Yanghe shares (002304): Proportion outside the province continued to increase and proactively adjusted to deal with competition

Event: The company achieved operating income of 159 in the first half of 2019.

99 ‰, an increase of 10 per year.

11%; net profit attributable to mother is 55.

82 ppm, an increase of 11 per year.


Q2 revenue was 51.

09 million yuan, an annual increase of 1.

98%; Q2 net profit attributable to mother is 15.

61 ppm, a 10-year increase2.


Active destocking adjustments affected revenue, and the proportion of revenue outside the province further increased the company’s Q2 revenue51.

09 yuan, an annual increase of 2.

0%, the growth rate fell earlier 四川耍耍网 than Q1, mainly due to 1) Haitian series of old and new packaging alternated, the price instability led to increased inventory in the province, the company actively adjusted the scheduling rhythm in the province in May / June.

2) The competition in the province has intensified, and some sub-high-end market shares have been snatched by competing products.

Especially the blue price band of the sea, losing market share.

Accounts received in advance for the second quarter of 201917.

79 trillion, down 1 from the previous month.

94 million, taking into account changes in advance receipts, Q2 sales received 49.

0 billion, down 12 a year.


From a regional perspective, the proportion of revenue outside the province has further increased, and the company achieved 80 in the province in the first half of 2019.

72 ppm, a ten-year increase2.


Realized income outside the province 79.

26 ppm, an increase of 18 in ten years.


Provincial revenue share increased to 49.

5%, an increase of 3 per year.

44 points.

The gross profit margin dropped slightly, and the suspension of stocks affected operating cash flow. From the perspective of terminal research, Dream Blue grew faster than Hai Blue and Sky Blue.

Driven by the gross profit margin of Q1, the company’s gross profit margin was 70 in the first half of the year.

9%, a decline of 0 per year.

6pct, with Q1 falling by more than 2.

5ptc, Q2 exceeded the increase of 2.

8 points.

Expense rate during 2019Q2 is 20.

9%, an increase of 2 per year.

17pct, of which the selling expense ratio is 13.18%, up 1 every year.

77ptc, from an absolute point of view, the growth of two core expenditures, advertising and promotional costs, and staff budgets, drives the increase in sales expenses.

Management expense rate 8.

10%, a decline of 0 every year.

14pct; financial expense ratio is 0.

44%, rising by 0 every year.


The net operating cash flow of the company in Q2 2019 decreased by 171.

69%, historically, Q2’s operating cash flow is regularly negative every year, mainly due to the company’s payment rhythm and rebate policy.

At the same time, Q2’s continuous shutdown also affected cash flow.

Multiple reforms have been carried out to channel inventory. The distributor is actively making multiple reforms. The company is currently implementing multiple reforms and actively responding to market competition, including the establishment of a brand division, strengthening the development of group purchase customers, and a more complete process for performance evaluation.

Beginning in May this year, the company carried out cargo control and destocking for the province’s inland sea and sky series to clean up channel inventory.

In June, it further controlled the cargo and reduced the terminal inventory.

Before the Mid-Autumn Festival, the company adjusted the channel rebate policy of the Hai series, increased the gross profit of the Hai series channels, and promoted the promotion of dealer sales.

At present, the dealers have basically completed the Mid-Autumn Festival, and the payment is more active.

At the same time, the company continued to vigorously promote Dream Blue, and also actively listed high-priced products such as head row wine to lay out high-end markets, and the trend of product structure upgrade gradually continued.

Earnings forecast According to the company’s initial goals, the company plans to increase its operating income by more than 12% in 2019, and the corresponding revenue target is 270.

9.5 billion.

At present, the company has not adjusted its performance targets and is still working on market adjustment in the second half of the year.

We are optimistic about the company’s potential to continuously upgrade its product structure in the trend of high-end liquor and its ability to continuously increase market share in the national layout. It is predicted that the company will enter the adjustment period in 2019, and the expense will be higher in the second half of the year than in the first half.The meeting will initially set a preliminary target and forecast 266 sales revenue in 2019.

76 ppm, an increase of 10 in ten years.

42%, net profit attributable to mother is 90.

52 ppm, an increase of 11 years.

55%, achieving EPS 6.

01 yuan, the current expected corresponding 19 times the valuation.

Given a 23x target estimate, the target price is 138.

23 yuan, maintain BUY rating.

Risks suggest that economic volatility has an impact on sub-high-end consumption, the company’s out-of-province market expansion has fallen short of expectations, and intensified market competition has led to substitution of market share.

Posted in cktdpaq

Financial Street (000402): Urban layout tends to achieve balanced growth in asset management business
Investment points: 1.The event company released its 2018 annual report.At the core of the report, the company achieved operating income of 221.1.3 billion, down 13 each year.35%; the company achieved net profit attributable to shareholders of the listed company.69 ppm, a ten-year increase of 8.72%, net profit attributable to shareholders of listed companies after deduction is 29.82 ppm, a 69-year increase of 69.78%; the company’s basic earnings are 1.09 yuan, an annual increase of 7.92%.The company’s profit distribution plan is: based on the company’s total share capital on December 31, 2018, a cash dividend of 3 yuan (including tax) will be distributed to all shareholders for every 10 shares.  2.Our Analysis and Judgment (I) Revenue decreased and gross profit of development business increased rapidly. In 2018, the company realized operating income of 221.13 ppm, a decrease of 13 per year.35%; net profit attributable to mother 32.69 ppm, a ten-year increase of 8.72%, net profit after deduction is 29.82 ppm, a 69-year increase of 69.78%; affected by the reduction in the scale of the company’s completed projects, revenue declined, of which the real estate development business realized operating income of 195.9 trillion, down 15 a year.72%, gross margin is 45.77%, an increase of 20 from 2017.The 42 single ones are mainly related to the improvement of cost control and structural factors of settlement projects; the property rental business realized operating income.4 ‰, an increase of 11 in ten years.60%, mainly due to the increase in rental income; real estate operating business realized operating income6.700 million, an annual increase of 4.71%.  (2) The sales amount hit a record high, and the urban layout tended to be balanced. In 2018, the company achieved a sales contract value of about 30.7 billion, a 30% increase over the previous year, a record high.Among them, commercial real estate projects achieved sales contract value of 24.8 billion US dollars.The company has basically completed the layout of 15 cities / regions in the five major urban agglomerations. The city’s revenue distribution is more balanced than in previous years. Guangzhou, Beijing, Shanghai, Huizhou, Tianjin, and Chongqing each accounted for 28 revenues.03%, 27.33%, 13.45%, 11.82%, 10.44%, 8.93%, the ability to resist market risks improved.The company added 20 new projects through the bidding, auction, merger and acquisition, cooperative development and other methods, with an added equity building area of 3.56 million square meters, an equity investment of USD 19.1 billion, and an overall billable resource planning building area of 15.33 million square meters.The company replenishes project resources at a reasonable price and abundant soil reserves, which helps the company’s performance to improve steadily.  (3) The asset management business has grown steadily, and the profitability of self-sustaining business has improved, and the company’s asset management business as a whole achieved operating income25.1 ‰, an increase of 11% in ten years; realized profit before interest and taxes12.9 trillion, an increase of 9% in ten years.Operating income of the company’s asset management business and profit before interest and taxes hit a record high.The report summarizes that the company holds 118 high-quality properties in the core areas of Beijing, Shanghai, Tianjin and other central cities.20,000 square meters, the company gradually carried out the management output and asset securitization of asset management business, the profitability of self-owned properties continued to improve, while providing stable cash flow while providing financing for the company’s development business.  (IV) The overall controllable leverage and increased financing costs At the end of the reporting period, the company’s assets and liabilities replaced 74.96%, increase by 1 every year.88%, the level of leverage is generally controllable.The company completed the resale of corporate bonds with rights. The “15 Golden Street 01” bond has a coupon rate of 4 for three years after adjustment.74%.On January 17, 2019, the company completed a US $ 2 billion non-public issuance of corporate bonds (the first instalment), of which the coupon rate of “19 Golden Control 01” was 4.33%, “19 Gold Control 02” coupon rate is 4.47%.At the same time, the company declared private placement of corporate bonds and obtained 6 billion registered quotas.The company’s financing cost budget and long-term budget funds provide guarantee for the company’s business development.China Chengxin Securities Appraisal Corporation rated the company as AAA.  3.Investment advice Financial Street’s self-sustaining business has grown steadily and is expected to benefit from the rapid development of asset securitization and Reits.The company deeply cultivated the five major urban agglomerations and moderately expanded the project of satellite cities, and the city distribution was more balanced.The three businesses of company development, property leasing and property management all achieved high levels of gross profit margin.Based on the consideration of the company’s development project reserves and the company’s layout of market sales, we expect the company’s revenue from 2019 to 2020 to be 1.21, 1.38 yuan.Take March 29 at 8.At the closing price of 58 yuan, the corresponding dynamic price-earnings ratios are 7 respectively.09, 杭州桑拿网 6.22 times.With reference to comparable companies’ estimates, the company’s dynamic urban surplus for 2019 is reset7.09 times, lower than the average of 9.93 times attractive, giving the first “recommended” rating.  4.Risks suggest that real estate growth is higher than expected, and the risk of falling house prices is falling.

Posted in 夜生活

Look at these data (with concept stock)

Why is the pilot demonstration area Shenzhen?
Look at these data (with concept stock)

Why is the pilot demonstration area Shenzhen?
Look at these data.
  As soon as the “Opinions” of the company’s official Weibo came out, Shenzhen became “fire” again.

  Yesterday, Shenzhen welcomed a lot of good news. The Central Committee of the Communist Party of China and the State Council issued the “Opinions on Supporting Shenzhen to Build a Pioneering Demonstration Zone with Chinese Characteristics.”

  According to the “Opinions”, Shenzhen’s development goals are divided into three steps: By 2025, Shenzhen’s economic strength and development quality rank among the top cities in the world, R & D strength, world-class industrial innovation capacity, cultural soft power significantly improved, public service level and ecologyThe environmental quality has reached the international advanced level, and a modern, international and innovative city has been built.

  By 2035, Shenzhen is expected to develop into a national model, the city’s comprehensive economic competitiveness will lead the world, and it will become a capital of innovation, entrepreneurship and creativity with global influence, and become a city model of a constructive socialist modern power.

  By the middle of this century, Shenzhen stood in the woods of the world’s advanced cities with a more magnificent attitude, and became a global benchmark city with competitiveness, innovation and influence.

  Why is it Shenzhen?

From the four dimensions of economic growth, industrial structure, talent introduction, and capital market, Xiao Bian revealed several big data points of Shenzhen.

  The first point of data: the average annual growth rate of GDP exceeded 20%, at least last year, it surpassed Hong Kong for the first time. From 1979 to 2018, Shenzhen has transformed from an unknown small fishing village into a national economic center city, a science and technology innovation center, and many other types.Title in one metropolis.

At the age of 40, Shenzhen has achieved remarkable economic development, with an average annual growth rate exceeding 20%.

  Shenzhen GDP exceeded 2 in 2018.

4 trillion, second only to Beijing and Shanghai, ranking third.

Shenzhen’s economy has continuously surpassed the highest. In 2002, Shenzhen’s GDP growth surpassed Chongqing’s, ranking fourth. After that, Shenzhen’s GDP growth surpassed Guangzhou’s, ranking third, and transformed into “Beijing-Shenguang”.

  With the ranking of Hong Kong, which is also a major city in the Guangdong-Hong Kong-Macao Greater Bay Area, Shenzhen’s economic development has replaced its absolute advantage.

In terms of Renminbi, Shenzhen ‘s GDP last year was about 22.1 billion higher than Hong Kong ‘s. This is the first time that Shenzhen ‘s GDP has surpassed Hong Kong ‘s, making Shenzhen the No. 1 city in the Guangdong-Hong Kong-Macao Greater Bay Area.

  In the first-tier cities, Shenzhen has maintained a leading position in economic development.

Shenzhen’s per capita GDP reached 18 in 2018.

960,000 yuan, the earlier Beijing, Shanghai and Guangzhou were 35.

2%, 40.

44% vs. 21.


  According to the “2018 China City Competitiveness Report” jointly released by the Chinese Academy of Social Sciences and the Economic Daily, Shenzhen ranked first in the “Comprehensive Economic Competitiveness List”.

The city’s comprehensive economic competitiveness ranking represents the city’s comprehensive strength, and Shenzhen is ahead of Hong Kong and Beijing, Shanghai and Guangzhou.

  Highlights of the data: R & D investment accounts for more than 4% of GDP, and high-tech enterprise clusters serve as a city of technological innovation. In 2018, Shenzhen’s tertiary industry output value accounted for 58% of GDP.

8%, contributing strength to the economy.

  According to the statistics of the Bureau of Statistics, the total value added of Shenzhen’s strategic emerging industries in 2018 was 9,155.

1.8 billion yuan, an increase of 9 over the previous year.

1%, accounting for 37% of the regional GDP.


Among them, the value-added of the six major industries, such as new-generation information technology, digital economy, high-end equipment manufacturing, and biomedicine, have increased compared with the same period of the previous year, and only the value-added of the marine economic industry has improved from the previous year.

  In terms of R & D funding, Shenzhen’s total R & D investment accounted for 4% of GDP.

2%, ranking among the top cities in the country.

  Pay is proportional to return.

Under the background of large-scale investment in research and development, Shenzhen’s innovation and development capabilities not only lead the country, have already demonstrated its huge influence globally, but also hatched global well-known companies such as Huawei, DJI, and Tencent.

  Huawei is the world’s leading provider of ICT (information and communications) infrastructure and smart terminals, and is a typical benchmark for innovation in private enterprises.
Despite being on the cusp, Huawei’s performance in the first half of 2019 was still impressive, with sales revenue of 401.3 billion yuan, an increase of 23 year-on-year.
2%, net profit margin 8.


Global shipments of mobile phones reached 1 in the first half of the year.

1.8 billion units, a year-on-year increase of 24%, and plans to invest 1南京桑拿论坛20 billion yuan in research and development this year.

  DJI is committed to becoming a pioneer of global flight imaging systems. It is the world’s leading developer and manufacturer of unmanned aerial vehicle control systems and drone solutions, with customers in 100 countries around the world.

  According to Fortune, the number of Shenzhen’s top 500 companies in the world reached 7 in 2019, ranking second with Shanghai.

Among the Shenzhen companies on the list, Ping An of China was 1635.

The revenue of 97.4 billion US dollars ranked 29th, and ranked in the top 30 for two consecutive years; followed by Huawei, the ranking increased from the previous year.

  Highlights of the data: The talent gathering effect is significant, and the annual value-added in the past three years has exceeded 400,000. Since Shenzhen established the special economic zone, Shenzhen has been a “test field” for reform and an open “window”.”Here is Shenzhen.”

  Initially, a number of talent introduction policies have been introduced successively throughout the country.

The number of extreme permanent residents in Shenzhen is still increasing year by year, and the average annual added value in the past three years exceeds 400,000 people, and the talent concentration effect in Shenzhen is significant.

  Shenzhen is a leader in innovation and prioritizes talent development as its core strategy for development.

Since 2018, Shenzhen has arranged more than 30% of financial science and technology projects for basic research and applied basic research each year. At the same time, it actively promotes and deploys national laboratories, national key laboratories, and large scientific installations to tackle scientific research for first-class talentAnd technological innovation to create a better platform.

  Data highlight 4: Shenzhen’s local stock market value exceeds 96% of the provinces, 14 stock market value exceeds 100 billion yuan. In terms of market value, the latest total market value of Shenzhen local stocks has reached 7.

12 trillion yuan, accounting for more than 60% of the market value of listed companies in Guangdong Province.

  In terms of provinces, the total market value of Shenzhen’s local stocks is only lower than that of Beijing, and exceeds the corresponding value of 96% of provinces such as Shanghai, Zhejiang, and Jiangsu (excluding Guangdong Province).

  In terms of individual stocks, the latest market value of 14 stocks including BYD, Mindray Medical, and CITIC Securities exceeded 100 billion yuan, many of which are industry leaders such as Vanke A, Ping An of China, and Industrial Alliance.

  In addition, from the perspective of the key industries in the “Opinions”, among Shenzhen local stocks, 5G concept stocks are involved in McGee Technology, Sunlord Electronics, Kexin Technology, Dafu Technology, ZTE, Gongjin Stock, and special informationSunsea Intelligent, Tianwei Video, Xinwei Communication, Fei Rongda, Jin Xinnuo, Shennan Circuit, Guanghetong.

  Involving artificial intelligence-related stocks are Huiding Technology, Saiwei Intelligent and Jintuo.

  Involving cyberspace science and technology-related stocks include Sino-Singapore, Zhaori Technology, and Ren Zixing.

  Life information and biomedical stocks include BGI, Kangtai Bio, Hanyu Pharmaceutical, Weiguang Bio.

Posted in urjexupb

Wanhe Electric (002543) Tracking Report: Domestic sales steadily increased and external sales declined slightly

Key points of investment 18 years in the heating 武汉夜网论坛 industry replacement, the company still achieved growth beyond the industry According to industry online data, the total sales of gas water heaters in 2018 was 23.25 million units, which gradually declined 3

0%, of which 18.42 million units were sold, a drop of more than 4.

7%, export volume of 4.83 million units, an increase of 3 in ten years.

At 9%, the company, as a leading fuel, continues to achieve growth beyond the industry.

According to the data of Zhongyikang, the company’s retail volume of gas water heaters has ranked first in the industry for fourteen consecutive years and has taken the lead in the existing market share; the market share of electric water heaters has entered the top four; kitchen appliances (that is, smoke machines), Stoves and disinfection cabinets) market share are among the top five in the industry.

Exports have fallen slightly, domestic sales have grown steadily, and channels and categories have continued to grow. We expect the company’s exports to decline slightly in 18 years. This is due to the increase in raw material prices that previously pushed up the company’s costs. The company’s export products increased their prices in July 2018.7%, the merger of China-US trade war or increased tariffs on export products, which also has a potential impact on the company’s export business.

However, looking forward to the future, considering that the company’s export products have reached a higher competitive advantage, and the company’s product exports have expanded to overseas emerging markets such as Russia, South America, the Middle East, Southeast Asia, etc., it will explore new performance for the company’s overseas business through a series of market development and expansion.The growth point will increase the company’s ability to resist risks in export trade and will not rely on export trade in individual regions in the future.

In addition, we expect the company’s domestic sales to grow steadily in 18 years.

In terms of channels, the company gradually increased its control over the channels. Through Gome, Suning, Five Star, local malls / supermarkets, department stores, etc., it continued to increase the expansion of experiential stores, through chain townships / cloud stores / community stores, and specialty stores., Building material cabinet shops, electrical appliance franchise stores, etc., to accelerate the sinking and expansion of channels in the fourth to sixth markets.

In addition, the company used preliminary marketing methods to sponsor Hunan TV ‘s third-largest ace show “Singer”, a popular combination called “Lian Yinshe”, a caravan tour to start experiential marketing, etc., to upgrade the brand ‘s premium capabilities and achieve brand recognition.As a core-driven enterprise development capability.

In terms of products, the company’s 18-year recession in wall-hung boiler sales was mainly affected by the expansion of gas sources and natural gas pipeline networks.

Under the “Thirteenth Five-Year Plan” of energy structural reform, the construction of natural gas pipeline networks is accelerating, and the living standards of domestic people are gradually improving. The consumption upgrade in the domestic market is expected to stimulate consumer demand for wall-hung boilers in the future.

In addition, the company is also deploying new categories such as integrated stoves, and continues to develop categories.

Maintain “Buy” rating and expect the company’s revenue to be 78 in 2019-20.

700 million and 90.

20,000 yuan, the annual growth rate was 15.

1%, 14.

5%, the net profit attributable to the parent company is 6, respectively.

100 million and 7.

30,000 yuan, the annual growth rate was 20.

0% and 18.

8%, EPS for 2019-20 is 1.

07 yuan and 1.

27 yuan, corresponding to PE14.

1x and 11.

9x, maintain “Buy” rating.

Risk Warning: The risk of sharp fluctuations in raw material prices; the downturn in the real estate market; increased industry competition; the risk of exchange rate changes

Posted in zsctykrvq

Huayou Cobalt (603799): Proposed Issuance of Shares to Purchase Equities of Bamo Technology and Huayou Yinzhou and Matching Financing of RMB 3.2 billion

Investment points The company intends to purchase shares of Bamo Technology and Huayou Luzhou and raise supporting funds by issuing shares.

On April 19, the company announced that it plans to start with 32.

24 yuan / share issue 1.

2.6 billion shares purchased 100% stake in Bamo Technology and Huayou Yinzhou 15.

68% equity, after the completion of the transaction, the company Bamo Technology and Huayou Luzhou will become wholly-owned subsidiaries of the company.

(1) The company intends to issue shares to 8 counterparties in Hangzhou Hongyuan, Xinba New Energy and other parties to purchase 100% of Bomo Technology; the transaction consideration is 32 trillion.

(2) The company intends to issue shares to Cinda Xinneng to purchase Huayou Luzhou15.

7% equity at a transaction consideration of 8.

600 million.

At the same time, the company intends to raise funds of 3.2 billion in non-public offerings and issue no more than one share.

6.6 billion shares are used for the industrialization project of high-energy-density power battery materials of Bamo Technology to supplement the company’s working capital.

In addition, the company will resume trading on April 22, 2019. Bamo Technology is one of the leading companies in the transformation of materials, and the continuous expansion of production capacity guarantees performance.

Bamo’s main products are lithium cobaltate and ternary materials. In 2018, the injection volume of lithium cobaltate was 8,800 tons, ranking third in the country (16.

16%). At the same time, the number of NCM releases reached 6700 tons, accounting for 4%.


2017/2018 revenue was 37.


4.4 billion, with a net profit of 1.


RMB 860,000; Chengdu Bamo’s 2017/2018 revenue was 18.


4 megabytes, with a net profit of 4217/5281 million U.S. dollars, and an annual capacity of 10 raw materials for Chengdu Bamo ‘s future planning. With the relatively high net rate of Chengdu Bamo ‘s expansion, Hangzhou Hongyuan as theThe performance commitment is artificial, and promises that Bomo Technology’s net profit after tax for 2019-2021 will not be less than 2.

1.5 billion, 2.

8 billion, 3.

63 ppm, corresponding growth rate of 149.

无锡夜网7% / 30.

2% / 29.

6%, the maximum net profit gradually realized in three years is not less than 8.

5.8 billion.

In addition, Huayou Cobalt mainly sells cobalt trioxide and other products to Bamo, which reached 13 to Bamo in 2018.

05 ppm, accounting for 13 of Huayou’s cobalt product revenue.

63%, it is expected that after the acquisition, the synergy between the company and Bamo will significantly increase again.

The shares of the company to be listed acquire Cinda Xinneng, which holds Huayou Luzhou15.

68% equity at a reasonable premium.

Huayou Yinzhou is the company’s main base for the smelting of cobalt and copper products; from 2017 to 2018, Huayou Yinzhou realized operating income of 59.

9 and 86.

400 million, net profit is 8 respectively.

8 and 4.10,000 yuan.

In October 2018, Cinda Xinneng acquired the credit assets of Huayou Luzhou and simultaneously obtained a capital increase by way of debt-to-equity swap7.

300 million, thus obtaining Huayou Luzhou 15.

7% equity also effectively reduced Huayou Yinzhou’s asset-liability ratio.

The company is currently at 8.

6 billion US dollars of trading consideration replaced Huayou Luzhou 15.

7% equity, compared to 7.

3 trillion debt conversion price premium 18.


Considering that there is a 12-month lifting of the ban after Cinda Xinneng uses Huayou Yinzhou to enter the shares of listed companies, the premium is relatively reasonable.

In addition, the company plans to raise funds of 32 trillion for non-public offering, and the issue price has not been determined.

The company intends to raise funds of 3.2 billion in non-public offerings, and the number of shares to be issued does not exceed 20% (1.

6.6 billion shares), the issue price has not yet been determined.

The raised funds are mainly used for advanced intelligent manufacturing projects for the industrialization of high-energy-density power lithium-ion battery materials by Bamo Technology, supplementing the liquidity of listed companies, etc. It is expected that the funds will effectively reduce the company’s asset-liability ratio and improve the company’s profitability.

Profit forecast and grade: As the PE527 and MIKAS technical transformation projects gradually reach full production, their own cobalt ore volume has significantly increased, and the proportion of self-supplying cobalt ore mines may continue to increase.

At present, MB cobalt has begun to rebound. It is expected that the cobalt price will bottom out and the company will gradually move from a leader in cobalt to a leader in lithium battery new energy.

Maintain the company’s profit for 2019-2021, and expect to achieve net profit attributable to the mother, respectively8.

300 million, 13.

200 million, 16.

1 ppm, EPS is 1.

0 yuan, 1.

6 yuan, 1.

9 yuan (not considering the replacement issue), calculated at the closing price on April 19, PE is 42.

3X, 26.

6X, 21.


Maintain the level of “prudent overweight”.

Risk reminder: the supply side is too fast, the price of cobalt has dropped sharply, and its own project is less than expected risk

Posted in 桑拿

Jiayou International (603871) Annual Report Comments: Annual Report Meets Expectations Maintain “Buy” Rating

The annual report is in line with expectations. Maintaining a “Buy” rating and target price in 2018, Jiayou International achieved net profit2.

700 million (+30.

9%), the preview interval is 2.


800 million, in line with expectations.

Considering the gradual volume increase in the Mongolian and African markets, we forecast the company’s EPS in 19/20/21 to be 3.



99 yuan, maintain Jiayou International “Buy” rating and target price range of 74.


30 yuan (corresponding to 24-24 in 19 years.

5X PE) performance was in line with expectations. Passage capacity affected 4Q18 earnings and cash flow in 2018. Jiayou International achieved net profit2.

700 million (+30.

9%), the performance forecast range is 2.


800 million, net profit after deduction to return to mother 2.

4.8 billion (+21.

9%), non-recurring gains and losses are mainly 0.

The 2.4 billion financial management income can also be seen as a regular profit and loss from a business perspective.

In the fourth quarter of 2018, Jiayou International achieved a net profit of zero.

4.6 billion (+33.

4%), net profit after deduction is 0.

3.9 billion (+21.

7%), as expected.

Due to the impact of gateway capacity, the company completed approximately 200 million coking coal replacements in a timely manner in the fourth quarter, taking up 200 million prepayments, which will have a certain impact on cash flow. Corresponding to the completion of coking coal sales, we expect the company’s cash flow to return to normal.

Supply chain trade has been steadily advancing. Maintaining 500 trade volumes in 19 years, it is judged that the core type of Jiayou International’s supply chain business is ER main coking coal.

In 2018, the company achieved supply chain revenue33.

98% (+ 27%), we expect coking coal sales to rise from 300 to around 380; gross profit margin is 3.

4% (+0.


Starting in November 2018, the pass will transform the top 4Q18 and 1Q19 sales, and we expect that 2Q19 will start to gradually improve; while the company has about 800 replacement orders in hand, maintaining the 19-year coal trade 500 forecast.

The cross-border multimodal transport service has grown rapidly, and the African business has lowered its gross profit margin. In 2018, the company’s cross-border multimodal transport service revenue was 7.

30,000 yuan (+23.

4%), slightly exceeding our expectations.

深圳桑拿网The company did not disclose the detailed structure. We estimate that the logistics and warehousing income of mineral products has stabilized, and the main increase comes from the cross-border multimodal transport business.

Due to the higher freight rates in Africa and the previous price strategy, which lowered the overall gross profit margin, the company’s cross-border multimodal transport gross profit margin was 34.

5% (-4.

9pp).We expect that the gross profit margin of the African region will improve through the increase in freight volume.

Maintain “Buy” rating and target price of 74.


30 We maintain our EPS forecast for 19/203.


99 yuan, and the first date 21-year profit forecast is 4.

99 yuan, corresponding to the current expectation of 16.



4X PE.

Correspondence to A-share logistics companies on the 22nd of 19th.

7X PE is the benchmark, referring to the evaluation system of overseas companies, and considering the industry space, the moat and the disadvantaged, we give Jiayou International 19-24-24.

5X PE (premium 6% -8%); Maintain Jiayou International’s “Buy” rating and target price of 74.


30 yuan.

Potential catalysts include: the “Belt and Road” summit, the implementation of African projects, the heavy volume of carless carriers and domestic multimodal transport operations.

Risk reminders: 1) Global macro and geopolitical risks: 2) Business expansion risks; 3) Customer concentration and new customer expansion risks; 4) Risk policy risks; 5) Evaluation risks.

Posted in gajkwzyhl

Joy City (000031): Synergy-driven high growth opens a new chapter for Joy

Core point of view The company released a performance forecast on July 13, the company expects to achieve net profit attributable to mothers in the first half of 201917.


40,000 yuan, an increase of 30-50% over the same period last year.

The company’s performance in the first half of the year maintained rapid growth, mainly due to the increase in the carry-over of commercial housing sales in the reporting period.

The reorganization of former COFCO Real Estate and Joy City Real Estate was completed. The company merged residential real estate and commercial real estate, positioned the industry-wide integrated real estate development platform, and further enhanced industrial synergy and core competitiveness. It is expected to return to its net profit in 2019-2021.

4, 30.

1, 37.

700 million (previous value was 14 in 2019 and 2020).

0, 16.

30,000 yuan, without considering the impact of restructuring), maintain “Buy” rating.

The first semi-annual report after the completion of reconfigurable assets is expected to be beautiful, mainly due to the increase in the sales income of commercial housing carried over from the same period last year.

1. In 2018, the sales volume of the merger and reorganization of former COFCO Real Estate and Joy 深圳spa会所 City Real Estate increased by 42%, and the advance account of the company in Q1 2019 increased by 33.

9% to 277.

900 million yuan.

The carry-over resources are abundant, and the number of bases for carrying forward the combined real estate business in 2018 (combined caliber real estate development revenue has decreased by more than 19).

1%), the development and sales business is expected to contribute a higher revenue growth rate; 2. In 2018, the gross profit margin expansion of the reorganized and consolidated caliber real estate development business increased by about 7 percentage points, and the carry-over of high-boom cycle projects is expected to continue with higher gross profit margin.

In the first half of the year, the sales growth rate ranked first among mainstream A-share listed real estate companies. 杭州夜网论坛 Reorganization and expansion of resource scale advantages showed that the company’s consolidated caliber in the first half of 2019 achieved 360 sales.

300 million, ranking top 50 in the industry.

In the first half of the year, the sales amount increased by 76% each year, and the growth rate ranked first among mainstream A-share listed real estate companies.

In the first half of 2019, the planned land area for newly added land reserves is about 107.

70,000 square meters, a decrease of about 23 a year.

7%, increase the amount of equity investment by about 43.

70,000 yuan, investment intensity increased and fell.

The original COFCO Real Estate 2018 annual report showed that the planned real estate development and construction projects at the end of the reporting period had a construction area of 7.65 million square meters. At the same time, Joy City Real Estate Annual Report showed that the land reserve was about 6.34 million square meters, of which the saleable area was about 2.41 million square meters.The advantages have further expanded, and we expect the company’s sales volume in 2019 is expected to move towards 75 billion.

Residential commercial synergy is released, and the competitiveness of urban complex development highlights Joy City Property’s 2018 annual report, which shows that investment property rental and property management services income36.

3 billion, an annual increase of 5.


Among them, Joy City Shopping Center has an EBITDA of 14.

6.4 billion, an increase of 10% in ten years.

The development of commercial properties has accelerated in an all-round way. Xi’an Joy City, Hangzhou Joy City, Shanghai Changfeng Joy City and Kunming Joy City were opened in 18 years. The number of operating projects increased to 12, and 7 commercial projects were under construction and reserve.

We believe that on the basis of the sustainable development of the brand residential business, the company will focus on the development and operation of the urban complex with “Joy City” as the brand, optimize its industrial structure, achieve competitive brand development, and release “residential”+ Commercial “synergy.

Comprehensive real estate development of first-line brands, maintaining the “Buy” rating. We believe that the synergies of the company’s resource integration are expected to continue to improve profitability. The transformation depends on scale effects, brand advantages and financing channels.It is predicted that the net profit attributable to mothers will be 25 in 2019-2021.

4, 30.

1, 37.

700 million (previous value was 14 in 2019 and 2020).

0, 16.

3 trillion, without considering the impact of restructuring), corresponding to EPS of 2019-2021.

65, 0.77, 0.

96 yuan.

Considering the increase in the overall asset size and the proportion of commercial real estate after the reorganization of the company, the comparable company was changed to a commercial real estate operator and a comprehensive developer.

Reference comparable companies averaged 12 in 2019.

7 times PE estimate, giving the company 12-13 times PE estimate for 2019, with a target price of 7.


45 yuan (previous value was 6.


26 yuan), maintain “Buy” rating.

Risk warning: Sales carry-over in first and second tier cities is less than expected; intense competition in commercial real estate

Posted in opgwugf

Wanrun (002643) 2019 Semi-annual Report Comment: Alternatives with slightly better-than-expected results are expected to continue heavy volume OLED burst soon

Event: The company released its semi-annual report for 2019 and achieved operating income12.

9.3 billion, +1 a year.

18%; net profit attributable to mother 2.

31 ppm, +19 a year.

63%, EPS 0 in the first half.

25 yuan.

Among them, Q2 achieved operating income of 6.

310,000 yuan, +1 a year.

78%, -4.

58%; net profit attributable to mothers1.

29 trillion, +0 for ten years.

47%, +27.


The company’s performance slightly exceeded expectations, mainly due to the exchange rate changes and product structure optimization, the company’s gross profit margin in the first half 杭州夜网 of 42.

14%, ten years +5.

09 points.

  The beneficiary country VI is often constantly heavy.

Driven by the improvement of global emission standards, the market space is about 1 as the market continues to increase volume.

2 nominal.

It is expected that after the initial National VI, there will be an additional 7,000 tons of market space, and it is expected to gradually release in 2020.

The company is tied to Johnson Matthey, and the tractors are continuously heavy. The production capacity has increased from 850 tons / year to the current production capacity of 3350 tons / year, and it is currently full and sold.

The company’s remaining 2,500 tons / year capacity is under construction and is expected to be commissioned in the second half of 2019.

The company’s remaining ZB series for exhaust gas treatment has a maximum 杭州桑拿网 capacity of 4,000 tons / year and the MA series for flue gas treatment has a throughput of 3,000 tons / year, which is expected to start production gradually in 2020.

The company’s production capacity continues to expand, fully benefiting from the alternative market brought by China VI.

  Deeply plowing the OLED industry chain, the foldable era is expected to usher in an explosion.

In terms of OLED materials, the company’s main products include OLED monomers and OLED intermediates. Its subsidiary Jiu Mu Chemical is a domestic leader in this field and achieved operating income in the first half of the year1.

With a net profit of 2.4 billion and a return of 2194 million, the company will expand the application scale of OLED materials in the small-sized display field in the future, and the company’s market share is expected to further increase.

The company’s independent intellectual property rights of OLED finished materials are being verified by downstream manufacturers, and then gradually erupt.

In the downstream Samsung, Huawei has successively released foldable mobile phones and LG has released alignable TVs, with curved displays driving the OLED display volume.

As a leading domestic OLED material company, the company is expected to usher in accelerated development.

  Maintain “Buy” investment rating.

It is estimated that the net profit for 19-21 will be 5 respectively.

22, 6.

55 and 8.

22 trillion, EPS is 0.

57, 0.

72 and 0.

90 yuan, corresponding to 19X, 15X and 12X PE, maintaining the “buy” level.  Risk warning: the risk of exchange rate fluctuations, the risk of product expansion beyond expectations.

Posted in 新闻

Depth * Company * SPDB (600000): Interest income maintains rapid growth, asset quality continues to improve

The overall performance of SPDB’s third quarter report is in line with expectations, asset quality has further improved, the NPL ratio has continued to decline, and non-performing loans have changed, but we expect that it will take time to digest the 杭州桑拿 bad stock.

Considering that the estimates have fully and fully reflected the expectations of the company’s asset quality, it is estimated that the safety margin is high, and the company’s holdings are maintained.

The main points of the support grade have maintained a good growth trend, and the fee income growth has accelerated the net profit or appreciation of SPDB in the first three quarters.

9%, revenue increased by 15 in ten years.

4%, down from the first half.

2 units, net interest income and program fee income increase extra.

Among them, net interest income increases by 21 every year.

1%, because the interest rate extension in the third quarter improved less than the same period last year, net interest income grew at a faster rate than the first half (25.

3%) content 4.

Two averages, but still maintain the industry’s faster level.

In terms of handling fees, the growth rate in the first three quarters was ten years (4.

3%) compared with the first half (14.

2%) narrowed nearly 10 copies, it is expected that due to the rise of credit card and consumer loan risks, the company will moderately control the development of related businesses.

The interest rate margin rose slightly from the previous quarter, and the regularization of deposits continued the net interest margin at the beginning and end of the third quarter of SPDB (2.

07%) Q2 (2.

(06%) increased by 1BP. Specifically, the asset-side rate of return increased by 7BP from the second quarter, while the liability-side cost rate basically increased simultaneously.

We believe that the optimization of the company’s asset-side structure is an important factor in improving the asset-side rate of return.

Loan issuance is fast in the third quarter (3.

(41%, QoQ), driving the proportion of loans to assets increased by 0 compared with the previous 2 quarters.

8 up to 55.


The company’s recently issued $ 50 billion convertible bonds supplement core capital to better support the company’s business development.

It should be noted that we pay attention to the proportion of bill loans at the end of the third quarter (8.

36%) compared with the end of the six months (6.

59%), while corporate and retail credit ratios declined, to a certain extent, reflecting the increasing downward pressure on the economy, the company is more prudent in risk appetite.

On the debt side, the cost of interest-bearing debt in the third quarter increased by 7BP from the second quarter, and we believe that it is affected by the trend of regularization and the narrowing of the improvement in interbank compensation costs.

In the third quarter, the balance of deposits increased, and the scale was basically the same as at the end of the second quarter. Structurally, the proportion of regular deposits reached 56.

5%, an increase of 1 earlier in the season.

2 units.

Negative generation speed variable, provision level needs to be raised SPDB’s NPL ratio in the third quarter was downgraded by 7BP to 1 in the second quarter.

76%, the proportion of focus loans fell 2BP to 2 from the previous month.


According to our calculations, the company’s non-performing loan income in the third quarter1.

76%, a decrease of 0 from the second quarter.

Five single, the company’s asset quality presentation continued to improve, but it is expected that the stock of non-performing assets will still need to be invested.

In the third quarter, the company’s provision coverage ratio was up 1 in the second quarter.

46 per share to 160%, the loan ratio decreased slightly by 2BP to 2 from the previous quarter.

81%, the provision coverage ratio is at a high level within the industry, and the level of provision needs to be further improved in the future. It is estimated that in view of the increasing downward pressure on the economy, the company’s provisioning level needs to be further improved. We slightly reduced the EPS of SPDB in 19/20 to 2.


35 yuan / share (was 2).


40 yuan / share), corresponding to a net profit growth rate of 11.

2% / 11.

0% (was 13.

5% / 11.

0%), currently the PE corresponding to 2019/20 is 6.

03x / 5.

43x, PB is 0.

76x / 0.

68x, maintaining the overweight level.

The main risks facing rating economic downturn caused asset quality substitution to exceed expectations.

Posted in 洗浴

Guoxuan Hi-Tech (002074) 2019 Interim Report Review: Rapid Growth of Power Battery Installed, New Capacity Construction Actively Promoted

Note: Revenue increased 38 in the first half.

36%, net profit after deductions increased by 10.


The company’s revenue in the first half of the year was 36.

07 billion, an annual increase of 38.

36%, net profit attributable to mother 3.

5.2 billion, a decline of 24 every year.

49%, mainly due to the government’s supplementary non-recurring losses and gains of 2 in the same period last year.

1.0 billion, and this year non-recurring profit and loss is only 0.

6 billion, the company in the first half after deducting non-attributed net profit2.

9.2 billion, an increase of 10 in ten years.


The company’s second-quarter revenue was 18.

5.5 billion, an increase of 19 in ten years.

89%, net profit attributable to mother 1.

5 billion, down 50 each year.

76%, net profit after deduction to mother 1.

15 billion, 12 from the previous decade.


  Comment: The top 3 power battery installations continue to expand quality customers at home and abroad.

According to high-tech lithium battery statistics, Guoxuan High-tech installed power batteries in the first half of this year.

75GWh, with a market share of 5.

88% ranked third.

In the first half of the year, the company’s power lithium battery sales were 32.

7.9 billion, an annual increase of 48.

72%, with estimated sales of about 3GWh.

The gross profit margin is 30.

35%, a decrease of 2 per year.

12%, mainly due to the decline in power battery prices.

The company continues to expand the passenger car market, and continues to consolidate cooperation with car companies such as JAC, BAIC New Energy, Chery, Geely, etc. The company’s product structure has exceeded passenger cars.

In the international market, the company successfully entered into BOSCH’s global supply chain system with a number of purchase framework agreements with Germany’s BOSCH.

  The construction of production capacity was actively promoted, and the upstream layout ensured the supply of raw materials.

The company’s currently completed production capacity is 7GWh, Nanjing Guoxuan 300 million Ah project, Qingdao Guoxuan 2Gwh project, Hefei Guoxuan 4GWh project has realized partial production lines in batches, and all will reach 14GWh after reaching full capacity.

The company and MCC Group established a joint venture in Caofeidian, Tangshan, which is mainly engaged in the ternary subdivision material precursor project of lithium ion batteries.

The company’s annual output of 1 initial high-nickel ternary transition material project part of the production line has entered the production stage, and the annual output of 5,000 tons of silicon-based t-butyl material project has completed equipment selection and technical agreement negotiations.status.
The company’s layout of precursors, positive and negative materials will ensure the supply of raw materials and reduce material costs.

  The expense ratio during the period decreased every year, and the operating cash flow was interrupted twice.

The company’s sales expenses in the first half of the year.4.7 billion, an annual decrease of 8.

47%, administrative expenses 1.

7.4 billion, an increase of 9 in ten years.

91%, due to rapid revenue growth, sales and management expense ratios were reduced2.

08% and 1.


Finance costs are 1.

3.5 billion, an annual increase of 335%, due to the company’s bank borrowing, the green bond index expenditure increased, the company plans to issue no more than 18.

5 trillion convertible bonds, if issued successfully, will ease financial pressure.

The company’s R & D expenditure in the first half of the year1.

7.4 billion, an annual 深圳SPA会所 increase of 30.

93%, R & D investment accounted for 4 of the revenue.


The company’s inventory is 24.

07 billion, an earlier increase of 5.

Revenue increased below 70%, and accounts receivable was 66.

5.8 billion, an increase of 33 over the beginning of the year.

13%. Due to the increase in receivables, the company’s net cash flow from operating activities has been reduced.

6.1 billion, 87 in the previous decade.


  Investment suggestion: Due to the scope of the company’s power battery price affected by the subsidy policy, we lower the company’s profit forecast and expect the net profit to be returned to the mother in 2019-2021.

22, 8.

87, 10.

31 ppm (previous average 10 to 2019 net profit attributable to mother).

16, 11.

7.6 billion), a year-on-year increase of 25%, 23%, 16%, and EPS is 0.

64, 0.

78, 0.

91 yuan, corresponding to 19, 16, 14 times PE of 2019-2021, with reference to the same industry forecast level, given 25 times PE of 2019, target price of 16 yuan, maintain “recommended” rating.

  Risk warning: New energy vehicle sales are lower than expected, competition in the industry is intensified, and prices have fallen more than expected.

Posted in zsctykrvq