[Securities Star Editor's Note] Following the narrow adjustment from yesterday's high, the index opened lower across the board today and fluctuated lower. Although hot topics that have been strong in the past few days had some daily limits in early trading today, they quickly ope

[Securities Star Editor's Note] Following the narrow adjustment from yesterday's high, the index opened lower across the board today and fluctuated downwards. Although hot topics that have been strong in the past few days had some daily limits in early trading today, they quickly fell after opening quickly during the session. The phenomenon of falling from highs is serious, and even the healthy Chinese sector, which has enjoyed good profits today, has opened up and weakened. On the contrary, market makers are very popular. A number of market makers such as Nanfang Co., Ltd., Hongsheng Co., Ltd., Xinhuadu, Andeli, Holiland, etc. have made gratifying gains today. Many individual stocks have closed their daily limits by the end of the day. Guidong Electric Power once closed at the end of the trading day. One order pulls the daily limit, and another order has an amplitude of more than 10%. According to past practice, the trend of market makers is erratic and difficult to trace. Please be aware of the risks. There are risks in the stock market, so investment needs to be cautious. The individual stocks mentioned in the article are for reference only and do not constitute buying or selling advice.

Environmental Energy Technology: Performance is slightly lower, expectations are optimistic about the company's future layout

Category: Company Research Institution: Changjiang Securities Co., Ltd. Researcher: Tong Fei Date: 2016-10-26

Event Description

Recently, the company disclosed the third quarterly report of 2016, the first three In the quarter, the company achieved total operating income of 324 million, a year-on-year increase of 70.69%; net profit attributable to the parent company was 44 million, a year-on-year increase of 10.95%.

incident comments

Subject to the decline in traditional business prosperity, the company's performance was slightly lower than expected. The company's performance in the first three quarters was approximately 44 million, a year-on-year increase of 10.95%, mainly due to the consolidation of Jiangsu Huada (the merger date was October 31, 2015). Jiangsu Huada's net profit attributable to the parent company after deducting non-recurring gains and losses in the first three quarters was approximately 14 million. It can be seen that excluding consolidated performance, the company's performance declined, mainly due to the decline in the prosperity of traditional industries, which affected equipment sales. To.

company has strengthened its business areas and regional layout, and its future development is worth looking forward to. On the one hand, the company supplements its business and qualification shortcomings through acquisitions; on the other hand, the company actively expands markets outside the province, targeting regions such as the Bohai Rim, the Pearl River Delta, and the Yangtze River Delta. In August this year, the company won the emergency treatment project for water quality improvement at the outbound section of Hedongdian, Pinggu District, Beijing, which was the company's first PPP project, and the expansion has achieved initial results. The company has mastered the core technology of ultramagnetic separation. We predict that with the opening of the black and odorous water treatment market, the company's business and regional layout will gradually enter the realization period.

Profit Forecast and Investment Suggestions: Taking into account the dilution of private placement, we estimate that the company's EPS from 2016 to 2018 will be 0.45, 0.67, and 0.93 yuan respectively, and the corresponding valuations will be 74x, 50x, and 36x respectively. Maintain a "buy" rating! Risk warning : Systemic risk, fixed increase risk, risk of project progress not being as good as expected!

Leyard: There is no danger of annual performance growth, waiting for the company to perform

Category: Company Research Institution: Zheshang Securities Co., Ltd. Researcher: Yang Yun Date: 2016- 10-26

Announcement Overview

The company announced its third quarterly report: operating income of 2.813 billion, a year-on-year increase of 150.4%, and net profit attributable to shareholders of listed companies of 303 million, a year-on-year increase of 64.37%. Investment points

A large number of non-recurring gains and losses were confirmed in Q3, and there is no concern about the full-year growth rate!

Q3 net profit in the single quarter was 120 million, and the net profit growth rate was lower than the half-year growth rate in 2016, mainly due to two large transactions in Q3 2016 A total of 33.4823 million incidental expenses were incurred. One was compensation for labor relations with the former CEO of the American company PLANAR of 2.5 million US dollars (a total of 16.46 million yuan), and the other was hedging losses of 17.01 million.

Small-pitch revenue recognition is accelerating, and the leading pattern continues!

As of the date of the announcement, new LED small-pitch orders were 1.24 billion, a year-on-year increase of 75%. It can be said that the orders are lower than our expectations, but the main reason is that the supply of upstream lamp beads is serious The shortage was caused by a sharp slowdown in order volume from September to October. It is understood that the current lamp bead production capacity has been expanded. We are very confident about the order revenue in the next February. It is likely to exceed 1.9 billion for the whole year, and the global market share still exceeds 50%. In addition, revenue recognized from January to September was 825 million, a year-on-year increase of 106.48%. Revenue recognition has accelerated significantly, and the company is accelerating the process of converting orders into revenue. Gross profit margin remains at 39%.We maintain our judgment unchanged. LED small-pitch LED is indeed the fastest-growing and most certain sub-sector in the LED downstream application industry. The compound growth rate in the next five years will exceed 50%. The company is the biggest beneficiary! The

lighting project has a complete layout. The cultural sector is gradually gaining strength

and the lighting sector is gradually adding new members: Vanke era is focusing on the northwest region, and Bridge Lighting is focusing on the southwest region. The national layout is gradually completed, and the engineering foundation is laid for the implementation of cultural tourism projects. The cultural sector is progressing smoothly. Among the reserved projects, Moutai National Liquor Performing Arts is progressing smoothly (trial at the end of the year). It has signed urban cultural tourism cooperation agreements with the Wuhou District Government, Zunyi Municipal Government, and Chongqing Wushan, and won the bid for the Yinchuan Cultural Entertainment Theme Park Project. We are negotiating major cultural cooperation projects with Kunming, Tengchong, Shangri-La, Beihai, Chengdu, Xi'an, Lanzhou and other places. The company has set sail in the RMB 100 billion market for the upgrading and transformation of China's scenic spots and cities.

Profit Forecast and Valuation

The company is the leading company in LED small-pitch products. The LED small-pitch product market has exploded + the performance of epitaxy products has increased + cultural and performing arts projects have opened up the company's future development space. We estimate that the company's net profit attributable to the parent company in the next three years will be 640 million, 1.04 billion, and 1.34 billion, corresponding to EPS of 0.82, 1.34, and 1.72 yuan per share. Taking into account the high growth of the company's performance and expectations of external mergers and acquisitions, a buy rating is maintained.

West China Energy: Laying out the diversified development strategy in the field of graphene and getting ready to start again

Category: Company Research Institution: Guohai Securities Co., Ltd. Researcher: Tan Qian Date: 2016-10-26

Investment Points:

Graphene has a wide range of applications. The industrialization process begins. Graphene has excellent and unique electrical, optical, mechanical and chemical properties, and shows broad application prospects in many fields. Major countries and regions in the world have elevated graphene research to a national strategic level. my country has actively introduced policies to promote graphene research and industrial application. Currently, research progress has led the world. The market size in 2015 was approximately US$6.1 million, a year-on-year increase of 336%, and the prospects are promising.

’s cash acquisition of the graphene company’s equity is expected to cultivate new profit growth points for the company. After the company suspended trading for more than half a year, it adjusted its original plan to acquire 100% equity of Hengli Shengtai ( Xiamen ) Graphene Technology Co., Ltd. to acquire 15% equity. The strategic thinking of laying out new materials has not changed. Hengli Shengtai's performance commitments for the three years of 2016, 2017, and 2018 are no less than 500 million yuan, 600 million yuan, and 700 million yuan respectively. From January to August 2016, it has achieved a net profit of 230 million yuan. This acquisition can bring investment income of approximately 270 million yuan to the company.

's boiler business has advanced technology, accurate customer positioning and steady development. The company's main business is the manufacturing of power station boilers such as pulverized coal boilers and special boilers. It is a leading second-tier boiler enterprise in my country. Pulverized coal boilers are mainly used in self-owned power plants of combined heat and power enterprises and high-energy-consuming enterprises; the production strength of special boilers is strong, and many products are leaders in subdivided industries.

actively participates in the “Belt and Road Initiative” and accelerates the expansion of overseas orders. Up to now, the company has signed overseas contracts worth 4.507 billion yuan, won bids for projects worth 4.623 billion yuan, and has received overseas orders of more than 10 billion yuan since 2011. Considering that contract orders will enter the peak of revenue recognition in 2017 and successful bid projects will enter the peak of revenue recognition in 2018, the average annual income from overseas orders from 2017 to 2019 will exceed 300 million yuan, which can effectively support the company's long-term performance growth.

laid out the biomass and waste-to-energy market early, successfully won the bid for the PPP project, and gradually released its environmental protection potential. The company transformed its environmental investment and operation business earlier. Through continuous equity acquisitions, it completed the strategic layout of domestic biomass and waste-to-energy power in the northeast, southeast, southwest, northwest and other regions, and gradually became a market-competitive biomass and waste-to-energy company. Investment Operator. This year's successful bid for the Zigong PPP project has opened up a new field of environmental protection for the company. The company's existing regional advantages and engineering general contracting competitive advantages can play an active role in the construction of PPP projects, and its competitive advantages in biomass power generation equipment, construction and investment operations and reserves will also help the company further acquire PPP projects.

maintains the company's "buy" rating: We are optimistic about the company's layout in the graphene industry, as well as the performance contribution brought by the continued expansion of general contracting project orders and the transformation and diversification strategy in the environmental protection field.Excluding the impact of this equity acquisition on performance enhancement, we estimate that the company's 2016-2018 EPS will be 0.30, 0.44, and 0.57 respectively, corresponding to the current stock price PE of 45.19, 30.08, and 23.37 times. If the equity acquisition is successful, the pro forma net profit forecast for 2016-2018 is 2.8, 4.0, and 500 million yuan, corresponding to the current stock price PE of 35.54, 24.39, and 19.44 times, maintaining the company's "buy" rating.

risk warning: risks of graphene technology development and industrial application not meeting expectations; risks of graphene production not meeting expectations and insufficient market demand; risks of equity acquisition projects not being approved by the shareholders' meeting and Xiamen Free Trade Zone filing; progress of each project Risk of not meeting expectations.

Changyuan Group : The extension of the automation industry boosts high growth, and the expansion of the lithium battery industry accelerates.

Category: Company Research Institution: Changjiang Securities Co., Ltd. Researcher: Wu Bohua, Zhang Yao, Ma Jun Date: 2016-10-26

Report highlights.

event description.

Changyuan Group released its third quarterly report. During the reporting period, the company achieved total operating income of 3.95 billion yuan, a year-on-year increase of 40.40%; net profit attributable to shareholders of the parent company was 453 million yuan, a year-on-year increase of 36.74%.

event comment.

Non-net profit has maintained a high growth rate of more than 50%, and the performance growth rate has slowed down in the third quarter. In the second quarter of last year, the company received investment income of more than 49 million yuan from the sale of Lianjian Optoelectronics' equity. After deducting the impact of non-recurring gains and losses, the growth rate of net profit attributable to the parent company in the third quarter report still exceeded 50%. Looking at individual quarters, the company achieved operating income of 1.526 billion from July to September, a year-on-year increase of 23.17%; it achieved attributable net profit of 183 million, a year-on-year increase of 1.20%, and the growth rate slowed down from the semi-annual report.

Yuntali's sales increased significantly and contributed to the main performance growth, and its traditional main business remained stable. Yuntali, which the company acquired last year, is the leader in domestic automated testing equipment. Currently, the downstream industry is mainly in the consumer electronics industry. Currently, there are abundant orders on hand, and it is actively expanding into new fields such as VR and automotive electronics. It is expected that the profit in 2016 will significantly exceed the previous commitment (170 million) . During the reporting period, Yuntaili's sales increased by 663 million compared with the same period last year, and we estimate that the corresponding net profit increase was approximately 120 million. After deducting Yun Taili and investment income, we judge that the company's original main business still maintains stability and growth. Among them, the power grid business insurance is relatively good, with sales growth of more than 10%. The automated extension of

continues to be implemented, and the third quarterly reports of Shanghai and Eagle have begun to be consolidated. Changyuan Group has actively implemented its expansion M&A strategy in recent years, with its main expansion directions including automation and electric vehicles. In the field of automation, in addition to acquiring Yuntali last year, the company will continue to invest in Daoyuan Industrial and Shenzhen Ankexun this year, and at the same time acquire 80% of Shanghai Heying's equity for 1.88 billion yuan in cash. Heying Technology is the leader in automation in the sewing industry. Although demand in the domestic apparel industry has been sluggish in recent years, rising labor costs have still boosted the popularity of automated production lines, leaving the company with huge room for development. The company promised to deduct non-net profits of no less than 150/200 million yuan from 2016 to 2017, and it is expected that the probability of exceeding the promise is extremely high.

The lithium battery business has been deployed for a long time and is waiting for the expansion of production capacity to become a new growth point. In addition to automation, Changyuan Group also focuses on laying out the electric vehicle industry chain. The company has successively controlled Jiangsu Huasheng (80% equity), and also participated in Xingyuan Materials, Waterma, and Hunan Zhongli. Jiangsu Huasheng is the domestic leader in lithium battery electrolyte additives, and is currently subject to obvious production capacity constraints (net profit in 2015 was 60.54 million; in the first half of 2016, it was 34.02 million, a year-on-year increase of 28%). The company is currently constructing the Zhangjiagang Phase II project and the Taixing project to actively expand production, and its production capacity has nearly tripled. It is expected that after the above-mentioned projects reach production in 2017, Jiangsu Huasheng’s net profit will usher in significant growth.

predicts that the company's attributable net profit in 2016-17 will be 7.3/1.01 billion respectively, and maintains its recommendation.

Risk warning: The company's business progress is lower than expected.

Hengli hydraulic : Revenue achieved significant growth, construction machinery stabilized and recovered

Category: Company Research Institution: Northeast Securities Co., Ltd. Researcher: Liu Jun, Gaopeng Date: 2016-10-26

Event: Company before 2016 In the third quarter, revenue was 967.27 million yuan, an increase of 20.52% over the same period last year, and net profit attributable to shareholders of listed companies was 41.07 million yuan, a decrease of 37.53% over the same period last year. The construction machinery industry began to pick up in the third quarter, resulting in a significant increase in the company's operating income. However, affected by the overall macroeconomic and fixed asset investment growth decline, the domestic construction machinery industry is still not optimistic.The decrease in profit was due to the decrease in government subsidies included in non-operating income during the same period and the increase in fixed cost expenses such as depreciation and amortization related to the new business of hydraulic pump valves.

is a leading enterprise in the domestic hydraulic industry, deeply engaged in the field of special oil cylinders for excavators and non-standard oil cylinders: the company is a large-scale enterprise with the largest manufacturing scale, the most complete product varieties and series, the most competitiveness and influence in China's hydraulic industry, and is committed to hydraulic industry products With technological innovation, its products are mainly special cylinders for excavators and non-standard cylinders, with a domestic market share of more than 40%. After listing, the company invested in building the country's first large-scale production base for high-pressure precision hydraulic castings. At the same time, it actively explored overseas markets and became an internationally influential provider of complete sets of hydraulic equipment and a provider of hydraulic technology solutions.

company actively explores overseas markets, and the internationalization of its products has achieved remarkable results: Against the background of the current slowdown in my country's economic growth, the company focuses on exploring the European, North American, and Japanese markets. The number of overseas high-end brand customers has increased significantly, and foreign sales revenue has increased. . In the second half of the year, the company will continue to use innovation to consolidate its industry position in the international competition of hydraulic transmission systems and build an internationally influential high-end hydraulic transmission component and system intelligent manufacturing enterprise.

invested in the establishment of a subsidiary to enter the aerospace field: In the first half of the year, the company invested with its own funds to establish a wholly-owned subsidiary, Jiangsu Henghang Hydraulic, using its own industrial technology characteristics to enter the high-end hydraulic components of proprietary equipment in the aviation, aerospace, shipbuilding and other industries. In the system field, Henghang Hydraulics was approved as a third-level confidentiality qualification unit in August, and the company has further advanced its layout in the high-end hydraulic field.

Investment Suggestions and Ratings: We estimate that the company’s net profits from 2016 to 2018 will be 89 million yuan, 121 million yuan, and 178 million yuan, EPS will be 0.14 yuan, 0.19 yuan, and 0.28 yuan, and PE will be 101 times, 74 times, and 51 times. Give it an "overweight" rating.

Risk warning:: The construction machinery industry continues to decline; overseas sales are lower than expected.

AutoNavi Infrared: The prospect of paying equal attention to both the military and civilians is promising

Category: Company Research Institution: Changjiang Securities Co., Ltd. Researcher: Mo Wenyu Date: 2016-10-26

Report Highlights

On the evening of October 25, 2016, AutoNavi Infrared released " Wuhan Gaode Infrared Co., Ltd. 2016 Third Quarter Report". In the first three quarters, the company achieved operating income of 483 million yuan, and net profit attributable to shareholders of listed companies was 41.89 million yuan, a year-on-year increase of 30.97% and 5.93% respectively; in the third quarter, it achieved operating income of 180 million yuan, and net profit attributable to shareholders of listed companies. 3.48 million yuan, a year-on-year increase of 73.10% and 16.02% respectively. At the same time, the company expects to achieve a 10%-40% increase in net profit attributable to shareholders of listed companies throughout the year, mainly coming from the development of emerging businesses and the increase in traditional orders.

's acquisition of Handan Electromechanical not only increased revenue, but also increased gross profit levels. The company's acquisition of Handan Electromechanical has been consolidated since the fourth quarter of last year, so the year-on-year growth rate of performance in the third quarter is still very high.

From the perspective of gross profit margin, the company's gross profit margin has continued to decline in recent years since the high point of 61.54% in 2010 to 45.38% in 2015. After the company acquired Handan Electromechanical, the gross profit level increased significantly. In the first three quarters of 2016 The gross profit margin was 56.23%, a year-on-year increase of nearly 12 percentage points.

seizes the opportunity of mass production of core components to promote the popularization of infrared thermal imaging technology in emerging civilian fields. Taking the mass production of the core device - infrared uncooled focal plane detector as an opportunity, the company invested in the establishment of a wholly-owned subsidiary Xuanyuan Zhijia Technology (Shenzhen) Co., Ltd. to vigorously promote the market development of infrared vehicle night vision systems and continue to expand the smart car industry chain . The company's vehicle-mounted night vision product - NDriver "Night Walker" is an effective safety aid for driving at night and in bad weather such as rain, snow, fog, haze, etc. The company continues to consolidate cooperation with a number of independent brand automobile companies on a variety of models. On the basis of establishing a good cooperative relationship on new models, we will create the "New Vision" brand and cooperate with well-known domestic automotive electronics manufacturers to expand the field of infrared vehicle night vision.

The military industry chain is complete and the products have core competitiveness! The company's business field has been extended to the field of pyrotechnics after the acquisition of Handan Electromechanical. In specific subdivided fields, the company actively develops a series of precision-guided weapon systems and strives to achieve mass production of "fourth-generation" portable infrared "self-seeking" anti-tank missile weapon systems as soon as possible.At present, the company has built an entire industry chain of infrared weapons and equipment systems from upstream infrared core devices to midstream weapon subsystems and finally to the final missile weapon system as a whole. Its missile weapons and equipment have first-class core competitiveness in the country! We continue to recommend the company , EPS is expected to be 0.13, 0.22, and 0.37 yuan in 2016-18.

Risk warning: Orders are not as good as expected; mergers and acquisitions integration is not as expected

Jidong Cement: In line with expectations, the supply and demand pattern continues to improve. The third quarter report has outstanding performance

Category: Company Research Institution: Shenwan Hongyuan Group Co., Ltd. Researcher: Meng Yeyong Date: 2016-10-26

Net profit for the first to third quarter of 2016 was -452 million yuan, a year-on-year increase of 25.09%, equivalent to EPS -0.336 yuan, in line with expectations. In the first to third quarter of 2016, the company achieved operating income of 9.076 billion yuan, a year-on-year increase of 6.51%; net profit attributable to the parent company was -452 million yuan, a year-on-year increase of 25.09%, equivalent to EPS -0.336 yuan, in line with expectations. In the third quarter, the company achieved operating income of 3.816 billion yuan, a year-on-year increase of 11.95%, and net profit attributable to the parent company of 475 million yuan, a year-on-year increase of 159.31%, equivalent to EPS of 0.35 yuan. In the third quarter, the company's main gross profit margin was 32.94%, the highest in history in 10 years, with significant year-on-year growth of 13.45% and 13.27% respectively.

The recovery in demand drove sales growth, costs and expenses dropped, and profits in the third quarter further improved. We estimate that the company's cement and clinker sales in the first to third quarter of 2016 will total 58.21 million tons, a year-on-year increase of 13.3%; the company's cement and clinker sales in the third quarter are expected to be 21.3 million tons, a year-on-year increase of 6%, and a month-on-month decrease of 14. %, exceeding the national average. The sales price of the company's cement and clinker from January to September was 177 yuan, a year-on-year decrease of 7%, mainly due to the cement price in the Beijing-Tianjin-Hebei region falling to the lowest level since 2008 in the first quarter. With the integration of Jidong BBMG, regional coordinated price increases , as of the end of the third quarter, the price of high-standard cement in Hebei was 270 yuan, an increase of 50 yuan from the same period last year, and an increase of 90 yuan from the low at the end of the first quarter. After the merger, Jidong BBMG has achieved unified management of sales and procurement, and the company's costs and expenses have improved in 1-3Q. Among them, the ton cost/ton expense was 138 yuan and 42 yuan respectively, down 11 yuan and 18 yuan year-on-year, and the net profit per ton was -7.78 yuan. The loss narrowed by 4 yuan. In 2016, regional cement prices showed a trend of first low and then high. The price rebounded and the single-quarter performance improved most significantly in 3Q. The net profit per ton reached 22 yuan, turning a loss into a profit compared with the same period last year, which was the highest single-quarter net profit in 14 years.

Jinyu Jidong has joined forces to accelerate synergy and achieve a remarkable leading effect. After the reorganization, BBMG Jidong's concentration in the Beijing-Tianjin-Hebei region reached 52%, and its market control has increased. On the one hand, the company has compressed independent grinding stations by not selling clinker, and on the other hand, it will gradually phase out its own small 2,500T/D production lines, and further expand production capacity and increase regional market share through acquisitions, large group production capacity replacement, cross-shareholding, etc. We believe that this merger will have two impacts on Jidong: 1) Improve debt levels. After the integration, the credibility of Jidong Enterprises has been improved, and the average financing cost has been reduced to 5.2%. The company will replace part of the high capital cost of 6.5%, and it is expected that the annual financial expenses will be reduced by 180-200 million yuan. 2) The management team has been further optimized and the cost side has been significantly improved. After the merger, the two parties will achieve unified management of sales and procurement, and there will be greater room for compression in procurement costs and management costs, reducing costs and increasing efficiency.

The supply and demand pattern continues to improve, profits have recovered from the bottom, and the full-year performance has turned around, maintaining the "overweight" rating. From the perspective of regional demand, the cumulative output of Beijing, Tianjin and Hebei increased by 14% year-on-year from January to September, maintaining rapid growth. It is expected that new production capacity will account for 2.2% in 2016, and the supply and demand pattern continues to improve. As the integrated development of Beijing, Tianjin and Hebei accelerates, it is expected to drive the large-scale construction of major projects such as transportation (railways, highways), infrastructure (airports, Winter Olympics, etc.), real estate, etc., and demand is expected to remain at a high level in the next 2-3 years. The recovery in demand combined with the synergy effect, the bottom of the company's profit recovery, the price throughout the year showed a trend of first low and then high, the third quarter performance further improved, we predict that the full year performance is likely to turn losses into profits, we maintain the company's 15-17 EPS at 0.02/0.66 /0.98 yuan, maintaining the "overweight" rating.

Shouhang Energy Conservation: The solar thermal business develops smoothly and local policies add support

Category: Company Research Institution: Lianxun Securities Co., Ltd. Researcher: Wang Fenghua Date: 2016-10-26

Event: Company announcement, the company achieved operating income in the third quarter 251 million yuan, a year-on-year increase of 122.58%; net profit attributable to the parent company was 18.5911 million yuan, a year-on-year increase of 259.09%.As of the first three quarters, the company's operating income reached 640 million yuan, a year-on-year increase of 17.82%; net profit attributable to the parent company was 106 million yuan, a year-on-year increase of 26.41%; earnings per share were 0.05 yuan.

The solar thermal business is progressing smoothly, and sufficient project reserves will promote performance growth.

The company's profit increased significantly in the third quarter, mainly due to the low base of the loss reported in the same period last year. Revenue in the first three quarters remained stable compared with previous years. As of the end of the third quarter, the company's projects under construction increased by 43.57% compared with the end of the previous year, mainly due to the increase in investment in solar thermal power generation projects. Currently, the company's Dunhuang phase II 100MW project is under construction and is expected to be completed and put into operation before the end of 2017. In the second half of the year, the company made repeated breakthroughs in its solar thermal business. The reserve of solar thermal projects during the "Thirteenth Five-Year Plan" period is expected to exceed 1.6GW, which is enough to ensure the company's performance growth in the next few years.

Hebei Province has released a solar thermal power generation plan and is optimistic about the company's project acquisition capabilities.

In the third quarter, the first batch of solar thermal demonstration projects was announced; judging from national and local solar thermal plans, the industry is about to usher in a climax of development and construction. At present, the company has reached cooperation intentions with local governments in Gansu, Qinghai, Haixi, and other places, and its market share will exceed 30%. Recently, Hebei Province issued the "Thirteenth Five-Year Plan for Renewable Energy Development in Hebei Province", proposing to actively carry out solar thermal power generation pilot projects focusing on areas with good light and heat conditions such as Zhangjiakou and Zhangjiakou; by 2020, strive to build a solar power plant CSP generates 500,000 kilowatts of electricity, all distributed in the Zhangcheng area of ​​the northern Hebei power grid. Previously, Zhangjiakou planned to achieve 1 million kilowatts of solar thermal power generation installed capacity by 2020. We believe that the introduction of provincial-level plans will provide convenient conditions for the integration of solar thermal power generation and the construction of supporting facilities for local industrial development, which will further promote the development of the solar thermal industry in Zhangjiakou and surrounding areas. The company has previously established a subsidiary in Zhangjiakou to lay the foundation for developing solar thermal business locally. We are optimistic about the company's future business development and project acquisition capabilities in this region.

's business is stable, maintaining a "buy" rating.

's air cooling business remains stable, and its photothermal business continues to achieve breakthroughs, which provides strong support for performance. We maintain the company's forecast of net profit of 3.18/6.92/1.009 billion yuan in 2016/17/18; maintain the forecast of EPS of 0.13/0.28/0.41 yuan (considering the impact of additional issuance), with a target price of 11.20 yuan, and maintain a "buy" rating.

Risk warning

The progress of the solar thermal power generation project is lower than expected; the national policy on solar thermal power generation has undergone major changes; the construction progress of the waste heat power generation project is lower than expected; the progress of the air cooling order project is lower than expected; macroeconomic and market systemic risks.

AIER Ophthalmology: Two-wheel drive continues to exert performance and maintain rapid growth

Category: Company Research Institution: Southwest Securities Co., Ltd. Researcher: Zhu Guoguang Date: 2016-10-26

Event: The company achieved operating income of 3.08 billion yuan in 2016Q1-Q3 ( +26.3%), net profit attributable to the parent company was 470 million yuan (+30.7%), and net profit attributable to the parent company after deducting non-profit items was 470 million yuan (+27.3%).

's performance has maintained rapid growth and its profitability has been stable. The company's refractive surgery and optometry services performed well, achieving revenue of 970 million yuan (+32.9%) and 670 million yuan (+34.3%) respectively. Affected by the Wei Zexi incident and the weakening of offline screening, cataract surgery was completed Revenue is 700 million yuan (+18.6%). In the future, with the strengthening of screening and the development of grassroots market, the growth momentum of cataract business will still be strong; 2) The company's profitability is stable, with gross profit margin (47.4%) and net profit margin (15.5%) maintained steady.

two-wheel drive continues to exert force, and the network layout is further improved. The company has joined hands with industrial M&A funds to accelerate the layout of outlets focusing on prefecture-level hospitals through new construction and mergers and acquisitions. At present, more than 120 hospitals have been deployed across the country, with comprehensive layout in provincial capital cities, prefecture-level layout is advancing, and the pace of expansion is accelerating: 1) In terms of self-owned funds, Zhengzhou Aier Eye Hospital and Luzhou Aier Eye Hospital have been newly built Hospital, Ningxiang Aier Optometry Clinic, etc. continue to improve the in-depth layout of each province and simultaneously explore the development model of optometry; 2) In terms of mergers and acquisitions funds, Oriental Aier and Aier Zhongyu Industrial Fund acquire and build new eye hospitals according to the plan. It has also newly participated in the establishment of Nanjing Airstar Ophthalmic Medical Industry Investment Fund, Ningbo Honghui Equity Investment and M&A Fund, Shenzhen Dachen Chuangkun Equity Investment and M&A Fund, and Tianjin Xinxinsheng Equity Investment Partnership.At present, hospitals in provincial capital cities have been comprehensively deployed, and the layout at the prefectural and municipal levels is advancing. Based on a 2-3 year turnaround period, it is expected that M&A fund projects will be batch-loaded into the listed company system in 2017-2018, when the company's performance will accelerate.

lays out eye health management from multiple angles, and creates new business growth points. 1) The company actively enters into Internet medical care, and cooperates with partners such as Alipay to actively promote strategic planning in mobile medical care, such as "Future Hospital", Ali Health, etc., jointly create a new service model of the Internet in the field of ophthalmology, and give full play to the company's offline chain hospitals Huge potential throughout the country. 2) The company is currently focusing on establishing communities, rural eye health e-stations, and optometry clinics, developing big data and cloud services, and actively developing ophthalmic wearable devices. Its subsequent layout in the field of health management is worth looking forward to. Currently, it has invested in Jingzhijing Technology and Jinhong Technology, developed the "Intelligent Ophthalmology Reading Management System", developed the "AIER AR Glasses Try-On System", invested in Beijing Chunyu Tianxia Technology Co., Ltd., and initiated the establishment of the Chunfeng-AIER Mobile Medical Project fund.

profit forecast and investment advice. Considering the impact of the weakening of offline screening of cataract business in the short term, we have lowered our profit forecast. It is estimated that the company's EPS from 2016 to 2018 will be 0.55 yuan, 0.73 yuan, and 0.97 yuan respectively, and the corresponding PEs will be 61 times, 46 times, and 35 times. Under the M&A fund and partnership model, new and old hospitals work together to contribute to profit increments. Three rounds of equity incentives activate employee enthusiasm. 2017-2018 ushered in the peak of M&A fund project consolidation, and mobile medical and wearable devices It is also expected to become a new growth point for the company, maintaining a "buy" rating.

Risk warning: The risk of core business growth being slower than expected, and the risk of M&A fund asset injection progress being slower than expected.

Emerging cast pipes: Yangtze Steel strongly recommends both safety margin and valuation catalyst

Category: Company Research Institution: Changjiang Securities Co., Ltd. Researcher: Wang Hetao, Xiao Yong Date: 2016-10-26

At this time, we mainly recommend both Emerging cast pipes with a margin of safety and valuation catalyst:

1) The divestment of loss-making steel assets in Xinjiang and the exchange of 1.627 billion yuan of equity in Jihua Group will help the company's steel assets to be deployed lightly, optimize the industrial layout, and enhance the popularity and popularity of the company's assets Value-added capability;

2) The cast pipe field has decided to invest in the construction of 300,000 tons of new production capacity and improve the regional layout of leading production capacity. It is expected to further benefit from the advancement of urbanization, the demand growth brought by consumption upgrades, and the industry's capital, technology and performance barriers. Increased concentration;

3) initiated the establishment of a 1 billion yuan environmental protection fund, leveraging the financial advantages of central enterprises to enter PPP, striving to enhance the synergy of the main business and create new profit growth points;

4) the absolute and relative PB quantiles are at 27.36% and 11.78% respectively. The historical low provides a margin of safety, and the fixed-increase base price of 4.87 yuan per share may be supported. The national reform and the PPP concept are expected to increase the valuation;

predicts that the company's EPS in 2016 and 2017 will be 0.17 yuan and 0.19 yuan respectively, and it is recommended to buy.

risk warning: 1. Systemic risks occur in the market; 2. Industry demand fluctuates beyond expectations.

Contemporary Mingcheng: Join hands with high-quality partners to help develop theater channel business

Category: CompanyResearch institution: Changjiang Securities Co., Ltd.Researcher: Ma XianwenDate: 2016-10-26

The company plans to invest 51 million (investment ratio 51%) with Wuhan Sheng Dao Venture Capital Fund Management Co., Ltd. (a related party of the company) and Digital Smart Cinema Management (Beijing) Co., Ltd. jointly established Wuhan Contemporary Dian Dian Future Cinema Management Co., Ltd. Dian Dian Future Cinema will use market means to operate, manage, invest and develop cinemas .

partners have outstanding resource advantages in the cinema industry chain. 1) CIAS system, the cinema SaaS platform product of Smart Cinema’s controlling shareholder “Dian Dian Holdings”, is in a leading position in the film industry. Dian Dian Wuxian cooperates with more than 1,500 domestic theaters and has a market share of more than 37% leading the country (data source: Dian Dian) Unlimited Company official website), its business scope covers major first-tier cities in China, the United States, Japan and South Korea. Through this, smart cinemas have gradually formed a business model that takes cinema business as the core and provides a complete software and hardware service system and management backend for cinema operations.We believe that the partner's leading market share, rich operational experience and industry chain resources in the field of cinema management will be conducive to the company's future expansion in the cinema terminal market. 2) Another partner, Shengdao Investment, is a wholly-owned subsidiary of Contemporary Group (the controlling shareholder of Xinxing Hanyi, the company’s controlling shareholder). In August 2016, it completed the fundraising of a RMB 500 million fund, focusing on consumption upgrades, Investment layout in cultural entertainment, sports, medicine and medical services, tourism and other related fields.

The development momentum of Chinese movies is still strong, and the channel business prospects are promising. 1) The domestic film market is still expected to maintain a high growth rate, and its potential is still outstanding: Although the growth rate of movie box office has declined during the year (mainly affected by the small year of movies and the obvious shrinkage of Internet ticket rebates), the number of movie viewers and the number of screens are still at a high level. In the rapid growth stage, as of mid-October, the number of moviegoers for the whole year was 1.121 billion, close to 1.25 billion last year. The number of screens reached 37,817, an increase of 5,817 from the beginning of the year, and it is expected to exceed 40,000 by the end of the year; 2) Domestic cinema areas The development is uneven and the structure is relatively scattered. There is still great development potential and market integration space in the future. We are optimistic about the company's future layout potential in this field.

is advancing in the scheduled increase, and the two-wheel-driven cultural industry platform of film and television + sports will gradually improve. The company recently announced a 600 million fixed increase plan. The subscribers are all related parties to demonstrate its confidence in development. At the same time, the funds raised at the business level will be further used for the layout of the film, television and sports industries. The replenishment of funds and the continuous integration of industrial resources will help the company's integrated layout of the cultural industry. Improved day by day.

maintains a buy rating. The company's EPS in 2016/2017 is expected to be 0.38/0.50 yuan respectively, corresponding to PE50/38 times, and the buy rating is maintained.

Risk warning: There are risks in company establishment, and subsequent business progress will not be as expected.

Zhenghai Magnetic Materials: The drive motor is rising rapidly, magnetic material adjustment is optimistic about the long term

Category: Company Research Institution: Southwest Securities Co., Ltd. Researcher: Lan Ke Date: 2016-10-26

Events: (1) Zhenghai Magnetic Materials releases third quarter report, 1 -In September, the company achieved operating income of 1.12 billion yuan, a year-on-year increase of 13%, and net profit attributable to the parent company of 110 million yuan, a year-on-year decrease of 21%; in the third quarter, the company achieved operating income of 390 million yuan, a year-on-year increase of 6.8%, and net profit attributable to the parent company of 39.4 million yuan yuan, a year-on-year decrease of 14.2%. (2) The company and its holding subsidiary Shanghai Dajun invested 68 million yuan and 12 million yuan respectively to establish the subsidiary Shanghai Junzheng. The subsidiary is mainly engaged in the manufacturing, sales and maintenance of electronic control systems for new energy vehicles.

Drive motors are rising rapidly: In the first three quarters, Shanghai Dajun’s new energy vehicle motor drive system business achieved operating income of 490 million yuan, a year-on-year increase of 66%, maintaining rapid growth. As the haze of "fraudulent subsidies" comes to an end, the growth of new energy will drive demand for the drive motor business. Shanghai Dajun has a series of core technologies with independent intellectual property rights in the field of new energy vehicle drive motors. As its production line of 100,000 new energy vehicle motor drive systems is gradually put into production, the company's performance will significantly improve. The company's investment of 80 million to establish Shanghai Junzheng will further enhance the company's core competitiveness in the field of new energy vehicle motor drive systems.

The performance of magnetic products has declined in the short term, but is promising in the long term: In the first three quarters, the company's magnetic materials achieved operating income of 630 million yuan, a year-on-year decrease of 16%, mainly due to the decline in upstream raw material prices compared with the same period last year, coupled with the downstream wind power, elevators, and variable frequency air conditioners. Competition in other industries has intensified, and the price and sales volume of the company's magnetic products have declined compared with the same period last year. The company is actively optimizing the NdFeB magnetic product structure and customer structure, increasing the penetration of high-performance NdFeB permanent magnet materials in the target market, expanding customer clusters, and enhancing market position.

's fixed-increase project supplements the flow and escorts the company's steady development: the company plans to raise a total of no more than 760 million yuan through non-public issuance, all of which will be used to supplement the company's working capital. This non-public issuance will help listed companies seize the development opportunities of high-performance NdFeB magnets in key areas and overseas markets, help Shanghai Dajun’s market development and rapid growth, and accelerate the realization of core links in the new energy automobile industry. layout.

Profit Forecast and Investment Suggestions: The company is one of the NdFeB companies with top comprehensive technical capabilities in the country. It acquired Shanghai Dajun and formed a dual-main business layout of "NdFeB + drive motor". We are optimistic about the company's future drive motor business. The performance is developing rapidly. Regardless of the impact of fixed-term supplementary flows on the company, we predict that the EPS from 2016 to 2018 will be 0.30 yuan, 0.37 yuan and 0.40 yuan respectively, maintaining the "overweight" rating.

Risk warning: NdFeB downstream demand is lower than expected, and the growth rate of electric vehicles is lower than expected and other risks.