Runxin Technology: By the tide of the Internet of Things, the king of new generation chip distribution
Source: CIC Securities
The Internet of Things enters a stage of rapid development, and communication connection chips and sensor chips will be heavily scaled. The Internet of Things is entering a stage of rapid development, the cloud management side is simultaneously exerting force, and the cloud is smashing the application of the Internet of Vehicles and the remote meter. The pipeline end is entering the era of the IOT Pipeline with the completion of the NB-IOT protocol. The side also cut off the creation of networked terminal equipment such as drones, smart meters, and intelligent vehicle terminals. According to the predictions of many organizations such as ITU, Cisco, and Intel, the number of global IoT terminals will reach 50 billion by 2020, and the proportion of communication link chips and sensor chips as the core components of the IoT terminal will be further improved. In 2020, the proportion will increase to over 50%, and the total demand will reach 25 billion pieces, 40 times that of 2015. The fast-growing IoT terminal will greatly stimulate the demand for communication connection chips and sensor chips, and the company's business will also enter the stage of explosive growth.
The advantage of “distribution resources + application solutions†to build a strong Great Wall. The company has the advantages of supply channel resources of internationally renowned IC design manufacturers and customer resource advantages of excellent electronics manufacturers, and has formed sufficient influence in the domestic IC distribution industry. At the same time, the company has steadily strengthened the technical capabilities of the application solutions. Based on the existing chip platforms of the suppliers, the company has independently developed R&D or customer-independent R&D to complete IC application solutions based on downstream demand. In the future, IoT applications will be diversified and enriched. The applications of drones, smart meter terminals, various handheld terminals, and sensor monitoring terminals will be poor, and product manufacturers will put more energy into products. Functional design and business model development, and product hardware circuit development will rely more on chip distributors, then the company's application program technology capabilities will be prominently highlighted, building strong barriers.
As a leading chip distributor in China, the company is steadily improving its application solution capabilities while strengthening the advantages of distribution resources. With the advent of the Internet of Things, the company relies on the advantages of “distribution resources + application solutions capabilities†and is expected to become the king of next-generation chip distribution.
Modern Avenue: Acquired Italian fashion buyer's shop, the five-year strategic plan is gradually advanced
Source: Everbright Securities
On June 21, the company announced that its wholly-owned subsidiary, Hong Kong Kanudi Road, plans to acquire the relevant assets of EXCELSIOR MILANO, a famous fashion buyer brand under the COIN Group, one of Italy's largest apparel retailers, with no more than 21.3 million euros of its own funds. Related long-term expectation of assets, inventory, brand trademarks and domain names and other intellectual property rights, daily business related contracts and employees, etc.). On January 31, 2016, MILANO's net assets were 9,933,500 euros. The delivery date of the underlying asset is August 1, 2016 or a separate date agreed by both parties.
The company's five-year strategic plan is gradually advanced. On June 4, the company added a total of 866 million yuan for investment in the fashion store o2o project, Italy's LEVITAS SPA 51% equity acquisition and DB brand marketing network construction project, etc., which was approved by the China Securities Regulatory Commission; on June 13, the company announced its controlling grandson. The company's Hong Kong Modern Avenue 002656 Investment Co., Ltd. invested US$1 million to subscribe to the Silicon Valley technology company YOUSPACE preferred stock, holding 5% (YouSpace is now in the startup and technology research and development period, as of the end of 15 has not generated operating income, net profit loss of 978919.26 US dollars), officially cut into In the VR field, we will cooperate with each other in the future, and plan to experience the store/online platform VR technology to meet the customers' higher shopping experience. This acquisition of EXCELSIOR MILANO further strengthens the layout of the buyer's shop, and builds the self-built buyer's shop 01MEN. Based on the modern fashion boutique store Antonia and the self-built online cross-border e-commerce platform, the modern road is expected to play a synergistic effect, integrate global fashion channel resources and brand resources, and promote the overall construction of fashion store O2O.
The pressure of the company's high-end men's wear business is still relatively large, but the goal after the transformation is clear, and the investment layout areas have high international reputation, optimistic about the company's transformation direction to global fashion brand operators. In the short term, the new business is still in the investment period, the performance contribution is difficult to reflect, and the input costs are large, and the performance will continue to be under pressure. The company expects a net loss of RMB 10-25 million in January-June 2016, and temporarily maintains EPS of 0.01-18, 0.04, and 0.05 yuan for 16-18 years. The valuation is relatively high and maintains an “overweight†rating.
Huizhong shares: commercialization of the frontier technology of the Internet of Things is coming soon
Source: Southwest Securities
On June 16, the Internet of Things standard NB-IoT was officially approved and frozen, marking the Internet of Things: the letter technology has reached a new level. Recently, the main drafter of NB-IoT, Huawei, cooperated with Fuzhou Municipal Government, Fujian Provincial Economic and Trade Commission, and Zhirun Company to promote the NB-IoT project to Fuzhou and build a national-level Internet of Things frontier industrial base. This cooperation will become a demonstration of commercialization of NB-IoT in China, which will lead to a series of IoT technologies to realize the industry. The arrival of NB-IoT will set off a wave of technological upgrading and product innovation in the industry, and instrumentation companies in the water and electric field will also become the main beneficiaries.
NB-IoT opens a new chapter in the Internet of Things, and the commercial tide is about to hit. As the most advanced IoT communication technology, NB-IoT has overcome many technical problems with its four major advantages: First, it has a wide coverage, which is 10 times larger than the traditional network coverage area and can cover the underground environment. Second, the capacity is large and single. The community can support 100,000 device connections; third, low power consumption, can work for 10 years depending on battery power; Fourth, low cost, the cost of a single module does not exceed 40 yuan. At present, in the globally connected Internet of Things terminals, terminals that access operators' mobile networks account for less than 6%. Through the deployment of NB-IoT, it is estimated that by 2020, the number of C-IoT (Collaborative Internet of Things) connections will reach 1 billion, which is 2.5 times higher than that of 2015. The cellular Internet of Things based on NB-IoT technology will have great potential in the next few years. Business blue ocean.
The commercialization of new technologies is imminent, and the company's products may benefit. The company is in the leading position in the field of smart meter products and technologies. In particular, it has launched the “Smart Water Supply 3.0†solution that reflects the concept of Internet of Things. Its water meter products with mature communication functions have been widely used in traffic monitoring, pipe network data collection and other fields. . It is believed that the commercialization of Internet of Things communication technology represented by NB-IoT will greatly promote the development of smart meter enterprises, and there will be a large number of products supporting NB-IoT standards in the future. The company has long been deeply cultivating smart instrument technology. With solid technical strength, it is expected to take the lead in realizing product innovation based on NB-IoT standard. In addition, the reform of domestic heating network and water supply network is continuing to advance, which can provide the company with a more stable stock market and incremental market. The company's performance prospects are expected.
Earnings forecasts and investment advice. The EPS of the company is expected to be 0.69 yuan, 0.78 yuan, and 0.90 yuan in 2016-2018, respectively, corresponding to 45 times, 39 times, and 34 times of PE. In view of the steady growth of the company's business, coupled with the new development climax of the domestic IoT market, the company's instrumentation products as a direct beneficiary, its revenue performance will achieve further growth in the next 1-2 years, so the company given 60 in 2016 Double PE, corresponding to the target price of 41.40 yuan, given a "buy" rating.
Kehua Hengsheng: Quantum fingerprints break through the limits, and the company's IDC potential is further enhanced
Source: Guotai Junan
Maintain the overweight rating and maintain the target price of 60 yuan. Today, the team of Pan Jianwei of the Chinese University of Science and Technology has achieved the first breakthrough in the channel capacity through quantum fingerprint recognition, which has improved the efficiency of optical fiber information transmission by more than 80%. The results were published in the International Physical Science Academic Journal, Physical Review Letter. The universal acclaim and high recognition of the world physics community. It can be simply understood that quantum fingerprint recognition is a transmission technology that can greatly increase the capacity of communication lines. The same information, transmission by quantum fingerprint recognition technology will greatly reduce the amount of information transmitted, greatly improving transmission efficiency. The company is expected to connect IDC to the quantum communication network to further enhance the competitiveness and development potential of IDC services. It is estimated that the company's 16/17 EPS will be 1.18 yuan / 1.96 yuan, and the target price will be 60 yuan, maintaining the overweight rating.
The company is expected to achieve IDC access to quantum communication networks, further enhancing IDC/cloud potential and competitiveness. At the end of 2015, the National 13th Five-Year Plan proposed to include quantum communication as one of the major science and technology projects. The state's special investment in quantum communication and policy support will inject strong momentum into its rapid development. It is believed that the company's participation in the construction of quantum communication lines is expected to take the lead in connecting IDC to the quantum communication network, which has the following advantages: 1) high security, absolute confidentiality, 2) providing extremely high-capacity data storage and transmission services, and further enhancing IDC services. Competitiveness. The popularization and application of quantum fingerprint recognition technology will increase the transmission capacity of existing communication lines exponentially, which will drive the expansion of upstream IDC traffic. At the same time, quantum communication is an absolutely secure transmission technology, which will make the company IDC have strong competitiveness in terms of security and business capacity. In the future, the company will have the security and high-capacity business carrying capacity in the managed cloud + quantum communication, and further improve the company's cloud service potential and competitiveness.
Dean Diagnostics: Acquisition Acceleration, Plus "Service + Product" Strategy Development
Source: Guojin Securities
Event: On June 22, 2016, Dean Diagnostics 300244 plans to use self-raised funds of 150 million yuan to purchase and increase capital of Shaanxi Kaihongda Medical Equipment Co., Ltd. After the transaction is completed, it will hold a 60% stake in Kaihongda. The price corresponds to 11 times P/E ratio in 2016. The performance commitments are not less than 23 million, 30 million, and 39 million in 2016~2018, respectively, corresponding to an average annual compound growth rate of no less than 30%.
Comment: Shaanxi Kaihongda is one of the largest companies selling imported medical inspection equipment in Northwest China. Its main distribution products cover major large-scale tertiary and secondary hospitals in the business area. Through this strategic investment, Dean Diagnostics will leverage the resources and channel advantages of Shaanxi Kaihongda's existing medical institutions, and through the organic integration with the independent laboratory service network, it can quickly establish, promote and implement “services†in its business coverage areas. + product "integrated solution.
Since the beginning of this year, the company has successively obtained the phased results in the development strategy of the “service + product†integrated business model through mergers and acquisitions: in terms of regional channels, the company has successively acquired Xinjiang Yuanding, Yunnan Shengshi Kehua, Inner Mongolia Feng In the field of third-party medical laboratory layout, the company recently announced the acquisition of Jiangxi Huaxing, the largest independent medical laboratory in Jiangxi.
Investing in mergers and acquisitions enables the company to quickly occupy channel resources: The company actively grasps the favorable opportunity for the development of the in vitro diagnostic industry, rapidly integrates the advantages of channel resources through investment methods, and provides comprehensive solutions for medical diagnostic services and diagnostic products for medical institutions at all levels. Further improve the company's sustainability and core competitiveness.
Investment M&A brings about a thickening of the company's performance: four major channel mergers and acquisitions and laboratory mergers and acquisitions this year, Xinjiang Yuanding, Shengshi Kehua, and Shaanxi Kaihongda promised a compound growth rate of no less than 30% in the next three years, Inner Mongolia Fengxin Medical and Jiangxi Huaxing promised a compound growth rate of no less than 25%. Mergers and acquisitions have brought the performance of listed companies to increase.
While consolidating and expanding its main business, the company continues to build seven technology platforms to promote cooperation with large-scale top three hospitals to build precision medical laboratories, precision medical consultation clinics, pathological remote consultation platforms, special queue biological sample resource management libraries and medical big data. Analysis, etc., in the clinical practice of new technologies, clinical conversion of clinical transformation and precision treatment, have obtained high-end resources cooperation. Health checkups, forensic appraisals, CRO central laboratories, and third-party cold chain logistics are also steadily advancing.
Shanghai Xinyang: Wafer chemicals + large silicon wafers lead a new round of high growth
Source: Great Wall Securities
Investment suggestion: The EPS of the company is expected to be 0.36 yuan, 0.51 yuan and 0.79 yuan in 2016-2018. The current stock price is 133 times, 94 times and 61 times corresponding to PE. The company is the beneficiary of the development of the domestic semiconductor industry. The products will continue to be heavy, and the large silicon wafer project will fill the domestic gap. After the project is put into production, it will have huge economic and social benefits, and the “Recommended†rating will be given for the first time.
Investment points: semiconductor special chemical suppliers, deep development and horizontal expansion: the company is mainly engaged in research and development, design, manufacturing and sales of semiconductor-specific chemical materials and ancillary equipment. At present, it has a lead wire surface treatment chemical capacity of 4,600 tons / year, wafer copper plating, cleaning chemicals production capacity of 2,000 tons / year, has become a mainstream supplier in the domestic semiconductor market. The company's development path in recent years mainly focuses on two aspects: on the one hand, the semiconductor industry continues to develop in depth, in addition to the existing semiconductor traditional packaging electronic chemicals, wafer processing and wafer level packaging of electronic chemicals, wafer dicing Knives are gradually increasing in volume and investing in the production of semiconductor wafers. On the other hand, it has been actively expanding to other application fields of functional chemical materials, and has actively tried and laid out some new product fields such as industrial special coatings and surface treatment chemicals for auto parts.
Zhongdian Xinlong: Non-public issuance, smart city projects are expected to expand
Source: Shen Wan Hongyuan
The non-public issuance will expand the anti-terrorism robot 300024 and drone capacity. The company plans to invest 590 million to promote the anti-terrorism robot and UAV industrialization project in the public security field. This expansion of production capacity will help the company expand in the field of public safety and smart cities, and have more projects to undertake. Subsidiary CLP Xingfa provides solutions, products and operation services for public security, military, judicial, municipal departments, enterprises and institutions to provide public security and anti-terrorism, smart cities, etc., and realized operating income of 610 million yuan in 13 and 14 years respectively. 653 million yuan, net profit of 84.55 million and 52.93 million yuan respectively, the past project experience is good, with a certain sales advantage, that the public safety field is expected to contribute 140 million to 160 million profits for the company in 16 years.
The Shanghe Summit was held, and public safety once again attracted attention. President Xi Jinping recently attended the 16th meeting of the Council of Heads of State of the Shanghai Cooperation Organization Member States held in Tashkent. The SCO is an effective mechanism for maintaining peace and stability in the Eurasian region. The main point of this meeting is to respond to the international Discussion on unconventional security challenges such as terrorism, extremism, organized crime, and drug trafficking. The state and public safety continue to attract the attention of the state, and the safe city is gradually extended to each prefecture-level city. In 2015, the size of China's security market was 500 billion yuan, and the market scale of security equipment was 200 billion yuan. The company relies on good brand, sales and technology. Advantages will fully benefit from the promotion of safe city
Smart charging piles have been placed in the hand, and new capacity will be added. The company plans to invest 380 million yuan to build a new intelligent charging pile capacity, with an annual production capacity of 23,200 sets. The company's R&D team led by two post-doctoral students from Tsinghua University, innovatively developed an adaptive smart charging pile for electric vehicles. The charging pile is equipped with various charging interface standards, which can charge different models. At the same time, it can automatically detect the electric vehicle BMS system through CAN communication technology, and communicate with the BMS system, and call the optimal charging strategy to start the charging pile output voltage according to the battery parameters. Charging an electric car, there are orders already in hand. It is expected that with the help of other projects of the State Grid, the charging pile operation and equipment sales business will be rapidly spread.
Maintain earnings forecasts and maintain Buy rating. The company develops in an endogenous and decentralized manner. The traditional high-voltage and low-voltage equipment of the main business is based on the premise of ensuring profit and return, and will remain stable on the basis of 15 years; anti-terrorism explosion-proof robots and drones are expected to usher in explosive growth. The charging pile has already been placed, and it has the possibility of extending the industry chain. It is expected that the performance of the interim report will increase significantly year-on-year. The EPS for 16-18 years is expected to be 0.34/0.39/0.50 yuan, respectively, corresponding to PE/46/40/32X, maintaining profit forecast and maintaining Buy rating.
Recco Defence: Acquiring assets to complete outdoor extension mergers and acquisitions
Source: GF Securities
Acquired Qiwei Technology to complete the asset transfer, optimistic about further extension expectations. The company's issuance of shares and payment of cash to purchase 100% of Qiwei Technology has completed the transfer of assets. Following the acquisition of the science and technology Lei Ke and Chengdu Aikete, the layout in the field of military information technology has taken a step forward. The company adheres to the extension of the development strategy, and sufficient cash flow provides financial support for further outreach mergers and acquisitions. We are optimistic about the company's expectation of further extension of mergers and acquisitions in the field of military information.
The performance has been supported, and the performance of the acquisition target has grown rapidly. Science and Technology Recco promised to deduct non-net profit of 6193/7715/96.34 million yuan in 15-17 years, and Aikete promised to deduct non-net profit of 3300/4500/5 million yuan in 16-18 years. Qiwei Technology promised 16-18 years The non-net profit of the deduction was 4,500/6000/78 million yuan. In the next three years, the three subsidiaries will promise a compound annual growth rate of more than 25%.
Synergies are expected to bring new levels. The company strengthens internal horizontal integration. The science and technology Leiko and Aikeote and Qiwei Technology have synergistic effects in technology, products and channels. On the one hand, it is conducive to reducing costs, on the other hand, it is conducive to the research and development of new products. New performance growth points.
Earnings Forecast and Investment Proposal: Considering the completion of the acquisition of 70% equity of Chengdu Aikete and 100% equity of Qiwei Technology, the EPS of the company is expected to be 0.13 yuan, 0.19 yuan and 0.23 yuan in 16-18 years. We are optimistic about the development prospects of the company's military information technology business and the prospects for outsourcing, and maintain a "buy" rating.
Risk Warning: Completion of performance commitments is not up to expectations; outbound mergers and acquisitions are lower than expected.
Zhiguang Electric: Hand in hand with core technology, steadily promote integrated energy services across regions
Source: Essence Securities
Event: Zhiguang Electric 002169 announced that Zhejiang Xinneng Photovoltaic Technology Co., Ltd. signed the "Strategic Cooperation Letter of Intent" on June 20, 2016. The two sides will carry out comprehensive strategic cooperation on photovoltaic power generation, electricity service and electricity sales.
Hand-in-core technology, layout of photovoltaic power generation, development of electricity service and electricity sales market in Jiangsu and Zhejiang: Core Energy Technology was established in 2008, has been deeply immersed in the photovoltaic industry, has now grown into a product development, production and development of distributed photovoltaic power plants, Construction, operation and maintenance as one of the whole industry chain companies. The company cooperated with Xinneng Technology to exploit its advantages in the photovoltaic field to invest in high-quality photovoltaic power station projects; and to establish a sales company to develop and sell electricity through its customer resources in Jiangsu and Zhejiang; At the same time, the two sides will also cooperate to set up a power service company to jointly develop electricity and gas facilities operation and maintenance services, and use real-time monitoring technology and platform software to realize power value-added services for power users' big data mining. It is believed that this cooperation will help the company to cross-regional layout and promote integrated energy technology and service provider business.
Shortlisted in the catalogue of Guangdong's electricity sales companies, hope to share the Guangdong electricity reform dividend: Guangdong Provincial Economic and Information Commission officially announced the second batch of 54 eligible sales companies to enter the catalogue, if all the above enterprises through publicity, participate in Guangdong Electric Power The number of electricity sales companies trading on monthly competitions will be expanded from 13 to 67. The company's wholly-owned subsidiary "Zhiguang Power Sales" (registered capital of 250 million) ranked first among the 54 short-listed power sales companies. This short-listed indicates that the company is expected to participate in the remaining seven monthly concentrated bids in Guangdong this year (remaining concentration) The trading power is about 10 billion kWh), and enjoy the reform dividend on the selling side.
As a pioneer in the reform of the electricity sales side, Guangdong introduced a power sales company to participate in the direct trading advice notice in March. Based on the supplier’s monthly concentrated competition, the electricity is not removed from the planned electricity, and the transaction price difference is 75% back to the background of the power generation enterprise. The reform attitude is positive. At the same time, since the power sales company and the user side sign more annual power purchase contracts, the price sensitivity of the user side has been pre-set and the price sensitivity is low; in the completed March-June centralized bidding, Fang (power plant) made a profit of 708 million yuan to the demand side (basically for the electricity sales company), which brought visible performance expectations to the sales company.
It is expected that with the entry of more power sales companies in the future, the high return of the sales companies will be compressed, and the ultimate profit model of the power sales companies will no longer be limited to the purchase and sale of electricity, providing customers with high-quality and low-cost power. High-quality value-added services will be the core of its foothold.
Accelerated promotion of electricity service layout, enriching customer resources and providing incremental business opportunities: The company recently announced that Sun Company’s “Zhaoqing Zhiguang Power Service†obtained the license for the installation of power facilities issued by the South Network, and the layout of the company’s electricity service has been improved. As early as the end of 2014, the company has established “Zhiguang Power Service Companyâ€. At present, there are 6 local power service companies including Guangzhou, Shantou and Zhaoqing. This year, it is expected to deploy 16 regional electricity service companies and strive for more than 12 of them. After realizing the operating income, after the completion of the subsequent fixed increase, the company plans to complete the corresponding layout of 37 regions in 2017, covering the five provinces and regions of the South Network.
Investment suggestion: Optimistic about the strategic layout of the company's positioning of integrated energy service providers and service providers. The sales of electricity and user services share customer resources and develop synergistically. The EPS of the company is expected to be 0.55 yuan, 0.77 yuan, and 1.03 yuan in 2016-2018, and maintain the investment-A investment rating. The 6-month target price is 27.7 yuan.
Neusoft carrier: underestimated smart home and integrated circuit quality target
Source: Orient Securities
The meter business continued to grow steadily: the State Grid began a large-scale intelligent meter transformation several years ago, and some meters have entered the replacement cycle. State Grid is also promoting the upgrade of power carrier technology. The company is a company with comprehensive technology layout and is expected to expand its market share in the process of technology upgrade. The company is also expanding from power carrier chips to modules, and the product value has doubled the room for improvement. In addition, as the largest public utility organization, State Grid is promoting the integration of four meters of electricity meters, water meters, gas meters and heat meters, thereby greatly increasing the application fields and market space of power carrier technology.
The smart home market has a large space, and the company is expected to benefit: the company has a rich product line in the smart home field, covering a complete set of smart home solutions from terminal devices, gateways, mobile phone software to servers. Hardware products include smart gateways, LCD switches, curtain controllers, Dimming controller, human body sensor and two-way interaction. The maturity of artificial intelligence technologies such as voice control will provide a basic guarantee for the rapid development of smart homes, and the company is expected to benefit significantly from the rapid development of the smart home market.
Strong competitiveness of integrated circuits: Shanghai Microelectronics Subsidiary has strong technical strength in the MCU field, and has applications in battery management and other fields. It has recently obtained the "Commercial Password Product Sales License", laying the foundation for entering the security chip. The company also has a joint venture with AVIC's Lanpei to deploy high-frequency system-level packaging technology. With the advancement of communication technology, high-frequency system-level packaging technology will have a wider application field.
With financial forecasting and investment advice: Trace l predicts that the company's 16-18 earnings per share are 0.74, 0.89 and 1.07 yuan respectively (the original forecast is 2.62/3.50/4.47, respectively. The main reason for the adjustment is the ex-rights, and the growth rate of power carrier products. Lower than expected, according to comparable companies, the company was given a 53x P/E valuation in 2016, with a target price of 39.2 yuan, maintaining a Buy rating.
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