Month: April 2020
Wanhua Chemical (600309): Performance in line with expectations
The company released its 2018 annual report: operating income of 606.
2.1 billion (+14 compared to the same period last year).
11%), net profit attributable to mother 106.
100,000 yuan (YoY-4.
71%); in the fourth quarter, it achieved operating income of 146.
9.8 billion yuan; net profit attributable to mother 15.
8.9 billion (YoY-52.
QoQ-23, accounting for 20%.
Since the overall listing has been completed, the company estimates that the operating income under the merger and acquisition caliber in 2018 will be 728.
3.7 billion (+12 year-on-year.
33%), the net profit attributable to the parent company is 155.
6.6 billion (YoY-1.
The output of polyurethane and new material series increased every year, and the petrochemical series decreased slightly.
In 2018, the company’s polyurethane product output was 187.
4 for the first time (annual growth of 2.
99%) and sales of 188.
7 initially (4 per year).
71%); the output of the petrochemical series reached 150.
9 initial (down 5 a year.
44%), and sales were 151.
5 initially (down 4 per year.
64%); output of fine chemicals and new materials 32.
9 for the first time (an increase of 29 per year.
08%), sales 32.
17 initially (34 per year).
MDI prices rebounded strongly in 2019, eliminating the market’s decline in company performance.
The aggregate MDI price continued to rebound from the bottom in mid-December 2018 (minimum 11,000 yuan / ton), and the current market price is stable at 18,000 yuan / ton.
From the perspective of supply and demand budget, 2018 is the biggest year for supplementary supply pressure. In addition to Wanhua in 2019, there is almost no MDI capacity added worldwide. In addition, domestic manufacturers will continue to overhaul in the following April and May. We expect that MDI prices are expected to remain relatively high in the near future.High level.
The sales revenue of fine chemicals and new materials series has grown rapidly, and the company’s future growth will remain strong.
The company’s first phase 7 budget / year PC device will be put into production in early 2018, and the second phase will be 13 inputs / annual capacity is expected to be put into operation by the end of 2019; the first phase of the annual production of 8 to PMMA project will be successful in one time and produce early qualified products in early 2019. Multiple indicatorsReached the level of mainstream products in Europe and Japan.
In addition, the company’s large ethylene project is expected to be completed in October 2020, and the US MDI integration project is expected to be completed in October 2021, which will increase important growth for future growth.
R & D investment continued to increase, and the company continued to pay high dividends.
In 2018, the company’s R & D expenses were 16.
100,000 yuan, an increase of 30 in ten years.
03%.In 2018, the company’s cash dividend was 6.3 billion US dollars, and a dividend of 20 yuan was paid for every 10 shares, and the net profit margin of cash dividend / attribution reached 45%.
Profit forecast and investment grade: The company’s MDI, ethylene, new materials and other projects continue to progress, and it is expected to become a world-class chemical giant in the future.
Maintain “Buy” rating and maintain profit forecast. EPS is expected to be 4 in 2019-2021.
59 yuan, corresponding to the current 武汉夜生活网 PE of 10.
Risk Warning: The price of MDI drops, and the progress of new projects is less than expected.
05% advance receipts increased by 68%
Tiandi Yihao (832898): The leader in vinegar beverage sales in 2019H1 is 27.
05% advance receipts increased by 68%
Event: The company released its semi-annual report for 2019 and realized total operating income7.
660,000 yuan, 28 a year ago.
96%; realized net profit attributable to mother-821.
440,000 yuan each year -357.
Based on the company’s existing total share capital of 428,800,000 shares, 6 shares will be distributed to all shareholders for every 10 shares.
RMB 50 cash.
Leading company in vinegar beverages, creating a platform for incubating diversified healthy specialty beverage brands: The company is a value digger and brand operator of Chinese-style cutting-edge healthy beverage products.Co., Ltd., Jiangxi Tiandi No. 1 Beverage Co., Ltd. and more than ten wholly-owned subsidiaries, including Jiangmen Intelligent Production Base, Jiangxi Production Base and other six bases, covering South China, East China, North China and Middle China, areLeading Enterprise.
The company mainly develops through two methods of dealer distribution and direct sales.
Continuous investment in scientific research, the company now has 73 national patents, including 13 invention patents, 31 utility model patents, 29 appearance patents.
Increase marketing efforts to effectively develop markets in and outside the province: In the first half of 2019, the company supported the company’s brand, marketing channels, and technological advantages, strengthened marketing efforts, increased product promotion and market expansion, and the main products were canned apple cider vinegar.Income grows 84 per year.
41%, the revenue of bottled apple cider vinegar increases by 0 every year.
The company expands marketing personnel, market expenses, and sales expenses for H1 2019 will increase by 36 each year.
73%, driving a 27% increase in total product tonnage.
Among them, the revenue of traditional markets increased by 25 compared with the same period last year.
31%, the income of Beituo Province increased by 49 compared with the same period last year.
In the first half of 2019, the total revenue of the company’s Jiangxi, Hubei, Hunan, and Fujian increased by approximately 53 compared with 杭州夜网 the same period last year.
Continue to incubate new products and adhere to multi-category operations: In order to meet the changing consumer experience needs of consumers, the company has successively developed health drinks such as Bama One and launched a market trial of high-concentration fruit juice “Bai Guo Yi”. At the same time, in order to cater to modernThe society has a low-sugar and healthy diet demand. The company has carried out research and development of low-sugar apple cider vinegar beverages. At present, the product development is progressing smoothly, and the beverage taste and indicators have reached expectations.
R & D expenses for 2018H1 were 2317.
2019H1 advance payment 4.
0.9 billion (+68.
31%), the cash flow gradually improved: the company started from the initial single product operation (aged vinegar beverage), and gradually developed into a multi-category operation (aged vinegar beverage + apple cider vinegar beverage), and explored the development of a multi-brand operation model (Tiandi Yihao + Others)Brand), orderly layout of the national market.
Relying on its strong “point-to-point” offline marketing planning capabilities and downstream channel control capabilities, it actively explores other regional markets and transforms Tiandi One into a national beverage brand replacement.
In the first half of 2019, the company continued to adhere to consumer demand-oriented, promote consumption in the form of festival promotions, scene promotion, etc., expanded the promotion of dining terminal channels and restaurant promotions, deepened the province’s market, accelerated the expansion of overseas expansion, and promoted stable growth in performance.Among them, the revenue of 2019H1 increased by 28.
96%, advance payment for 2019H1 is 4.
09 million yuan, an increase of 68 in ten years.
Operating net cash flow from -4 in 2018H1.
21 trillion rebounded to -3 in 2019H1.
67 trillion, cash flow gradually improved.
The company’s overall operation is stable, and indicators such as accounts receivable and asset turnover rate remain stable, of which only 4370 accounts receivable in 2019H1.08 million yuan, 15 accounts receivable turnover.
07, little change in one year; and the company basically has no bad debt losses, mostly negative, 2019H1 is only -83.
In addition, the company’s inventory turnover rate, asset turnover rate and other indicators remained stable overall.
The company maintains a stable and stable dividend every year, and will pay 6 for every 10 shares in the semi-annual report of 2019.
5 yuan: The company’s 2019 semi-annual report on equity distribution plan is “based on the existing total share capital of 428,800,000 shares, the distribution of 6 to every 10 shares for all shareholders.
50 yuan in cash “, a total of 277.87 million yuan was distributed.
It supplements the 3001 annual dividend for 2018.
60,000 yuan, the total dividends reached 3.
088 megabytes, corresponding to the current budget, cash dividends reset7.
It is planned to invest 8 billion US dollars in construction projects, all of which are expected to achieve an annual output value of 1 billion US dollars: According to the company’s announcement, the company plans to sign a Suixi Industrial Park project investment agreement with the Suixi County People’s Government.Suixi Industrial Park Project.
According to the agreement, the company is responsible for the construction investment of Suixi Industrial Park project, and the Suixi County People’s Government provides the company with full service before the project is completed.
The Suixi Industrial Park project will serve as an important production base for the company’s vinegar beverage series and other beverages in the western Guangdong region. The production products will cover Hainan, Guangxi, Hunan and western Guangdong.
After the two phases of the project are completed and put into operation, it is expected to achieve an annual output value of 1 billion US dollars, which will enhance the company’s performance in the future.
Investment suggestion: As of the latest, the company’s market size is 43.
820,000 yuan, corresponding to PE (TTM) 13X.
Indicators such as the company’s advance receipts warmed up and maintained stable dividends. At present, the sales market has expanded slightly.
We recommend paying attention.
Risk reminders: risks to food quality and safety, consumer preferences, and risks of changes in consumption patterns
Xiangpiaopiao 佛山桑拿网 (603711): Desirable to achieve high growth in juice tea
Xiangpiaopiao’s 2018 revenue was 32.510,000 yuan (+23.13%), net profit 3.1.5 billion (+17.53%) Xiang Piaopiao released its annual report on March 27, and realized sales revenue of 32 in 2018.51 ppm, an increase of 23 in ten years.13%.Realize net profit attributable to shareholders of listed companies3.15 ppm, an increase of 17 in ten years.53%.18Q4 single season sales revenue of 15.71 ppm, an increase of 20 in ten years.85%.Realize net profit attributable to shareholders of listed companies2.31 ppm, an increase of 24 in ten years.07%.The company’s performance is in line with our Air Force expectations.Expected 2019?In 2021, the company’s EPS will be 0.96 yuan, 1.30 yuan and 1.63 yuan, maintain “Buy” rating. Juice tea is not off-peak in 18Q4, with a rapid increase 南京夜网 in volume in 18Q4, an increase of 158% from 18Q3. Juice tea was originally launched in July 2018 and is positioned as a “new generation of tea drinks”, including “Kumquat Lemon”, “Tao Tao Hong Yu” and “Thai”Lime” three flavors.The products have received positive feedback from end consumers in the form of differentiated cups, higher packaging value, higher juice content, richer levels of taste and positioning of “real tea and real juice”.Revenue from juice tea in 20182.10,000 yuan, of which 18Q4 single quarter income.4.5 billion, an increase of 158% from 18Q3. Juice tea is an important weapon that strengthens the relationship between the company and the distributors and promotes the integrated construction of the distributors. Xiangpiaopiao’s influential products have a clear volume. The company and the distributors interacted relatively during the off-season of Q2 and Q3.Juice tea as a ready-to-drink product, the peak season coincides with the off-season of blending products.The company’s progress takes juice tea as a fulcrum to promote the integration process of the company’s distributors.The company strengthened the allocation of full-time staff of distributors to provide complementary sales of milk tea + juice tea by providing basic personnel allowances, which enabled the dealer’s regular operations. While strengthening and enhancing the sales of juice tea, it could also promote the originalSales performance of brewed milk tea. The successive production of juice tea production capacity in Guangdong and Tianjin will resume to the internal replenishment and due to the rapid volume of juice tea products in a short period of time, there is a gap in the company’s liquid milk tea factory in Huzhou, Zhejiang. At the same time, the products produced by the Zhejiang Huzhou factory cover North and South ChinaThe market has long transportation paths and relatively poor economy.In 2018, the company focused on the expansion of the third juice tea production line in Huzhou, Zhejiang, and the construction of juice tea production capacity in Guangdong and Tianjin. After the new production capacity is put into operation in 2019, Xiangpiao floats in the East, North and South China markets.Coverage will be significantly enhanced. We are optimistic about the income elasticity and channel optimization brought by juice tea, and maintain the “Buy” rating. Considering the rapid volume of juice tea in the 18Q4 off-season, we slightly increase our profit forecast. Is it expected that 2019?Sales revenue will reach 45 in 2021.30% (up 2%), 58.8.3 billion (up 2%) and 71.0.6 million yuan, an annual increase of 39.33%, 29.88% and 20.77%.Attributable net profit reached 4.04 100% (up 3%), 5.4.4 billion (up 1%) and 6.850,000 yuan, an annual increase of 28.53%, 34.59% and 25.83%.The average estimated level of comparable companies is 26 times PE estimation in 2019. Considering that the compound growth rate of Xiangpiaopiao’s net profit is significantly higher than that of comparable companies, we give it 45%?50% estimated premium, corresponding to 37.7?39.0 times PE estimate, target price range is 36.19?37.44 yuan, maintain “Buy” rating. Risk warning: demand for juice tea is not up to expectations; market competition is fiercer than expected; food safety.
BYD (002594) Interim Report Comments: Interim Report Performance Meets Expectations Dynasty + E-Net Product Strategy Continues to Work
Affected by the decline in the cobalt price, the net profit of non-returned mothers in H1 2019 decreased by 8%.
8.4 billion (a year-on-year increase of 15%); net profit attributable to mothers14.
5.5 billion (YOY + 204%), located in the notice to return to the net profit of the mother 14.
5-16 years old.
The lower limit position of 500 million U.S. dollars; net profit after deduction is returned.
4 billion (+ 210% year-on-year).
The gross profit margin of the company in 2019H1 is 17.
14% (+ 1% year-on-year.
21pct), of which 2019Q1 / Q2 gross profit margins are 19 respectively.
05% / 15.
The company expects to realize net profit attributable to mothers from January to September 201915.
55 ppm, an increase of ten years.
2019H1 company’s auto / mobile phone / rechargeable battery and photovoltaic business revenue were 339.
5.3 billion (+16% / + 14% /-2%).
Revenue from new energy vehicle business was 254.
4.8 billion (YOY + 39%), accounting for 41% of the company’s revenue.
The company’s new energy vehicle market share has reached 24%, and the new vehicle cycle continues to develop, with obvious advantages: the 2019 H1 company’s new energy vehicle sales rate is 14.
570,000 (YOY + 95%), the overall growth rate is significantly faster than the industry average, the market share increased to 24%, and sales are expected to reach 350,000; fuel car sales are 9.
680,000 (YOY-42%); the installed capacity of power batteries and energy storage batteries is 8.
The company’s new energy model has obvious advantages. Yuan EV, e5 and Tang DM rank among the top 5 in China’s new energy vehicle sales, showing the industry’s leading positions.
With the introduction of new models such as e2, e3 and the new Qin EV in the second half of the year, we believe that the joint development of Dynasty + e-net car series will further drive the growth of new energy vehicle sales and solidify the company’s industry leadership pattern.
The “7 + 4” strategy has achieved significant results. The company has accelerated the supply chain and promoted the comprehensive development of new energy vehicles through the “7 + 4” strategy to achieve full coverage of road transportation by new energy vehicles.
In 2019H1, the sales volume of T10 佛山桑拿网 pure electric intelligent mud trucks exceeded 1,000, bringing new growth points to the commercial vehicle business.
At the same time, the company’s supply chain is opening up and accelerating. In July 2019, it has reached a cooperation with Toyota Motor to jointly develop electric models for the domestic market. The core three-electricity supply chain has accelerated export sales, which will lead to increased performance in the future.
Maintaining the “Highly Recommended” rating We believe that the company has mastered the core technology of Sanden and is firmly above the global leader in the field of new energy vehicles. The continued strong sales and the subsidy fund pre-allocation system will bring scale effects and reduce financial expense ratios, and performance will bring advantagesThe upward flexibility of the company is optimistic about the company’s development trend for a long time.
Affected by the expected expansion of new energy vehicle sales after the launch of the supplementary policy, we expect the company’s net profit attributable to mothers to be 30 in 2019-2021.
10 (Originally predicted to be 32.
71/53.2.2 billion), corresponding to PE of 46/39/29 times, maintaining the “strongly recommended” level.
Risk reminders: risks of changes in new energy vehicle policies; intensified market competition; rising raw material prices; photovoltaic sectors continue to be clogged; fuel vehicle sales continue to increase.
Jieshun Technology (002609) Semi-annual Report Review: Smart Parking Business Continues to Confirm Good Turning Point
Event: The company released its semi-annual report for 2019 and achieved revenue 4 in 2019H1.
250 thousand yuan, an increase of 38 in ten years.
31%; net profit attributable to mother was 5132.
650,000 yuan, an increase of 32 in ten years.
33%; 4466 net profit after deducting non-attribution.
360,000 yuan, an annual increase of 32.
Opinion: The revenue of the first half of the year increased rapidly, and the smart parking business continued to improve. The company’s revenue and orders increased in the first half of the year. The growth rate of smart hardware business orders reached 30%. 杭州桑拿网 Among them, the growth rate of company-level large customer orders reached 62%, and the growth rate of distribution agencies increased.Up to 42%, large customers need to ensure the sustainability of the company’s performance.
The smart parking business has expanded rapidly, and various indicators have continued to improve.
“Smart Parking” has gradually achieved over 9,000 smart parking lots (6,500 in 18 years), involving more than 30,000 lanes (26,000 in 18 years), and more than 3.3 million parking spaces (2.5 million in 18 years).Online transaction orders exceeded 900,000 transactions / day (+ 80%); online transaction traffic gradually increased in the first half of the year.
8.5 billion (+ 312%).
The smart parking operation business achieved revenue of 1599.
270,000 yuan, an annual increase of 1087.
32%, platform business realized revenue of 3044.
620,000 yuan, an increase of 27 over the same period last year.
49%, platform and service orders exceeded 200% increase.
Profitability has improved, and the inflection point of performance has now reached the income end. Benefiting from the stabilization of smart hardware prices and the increase in the proportion of platform operations, the company’s main business gross margin reached 46 in the first half of the year.
06%, an increase of 4 over the same period last year.
5%, an increase of 3.
On the expense side, the peak period of R & D and marketing expenditure has passed, and the cost control performance has begun to show, and management expenses increased by 3 in the first half.
44%, the management expense ratio is downgraded from the same period last year4.
15%, sales expenses increased by 19.
65%, the sales expense ratio decreased by 2 compared with the same period last year.
The company’s profitability has been continuously improved, and the inflection point of performance has been confirmed, which is expected to accelerate its release.
The Central Political Bureau meeting first mentioned the city parking lot, and the company accelerated the urban parking project. On July 30, the Political Bureau of the CPC Central Committee proposed to implement the urban parking lot and other short board projects. The urban parking lot was an important part of the new infrastructure.Mentioned.
In the first half of the year, the company won three bids for parking projects in Changde, Hunan, Linyi, Shandong, and Chengde, Hebei, and won one.
The $ 2.7 billion Huizhou urban parking project is to build a smart shared parking cloud platform and upgrade and retrofit about 20,000 public parking lots in the urban area.
Profit forecast: The company is expected to achieve net profit in 2019/2020/20211.
17 trillion, corresponding to EPS.
49 yuan, maintain “Buy” rating.
Risk warning: the competition 杭州养生会所 in parking IT industry is intensified; the progress of smart parking promotion is less than expected.
Black Cat (002068): Carbon black industry boom expected to rebound from the bottom
Affected by the downturn in the carbon black industry, in the first half of the year, it was better than the previous month: 31 in mid-2019.700 million, down 18 a year.64%; deducting non-net profit may be 1.1.9 billion, net profit attributable to mothers can increase by 1.1.6 billion, falling within the scope of the notice, in line with expectations.Q2 is better than the previous month.Among them, the income increased by 3 from the previous quarter.3%, deducting non-net profit decreased by 43.87 million yuan, Q1 decreased by 75.17 million yuan, a decrease from the previous month.Due to the carbon black industry defect for about a year, the industry operating rate is about 青岛夜网 60%, but the consumption growth rate is faster than the output and capacity growth rate, and the global car ownership replacement tire market has become the main consumer power.It is expected that starting from the third quarter, the company’s single-quarter performance is expected to turn around and form a breakthrough point in the performance. The domestic carbon black faucet is solid overall: reported production, carbon black production 47.96 pounds, 45 sales.3In the early stage, production and sales decreased by 94.46%; domestic and foreign sales structure has not changed much, of which foreign sales still account for around 20%.According to Baichuan Information, the output of carbon black increased by 43% from January to July, while the company’s output changed little, with sales slightly higher than 6%, indicating that the 北京夜网 company’s share is further increasing. Main business analysis: Carbon black revenue and gross profit accounted for more than 80%, which are the main sources of profit; interim revenue fell 18%, and gross profit margin fell 13.The three averages resulted in a 73% decrease in gross profit; a 36% decrease in tar refining revenue and a 380% decrease in gross profit were the largest declines.The main reason for the change resistance of carbon black is the price drop12.6%, unit cost increased by 9.27%, and sales also reached 6%, which affected the carbon black business contribution. Investment suggestion: Through the continuous growth of car ownership, the replacement tire market, which accounts for 70-80%, becomes rigid demand; in addition, the Sino-US trade friction continues and the United States collects tariffs on Chinese-produced tires, which stimulates large domestic tire companies to set up factories overseas.Drive the company’s export business growth.The company plans to set up factories overseas, and the raw material market is nearby to further increase market share.We expect the EPS for 2019-2021 to be 0.11, 0.48, 0.59 yuan / share, with a compound annual growth rate of 2.5%.ROE is 2.4%, 9.7%, 11.4%.Give “Buy-B” rating. Risk reminders: changes in the prices of products and raw materials, constraints and adjustments in industrial and environmental policies, risks of operating cash flow difficulties, etc.
Zhonggong Education (002607): The first quarter results continued to shine and profitability was further improved
First quarter of 2019: Revenue and profit: The company reports and realizes operating income13.
12 billion (+61 year-on-year.
93%), net profit realized 1.
0.6 billion (YoY + 304.
47%), because the company ‘s revenue recognition rules are mainly based on the results of the entry list to confirm the income and refunds, so with the written test and interview time of the national and provincial exams above, the use of training institution revenue has certain substitutions:The quarterly written test, the interview and recruitment list are published relatively long. It is the off-season for revenue recognition. Therefore, the company ‘s revenue growth in the first quarter increased, and its net profit turned to profitability, which highlights the company’s operating capabilities.Factors such as the decline in the number of registered employees and the company’s revenue have continued to increase significantly. It can be speculated that the civil service market is still hot, and CPG Education has the advantage as a leader.
Accounts received in advance: The budget appreciation in advance has been significantly increased, and confidence in 19-year performance has been enhanced.
The preliminary fund received in the report reached 43.
60,000 yuan, an increase of 127 last year.
Accounts received in advance 43.
600 million, a good foundation for the company’s outstanding performance in 2019.
Expenses: The company’s reported expenses further reduced the expense ratio, and the scale effect was prominent.
The company achieved a gross profit margin of 58 in the first quarter.
26%, an annual increase of 3.
02pct; selling expense ratio 22.
05%, 5 per year.
91 points; management expense ratio 16.
90%, drop by 6 every year.
04pct; R & D expenses 8.
34pct, down 2 every year.
70pct, mainly benefited from the improvement of the company’s management efficiency. The scale benefits brought by its leader significantly improved the company’s profitability. It is expected that the company will benefit from the scale effect throughout 2019.
Affected by the spring breeze of vocational education policies, the company has benefited significantly.
In 2019, the State issued a series of vocational education measures, the “National 杭州桑拿 Vocational Education Reform Implementation Plan”, etc., to encourage the establishment of a diversified school layout and promote business and social forces for vocational education, and the company as a company in the field of vocational education training has benefited significantly.
Profit forecast: It is estimated that the company’s net profit attributable to the parent from 2019 to 2020 will be $ 1.72 billion and $ 2.3 billion each, with annual growth rates of 45.
79%, the latest closing price corresponds to 46 PE in 2019.
9x, giving a fair value of 14.
18 yuan, maintaining the “overweight” rating risk reminder: policy risks, new business start-up is not smooth, the participation rate is lower than expected, etc .
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