. From the end of 2018 to the present, the price of such electronic components has declined, which has helped improve the company’s gross profit level.

The domestic fixed-line broadband construction continued to expand and the industry was highly prosperous. On August 10, 2018, the Ministry of Industry and Information Technology and the Development and Reform Commission jointly issued the “Three-year Action Plan to Expand and Upgrade Information Consumption (2018-2020).

By 2020, the scale of information consumption will reach 6 trillion, with an average annual growth rate of more than 11%, and the leading role of information technology in the consumption field will be significantly enhanced, driving the related fields to reach the goal of 15 trillion.

With the advancement of “Broadband China” and “Three Networks Convergence” strategies, the demand for emerging services such as cloud computing, big data, and the Internet of Things has driven the demand for high-speed broadband from users.

The “Three-year Action Plan” requires: to further expand the “Broadband China” strategy, organize the implementation of a new generation of information infrastructure construction projects, promote the deep coverage of optical fiber broadband and fourth-generation mobile communications (4G) networks, and accelerate the fifth-generation mobile communications (5G)) Standard research, technical trials, and promotion of 5G-scale networking construction and application demonstration projects.

Deepen the pilot of universal telecommunications services and improve information access capabilities in rural areas.

Increase network fee reductions and fully release network speed increase and fee reduction bonuses.

Pilot demonstrations in industrial, agricultural, transportation, energy, municipal, environmental protection and other fields.

By 2020, achieve optical network coverage in urban areas and provide 1000Mbps access service capabilities; 98% of administrative villages will achieve fiber access and 4G network coverage, and provide 100Mbps access service capabilities in conditional regions; ensure the launch of 5G commercial services.

Acquired Shandong Wenyuan and actively deployed 5G companies to acquire 100% equity of Shandong Wenyuan Communications for a total of 70 million yuan in cash.

Through this acquisition, the company’s development in the field of 4 / 5G mobile products and network systems will be accelerated.

Shandong Wenyuan is committed to the research and development and production of 4G and communication systems. It has specialized skills to provide end-to-end customized solutions for private network customers, and has mastered a full set of core technologies for 4G base stations. It is a leader in the micro-broadband private network market.4G.
Shandong Wenyuan’s LTE wireless broadband mobile communication series products have carrier grade 4G product expansion, high performance, high stability factors, and can be customized for customers to develop solutions that meet proprietary requirements.

Its TDD / FDD-LTE wireless broadband mobile communication products are widely used in emergency communications, video surveillance, voice and video calling, voice and video scheduling, wireless multimedia scheduling and other fields. The private network users served include public security, military, power, and wisdomAgriculture, transportation, forestry and other fields.

Optimistic about the company’s brand and channel resources, covering for the first time, giving a “buy” rating and accompanying the rapid growth of the global number of fiber access users and the steady advancement of the “broadband China” strategy, the company’s optical access equipment market has strong demand; huge XDSL usersThe base number will bring stable demand for XDSL terminal equipment to the company; in smart cities, 4G will explode the market demand for wireless and mobile receiving terminals. In the future, the company’s wireless and mobile receiving terminals will bring thicker performance to the company.

Optimistic about the company’s brand and channel advantages in the field of broadband communication terminals and its layout in the 5G field, it is estimated that the company’s operating income for 2018-2020 will be 86/100/115 ppm and the net profit attributable to the parent company will be 1.



97 ppm, the current expected PE is 35/23/17 times, the first coverage, giving the company a “Buy” rating.

Risks indicate that the order landing time is longer than expected; raw material prices fluctuate.

ZTE (000063): Entering a New Growth Cycle

ZTE (000063): Entering a New Growth Cycle

Brief performance review On August 27, the company released its semi-annual report for 2019, which is expected to achieve operating income of 446.

09 million yuan, an increase of 13 in ten years.

12%; net profit attributable to mother 14.

71 ppm, an increase of 118 in ten years.

8%; net profit after deduction 6

120,000 yuan, an increase of 125 in ten years.


The Group’s gross profit margin was 39.

21%, an increase of 8 over the same period last year.

97 units.

At the same time, the company released a third-quarter performance forecast, and it is expected that the net profit attributable to ordinary shareholders of listed companies in the first three quarters will be approximately 3.8-4.6 billion, an increase of 152.

34% -163.


Elimination of operational uncertainty.

The company’s operators and government affairs have returned to pre-embargo levels, of which the operator network achieved revenue of 324.

850,000 yuan, an increase of 38 in ten years.

19%; revenue from government and corporate affairs reached 47 trillion, a year-on-year increase of 6.


The consumer business most affected by the embargo has stabilized and revenue has decreased by 35.

41%, gross margin increased by 8 in ten years.


Due to the increase in the proportion of the operator’s network business revenue with a higher gross profit margin and the expansion of the gross profit of the three major business segments, the company’s comprehensive gross profit margin increased by 8%.


In total, the company strengthened its expense management and sales expenses by 40.

3 billion, a previous decrease of 14.


As a result of the increase in legal affairs costs and personnel costs, administrative costs increased by 86.

7% reached 25.

4 billion.

Due to the increase in the company’s financing scale, interest expenses increased, and financial expenses increased by 688.

9%, reaching 6.

6 billion.

With the recent growth of the company, 都市夜网 the company’s capital structure will be further optimized, which translates into company savings of over 600 million US dollars.

The scale of the report, the company continued to expand research and development to supplement and consolidate the advantages of 5G first-mover, the amount of research and development investment reached 64.

700 million, an annual increase of 27.

89%, revenue share increased by 1.


Consolidation of core competitive advantages.In terms of 5G, the company’s key technology commercial network practices have maintained a leading position. Massive MIMO MIMO base stations have evolved and released 10,000 units, and more than 25 5G commercial contracts have been obtained worldwide.

The core communication chips are all self-developed, and the 10nm / 7nm process core communication chips have been mass-produced.

In terms of government and 武汉桑拿 enterprises, the database GoldenDB has realized the first core business of large joint-stock banks to move down. The future outlook is that the financial industry database market will account for more than 30% of the market.

Enter a new growth cycle.

The adverse impact of the embargo in 2019H1 has been gradually eliminated, and profits will accelerate after Q3.

The acceleration of 5G landing and backing on China’s big market is the biggest guarantee for ZTE’s future development.

It is estimated that the scale of China’s 5G station construction in 2019 will be about 150,000-200,000 stations.

Entering the 5G scale expansion period from 20-22, China’s investment in 5G equipment is expected to account for more than 50% of the world.

It is expected that the total capital expenditure of the three major Chinese operators in the first round of 5G investment from 2020 to 2021 will reach more than 900 billion yuan in two years.

According to estimates, the company’s domestic operator business revenue is expected to reach 74.5 billion in 2021, and 84.3 billion under optimism.

Profit adjustments and investment recommendations are affected by non-recurring gains and losses. We raise our 19-year profit forecast for the company by 18%.

The company is expected to achieve a net profit of 53/71/11 billion in 2019-2021, corresponding to EPS 1.



63 yuan, maintain “Buy” rating and target price unchanged to 40 yuan.

Risks prompt that operators ‘collective procurement share falls short of expectations; operators’ capital expansion falls short of expectations

Hetai (002402) 2019 Interim Report Review: The gross profit rate of smart controller business rebounded and the development of radio frequency chips exceeded expectations

Hetai (002402) 2019 Interim Report Review: The gross profit rate of smart controller business rebounded and the development of radio frequency chips exceeded expectations

The event company released its 2019 interim report, and the company achieved operating income in the first half of 201917.

4 billion, net profit attributed to mother1.

700,000 yuan, deducting non-mother net 苏州夜网论坛 profit1.

63 ppm, with a one-year average of 41.

69%, 31.

85%, 29.


Brief Comment 1. The company has achieved sustained and rapid growth, and the gross profit margin of intelligent controllers in the main business has rebounded.

Thanks to the company’s major customer strategy and the fall in raw material prices, the company’s business still achieved rapid growth in the context of a complex and volatile macro economy.

In the first half of 2019, the company achieved revenue of 17.

400,000 yuan, net profit attributed to the mother1.

70 ppm, with a one-year average of 41.

69%, 31.


In Q2 2019, the company’s revenue and net profit attributable to mother increased by 41.

92% and 37.

18%, an increase of 0 from the previous month.

52pct and 14.

04 points.

The company’s intelligent controller business (excluding the impact of the new consolidated company NPE) has reduced its gross profit margin2.

24pct, in which the gross profit margin of the intelligent controller for power tools reaches 26.

28%, an increase of 7 per year.

37 points.

The company’s comprehensive gross profit margin reached 22.

61%, an increase of 1.


The company’s revenue growth rate is higher than the net profit growth rate is the consolidated Italian subsidiary NPE, the company is expected to have a revenue scale of about 200 million, but the basic breakeven.

2. Subsidiary Kunchang Technology has grown rapidly and gradually realized unexpected development.

The subsidiary, Changchang Technology, specializes in microwave millimeter wave radio frequency chips, mainly for the military market, which can support 40GHz and below. The products involve power amplifiers, low-noise amplifiers and other chips.

In the first half of 2019, the revenue of Kunchang Technology reached 1.

30,000 yuan, an increase of 69 in ten years.

65%, net profit reached 0.

55 ppm, an increase of 71 in ten years.


We believe that the high growth of Kunchang Technology is related to the strong industry demand and the fact that many orders in 2018 were executed in the first half of this year.

Taking into account the company’s technical strength and future localization needs, we believe that the company’s long-term performance will likely exceed expectations.

3. The company’s Vietnam production base will be put into production soon, which is conducive to avoiding international trade risks.

The company is actively deploying new production capacity.In the first half of the year, the company invested in the establishment of a production base in the Shenzhen-Vietnam Cooperation Zone in Anyang County, Haiphong City, Vietnam, and invested 5 million US dollars in its own funds to establish Ho Teh Intelligent Control (Vietnam) Co., Ltd., which is expected to start production in October.

We believe that the layout of Vietnam’s production capacity is conducive for the company to resolve the impact of international trade risks and exchange rate changes, and it is also in line with the development strategy of the company’s layout.

In addition, the company’s intelligent controller production technology transformation and capacity expansion project Phase II has also been put into production.

Earnings forecast and grade: We expect the company’s revenue for 2019-2020 to be 35.

6.9 billion, 46.


Taking into account the uncertainty of foreign exchange loss gains and losses, as well as the company’s possible increase in R & D investment and increased depreciation expenses after conversion, we expect the company’s net profit attributable to its mothers to be 3 in 2019-2020.

100 million, 4.

400 million, EPS is 0.

36 yuan, 0.

51 yuan, corresponding to PE of 25X, 18X, maintaining the “buy” level.

Risk warning: the demand for intelligent controllers is lower than expected; the prices of upstream raw materials continue to increase; the company’s market share has expanded; Kunchang Technology has failed to meet expectations.

China Southern Airlines (600029) 2018 Annual Report Comments: Performance Meets Expectations Double Hub Leader Set Off

China Southern Airlines (600029) 2018 Annual Report Comments: Performance Meets Expectations Double Hub Leader Set Off

Core point of view The strong disturbance of the oil price exchange rate dragged down the company’s performance, and the decrease in the deduction of foreign exchange profits narrowed to 11.


The company quickly promoted the “Guangzhou-Beijing” layout, and the dual hub leader set sail again.

Baiyun Airport always leads the front line in heavy volume, as the main base airline company may obviously benefit.

The expected demand for supply has improved, and the layout window may come.

In 2018, the company’s net profit attributable to its mother decreased by 55%, and the maximum decline in the deduction of foreign exchange profits narrowed to 11.


In 2018, the company realized operating income of 14.36 million yuan, a year-on-year increase of 12.

7%; realized net return / deduction of non-net profit is 29 respectively.

8 billion / 23.

400 million, down 49 every year.

6% / 55.

1%; the corresponding return is 0.

28 yuan, the gross profit margin was relatively reduced by 1.

9 to 10 pieces.


Among them, Q4 achieved a 10% increase in revenue.

8% to 347.

3 billion, net profit may be 11.

900 million, at least 2017Q4 may be 11.

The 400 million scale expansion may be caused by the decrease in Q4 demand company RASK by 1%.

Oilseed disturbances dragged down performance in 2018.


Domestic and international passenger-kilometer revenue also increased by 1.

9%, 5.

4%, load factor increased by 0.

2pct, the three rates will be reduced by 1.


The company’s ASK increased by 12 in 2018.

0%, the net introduction of 86 aircraft increased by 11.

4%, the growth rate of operation and investment is ahead of the three major airlines.

Passenger load factor increased by 0.

23pct to 82.

4%, of which domestic and international routes rose by 0.


26 points.

Passenger-kilometer revenue was more than flat, with domestic and international routes both increasing by one.

9%, 5.4%, international line revenue improved significantly.

The company’s operating costs increased by 15 in 2018.

2% to 1286.

100 million, higher than the growth rate of income 2.


Affected by exchange rate losses and an increase in average borrowing surplus, financial expenses have increased by an additional 355 per year.

7% to 51.

100 million, but 夜来香体验网 the three rates after deduction of foreign exchange fell by 1 year-on-year.

1 to 9.


In 2018, the company’s exchange loss was 1.7 billion, the price increase or contributed to nearly 70% increase in aviation fuel costs, and the cost of deducting fuel per unit kilometers was downgraded4.


The company’s exchange loss in 2018 was 17.

400 million significant drag on performance, the exchange gains in the same period of 201717.

900 million, a decrease of 35 previously.

3 billion.

As of March 28, the receipt of the exchange rate between the Japanese currency and the US dollar was 6.

74, an earlier appreciation of 2.

0%, contributing a positive improvement for the time being.

In 2018, the company’s jet fuel cost increased by 34.

6% to 429.

2 billion, the increase in jet fuel prices is expected to contribute nearly 70% increase.

The company’s oil deduction costs increased by 7 in 2018.

4%, the unit deduction cost of oil is reduced by 4 per year.

2% to 0.

27 yuan, cost control continues to advance.

The departure of the dual hub layout will benefit Baiyun Airport from time to time, and demand will improve or transition.

On March 6, the Civil Aviation Administration of China announced 10 international routes to Beijing Daxing Airport. The company quickly promoted the “Guangzhou-Beijing” dual hub layout, and the route network, especially the international route layout, may have improved significantly.

The average daily flight volume at the main base Baiyun Airport in the summer and autumn of the 2019 season increased by 4.

8 pieces to 6.

5%, always leading the first-tier airport.

The average daily volume of international flights at Baiyun Airport increased by 15.

3%, international acceleration companies may benefit significantly.

B737MAX8 has suspended airworthiness certification, and may account for more than 30% of the company ‘s net introduction of aircraft in 2019, for delivery or upgrade.

The adjustment of the Beijing World Garden Festival and the May Day holiday will stimulate or accelerate the improvement in demand. April may be the starting point for the upward trend of demand.

Risk factors: The macroeconomic downturn exceeded expectations; the RMB depreciated sharply; international oil prices have grown rapidly.

Earnings forecasts, estimates and investment ratings.

The oil exchange turmoil in 2018 dragged down the company’s performance, and the maximum decrease in foreign exchange deduction margins narrowed to 11.

We adjusted our net profit forecast for 2019-2021.
4 billion / 88.

600 million / 98.

1 ppm (previous forecast was 7.8 billion / 87 trillion in 2019-20, and it will be new in 2021), with a slight adjustment of 19/20/21 to 0.



80 yuan.

B737MAX8 may account for more than 30% of the company ‘s net introduction, which will benefit Baiyun Airport’s heavy volume at all times, and demand will improve or change.

Maintain “Buy” rating.