Real Madrid Technology (603181) Quarterly Commentary Report: Continued High Growth and Strong New Product Drive

Real Madrid Technology (603181) Quarterly Commentary Report: Continued High Growth and Strong New Product Drive
Event: The company released three quarterly reports for 19 years, reporting a series of realized operating income13.8 yuan, an annual increase of 10.08%; net profit attributable to mother 1.8.4 billion, an annual growth of 35.twenty two%.Single quarter revenue in the third quarter 5.2 ten percent, an increase of 16 per year.45%, an increase of 12 from the previous month.5%; net profit attributable to mother is 65.38 million yuan, an annual increase of 21.2%, an increase of 3 from the previous quarter.5%.The main reason for the sustained high growth of performance is the increase in sales of the company’s products. Key points for investment: Gradually increase the volume of 成都桑拿论坛 production and production, continuous high growth performance The company’s performance has achieved a quarter-on-quarter growth, mainly due to the gradually increased volume of production and production, and product sales increase.The supply of raw materials is stabilized through the large variety of products, and the profit level is maintained and improved through the small variety.The company raised 8.5 small varieties are expected to be completed in 20197.July.The initial recovery of infrastructure construction, Q3 single-season company sales of 27,066 tons of large variety products, an increase of 37% per year, an increase of 14%; sales of small variety products of 20,396 tons, an increase of 43%, an increase of 13%.In terms of price, the average price of a large variety of Q3 in a single season is 8,696 yuan / ton, which is 深圳桑拿网 replaced by 26% per second, which is an increase of 3% from the previous month.The price of the company’s small varieties is reduced in weight relative to the raw materials, and the gross profit margin is 21.32%, increase by 1 every year.32PCT, gross profit increased by 24 in ten years.18%. Break through the technology monopoly and enter MS resin, and the follow-up new products have strong overall performance. MS glue is a new type of product that combines the advantages of multiple product structures. At present, the mainstream manufacturers in the world are WACKER, Germany, and JAPAN, Japan.The company leads the technology research and development and breaks the technology monopoly. At present, pilot products have passed downstream customer testing, and the capacity of 5 MS resins is under construction. It is expected to be put into production in 2020, which will bring benefits to the company in 2021. Earnings forecast We expect the company’s EPS for 2019/2020/2021 to be 0.89 yuan, 1.12 yuan, 1.53 yuan, corresponding to the current continuous price-earnings ratio of 18 times, 14 times, 10 times.Maintain the “Recommended” level. Risks remind that market promotion is less than expected; process safety accidents; force majeure such as natural factors

AVIC Shen Fei (600760): Steady growth in 18 years of performance continues to be bullish on mass production of new fighters

AVIC Shen Fei (600760): Steady growth in 18 years of performance continues to be bullish on mass production of new fighters

Event: The company released its 2018 annual report.

In 2018, the company achieved revenue of 201.

51 ppm, a 10-year increase3.

56%, realizing net profit attributable to mother 7.

43 ppm, a five-year increase of 5.

16%, the corresponding return is 0.

53 yuan / share.

Comments: 1) Reported that the strategic company achieved revenue of 201.

51 ppm, a 10-year increase3.

56%, net profit attributable to mother 7.

43 ppm, a five-year increase of 5.


Among them, the company’s main industry aviation manufacturing industry achieved operating income of 198.

08 million yuan, an increase of 9 in ten years.


Revenue from other businesses 1.

44 trillion, a decrease of 87 a year.


In 2018, the company’s business plan was successfully completed. Thanks to the balanced production strategy, through the elaboration of detailed plans, the strengthening of equipment procurement, and the supporting control of parts and components, it was gradually completed to ensure the smooth completion of the annual business plan.

2) All the company’s businesses are carried out by its subsidiary Shen Fei Company, and it is reported that the merger of Shen Fei Company has achieved a revenue of 201.

51 ppm, a ten-year increase of 9.

06%, achieving a net profit of 7.

45 ppm, an increase of 14 years.


The operating income and profit of the listed company exceeded the scale of Shenfei, a wholly-owned subsidiary, due to the company’s major asset reorganization in 2017 and the impact of its acquisition of business.

3) Reported that the growth rate of net profit attributable to a series of companies was slightly higher than the growth rate of operating income, mainly due to the decrease in sales expenses by 56 compared with 杭州桑拿 the same period of the previous year.

18%, administrative expenses decreased by 11 compared with the same period last year.

42%, financial expenses decreased by 356 compared with the same period last year.


The decrease in selling expenses and management expenses was mainly due to the placement of business in the previous year, and the significant decrease in financial expenses was due to the increase in net interest income.

4) The book value of inventory at the end of the reporting period is 97.

70 ppm, an increase of 23 at the end of the previous period.


The book value of the work in process is 77.

70 trillion, an increase of 37 earlier.

69%; book value of raw materials 19.

9.6 billion, an increase of 11 from the beginning of the period.

07%, mainly due to the increase in the inventory of production and delivery of product reserves in the next year, reflecting the company’s good production of aviation products last year, some products have formed output value but have not yet been delivered. With the delivery of aviation products in 2019, the company’s aviation equipment performance is expected to improve steadily in the future.

The company is an important R & D and production base for military fighters and will continue to benefit from the peak of military aircraft installations.

Shenfei Group is known as “the cradle of Chinese fighter jets”. Since the founding of the People’s Republic of China, it has been insisting on this mission of key aviation defense equipment. It is a famous assembly plant such as J-15, J-16 and J-31.

At present, driven by the increasingly severe national defense security and geopolitical situation, and driven by the requirements of building a strong military that meets the national strategic requirements, military expenditures are now accelerating.

The annual defense budget for 2018 has exceeded one.

1 trillion yuan, the growth rate rose to 8 in ten years.


In the future, it is expected that military expenditures will continue to grow and increase steadily at a higher growth rate. Aviation military equipment supporting weapons and equipment that is the state’s key support will continue to accelerate the installation.

To benchmark the intergenerational composition structure of American fighters, and considering the domestic replacement and installation requirements for third and fourth generation aircraft, the army’s demand for various types of fighters including Shen Fei and Cheng Fei is expected to exceed 1,000 in the next 10-15 years.
We believe that the huge objective demand is expected to improve the company’s existing continuous mass production and new models of fighters will usher in stereotypes and volume, which will promote the company’s continued rapid growth in revenue.

The wave of restructuring of military enterprises has injected new vitality into equity incentives.

On May 15, 2018, the company issued a long-term stock incentive plan. On October 18, the incentive plan was approved by the SASAC.

According to the revised implementation measures, the company this time to the company’s senior management, directors and technical backbone of a total of 80 subjects to 22.

The price of 53 yuan / share was awarded a total of 317.

10,000 shares of stock.

The forthcoming equity incentive plan will further improve the corporate legal person governance structure, promote the establishment of the company, improve the distribution mechanism that combines incentives and constraints, fully mobilize the enthusiasm of the company’s directors, senior management and key employees, and effectively bring shareholders’ interests to the company.The combination of the interests and the personal interests of the operators will help improve the company’s management level, promote the rapid improvement of the company’s operating performance, and ensure the smooth realization of the company’s long-term development goals.

The reform of the military product pricing mechanism has driven the company’s development, and its profitability is expected to continue to improve.

With the advancement of the reform of the pricing mechanism of military products, the 5% profit cap is loosened, which is beneficial to the machine manufacturers whose net profit margin has been improved.

Combined with international experience, the net profit margin of the whole company is expected to increase from the current 2-4% to 5% -8%, and the profitability will potentially increase the space barrier. As an assembly company, the company will benefit from the reform of the military pricing mechanism.

Earnings forecast and rating: Our 2019/20/21 EPS forecast is 0.



85 yuan, corresponding to a PE of 55/44 / 38X in 2019/20/21, giving the company a “Recommended” rating.

Risk reminder: military aircraft installation is less than expected, structural adjustment of military expenditure

4 tips for losing weight in winter, so easy to shape the S curve


4 tips for losing weight in winter, so easy to shape the S curve

4 tips for losing weight in winter 1銆乄hen you wake up in the morning, eat more food. Breakfast is the most important meal in the human body. The key role of weight loss is that when the human body is in sleep, the metabolism rate will decrease, and after awakening, the metabolism will beReturn to normal, so you should eat breakfast as soon as possible after the wake up, so that the speed of the new generation will increase, which can also be a good slimming effect.

2, no time to eat breakfast, do not have a lot of hands, many people because of rushing to work, often talk about breakfast this important thing to ignore, in fact, this alternately hurt the body, is an important factor leading to obesity, even in the hurry, don’t forgetBring breakfast to your office, and when you feel obese, you can get a strong refueling breakfast, which will bring you positive energy all day, and will not cause too much lunch.

3, like the child to drink yogurt to maintain the daily intake of yogurt, can consume 60% of the body more than others, the yogurt is rich in calcium ions, can be a catalyst to help the body’s unfortunate burning more quickly and effectively, ifWhen you eat some beans and vegetables with food, you can double the effect.

4, honey human cells faithful defenders Many well-known honey is a very good food, is good for the blood, can prevent the disease of the heart circulatory system, while honey also has a rich antioxidant and detoxification effect, help the human body willThe waste in the body is quickly eliminated from the body, which improves the metabolism of the whole body, especially for the long-term accumulation of cockroaches in the human body, helping the body to achieve rapid weight loss.

How old is your face?


11 small details on the front, let you grow old instantly!

How old is your face?
11 small details on the front, let you grow old instantly!

The years are such a killing knife, the knife is urging the old.

Young face, full, soft lines, no edges, smooth skin, no wrinkles (imagine touch, must be soft and elastic).

It is a pity that the knife is dry, the face is blunt, the skin is dull, and the gully is covered!

This is the process of the bones, muscles, adults, skin and other organizational structures, which are slowly deformed due to the external environment and gravity.

First, it is the face-shaped bone that changes the bones, muscles, and fascia provides the basic frame of the face, just like the reinforced concrete of the house.

When young, these frames are very strong. As the age increases, the bones begin to be absorbed, the muscles shrink and become thinner, the fascia begins to become thinner and looser, and with the effect of gravity, the face is narrower and narrower.The shape becomes an inverted heart shape with a narrow upper and a lower width.

In fact, it is the change of skin and subcutaneous aunt. With the increase of age, the aunt’s aunt gradually softens and becomes less loose, and the skin gradually becomes thinner and looser, loses its elasticity, and hangs down under the action of gravity.

This not only aggravates the change of the heart shape to the heart shape, but also the skin gradually loses fullness and gloss, and the color becomes uneven. Under the effect of the habitual facial expression of the year, the often folded skin begins to wrinkle.With all kinds of lines, the texture has changed.

These details make Yan Lingda’s Yan Yan software also measure the face, face fullness, skin gloss, wrinkles and so on.

Now let me tell you the details that make Yan Ling (note, not the value of the face) rise. You can look in the mirror and see if there are any such terrible things.

Heads are particularly prone to people who like to look up.

The frown pattern is also called the Sichuan word pattern. People who like frowning are more common, old and not angry.

Distal sag and vascular exposure If the sacral portion is exceptional and the muscles are atrophied, the underlying blood vessels are clearly exposed and the overlapping lacing is exposed.

The eyebrows sag because the fixing device for fixing the eyebrows becomes loose, the surrounding skin is slack, and the eyebrows are displaced downward.

The periocular skin around the eyes is the thinnest of the whole body skin, so the first is fine lines.

When the upper eyelid is relaxed, there will be aging triangle eyes, radial crow’s feet appearing above the horizontal direction, and dark circles and bags under the eyelids.

Teardrop tears often appear with the lower eye bags, tears appear, will soon be old, will look tired, bitter.

The nasolabial folds are definitely a deep knife mark carved into the full length of the years.

When the cheeks are depressed, the aunt on the cheeks makes the face look round, full, and then drained, and there will be obvious depressions on the cheeks.

The thinning of the lips and the appearance of wrinkles around the mouth is a very obvious old phase.

The contour of the mandible is gradually shortened and disappears. The loosening of the skin will cause the angle of the mandible to disappear. The aunt’s aunt will pile down, long double shuang or “turkey neck”.

A loose strip of skin on the distal skin strip and the neck of the neck will appear as a preliminary line, and in addition to frequent bowing, there will be a neck line formed by the broken skin fibers.