Category: Company Organization: Guo Xin Securities Co., Ltd. Researcher: Chen Qingqing/Li Yilin Date: 202 1-08-27.
The business has gradually recovered, and the performance is still under pressure under the influence of the epidemic.
The company issued performance announcement 2 1H 1, achieving revenue of 9 1.9 1 billion yuan (-3.46%) and net profit of 476 million yuan (-13.27%). Of which 2 1Q2 realized revenue of 3.706 billion yuan (-7.26% year-on-year, 19Q2+1.50%) and net profit of 102 million yuan (-47.57% year-on-year,19q). The overall profit margin decreased, and the gross profit margin and net profit margin of 2 1Q2 were 25.30%/2.79%(-5.04pct/-2.23pct). Among them, the liquor business is still affected by the epidemic situation in Beijing and other places, the sales of middle and high-end products are blocked, and the gross profit margin is slightly reduced. The gross profit margin of slaughter business increased slightly. The sales/management rate of 2 1Q2 is 5.78%/5.44% (-2.25pt/+1.43pt), so the advertising investment is reduced and the promotion investment is increased. 2 1H 1 The sales return of the parent company was 7.470 billion yuan (-5.04%), and the accounts received in advance were 2.792 billion yuan (-20.90%).
The performance of liquor business was stable, the income of middle and high-grade liquor declined, and the pork and real estate businesses were dragged down. In terms of business, the revenue of 2 1H 1 liquor business was 6.536 billion yuan (+1.09%), the sales volume decreased slightly by 0.58%, the gross profit margin was 35.62%(-0. 14pct), and the revenue accounted for the proportion. Among them, the income of high/medium/low-grade wine was 796/7.65/4.976 billion yuan (-1.96%/-17.42%/+5.24%), and the gross profit margin increased, accounting for12./kloc-0 respectively. The income from pork business is 2,654.38+50 million yuan (-65,438+09.29%); The income from real estate business is 422 million yuan (+39%) and the net profit is-230 million yuan. By region, the income of Beijing/Foreign Service Region is 38.44/5.348 billion yuan (-8.67%/+0.68%) respectively. 2 1h 1 the number of dealers in Beijing increased by 12, and the number of dealers outside Beijing increased by 6.
The upgrading of liquor products has been steadily promoted, the pace of real estate development has been accelerated, and the research feedback on growth potential channels has been optimistic for a long time. Sales in Beijing market are growing steadily, and foreign upgraded products such as East China are selling well, which is expected to promote the profit margin of liquor business to increase steadily in the future.
The company is the leader of popular liquor, and its brand influence is constantly improving. Still optimistic about the company's growth potential in the light bottle wine market for a long time. The company is also accelerating the progress of real estate de-transformation, and the scope of losses is expected to narrow.
Risk warning: Macro-economic risk, intensified competition of low-end wine, and product upgrade less than expected? Investment suggestion: consider the impact of the epidemic on liquor, lower the profit expectation, maintain the buy rating, and consider the impact of the epidemic on sales. It is estimated that the company's earnings per share is1.02/1.281.60 yuan (the previous value was 1.06/ 1.40/).
Will shares (603501): 21h1The performance is in line with expectations, and several product lines have joined forces to build a semiconductor platform company.
Category: Company Organization: Everbright Securities Co., Ltd. Researcher: Liu Kai Date: 202 1-08-27.
Event:
On August 26th, 20021year, the company released the semi-annual report of 20021year. The company realized the income of124.48 million yuan, YOY+54.77%, and the net profit attributable to the mother was about 2.244 billion yuan, yoy+ 128. YOY+ 1 19.06%, the non-recurring profit and loss is about 278 million yuan, and the net cash flow generated by operating activities is about11million yuan.
Comments:
Performance in line with market expectations, rapid growth. Will shares 2 1H 1 realized income1244.8 billion yuan, YOY+54.77%, net profit of about 2.244 billion yuan, YOY+ 126.60%, in line with market consensus expectations, 21h. Only in Q2, the company achieved revenue of 6.236 billion yuan, which was basically the same as Q 1, and realized net profit of120.3 billion yuan, which was 104 1 billion yuan higher than Q 1, and non-recurring gains and losses were about 65,438.
The company issued equity incentives to demonstrate long-term development confidence. The company plans to grant no more than 8 million stock options and 3.6 million restricted shares to 265,438+062 incentive objects. The exercise price of stock option is RMB 2,865,438+0.40, and the grant price of restricted stock is RMB 65,438+068.84. The exercise target of stock options is 0.7, 2 and 2.4 times the net profit of 265,438+20 years, which are 3.8 billion yuan, 4.5 billion yuan and 5.4 billion yuan respectively, and the total deferred expenses are 2 1. 15 and 2.86538.
A number of product lines work together to build a semiconductor platform company.
In the company's image sensor scheme, the revenue of 2 1H 1 CIS product line reached 9.082 billion yuan, accounting for 8.610.32% of the semiconductor design business. The company's CIS product line includes mobile phone CIS, automobile CIS, security CIS, medical CIS and other consumer electronic CIS. Mobile phone CIS was affected by the decline in mobile phone sales in the second quarter, and its performance was relatively flat. Automobile CIS, security CIS and medical CIS grew strongly, especially under the background of good automobile sales and intelligent ADAS in the second quarter. At the same time, automobile CIS has stronger profitability than mobile phone CIS and other product lines, which makes up for the negative impact of the decline in mobile phone sales. In addition, the company's image sensor solution also includes micro-image module packaging business, ASIC business and LCOS business, which also has a good performance in 2 1H 1.
The company's touch display solution 2 1H 1 realized revenue of 6130,000 yuan. Due to the price increase and shortage, the gross profit margin of this business is around 70%, the net profit margin is around 50%, and it contributed about 300 million profits in the first half of the year.
The company has a variety of analog product solutions, including power supply (TVS, MOS, diode), power management IC (charger, LDO, switch, DC-DC, LED backlight driver), RF and other product lines. In 2020, the company's power product line will achieve revenue of about 700 million yuan, including TV revenue of 503 million yuan, with a gross profit margin of 35.38%; MOS tube business realized revenue of 654.38+67 billion yuan and gross profit margin of 30.23%; Schottky diode realized revenue of 0.3 1 100 million yuan and gross profit margin of 45.67%; Power management IC realized revenue of 386,543.8 billion yuan and gross profit margin of 33.90%. Radio frequency and microsensors achieved revenue of 65.438+0.27 billion yuan and gross profit margin of 4%. Under the overall high semiconductor prosperity, the company's analog product scheme has grown rapidly, and its revenue has increased by 55.52% compared with last year.
The company's semiconductor distribution business was 2 1H 1 realized income 185 1 billion yuan, up 62.9 1% year-on-year. The rapid growth of this business is mainly due to the high prosperity of semiconductors and the shortage of discrete devices and passive components.
Continue to invest in research and development to further build core competitiveness. 202 1 In the first half of the year, the company's R&D investment in semiconductor design business 12 1 billion yuan, up 22.50% year-on-year, accounting for 2 1 1. The revenue of semiconductor design business accounted for1. By June 30th, February/kloc-0, the company had 4,257 authorized patents, 4,097 invention patents and 59 utility models/kloc-0. The company launched the world's first 0.6 1um pixel high-resolution 4K image sensor OV60A for front and rear cameras of high-end mobile phones in the field of mobile phone CIS. In the field of automotive CIS, the HALE(HDR and LFM engine) combination algorithm developed by the company can provide excellent HDR and LFM functions at the same time, while its DeepWell? Double conversion gain technology can significantly reduce motion artifacts. In medical CIS, the Camera Cube ChipTM technology product developed by the company innovatively combines wafer-level optical devices with CMOS image sensors to provide ultra-small sensors suitable for medical market equipment. In the TDDI product line, the company's TDDI product TD4375 has been mass-produced in many projects of first-line mobile phone brand customers. The company leads the industry in introducing sunken high-definition TDDI-TD4 160, which supports 720* 1680 resolution, 60/90/ 120Hz display refresh rate and 60 240Hz touch point reporting rate.
Automobile CIS, VRAR and security CIS have a broad growth space: automobile CIS is another growth point after mobile phone CIS, which mainly has three logical supports: volume and price share. 1) quantity: the quantity is greatly increased, with an average of 2 traditional vehicles and 8- 16 new energy vehicles, and the CIS consumption of bicycles is greatly increased; 2) Price: The traditional car CIS is about $2.5 per car. In the future, the price of a single car is expected to rise by 30%-50% to several times, and the price of CIS will rise sharply. 3) Share: Will Automobile CIS has the second market share in the world CIS 2020 and is expected to become the first automobile CIS leader in the future. The main reason is that Howe, as the leading CIS enterprise in Europe, is difficult to be surpassed by other manufacturers because of the high barrier of pre-installation certification. Howe has the technology of combining large and small pixels, which is more suitable for automotive CIS under the trend of new energy, and is expected to become the world's first automotive CIS leader in the future.
According to Frost &; Sullivan, in 2024, other consumer electronics and security markets will be about 19 and $860 million.
1) CIS: OV, other consumer electronics, has made a breakthrough in the world-renowned VR customers and is expected to benefit deeply in the future VR/AR wave. 2) Security CIS: OV is currently occupying Sony's market share in the middle and high-end CIS field, and the supply ratio of Haikang and Greater China is also increasing.
Earnings forecast, valuation and rating: After the acquisition of Howell, Will became the world's leading CIS enterprise.
With the continuous innovation of light rail and the trend of rising volume and price, CIS industry will maintain long-term growth. The company will continuously improve its own technical strength, make new breakthroughs in the fields of mobile phone CIS and automobile CIS, and its market share and profitability will also be continuously improved. Under the semiconductor boom, the company is expected to achieve rapid growth. We maintain the company's net profit of 44.69 million yuan, 55.54 million yuan and 6.832 billion yuan from 2002/kloc-0 to 2023 respectively, and the current corresponding PE market value is 50, 40 and 33 times respectively, maintaining the "buy" rating.
Risk warning: mobile phone sales are less than expected, and industry competition intensifies risks.
Zhichun Technology (603690): the fast lane of wet equipment.
Category: Company Organization: Cinda Securities Co., Ltd. Researcher: Fang Jing Date: 202 1-08-27.
The leader of high-purity process system and the new force of wet equipment. Starting from the high-purity process system, the company gradually expands the five business divisions of BU 1-5, and develops wet equipment/wafer regeneration, high-purity process system, advanced process materials, biopharmaceuticals, optical sensors and optical devices respectively, which is expected to give full play to the advantages of customer resources and realize the coordinated development of various businesses.
With the continuous expansion of business lines, the company's income composition continues to be rich, and its income scale has grown strongly.
From 20 16 to 2020, the company's operating income increased from 263 million yuan to1397 million yuan, with an average annual growth rate of 5 1.8%. In terms of profit, with the batch shipment of wet equipment and the expansion of high-margin sensing business, the company's profit margin has increased year by year, with the gross profit margin of 202 1 Q 1 year reaching 42%.
As a supplier of equipment and systems upstream of the wafer factory, the growth of pure technology will benefit from the rapid expansion of domestic wafer foundry production capacity. According to our statistics, in 20021year, the new production capacity of domestic wafer factories will reach 640,000 wafers/month (equivalent to 8 inches). The company also expanded production through convertible bonds and fixed financing on 20 19/20 to meet the growth of downstream demand.
System: downstream demand is strong, and local customers are fully covered. High-purity process system is the key infrastructure of wafer factory construction, which plays the role of chemical storage and transportation. High-purity process system accounts for about 8% of the construction cost of wafer factory, and it is a high-value capital expenditure link in wafer factory construction. In addition to integrated circuit manufacturing, there are also a wide range of high-purity process systems in the pan-semiconductor industries such as panels, photovoltaics, LEDs, optical fibers and biopharmaceuticals.
The leading manufacturers in the high-purity process system industry are mainly American, Japanese and Taiwan Province manufacturers. Domestic manufacturers started late, and the company is one of the best. In 2020, the system business revenue is 863 million yuan, with a gross profit margin of 32%, ahead of competitors, and it has first-line customers in many industries, such as Shanghai Huali, SMIC, Changjiang Storage, Hefu Changxin, Silanwei, Xi 'an Samsung and Wuxi Hynix. In 2020, all core customers gave continuous repeated orders.
Wet equipment: customer verification is successful, and single-chip batch delivery is imminent. Cleaning is an important process link throughout the semiconductor industry chain. Each generation of process upgrade will bring an average 15% increase in cleaning steps, which is of great significance. According to the data of Taiwan Province Industrial Research Institute, the market space of semiconductor cleaning equipment will be $4.9 billion in 2020 and will reach $6.7 billion in 2025. At present, the global cleaning equipment market is monopolized by Japanese and Korean giants. In 20 18, DNS, TEL, SEMES and Lam accounted for more than 90% of the market share, and domestic manufacturers included Zhichun, Beifang Huachuang, Mei Sheng and Xinyuanwei.
At present, the localization rate of wet cleaning equipment is about 20%.
In 2020, the company produced more than 30 single-chip wet equipment and trough wet equipment, which increased by 50% compared with 20 19. At the same time, the new order amount of single wet equipment exceeded 360 million yuan, up by 1 12% year-on-year. The product covers all process nodes above 28nm, and the verification of 14nm is expected to start next year. On the customer side, the company has entered leading customers at home and abroad, such as SMIC, China Resources Micro, Regent Taiwan Province, TI, and won many orders. With the continuous expansion of the company's output, we are optimistic about the continuous growth of the company's share in downstream customers.
Business expansion: wafer recycling fills domestic gaps, and mergers and acquisitions develop sensing business. Wafer recycling business is an extension of wet process, which is mainly used to test the reuse of wafers. With the increasing consumption and price of silicon wafers, there is a strong demand for silicon wafer regeneration. At present, the share of domestic suppliers is less than 10%, and domestic substitution will be strong. Zhichun Hefei Factory is the first factory in China to produce 12 inch recycled wafers. Upon completion, it is estimated that the annual wafer recycling capacity will be10.68 billion wafers.
Optical sensing is another battlefield opened by the company through the merger and acquisition of BOX. From 2065438 to 2008, the global optical fiber sensor market reached 4.3 billion US dollars, with considerable space. The merger and acquisition of Bohui effectively increased the company's profits, contributing 3,654,387,000 yuan in revenue and 700 million yuan in net profit in 2020.
Profit forecast and investment rating: We estimate that the company's revenue in 2002122/23 will be19.03/25.71365438+23 million yuan, and the net profit attributable to the mother will be 316/424/5.24 million yuan respectively. Compared with comparable companies in the same industry, the current valuation is still in a reasonable range. Considering that the company is the leading company of wet cleaning equipment, with the continuous breakthrough of equipment technology and strong domestic substitution certainty, the market share is expected to continue to increase.
For the first coverage, give a "buy" rating.
Risk factors: cyclical fluctuation risk of the industry; Downstream customer expansion is less than expected risk; International trade friction risk.
Tong Ren Tang (600085): The growth of income and performance is in line with expectations, and the development of medicine and business is stable.
Category: Company Organization: Western Securities Co., Ltd. Researcher: Wu Tianhao Date: 202 1-08-27.
Event: Tong Ren Tang released 202 1 China Daily. During the reporting period, the operating income, net profit attributable to the mother and net profit deducted from the mother were 7.359 billion yuan/624 million yuan/61700 million yuan respectively, up by 22.58%/29.9 1%/29.57% year-on-year, and the performance growth was in line with expectations.
The growth of income performance in the second quarter is in line with expectations and has basically returned to a healthy level. In the first two quarters, the company realized operating income, net profit attributable to the mother and net profit deducted from the mother were 3.653 billion yuan/306 million yuan/300 million yuan respectively, up by 22.84%/26.61%/27.45438+0% year-on-year. Because the sales base of 20Q2 Company is affected by the epidemic situation and production capacity, the growth rate of 2 1Q2 is relatively high, and the revenue and performance amount are basically the same as that of 18Q2.
Medicine and commerce have maintained a high growth rate and developed steadily. 2 1H parent company realized operating income of 65.438+73.5 million yuan/526 million yuan respectively, up by 654.38+05.42%/654.38+07.13% respectively; Tongrentang Technology achieved operating income and net profit of 2.766 billion yuan/474 million yuan, respectively, up by 23.45%/65,438+06.72% year-on-year, and the core drugs grew steadily; Tongrentang Sinopharm achieved operating income and net profit of 587 million yuan/242 million yuan respectively, up by13.92%/14% respectively. Tongrentang Commercial achieved operating income of 4.36 billion yuan/185 million yuan respectively, up by 29.03%/10.99% year-on-year. At present, there are 900 pharmacies in the commercial sector, which mainly sell Chinese patent medicines and Chinese herbal pieces. In the same period of 2020, it was greatly affected by the epidemic, and 2 1H recovered obviously. 2 1H Company's top five drugs (Angong Niuhuang Pill, Niuhuang Qingxin Pill, Dahuoluo Pill, Liuwei Dihuang Pill and Jingui Shenqi Pill) achieved an operating income of 2.237 billion yuan, up 22.84% year-on-year, with a steady growth rate.
Maintain the "buy" rating. It is estimated that the company's net profit returned to the mother in the next three years will be165438+66 million yuan/12.9 million yuan/13.99 million yuan respectively, and the earnings per share will be 0.85 yuan /0.94 yuan/10.02 yuan respectively. At present, the PE corresponding to the stock price is 40.5 yuan and 36.6 times respectively.
Risk warning: the epidemic situation continues to affect overseas business risks, and the price increase of raw materials exceeds the expected risk.
Sino-Singapore Seck (0029 12): The front end resumed positive growth, and the back end was affected by overseas epidemic.
Category: Company Organization: Everbright Securities Co., Ltd. Researcher: Shi Qiliang/Liu Kai Date: 202 1-08-27.
Event: The company released 202 1 interim report, and realized operating income of 340 million yuan in the first half of the year, up by1%year-on-year; The net profit attributable to shareholders of listed companies was-44.33 million yuan, which turned from profit to loss year-on-year; Excluding the impact of the equity incentive fee of 57.2 million yuan, the net profit was 6,543.8+0.287 million yuan, down 865.438+0% year-on-year; It is basically consistent with the previous forecast and meets expectations.
Front-end: broadband network products resumed positive growth, and mobile network products grew rapidly. In the first half of the year, the revenue of broadband network products was 65.438+0.6 billion yuan, up 24% year-on-year, and the gross profit margin was 86.8%, down 654.38+0.065.438+0 pct year-on-year. The increase in income was mainly due to the recovery of industry demand after the epidemic, and the acceptance of some projects was postponed from the fourth quarter of last year to the first half of this year. We believe that 2 1, the relevant investment and construction departments will focus on planning and formulation, and it is expected to enter the construction boom cycle in 22 years. The revenue of mobile network products was 92.07 million yuan, up by 103% year-on-year, and the gross profit margin was 68.5%, down by 2.33ptc. The company launched 5G mobile network products in time and is developing 5G fixed mobile network products, which is expected to be released in the second half of 20021. We believe that the mobile network, as a post-5G cycle product, is expected to enter a rapid rising period in 22 years, replicating the growth path from 16 to 18.
Back-end: it is greatly affected by overseas epidemics. In the first half of the year, online content security revenue was 20.47 million yuan, down 57% year-on-year. The operating income of big data was 6.5438+0098 million yuan, down 85% year-on-year. Mainly due to the epidemic situation, it is difficult to expand overseas business, which has delayed the signing and execution of some orders.
Equity incentive fees suppress apparent profits and will be eased year by year in the future. In 20 years, the company granted restricted shares when the stock price was high, so it confirmed a high equity incentive fee. According to the previous disclosure data and annual report data, the company's equity incentive fee is about 0.6/1.3/0.9/0.4/0.1100 million yuan in 20-24 years, which further inhibits the release of performance. Now the share price has fallen a lot, which is close to the price of restricted shares.
Continue to invest in research and development, consolidate the advantages of traditional fields, and actively expand new directions. The company continues to invest a lot of manpower and material resources in the early research and development of new products. The R&D investment accounts for 43.4 1% of the operating income, and the R&D staff reaches 808, accounting for 57. 14% of the total number of the company. On the one hand, continue to increase investment in research and development in traditional business areas and maintain the continuous leading edge of products and technologies; On the other hand, it is also actively transforming to ToB business (enterprise digital transformation), and invested heavily in research and development and market in the early stage.
The company's own logic has been continuously verified: front-end extension and multi-department expansion. After years of continuous efforts, the company's management team has constantly verified its logic. From distribution to direct sales, the proportion of direct sales in 18~20 years increased from 74% to 84%. Products extend from the front end to the back end, and the proportion of network content security and big data operation products has increased from18 to 20 years 10.37% to 2 1.28%. Business areas have expanded from network information and public safety to security and industrial enterprise applications.
Maintain the "buy" rating: maintain the net profit forecast of 2 1~23 years of 3/45/500 million yuan, corresponding to PE 22X/ 15X/ 13X.
The valuation level has a margin of safety, and the "buy" rating is maintained.
Risk warning: government procurement cycle fluctuation risk, project acceptance cycle fluctuation influence, equity incentive fees suppress performance release.
Focus Media (002027): The performance is in line with market expectations. Single-screen cost-effectiveness, slow competition and obvious decline.
Category: Company Organization: soochow securities Co., Ltd. Researcher: Zhang Date: 202 1-08-27.
Key points of investment
In the first half of 2002/kloc-0, the company achieved revenue of 7.227 billion yuan, up 58.90% year-on-year, and net profit of 2.900 billion yuan, up 25.23% year-on-year. Among them, Q2 achieved revenue of 3.734 billion yuan, up by 3.97 1% year-on-year, and net profit attributable to parents was153.2 million yuan, up by 95.04% year-on-year. At the same time, the company expects to achieve a net profit of 65,438+04.80-65,438+063.0 million yuan in the third quarter, a year-on-year increase of 7.32%-65,438+08.20%.
The performance is in line with market expectations. In addition, the company changed the purpose of repurchasing shares and cancelled 236 million shares of the company, accounting for 65,438+0.66% of the company's total share capital; At the same time, the interim dividend is announced. Shareholders' feedback exceeded market expectations.
The company's performance is in line with expectations, but thanks to the improvement of the competition pattern, the cost of building media has decreased, which is better than market expectations. The company's revenue and profit in 202 1Q2 increased rapidly year-on-year, mainly due to the low base caused by the epidemic last year. From the perspective of splitting, building media achieved revenue of 3.4/kloc-0.3 billion yuan, up 30.3% year-on-year, and cinema media achieved revenue of 3 1.3 billion yuan, up 626.3% year-on-year. Although the company's revenue rose sharply in this quarter, the operating cost of building media was only 65.438+008 billion yuan, even decreased by 45.65438+0% year-on-year. At present, the company has 2.464 million outlets, up by 5.52% year-on-year, indicating that the company's single-screen cost decreased by about 654.38+00% year-on-year. Compared with the previous market expectation of rising rental costs, this quarter's cost decline is better than the market expectation. Mainly benefited from the improvement of the competitive landscape. Based on this, we will improve the company's earnings per share.
The tightening of education and training policies has limited impact on the company's performance. The profit of the company's 202 1Q2 is not significantly higher than that of Q 1, mainly due to the following reasons: 1 and 202 1 the number of people returning home during the Spring Festival decreased significantly, which led to a decrease in the enthusiasm of advertisers for the Spring Festival this year; 2. The advertisements of education and training institutions have been tightened by policies, and the advertisements of advertisers of Focus Online Education have been negatively affected. However, the company's income structure is diversified. Although online education advertisers account for a certain proportion of revenue, Focus continues to increase the development of advertisers in various industries, resulting in limited negative impact. Looking back on 2020, the company's revenue growth greatly exceeded market expectations, which was caused by the increase of advertisers in different industries such as new consumption, finance and games, and even the emergence of new consumption and fund advertisers was unexpected in advance. Macroeconomic recovery has brought about the improvement of the profitability of advertisers in many industries, which is an important reason for brands such as building media to increase advertising.
Earnings forecast and investment rating: As the company's cost reduction benefits from the improvement of the competition pattern, we raised the EPS of 202 1-2023 from 0.4 1/0.5 1/0.60 yuan to 0.42/0.51/0.6. We maintain the "buy" rating of the company.
Risk warning: Macro-economy fluctuates beyond expectations, competition intensifies, and repayment is unfavorable.