Shunxin Agriculture (000860): Baijiu business steady growth, the overall performance is under pressure
Category: Company Institution: Guoxin Securities Company Limited Researcher: Chen Qingqing / Li Yilin Date: 2021-08-27
operation gradually recovered, the impact of the epidemic performance is still under pressure
The company released 21H1 results announcement, 21H1 achieved revenue of 9.191 billion yuan (-3%). There is still pressure on the performance under the impact of the epidemic
The company released 21H1 performance announcement, 21H1 achieved revenue of 9.191 billion yuan (-3.46%), and realized net profit of 476 million yuan (-13.27%); of which, 21Q2 achieved revenue of 3.706 billion yuan (-7.26% year-on-year, +1.50% compared with 19Q2), and net profit of 102 million yuan (-1.50% compared with 19Q2), and realized net profit of 102 million yuan (-1.50% compared with 19Q2). 102 million yuan (-47.57% year-on-year, -53.29% from 19Q2). Overall profitability declined, 21Q2 gross and net profit margins were 25.30%/2.79% (-5.04pct/-2.23pct), of which the liquor business was still affected by the epidemic in Beijing and other places, the sales of mid-range and high-end products were hindered, and the gross profit margins were slightly lower; gross profit margins of the slaughtering business slightly increased. 21Q2 selling/management expense ratio was 5.78%/5.44% (-2.25pct The sales/management expense ratio was 5.78%/5.44% (-2.25pct/+1.43pct), advertising investment decreased, promotion investment increased. 21H1 parent company sales return of 7.470 billion yuan (-5.04%), advance receipts of 2.792 billion yuan (-20.90%).
Alcohol business performance is stable, medium-high-grade wine revenue decline, pork and real estate business dragged down the business, 21H1 Alcohol business revenue of 6.536 billion yuan (+1.09%), sales volume fell slightly by 0.58%, the gross profit margin of 35.62% (-0.14pct), the revenue accounted for 71.11% of which the high / medium / low-grade wine revenue of 7.96 / 7.65 / 4.976 billion yuan, respectively. 7.65/49.76 billion yuan (-1.96%/-17.42%/+5.24%), gross profit margin have increased, revenue share of 12.17%/11.70%/76.12%, and according to the parent company's income statement estimates white wine profit year-on-year growth in the single digits; pork business income of 2.150 billion yuan (-19.29%); real estate business income of 422 million yuan (+39%), net profit -230 million yuan. In terms of region, the revenue of Beijing / Gifu area is 3.844/5.348 billion yuan (-8.67%/+0.68%) respectively. 21H1 net increase of 12 dealers in Beijing and net decrease of 6 dealers outside Beijing.
White wine product upgrades are steadily advancing, real estate to speed up the progress, long-term growth potential is still optimistic channel research feedback, Beijing market sales growth, such as East China, such as the carve out of the smooth payment of upgraded products such as Jenny good sales, the future is expected to promote the white wine business margins steadily increased.
The company is a popular liquor leader, brand influence is increasing, long-term still optimistic about the company's growth potential in the light bottle wine market. The company is also accelerating the progress of the real estate dematerialization, the loss is expected to narrow.
Risk tips: macroeconomic risk, low-end wine competition intensified, product upgrades less than expected? Investment advice: consider the impact of the epidemic on liquor, lower profit forecasts, maintain the buy rating consider the impact of the epidemic sales, is expected to 21-23 years the company EPS 1.02/1.28/1.60 yuan (previous value 1.06/1.40/1.66 yuan), the current share price corresponding to the PE of 33/27/21x, maintain the buy rating.
Weir shares (603501): 21H1 results in line with expectations, multiple product lines together to create a semiconductor platform company
Category: Company Institution: Everbright Securities Co. strong>
On August 26, 2021, the company released 2021 semi-annual report, the company's 21H1 realized revenue of 12.448 billion yuan, YOY+54.77%, realized net profit of 2.244 billion yuan, YOY+126.60%, realized non-deductible net profit of 1.966 billion yuan, YOY+119.06%, non-recurring gains and losses of 278 million yuan. profit and loss of approximately 278 million yuan, and net cash flow from operating activities of approximately 11.100 billion yuan.
Comment:
Performance is in line with market expectations, rapid growth. Weir shares 21H1 realized revenue of 12.448 billion yuan, YOY +54.77%, net profit of about 2.244 billion yuan, YOY +126.60%, in line with the market consensus expectations, 21H1 realized non-deductible net profit of about 1.966 billion yuan, non-recurring gains and losses of about 278 million yuan. Single Q2 quarter, the company realized revenue of 6.236 billion yuan, compared with Q1 basically flat, to achieve net profit of 1.203 billion yuan, compared with Q1 net profit of 1.041 billion yuan of net profit of 15.56% growth, non-recurring gains and losses of about 181 million yuan, non-normal net profit of about 1.022 billion yuan, compared with the Q1 deducted non-normal net profit of 944 million yuan, an increase of 8.26%.
The company issued equity incentives, showing confidence in long-term development. The company intends to grant not more than 8 million stock options and 3.6 million restricted shares to 2,162 incentive recipients, with the exercise price of stock options at $281.40 and the grant price of restricted shares at $168.84, and the exercise target for stock options is 1.7, 2, and 2.4 times the net profit of 20 years in 21-23 years, i.e., 3.8, 4.5, and 5.4 billion dollars, and the total amortization required in 21-24 years is 5.4 billion dollars, compared to Q1 net profit of 944 million dollars. The total cost to be amortized in 21-24 years is about 115, 281, 122, 42 million yuan, the company released the employee stock incentive plan, showing the company's confidence in long-term development.
Multiple product lines together to create a semiconductor platform company.
In the company's image sensor program, 21H1 CIS product line revenue of 9.082 billion yuan, accounting for the semiconductor design business 10.549 billion yuan revenue ratio of 86.10%, an increase of 51.32%. The company's CIS product line includes cell phone CIS, automotive CIS, security CIS, medical CIS and other consumer electronics CIS. cell phone CIS is affected by the downturn in cell phone sales in 2Q and its performance is relatively flat, while the growth of automotive CIS, security CIS and medical CIS is strong, especially in the context of the positive sales of automobiles and the intelligentization of ADAS in 2Q, the company's automotive CIS has grown rapidly, and at the same time, automotive CIS is more competitive than cell phone CIS and other CIS. At the same time, automotive CIS is more profitable than cell phone CIS, which compensates for the negative impact of declining cell phone sales. In addition, the company's image sensor solutions also include miniature image module packaging business, ASIC business and LCOS business, in 21H1 also performed well.
The company's touch and display solutions 21H1 to achieve revenue of 613 million yuan, affected by price increases and shortages, the business gross margin of about 70%, the net interest rate of about 50%, the first half of the contribution of about 300 million yuan profit.
The company's analog product solutions more categories, including power (TVS, MOS, diodes), power management IC (Charger, LDO, Switch, DC-DC, LED backlight driver), RF and other product lines. 2020 the company's power product line revenue of about 700 million yuan, of which TVS revenue of 503 million yuan, gross margin of 35.38%; MOS tubes, the gross margin of about 70%. 35.38%; MOS tube business revenue of 167 million yuan, gross profit margin of 30.23%; Schottky diode revenue of 0.31 billion yuan, gross profit margin of 45.67%; power management IC revenue of 381 million yuan, gross profit margin of 33.90%. RF and micro-sensing revenue of 127 million yuan, gross profit margin of 4%. In the overall semiconductor boom, the company's analog product solutions faster growth, revenue growth of 55.52% over last year.
The company's semiconductor distribution business 21H1 revenue of 1.851 billion yuan, an increase of 62.91%, the business faster growth is mainly due to the semiconductor in a high degree of prosperity, discrete devices and passive components, etc. are in the price of the shortage.
Continuous investment in research and development, to further build core competitiveness. 2021 first half, the company's semiconductor design business R & D investment amounted to 1.210 billion yuan, an increase of 22.50% over the same period last year, accounting for 21H1 semiconductor design business revenue ratio of 11.47%. As of June 30, 2011, the company has 4257 authorized patents, 4097 invention patents and 159 utility models. In the field of cell phone CIS, the company launched OV60A, the world's first 0.61um pixel high-resolution 4K image sensor for front and rear cameras of high-end cell phones. In the field of automotive CIS, the company developed HALE (HDR and LFM engine) combination algorithm, which is able to provide excellent HDR and LFM performance at the same time, and its DeepWell? Its DeepWell? double-conversion gain technology significantly reduces motion artifacts. In Medical CIS, the Company's Camera Cube ChipTM technology product, an innovative combination of wafer-level optics and CMOS image sensors, provides ultra-compact sensors suitable for medical market devices. In the TDDI product line, the company's TDDI product, TD4375, has been in mass production in a number of projects for first-tier cell phone brand customers. The company is leading the industry with the launch of the sunken HD TDDI-TD4160, which supports 720*1680 resolution, 60/90/120Hz display refresh rate, and 60 240Hz touch reporting rate.
Automotive CIS, VRAR and security CIS business growth space: automotive CIS is another growth point after the cell phone CIS, mainly by the volume of price share of the three major logic support. 1) volume: the number of significant increase in the amount of traditional car use an average of 2, new energy vehicles use 8-16 or so, the use of single-vehicle CIS has increased significantly; 2) price: the traditional automotive CIS is about $ 2.5 / pcs, the value of the future single pcs of CIS, the volume of the value of the future, the value of the future, the value of the future, the value of the future, the volume of the future. Price: Traditional automotive CIS is about 2.5 USD/pc, but in the future, the value of a single CIS is expected to increase by 30%-50% to several times, and the price of CIS will increase dramatically. 3) Share: Weir's automotive CIS will take the second place in the global market in 2020, and it is expected to become the first leader of automotive CIS in the future, which is mainly due to the fact that Howe is the first leader of automotive CIS in Europe, which is very difficult to be surpassed by other vendors due to the high barriers for front-end certification. In addition, Howell has a combination of small and large pixel technology, which is more suitable for automotive CIS under the new energy trend, and it is expected to become the world's top automotive CIS leader in the future as it continues to capture ON Semiconductor's share of the Chinese market and the U.S. market.
According to Frost&Sullivan, in 2024, other consumer electronics and security market size of about 1.9 and 860 million dollars.
1) Other consumer electronics CIS: OV in the world famous VR customers to get a breakthrough, is expected to be in the future wave of VR / AR depth benefit. 2) Security CIS: OV in the field of high-end CIS, continue to seize Sony's market share in the Haikang, Dahua, the proportion of supply is also increasing.
Earnings forecast, valuation and rating: Weir shares acquired Howell, become the world's leading CIS leading enterprises.
Optical track innovation continues, the trend of rising volume and price is certain, the CIS industry will maintain long-term growth, the company continues to upgrade its own technological strength, in the field of cell phone CIS and automotive CIS continued to make new breakthroughs, the company's market share and profitability is also rising, the semiconductor boom is expected to achieve rapid growth. We maintain the company's 2021-2023 net profit of 4.469, 5.554, 6.832 billion yuan, the current market value corresponding to PE were 50, 40, 33 times, maintain the "buy" rating.
Risk tips: cell phone sales less than expected risk, the risk of increased competition in the industry.
To pure technology (603690): accumulation of thin hair hair hair wet equipment fast lane
Category: Company Institution: Cinda Securities Company Limited Researcher: Fang Jing Date: 2021-08-27
High-purity process system leader, wet equipment force. The company started from the high-purity process system, and gradually expanded BU1-5 five business divisions, respectively, to carry out the wet process equipment / wafer regeneration, high-purity process system, advanced process materials, biopharmaceuticals, optical sensing and optical device business, is expected to give full play to the advantages of customer resources, and to achieve synergistic development of various businesses.
Along with the continuous broadening of business lines, the company's revenue composition continues to be enriched, with strong growth in revenue scale.
In 2016-2020, the company's revenue grew from 263 million yuan to 1.397 billion yuan, with an average annual growth rate of 51.8%. Profit, along with the batch shipment of wet process equipment and the expansion of high margin sensing business, the company's profit margin increased year by year, and the gross profit margin reached 42% in Q1 2021.
As a wafer fab upstream equipment and system suppliers, to the pure technology growth will benefit from the depth of the domestic foundry capacity of high-speed expansion. According to our statistics, in 2021, the new capacity of the domestic foundry will reach 640,000 wafers / month (equivalent 8-inch). The company will also expand production in 2019/20 through convertible bonds and fixed-price financing to meet the growth of downstream demand.
System: Strong downstream demand and comprehensive coverage of local customers. The high-purity process system is a key infrastructure for wafer fab construction, assuming the role of chemical storage and transportation. The high purity process system accounts for about 8% of the fab construction cost, and is a high value capital expenditure link in fab construction. In addition to IC manufacturing, the pan-semiconductor field of panels, photovoltaics, LEDs, as well as fiber optics, biopharmaceuticals, and other industries also have a wide range of high-purity process system needs.
High-purity process system industry leader mainly for the United States, Japan, Taiwan-based manufacturers, domestic manufacturers started late, the company is one of the leaders. 2020 system business revenue of 863 million yuan, gross margin of 32%, ahead of competitors, and has a Shanghai Huali, Semiconductor Manufacturing International Corporation (SMIC), the Yangtze River Delta storage, Hefei Changxin, Silan Micro, Xi'an, Samsung, Wuxi, Hynix, and many other first-line customers in the industry, all the core customers have given 2020 to the industry. All core customers have given continuous repeat orders in 2020.
Wet process equipment: customer verification smooth, single chip batch delivery is imminent. Cleaning is an important process throughout the semiconductor industry chain, each generation of process upgrades will bring an average of 15% growth in cleaning steps, the importance of highlighting. According to Taiwan's Industrial Technology Research Institute (ITRI) data, in 2020 the semiconductor cleaning equipment market space of 4.9 billion U.S. dollars, 2025 will reach 6.7 billion U.S. dollars. The current global cleaning equipment market monopolized by the Japanese and Korean giants, in 2018, DNS, TEL, SEMES, Lam four manufacturers accounted for more than 90% of the market share, the domestic have to pure, northern Huachuang, Shengmei, core source of four manufacturers focus on the layout.
The current wet cleaning equipment localization rate of about 20%.
In 2020, the company's monolithic wet process equipment and trough wet process equipment out of the year more than 30 units, an increase of 50% over 2019. At the same time, the monolithic wet process equipment new orders amounted to more than 360 million yuan, an increase of 112% year-on-year. The products cover all process nodes above 28nm, and 14nm is expected to start verification next year. Customers, the company entered the SMIC, China Resources Micro, Taiwan Powerchip, TI and other leading customers at home and abroad, to obtain repeat orders. Along with the company's continuous production expansion, we are optimistic that the company's share of downstream customers will continue to grow.
Business expansion: wafer regeneration to fill the gaps in the domestic, mergers and acquisitions to open up the sensing business. The wafer regeneration business is an extension of the wet process, mainly for the reuse of test wafers. Along with the continuous growth of silicon wafer usage and price increases, wafer regeneration demand is strong. And the current share of domestic suppliers less than 10%, domestic substitution will be strong. To the pure Hefei plant is China's first mass production of 12-inch recycled wafers factory, is expected to form an annual output of 1.68 million wafers after the completion of the regeneration capacity.
Optical sensing is another battlefield opened by the company through the merger and acquisition of Waveway. 2018 global fiber optic sensor market size of $4.3 billion, space is considerable. The merger and acquisition of Waveway has effectively thickened the company's profits, contributing 317 million yuan in revenue and 0.7 billion yuan in net profit in 2020.
Earnings forecast and investment rating: we expect the company in 2021/22/23, revenue of 1.903/25.71/3.123 billion yuan, net profit of 316/424/524 million yuan, corresponding to the current share price of PE 61/46/37 times. Comparison of comparable companies in the same industry, to pure current valuation is still in a reasonable range. Considering the company as a wet cleaning equipment leading companies, with the continuous breakthrough in equipment technology, with strong domestic substitution certainty, market share is expected to continue to improve.
First cover, give "buy" rating.
Risk factors: the risk of cyclical fluctuations in the industry; the risk of downstream customers expanding less than expected; the risk of international trade friction.
Tongrentang (600085): revenue performance growth in line with expectations Drugs and commercial development is solid
Category: Companies Institution: Western Securities Co. Researcher: Wu Tianhao Date: 2021-08-27
Event: Tongrentang released its mid-year report of 2021, which reported that during the reporting period, it achieved operating revenue, net profit of parent company respectively. Achieved operating income, net profit, deducted non-net profit of 7.359 billion yuan / 624 million yuan / 617 million yuan, respectively, an increase of 22.58% / 29.91% / 29.57%, performance growth in line with expectations.
Second-quarter revenue growth is in line with expectations, has basically returned to a healthy level. The company's single second quarter respectively realized operating income, net profit, deducted net profit of 3.653 billion yuan / 306 million yuan / 300 million yuan, respectively, an increase of 22.84% / 26.61% / 27.41% year-on-year. Due to the 20Q2 company sales by the epidemic and capacity double impact base is low, 21Q2 growth rate is higher, the amount of revenue performance has been basically the same as 18Q2 health period.
Drugs and commercial are maintained at a high growth rate, the development of sound. 21H parent company realized operating income, net profit of 1.735 billion yuan / 526 million yuan, respectively, an increase of 15.42% / 17.13% year-on-year; Tongrentang science and technology, respectively, operating income, net profit of 2.766 billion yuan / 474 million yuan, respectively, an increase of 23.45% / 16.72% year-on-year. The core drugs are growing steadily; Tongrentang National Pharmaceuticals realized operating income and net profit of RMB587 million/ RMB242 million respectively, representing year-on-year growth of 13.92%/13.14%; Tongrentang Commercial realized operating income and net profit of RMB4,360 million/ RMB185 million respectively, representing year-on-year growth of 29.03%/110.99%, and the commercial segment has 900 pharmacy outlets, which are specialized in selling proprietary Chinese medicines and Chinese medicines. To the sale of proprietary Chinese medicines and traditional Chinese medicine tablets, the same period in 2020 by the impact of the epidemic, 21H recovery is obvious. 21H the company's top five drugs (expected to be Angong Niuhuang Pills, Niuhuang Qingxin Pills, Daxingluo Pills, six flavors of Di Huang Pills, Jin Gui Kidney qi pills) to achieve operating income of 2.237 billion yuan, an increase of 22.84% year-on-year growth rate of solid.
Maintain "buy" rating. It is expected that the company's net profit for the next three years were 1.166 billion yuan / 1.290 billion yuan / 1.399 billion yuan, EPS were 0.85 yuan / 0.94 yuan / 1.02 yuan, the current share price corresponding to the PE were 40.5, 36.6x, 33.8x, to maintain the "buy" rating.
Risk tips: the epidemic continues to affect the risk of overseas business, the risk of raw material prices rise beyond expectations.
New China Sunseeker (002912): front-end to restore positive growth, back-end by the impact of the epidemic overseas
Category: Company Institution: Everbright Securities Co. Revenue of 340 million yuan, an increase of 1% year-on-year; net profit attributable to shareholders of listed companies - 44.33 million yuan, year-on-year from profit to loss; excluding the impact of equity incentive fees of 57.2 million yuan, the net profit of 12.87 million yuan, a year-on-year decline of 81%; with the previous forecast basically in line with expectations.
Front-end: broadband network products to restore positive growth, mobile network products rapid release. In the first half of the year, broadband network products to achieve revenue of 160 million yuan, an increase of 24% year-on-year, gross profit margin of 86.8%, a decline of 1.01 pct. Revenue growth is mainly due to the epidemic, the industry demand has been restored, while part of the project from last year's Q4 delayed to the first half of this year acceptance. We believe that 21 years related to investment and construction departments mainly focus on planning, 22 years is expected to enter the construction boom cycle. Mobile network product revenue 92.07 million yuan, up 103% year-on-year, gross margin 68.5%, down 2.33 ptc. the company launched the 5G mobile mobile network products in a timely manner, and is developing 5G fixed mobile network products, which are expected to be released in the second half of 2021. We believe that mobile network, as a 5G post-cycle product, is expected to enter a rapid upturn in FY22, replicating the growth path of FY16~FY18.
Back-end: more affected by the overseas epidemic. In the first half of the year, network content security revenue of 20.47 million yuan, a year-on-year decline of 57%. Big data operation revenue of 10.98 million yuan, down 85% year-on-year. Mainly due to the impact of the epidemic, overseas business expansion is more difficult, resulting in the signing and implementation of some orders have been delayed.
Equity incentive expense suppressed apparent profit, the future year by year to ease. 20 years the company in the high share price when the grant of restricted shares, so recognized a higher equity incentive expense, according to the previous disclosure of the data as well as the annual report of the data, 20 ~ 24 years the company's equity incentive expense of about 0.6 / 1.3 / 0.9 / 0.4 / 0.1 billion yuan, and therefore further suppressed the performance of the release, nowadays. The stock price has fallen more, close to the restricted stock grant price.
Continuous investment in R&D, consolidate the advantages in traditional fields and actively expand new directions. The company continues to invest a lot of manpower and material resources in the research and development of new products, R & D investment accounted for 43.41% of operating income, the number of R & D personnel reached 808, accounting for 57.14% of the total number of people. On the one hand, in the traditional business areas continue to increase R & D investment, to maintain products and technology continued leading edge; on the other hand, to the ToB business (enterprise digital transformation) to the direction of active transformation, the early R & D and market investment.
The company's own logic continues to validate: front and back-end extension, multi-sector expansion. The company's management team has been working hard for many years, and its own logic is constantly being verified. Sales from distribution to direct sales, 18 ~ 20 years direct sales ratio of 74% rose to 84%. Products have been extended from front-end to back-end, with the proportion of network content security and big data operation products rising from 10.37% to 21.28% in 18~20. The business field has expanded from network information and public security to security and industry enterprise applications.
Maintain "buy" rating: maintain 21~23 years net profit forecast 3/4.5/500 million yuan, corresponding to PE 22X/15X/13X.
Valuation level has a margin of safety, maintain "buy" rating.
Valuation level has a safety margin, maintain "buy" rating.
Risk tips: the risk of fluctuations in the government procurement cycle, the impact of fluctuations in the project acceptance cycle, the cost of equity incentives to suppress the release of performance.
Focus Media (002027): performance in line with market expectations, single-screen costs benefited from the slowdown in competition significant decline
Category: Companies Institution: Soochow Securities Co. strong>
The company realized revenue of 7.227 billion yuan in the first half of 2021, a year-on-year growth of 58.90%, and net profit of 2.900 billion yuan, a year-on-year growth of 252.23%. Among them, Q2 realized revenue of 3.734 billion yuan, an increase of 39.71% year-on-year, and net profit of 1.532 billion yuan, an increase of 95.04% year-on-year. The company also expects Q3 to realize net profit of 1.480-1.630 billion yuan, an increase of 7.32%-18.20% year-on-year.
Performance is in line with market expectations. In addition, the company changed the use of repurchased shares, canceled 236 million shares of the company's shares, accounting for 1.66% of the company's total share capital; at the same time, announced an interim dividend. Shareholder returns exceeded market expectations.
The company's performance is in line with expectations, but benefited from the improvement of the competitive landscape, building media costs down, better than market expectations. The company's 2021Q2 revenue and profit year-on-year rapid growth, mainly due to the low base caused by last year's epidemic, split view, building media to achieve revenue of 3.410 billion yuan, an increase of 30.3% year-on-year, theater media to achieve revenue of 313 million yuan, an increase of 626.3% year-on-year. Although the company's revenue soared in this quarter, but the building media operating costs of only 1.008 billion yuan, even down 4.51% year-on-year, while the company's current number of points 2.464 million, an increase of 5.52% year-on-year, indicating that the company's cost of a single screen declined by about 10% year-on-year. Compared with the previous market expectation of rising rental costs, the cost decline in this quarter was better than the market expectation. It mainly benefited from the improvement in the competitive landscape. Based on this, we will raise the company's EPS.
Education and training policy tightening has limited impact on the company's performance. The company's 2021Q2 profit was not significantly higher than Q1, mainly due to: 1, the Spring Festival in 2021, a significant reduction in the homecoming population, resulting in advertisers during the Spring Festival this year did not have a significant decline in the enthusiasm for advertising; 2, education and training institutions advertising by the impact of the policy tightened, Focus on online education advertisers advertisements have been negatively impacted. However, the company's revenue structure is diversified, although online education advertisers occupy a certain proportion of revenue, but Focus continues to increase the development of advertisers in various industries, thus leading to a limited negative impact. Looking back to 2020, the company's revenue growth greatly exceeded market expectations because of the increased investment by advertisers in different industries, such as new consumption, finance, games, etc., and even the emergence of advertisers in the new consumption and fund categories was not anticipated in advance. The macroeconomic recovery has brought about an improvement in the profitability of advertisers in many industries, which is an important reason for the increase in brand advertising in the building media.
Earnings forecast and investment rating: due to the company's cost reduction benefited from the improvement of the competitive landscape, we will 2021-2023 EPS from 0.41/0.51/0.60 yuan raised to 0.42/0.51/0.61 yuan, the current market value corresponding to the PE were 19.10/15.67/13.05 times. We maintain the company's "buy" rating.
Risks: macroeconomic fluctuations, competition, unfavorable returns