Zhibang Home (603801): Q2 performance exceeded expectations and continued to be bullish on the bulk, wardrobe strength

Zhibang Home (603801): Q2 performance exceeded expectations and continued to be bullish on the bulk, wardrobe strength

Investment Highlights The company released its semi-annual report for 2019: the company achieved revenue in the first half of 1911.

4.9 billion (+10.

24%), net profit attributable to mother 1.

100 million (+16.

13%), deducting non-net profit of 99.16 million yuan (+18.


Q2 achieved revenue of 7.

3.4 billion (+13.

30%), net profit attributable to mother is 78.54 million yuan (+21.

36%), deducting non-net profit 74.45 million yuan (+29.

35%), performance exceeded expectations.

Consolidate the development of multiple categories, high growth in wardrobes, and incubation of wooden doors: In terms of products: (1) kitchen cabinet business achieved revenue, 8.

55 ppm (year -1.

16%), accounting for 74% of the company’s revenue.

42%, of which the proportion of major channels has continued to increase, from 16 years in 18 years.

06% to 19%, distribution and direct sales accounted for 75%, exports accounted for 6%; by the end of the period, the company’s kitchen cabinet business has a total of 1,263 dealers, 1,545 specialty stores (+58 earlier), weIt is estimated that the single store revenue is about 41.

50,000 yuan; (2) The whole house is customized (closet + wooden door) to achieve income 2.

580,000 yuan (ten years +74.

32%), we expect about 2 of them to have custom-made wardrobes.

5 billion (an increase of about 70% per year), custom wardrobes have 732 dealers, 880 specialty stores (+154 from earlier), we estimate that the single store revenue is about 28 million; the wooden door business used has developed smoothly and stayedAt the end of the period, it had 120 dealers (+3) and 147 specialty stores (including 124 fusion stores).

On the whole, the company’s cabinets, clothing and wood are merging smoothly, and the whole house customization continues to exert its strength.

The retail channel has grown steadily and expanded steadily. The export channel: by channel: (1) the retail distribution channel achieved revenue7.

7.2 billion (+4.

61%), the self-operated channel is 65.74 million yuan, which is basically the same every year, and still performs well under the pressure of the retail environment; (2) Revenue from bulk business2.

1.1 billion (+24.

4%), the structure of domestic bulk customers is further optimized. Through the introduction of amoeba operations, the envy management of the project is promoted, the operating performance and efficiency are significantly improved, and the quality and conversion efficiency of project delivery are enhanced;Channel revenue reached 6453.

350,000 yuan (+60.

85%), steadily promote the process of the layout of the plan, and explore the path of continuous development.

The gross profit margin increased, and the management expense ratio decreased: the company’s gross profit margin in the first half of 19 was 37.

52% (+1.

04pct), net interest rate 9.

59% (+0.

49 points).

Reported company period expense ratio 26.

06% (+0.


The sales expense ratio increased by 1.

11 points to 17.08%, due to the category expansion, the increase in advertising expenses and bulk business engineering service fees; the management expense rate (including research and development) also decreased.


15 points to 9.

00%, the scale effect is gradually apparent after the expansion of the system; the financial expense ratio also increases by 0.

17pct to -0.

01%, due to the increase in exchange income and interest income each year.

Taken together, the company’s net profit attributable to its parent in the first half of 20199.

59%, the same increase of 0.

49 points.

The rapid growth of the bulk led to the increase in accounts receivable and cash flow reorganization: at the end of the continuous reporting period, the company’s total accounts receivable and notes totaled.

1.4 billion, an increase of 0 from the beginning of the period.

65 ppm, mainly due to the growth of bulk and overseas business; the delay in the reporting period for inventory was 1 in 都市体验网 total.

7.8 billion, an increase of 0 from the beginning of the period.

2.3 billion; the company’s construction in progress continued to expand, reaching 2 beyond the end of the reporting period.

31 trillion, an increase of 0 from the beginning of the period.

3.7 billion, which is due to the company’s annual production of 200,000 sets of overall kitchen cabinet construction projects, 180 new plant projects and Zhibang Wood Industrial Park construction projects.

Net operating cash flow of the company in the first half of the year 1.

1.7 billion (-52.

70%), of which Q2 net operating cash flow2.

4.5 billion (-39.

78%), mainly due to the increase in purchases by the company and the increase in accounts receivable due to the development of bulk business.

Earnings forecast and investment grade: We expect the company to achieve revenue of 28% in 19-21.



89 ppm, an increase of 18 years.

0% / 19.

4% / 19.


Net profit attributable to mother 3.



7.4 billion, an increase of 20 in ten years.

6% / 19.

9% / 20.


The current market value corresponds to a PE of 19-21 in each of 13.

62X / 11.

36 times / 9.

47X, maintain “Buy” rating.

Risk warning: Multi-category development fails to meet expectations, actual expectations exceed expectations

Beware of 19.4 billion Baotou Steel shares with 19.4 billion market cap

Beware of 19.4 billion Baotou Steel shares with 19.4 billion market cap

On May 28, there were 27 companies with a total of 140.

9.1 billion restricted shares were in circulation, accounting for nearly 90% of the number of bans lifted this week.

  Zhang Yi lifted the ban this week and returned to the scale of 100 billion yuan.

  According to Wind data, from May 28 to June 1, a total of 53 companies with restricted stocks were lifted one after another, a total of 158 lifted.

4.8 billion shares, calculated at the closing price on May 25, totaled 1177 for lifting the ban.

1 billion yuan.

  The concentration day for lifting the ban was May 28, with a total of 140 companies from 27 companies.

9.1 billion restricted shares were in circulation, accounting for nearly 90% of the number of bans lifted this week.

  There are 19 listed companies with more than 100 million shares lifted this week, and the top three are Baosteel (600010).

SH), Juneyao Airlines (603885.

SH), Yingjia Tribute Wine (603198.


  This week, 23 companies with a market value of more than US $ 1 billion were lifted, and 4 companies with a market value of tens of billions of dollars were lifted. In addition to the above 3 companies, Weiming Environmental Protection (603568).

  There are 13 companies that have more than double the number of shares in circulation before lifting the ban. Weiming Environmental Protection, Yingjia Gongjiu, Juneyao Airlines and Lingkang Pharmaceutical (603669).

(SH) The proportion of bans lifted before the ban was more than doubled.

These companies issued their first restricted shares for lifting the ban.

Due to the large increase in circulating shares, the lifting of the ban on the sale of shares of such companies has had a relatively continuous impact on themselves.

  From the perspective of the types of shares being lifted, there are 28 initial bans on restricted shares, 15 additional rations from private placement institutions, 8 equity bans 杭州夜网论坛 on restricted shares and 2 additional commitments on restricted shares.

  After this week, welcome to Tribute Wine, Juneyao Airlines, Lingkang Pharmaceutical, Weidi (603023.

SH), Gimhae Environment (603311.

SH), Shi Dashenghua (603026.

SH), Huatong Pharmaceutical (002758).

SZ), Suzhou High-tech (600736).

SH) Achieve full circulation.

  Baosteel is the company with the largest number of lifts this week.

According to the announcement, the company will have 96 on May 28.

3.8 billion shares were issued for restricted issuance of restricted shares, accounting for 21 of the company’s total share capital.

14%, based on the latest budget, the market value of lifting the ban is 193.

7.3 billion.

  Baosteel estimates that the lifting of the ban involved 15 shareholders, including Shanghai Lijiaying Trading Co., Ltd., Shanghai Liuhe Clove Investment Center, Guohua Life Insurance, etc., and issued shares for a fixed increase three years ago.

The issue price was set to be 1.

8 yuan / share, during which the company implemented a distribution plan of 4 shares for every 10 shares, and increased the shareholding cost of shareholders instead of 1.

29 yuan / share.

Latest up to 2.

01 yuan, a 56% increase over the cost price.

  Baotou Iron & Steel Co., Ltd.’s lifting of the number of banned shares is far more than that, the company’s controlling shareholder Baotou Iron and Steel (Group) Co., Ltd. (hereinafter referred to as “Baotang Group”) voluntarily extended its holding of 135.

3.9 billion restricted shares for one year to May 28, 2019, because of confidence in the company’s future development.At the same time, Baosteel Group’s 2013 fixed share issuance3.

6.8 billion shares expired on January 30, 2016, and extended the lock-up period until May 28, 2019.

  In order to demonstrate the confidence of the company’s management, on the second day of the announcement of the lifting of the sale restriction ban, a total of 19 people from Baosteel’s Board of Directors and Supervisors collectively issued an increase in shareholding plans.Shares.
Although the amount of increase in holdings is very limited, the collective increase in holdings and the extension of sales restrictions may bring a little vitality to the current downturn in the wave of large-scale sales restrictions and lifting of the ban.

  The trend of Baosteel’s secondary market is inconsistent with its performance in the past year.

In 2017, the steel sector ushered in a high boom cycle.

Baosteel’s net profit in 2017 exceeded 2 billion yuan, and reached 6 in the first quarter of 2018.

37 trillion, three consecutive quarters of single-quarter profit on 6 trillion, which has never been before.

  However, it has been previously boosted by performance, and Baosteel Co., Ltd. previously dropped to around 2 yuan and consolidated for nearly a month.

If the term is to be lifted on a large scale without good news, Baosteel is expected to break through the support line of 2 yuan and become “1 yuan share”.

Whether extended sales restrictions and increased holdings can prevent this trend requires market inspection.

Baosteel Co., Ltd. lifted the ban on selling shares this week. Juneyao Airlines lifted the ban on selling restricted shares this week.

The company has 12 on May 28.

600 million IPO restricted shares were listed and traded, accounting for 70% of the company’s total share capital, which is more than double the number of shares outstanding before the lifting of the ban, with a market value of over 20 billion.

  Shareholders of the lifting of the ban are Shanghai Juneyao (Group) Co., Ltd., Wang Junhao, and Shanghai Juneyao Aviation Investment Co., Ltd. The types of shares are IPO restricted shares.

Explanation of June June restricted shares of Juneyao Airlines

Chenguang Stationery (603899): Traditional business revenues have increased rapidly, and Jiumu has achieved breakeven. Cultural and creative leading operations exceed expectations

Chenguang Stationery (603899): Traditional business revenues have increased rapidly, and Jiumu has achieved breakeven. Cultural and creative leading operations exceed expectations

Investment Highlights: The company released its three quarterly report for 19: Q1-Q3 achieved revenue of 79.

4.7 billion (+29.

78%), net profit attributable to mother 8.

2.0 billion (+28.

36%), deducting non-net profit 7.

6.1 billion (+32.


Among them, Q3 achieved revenue of 31 in a single quarter.

0.9 billion (+33.

02%), net profit attributable to mother 3.

3.1 billion (+32.

22%), deducting non-net profit3.

3.3 billion (+43.


The company’s long-term business excellence, traditional business revenue growth rebounded sharply, new business profitability continued to improve, performance exceeded market expectations.

The refined financial management of channels has been released, and the increased contribution of Anshuo and Consolidated Accounts has contributed to the traditional business performance. According to calculations, excluding the growth contribution of Keli’s growth and living museum, it is expected that the company’s traditional business Q1-Q3 can achieve about 20%.Revenue growth, excluding the 200 million yuan of revenue contributed by Ashuo’s consolidation, the company’s traditional business can maintain a steady growth rate of about 15%.

From the perspective of single-quarter growth prospects, considering that the company ‘s Q2 channel refinement has improved significantly, it is expected that Q3’s single-quarter revenue growth rate will significantly increase to a high level of about 20%.

Short-term companies have launched cultural and creative boutiques and online channels. High-margin boutique cultural and creative products. The proportion of office and beauty products has continued to increase. It is good to replace the replacement.In the same period last year, it was increased by 2pct.

In the long run, considering Chenguang Stationery’s current market share in the traditional stationery field and the stickiness of alternative channels and product conversion capabilities, we judge that the market share of its traditional business still has the potential to double, and it can continue to achieve stable growth in the next three years.

New business is progressing well, Klippu continues to grow rapidly, and Jiumu achieves breakeven: vertical Klipp and Jiumu have a good growth trend.

Among them, Colip has achieved a high growth rate of 35-40% in the quarter under the background of the high prosperity of the office mining industry. At the same time, the supply chain and logistics and distribution capabilities have been improved. The release of maximum scale has continued to bring profit increases, and the expected netnessInterest rates can reach 2-3%.

The growth of Jiumu and the Life Museum was beautiful during the year. After opening the franchise model, it gradually entered a rapid expansion phase. Until the end of September, there were 125 living museums and 212 Jiumu (136 self-operated + 76 joined)南宁桑拿.In the third quarter, the profit of Jiumu and Life Museum was flat.

In the long run, the company’s two new businesses have good growth prospects in the context of the upward trend in the industry.

Increased gross profit margin and excellent profitability: The company can achieve a gross profit margin of 26.

79%, an increase of 1 over the same period last year.

33pct, mainly due to the optimization of the product structure, which is a good result of the substitution reduction; a series of period expense ratios totaled 14.

53%, an increase of 0 compared with the same period last year.

39pct is basically stable.

The selling expense ratio is 8.

82% (+0.

34pct); management + R & D expense ratio 5.

81% (+0.

27pct), mainly due to the company’s increased investment in research and development, and Shanghai Anshuo’s consolidation led to increased costs; financial expense ratio -0.


Taken together, Q1-Q3 companies achieved a net profit attributable to motherhood10.

23% (-0.

07pct), which is basically the same as the same period of last year. Among them, the profitability of traditional businesses is prominent in a market with better competition.

In addition, the company’s Q3 single-quarter deduction of non-profit was fully realized43.89% growth, better operating quality.

The operating cash flow is excellent, and the accounts receivable and bills maintain stability: a series of net operating cash flows of the company.

7.8 billion, an increase of 1 over the same period last year.

8.6 billion, thanks to the company’s effective management of cash flow for sales and purchases, the performance of cash flow in a single quarter exceeded the profit for the same period.

At the end of the period, the company’s inventory decreased by 0 from 19H1.

1.6 billion to 12.

6.1 billion, 52 days of inventory turnover.

Rise 1 in 20 days.

25 days to 53.

For 45 days, the turnover rate remained stable; the total accounts receivable and bills increased by 1 compared with 19H1.

5.3 billion to 12.

9.5 billion, accounts receivable turnover days also increased by 3.

38 days to 35.

77 days, because of the sustained rapid growth of Colip, due to the rapid account period of the government and large central enterprises, the overall performance was in line with expectations.

The development of the two wings has accelerated, and the company’s scale has continued to be optimistic: the company’s traditional business has dug deep into the moat, and its peers with earlier product strength and channel strength have significant advantages. Through a multi-level and competitive distribution network, the continuous penetration of fine cultural innovation andStore optimization, initially expected to maintain a compound growth of about 15%.

The models of Colip and Jiumu have gradually matured. Among them, Colip’s policy has been rapidly increasing by the east wind, and has now entered the stage of the release of scale effects. The expansion of Jiumu and Life Museum is gradually getting better, and the company relies on the existing supply chain and brand advantages, And an excellent team of professional managers, continue to improve the overall retail operation efficiency.

Earnings forecast and investment grade: We expect the company to achieve revenue of 112 in 19-21.



07 million yuan, an increase of 32 in ten years.

2% / 29.

4% / 31.


Net profit attributable to mother 10.



3.9 billion, an annual increase of 28.

9% / 24.

8% / 26.


The current market value corresponds to 42 PE in 19-21.

07X / 33.

72x / 26.

70X, maintain “Buy” rating.

Risk Warning: Traditional retail development is not up to expectations, and office direct sales growth is not up to expectations.

Kyushutsu (600998) Third Quarterly Report Review: Steady Growth of Core Business and Continuous Optimization of Cash Flow

Kyushutsu (600998) Third Quarterly Report Review: Steady Growth of Core Business and Continuous Optimization of Cash Flow


Event: The company released the third quarter report of 2019.

The company achieved operating income of 733 in the first three quarters of 2019.

79 ppm, an increase of 15 per year.

11%, realizing attributable net profit of 10.

1.9 billion, up 32 each year.

05% (of which non-recurring profit and loss1.

56 ppm, mainly for government subsidies); realized non-attributable net profit8.

62 ppm, an increase of 26 in ten years.


EPS is 0.

54 yuan.

Among them, 19Q3 company realized operating income of 249.

50 ppm, an increase of 17 per year.

15%, achieving net profit attributable2.

75 ppm, an increase of 17 per year.

37%; realized non-attributable net profit2.

45 ppm, an increase of 26 in ten years.


Implement EPS 0.

15 yuan.


Our Analysis and Judgment (I) Wholesale maintained rapid growth. The retail business of the retail and industrial Q3 growth rate reports positive continued to maintain rapid growth, thus the industry average.

Retail and industrial Q3 have resumed positive growth.

In view of different industries, the company’s pharmaceutical wholesale business achieved sales revenue of 707 in the first three quarters of 2019.

3.8 billion (15 + 15.

75%), pharmaceutical retail revenues13.

5.7 billion (six years-6.

41%), pharmaceutical industry sales income11.

05 ten percent (+4).


Among them, Q3 single-quarter pharmaceutical wholesale business revenue was 240.

46 trillion, ten years +17.

46%, maintaining rapid growth, reflecting that the company’s main business is guaranteed to continue to grow in the future; Q3 sales revenue of pharmaceutical retail business is 4.

60 ppm, a ten-year increase2.

50%, the growth rate has turned positive, and the growth rate is still not very high. It is estimated that the company is still adjusting its business strategy and business transformation continues to advance; the pharmaceutical industry Q3 revenue3.

79 ppm, an increase of 12 in ten years.

50% also distort the replacement of the previous Q2.Q3’s growth rate by industry has verified the early retail sales. The short-term growth rate of industrial income is only a transient phenomenon, which does not affect the general trend of the company’s overall steady and rapid growth.

In terms of different products, the company’s core business in the first three quarters of Western medicine, proprietary Chinese medicines achieved sales income of 568.

9.4 billion (+12.

87%); sales of Chinese herbal medicines and herbal medicines 25.

6.2 billion (+5.

79%); revenue from sales of medical devices and family planning products 113.

2.1 billion (+44.

40%), continued high growth rate; food, health products, cosmetics, etc. achieved sales revenue24.

1.2 billion (-17.

(93%), it is estimated that the reporting strategy company continued to adjust the product structure and customer channels of the consumer goods division, resulting in a reduction in the amount of capital occupying some of the commercial channels with low gross profit.

Among them, the single quarter of 19Q3: Western medicine and proprietary Chinese medicines achieved sales revenue of 191.

5.5 billion (+13.

46%); sales of Chinese medicinal materials and Chinese herbal medicines 9.

2 billion (+8.

80%); Revenue from sales of medical devices and family planning supplies 41.

5.6 billion (+55.

72%), the growth rate even continued to increase under the replacement of the high growth rate in the early stage; food, health products, cosmetics, etc. achieved sales revenue6.

7.1 billion (-23.


In terms of financial indicators, the company’s gross profit margin for the first three quarters was 8.

22% (decade +0.


The first three quarters of the company’s sales expense ratio, management expense ratio (broad) and financial expense ratio were 3 respectively.

11% (decade -0.

09pp), 2.

00% (one year-0.

18pp) and 1.

27% (decade +0.

31pp, mainly due to the increase in operating capital required by the company to expand its operating scale, increase in bank borrowings, and the issuance of index securitization assets).

We show the company’s three quarterly expense ratios as shown below. The company’s Q3 sales expense ratio and management expense ratio (in a broad sense) are well controlled, but the financial expense ratio is still at a historically high level.Nominal dividends, but in fact we believe that the company can benefit from the country’s wide interest rate to wide credit, and the future financial expense rate is expected to decrease, thus becoming a potential item for the company’s future profitability.

In addition, the reporting benchmark (July 10, 2019) the company has received a RMB 1 billion 8-year long-term loan from the International Finance Corporation (IFC), a member of the World Bank Group, with an alternative term (8 years) and an earlier lowInterest rate (4.

55%) will help to broaden the company’s financing channels, improve the company’s financing structure, reduce the company’s financing cost, and IFC’s international authority status will also help the company’s future financing image in the market.

(2) The operating quality continued to be optimized, and the cash flow was positive for the second consecutive quarter. The net cash flow of the company’s operating activities for the first three quarters of 2019 was -27.

11 trillion, a substantial increase of 15 over the same period last year.

15 ppm, an increase of 35 in ten years.

84%; of which Q3 single quarter is 2.

8.3 billion, positive for two consecutive quarters, and Q3 increased by 5 compared to the previous quarter.

2%, reflecting the continuous optimization of operating quality.

Considering that the industry generally collects funds in the fourth quarter, we expect the company to optimize its cash flow in the fourth quarter.

In 2019, the company adhering to the business philosophy of “reducing inventory, controlling receivables, and preventing capital risks; expanding terminals, strengthening management, and improving operating efficiency”, and strived to achieve revenue and net profit growth goals while improving operating quality and controlling accounts receivableMoney and 武汉夜生活网 inventory.Therefore, a series of accounts receivables, inventories, prepayments, etc., which accounted for the decline in the proportion of revenues were reported: the company’s accounts receivables increased at the end of the reporting period compared with the same period last year.

5%, the growth rate is less than the revenue growth rate, and the growth rate is also much lower than in previous years. We believe that this is mainly due to the company’s effective control of hospital sales during the accounting period, due to increased sales rebates.

In terms of inventory: At the end of the reporting period, the company’s inventory increased slightly from the same period of the previous year.

74%, the inventory turnover days decreased from 58 days to 54 days.

In terms of prepayments: the company decreased by nearly 2 billion at the end of the reporting period, and will decrease by 50 in the future.


We believe that the company has a high operating capacity in the history of the company, and the consolidation period has slightly lengthened. The company mainly expanded the customers of middle- and high-end medical institutions with secondary level and above. Due to its advantages in the drug circulation chain, its accounts receivable account periodDue to appropriate reductions.

Now consider: 1.

The company will take account receivables, inventory and other assets as one of its operating priorities to focus on improving the operating efficiency of its assets; 2.

The company plans to vigorously develop grassroots and retail terminals in the future. We believe that the company’s account receivables will be effectively controlled this year, so as to achieve a continuous positive net cash flow.


Investment suggestion: The company is the country’s largest private pharmaceutical distribution company. Its national layout of efficient warehouse logistics operation capabilities and rich upstream and downstream resources provide a good foundation for the company’s future rapid development and provide a strong guarantee; the company benefitsAs the national medical reform policy and the concentration of the distribution industry are increasing, the new layout of high-margin business-general-generation business, FBBC is in the ascendant; the medical device field is still in the blue ocean stage of operating horse enclosures; in terms of channels, high-margin basic-level hospitals and drug store wholesale businessesThe sustained and rapid growth has led to the company’s continuous improvement in profitability, and the long-term performance growth rate is higher than the revenue growth rate.

It is estimated that the attributable net profit for 19-21 is about 17.

01 ppm / 21.

12 ppm / 25.

800,000 yuan, corresponding to 0 EPS.

91 yuan / 1.

13 yuan / 1.

37 yuan, corresponding to PE 16/13/10 times.

Maintain the “Recommended” level.


Risk reminders: uncertainty in the medical industry policies such as medical reform; financial risks brought by the company’s expansion.

Vietnamese Defense Minister officially visits the United States on invitation

Vietnamese Defense Minister officially visits the United States on invitation
US Secretary of Defense James Mattis held talks with visiting Vietnamese Defense Minister Wu Chunli on the 8th.The Pentagon announced that it will send an aircraft carrier to visit Vietnam next year.  This will be the first visit by an American aircraft carrier to Vietnam since the Vietnam War in 1975.  It is unclear when and when the U.S. military aircraft carrier will choose to visit Vietnam next year, whether it will conduct joint exercises with the Vietnamese navy, and whether it will moor the Cam Ranh bay, a deep-water port in southern Vietnam where aircraft carriers can be accommodated.US warships docked and repaired at Cam Ranh Bay several times.  The Vietnamese government previously stated in a statement that when Prime Minister Nguyen Xuan Phuc visited the White House in May this year, he and US President Donald gradually discussed the location of the aircraft carrier visit to Vietnam.  US Vice President Mike Pence announced in April that he would continue to visit Vietnam in November to participate in informal meetings of APEC leaders.  [News: Vietnamese Defense Minister Officially Visits the United States on Invitation]The Pentagon said in a press release on the 8th that Matisse and Wu Chunli discussed the growing US-Vietnamese defense relations and regional security challenges, and agreed to deepen the two defense cooperation.In addition to the US aircraft carrier’s visit to Vietnam, it also includes expanding naval cooperation and increasing information sharing.  Mattis expressed satisfaction during the talks with alternative cooperation in peacekeeping operations, correction assistance and maritime law enforcement.  AFP reported that the US Coast Guard handed over seven second-hand patrol boats to Vietnam in May this year.  According to the Pentagon press release, US-Vietnamese defense relations are based on mutual respect and common interests, including freedom of navigation in the South China Sea and the world, respect for international law, and recognition of national sovereignty.  At the invitation of Matisse, Wu Chunli paid an official visit to the United States from 7 to 10 this month.He is a member of the Political Bureau of the Communist Party of Vietnam Central Committee, deputy secretary of the Central Military Commission, and a general with a military rank.  The Vietnam News Agency said that Wu 武汉夜网论坛 Chunli’s current visit to the United States strengthened the mutual trust and friendly relations between Vietnam and the United States to replace the people and the military, transformed the upper-level leaders to reach consensus on cooperation in the field of defense, and made more defense cooperation consistent with the Vietnam-US comprehensive partnership.  [Background: US-Vietnamese military exchanges have increased in recent years]Just one week before Wu Chunli ‘s departure to visit the United States, the US National University of Defense Advanced Book Research visited Vietnam and met with Deputy Chief of General Staff of the Vietnam People ‘s Army Nguyen Fang Nam on July 31.  Vietnam News Agency reported that on July 6th, Vietnam ‘s Deputy Minister of Defense Ruan Zhiyong met with Mike Rogers, chairman of the Strategic Forces 南宁桑拿 Subcommittee of the Military Committee of the House of Representatives of the United States House of Representatives, who visited Hanoi, saying that the two countries ‘defense cooperation has great potential.  In January last year, Harris Harris, commander of the US Pacific Command, paid a working visit to Vietnam and held talks with the Chief of Staff and Deputy Defense Minister Pan Wenjiang of the Vietnam People’s Army.  Earlier in the same month, the seventh US-Vietnamese defense policy dialogue at the deputy ministerial level was antiqued in Hanoi, co-chaired by Ruan Zhiyong and the Pentagon Assistant Secretary of Defense for South and Southeast Asian Affairs, Kara Abercrombie.  Behind the constant US-Vietnamese military exchanges is the warming of US-Vietnamese relations. After Barack observed the government ‘s Asia-Pacific rebalancing strategy, the United States regarded Vietnam as an important partner in Southeast Asia, and Vietnam used the United States to strengthen its influence and conduct regional checks and balances.  In 2011, the United States and Vietnam signed the Memorandum of Defense Cooperation, and based on this, signed the Joint Declaration on Defense Relations in 2015.  In June 2012, Leon Panetta, then US Secretary of Defense, visited Vietnam, becoming the first US Secretary of Defense to visit Cam Ranh Bay after the Vietnam War.  In August 2014, Martin Dempsey, chairman of the Joint Chiefs of Staff of the US Army, visited Vietnam.This is the first visit to Vietnam by the chairman of the U.S. Army Federation since 1971.  In 2014, the United States partially lifted its arms sales ban on Vietnam and allowed Vietnam to sell defense equipment related to maritime security.In May 2016, the then US President’s observer announced during his visit to the country that the United States would completely lift the arms sales ban on Vietnam, but it would still be replaced one by one.Vietnam’s President Chen Daguang expressed his appreciation for this, saying that it showed that the substitution relationship had been completely normalized.  [Link: Vietnamese Communist Frogman hits US aircraft carrier]The last time an US aircraft carrier sailed into Vietnam’s waters was August 2010.To commemorate the fifteenth anniversary of the normalization of US-Vietnamese relations, the USS George Washington Washington aircraft arrived in the waters near Da Nang, Vietnam, and the ancient week-long maritime exercise with the Vietnamese army was changed to be called non-combat joint training.  The last time a US aircraft carrier docked in Vietnam was during the Vietnam War.A number of aircraft carriers entered the war, and carrier-based aircraft bombed targets in Vietnamese territory.The guerrillas of the Southern Liberation Front of Vietnam once hit a US escort carrier that transported military equipment to the South Vietnamese regime.  In the early morning of May 2, 1964, the Viet Cong guerrillas transferred the frogman to quietly touch the side of the USS Cadet anchored at Saigon Port (now Ho Chi Minh Port). Two bags of explosives were bound on the starboard side and detonated.A large hole nearly 4 meters long and nearly 1 meter wide caused the warship to sink 15 meters and five civilian crew members died.  Card was later towed to a US military base in Subic Bay, Philippines for repairs, and overhauled at Yokosuka, Japan.The Card is a Borg-class escort carrier that served in World War II. This model was rebuilt from the cargo ship’s hull. Its protection, damage resistance and weapons and equipment are inconsistent with conventional US aircraft carriers.  The United States and Vietnam established diplomatic relations in 1995.In 2000, William Cohen became the first US Defense Secretary to visit Vietnam after the Vietnam War.The United States and Vietnam concluded a trade agreement this year, and the then-term US President Bill Clinton became the first US president to visit Hanoi after the Vietnam War.  In December 2006, then-President George Washington Bush signed a bill granting permanent normal trade relations to Vietnam.At this stage, the United States is Vietnam’s second largest trading partner.(Hu Ruoyu) (Xinhua News Agency special feature) Original title: Vietnamese Defense Minister is invited to formally visit the United States and the United States will send an aircraft carrier to visit Vietnam

Zhongzhi shares (600038) brief evaluation report: New listing accelerates installation and promotes high performance growth

Zhongzhi shares (600038) brief evaluation report: New listing accelerates installation and promotes high performance growth

I. Overview of the event On August 23, the company released its semi-annual report for 2019 and achieved operating income of 69.

00 ppm, an increase of 28 per year.

75%; realize net profit attributable to mother 2.

4.1 billion, up from 35 previously.


  Second, the performance of analysis and judgment has improved significantly, and is expected to maintain high growth. In the first half of 2019, the company achieved operating income of 69.

00 ppm, an increase of 28 per year.

75%, due to the increase in the delivery of aviation products; net profit attributable to mothers2.

4.1 billion, up from 35 previously.

50%, significant improvement in quality and efficiency.

Report budget, period expenses7.

42%, down by 1 every year.

33pct, of which the company’s R & D expansion is growing by 96 per year.

28%, the ratio of R & D expenditure to current operating income is 1.


The company’s gross profit margin is 11.

28%, a slight increase from the same period last year, and basically remained stable.

The company’s inventory except raw materials increased significantly compared with the beginning of the period, reaching 31.

75%, indicating that the company has sufficient orders.

Helicopter pedigree is gradually improved. New models are installed to speed up the company’s main force in the domestic helicopter manufacturing industry. The core products include straight 8, straight 9, straight 11, AC311, AC312, AC313 and other types of helicopters, which are in a leading position in technology in China.

After the improvement of the product structure adjustment and development, the main product model has been gradually upgraded, the helicopter pedigree has been perfected, and a good layout of “one machine with multiple types and series development” has basically been formed.

With the gradual maturity of the new prototype and accelerated installation, the company’s performance is expected to grow rapidly.

The general-purpose helicopter entered mass production and is expected to become a new growth point. In the first half of the year, the Harbin branch achieved revenue of 20%.

840,000 yuan, an increase of 98 in ten years.

67%; profit totaled 65.95 million yuan, an increase of 155 throughout the year.


As the production base of Zhi-20, the revenue from Harbin branch has increased significantly. It can be inferred that Zhi-20 has entered the batch production stage.

The currently equipped 10-ton helicopter is the Blackhawk S-70 helicopter produced by Sikorsky of the United States. The number is only 23, and the proportion of helicopters in it is very small.

In contrast, helicopters in the United States account for the largest proportion of 10-ton helicopters, with 2,307 10-ton helicopters, accounting for 43% of the total number of helicopters.

As a general-purpose helicopter that can adapt to any battlefield, we believe that the demand for the Zhi-20 market will exceed 1,000.

The general aviation market is welcoming rapid development, and the demand for civilian aircraft is gradually increasing. In the “Thirteenth Five-Year Plan” period of economic construction, the general aviation basic industry represented by helicopters and fixed-wing aircraft is an important part of the equipment manufacturing industry, which is gradually realizing industrial 南宁桑拿 transformation and upgrading.Important advantages.

The State Council’s “Several Opinions on Promoting the Development of the Civil Aviation Industry” specifies that the future development will vigorously develop the general aviation industry and support domestic civil aircraft manufacturing.

With the vigorous development of the navigable market, the company’s civilian helicopter business is expected to develop rapidly.

  Third, investment advice The company is the main force of the navy helicopter manufacturing industry. The performance in the first half of the year has improved significantly. We are optimistic about the company’s long-term development.

Expected company 2019?
EPS in 20201 will be 1.

11, 1.

39 and 1.
76 yuan, corresponding to PE is 42X, 34X and 27X, the average evaluation of comparable companies is 71X, giving a “recommended” rating.
  4. Risk warnings 1. Military aircraft orders fall short of expectations; 2. The general aviation market develops slowly

YOFC (601869): Leading technology and internationalization results are expected to bottom out

YOFC (601869): Leading technology and internationalization results are expected to bottom out
The company’s leading industry advantages have deepened global business expansion, and future performance is expected to bottom out.  Investment suggestion: Cover for the first time and give a “cautious increase” rating.It is estimated that the company’s net profit attributable to its parent in 2019-2021 will be 8.9.8 billion, 10.4.4 billion, 13.29 trillion, corresponding to EPS 1.18 yuan, 1.38 yuan, 1.75 yuan.Considering the size of the company’s industry leader, referring to the two estimation methods of PE and APV, the company is given 30 times PE estimation level in 2019, and the corresponding target price is 35.4 yuan, covering for the first time, giving a “cautious overweight” rating. The upstream technology continues to innovate, staying at the top of the industry, and improving the concentration of the industry to promote the realization of the stronger.The company is the first company in China that has the production capacity of optical 苏州夜网论坛 fiber rods.In the optical fiber and cable industry chain, the optical fiber advantage rod is located at the core of the upstream replacement, replacing 65% -70% of the cost of optical fiber, and has the highest technology gate performance.As one of the few companies that has mastered multiple mainstream optical fiber cutting-edge rod manufacturing technologies at the same time, the company steadily ranks in the domestic leading position in the industry competition. As a result, the concentration of the industry has increased, and the company is conducive to making full use of the leading dividends. Seize the potential of overseas markets, implement in-depth internationalization strategies, and expect operating results to exceed expectations.The company strengthened the integration of production, supply and marketing of overseas subsidiaries to form a regional localized collective collaborative business model. Based on optical fiber and cable, it comprehensively improved the sales capacity of overseas products and the acquisition and delivery capacity of large and medium-sized projects to become stronger and larger.overseas business.The company’s overseas operating income is expected to continue to grow significantly, and its operating performance is expected to bottom out. Catalysts: 5G commercial expansion at home and abroad, the company’s overseas business orders continue to be released; risk warning: operators’ 5G investment is less than expected; trade war brings risks of industry uncertainty.

Xingsen Technology (002436) Dynamic Comment Company Dynamic Comment: Great investment in IC substrates is worth looking forward to

Xingsen Technology (002436) Dynamic Comment Company Dynamic Comment: Great investment in IC substrates is worth looking forward to

[Event]The company and the Guangzhou Economic and Technological Development Zone Management Committee signed the “Investment and Cooperation Agreement on Xingsen Semiconductor Packaging Industry Project” on June 26, 2019. The investment content of the project is the semiconductor IC package carrier board and similar carrier board technology projectsThe investment budget is about 3 billion, and the initial investment is about 1.6 billion, of which 13 is fixed asset investment.

5 trillion; the second phase investment is about 14 trillion, of which fixed asset investment is 12 trillion (including plant and land repurchase).

[Comment]The technical barriers of IC carrier boards are much higher than ordinary PCBs, and the industry has a lot of room for development.

According to Prismark data, the total output value of global integrated circuit substrates in 2018 was about 75.

$ 5.4 billion, an increase of 12 per year.

8%, it is expected that the total output value will reach 9.6 billion US dollars in 2023, and the industry has broad room for development.

The IC carrier board is developed on the basis of the HDI board, and there is a certain correlation among them, but the technology of biology of the IC carrier board is far more than HDI and ordinary PCB.

At present, the global IC carrier board market is mainly occupied by Japanese, Korean, and Taiwanese companies. In 2018, the top 10 global packaging substrate manufacturers had a market share of more than 82%, and the industry was highly concentrated.

The company is one of the very few domestic IC carrier board companies. It ranks among the top internal carrier board manufacturers in terms of technical strength and output value. Through the rapid advancement of localization in the semiconductor industry, the company will definitely benefit from the growth of the industry.

The profitability of the carrier board is gradually improving, and the expansion of production has helped the company’s performance to a higher level.

The company’s 2019Q1 revenue increased by 10 in ten years.

09%, net profit attributable to mothers grows 79.

84%, gross margin and net margin increased by 1.

02pct, 1.

79 points, the significant improvement in performance and profit was mainly due to the improvement in profit of some subsidiaries and the continued growth of the IC carrier board business.

At present, the company ‘s IC package substrate production capacity of 10,000 square meters / month is already in full production, with an average yield of more than 94%. In September 2018, it passed Samsung certification and became an official Samsung supplier. New customer orders are fast.Introducing; In April 2019, it officially passed the inspection of 02 special projects.

The IC packaging industry project to be invested will help the company make full use of its overall resources and advantages, further focus on the company’s core semiconductor business, actively cultivate high-end product markets, further enhance the company’s competitiveness and profitability, and form new profit growth points.

Based on the above analysis, it is estimated 成都桑拿网 that the operating income in 19/20/21 will be 42.



6.4 billion, an annual increase of 23.

50% / 25.

00% / 29.


Net profit attributable to mothers is 2.



9.9 billion yuan, an annual increase of 30.

04% / 33.

21% / 34.

23%, EPS is 0.



34 yuan, corresponding to PE is 36/27/20 times, given “overweight” rating.

[Risk Warning]The construction speed of 5G base stations is lower than expected; the price of upstream raw materials changes; the construction speed of new factories is lower than expected.

Zhangjiagang Travel (002839): Small and micro transformation is moving towards a good situation

Zhangjiagang Travel (002839): Small and micro transformation is moving towards a good situation

High quality rural commercial bank in southern Jiangsu to create small and micro-financial characteristics Zhangjiagang Bank is a high quality rural commercial bank in southern Jiangsu with rapid transformation and progress.

As a relatively small county-level rural commercial bank, Zhangjiagang Bank has prominent micro-micro characteristics and is making breakthroughs in micro-loans (personal business loans) with smaller customers.

This customer group has more diversified risks and relatively higher pricing, which helps optimize bank interest margins and asset quality.

Since 2019, the growth rate of Zhangjiagang Bank’s assets has remained at two or more. The revenue and PPOP growth rate are among the forefront of listed rural commercial banks.

We believe that the Zhangjiagang Bank has the conditions to do a good job in small and micro businesses, and gradually promote the continuous improvement of profitability and development quality.

We predict that the company’s net profit growth attributable to mothers will be 13 in 2019-2021.

0%, 13.

7%, 14.

9%, EPS is 0.

52 yuan, 0.

59 yuan, 0.

68 yuan with a target price of 6.



26 yuan, maintaining the “overweight” level.

Small and micro businesses: The space is vast and the conditions are complete. Small and micro enterprises are related to national economy and people’s livelihood. Regulatory authorities give firm support, and rural commercial banks should stick to their positioning.

Zhangjiagang Bank’s small and micro businesses have a good momentum of development and can enjoy policy dividends. We believe that it has continuous momentum to do a good job.

First of all, as one of the most active areas in China’s private economy, Southern Jiangsu has a large number of high-quality small and micro entities, which provides a source of customers for Zhangjiagang.

Basically, Zhangjiagang 北京夜生活网 Bank, as a rural commercial bank that has built its roots, has a better understanding of local enterprises and has a good risk control capability.

Finally, Zhangjiagang has a certain number of remote branches, which can promote the experience of small and micro services.

As one of the first batch of rural commercial banks in China that has developed across regions, the scale of its stock in other places has broken through. At present, the company has noticed the business in different places. The expansion of assets in other places is an important driving force for the development of Zhangjiagang Bank.

Financial indicators: conversion-driven, performance-oriented, small-to-micro, driving the fundamentals of Zhangjiagang Bank to improve in many dimensions.

On January 9, 2019, the revenue of Zhangjiagang Bank increased 天津夜网 its net profit attributable to mothers by 30.

1%, 14.

0%, of which revenue growth rate ranked first in listed rural commercial banks.

There are three main reasons for the rapid profit growth: First, the scale has expanded rapidly.

Since the end of September 2018, Zhangjiagang Bank’s loan growth rate has remained above 20% for five consecutive quarters.

Zhangjiagang Bank has a strong demand for personal business loans, but the supply of financial institutions is limited. Therefore, small and micro entities have become an important driving force for Zhangjiagang Bank’s loan growth.

Secondly, the relatively high pricing of small and micro loans has driven Zhangjiagang’s net interest margin to continue to strengthen.

Thirdly, the repayment ability of personal business loan borrowers and the redistribution of repayment expectations, the credit risk is dispersed and controllable, and the asset quality of Zhangjiagang Bank is continuously improved.

The transition from small to micro is basically good, with a target price of 6.


The 26 yuan Zhangjiagang line has excellent location conditions, small and micro features prominent and sustainable substitution. The small and micro changes drive the fundamentals to continue to improve. It is recommended to grasp investment opportunities.

We predict that the company’s net profit growth attributable to mothers in 2019-2021 will be 13 respectively.

0%, 13.

7%, 14.

9% (previous forecast 9).
1%, 9.

0%,-), the corresponding EPS is 0.
52 yuan, 0.

59 yuan, 0.

68 yuan (previous forecast was 0.

50 yuan, 0.

55 yuan,-), 2020 BVPS6.

05 yuan, corresponding to PB0.

92 times.

On January 21, 2020, the comparable A-share listed agricultural and commercial banks have consistently predicted a PB of 1.

00 times, the company’s transformation is advancing rapidly, and the fundamental growth improves the expected growth, which determines that the company should enjoy the forecast premium. We give the target a PB of 2020.


20 times the target price by 5.


13 yuan increased to 6.


26 yuan, maintaining the “overweight” level.

Risk Warning: The economic downturn exceeds expectations, and asset quality deteriorates more than expected.

Joy City (000031): Investment income realized more efforts to take land

Joy City (000031): Investment income realized more efforts to take land

This report reads: The return on investment has been realized, and the strategy of “both equal emphasis” on commercial properties has been advanced; residential sales have grown, Q3 has increased land acquisition, M & A and “two-wheel drive” land acquisition has reduced land costs, and the company is expected to maintain growth.

Investment points: Maintain Overweight rating and maintain target price of 9.

65 yuan, maintaining 2019/2020/2021 EPS is 0.

69 yuan, 0.

81 yuan, 0.

92 yuan judgment.

The company’s performance was in line with expectations, and the investment income was realized. In the third quarter, land investment was increased, and two-wheel drive was adopted to strive to maintain growth.

Investment 杭州桑拿 income realized, and performance maintained high growth.

The first three quarters of 2019 were 223.

32 ppm, an increase of 68 in ten years.

28%, net profit attributable to mother 24.

350,000 yuan, an increase of 47 in ten years.


Q3 carry-over revenue was only 40.

6.2 billion, compared with the same period last year4.

85%; gross margin 43.

45%, which is basically the same as in the first half of the year, and the comparable expenses in a single quarter are basically stable, with only a slight increase in financial expenses.

The profit in Q3 mainly came from the end of August when Changfeng Joy City and Xi’an Joy City were injected into overseas M & A and transformation funds, and the investment income was about 4 respectively.

200 million and 4.

5 billion.

Sales increased sharply, and land investment 北京spa会所 was intensified in the third quarter.

In the final three quarters, the company’s full-caliber sales reached 51 billion (Kerui), an annual growth of 31%.

With the increase in sales receivables, the company began to make efforts in the land market in the third quarter.

Nine new projects were added in Q3, with a construction area of about 2.56 million square meters, a land investment of 13 billion yuan, a floor price of 5098 yuan / square meter, and land cost costs.

Among them, the Jinan and Kunming projects merged with the land acquisition project, and the Tianjin and Wuhan projects were acquired.

Improved efficiency, diversified land and cost reductions, funds to help commercial property expansion, and growth can be expected.

The company’s operating efficiency improved, and sales receipts increased significantly.

Start diversified land acquisition: 1) Land acquisition advantages are prominent in the two-wheel drive mode. Jinan, Kunming and other projects are examples of land acquisition; 2) Increased land acquisition efforts, such projects account for about 1/4, significantly reducing landcost.
In addition, the fund assisted the company to implement a “simultaneous emphasis” strategy, expanding funds to break through and cracking, and expected growth.

Risk Warning: Business is impacted by new retail.