Gujia Home (603816): Channels Accelerate to Sink, New Categories Rapid Growth, March towards Big Home
Revenue in 2018 was 91.720,000 yuan, an increase of 37 in ten years.61%, net profit attributable to mother is 9.89 ppm, an increase of 20 in ten years.29%, net profit after deduction to non-mother is 8.180,000 yuan, an increase of 34 in ten years.05%.Of which 18Q4 realized income of 27.7.9 billion, an annual increase of 52.91%, net profit attributable to mother is 2.40,000 yuan, an increase of 0 in ten years.68%, net profit after deduction to non-mother is 1.810,000 yuan, an increase of 33 in ten years.29%.The company’s own brand revenue was 73.61 ppm, an increase of 20 in ten years.72%, revenue from other brands13.48 ppm, an increase of 683 in ten years.75%. Driven by foreign sales, coupled with better domestic sales performance, the overall growth of the sofa category was rapid.In 2018, the company’s sofa realized revenue 51.44 trillion US dollars, an annual increase of 39.31%; bed products achieved income 11.32 ppm, an increase of 27 in ten years.80%; Dining chairs achieve income 3.180,000 yuan, an increase of 20 in ten years.54%; revenue from supporting products12.920,000 yuan, an increase of 32 in ten years.09%.Revenue from custom furniture2.12 杭州夜网 ppm, an increase of 145 in ten years.77%, rosewood furniture realized income1.580,000 yuan, an increase of 40 in ten years.07%.Revenue from information technology services 3.32 ppm, an increase of 90 in ten years.81%. The company’s 18-year export revenue has increased significantly.Domestic sales revenue 52.100,000 yuan, an increase of 29 in ten years.07%, export revenue 35.One million yuan, an annual increase of 56.71%.The sharp increase in the company’s export sales is due to the significant effect of the national strategy of exporting and the strategy of key customers, the positioning of categories in line with market demand, and the increase in the size of companies acquired.In terms of gross profit margin, the company’s domestic gross profit margin was 42.86%, increasing by 0 every year.5pct, gross profit margin for export 北京夜网 is 23.64%, at least 0 per year.37pct, gross margin level remained stable. The company’s overall gross profit margin is 36.37%, a decrease of 0 from 17 years.89pct, net interest rate 10.97%, a decrease of 1 from 17 years.50pct. Q4 gross profit margin was 37.87%, a decrease of 0 from Q4 in 2017.78pct, net interest rate 6.88%, a decrease of 3 from the fourth quarter of the previous quarter.82 points. In terms of different products, the gross profit margin of the sofa was 34.87%, 1 less than 17 years.59 points; gross profit margin of bed products 38.23%, an increase of 0 from 17 years.01pct; dining chair gross margin 28.51%, 1 less than 17 years.38pct; gross margin of ancillary products 26.20%, a decrease of 0 from 17 years.34 points.Custom furniture gross margin 29.96%, an increase of 3 from 17 years.10pct, gross margin of mahogany furniture 13.95%, an increase of 0 from 17 years.49pct, gross margin of information technology services 87.31%, a decrease of 6 from 17 years.03pct. In 18 years, the investment income of associates and joint ventures reached 11 million yuan, an increase of 10%, mainly due to the contribution of Zhejiang Shengnuomeng Gujia Sponge Company and Jiangsu Aofan Furniture Company. The company’s expense ratio was well controlled during the 18 years.Expenses for the company’s 18-year period23.93%, a decrease of 0 from 17 years.81pct, of which the company’s 18-year sales expense ratio was 19.50%, a decrease of 1 from 17 years.46 points; management expense ratio 2.66%, an increase of 0 from 17 years.69 points; R & D expense ratio 1.49%, an increase of 0 from 17 years.41pct; financial expenses were 25.29 million, a decrease of 22.97 million compared with 17 years.The increase in management expenses was due to the simultaneous increase in the company’s scale and the company’s increased training and management capabilities. The company’s channel expansion accelerated in 18 years.As of December 31, 2018, the company’s independent brand owned 4015 dealerships (+937), of which 1232 were newly opened and 295 were closed; 207 (+19) were directly operated stores, of which 80 were new and 61 were closed; In 18 years, the company opened a total of 1,312 independent brands, closed 356, and opened a net of 956.The company has a total of 4,222 independent brand stores.Other brand stores opened 397 stores in 18 years, closed 212 stores, and opened 185 net stores, totaling 1854 stores.The company has a total of 6076 stores. Capacity expansion continued to advance.Jiaxing has completed 60% of the factory construction of the 800,000 standard sets of software furniture project per year. It is expected to reach the outline by the end of 2021, and it is expected to achieve an annual revenue of 28.8 billion; Huanggang has an annual output of 600,000 sets of standard software cabinets and 400 universal custom home products. At present, the construction of the first floor of 4 main buildings has been completed. It is expected to reach the outline by the end of 2022, and it is expected to achieve annual revenue of 3 billion. Affected by the maximization of real estate delivery in 18 years, the profit forecasts for 19 and 20 are slightly reduced, and the profit forecast for 2021 is added. It is expected that the company will achieve net profit attributable to mothers in 2019-2021.06/14.48/17.5.0 billion (previously expected to be 14 in 19).2 ‰ / 20 years 18.2 ‰), the corresponding growth rates are 22% / 20% / 18%, and the corresponding PE representatives are 20 respectively.1X / 16.8X / 14.2x, maintain “Buy” rating. Risk warning: less than expected delivery, more than expected
Kelun Pharmaceutical (002422): Chuanning Bio’s Profit Contribution Decreases, Performance is Lower than Expected
On the evening of October 30, the company released the third quarter report of 2019: 杭州桑拿网 realized operating income of 129.58 ppm, an increase of 5 in ten years.94%; net profit attributable to mother 9.1.4 billion, down 10 a year.66%; deduct non-net profit 8.1 billion, down 14 a year.67%; basic profit income is 0.64 yuan / share, down 9 each year.86%. Event comment: Chuanning Bio’s profit contribution decreased, and its performance exceeded expectations. The company’s single quarter Q3 revenue and net profit were replaced respectively.09% and 25.41%, QoQ growth (+20.05% / + 0.45%) turned from positive to negative, with performance exceeding expectations.First and foremost, due to the reduction of sulfur prices and the increase of additional costs, the contribution of Chuanning Bio’s profits decreased, and R & D investment also eroded some of the profits.We expect both infusion and new drug sales to maintain sustained growth: infusion preparations will continue to strengthen market development, optimize product structure, and revenue and gross profit will grow steadily; new generic pharmaceutical products will continue to be put on the market, and the company will continue to accelerate hospital access and sales promotion. The gross profit margin of the product has increased, and the overall expense ratio has increased.60%, increase by 1 every year.46 units.In terms of expenses, the selling expense ratio was 37.52%, an increase of 1 each year.98 units; management expense ratio 5.40%, increasing by 0 every year.47 units; R & D expense ratio 6.04%, increasing by 0 every year.96 units; financial expense ratio 3.36%, a decrease of 0 every year.48 units.In addition, the company has a net operating cash flow of 21.10,000 yuan, an increase of 10 in ten years.66%. Chuanning Bio proposes to hire external investors and expand financing channels. The company recently announced that its wholly-owned subsidiary, Yili Chuanning Bio, proposes to implement an employee stock ownership plan and hire external quality investors, and plans to carry out shareholding transformation after the above work is completed.Opportunities will be adopted to promote Yili Chuanning to move toward the capital market, expand its market influence, and accelerate the realization of the “three-engine-driven” strategy of Kelun Pharmaceutical.We believe that this move will help to enhance the cohesion and sense of responsibility of Chuaning Biological Governance, encourage employees to play an active role in the development of the company, and improve the Chuanning Biological Governance structure and raise the level of standardization. Profit forecast: We estimate that EPS for 2019-2021 will be 0.85/1.09/1.27 yuan, corresponding PE is 28/22/19 times, changes in antibiotic prices may affect the company’s short-term performance, but the long-term development logic remains unchanged, giving a “recommended” rating. Risk reminders: risks of changes in industry policies, environmental protection risks, drug quality risks, etc.
Vantage Holdings (002035) 2019 Interim Report Review: Operating Turning Point Approaching Q2 Net Margin
Investment Highlights: The company’s interim performance was in line with expectations.
The company achieved operating income in the first half of the year29.
3 ‰, a decline of 7 per year.
68%, net profit attributable to mothers3.
95 ppm, an increase of 15 in ten years.
32%, net of non-attributed net profit3.
75 ppm, an increase of 12 in ten years.
8%; of which the single quarter revenue was 15.
99 ‰, a decline of 8 per year.
61%, net profit attributable to mother 2.
63 ppm, an increase of 15 in ten years.
58%, net profit of non-attributed mothers2.
470,000 yuan, an increase of 10 in ten 杭州夜网论坛 years.
In the first half of the year, the number of engineering channels seems to have declined, and the company’s operating turning point is approaching.
1) Decline in overseas + e-commerce hedge lines.
Affected by the destocking of the real estate agent and distributor channels, the company’s overall revenue declined in the first half of the year.
In terms of different channels, offline channel revenue is expected to decrease by 15%, and overseas channels will continue to grow at a medium and high speed. Online channels will continue to grow by 4%. Engineering channels will be affected by the confirmation of invoicing revenue, which will decrease by 45%.From the perspective of the meta, we expect that the actual engineering channel will still maintain a growth rate of not less than 20%; 2) The management will gradually accelerate its sales, and many categories of flowers will be inflected.
8% and 14%. Disinfection cabinets and custom homes fell 30% and 23% respectively due to the recognition of project revenue. New integrated products performed well, with an increase of 62%.
In terms of brands, Vantage, Black & Deco, and Home Furnishings’ 2019H1 revenues fell by 7%, 8%, and 23%, respectively.
The company’s internal management has gradually become clear in the past year. Product management centers, retail management centers, and innovation service centers have been established. Dealers have recovered to low levels after one year of channel destocking. The completion of real estate in the second half of the year will drive industry demand and the company’s internal operating turning pointComing soon.
Management gradually reduced costs and increased efficiency, Q2 net interest rate hit a record high!
In the first half of the year, the company’s comprehensive gross profit margin increased by 10 years.
4 to 49.
9%, with Q1 / Q2 increasing by 2 respectively.
8 and 3.
The 9 pcts are expected to benefit from three aspects: internal cost reduction and efficiency improvement, raw material cost reduction, and replacement tax rate reduction.
In terms of expenses, the company’s period expense ratio increased by 2.
6 pcts, of which the sales expense ratio, management expense ratio and research and development expense ratio are increased by 1.
8 pcts, the company’s R & D investment accounted for 3 of the revenue.
A record high of 7% indicates that product development efforts are continuing.
In terms of profit, the company’s net interest rate increased significantly in the first half of the year.
5%, with Q1 / Q2 increasing by 1, respectively.
8 and 3.
In terms of 4 pcts, according to the brand, the net profit of the Black and Vantage brands reached 7 respectively.
3% and 16.
2%, both hit a record high.
In terms of balance sheet, the company’s advance receipts in the first half of the year and an additional increase of 35.
At 5%, the cash flow has improved markedly. The business confidence has been strengthened after the inventory channel has gone through the destocking cycle, and sales receipts have increased significantly.
Profit forecast and investment rating.
We believe that the current situation is that kitchen appliances are in the “darkness before dawn”. The turning point of industry fundamentals is approaching, the company has a high margin of safety, a strong brand + channel competitiveness, internal cost reduction and efficiency, multi-channel blossom and new category increase.As a result, operating results continued to be released.
We maintain the company’s net profit attributable to mothers for 2019-2021.
9.7 billion, 9.
2.4 billion and 10.
75 trillion, the corresponding gain is 0.
05 and 1.
22 yuan, dynamic price-earnings ratio of 11 times, 9 times and 8 times.
Real estate completion recovery in the second half of the year is expected to usher in a double-click Davis in advance, 北京夜生活网 and continue to give a “buy” investment rating.
Risk Warning: Real Estate Completion Is Less Than Expected
Investment Accumulation (001914): Flagship Store of Central Enterprise Property Management
The flagship of SOE Property Management has a strategic positioning.
AVIC Real Estate and China Merchants Property have a strong alliance, and the combined property management area has reached nearly 1.
500 million square meters, leading in the sector of institutional property management.
The company locates the flagship store of central enterprise property management, which is the world’s leading domestic first-class company. From 成都桑拿网 the establishment of China’s first real estate company in 1914 to the change of 001914 company code, China Merchants has placed higher expectations on the company’s development.
Institutional properties are in the growth stage of the industry life cycle, and the performance of leading companies has accelerated in recent years.
The overall space of the property management industry in 2018 is about 1 trillion yuan, of which institutional property revenue accounts for about 55%.
After the overall economic activity of the society has reached a certain level, it will inevitably raise a higher demand for equipment management. At the same time, the technological empowerment of Internet of Things and other technologies will accelerate the landing, and demand and supply will promote each other.
In recent years, the revenue of leading companies has accelerated, with a CAGR of approximately 28%.
Improve the profitability of the company for sustainable development.
The company’s current gross profit margin is about 10% and 5%, and there is room for expansion and improvement in the future: the company’s technology enables existing projects to land, and it is expected to save labor costs.Future profits will enhance space competitiveness.
After the merger, the synergy effect reduces the middle and back-end costs, such as shared technology systems, shared financial personnel systems, etc., avoids repeated investment in the IT field, and reduces management expense ratios and depreciation amortization.
Compared with other property management companies, the company’s current financial costs are higher, about 200 million yuan.
Taking into account the asset management business model of property management companies, good cash flow characteristics do not need to expand debt, and it is expected that financial costs will gradually decrease, effectively increasing profits.
Cash assets provide protection for the company’s subsequent development.
The company’s previous engineering real estate development holds investment real estate with a book value of about 6.9 billion, some of which are located in first- and second-tier cities.
Whether it is to reduce financial costs or use for M & A expansion, abundant cash-like assets will provide favorable protection.
Investment suggestion: Institutional property management is in the early stage of growth. The company is positioned as the flagship of state-owned enterprise management, with lofty goals.
The company’s profit level has improved, and the operation roadmap is clear. The abundant cash assets also provide protection.
The company’s EPS for 2019, 2020 and 2021 is expected to be 0.
44 yuan, 0.
58 yuan, 0.
76 yuan, according to the closing price on January 13, 2020, the corresponding PE is 50 times, 38 times, 29 times, respectively, given a “prudent increase” rating.
Risk warning: slow integration of resources and rapid increase in costs.
Qiaqia Food (002557): Spring Festival staggers slightly under pressure and profit elasticity continues to be released
The event company released the first quarter report of 2019, and achieved revenue of 10 in Q1.
400 million (+1.
26%), net profit attributable to mother 1.
1.4 billion (+35.
75%), deducting non-net profit of 0.
8.6 billion (+38.
Key points of investment staggered during the Spring Festival, revenue was slightly lower than expected: 19Q1 achieved 10 revenue.
400 million (+1.
26%), the low income expectation is mainly because the Spring Festival will affect Q1 sales in advance, the company 18Q4 + 19Q1 gradually increased revenue growth9.
8%, the company increased 朴妮唛脱胸罩新闻 daily ex-factory prices of nuts and red bags of melon seeds in June-July 18, excluding ASP to promote the expected overall sales to increase slightly.
According to grassroots analysis and feedback, in terms of products, the red bag 18Q1 has a large base, which overlaps with the impact of the Chinese New Year’s peak shift and has a stable performance; the blue bag Q1 contains a tax caliber of about 1.
800 million, about + 20% previously; Yellow Bag Q1 includes tax caliber of about 1.
800 million, previously + 35-40%, the daily nut category expanded and the dividend continued.
It is expected that after the Q2 festival factor is eliminated, the income will increase faster than expected.
1Q1 Net cash flow from operating activities 0.
890,000 yuan, an annual increase of 22%.
The price increase was realized and the profit was in line with expectations: 19Q1 gross profit margin was 30.
38%, the price increase pushed the gross margin to increase by +1.
45pct, continuing the growth trend since 18Q4, and the price increase bonus has been fulfilled as expected; looking forward to 2019, price increase + high gross profit single product (blue bag, yam crisp) + daily nut automation level increase, various factors continue to promoteDrive upward gross margin.
The company’s 19Q1 sales expense ratio was 13.
82%, with an increase of 0.
21 points, management expense ratio (including research and development) 5.
25%, the same increase of 0.
58pct. The self-owned sales team is constantly optimizing and adjusting, and it is expected that there will be room for downwards in the rate; financial costs have decreased significantly, mainly due to the decrease in short-term expenditures4.
4 trillion, a reduction of 530 trillion in indexing costs, and a reduction in net exchange losses also contributed.
In 1Q1, government subsidies increased, leading to a 73% increase in non-operating income. As a result of the decrease in bad debt losses, asset impairment losses also decreased by 88%.
In summary, the net interest rate for returning mothers in 19Q1 was increased by 2.
8 points to 10.
95%, the price increase directly contributed to the increase in profit.
Optimized management and dynamic strength.
Based on the 15-year division reform, the company further divided business units (BU), decentralized power, and launched internal competition to stimulate staff vitality.
The company plans to establish an employee shareholding plan for five years from 2018 to 2022, a total of five batches, each batch of employee shareholding plans exist independently.
The third phase of the employee stock ownership plan has now completed the first batch of purchases at a purchase price of 17.
99 yuan / share, core employee motivation.
Profit forecast and investment grade: The company’s offline channel control has high industry barriers and significant brand advantages.
Relying on upstream channels, it has created explosive products such as daily nuts, yam crisps, etc., which is expected to become a snack food platform company, and the price increase will be realized, and growth in 19 years can be expected.
It is estimated that the company’s revenue in 19-21 will be 49/56/63 million US dollars, + 16/14/13% per year; the net profit attributable to mothers will be 5 respectively.1/5.
7 ppm, + 18/16/14% for one year; corresponding PE is 24/21 / 18X, maintain “Buy” rating.
Risk warning: product competition is becoming fierce, raw material costs are increasing, and there is a natural risk in nut cultivation.
Baby-friendly room (603214): Accelerated revenue growth in the second quarter accelerates the development of East China and South China markets in the second half of the year
The company released the semi-annual report: operating income for the first half of 201911.
79 ppm, an increase of 15 in ten years.
92%; net profit attributable to mother is 6228.
730,000 yuan, an annual increase of 27.
31%; net profit after deduction is 5088.
960,000 yuan, an increase of 25 in ten years.
68%; non-recurring gains and losses 1139.
770,000 yuan, mainly for government subsidies.
Net operating cash flow was -50.
410,000 yuan, a year of -100.
58%, mainly due to the purchase of goods, whether the cash paid for labor services has increased.
The supplementary average net asset income increased by 6.
82%, ranking 1 over the same period last year.
Brief comment on the single quarter revenue growth accelerated, offline stores accelerated.
The company’s revenue in the second quarter of 19 was 6.
3.4 billion, an increase of 18.
36%, 1Q19 revenue growth rate was 13 in ten years.
21%, the second quarter revenue growth has improved.
In the second quarter of 19, the growth rate of non-returned net profit was 25.
99% vs. 24 in 1Q19.
The 91% growth rate was basically flat.
In the second quarter of 19, the company opened 12 new maternal and infant stores, a net increase of 9 stores, and completed Chongqing Taicheng 51 in April.
72% equity mergers and acquisitions, increasing 18 stores.
In comparison, the number of new stores opened in 1Q19 was 6 and the net increase was only 1. The company opened stores in 2Q19 significantly faster.
At the end of the first half of the year, the company’s total number of directly operated stores reached 251, with a business area of 14.
910,000 square meters.
Deeply plowing East China, opening up markets in South China and Southwest China, revenue growth is expected in the second half of the year.
The company opened 8, 5, and 5 new stores in Shanghai, Zhejiang, and Jiangsu in the first half of the year. It plans to accelerate the deployment of East China and South China in the second half of the year. The number of stores to be opened is 44.There are 23 in Shanghai, 8 in Zhejiang, 4 in Jiangsu, 7 in Fujian, 1 in Guangdong, and 1 in Chongqing.
In April, Chongqing Taicheng contributed more than 13 million yuan in revenue 无锡桑拿网 after the consolidation and exceeded the limit of 105.
50,000 yuan, with the integration and advancement of the team, the performance contribution of the southwest region will increase in the future.
In the first half of the year, the gross profit margin of milk powder products increased, which led to a slight increase in net interest rate.
Milk powder products contribute the company’s main revenue, accounting for 46% of revenue in the first half of 2019.
4%, gross profit margin increased to 21.
87%, an increase of 3 every year in the same period last year.
Thanks to the increase in gross profit margin of major products, the company’s net profit reached 5 in the first half of the year.
71%, an increase of 0 compared with the same period last year.46 units.
Profit forecast: It is estimated that 淡水桑拿网 the company’s net profit attributable to the mother in 2019 and 2020 will be 1.
8.4 billion, an annual increase of 23.
1%, corresponding to 25 times and 20 times the PE in 2019 and 20 respectively.
The company is the only listed company in the mother-to-infant retail industry. The expansion in different places has continued to advance, maintaining the “overweight” rating.
Risk reminder: less progress than expected in remote expansion, intensified business competition in East China
Jerry Shares (002353): Three quarterly results show eye-catching profitability and continuous improvement
Event: On October 24, Jerry shares the third quarter report of 2019, and the company achieved operating income of 42 in the third quarter of 2019.
41 trillion, an increase of 45 compared with the same period last year.
88%, net profit attributable to shareholders of the parent company.
05 trillion, an increase of 149 over the same period last year.
Performance was in line with expectations, and operating income and net profit attributable to mothers continued to grow rapidly.
On October 10th, the company announced that the growth rate of the first three quarters would be 140% -155%. The actual performance was at the center of the growth rate, which was in line with expectations.
By quarter, the company achieved revenue of 16 in Q3.
6.2 billion (+41.
18%), net profit 武汉夜网论坛 attributable to mother 4.
0.5 billion (+129.
29%), outperforming for seven consecutive quarters.
We judge that the high performance growth is mainly due to the promotion of national energy security strategy, domestic oil companies to expand capital expenditures for oil and gas exploration and development, company drilling and completion equipment and natural gas technology services, orders and prices soared, performance continued to release.
The company has strong technological innovation, and advanced products have been on-line since Q3.
According to the WeChat public account of Jerry Group, on August 24th, the company integrated a single compressor unit with a displacement of 1 million / day to officially start operation in Shanxi. This is the compact sandstone with the largest domestic processing capacity and the largest single unit power.Air compressor unit; On October 12, the world’s first dual-hybrid large-displacement ultra-high-power cementing vehicle independently developed by the company was successfully rolled off the production line and successfully passed testing and customer acceptance. The maximum slurry mixing capacity was ≥3.
0m3 / min, setting a new record for single tank mixing of cementing trucks; On October 19, the company’s independently developed and manufactured 7000 electric drive fracturing fracture successfully went offline and successfully passed the test. This is the world’s first 7000 electric driveFracturing fractures will greatly improve the fracturing efficiency and provide assistance for the development of high-efficiency shale gas.
Oil and gas exploration and development make up for shortcomings, and the growth of capital expenditure in the industry will continue to increase in the future.
On June 20, 2019, the Ministry of Finance changed unconventional oil and gas from a small amount of supplementation to incremental compensation; in August 2019, the “three barrels of oil” were criticized by the central inspection team for ensuring the national energy security was not strong enough; in October 2019,Prime Minister Li Keqiang presided over a meeting of the National Energy Commission to improve the level of energy security protection and increase domestic oil and gas exploration and development efforts. The alarm for energy security has long been ringing.
While the highest budget is comprehensively expert on energy security, the guiding policy for compensating for shortcomings has also been introduced.
Facing the current situation that oil and gas are highly dependent on imports and there is insufficient replenishment in upstream exploration and production, we judge that the capital expenditure of the oil and gas industry in the future, especially the promotion of shale oil and gas, will usher in a new stage of development.
Earnings forecast and rating: The company has too many orders on hand and full production scheduling.
We adjust the company’s profit forecast and expect the company’s EPS for the years 19-21 to be 1.
26 yuan, corresponding to the daily PE on October 24 of 24x / 16x / 13x, maintaining the “prudent overweight” rating.
Risk reminder: the risk of a sharp drop in oil prices, the capital expenditure for the exploration and development of three barrels of oil is less than expected, and the risk of changes in the exchange rate.
Huatai Securities (601688): Self-operated investment contribution performance elasticity optimistic about the company’s long-term investment value
Investment points: Wealth management remodeling + technology empowerment leading + mixed ownership reform pilot + equity investment contributes performance flexibility and continues to be optimistic about the company’s mid- and long-term investment value.
Currently the highest corresponding 19E is only 1.
61 times PB, maintaining the “overweight” rating.
The first-quarter performance exceeded expectations, and 北京夜网 self-employed revenue contributed performance flexibility. In the first quarter of 2019, Huatai Securities’ attributable net profit was 2.8 billion yuan, an increase of 46% year-on-year.Company dividends).
At the end of the period, the shareholders’ equity attributable to the parent company was 106.6 billion yuan, YOY + 3.
13%, average average return on equity 2.
66%, earlier 18Q1 + 0.
Brokerage, investment bank, asset management, capital intermediary business, investment income accounted for 18 respectively.
The net income of 0% commissions and commissions increased slightly each year, and the agency funds for securities transactions increased by 52%. In the first quarter of 2019, the company’s net fees and commissions revenue was 21 trillion, a year-on-year increase of + 8%.
Among them, income from brokerage business11.
24 ppm, a year-on-year increase of + 14%. The growth rate is higher than that of the industry.
At the end of the period, the agency purchase and sale of securities amounted to 9.02 million yuan, a year-on-year increase of 52%, mainly due to the increase in customer deposits.
Investment banking business income 2.
48 ppm, YOY-39%, is expected to be related to the release rhythm of the company’s projects, and gradually pick up gradually.
Revenue from asset management business 7.
120,000 yuan, a year-on-year increase of 26%.
The rebound in the market has led to the flexible release of self-employed business. The scale of capital intermediary business has steadily increased in the first quarter. The company’s self-operated business (investment income + fair value change income) was 3.4 billion, a year-on-year increase of + 130%, accounting for 54% of total revenue.
Among them, investment income was 2.6 billion yuan, a year-on-year increase of 93%.
Gains from changes in fair value were $ 800 billion.
It is noteworthy that other comprehensive income4.
5 trillion, reversed the end of the first quarter of 2018 2.
The decline of 300 million, the comprehensive income of 3.3 billion, a year-on-year increase of + 92%.
At the end of the period, the company’s transactional financial assets were US $ 149.9 billion, an increase of 23% from the end of the previous period. It is expected to increase the allocation of equity assets and the flexibility of subsequent performance.
In the first quarter, the company’s net interest income was 50,000 yuan, YOY-28%, mainly due to the impact of changes in interest income.
In 19Q1, the funds raised were 577.9 billion yuan, a quarter-on-quarter increase of + 25%. The overall business scale steadily increased with the market.
Financial assets purchased under resale agreements amounted to 43.5 billion yuan, unchanged from the previous month. Of which, the parent company was 26.2 billion yuan, a decrease of 8.5 billion yuan from the end of the previous year.
Investment advice: Wealth management remodeling + technology empowerment leadership + mixed ownership reform pilot + equity investment contribution performance flexibility, subsidiary Assetmark becomes a US spin-off and listing and is approved by the shareholders’ meeting to promote overseas business strength and continue to be optimistic about the company’s mid- and long-term investmentvalue.
We estimate that the company’s attributable net profit for 2019E and 2020E will be 81 ‰ and 94 ‰, respectively, with an increase of 61% and 16%.
Currently the highest corresponding 19E is only 1.
61 times PB, maintaining the “overweight” rating.
Risk reminder: policy falls below expectations, market fluctuation risks, company’s business transformation is less than expected
Wanhua Chemical (600309): Acquisition of Swedish International Chemicals solidifies MDI competition
This report reads: The company’s acquisition of Swedish Chemicals stabilizes the MDI competitive landscape, and the holding of Cornell Polyurethane also achieves the layout in southern China.
And in the future, the company’s new polyurethane and petrochemical projects will be gradually put into operation, which will increase the company’s performance and maintain its holdings.
Investment Highlights: Maintain overweight.
As the company’s production capacity has gradually landed, the EPS for 2019-21 is maintained at 4.
84 yuan, holding Cornell Polyurethane to increase the company’s bargaining power, acquiring Swedish chemical industry to strengthen global competition 深圳桑拿网 and maintaining a target price of 53.
21 yuan, corresponding to 2019 PE13.
3 times, maintaining the overweight rating.
2.5 billion acquisition of 100% stake in Swedish International Chemicals, and holding Cornell Polyurethanes.
Wanhua Chemical (Ukraine), a wholly-owned subsidiary of the company, has completed the acquisition of 100% equity of Sweden International Chemical held by Jilin City Cornell Investment Group and European and American Energy Technology Company, with a total purchase amount of approximately RMB 9.
The acquisition is a conditional acquisition. Cornell will adjust the equity structure of Fujian Cornell Polyurethane Company to 80% held by Wanhua Chemical and 20% held by Cornell.
Acquired Swedish International Chemicals to stabilize the MDI competitive landscape.
Sweden 杭州夜网论坛 International Chemical is the only company with a complete technology patent of MDI and TDI except Wanhua, Dow, BASF, Covestro, and Huntsman. This acquisition further stabilizes MDI and betterIndustry competition pattern.
Fujian Cornell plans to build a 40-phase MDI project with a total investment of US $ 5.6 billion. After Wanhua acquired Cornell, it realized the layout of Wanhua South China.
The company’s three major sectors of polyurethane, petrochemical and new materials have been formed, and will continue to develop in the three major sectors in the future.
In the polyurethane sector, the company’s TDI plant was put into production at the end of 18 years. The expansion of internal MDI and aniline and other supporting equipment will gradually be realized in the next 1-2 years. The company’s US MDI plant will help to start production in 2021; the petrochemical sector, the company’s star anise phase 100 melting point / yearEthylene, 40 tons / year of polyvinyl chloride, 15 tons / year of ethylene oxide, 45 tons / year of LLDPE, 30/65 tons / year of epoxy resin / styrene, 5 tons / year of butadiene is expected to be in 2020 10Production started in the month.
Risk warning: The price of MDI products has changed more than expected, and the start-up of Phase II of Bajiao has been slow.
Chongqing Beer (600132) 2019Q3 financial report review: company performance slow growth Carlsberg empowers or accelerates
Event: The company disclosed the third quarter report of 2019 and achieved revenue of 30.25 ppm, a 10-year increase3.47%, net profit attributable to mothers5.94 ppm, an increase of 54 in ten years.39%, net profit after deduction 43.0 billion, an annual increase of 13.84%.Among them, Q3 achieved revenue of 11.930,000 yuan, at least 2.79%, net profit attributable to mother 3.55 ppm, 103 per year.20%. The product structure smoothed sales fluctuations and the company’s performance maintained steady growth.Since the beginning of this year, the Chongqing market has been under pressure due to weather factors, and the company completed 79 sales in the first three quarters of 19 years.76 for the first time, at least +0.50%.Against the background of weak overall beer market sales, product structure upgrades have become the main driving force for the industry.Since the company completed the optimization of production capacity in 2017, the company has been committed to improving the product structure, with the mid-to-high-end ratio accounting for 85 from 18Q3.86% increased to 86 in this period.81%.Absolutely, the company’s profitability has also steadily improved, and its gross profit margin has improved by 0 compared with the same period last year.65 points. The upgrading of product structure has smoothed the impact of sales on performance, and the company’s performance will steadily increase. Both the volume and price of Carlsberg Energizer will increase the company’s moat and increase the company’s new momentum.The original major shareholder Carlsberg Group’s empowerment 杭州夜生活网 of the company became more and more obvious, mainly reflected in the company’s sales growth and product structure improvement.In terms of volume, the company’s sales volume has remained stable, entering deep cultivation from the base market, and continuously from the increase in commissioned processing volume.On January 9, 2019, the Sichuan region realized revenue growth rate of 28.61%, it is estimated that the main contribution will come from the commissioned income of Yibin factory.In terms of product structure, the company will produce and sell “Usu” in Chongqing next year.The company has a 83% market share in Chongqing. Through continuous introduction of Carlsberg product lines and a rich product matrix, the company has consolidated the moat. The empowerment of local and international brands will also better promote the upgrade of the company’s product structure. Performance continues to validate our previous view that in the future, the industry restructuring logic will restructure the revenue side to the profit side.We have been recommending the beer sector since the beginning of the year. The industry will be the turning point for profit this year, mainly due to the impact of lower growth rates and the improvement of expense ratios during the period. The upgrade of product structure is the main driving force for the continuous improvement of the profitability of the industry.The company’s third quarterly report also verified our previous point of view: the future product structure upgrade will continue to strengthen the company’s ability to calm the impact of restructuring, and profitability will also be steadily improved. Profit forecast: It is estimated that the operating income for 2019-2021 will be 36.58/39.15/42.14 ppm, a five-year increase of 5.52% / 7.00% / 7.64%, net profit attributable to mother is 6.33/5.98/6.63 ppm, an increase of 50 in ten years.28% /-5.49% / 10.74%, EPS is 1.27/1.20/1.33 yuan, giving the company a 40-fold estimate, 12-month target price of 48 yuan, 20% space, maintaining the “strong recommendation” level. Risk warning: food safety risks; new product promotion is less than expected; expansion outside the province does not meet expectations.