Shiji Information (002153) Company’s 2019 Third Quarterly Report Review: Performance Meets Expectations R & D Expansion Continues to Increase

Shiji Information (002153) Company’s 2019 Third Quarterly Report Review: Performance Meets Expectations R & D Expansion Continues to Increase
Core point of view event: On the evening of October 28, 2019, the company released the 2019 third quarter report.The company achieved operating income in the first three quarters of 201924.37 ppm, an increase of 22 in ten years.43%; realize net profit attributable to shareholders of listed companies.22 ppm, an increase of ten years.83%; Realize net profit attributable to shareholders of listed companies in place of non-recurring gains and losses3.1.3 billion, an increase of 6 in the same period.66%. Revenue has grown steadily, the advancement of the business of verifying accounts received in advance, and the growth rate of the gross profit margin increased sequentially: the company achieved operating income in the first three quarters.37 ppm, an increase of 22 in ten years.43%; of which revenue was 9 in the third quarter.20 ppm, an increase of 25 per year.27%, an increase of 12.93%.The growth rate higher than the same period last year was mainly due to the combination of Shanghai Xinxin Intelligent Commercial in the first half of the year and consolidated statements.In addition, as of September 30, the company’s advance receipts were 5.At 94 ppm, the ratio of cash to operating income received from sales of goods and labor services remained above 100%, which verified the company’s business continuity and the stability of operating cash flow.In terms of gross profit margin, the ratio was maximized from the previous month, and the gross profit margin for Q3 武汉夜生活网 was 47.87%, which increased by nearly 5 averages in the past, and increased by 2 substitutes earlier in Q2; the overall gross profit margin in the first three quarters was 47.29%, only 44 over the same period.91%. The overall expense ratio increased by about 2 units during the period, and the intensity of R & D expenditure in Q3 increased: the company’s expenses during the first three quarters of the year 31.06%, compared to the previous 28.38% improvement 2.The total of 68 was mainly due to the company’s increased R & D investment in the third quarter.Among them, the sales expense ratio, management expense ratio, research and development expense ratio, and financial expense ratio are 10 respectively.90%, 19.59%, 9.66% and -9.10%, compared with 7 for the same period.39%, 17.77%, 8.36% and -5.15%, the increase in the sales expense ratio was mainly due to the addition of Hisense Smart Business, a new subsidiary, and the R & D expense Q3 reached 1 in a single quarter.20,000 yuan, an increase of 60 from the previous month.58%, mainly due to the increase in Hisense Intelligent R & D expenses and the increase in product R & D and promotion by Beihai Shiji and other subsidiaries.It can be polished. The company continues to continuously improve its research and development efforts to ensure the competitive advantage of its own products while continuing to increase its internationalization and platform investment and layout. Investment suggestion: In 2019, the company will continue to accelerate the transformation from software vendors to the entire large-scale consumer sector, driven by big data-driven application service platform operators, and made a series of major advances in platformization and internationalization.As a leading company in the field of large consumption, the company has certain industry levels in the fields of hotel, retail, catering, and tourism. In the future, the three major industries of hotel catering and retail will be connected based on data through the establishment of large-scale data platforms and cloud service platforms.To build a large-scale consumer information service platform; gradually, the company will continue to carry out overseas investment and mergers and acquisitions around the hotel business, which will further optimize the company’s next-generation hotel information management system and empower the company’s international transformation. The future development space is worth looking forward to.We predict that the company will achieve revenue of 38% in 2019-2021.2.5 billion, 42.6.5 billion, 47.900,000 yuan, achieving a net profit of 5.2.9 billion, 6.42 ppm and 8.08 thousand yuan, EPS is 0.49 yuan, 0.60 yuan and 0.76 yuan, corresponding to PE is 79 times, 65 times and 52 times, maintaining the “strongly recommended” level. Risk reminder: The development of new technology in the industry will gradually lead to technical risks; market and policy risks of the company’s traditional business relying on the development of the hotel industry; business management risks brought by the expansion of company assets and business scale; overseas investment risks; and progress in cooperation with Internet companies is uncertainSexual risk.

Yangtze Power (600900): The value of dividend “evergreen tree” has been increased

Yangtze Power (600900): The value of dividend “evergreen tree” has been increased
Report summary: We analyze and believe that Yangtze Power can achieve high dividends, Wudongde, and Baihetan units are expected to be acquired after commissioning, which is beneficial to the company’s value increase. The hydropower generating units have stable power generation, stable electricity prices, stable costs, and abundant and stable cash flows to ensure the stability of high-amount dividends.There are three main reasons for the company’s stable power generation: the company’s hydropower station can be 佛山桑拿网 connected to the network preferentially, and the unit’s utilization hours are guaranteed; the company’s subordinate power plant’s complete high-voltage facilities are complete to ensure power consumption; the company’s hydropower station has a large storage capacity, strong adaptability to incoming water, andReasonable design and strong adaptability to head.There are three main reasons for the stability of the company’s electricity price: the clear charge and electricity price formation mechanism of the company’s long-term power sales contract with the grid company; the power transmission area of the company’s power plants is stable and the electricity price is stable;limited.The company’s cost is stable. The current cost of the company is mainly composed of depreciation (45%), related financial regulatory fees (25%), financial 西安耍耍网 costs (21%), taxes and surcharges (5%), management costs (3%) and asset impairment losses(1%) composition, the cost remains basically stable; the depreciation of the dam is completed in 2050, which has little impact on recent profits.The company’s operating cash flow is about 117% of operating income, and the cash flow is redundant to ensure the issuance of high dividends. The acquisition of Wudongde and Baihetan units is expected to increase the company’s value.The assembly capacity of the two machines is large. After the future acquisition, we expect the company’s annual power generation to increase by 50%.According to calculations, after the acquisition of the two units, the company’s pre-tax electricity profits and the company’s current pre-tax electricity profits are zero.1121 yuan / kWh is equivalent (using the backward price method to measure the profit after the acquisition is 0.1218 yuan / kWh, an increase of 8 than the current profit.65%; use the market-based transaction method to measure the profit after the acquisition of 0.1106 yuan / kWh, which is 1 lower than the current unit electricity profit.34%).In the case of backward electricity prices, we expect the company’s profit before tax to increase by 48%.In the case of market electricity prices, we expect the company’s profit before tax to increase by 48%. Company profit forecast and investment rating: We believe that the electricity price of the new unit is most likely to implement the market electricity price. In this case, we expect the company’s net profit in 2019-2021 to be 243.14 billion, 250.45 billion and 291.21 trillion, corresponding EPS is 1.11, 1.14 and 1.32 yuan, the current corresponding PE value for 2019-2021 is 16 respectively.77, 16.28 and 14 times.We are optimistic about the value added to the company after the acquisition of the new unit. Risk warning: Electricity price drops, related projects advance less than expected, and water supply falls below expectations.

Hefei Department Store (000417) 2019 First Quarterly Report Review: Earnings at the end of the revenue are in line with expectations

Hefei Department Store (000417) 2019 First Quarterly Report Review: Earnings at the end of the revenue are in line with expectations

The company’s revenue in 1Q2019 increased by 9 per year.

58%, net profit attributable to mothers increases by 5 per year.

74% On April 26, the company announced the first quarter report of 2019, and achieved operating income of 35 in the first quarter of 2019.

USD 3.1 billion, an annual increase of 9.

58%, an increase of more than 9% in 4Q2018.


Realize net profit attributable to mother 1.

20 ppm, which translates to a fully diluted EPS of 0.

15 yuan, an annual increase of 5.


Realize deducted non-attribution net profit1.

10,000 yuan, a decrease of 9 per year.


Performance is in line with expectations.

The initial growth rate of the company’s return to net profit is lower than the growth rate of revenue:

760,000 yuan, compared with 934 in the first quarter of 2018.

530,000 yuan, 2) Profit and loss of minority shareholders in 1Q2019 was 5,263.

78 yuan, an increase of 3579 from the previous quarter of 2018.

150,000 yuan.

Gross profit margin increased by 2 in the first quarter of 2019.

37 averages, during which the rate of expenses fell to 0.

In the 11 quarters, the company’s comprehensive gross profit margin was 20 in 1Q2019.

69%, an increase of 2 over the same period last year.

37 units.

Company expenses for the first quarter of 201911.

68%, of which the sales / management / financial expense ratio is 3 respectively.

71% / 7.

82% / 0.


In 1Q2019, the company’s expense ratio decreased by 0 compared with the same period last year.

11 averages, of which the management expense ratio decreased by 0 compared with the same period last year.

17 units.

Anhui’s leading retail companies and expanding chain networks The company is a leading retail company in the Anhui regional market. It has initially formed a chain network that is based on the provincial capital and radiates the entire province.

In 2018, the company added 30 chain outlets and 19 new operating areas.

50,000 square meters.

In the department store business, Tongling Beidou Store, Binhu Xinyue City, and Baiyan Ole Life Plaza opened one after another. In terms of supermarket business, Hejiafu Company opened 23 new outlets and added new business 北京夜网 area.

70,000 square meters.

As of the end of 2018, the company’s department stores, home appliances, and supermarkets have a total of 233 physical stores, which are located in the core business districts and sub-business districts of many cities in Anhui Province. We have slightly raised our profit forecast, and maintained the regional retail leader in “overweight” companies with a stable scale, rich business formats, expanding chain networks, and a clearer recovery in the company ‘s revenue end.They are 0.



35 yuan (previously 0.



34 yuan).

The current company PE (2019E) is 18X, which is significantly lower than the average of the past three years (24X), and PB (2019E) is 1.

1X, significantly lower than the average of the past three years (1.

7X), maintaining the “overweight” rating.

Risk Warning: The business areas are widely concentrated, and the length of the new store incubation period is longer than expected.

Strong index drives China Merchants China Liquor Grading Fund up

Strong index drives China Merchants China Liquor Grading Fund up

The original title of Securities Times: The strong index led the grading funds to reappear. Securities Times reporter Liu Fen’s A shares ushered in a good start on the first trading day of the second half of the year. Food and beverage industries experienced strong growth.

The China Merchants CSI Liquor Index Grading Fund has been discounted, which is also the 11th graded fund that triggered the discount.

  Since the beginning of this year, many liquor stocks such as Maotai, Shuijingfang and Wuliangye in Guizhou have performed well. The CSI Liquor Index, which is dominated by liquor stocks, rose 86% during the year.

Driven by the strong tracked index, China Merchants CSI Liquor Index Rating Fund triggered an upward discount.

  China Merchants Fund announced today that, as of July 1, China Merchants Securities China Liquor net variable.

5448 yuan, which meets the conditions for conversion of irregular distribution stipulated in the fund contract, will be discounted on the basis of July 2.

  The consumer sector, represented by the food and beverage industry, has performed strongly this year. Prior to China Merchants Liquor, the Thailand Thailand Food and Beverage Industry Index Grading Fund and Penghua China Securities Liquor Grading have triggered an upward discount.

  Wind data shows that among 28 Shenwan Tier 1 industries, food and beverage and non-bank finance have increased by 68.

11%, 48.

04%, the top shipping.

The up-performing funds also come from thematic index grading funds that track these two industry sectors.

Of the 11 tiered funds that have been discounted, in addition to the three food and beverage tiered funds mentioned above, there are also 8 non-bank financial related tiered funds, which are Changsheng CSI All-Share Index Securities, Shenwan Lingxin CSI Shenwan Securities, and Rongzhongzhong.All securities refers to securities, Penghua Securities Securities, Bank of Communications Internet Finance, Huaan China Securities Securities Index, Wells Fargo Securities Ratings and Founder Fubon Insurance Thematic Index Ratings.

  Hou Hao, manager of China Merchants CSI Liquor Index Fund, believes that there are still opportunities in the second 南京桑拿网 half of the A-share market. In the long run, the value of investment in core assets and the innovation leader of the growth industry.

  Teda Manulife Fund pointed out that market risk appetite has picked up and global capital markets have rebounded as a whole.

At present, it is estimated that A-shares are still at the historical average level, and overseas funds continue to allocate internal core assets; the gradual start-up of the science and technology board will also drive domestic incremental capital inflows, and there must be some upside in the equity market in the third quarter.

  Changsheng Fund said that the market trend determines the performance of the interim report.

From the data of the real economy, there is downward pressure on the economy and corporate profits. The external factors affect the fundamentals 杭州夜网论坛 and the impact of corporate earnings remains to be seen. After the periodical replacement of risks, the market still needs fundamental support.

  Under the current indicators, China Life Security Fund believes that in terms of industry configuration, market sentiment is picking up and the squeezed state of the early Huawei industrial chain is improving, the technology sector will be repaired significantly.

However, the position of the leading white horse in the early stage is not significantly weak. It is recommended to take into account the ultra-down technology stocks and the leading white horse to balance the allocation.

  Looking into the second half of the year, TEDA Manulife Fund said it will focus on two main lines.

The first is the hidden champion of the subdivided industry, which has continued to improve its selected prosperity, and the core assets of the mid-market. Such companies have solid fundamentals, a good industry layout, and stable profit growth. The second is to find the estimates and expectations of the previous two years have been compressed.In the next two years, there may be a reversal, and the industry may improve at least from the third quarter to the fourth quarter. Such industries have the characteristics of continuous friendly policies, stable business operations, and absolute expectations at the bottom of history.

Spring Airlines (601021): Long-term growth momentum without loss of earnings adjustment effect is excellent

Spring Airlines (601021): Long-term growth momentum without loss of earnings adjustment effect is excellent

Investment Highlights: Events / News: On April 18th, Spring and Autumn Airlines issued the 2018 Annual Report. In 2018, Spring and Autumn Airlines achieved operating income of 131.

140,000 yuan, an annual increase of 19.

54%, achieving net profit attributable to mother 15.

30,000 yuan, up 19 per year.

12%, in line with the performance expectations given by us in early February.

The tightening of supply has weakened and the route has maintained rapid growth.

The overall seat kilometer (ASK) of Spring and Autumn Airlines increased by 16 in 2018.

66%, of which domestic, international and regional growth of 14 respectively.

85%, 20.

25% and 20.


The implementation of Circular 115 has been completed for two flight seasons. Although the domestic ASK growth rate of Spring Airlines has been reduced to less than 15%, it is still significantly faster than the industry average of 11%.

At the same time, Spring Airlines has vigorously developed international routes such as Japan, South Korea and Southeast Asia. The international ASK growth rate has increased against the trend, significantly increasing the overall growth rate.

As the largest standard airline company in China, Spring Airlines actively explores new base destinations and vigorously develops second- and third-tier markets that are not covered by full-service airlines outside first-tier cities. In 2018, the number of weekly flights reached 2442, an increase of 11%.

51%, the selective impact of the sudden growth rate increase at effective hedging time, and the growth kinetic energy remains undiminished.

The benefits of revenue control are remarkable, and the revenue of seat kilometers keeps growing.

As we previously predicted, the gradual trend of Spring and Autumn Airlines load factor from the fourth quarter of 2017 is not a signal of weak demand conversion, but the result of Spring Airlines’ active adjustment of revenue management policies.

Spring and Autumn 2018 domestic, international and regional passenger load factors were shortened by 1.

26PT, 2.

16PT and 0.

37 PT, but passenger kilometers revenue increased by 7.

76%, 5.

73% vs. 3.

35%, a slight decrease in volume in exchange for a substantial increase in price, the overall seat kilometers revenue maintained a positive growth, and the revenue management adjustment effect was outstanding.

The growth rate of operating costs and the decrease in selling expenses were obvious.

The operating cost of Spring and Autumn 2018 was 118.

44 ppm, an increase of 22 in ten years.


The growth rate is slightly faster than 2017.

The most influential price of aviation fuel rose by about 24 on average.

6%, unit fuel costs rose 21.

3%, free radicals per unit fuel consumption.

2%, while unit non-cost has fallen by about 1 in the long run.

3%, cost control is still efficient.

Spring and Autumn Airlines’ selling expenses for 2018 are 2.

60 ppm, a decrease of 12 per year.

94%, under the unique direct business model, Spring Airlines’ rigid sales expenses are reduced, space transmission is optimized, and the rapid growth of performance is directly beneficial.

The foreign investment is positive and accurate, and enhances the company’s development in a coordinated manner.Among the fixed-income participants announced by China Southern Airlines in the third quarter of 2018, Spring Airlines has attracted special attention.

From the perspective of this investment, Spring Airlines not only obtains long-term stable investment income through equity, but also promotes the development of its influence in the South China market through cooperation with China Southern Airlines, gradually completing the nationwide layout, and gradually consolidating competition for other standards of aviation.Advantage.

Investment suggestion: From the announcement and operating data of 2018, the annual revenue of airline seat kilometers in the spring and autumn keeps rapid growth, the performance growth rate changes under short-term cost pressure, and the net profit attributable to mothers under cost-effective control is still increasing.

12%, long-term basically aimed at the good trend has not 重庆耍耍网 changed, so we raised the net profit attributable to mothers in 2019-2020, and increased the forecast in 2021 to 18.

6.8 billion, 24.

5.6 billion, 29.

3.5 billion (originally December 2019.

5 ppm and 2020 17.

05 billion US dollars, corresponding to the current PE is 20 times, 16 times, 13 times, maintaining the “overweight” level.

Risk reminders: macroeconomic fluctuations, rising oil prices, rapid depreciation of currency exchange rates, and accidents such as air crashes.

Joy City (000031) In-depth Research Report: Benchmarking Core Asset Values as a Model for Commercial Real Estate Operation

Joy City (000031) In-depth Research Report: Benchmarking Core Asset Values as a Model for Commercial Real Estate Operation

Company profile: COFCO’s only real estate platform, important profit support, reorganization of two-wheel drive, quality improvement and efficiency. Joy City (formerly COFCO Real Estate), as one of the first 16 central SOEs with real estate as the main business, is a subsidiary of COFCOThe only real estate platform, as an important profit support for the group, the company’s steady growth is self-evident to the group’s expectations.

In 17 years, Joy City’s A shares and H shares began to reorganize. At the end of 18, the CSRC approved the formation of an “A-controlled red chip” structure at the beginning of 19: 1) the total consideration was 14.5 billion and the reorganization price was 6.

73 yuan / share for 64 H shares.

18% equity, the integration of holding property and residential development is completed, forming a two-wheel drive, and coordinated development; 2) At present, a fixed amount of raised capital of US $ 2.4 billion has not been completed and terminated at the end of 19, but the current price is 6 higher than the reorganization price.

73 yuan / share is still discounted by 6%, which puts forward requirements for the company’s market value management.

In addition, it was replaced by the “Double Hundred Lists” of the State Reform in early 19th, and then set a date to increase its investment in battle, explore employee incentives, and improve quality and efficiency.

Property holdings: the top three of commercial real estate, three advantages, both emphasis, fund operation, accelerated expansion Joy City ranks in the top three of commercial real estate rankings, with 29 shopping malls, office buildings and hotels including a total of 29 first- and second-tier core commercial projects.Both light and heavy modes are planned to expand to 50 in 3-5 years.

In 18 years, the income of holding properties reached 500,000 yuan.

Joy City’s commercial advantages are: 1) the card’s first- and second-tier core assets and excellent passenger flow radiating power; 2) the steady increase in rents, the core driving force comes from the improvement of purchasing power and area expansion, 7 mature projects in the past 5 years invested CAGR17% vs.

14% vs. rent.

GLA9%; 3) 343 investment invitation and strong trading power ensure standardized replication, deepen member economy, and big data system supports sophisticated operations.

In addition, we will build three major funds to operate commercial real estate, date GIC, China Life, Gaohe and other partners, and accompany long-term funds to accelerate the pace of expansion, support the transformation of big asset