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 management models, and accumulate experience for REITS.

Residential business: First- and second-tier soil reserves are abundant, actively expanding, taking geographical features, sales are increasing rapidly, and settlement is accelerated. Joy City has cultivated more than 20 cities in the first and second tiers.The sales value is nearly 250 billion yuan, more than 90% of which are located on the first and second tiers. In addition, it has 131 high-quality industrial land for general industrial land in Shenzhen.

After the reconstruction, the company plans to add more than 6,000 soil reserves in the next 3-5 years. Among them, “holding property + residential development” synergistic land acquisition will reduce land acquisition costs and accelerate commercial turnover.

In 18 years, the company adjusted its land acquisition strategy, focusing on projects with controllable risks and fast cash return. The average land acquisition price / average sales price in 18-19H1 dropped to about 20%.

The company CACA reached 38% in 15-18.

The total sales of AH in 18 years was 48.7 billion US dollars, + 42% for the whole year, and it is expected to reach 60 billion US dollars in 19 years, + 23% for the whole year.

The rapid increase in sales pushed the advance receipts to 278 trillion at the end of 19Q1, covering 18 years of settlement income2.

2 times, settlement acceleration can be expected.

Finance and evaluation: coefficient optimization, rating upgrade, net asset value discount of 60%, high-quality assets severely underestimated after the reorganization, the company’s net debt ratio decreased significantly, the rating was upgraded from AA + to AAA, financing advantages were prominent, and the average financing cost of various financing channels was lowTo 4-5%.

The 18-year dividend rate has increased significantly to 31%, and the follow-up plan is stable at around 30%.

We evaluated the company’s three parts of business: 1) residential development: revaluation of value added 8.1 billion; 2) holding property: FCFF estimation method to get 52.7 billion US dollars, equity revaluation value added 12.6 billion; NOI / cap ratio valuation6.65 million yuan (cap rate 4).

9%), the value of the revaluation of equity increased by 21.5 billion US dollars; the average value of two revaluations increased by 17.1 billion; 3) industrial land: Shenzhen 131 comprehensive industrial plant revaluation of 20.4 billion yuan based on the assumption of 20 years of industrial reform business / industrial reform.
Therefore, the company’s NAV totaled $ 62.4 billion, corresponding to NAV15.

88 yuan, 60% discount to the current price, quality assets are seriously undervalued.

Investment suggestion: commercial real estate operation model, core asset value benchmark, first overwrite, and give Joy City as a benchmark for domestic 杭州桑拿 commercial real estate, with first- and second-tier core assets, possessing strong investment, operation and brand powerRents are steadily increasing.

After the integration of AH, the ground end gets a premium, and the core fund leverages capital to enable it.

We predict that the company’s annual revenue for 2019-21 will be 0.

76, 0.

88, 1.

11 yuan, the current price corresponds to only 8 for 19PE.

3 times, compared to previous NAV15.

The 88 yuan discount is 60%, which is 6 compared with the early reorganization price.

73% discount at 6%, high-quality assets are seriously undervalued. We give a target price of 8% at a NAV discount of 45%.

74 yuan, equivalent to 19PE11.

5 times coverage for the first time, and give a “strong push” rating.

Risk warning: Social retail product consumption is less than 深圳桑拿网 expected, and the company’s settlement progress is less than expected.

Jiuli Special Material (002318): Full orders support profit doubled QoQ

Jiuli Special Material (002318): Full orders support profit doubled QoQ

Investment Highlights Performance Summary: The company released its semi-annual report for 2019, reporting that the two companies achieved operating income20.

9.9 billion yuan, an increase of 7 a year.

69%; net profit attributable to shareholders of listed companies2.

11 trillion, an increase of 59 in ten years.

32%, equivalent to 0 EPS.

25 yuan, single quarter EPS is 0.

09 yuan and 0.

RMB 16; net profit attributable to shareholders of listed companies1 was achieved in the same period last year.

32 trillion, EPS is 0.

16 yuan; financial analysis: 10-year revenue increase in the first half of 20197.

69%, specifically, pipe and welded pipe revenue increased by 43%.

65% and 27.

69%, while seamless pipe revenue was downgraded in ten years.

73%, in terms of specific downstream industries, the power equipment manufacturing industry is downgraded by 21 every year.

93%, the petrochemical natural gas industry increased by 10 in ten years.

15%; consolidated gross margin for the first half of the year was 26.

31%, an increase of 3 a year.

86%, of which the gross profit margin of seamless pipes and welded pipes increased by 3 each year.

30% and 3.

18%; period expense ratio is 13.

49%, a slight increase of 0 a year.

1%; net profit margin is 10.

21%, an increase of 3 a year.

33%; asset-liability ratio 39 at the end of the first half.

54%, an increase of 0 a year.

24%; second-quarter profit doubled: the company achieved net profit in the second quarter1.

44 trillion, an increase of 103 from the previous month.

91% in the first half of the year.

32%, which is a good year-on-year performance, and the core is still due to the continued warming of the downstream oil and gas industry.

The company’s petrochemical and natural gas industry revenues account for about 50% of total revenue all year round. Full oil and gas orders have supported the company’s good operating conditions since the second half of last year. Under the conditions of relatively full orders, the company can preferentially choose the more efficient ones.Orders, thereby improving overall profitability.

In addition, the company has substantially increased its production and sales volume through internal potential tapping and efficiency enhancement, increasing the yield rate. At present, the total capacity of seamless pipes and welded pipes has reached 10.

8 Initially, the first half of the year saw at least a certain increase in production and sales; dating strategic partners Yongxing Materials: The company actively released Yongxing Materials as a long-term stable supply chain partner for the purpose of strategic investment, opening up upstream raw material supply channels, and realizing an upward industrial chain.Swim extension.

And within the next 12 months, Yongxing Materials will be purchased on the domestic A-share market in a manner that allows its own funds to not exceed RMB 600 million through the method permitted by the Shenzhen Stock Exchange system (including but not gradually centralized bidding, block transactions, and agreement transfers).Issuance of common stock.

After the purchase is completed, the company will hold shares of Yongxing Materials not less than 10% and not more than 20% of the total share capital.

As of June 30, 2019, the company has contributed capital1.

US $ 45.5 billion purchased 10.36 million ordinary shares of Yongxing Materials through block transactions; investment advice: The company continues to integrate resources for a long time and deeply cultivates the mid-to-high-end market for stainless steel pipes.

Thanks to the continued recovery of downstream oil and gas industry investment, the company’s related orders are full and the benefits are 杭州桑拿 approaching. Considering that the oil and gas industry cycle generally lasts two to three years, it is expected that the company’s short-term good operating conditions will remain sustainable.

We expect the EPS for 2019-2021 to be zero.54 yuan, 0.

56 yuan and 0.

57 yuan, maintaining the “overweight” level; risk warning: the company’s product orders are less than expected.

Gu Jia Household (603816): Profit growth rate improved month-on-month, expect regional retail center to exert force

Gu Jia Household (603816): Profit growth rate improved month-on-month, expect regional retail center to exert force
Event: Gujia Household released the 2019 Interim Report, and the company’s revenue in 2019H1 was 50.10,000 yuan, an increase of 23 in ten years.7%; net profit attributable to mother 5.59 ppm, an increase of 15 in ten years.8%, net profit after deduction is 432 ppm, a 10% increase over ten years, and net cash flow from operating activities6.96 ppm, a year-on-year increase of 334%, was due to the decline in receivables and changes in advance receipts due to the accelerated collection of foreign sales.Among them, Q2 single quarter revenue of 25.50,000 yuan, an increase of 16 in ten years.1%; net profit attributable to mother 2.63 ppm, an increase of 23% in ten years; net profit after deduction 235 ppm, an increase of 21 in ten years.1%. After excluding the impact of the consolidation, the overall profit growth rate is up month-on-month.1) In terms of revenue, we expect that after excluding the impact of consolidation, the company’s endogenous growth will be within 10% in the first half of the year.2) In terms of profit, the benefit base effect, the tax and fee reduction policies implemented in April and the changes in the prices of raw materials, we expect the company’s Q2 internal profit growth rate to increase sequentially. The overall benefit was tax and fee reductions, and gross margin improved significantly.The gross profit margins of the companies in 19Q1 / 19Q2 were 34.73% (-1.72 points.) / 36.52% (+0.94 points.), Benefiting from a series of alternatives such as tax reduction, fee reduction and product structure optimization, the company’s gross profit margin improved significantly from the previous quarter.1) Classification: The gross profit margin of core products increased.Core product sofa gross margin 36.31% (+3.57 points.), Bed products gross margin 42.64% (+2.67pct), in addition to tax and fee reductions, the prices of raw materials such as beneficiary sponges have fallen and the internal product structure has been optimized. Under the relatively unfavorable foreign trade environment, the company’s core product profitability has further improved, reflecting the bargaining power of the product.2) Sub-markets: Domestic sales maintained high gross profit, and export sales performed better than expected.19H1 company’s domestic gross profit margin 43.95% (+2.73 points.), The highest point since 2017, highlighting the company’s brand, channels, and product advantages.The previous export gross margin was 24.61% (+1.76 points.), Better than market expectations in the context of tariff increases.We believe that the increase in gross profit margin for export is mainly due to the extension of the balance sheet and the promotion of gross profit margin, and the company actively negotiates and adjusts the product structure 杭州桑拿网 to reduce the impact of tariffs. Adapt to the market environment and improve the efficiency of internal control and control of sales expenses.2019H1 company achieved gross profit margin of 35.64% (-0.34 points.), Net interest rate 11.64% (-0.79 points.), Of which Q2 single quarter net interest rate is 11.19%.Selling expense ratio 17.92% (-0.58 points.); Management expense ratio 4.69% (+1.07 points.), Mainly due to extension of consolidation; financial expense ratio 1.07% (+0.85 points.), Index expenditure was 62.63 million yuan, a significant increase over the same period last year (605 million). Schematic diagram of revenue structure, multiple means to deal with tariff levy.1) Classification: Revenue structure nitrides.In 19H1, the company’s overall sofa product revenue was 28.20,000 yuan, an increase of 31 in ten 淡水桑拿网 years.75%, still the company’s main sofa products; the company achieved ancillary product revenue8.4 ppm (including dining chairs), an increase of 8 per year.9%; Bed products revenue 7.USD 300 million, an annual growth rate of 38%, driving the overall revenue structure to diversify.2) Market segmentation: Multiple measures should be taken to deal with the imposition of tariffs, highlighting the company’s resilience.The main income of domestic sales in H1 201927.9 trillion, an increase of 10% in ten years; the main revenue of export 19.US $ 900 million, a year-on-year growth of 48%. The overseas consolidation of target purchases has contributed to the high growth of export sales, excluding the effects of delays in consolidation. We expect that under the 25% tariff policy, Q2’s domestic sales growth rate will improve in a single quarter.In addition, due to multiple factors such as tax reduction and fee reduction, exchange rate and product structure adjustment, the company’s export business maintained a certain net interest rate. The above-mentioned results highlight the company’s flexible adaptability, product competitiveness and customer recognition. Focus on improving efficiency, and look forward to regional retail centers.1) In terms of channels: the pace of store opening is steady.There will be approximately 200 stores opened in 2019H1. It is expected that the pace of store opening in 2019 will remain stable.2) Organizational structure budget: The organization moves forward to create a regional retail center close to the market.Gujia Household has entered the regional retail center since the second half of 2018. It has integrated the sales of various product divisions into the regional market retail center for integrated operation. The sales structure has moved forward to use products and marketing strategies to be closer to the local market.It also has a certain impact on domestic sales.We expect that with the mature operation of regional retail centers, the domestic sales growth rate is expected to increase sequentially.In terms of internal governance, the company will still actively transform in 2019, promote channel informationization, and conduct lean management.Launched a “broad and thin” product strategy; integrated brand, product, and store formats to ensure maximum profitability under a given set of profits and a leading competitive advantage in the main channel Investment suggestion: The company has excellent corporate governance and stable development of multiple categories of internal business. If the company can integrate the merger and acquisition target, it will contribute to the company’s development. We continue to be optimistic about the company’s future development.We predict that the company will realize sales revenue of 116,139,16.4 billion U.S. dollars in 2019-21, an annual increase of 26.4%, 20.13%, 17.65%, achieving net profit attributable to the parent company12.1, 14.6, 17.30,000 yuan, an annual increase of 22.6%, 20.6%, 18.5%, corresponding to an EPS of 2.01, 2.43, 2.88 yuan, maintain “Buy” rating. Risk reminder: The risk of real estate boom is reduced, and the increased competition leads to the risk that the industry’s average profit rate will decline.

Hengli Hydraulics (601100) third quarter performance review: third quarter performance is slightly lower than expected forecast fourth quarter will grow significantly

Hengli Hydraulics (601100) third quarter performance review: third quarter performance is slightly lower than expected forecast fourth quarter will grow significantly

Inc.’s revenue for the first three quarters of 2019 was 38.

34 ppm, an increase of 21 in ten years.

32%; net profit attributable to mother 9.

170,000 yuan, an increase of 27 in ten years.


Among them, Q3 income, net profit or growth rate attributable to the mother was 4, respectively.

53%, -3.

76%, slightly lower than expected.

The short comment follows the V-shaped trend of the growth rate of excavator sales, and the company’s quarterly performance growth rate presents a V-shaped trend: ① At this stage, the company’s performance is highly related to the excavator industry.

Because the company’s current revenue, profits are mainly from the excavator cylinder business, which accounts for 50% of the domestic market in the excavator market.

② The growth rate of excavator sales showed a V-shape, of which the downward trend was generally from January to May, and -2 in May.

15% showed negative growth; due to the development of infrastructure, real estate investment was limited in the short term, and the growth rate of excavator sales in June and July climbed to 6 respectively.

58%, 11.

0%, climbed further to 19 in August and September.

5%, 17.

8% exceeded market expectations; for the same reason, we predict that the two numbers will grow in the year.

③ The company’s quarterly performance growth rate has presented a V-shaped change. At Q2 / Q3 time, Q4 will surge, because the OEM’s purchase of hydraulic parts is directly affected by the sales of excavators under the current “zero inventory” background, which is reflected inThe company’s excavator oil cylinders were shifted back and forth for three consecutive months in May, June and July, the worst year.

Taking into account that the revenue recognition lags about one month, the growth rate of Q2 / Q3 results has declined, and the growth rate of Q1 / Q2 / Q3 revenue has been 61.

63%, 2.

55%, 4.

53%, the growth rate of net profit attributable to mothers was 108.

13%, 12.

34%, -3.


In August, the main engine manufacturers increased the procurement speed, and the company’s cylinder production line resumed full load operation. In addition, the pump and valve market share increased and continued heavy volume. It is expected that the net profit of Q4 will more than double.

Profitability enters the rising channel, Q3 profitability decline is a short-term phenomenon: gross profit margin and net profit margin of Q3 are 35.

26%, 23.

66%, which decreases 佛山桑拿网 by 3 each year.

39, 2.

04 pct, mainly because the expansion of Q3 revenue fell by 14 from the previous quarter.

The 95% scale effect was slightly reduced.

Looking forward to Q4 and the future, the continuous volume of pumps and valves will drive the improvement of overall profitability. It is a certain trend. It is expected that the gradual net interest rate can be maintained above 25%.

The development of new customers and new products deserves attention: ① From the excavator to the non-standard oil cylinders, the market for aerial work platforms has developed rapidly. The company’s customers include Terex, snorkeling, and Dingli.

② The small digging pump valve entered Kobelco, Doosan and other Japanese and Korean brands, and we look forward to entering Carter in the future.

③ Motor products can be quickly swelled, from excavators to high-altitude operation platforms. Customers include Dingli, Xingbang, Zhonglian, Xugong, etc.

④ The pump products extend from the excavator to the aerial work platform, the truck crane, and the cement pump truck.

⑤ In terms of market share, the company continued to maintain a high share of nearly 40% for small-digging hydraulic parts, and medium-large digging hydraulic parts fully supported the main forces of major OEMs, sharing the monthly improvement; 6-50T-class slewing motors for shovel excavators and OEMs at the same timeValidated in small batches.

Earnings forecast and investment rating Under the background of the slowdown in sales growth of the excavator industry, the company’s continuous increase in revenue and optimization of profitability due to the improvement of its own product competitiveness.In the long run, it is judged that the company will make use of the expansion of non-standard oil cylinders and the increase in the market share of hydraulic components such as pump valve motors to achieve sustained and stable growth.

Expected company 2019?
The revenue in 2021 will be 54.



400 million, net profit attributable to mothers was 12 respectively.



10,000 yuan, corresponding to the closing price of PE on October 29, 2019 were 28.

5x, 23x, 19.

1x with a target price of 43.

1 yuan, maintaining the “overweight” level.

Risk factors: The risk of the gradual transformation of the domestic construction machinery industry. The non-digging and non-domestic market expansion exceeds expectations.

Xugong Machinery (000425) Interim Report for 2019: Growth of net profit attributable to growth, net operating cash flow hits record high, asset quality gradually consolidated

Xugong Machinery (000425) Interim Report for 2019: Growth of net profit attributable to growth, net operating cash flow hits record high, asset quality gradually consolidated

The company announced the semi-annual report for 2019: the company realized operating income of 311.

5.6 billion, an annual increase of 30.

12%; realized operating profit of 25.

910,000 yuan, an increase of 111 in ten years.

96%; net profit attributable to mothers22.

8.3 billion, an increase of 106 in ten years.

82%; net profit returned to mother after deduction 21.

79 ppm, an increase of 115 in ten years.

54%; net cash flows from operating activities.

4.1 billion, an annual increase of 45.

97%; average average return on net assets is 8.

15%, an increase of 3 per year.

42 units.

In the first half of 2019, the company’s operating income and net profit attributable to mothers increased significantly.

Under the environment of strong market demand, the company focused on the market, focused on shortcomings, focused on clearing risks, asset quality, profitability, and cash flow.

The company’s diversified product sales market share is leading domestically, and its overseas export business ranks first in the industry.

The company achieved operating income of 167 in 2019Q2.

370,000 yuan, an increase of 27 in ten years.

18%, an increase of 16 from the previous month.


In the first half of 2019, the company’s profit growth rate was significantly higher than the growth rate of operating income. Firstly, the scale effect promoted the improvement of the company’s gross profit margin and the decrease in period expenses.

In the first half of 2019, the company achieved a gross profit margin of 18%.

33%, increasing by 0 every year.

99 units; period costs total 25.

54 ppm, a decrease of 4 per year.

18%, period expense ratio 8.

20%, falling by 2 every year.

93 units.

Net cash flow from operating activities of the company28.

4.1 billion, reaching an all-time high and an annual increase of 45.

97%, due to the above-mentioned significant growth, the company strengthened its efforts to collect money, sold goods, and provided labor services with a substantial increase in cash received, and an increase of 25.

51%; the company’s operating capacity continues to increase.

In the first half of 2019, the company’s inventory was 87.

80 ppm, a decrease of 6 per year.

53%; the inventory turnover rate steadily increased, and the company’s inventory turnover rate in the first half of 2019 was 2 in the first half of 2018.

Increased 11 times to 2.

68 times.

The company’s bills receivable and accounts receivable 282.50 ppm, an increase of 29 in ten years.


Of which notes receivable 36.

8 billion, a decrease of 17 per year.

20%; accounts receivable 245.

70 ppm, an increase of 41 in ten years.


In the first half of 2019, the company’s accounts receivable was turned into 1.

46 times, a slight fluctuation of 0.

05 times.

In the first half of 2019, the company’s asset impairment losses1.

5.3 billion, all due to inventory price losses, an annual increase of 25.

67%; credit impairment loss7.

340,000 yuan, an increase of 202 in ten years.

31%, due to the increase in the size of accounts receivable and changes in accounting policies.

The company further consolidated its asset quality and further improved its operating quality in the future.

XCMG Co., Ltd. has been included in the list of “Double Hundred Enterprises” of the state-owned enterprise reform and the first batch of pilot enterprises for mixed reform in the province. Currently, under the leadership of the Xuzhou Municipal Party Committee and the municipal government, the mixed reform is being implemented as planned.

With the continuous progress of the parent company XCMG’s limited mixed reforms, the parent company’s high-quality assets are expected to be injected into listed companies in the future, increasing performance and asset quality.

We adjust our profit forecast and expect the company’s net profit for 2019-2021 to be 36.



47 million, corresponding to 0 EPS in 2019-2021.



85 yuan / share, corresponding to 10/6/5 times of PE (2019/08/30), maintaining the level of “prudent increase”.

Risk warning: The sales volume of construction machinery is lower than expected, the export business is lower than expected, and the improvement of the group is lower than expected.