Month: March 2020

Ruichuang Micro / Nano (688002): Domestic non-refrigerated infrared detector leading domestic replacement to drive growth

Ruichuang Micro / Nano (688002): Domestic non-refrigerated infrared detector leading domestic replacement to drive growth

Ruichuang Micro / Nano (688002): Domestic non-refrigerated infrared detector leading domestic replacement to drive growth
Uncooled infrared electronic technology started, focusing on infrared thermal imaging for ten years.Rui Chuang 杭州桑拿 Micro and Nano is an integrated circuit chip company specializing in the development of uncooled infrared thermal imaging and MEMS sensing technology. It is committed to the design and manufacture of ASICs, MEMS sensors and infrared imaging products.The products of Ruichuang Micro / Nano mainly include uncooled infrared thermal imaging MEMS chip, infrared thermal imaging detector, movement instrument and photoelectric system.The company’s products are mainly used in the military and civilian fields. Among them, the military products are mainly used for night vision viewing, precision guidance, photodiodes, and auxiliary driving systems for military vehicles.Electronics, industrial temperature measurement, forest fire prevention, medical detection equipment, and the Internet of Things. The company’s products are covered by the entire industrial chain. Since 2016, the company’s products have been recognized by the market, and its revenue and profits have achieved high growth.As a home infrared imaging system solution provider, the company mainly sells three types of products, including infrared detectors, movements and complete machines, and usually also includes a small number of structural parts and components as product accessories.Between December 2015 and February 2016, the company’s development of the civilian product market, military products, and chip research and development have made great progress and began to gain market recognition.Therefore, starting in 2016, the company’s revenue and net profit attributable to mothers began to increase significantly.In 2018, the company achieved total operating income3.840,000 yuan, the highest growth rate of revenue in 2017 and 2018 were 158.46%, 146.66%.In 2018, the company’s net profit attributable to shareholders of the parent company.2.5 billion, the annual growth rate of net profit attributable to mothers in 2017 and 2018 was 563.87%, 94.51%. The infrared military-civilian dual-use market has a large space and domestic domestic substitution is underway.According to the company’s prospectus, Maxtech International and Beijing Ericsson Consulting Center predict that the global military infrared market will reach 107 in 2023.$ 9.5 billion.The application of conventional infrared thermal imaging cameras in the conventional military field is rapidly increasing. The market for infrared equipment including individual soldiers, tank armored vehicles, ships, military aircraft and infrared guided weapons will usher in a rapid development stage.With the development of uncooled infrared thermal imaging technology, infrared thermal imagers have been widely used in the civilian field, and the civilian market has maintained a rapid growth rate, which is much larger than the military field. Profit forecast and estimation recommendations: (1) PB estimation method, we estimate that Ruichuang Micro and Nano’s net assets for the ten years from 2019 to 2021 will be 5 respectively.43 and 6.11, 7.00 yuan.Combined with estimates from comparable companies, we give Ruichuang Micro-Nano in March 2019.90-4.The 30-time PB estimate corresponds to a reasonable value interval of 21.18-23.35 yuan.(2) PE evaluation method, we estimate that the EPS of Ruichuang Weiner from 2019 to 2021 will be 0.48, 0.67, 0.90 yuan.We give Ruichuang Micro and Nano a 45-48 times PE estimate in 2019, corresponding to a reasonable value range of 21.60-23.04 yuan.Based on the above two estimation methods, we give the company a reasonable value interval of 21.60-23.04 yuan, given a “preliminary market” rating. Risk Warning: Technology and product development risks.Risk of loss of core technical staff.Risk of high concentration of major customers.The risk that accounts receivable cannot be recovered.The risk of the actual controller’s shareholding ratio.Uncooled infrared market with sharp fluctuations or reduced risk.The risk that the assumptions of the profit forecast are not met will lead to an overestimation of the expected reasonable interval.

Brief Comment on Zhejiang Longsheng (600352): Explosion in North Jiangsu Park Affects Industry Supply of m-Phenylenediamine-Resorcinol-Dyes

Brief Comment on Zhejiang Longsheng (600352): Explosion in North Jiangsu Park Affects Industry Supply of m-Phenylenediamine-Resorcinol-Dyes

Brief Comment on Zhejiang Longsheng (600352): Explosion in North Jiangsu Park Affects Industry Supply of m-Phenylenediamine-Resorcinol-Dyes

Event: Around 14:48 on March 21, Tianjiayi Chemical Co., Ltd., located in Xiangshui County Ecological Chemical Industry Park, exploded. At present, 78 people have been killed, and Xiangshui Chemical Industry Park has been completely shut down.

This particularly serious accident is serious in nature and has a great impact. This year marks the 70th anniversary of the founding of the People’s Republic of China. At present, many provinces have successively carried out major environmental protection and safety inspections.

Supply and demand for m-phenylenediamine is tight, and prices have risen sharply.

Tianjiayi Chemical’s core product is m-phenylenediamine, with a capacity of 1.

7 initial.

Supply structure of m-phenylenediamine: Zhejiang Longsheng 6.

5 cations (50% for own use, production of diphenols, disperse dyes), Tianjiayi 1.

0 nominal (EIA approval reply 1.

7), Sichuan Hongguang 1.

0 initially (environmental protection pressure is large, practically about 0.

2).

Domestic enterprises’ production capacity accounts for more than 80% of the world’s total. After the explosion, the supply and demand of the industry was tight. The price of m-phenylenediamine increased from 4.
.

50,000 / ton rose to 14 million / ton.

Resorcinol is expected to continue to grow.

The global suppliers of resorcinol are Zhejiang Longsheng and Sumitomo Chemical Monomers. The production capacity is 3 esters, and the main raw material is m-phenylenediamine.

The Ministry of Commerce announced on March 23, 2019 that anti-dumping duties on imported resorcinol originating in Japan and the United States will continue to be levied, and the implementation period will be five years.

Affected by the increase in raw material prices and anti-dumping, resorcinol has changed from 9 within two weeks.

2 million / ton rose to 10.

50,000 yuan / ton.

Dye prices have gradually increased.

There are concentrated dye companies in Xiangshui Park: Jiangsu Wuzhong (5,000 tons), Chen’s Dye (1 tons), Huasheng Chemical (5,000 tons), Hanglong Chemical (1500 tons), Hongyan Chemical (4000 tons), currentlyIn the state of complete suspension, the supply and demand of the dye industry is tight.

Since the beginning of this year, the price of dyes has gradually increased, and the black price is currently scattered5.

20,000 yuan / ton, the transaction price is 4.

50,000 yuan / ton, an increase of nearly 13,000 yuan / ton every 18 years.

M-Phenylenediamine is an important intermediate for a variety of dyes (disperse black, disperse blue, reactive black, etc.), and the supply growth has gradually increased. The price of catalytic dyes has further increased.

Environmental protection and safe production are the general trend.

Recently, in addition to the explosion in Xiangshui Park in northern Jiangsu on March 21, a blast and fire accident occurred in Zhaoyuan, Jinyuan, Shandong, on March 25, killing one person and injuring four. On March 31, a fire broke out in Kunding Handing Precision.The explosion caused 7 deaths and 5 injuries.

The Standing Committee of the Jiangsu Provincial Party Committee held a meeting dedicated to continuously conducting safety production risk investigations, carrying out special rectification of chemical parks and chemical companies, and reducing the risk of safety with the determination of a strong man to break their wrists and stop safety accidents.

Environmental protection and safe production are the general trend.
Key recommendation is Zhejiang Longsheng.

Zhejiang Longsheng, as an integrated leader of dye intermediates, is committed to environmentally friendly and safe production, and disperses dye 14 additives, reactive dye 6 additives, and m-phenylenediamine 6.

5 toluene, resorcinol 3 additives, the company’s main products have gradually increased, increasing the company’s performance.

Measurement of Zhejiang Longsheng’s performance elasticity.

We judged that the prices of m-phenylenediamine and resorcinol were the first to increase, and the prices of disperse dyes and reactive dyes gradually followed. We measured the performance elasticity of Zhejiang Longsheng, the core beneficiary, in a step-by-step manner.

(1) Measure 武汉夜网论坛 the elasticity of m-phenylenediamine and resorcinol under the condition that the dispersion dye is maintained at 40,000 / ton and the reactive dye is maintained at 30,000 / ton. (2) Under optimistic conditions, m-phenylenediamine will gradually increase to 200,000 / ton.Ton, resorcinol swelled to 130,000 / ton, and the calculation of the elasticity risk of disperse dyes and reactive dyes suggested that downstream demand was lower than expected and product prices fell.

Haitian Flavor Industry (603288): 3Q maintains steady growth and is expected to achieve expected goals without worry

Haitian Flavor Industry (603288): 3Q maintains steady growth and is expected to achieve expected goals without worry

Haitian Flavor Industry (603288): 3Q maintains steady growth and is expected to achieve expected goals without worry

The 3Q19 results were in line with expectations. The 3Q19 results announced by the company: Revenue 148.

200 million, +16 a year.

6%, net profit attributable to mother 38.

4 trillion, +22 a year.

5%, corresponding to a profit of 1.

42 yuan, of which 3Q single quarter income / return to mother’s net profit increased by +16.

9% / 22.

8%, in line with expectations.

In 3Q19, the company has achieved 75% / 73% of the long-term revenue / attribution net profit budget target.

Development trend The three major categories are steadily increasing, and the growth rate of seasoning sauce continues to accelerate.

From January to September, the company’s soy sauce / oyster sauce / seasoning sauce income plus +13 respectively.

8% / 20.

3% / 9.

2%, compared with 1H19, soy sauce and oyster sauce continue to maintain a stable growth rate faster than the industry, the share continues to increase, the growth rate of seasoning sauce and about 7% of 1H19 is estimated to accelerate, and double-digit growth is expected to resume in 3Q, reflectingThe company’s sauce adjustments gradually appeared.

We think that in 4Q19, while maintaining the leading growth rate of soy sauce and oyster sauce, the company will continue to promote the accelerated growth of soy sauce. At the same time, other categories of cooking wine, vinegar and other products will also help maintain faster than the overall growth rate (we estimate 1-9Other condiments for the year + 36%).

By region, from January to September, the growth rate of the base camp in the south was 12%, and the growth rate in the west accelerated to 26%. All regions achieved double-digit growth.

In the third quarter of the third quarter, the company’s net increase in the number of dealers was nearly 700, a growth rate of 14%. We predict that it will basically match the sales growth rate.

We expect the highest probability to achieve the 16% revenue growth target, and the revenue growth rate in 2020 is also expected to stabilize in the middle double digits.

The gross profit margin was flat month-on-month, and the increase in sales expense ratio was compressed.

The company’s gross profit margin in the third quarter of 19 years was -1.

3ppt, unchanged from the previous month.

At least the reason for the decline is similar to 2Q. It is affected by the structural effects of condiments other than soy sauce with low gross profit margins, changes in the prices of other raw materials for soybeans, and increased depreciation due to increased capital expenditure.The selection of product pick-up is related. The increase of the corresponding discount will affect the gross profit margin to a certain extent but reduce the freight expenses. Accordingly, the sales expense 天津夜网 ratio in 3Q19 decreased by -2.

8ppt.

On the whole, we think that the expected probability of net profit return to mother + 20% will be achieved, and the profit rate will continue to increase.

In addition, the cash received from 3Q’s sales of goods and the net operating cash flow plus +20 respectively.

4% / + 73.

5%, better than the growth rate of income and net profit, and the statement is healthy.

Earnings forecasts and forecasts are raised for other seasoning growth forecasts, gross margin and sales expense ratio forecasts are lowered, and 19/20 revenue forecasts are raised by 0 accordingly.

3%, raise EPS forecast 1.

4% to 1.

96/2.

32 yuan, the current expected corresponding 19/20 56/47 times P / E, will be converted to 2020, giving the company 56 times PE in 2020, raising the target price by 22% to 1四川耍耍网29 yuan, maintaining the outperform industry ratingThere is 18% upside ahead of the current lead.

Risks of raw material fluctuations, the impact of category demand, increased competition in the industry, food safety incidents

Makihara (002714): 2nd quarter to turn losses on schedule and maintain cost leadership in the industry

Makihara (002714): 2nd quarter to turn losses on schedule and maintain cost leadership in the industry

Makihara (002714): 2nd quarter to turn losses on schedule and maintain cost leadership in the industry

Core point of view: The most difficult period has passed. In 19Q2, the company successfully entered the profit period. The company released an interim report performance forecast. It is expected that the net profit attributable to the mother in the first half 北京桑拿洗浴保健 of 2019 will decrease by 1.
.

45?
1.

65 ppm, compared to the expected 0 for the same period last year.

79 ppm; Q2 single quarter, it is expected to return to the net profit of the parent3.

76?
3.

960,000 yuan, the rebound of pig prices in the second quarter drove the company’s performance into a profit period, the most difficult period has passed.

Q2 company’s slaughter volume increased by 8% each year, and breeding costs remained basically stable. According to the company’s monthly announcement, 19Q2 company’s slaughter volume totaled about 2.74 million heads, an increase of about 8%; the average sales price was about 14.
.

2 yuan / kg, an increase of about 32% month-on-month, and an increase of about 36% in advance; the average growth profit is about 140 yuan / head, corresponding to a breeding cost of about 杭州桑拿养生会所 12.

75 yuan / kg, basically stable in the first quarter.

Biosafety prevention and control has been comprehensively upgraded. It plans to launch 13-15 million heads in 19 years. In the first half of 19th, the company continued to improve the renovation of biosafety hardware infrastructure, strengthen the management of items and personnel, and increase investment in biosafety prevention and control costs.

According to the company’s annual report, the company plans to produce about 13-15 million pigs in 2019.

Investment suggestion The pig cycle has officially entered an upward cycle. The company’s management level is leading in the industry and sow production capacity protection is relatively effective. It is expected to fully benefit from this round of upward pig prices. The company’s EPS is expected to be 2 in 2019-20.

29/6.

04 yuan, giving 35 times PE in 2019, corresponding to a reasonable value of 80.

15 yuan / share, maintain “Buy” rating.

Risk warning: pig price fluctuation risk: the unexpected drop in pig price will have a breakthrough effect on the company’s profit; epidemic risk: if the epidemic situation is not prevented, the breakthrough loss will occur; food safety, etc.

The epidemic does not affect the enthusiasm of the declaration. There are 3 companies preparing for the selection layer.

The epidemic does not affect the enthusiasm of the declaration. There are 3 companies preparing for the selection layer.

The epidemic does not affect the enthusiasm of the declaration. There are 3 companies preparing for the selection layer.

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  The epidemic situation does not affect the enthusiasm for declaration, and there are 3 companies preparing for the selection layer!

Xu Ming, general manager of the stock transfer company: will seek opinions on the new third board transfer and listing system in a timely manner Source: New Third Board Forum Original Securities Times Zhong Tian The new third board company, in joint efforts to fight the epidemic, showed that the pace of the selection layer has not stopped.

Three more companies have said this week that they are planning to add select layers. At present, a total of 21 companies on the new third board have declared war on select layers.

The star company Beatrice also announced that the tutoring filing has been replaced, becoming the second listed company to enter the tutoring period after Su axis shares.

  On February 6, Xu Ming, the general manager of the national stock transfer company, stated in a signed article published in the media that he firmly believed that the epidemic would not last for a long time, and that the measures and direction of the New Third Board Reform would not be changed due to temporary difficulties brought about by the epidemic.Said that the current selective listing transfer system is undergoing corresponding procedures and will be open for public comments in due course.

  The announcement of the announcement of large companies on the progress of new coronavirus-infected pneumonia prevention and control programs is still touching, but this has not affected the pace of the NEEQ listed companies preparing for the selection layer. Several companies announced the announcement progress this week.

  On February 5, Yisai Beef issued a resolution announcement of the twelfth meeting of the fourth board of directors, saying that it is gradually entering the selection layer, and relevant reports have been approved by the board of directors.

It stated that according to the current situation, the company and the sponsoring brokers have fully communicated the specific business rules for listing on the selected layer. When the relevant requirements of the China Securities Regulatory Commission and the National Stock Exchange Company are fulfilled and the sponsoring brokers’ project work is completed, the disclosure will be launched.Application for issuance and listing on select floors.

  Yisai beef deliberately sprints selected layers.

On January 15th, Yisai Beef issued an announcement to change the host brokerage, saying, “In view of the company’s strategic development needs, after full communication and friendly negotiation with Guotai Junan, the two sides reached an 北京夜生活网 agreement on the termination of the continuous supervision agreement and other related matters.

In the subsequent years, Shenwan Hongyuan Securities Co., Ltd. will continue to supervise and organize the securities companies.

“According to this, according to the relevant provisions of the NEEQ sponsorship system, during the public offering process, securities companies that provide corporate sponsorship services and sponsor securities brokers’ continuous supervision services deserve to be the same institution or have a controlling relationship.

  The selection layer is also one of the choices of Laoshan Agriculture and Animal Husbandry. It was announced on February 4 that it has submitted an application for counseling and filing for public offering of shares to the Sichuan Securities Regulatory Bureau.Into the counseling period, 深圳桑拿网 the counseling agency is Huaxi Securities.

Based on the progress of related work, the company will choose to submit the application documents for the initial public offering of shares and listing (or the public offering of shares to unqualified qualified qualified investors and listing on the selection level) to the review department.

  Fangda also announced on February 3 that in order to accelerate the company’s development, broaden financing channels, and improve corporate governance, the company intends to apply to the stock transfer system to publicly issue shares to unqualified qualified investors and list them on select levels.

This time it intends to issue to an unspecified qualified investor a scale of no more than 1,510.

500,000 shares of shares, the raised funds are issued for use in variable information nominal production line construction projects.

  In addition, Hailong Nuclear Division announced on February 3 that the 2020 first interim shareholders’ meeting has passed the “Intervention on the Proposal to Engage Sponsors to Conduct Public Offering Counseling”.

It is worth mentioning that on the same day, Batery announced that its counseling filing has been waived, and the company has entered a coaching period in which stocks are publicly issued to unqualified investors and listed on select layers. The counseling agency is Guosen Securities.

  Regarding the transfer of listing system to the regulatory level, the reform of the new third board is still continuing.

On February 6th, Xu Ming wrote an article about his awareness and experience of the reform. He also found that the China Securities Regulatory Commission will be open for public comments on the relevant procedures of the transfer of listing system in due course.

  This is definitely another big gift package for the NEEQ select layer company.

The new third board reform is democratic and clear. Enterprises that have been listed on the select layer for one year and meet the requirements of the Securities Law and the relevant regulations of the exchange can no longer follow the traditional initial public offering and listing (IPO) path., Apply directly to the stock exchange for listing.

The roll-out of the listing system has added an optional path for SMEs to go public.

  Xu Ming believes that the difference between a transfer listing and an IPO is the difference in the public offering stage. The listing standards are basically the same and will not cause regulatory arbitrage.

The transferability of listed companies is standardized and the quality of their operations has been tested by the market, which will help improve the overall quality of listed companies, boost investor confidence, and benefit the long-term healthy development of the entire capital market.

The transfer listing is a multiple choice question for enterprises, not a mandatory choice. The transfer listing system will not affect the independent market share of the New Third Board.

  Xu Ming stated that by adding a selection layer, a three-level market structure of “basic layer-innovation layer-selection layer” was created to form a situation where different levels within the New Third Board can enter and exit.

The merger and transfer of the listing system and the smooth opening of the organic connections of the multi-level capital market will better play the role of the new third board market.

  Although industry experts generally believe that due to the impact of the epidemic, there will be a slight overlap in the landing time of the selection layer, but at the enterprise level, the work of applying for the selection layer is proceeding in an orderly manner.

At present, Bertrand and Su Axis have already entered the counseling stage, and these two companies have replaced the holding subsidiaries of listed companies.

  Some analysts believe that due to the impact of the epidemic, the annual report audit work of some listed companies may be reorganized, and the listed companies’ subsidiaries are relatively standardized, or they will become the main force of the first batch of selected listed companies.

  The senior NEEQ reviewer and the founder of Beijing Nanshan Investment believes that the NEEQ subsidiary of a listed company has five major advantages: First, the listed company, as the controlling shareholder, has an endorsement of credit; second, the listed company has been committed to management, and the company is standardizedStrong; third, the long-term requirements of listed companies’ trustworthiness, information and financial authenticity; fourth, the need for funds is guaranteed, and the stability of the company is strong; fifth, the capital operation is planned, and the company has high growth.

  Zhou Yunnan said that relying on the big tree to enjoy the good weather, the listed company’s subsidiary as a major sector in the New Third Board listed companies, providing many correct companies for the New Third Board, has always been an important investment direction in the eyes of investors.

Especially in the current conceptual stage of the selection layer, investors should be keen to capture investment opportunities in it.

China Merchants Shekou (001979) February 2019 sales data review: weak market sales continue to take caution

China Merchants Shekou (001979) February 2019 sales data review: weak market sales continue to take caution

China Merchants Shekou (001979) February 2019 sales data review: weak market sales continue to take caution

Event: On March 9th, China Merchants Shekou announced the company’s February sales data, and the company achieved a contract amount of 83 in February.

0 ‰, +14 for ten years.

6%; Achieve contracted area of 38.

70,000 square meters, +46 per year.

9%; the company added 27 in February.

20,000 square meters, at least -90.

3%; total land price 15.

2 ‰, one year -91.

7%.

Opinions: February sales of 8.3 billion, + 15% per year, sales in weak markets have steadily increased, and the average sales price has continued to increase.

0 million yuan, -29.

6%, +14 per year.

6%, the average monthly average of half a month before the mainstream 50 housing enterprises in Kerui.

1%; Achieved contracted area of 38.

70,000 countries, -32 from the previous month.

1% for the whole year +46.

9%, which is 北京桑拿体验网 higher than the high-frequency tracking of 45 cities in February.

0%; the average selling price is 21,483 yuan / square meter, +3 chain.

7%, +4 from 18 years.

2%.

From January to February, the company realized a total of 200 contracted amounts.

9 trillion, +5 for ten years.

7%, +5 from last month.

5pct; 95 signing area.

60,000 square meters, ten years +10.

6%, +15 from last month.

9 points.

The cumulative average selling price from January to February was 21,026 yuan / square meter, which was +2 earlier than 18 years.

0pct; Under the overall weak market environment in February, the company benefited from its excellent first- and second-tier layout (84% of first-tier and second-tier cities in unstored soil reserves and 31% of the Greater Bay Area), and sales performance remained relatively low.Yes, the average sales price has further increased. Against the background of the current improvement in the first and second-tier markets, it is expected that sales will continue to maintain a steady growth trend in 19 years.

In February, 1.5 billion land was acquired, -92% per year, and the proportion of land acquisition was relatively 18%. The land acquisition continued to be cautious. In February, the company only added a new residential land in Zhongshan Torch Development Zone, and built another 27.

20,000 countries, at least -90.

3%, corresponding to 15.

200 million, ten years -91.

7%, of which 51% is equity; floor price is 5,610 yuan / sqm, +501 qoq.

3% a year -15.

2%, the average selling price around the project is 1.

5 million / square meter; land acquisition ratio 18.

3%, +17 from last month.9 points.

In January-February, the company acquired a total of 2 new plots and added a total of 32 planned areas.

90,000 countries, at least -90.

3%; total land price 15.

8 ‰, one year -93.

6%; land acquisition accounted for 8%, a decrease of 47pct over 18 years; the average floor price was 4,792 yuan / square meter, which was -33 compared to the average floor price in 18 years.

8%, mainly due to the lowest average price of industrial land in January.

The company took the ground in January-February and remained cautious since September 18, and gradually became cautious.

Investment advice: Weak sales in the weak market, continue to be cautious, maintain “strong push” rating Merchants Shekou actively changed in multiple dimensions after the reorganization, management reform, improve turnover, accelerate integration; the company sits on the first and second-tier high-quality soil storage, especiallyGuangdong, Hong Kong, Macau and the Greater Bay Area have extremely high resource reserves; the company has only the strong advantage of “marketization + non-marketization” to acquire land, has the ability to transfer existing resources, integrate internal resources of the group, a new industrial city model, state-owned enterprises and mergers and acquisitions, and cruise home portsDevelopment and other unique land acquisition models have obvious advantages in non-market-oriented land acquisition.

In addition, with the heavy introduction of the Guangdong-Hong Kong-Macao Greater Bay Area plan, the company, as the core target of the Greater Bay Area, is expected to further increase its asset value.

We are still optimistic that the company, as an industry leader, is expected to benefit from the further improvement of industry concentration and the future sales flexibility brought by the company’s strong first- and second-tier and the Greater Bay Area layout. We maintain our forecast for the company’s 18-20 year earnings.

94, 2.

42 and 2.

97 yuan, the current price of 18-19PE is 11.

0 times, 8.

8 times, maintaining target price of 28.

00 yuan, maintaining the “strong push” level.

Risk warning: The real estate market sales fell more than expected and the industry funds tightened more than expected.

Huanxu Electronics (601231): Third quarter net profit hits record high and miniaturization technology has broad space

Huanxu Electronics (601231): Third quarter net profit hits record high and miniaturization technology has broad space

Huanxu Electronics (601231): Third quarter net profit hits record high and miniaturization technology has broad space

Net profit in the third quarter hit a new high: the company achieved revenue of 26 billion yuan in the first three quarters, an increase of 17%, and achieved net profit attributable to its mother8.

600 million, an increase of 11% in ten years.

In the third quarter, single-quarter revenue was US $ 11.4 billion, an increase of 22% year-on-year, of which consumer and communications increased by 39% and 29%, respectively.

Net profit attributable to mother 4.

700 million, a record high, an annual increase of 22%.

Communication and consumer electronics products have entered the expansion season, and the maximization of production capacity has driven profit margin growth.

UWB brings a new market for wireless modules: UWB communication technology has the advantages of high positioning accuracy, fast transmission speed, high security, can be reduced, and high stability.

The iPhone 11 is equipped with UWB modules as standard. Samsung and other mobile phone manufacturers are expected to follow up.

UWB technology can also prevent the label in advance, in a variety of wearable products, smart home, car keys and other products, the market space is broad.

In the AR field, UWB technology can take advantage of hardware’s more environmental information acquisition capabilities, such as: position, device angle in space, direction, etc., to achieve motion capture, somatosensory interaction, finger operations and other functions.

5G accelerates the application of SiP in mobile phones: The number of 5G mobile phone expansions has increased with the increase in the number of various components such as radio frequency, and 5G millimeter-wave compatible mobile phones require complex special SiP modules AiP.

Huanxu 杭州夜网 is a global SiP leader, especially the familiar wireless communication SiP module. It has outstanding capabilities in antenna design, antenna field and performance simulation and measurement, which is conducive to the popularity of 5G millimeter wave mobile phones.

SiP will be more widely used in wearable products: wearable products are small, and there is an urgent need for SiP miniaturization technology.

Products such as TWS wireless headphones are gradually integrating more functions. Apple ‘s latest AirPods Pro has added a powerful active noise reduction function to the version, and SiP technology has played a significant role.

The company’s long-term supply of global consumer electronics watch products is expected to gain more business opportunities in wearable products.

Financial Forecast and Investment Suggestions We predict that the company’s 2019-2021 earnings will be 0.

59, 0.

75, 0.

92 yuan (previous forecast was 0.

6/0.

75/0.

92 yuan), compared with comparable companies, giving 31 times PE, corresponding to a target price of 18.

40 yuan, maintain BUY rating.

The risk reminds that the orders of major customers fluctuate, the prices of raw materials fluctuate, and the application and promotion of SIP technology is less than expected.

Significant net inflow of funds from Liangrong and Beishang into consumption and finance

Significant net inflow of funds from Liangrong and Beishang into consumption and finance

Significant net inflow of funds from Liangrong and Beishang into consumption and finance

Securities Times reporter Mao Jun’s A shares ushered in a good start in July yesterday, and also made a good start for the second half of the year. The Shanghai index stood at 3000 points in one fell swoop.

As the A-share market is a more obvious capital-driven market, the analysis from the two financings in the first half of the year, northward capital, and industrial capital may provide guidance for the trend in the second half.

  The continuously active financing balance of the two financing funds declined continuously from the end of May to the beginning of June, and the market’s comments on reducing leverage continued to increase.

But in fact, the performance of the two financing funds since this year is the most outstanding in recent years.

  In the first half of the year, two financing funds were traded 6.

4 trillion, compared with 7 last year.

76 trillion yuan, showing the enthusiasm of financing funds trading this year.

If the transaction in the second half of the year is the same as that in the first half of the year, the total amount of financing transactions twice a year this year may reach the second place in history, only lower than 31 in 2015.

83 trillion.

  The financing balance increased from 749.8 billion at the beginning of the year to 902 billion, an increase of 152.2 billion.

This is also the highest and largest increase. Unless in 2015, excluding mid-year extremes, the financing balance at the end of 2015 increased by only US $ 153.9 billion from the beginning of the year, and only US $ 1.7 billion more than the increase in the first half of this year.

  From the perspective of the industry, in the first half of the year, the largest net purchase of financing funds was in the non-bank financial industry, with a net purchase of 20.7 billion U.S. dollars; in the first half of the year, two industries with net purchases of more than 10 billion yuan were computer and electronics industries.Bought 16.3 billion and 14.1 billion yuan.

In the first half of the year, only the leisure services and household appliances industries were net sold by the two financing funds, with net sales of 1.2 billion and 4 respectively.

7.6 billion yuan.

  As for individual stocks, the largest net purchase of the two financing funds in the first half was Oriental Fortune, with a financing balance of 39 from the end of the previous year.

2.9 billion yuan, soaring to 79.

34 trillion, an increase of more than 40 trillion.

CITIC Securities’ financing surplus increased by RMB 3.3 billion in the first half of the year, and Zhejiang Longsheng’s financing surplus increased by 25.

7.6 billion, ranked second and third in the first half of the net financing purchases.

  17 stocks, including Caitong Securities, 深圳丝袜会所 Makihara, ZTE, Wuliangye, etc., were also net-purchased over 1 billion yuan by financing funds in the first half of the year.

In the first half of the year, only three stocks were sold over two billion yuan by two financing funds, respectively, China National Tourism Net was sold 15%.

3.3 billion, Industrial Bank was net sold14.

At 9.8 billion yuan, SAIC Group was net sold 10.

500 million yuan.

  Beijing’s favorite capital and consumer industry are the internationalization process, such as the entry of wealth into A-shares in the first half of the year. The reasonable valuation between A shares has attracted emerging and accelerated allocation.

  In the first half of the year, the total turnover of Northbound funds was 4.

92 trillion yuan, 4 more than last year.

67 trillion yuan is more than 250 billion yuan, the 西安耍耍网 highest since the opening of Shanghai-Shenzhen-Hong Kong Stock Connect.

  Due to the sharp rise of A-shares at the beginning of the year, the northbound capital was cashed out in April and May, and a certain net conversion occurred. In the first half of the year, the net purchase of northbound capital was approximately 96.4 billion US dollars.

Last year, Kitakami Capital bought net A shares of 294.2 billion.

In the first half of this year, the net purchase amount of Beishang Fund decreased to a certain extent, whether or not.

  As of the end of June, the main stock of Beihang Capital had a stock market value of US $ 856 billion, the small and medium-sized board had a stock market value of 120 billion yuan, and the GEM had a stock market value of 47.4 billion.

The consumer and financial industries have always been the focus of foreign investment. The top five industries with the highest stock market value in Beijing Capital are food and beverages, household appliances, non-bank finance, banking and pharmaceuticals. The food and beverage industry holds a position ratio of 20.

8%, far more than the second place home appliances10.

5%.

  In the first half of the year, the stock with the most net purchases by Beijing Capital was Hengrui Pharmaceutical, with a net purchase of up to 72.

4.5 billion; Ping An of China made a net purchase of 61 in the first half of the year.

£ 5.6 billion was close behind; China Merchants Bank made a net purchase of 48.5.6 billion ranked third.

In the first half of the year, 39 shares including Gree Electric Appliances, Tiger Pharmaceuticals, Aier Ophthalmology, and Midea Group were increased by Beijing Capital to exceed 1 billion yuan.

  In the process of significant growth in Wuliangye, the capital of Beijing has been continuously reduced and cashed.

In the first half of this year, Beijing Capital reduced its holdings of Wuliangye by about US $ 6 billion. However, due to the continuous growth of Wuliangye, the market value of Wuliangye held by Beijing Capital increased from 16.9 billion at the beginning of the year to 33 billion yuan at the end of June.

Hikvision, Yili shares, Shanghai Airport, Fuyao Glass and other 8 shares have also been reduced by more than 1 billion yuan.

  In the first half of the year, pork stocks rose sharply, bringing huge profits to Beijing Capital.

New Wufeng 226.

The 33% increase has become the largest gainer among Beihang Capital’s holdings in the first half.

In the first half of the year, there were 28 stocks that increased by more than 100%. Zhengbang Technology, New Hope, Aonong Bio, Muyuan and other pork concept stocks accounted for 6 stocks.

  Zhonghe retreat (protection of rights) turned Waterloo into the north.

Kitakami Capital has always held more than 1.82 million shares of Zhonghe Retreat. After Zhonghe Retreat was terminated by the Shenzhen Stock Exchange, it has 19 consecutive limit stops. By June 21, the word limit limit board was opened, with a maximum range of 87%.

  In the first half of the year, industrial capital ‘s net holdings of 66.4 billion yuan increased or decreased its holdings on stocks, reflecting the industry ‘s attitude towards presentation and estimation.

In addition, the increase or decrease in the holding of industrial capital is also related to the tightening of the macro capital environment.

  In 2006, the second half of 2008, 2013, and the end of 2016, there were industrial capital overweights in the regions that changed at the beginning of this year, and in 2007, early 2015, and March this year, after experiencing a large increase in the previous period, the averageAppearance of industrial capital reduction.

  In the first half of the year, net holdings increased by 36 except January.

Outside of 72 trillion, Industrial Capital reduced its A-share holdings for 5 consecutive months.

Net reduction in February was 76.

200 million, a net reduction of 257 in March.

7.4 billion, a net reduction of 108 in April.

1.9 billion, a net reduction of 93 in May.

8.9 billion, a net reduction of 164 in June.

8.7 billion.

In the first half of the year, industrial capital gradually reduced its holdings by 664,664.

  Specifically, PetroChina’s sustainable shortage has repeatedly hit record lows, but it has still been reduced by 3 billion by the controlling shareholder, becoming the company with the largest reduction in the first half of the year.

19 shares including ZTE, Antarctic E-commerce, SF Holdings, and Lixun Precision have also been significantly reduced by more than 1 billion yuan.

  Holds Pengyu Environmental 19.

The second largest shareholder of 47% of the shares intends to liquidate their holdings, making Pengyuan Environmental Protection the stock with the highest percentage of holdings in the first half of the year.

  In terms of holdings, Ping An’s key executives and employee shareholding plans each increased their holdings of Ping An by nearly 5 billion yuan in the first half of the year. They are the largest listed companies with increased holdings and are far ahead of other listed companies.

Bank of Jiangsu, Wanda Information, Sinotrans, Hengyi Petrochemical, etc. were also significantly increased by industrial capital in the first half of the year.

Tiantan Biological (600161): The performance is in line with expectations, the growth of pulp extraction volume is stable, and the growth is highly certain.

Tiantan Biological (600161): The performance is in line with expectations, the growth of pulp extraction volume is stable, and the growth is highly certain.

Tiantan Biological (600161): The performance is in line with expectations, the growth of pulp extraction volume is stable, and the growth is highly certain.

I. Overview of the event: Tiantan Biological released a 2019 performance forecast, the company released a 2019 performance forecast, and achieved net profit attributable to mothers in 20196.

1.4 billion US dollars, an increase of about 21% in one year;

1.3 billion, an increase of about 21% a year.

Second, analysis and judgment: performance is in line with expectations.

In Q4, the net profit attributable to mothers was approximately 1.

47 ppm, a single quarter quarterly increase of 30%, Q1, Q2, Q3 single quarter net profit attributable to mothers1.

31, 1.

62, 1.

$ 7.3 billion, a 19-year increase of 19%, 25%, and 11%.

The growth rate in the fourth quarter of Q4 was relatively high, mainly due to the decrease in the recognition expense in the fourth quarter of last year and the base replacement.

According to the data issued by the China Securities Regulatory Commission, the issuing interval of Tiantan albumin in 2019 will increase by about 30%, the static C will increase by 10%, and the exempt increase will increase by 119%. The inventory data disclosed in the previous financial report shows that the inventory of Tiantan is basically normal.Level, as well as the supply and demand situation of the blood products industry in 2019, it is expected that the growth in the number of issuances has certain guidance on revenue 杭州桑拿网 growth, and according to the weight of various varieties, we expect that the growth in revenue in 2019 is expected to be 20% -25%.

The actual slurry volume increased by 10% +.

According to the announcement, 1706 tons of pulp extraction in 2019 (+8.

8%), with 1,568 tons of pulp extracted in 2018 (+11.

86%), the amount of slurry increased by about 10% each year. Considering that the amount of raw pulp was transferred to other blood systems, the overall scale of slurry was increased in 2019, and the actual amount of slurry increased.

The growth of slurry extraction is stable and the growth is highly certain.

According to the company’s announcement, the company has 7 pulp stations approved for mining (1 of which was newly approved in September in Lanzhou Yi County), among which Yibin Station (2020).

1), Luxi County Substation, Luxi County Substation (2019.

07) and Yunnan Pulp Station (end of 2018) has been approved for pulp extraction. The old pulp station is expected to have about 10% room for improvement. It is expected to contribute nearly 610 tons of pulp increment in three years.

Industry inventory tends to normalize. The inventory data of the first three quarters show that the company’s inventory is at a normal level. Subsequently, the growth rate of pulp extraction determines the growth rate of revenue.

It is expected that the company’s revenue growth rate will be the same as the growth rate of pulp extraction in 2020. After the Yongan blood products were put into production in 21 years, after the release of production capacity and the production of new products (factor VIII + chromatographic static C), the performance will increase significantly.

III. Investment suggestion: Because the specific annual report has not been released, we do not adjust the profit forecast for the time being. We expect the company’s net profit for 19-21 to be 6.

23/7.

52/10.

16 trillion, corresponding to EPS 0.

6/0.

72/0.

97 yuan, corresponding to the current expected PE of 47/40 / 28x, which is in the upper part of historical expectations. However, considering the company’s stable growth in pulp volume and high growth certainty, and after 21 years of production of Yongan blood products, capacity release and new productsPut into production (factor VIII + Chromatographic Static C) put into operation, the performance has improved significantly, corresponding to 21 times PE in 2021, maintaining the “recommended” rating.

Fourth, risk warning: product price risk, policy risk, security risk, integration is less than expected risk, new capacity construction progress is less than expected risk, new batch of pulp stations is less than expected risk, and research and development progress is less than expected risk.

GF strategy: Last month, foreign capital inflowed steadily and consumption and TMT differentiation

GF strategy: Last month, foreign capital inflowed steadily and consumption and TMT differentiation

GF strategy: Last month, foreign capital inflowed steadily and consumption and TMT differentiation

【广发策略】上月外资稳步流入,消费加仓TMT分化——北上资金全透视月报(19年10月)  来源:戴康的策略世界  ●整体层面:10月北上资金稳步流入A股,交易占比上升  流量:北上资金10月份净流入320亿元,与9月净流入645亿元相比规模有所回落,但整体仍呈现稳步流入态势。The steady flow of foreign capital into A-shares in October was mainly driven by factors such as global liquidity easing and the stabilization of the RMB exchange rate.
The decrease in the scale of inflows in October compared with September is related to the temporary ending of the increase in the inclusion factor of international indexes in October.
In the first ten months of this year, the cumulative net inflow of funds from Beijing to the north was 218.3 billion yuan, a year-on-year decrease of about 6%.
  Transaction volume: In October, the average daily turnover of Beijing Capital declined from 44.7 billion yuan to 37.7 billion yuan. Since its decline was smaller than that of A shares as a whole, its relative proportion was 8% in September.
05% rebounded to 9.
08%.

  Stock: In October, the shareholding of Beihang Capital holdings in A shares increased by about 0 compared with September.
1 average.

In October, the share of Northbound funds in the total market value of A shares was 2.

04%.
As of 19Q3, all foreign-owned shares accounted for 2 of the total market value of A shares.

99%, up by 0 compared to 19Q2
17 percentage points.
  ● Industry level: Northbound capital consumption, financial inflows are top, and growth is diversified. Flow: In October, 22 industries showed a net inflow of capital from Northbound and 6 industries had a net outflow.
Consumption and financial inflow are 杭州桑拿网 the main factors, and TMT is implanted / replaced.

Among the consumer stocks, the net inflow of household appliances was 7 billion yuan, the net inflow of pharmaceutical biotechnology was 6.7 billion yuan, and the net inflow of food and beverage was 3.6 billion yuan.

Financial real estate ranked among the top six in terms of net inflows, of which non-banks, banks, and real estate had net inflows of 4 billion yuan, 3.5 billion yuan, and 2.1 billion yuan, respectively.
The TMT sector is fragmented, with net inflows of 1 billion yuan, 400 million yuan, and 100 million yuan respectively for media, communications, and computers, and a net outflow of 100 million yuan for electronics.
  Among the representative industries, the banking industry’s net inflow in October was 3.5 billion yuan, a decrease from the net inflow of 16.9 无锡夜网 billion yuan in September, but it still maintained the first place in the industry’s cumulative net inflow this year;The scale of inflows was 6.7 billion yuan. Nine of the first 10 months showed a net inflow trend. The cumulative inflow of this year still ranked second.
  Inventory-Industry Allocation: At the end of October, the top five industries in the scale of Northbound Capital holdings were food and beverage, household appliances, medical and biological, banking, and non-bank finance.
The top five of the industry in October were consistent with September.
  Inventory-Industry Impact: At the end of October, the industries with the most influence on the northbound capital industry were household appliances, food and beverages, leisure services, building materials and delivery, consistent with September.
Among them, the share of Beishang Fund in the home appliance industry accounted for about 18.
29% ● Individual stock level analysis: For details, please refer to the official report.
  ● Risk warning: Global stock markets fluctuate, the RMB exchange rate depreciates, and foreign capital flows out of A shares.
  I. Overall level: Inflows steadily in October, and the proportion of transactions increased by 1.

1 Flow: The net inflow of funds from Beishang in October has slowed down. The net inflow of funds from Beishang has been 32 billion yuan in October, a decrease in scale compared with the net inflow of 64.5 billion in September, but the overall inflow is still showing a steady trend.
According to wind, in October this year, the monthly net inflow of funds from Beishang was 32 billion yuan. Compared with the huge net inflow of 64.5 billion yuan in September, the scale of net inflows to Beijing was significantly reduced, but it remained steady.
The steady flow of foreign capital into A-shares in October was mainly driven by factors such as global liquidity easing and the stabilization of the RMB exchange rate.
The decrease in the scale of inflows in October compared with September is related to the temporary ending of the increase in the inclusion factor of international indexes in October.
On September 20, the inclusion of FTSE and S & P included factors to increase the single-day net inflow of funds to the north to 14.8 billion yuan.
  In the first ten months of this year, the cumulative net inflow of funds from Beijing to the north was 218.3 billion yuan, a year-on-year decrease of approximately 6% compared with the cumulative net inflow of 231.2 billion yuan in the same period last year.
The speed of capital inflows to the north this year has undergone the process of “accelerated inflows-> phased outflows-> re-inflows”. The cumulative inflow of this year is now almost close to the level of the same period last year.
  [1] 如无特别说明,本文数据均直接来自于wind、或者根据wind数据进行统计分析。  1.2 Transaction volume: The share of Beishang Fund’s transactions increased in October. In October, the average daily turnover of Beishang Fund dropped from 44.7 billion yuan to 37.7 billion yuan, a relative proportion from 8 in September.
05% rose to 9.08%.
In the context of the overall A-share transaction volume falling (from 5636 trillion digits to more than 419.5 billion US dollars), the average daily turnover of Beijing Capital fell from 44.7 billion in September to 37.7 billion in September.

As the decrease in the amount of Beijing Capital’s trading volume was smaller than that of the entire A-shares, the average daily trading volume of Beijing’s capital in October accounted for 9 of the total daily average of A-shares.

08%, about 8 of August.

05% increase about 1 advantage.

  1.3 Stock: The scale and proportion of Beishang Capital’s holdings continued to rise. In October, the scale of Beishang Capital’s holdings increased by about 5.

3%, the proportion of shares held by A shares rose by about 0 compared with September.

1 average.

Under the influence of foreign positions, the shareholding scale of Beijing Capital increased from 11599 billion yuan to 121.2 billion yuan at the end of October this year, an increase of about 5.

3%.

At the same time as the scale of Beishang Capital’s shareholding continued to rise, its shareholding ratio also continued to rise. Under the total market capitalization, the scale of Beishang Capital’s shareholding ratio was 2 at the end of October.

04%, compared to 1 at the end of September.

96% rose about 0.

1 percentage point.
All foreign countries mainly include Kitakami funds and QFII / RQFII. In terms of all foreign calibers, until 19Q3, the value of all foreign exchange holdings in the stock market accounted for 2 of the total market value of A shares.

99%.

  As of 19Q3, all foreign holdings accounted for about two-thirds of the funds in the North, and QFII / RQFII accounted for about one-third.

All foreign countries mainly include Kitakami funds and QFII / RQFII.

The data of all foreign fixed stocks of the baseline caliber are only updated to the end of the third quarter of this year, and the data at the end of the third quarter is used as the benchmark here.

At the end of the third quarter of this year, all foreign holdings were 1.

77 trillion yuan, 66% of which is the capital of Beijing, 34% of which is QFII / RQFII. The capital of Beijing’s capital in foreign investment has further expanded.

  Second, the industry budget: consumption, financial inflows first, growth and differentiation2.

1 Flow: In October, most industries with a net inflow of capital from the north were in the top ten. In the first 10 months, 22 industries showed a net inflow of capital from the north, and 6 industries had a net inflow.

Consumption and financial inflows are the main factors, and TMT shows inflow / outflow differentiation.
Industries that have a net injection penetration are home appliances, medical bio, non-bank finance, food and beverage, and banking. Among them, the net inflow of home appliances in the consumer sector is 7 billion, and the net inflow of medical bio is 6.7 billion.Food and beverage net inflows of 3.6 billion yuan ranked fourth.
The financial real estate sector ranked among the top six, with non-bank, banking, and real estate net inflows of 4 billion, 3.5 billion, and 2.1 billion, respectively.

The growth sector represented by TMT has delivered differences, among which media, communications, and computers have net inflows of $ 1 billion, $ 400 billion, and $ 100 million, respectively, while net electronics expenditures are $ 100 million.

  In October 19 years ago, Beijing’s capital was a net inflow in most industries. The first five inflows in the first ten months were banks, medical and biological, household appliances, real estate, and electrical equipment.

The net industry includes food and beverage, steel, and leisure services. Among them, food and beverage showed a net net value in 5 of the first 10 months of this year, and the cumulative net increase this year was more than 7 billion US dollars, significantly exceeding other industries.

The net inflow of banks in October was 35 million, and the net inflow of banks in the first ten months of this year reached 36.3 billion, ranking first in the industry.

  Among the key industries, the banking industry had a net inflow of US $ 3.5 billion in October, which was equivalent to a net inflow of US $ 16.9 billion in September. The scale of net inflows dropped in October, but it still maintained the number one in the industry with a cumulative net scale of US $ 36.3 billion this year.; In October, the net inflow of the pharmaceutical and biological industry was US $ 6.7 billion, and in nine of the first ten months, it was in a net inflow situation. The accumulated net inflow this year was US $ 29.6 billion, still ranking second in the industry.

  2.2 Inventory: Northbound capital industry allocation is still the highest consumption, followed by finance at the end of October. The top five industries in the scale of Beishang Capital holdings are food and beverage, household appliances, medical and biological, banking and non-bank finance.

The ranking of the top five industries in October and September remained unchanged.

Considering Beishang Capital’s holdings as a whole, the food and beverage industry’s Beishang Capital holdings have reached USD 236.1 billion and the industry allocation ratio is 19.

34%, about 19 at the end of September.

62% fell slightly, but still higher than 19 at the end of 18 years.

06%.

The last five industries in terms of industry shareholding are textiles and apparel, defense and military, general, steel and commerce.  2.3 Inventory: The influence of Kitakami funds in the consumer sector is relatively high until the end of 10 months. The five industries with the largest influence of Kitakami funds in the market capitalization of free circulation are household appliances, food and beverage, leisure services, building materials andDelivery is exactly the same as in September.

Use the ratio of the market value of Northbound funds holdings in an industry to the market value of the industry to characterize the influence of Northbound funds. The market value includes the total market value, the circulating A stock market value, and the free circulation market value.

According to the market capitalization of free circulation, the industry with the most influence on the capital industry in the north is home appliances. The share of the capital of the home capital in home appliances accounts for about 18 in the market capitalization of the free circulation.

29%, about September 17.

16% continued to climb at a high level, and this proportion rose slightly in the food and beverage industry, while the leisure service industry continued to decline slightly.

The industries with less influence on Beijing Capital are the defense military, nonferrous metals, textile and chemical industry. The ratio of Beijing Capital holdings to the free circulation market value is less than 2%.

  Among the key industries, the influence of Beijing Capital on the household appliance industry increased in October, and its influence in the food and beverage industry increased slightly.

The shareholding scale of Beishang Capital accounts for 17% of the market capitalization of the home appliance industry.

16% rose to 18.

29%, which ranks first in all industries.

The food and beverage industry has a proportion of 15.

36% rose slightly to 15.

52%, still the second largest industry with capital influence in the north.

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