$New Yangfeng (000902.SZ)$
Key Institutions: Zhou Yawen, Li Bo (CEIBS Fund), Wang Chao (E Fund), Chen Jingcheng (Harvest Fund), Zhai Xiuhua (Xingquan Fund), Chen Boyang, Bao Wuwei (Invesco Great Wall Fund), Liu Sheng (Zhonggeng Fund)
Research Summary:
Q: Please tell us about the main situation of the company in the third quarter.
A: The third quarter was a very special quarter for the company, and in the past three months, the challenges it has endured have also been unprecedented, including not only the sharp increase in raw material prices, but also the flood in North China. In April and May, everyone was very concerned about the problem of raw materials, because the price of raw materials had risen by a large wave. In the past three months, raw materials have risen at a faster rate, and the price of potash fertilizer in the third quarter has risen from 2300 yuan / ton to 3200 yuan / ton, an increase of more than 30%; The increase in urea is even more fierce, from 2100 yuan / ton in April and May to 3200 yuan / ton, and the sharp rise in raw materials in the third quarter is a great challenge for compound fertilizer enterprises. In addition, parts of northern China suffered floods this autumn, with Shandong, Shanxi, Henan and other places setting the highest precipitation since 1961, and the superimposed climate was unusually cold, which also led to the delay in autumn harvest and winter wheat sowing. In this context, the company handed over a good answer sheet in the third quarter, and the net profit increased by 20.66% compared with the third quarter of last year, of which there was a credit impairment loss, this year's credit impairment loss was 10.68 million, and the corresponding after-tax impact was 8.01 million. In the same period last year, there were more than 39 million receivables recovery and credit impairment losses, corresponding to an after-tax impact of 33.42 million. If the impact of the above credit impairment loss is excluded, the single-quarter profit in the third quarter of this year was raised from 351 million to 360 million, and the net profit growth rate in the third quarter of last year reached 39.4%, which is the approximate revenue and profit situation in the third quarter of this year.
Brokerage Research Report:
$Hao Hai Biotech (688366.SH)$
Key institution: E Fund
Q: How big is the company's R&D team?
A: As of June 30, 2021, the company's R&D team consists of 286 R&D personnel, accounting for about 18.79% of the total number of employees in the company, including 20 with doctoral degrees and 74 with master's degrees. At the same time, the company has a national enterprise technology center, a national postdoctoral research workstation, two national R & D platforms, as well as four provincial and ministerial technology and R & D transformation platforms and a Shanghai academician expert workstation. The company has established an integrated R&D system in China, the United States, the United Kingdom and France, actively introduced, digested and absorbed overseas advanced technology and management experience, and formed an interactive R&D layout at home and abroad.
In terms of research projects, the company currently has 25 main research projects, and 15 ophthalmic projects. Among them, as of June 30, 2021, the company's orthokeratology mirrors, hydrophobic injection aspherical intraocular lenses, hydrophobic injection astigmatism correction aspherical intraocular lenses, intraocular filling biogels, and organic cross-linked hyaluronic acid have entered the clinical trial stage; Innovative pre-assembled intraocular lenses, heparin surface modified aspheric coating intraocular lenses are already in the registration stage; Lidocaine hydrochloride eye gel is already in the declared production stage.
$Shenyu shares (300563.SZ)$
Key Agencies:
Q: What is the market space for RF coaxial cables and systems for medical devices and automotive electronics?
A: According to preliminary calculations, the overall scale of the RF coaxial cable and system market for medical devices is about 10 billion yuan or more, and the market is still monopolized by foreign enterprises and some Sino-foreign joint ventures. The broad market size provides a good market foundation for the company's RF coaxial cable for medical devices. At present, the company's products have entered the certification link of some large and medium-sized enterprises, once certified, it will enter the mass production stage, but the specific time of certification is uncertain, the company will concentrate all its efforts to promote this aspect of the work, and strive to achieve a breakthrough as soon as possible. In terms of automotive electronics, with the improvement of the level of intelligence of automobiles, RF coaxial cable wireless signal products will be used more and more, the company will closely follow the development of automotive electronics, seize the opportunity of the intelligent development of automotive electronics, and develop products with higher reliability to meet the needs of automotive electronics. According to preliminary estimates, the overall market size of cables and components for automotive electronics is also more than 10 billion yuan, and the market space is huge.
Brokerage Research Report: No data