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.

Posted in gflqxupr

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.

28 units.

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.

27 units.

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.

49, 1.

8.4 billion, an annual increase of 23.

8%, 24.

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

Posted in shpeiisc

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.

Posted in 夜生活

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.

50 averages.

Brokerage, investment bank, asset management, capital intermediary business, investment income accounted for 18 respectively.

0%, 4.

0%, 11.

4%, 8.

0%, 54.

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

Posted in 按摩

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.

2.5 billion.

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.

Posted in orhxbslk

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.

Posted in 新闻

Gree Electric (000651) 2019 First Quarterly Report Review: Asset Quality Still High, Expecting Mixed Reform and Optimized Governance

Event: Gree Electric announced a quarterly report, and the company achieved revenue of 405 in 19Q1.

48 ppm, +2 a year.

49%; net profit attributable to mother 56.

7 trillion, +1 a year.

62%, net of non-attributed net profit 51.

1 ‰, +22 a year.


The company’s equity transfer has not yet been completed, and the market is reasonably cautious about Gree Electric’s quarterly report expectations, and its financial performance is basically in line with expectations.

Comments: Revenue analysis: Revenue growth is back to true, and domestic sales performance is estimated to be better than the export company’s 19Q1 revenue growth2.

5%, stable after high growth.

In order to meet the $ 200 billion target for 2018, 18Q3?
4 The company ‘s revenue performance continued to be better than actual retail sales. In 19Q1, the company ‘s revenue growth rate returned to true, close to the true level. From the third-party data, it is estimated that 19Q1 Gree ‘s domestic sales revenue has slightly increased, which is better than the export growth rate.

Total demand: In 19Q1, retail sales achieved positive growth driven by active promotion.

From the perspective of third-party retail data, in 19Q1, Yikang ‘s monitored air-conditioning industry ‘s retail sales increased by 5%, Aowei ‘s monitored retail sales increased by 3%, and the industry ‘s retail sales increased by a small amount. Positive price promotion efforts Q1 demand was better than expected.

Competitive dimension: Midea was the first to promote sales. The expansion performance of Gree in 19Q1 was weak, and it is expected to improve after increasing sales in Q2.

Taking full advantage of inventory levels and cost dividends, in the early 19th, Midea took the lead in aggressively reducing prices in the off-season, especially mid-to-low-end product lines, which led to the subsequent elimination of some others. According to Zhongyikang offline monitoring data, 19Q1Midea’s average price of air conditioners dropped by 8%, while Gree increased slightly by 2%. At the same time, Midea ‘s retail volume share increased by 5pct, while Gree ‘s retail volume share increased by 5pct.

We understand that Gree has started a new round of promotional activities in April, and it is expected that Q2’s retail performance will pick up.

Revenue was flat as expected, subsequent demand is expected to continue to improve, and inventory risk is gradually reduced.

In 18H2, the overall industry demand was flat, and the remaining brands generally had no growth or negative growth. Gree achieved a growth of more than 30% through replenishment and completed the revenue goal of 200 billion US dollars, but the progress trend was independent.

After 18 years of high income growth, short-term revenue was flat within market expectations.

Since March, the demand for air conditioners has been improved. It has entered the 19H2 overlapping peak season effect and a low base. Demand has continued to improve. We believe that channel inventory has eliminated excessive concerns.

The growth of domestic sales is expected to pick up, and the export sales are slightly weaker due to the earlier “robbing exports”.

According to industry online data, the domestic air-conditioning industry in 19Q1 saw a significant increase in sales growth earlier than 18H2, but after “export grabbing” before the 18Q4 tariff form, export orders were slightly weaker.

The sales volume of Gree 19Q1 increased by -2%, among which the export volume / internal sales volume were -10% / + 3%.

Profit analysis: The profitability is stable, which basically reflects the real operating conditions. After excluding non-recurring gains and losses caused by exchange rate derivatives and government subsidies, the company deducted non-returned net profit 51 in 19Q1.

1 ‰, +22 a year.

2%, excellent performance.

The company’s core profit and operating indicators in 19Q1 include: gross profit margin of 30.

6%, -0 per year.

3pct; selling expense rate -0 per second.

7pct; 102 trillion advances, a slight increase of 4 from the previous quarter.

US $ 400 million, -17% a year; other flow resistance was US $ 643 billion, a slight increase of 8 from the previous quarter.

9 billion.

In 18Q1, the gross profit margin and the sales expense rate base decreased. Under the circumstances of the 19Q1 raw material cost dividend, the company’s single quarter gross profit margin and sales expense rate continued to decline. It is estimated that it is related to the continued redemption of cash back to the channel. Other current debts increased slightly by 8.

9 ppm, which is basically the same as the operating rhythm of accrued expenses in Q1 of previous years, and the financial report faithfully reflects the true operating situation.

1Q1 Company management / R & D / financial expenses are +0 respectively.

2 / + 0.

2 / + 0.
2pct, little change, combined with changes in gross profit margin and sales expense ratio, net interest margin fell slightly by 0.
1 point to 14.

0%, which basically reflects the true profit level.

The asset quality is excellent, and the future dividend level is expected to resume. The company’s net cash flow from operating activities in 19Q1 will gradually decline.

1%, mainly due to the abnormal base number caused by the industry chain finance in the same period last year, the absolute size of cash flow in a single quarter was 77.

3 ppm, which is highly compatible with net profit.

The book’s net cash rose to US $ 117.5 billion (monetary funds + wealth management products-long-term and short-term debt), and other flow resistance was US $ 643 billion. The generous “grain deposits” gave the company full confidence in the competition in the industry chain, and the future profitability was extremely certainStrong.

If the mixed reform is successfully implemented, dividends are expected to return to normal levels.

In the commentary of the annual report on April 29, we mentioned that the company is currently at a special point in the state-owned asset allocation and transfer, and the dividends and short-term performance are abnormal.

We expect that if the subsequent follow-up reforms are successfully implemented, it will be expected to bring about improvements in the corporate governance structure and the implementation of related incentives, and ultimately achieve the unanimity of shareholders and stakeholders. Shareholder returns will be better protected, and dividends will promote the return to normal.Level.
Earnings forecasts, estimates and ratings We maintain our EPS forecast for 2019-21 to 4.



94 yuan, corresponding PE is 12/11/10 times, maintain “Buy” rating.

The improvement in the sales of first- and second-tier commercial housing since 19 years and the gradual delivery of housing in the neighboring third- and fourth-tier cities (corresponding to the 2016-2017 sales peak) will support the demand for air conditioning, and the channel inventory risk will gradually decrease.

At the same time, considering the full year of 2018, the company’s 2019 performance is likely to achieve a growth rate of more than 10%, and there is a possibility of further improvement.

It is estimated that the company as a consumer industry plus high-quality cash cow assets of the top moat has long been estimated to be the lowest in the home appliance industry and even the consumer industry due to corporate governance issues.

If the SASAC’s equity transfer is successfully implemented, it will bring about a huge change in the corporate governance structure, from a local state-owned enterprise to a company with a dispersed 无锡桑拿网 shareholding, no actual controller, and a mixed ownership reform.

And subsequent follow-up consensus incentives are all worth looking forward to. Shareholders’ rights and interests are expected to be better protected. It is estimated that there will be clear room for improvement.

Risk reminder: The demand for air conditioners is lower than expected, the improvement process is not smooth, and large capital expenditures will occur in the future.

Posted in 洗浴

Spring Airlines (601021): Q3 results continue to re-verify growth attributes

Highlights of the report describe the company’s operating income of 115 in the first three quarters of 2019.

600 million, +13 in ten years.

6%, achieving net attributable profit of 17.

2 ‰, +21 a year.

7%; of which, operating income was 44 in the third quarter.

2 ‰, +14 a year.

8%, realizing attributable net profit 8.

600 million, +26 a year.


Incident review income continued to increase rapidly, and the international line accelerated to improve.

Q3 company’s operating income increased rapidly for ten years.

8%, a month-on-month increase of 1.

6pct, comparable company in sustainable industry.

Considering that the decline in fuel cost growth has led to the quarterly extension of Q3 units, high revenue growth is based on high passenger traffic growth.

Q3’s passenger turnover has increased by 16 each year.

4%, passenger load factor improved temporarily 2.

4pct, and international performance is expected domestic, passenger load factor increased by 6.

9pct and 0.

5pct, mainly because: 1) the company ‘s passenger structure is relatively high due to private travel, which has significantly stimulated the demand for international tourism by a large number of passengers; 2) the passenger traffic in the Thai market has achieved a recovery growth (the third quarter of 2018 in ThailandTo a low base of passenger traffic).

Non-oil costs have increased steadily, and cost control has continued to work.

The unit non-oil cost of Q3 increased by 1 every year.

7%, a decrease of 0 from the previous month.

4pct is mainly due to: 1) the airport’s take-off and landing-related cost standards have improved, and the chain has improved; 2) depreciation costs under pressure due to aircraft conversion and conversion; 3) labor costs have increased.

In addition, the company continued to exert expense management and control, and the unit management expenses and unit sales expenses were optimized, reducing by 7 respectively.

9% and 1.

2%, resulting in a temporary significant decline in unit costs by 9.

8%, continuing the trend of improvement since the beginning.

Q3 performance increased rapidly, and costs helped boost profitability.

Q3 company achieved net profit attributable8.

6 trillion, a 26-year high increase of 26.


The fuel price of jet fuel increased sharply in Q3, and the pressure on the cost of jet fuel was effectively alleviated, driving the company’s gross profit margin to increase.


In addition, due to changes in the RMB exchange rate, it is estimated that the Q3 company recorded a small exchange loss of 0.

1 ppm; subsidy income (other benefits) 2.

400 million, basically flat for one year.

If the influence of supplementary currency and exchange rate is excluded, the company’s Q3 net profit attributable to operations is estimated6.

90,000 yuan, a significant increase of 31 each year.0%, operating conditions improved.

Investment suggestion: The trend of cost reduction is improved, and the operation improvement continues.

Consider: 1) the restructuring of the decline in jet fuel costs in the fourth quarter, changes in operating cost pressures may lead to expected improvements; 2) cost and expense management continue to increase performance optimization; 3) the company as a leader in low-cost aviation, throughput in existing core airportsUnder the possibility of volume investment, the company will usher in an opportunity for rapid development, and the trend of business improvement will likely continue. It is expected that the company’s EPS for 2019-2021 will be 2 respectively.

09, 2.

50, 3.

20 yuan / share, corresponding to PE, 21, 17, 13 times, maintaining the “buy” level.

Risk Warning: 1.

Macroeconomic downside risks; risks of rising jet fuel prices; and risk of large fluctuations in the RMB exchange 杭州桑拿网 rate.

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Foreign fixed investment day: Northbound capital inflow hits record high, two shares were robbed

It’s another scheduled foreign investment day!

The net inflow of funds from the north hits the next highest in history. These two stocks were robbed by the Financial Union (Shanghai, Xiewei). On the foreign exchange “fixed investment day”, the net inflow of northbound funds was about the same as in the end.High fall.

  (Image source: wind) According to S & P and FTSE official 武汉夜生活网 news, in September S & P and FTSE Russell also expanded at the same time to allow it to take effect when the market opens on September 23. This means that September 20 will be the last trading day.The inflow of funds will be “one step in place”.

According to the agency’s prediction, S & P and FTSE Russell’s simultaneous expansion will bring in passive capital of US $ 5 billion (among which, FTSE Russell is US $ 4 billion and S & P US $ 1.2 billion), and the amount of capital is more than ever.

  It is said that according to Wind data, the net purchase amount of northbound funds exceeded 30 billion yuan in the intraday session, and then dropped vertically until the close, with a net purchase of 148 northbound funds.

6.2 billion, only 173 on November 2, 2018.

The record high of $ 8.5 billion was the second-largest net inflow of the day.

  Among them, Northbound funds have maintained a trend of continuous net inflows since the beginning of the month. There was only one net exchange in 14 trading days, with a total net inflow of 607.

6.8 billion yuan.

  For major changes in northbound funds, the three major stock indexes have generally remained stable, while multiple stocks have undergone significant changes in late trading.

  Many were divided into Standard & Poor’s. The mainland stock market of the FTSE index rose sharply in the late trading, and Wanhe Electric fell slightly from zero in the late trading.

62% straight up to rise to 9.


  Only Education has grown from flat to straight 9.


  Guocheng Mining rose from 1.

36% straight up to rise to 6.


  At the same time, several stocks such as Biylefen, Shanghai Airport, China International Travel Service, and Pudong Jinqiao dived slightly in late trading.

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Guanglianda (002410) 2019 Interim Report Review: Cloud Conversion Rate Significantly Improves Construction Business Integration Effect Gradually Appears

Core point of view We believe that the cloudization of the company’s costing business has accelerated and progressed smoothly.

Construction business is the main growth point in the future. The new generation of construction products released this year will help increase the growth rate of construction business revenue.

   The company’s semi-annual report for 2019 has been released: it has achieved total operating revenue of 13.

79.8 billion, previously + 29%; operating profit 1.

280,000 yuan, -20% for ten years; net profit attributable to mother is 89.54 million yuan, -39 for ten years.


Balance of advance receipts related to cloud products6.

7.2 billion.

Cost business + 28% per year, construction business + 33% per year.

   The cost-to-cloud business is progressing smoothly, and the cloud conversion rate in newly added regions has increased significantly.

We believe that the main reason for purchasing new versions is due to the upgrade of computing product functions and the updating of project lists.

  1) After the increase in the value of advance receipts is restored, the income has increased rapidly, and the net profit has returned to normal and increased: total operating income.

38 ppm, + 37% per year, of which the cost business income is 12.

2.6 billion, + 39%.

The return of net profit to mother (assuming a deduction of 10%) is about 3.

200 million, + 24%.

  2) Cloud contract value and cloud revenue grow rapidly each year: the company’s new cloud contract value in the first half of the year was 6.

29 ‰, an increase of 151% in ten years; cloud revenue 3.

At the end of 71, the annual increase was 197%, and the proportion of cloud revenue to total operating income was 12 from the end of 2018.

7% to 26.


  3) The conversion rate of new cloud transformation regions increased this year: The comprehensive conversion rates of advanced pricing products and calculated product users in the new transition market were 31% and 45% respectively, and in the new transition regions of the same period last year were 20% and 27%,In half a year, the calculated product conversion rate is close to the level of last year (the conversion rate in the last ten years was 50%).

   The growth of construction business income accelerated, and the number of new customers and new projects increased rapidly.

  1) In the first half of the year, there were 716 new corporate customers, + 83% each year; 4,870 new projects, + 80%.

Revenue from construction business in the first half of the year2.

900 million, + 22%.

Q2 single-quarter construction business revenue grew 38% per year, higher than the 23% in the first quarter.

The effects of digital construction business integration gradually emerged.

  2) Gross profit margin of construction business 82.

8%, a year-on-year decrease of 7 percentage points, mainly due to the increase in raw material costs. We judge that the combination of soft and hard smart construction site solutions in the first half of the year was even more popular.

  3) High initial growth in construction business: The company announced the “BIM + Smart Construction Site” platform in early July, which is an important step for the company to transform to a platform-based manufacturer.

At the same time, the company gradually launched the “platform + module” sales method, with more flexible sales, which can improve customer coverage and project penetration 四川耍耍网 among individual customers.

   During the period, the expense ratio increased by 3.

4pct, expected maximum cost pressure.

We expect that the new expenses this year will be: 1) A new round of distribution incentives has been launched since 2018Q4, and it is estimated that the newly increased expenses will be amortized about 53 million; 2) Selling expenses will grow rapidly, and the selling expenses will increase 42% in the first half of the year, and the expense ratio will decreaseThe improvement of 3pcts was mainly due to the company’s vigorous expansion of the construction business, the need to expand marketing service personnel, and provide management consulting and training to customers to improve product utilization.

Last year, the company’s personnel increased rapidly, and the cost burden began to appear from the first half of this year.

   Risk factors: The construction industry enters a downward cycle; cloudification conversion rate and renewal rate are lower than expected; the project cost policy is not advanced as expected; and new business market competition is intensified.

   Investment suggestion: Maintain revenue forecast for 2019-202135.30/42.


62 trillion, maintaining 2019-2021 net profit forecast3.



45 trillion, the corresponding EPS prediction is 0.



75 yuan, corresponding to PE is 102/77 / 46X.

Target price of 40 yuan, maintain “Buy” rating

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