Month: March 2020

Jiangsu Guoxin (002608): Steady growth of synergistic and complementary performance of the two main businesses

Jiangsu Guoxin (002608): Steady growth of synergistic and complementary performance of the two main businesses

Event: The company disclosed its 2018 annual report and achieved total operating income of 221.

35 ppm, an increase of 9 in ten years.

56%; net profit attributable to shareholders of the parent company25.

56 ppm, an increase of 17 in ten years.


At the same time, the first quarter report of 2019 was disclosed, and the operating income was 45.

86 ppm, a decrease of 13 per year.

71%; net profit attributable to shareholders of the parent company11.

50,000 yuan, an increase of 148 in ten years.


Investment Highlights The company’s 2018 performance year +17.

3%, +22 in Q1 2019.

5% (excluding the impact of Li’an Life): 1) The company’s total operating income in 2018 +9.

6% to 221.

400 million, net profit attributable to mother +17.

3% to 25.

60,000 yuan, both of the two main industries are growing steadily.

The net profit of the trust / energy business is +14 per annum.

7% / + 20.

0% to 15.


40,000 yuan (among which the trust business contributes 54 to maximize consolidated profits.


2) In the first quarter of 2019, the growth of trust business realized that the fee and commission income increased by 30 each year.

5% to 2.

50,000 yuan, total investment income +344.

0% to 11.

80,000 yuan, which is recognized by the equity method of Li’an Life’s income (Jiangsu Trust became the largest shareholder of Li’an Life, adding 9. after the change in accounting standards.

Investment income of 190,000 yuan), the growth rate affects Jiangsu Guoxin’s net profit attributable to the parent in 2019Q1 is about 5.

60,000 yuan, excluding this effect, the company reported a profit of about 5 in the first quarter.

45 ppm, an increase of 22 in ten years.

Jiangsu Trust’s proactive management capabilities have been improved, and high-quality corporate equity investment is expected to contribute to profit increase: 1) Jiangsu Trust’s 2018 revenue increase +11.

5% to 11.

300 million, net profit attributable to mother +14.

7% to 15.

100 million yuan, contributing 59% of the group’s performance.
Complete capital increase and share expansion 49.
100 million US dollars, further strengthened capital strength to promote high performance.

2) The trust business structure was optimized, and the scale of active management trusts exceeded +25.

1% to 68.4 billion, the proportion rose to 16.


Since the second half of 2018, the regulatory margin has been loosened. The social financing data in 2019 exceeded expectations, and the size of newly issued collective trusts continued to increase (+9% / + 51% / + 11% in the same period of 1/2/3 March).

Optimistic about the market’s warming background, the company’s active transition and active management have brought about improvement in profitability.

3) Jiangsu Trust realized investment income growth of +28.

8% to 12.

80,000 yuan, is a broad-based equity investment business, has invested in Bank of Jiangsu (holdings).

04%), Lee On Life (holding 22 shares.

79%) and other high-quality enterprises, the investment benefits are significant, and it is expected to contribute to incremental profits in the future.

Energy + finance is driven by two wheels, and the combination of industry and finance plays a complementary role: 1) In terms of energy business, the growth of power generation has been gradually increased by +4 in 2018.

1% to 515.

0 billion kilowatt-hours, complete funding for every +24.

36% to 568.

0 nominal, maintaining a high growth rate.

2) New progress has been made in the 西安耍耍网 financial field. Jiangsu Trust has completed its capital increase and share expansion, increased its holding of the firm’s largest shareholder, and transferred Li’an Life to its largest shareholder. The financial layout was further comprehensive.

3) Energy + finance, as two core businesses, has a good structure of consolidated financial assets and a reasonable layout; it can replace energy business with stable operations, stable cash flow, and complement each other to realize the combination of production and finance and play a complementary effect.

Earnings forecast and investment rating: The active transformation of trust business management has been smooth, and the equity investment business has benefited significantly. With the recovery of the industry, profitability has improved, the energy business has continued 武汉夜生活网 to grow, and its operations have been stable.

In the future, the company will take advantage of the synergy of trust and energy as its dual main business. We expect the company’s net profit in 2019 and 2020 to be 33.

08, 38.

60 ppm, maintain “Buy” rating.

Risk warnings: 1) Trust recovery is worse than expected; 2) Trust and energy dual-main business integration is worse than expected.

Anjing Food (603345): Launch of vacuum lock fresh-loaded products and outstanding competitive advantages in channels

Anjing Food (603345): Launch of vacuum lock fresh-loaded products and outstanding competitive advantages in channels

Company status We recently participated in the survey of Anjing Food’s headquarters and factories in Xiamen and had in-depth exchanges with the chairman, general manager and leaders.

We are optimistic that the company has product innovation capabilities, competitive advantages in 武汉夜网论坛 catering and other channels, and the ability to gradually transform grafting and coping under the pressure of increasing raw material costs. We are optimistic about the company’s long-term leadership in the frozen food industry.

The review introduced the vacuum lock fresh-loading series of high-end products, and the new products performed well.

The company stated that it will launch 2H19 to launch a new 240g vacuum lock fresh product, which is positioned at the mid-to-high end. According to market research, the company judges that this is the mainstream packaging method for hot pot materials in the future. It will take into account the new products in the supermarket and hot pot materials.Update similar products.

We believe that the introduction of new products for vacuum locks reflects the company’s complementary product 西安耍耍网 innovation and the company’s continued optimization of its product structure after the Marunouchi series of high-end products.

According to our grassroots research, hot pot materials, noodles, and large-scale new products generally achieve higher growth. We believe that the company’s strategy this year will focus on product launches and explosive products. The growth of heavy new-products and star products will continue to drive the company.Growth in overall revenue.

Catering circulation channels are highly competitive, and aggressively arranging advantageous vegetable markets.

According to the company, the revenue is divided into about 8 channels for catering circulation by channel (the rest are supermarkets and e-commerce). At present, the strategic focus is on the catering channel, and products that are suitable for the catering channel including alternative products are being continuously launched.

We believe that the food and beverage distribution channel is the company’s traditional strong channel. Anjing has overlapping visibility and customer stickiness among B-side customers. At present, the company has launched a sub-brand frozen product, gathered the concept of the central kitchen, and launched a quick-freezing alternative series product. We are actively setting up a large-scale vegetable market.It is expected that the company’s new business forecast products, traditional business hot pot materials and pastry products will benefit from the company’s competition in the catering channel and maintain rapid growth.

Raw material reserves are relatively sufficient, and cost pressures should be well addressed.

According to grassroots research, the company’s main raw materials, such as pork, chicken, and fish paste, have relatively large average reserves. Due to the pressure of rising costs, the company responded by a variety of comprehensive methods such as storing raw materials at low prices, reducing product promotion efforts, and adjusting cost structures.We judge this year’s company performance to be relatively limited by the impact of cost growth.

We believe that as an industry leader, the company can not only cope with the market and increase the ability to transfer cost pressures, but also can respond to cost pressures through a rich product matrix and product structure upgrades in the future, and can maintain a comparative advantage in the industry competition.

It is recommended to maintain profit forecast and maintain outperform industry rating and target price of 54.

15 yuan, corresponding to 40/34 times P / E in 2019 and 2020, and current price corresponds to 36/30 times P / E in 2019 and 2020. There is still 11% of upside in current prices.

Risks Raw materials fluctuate, industry demand changes, industry competition intensifies, and food safety risks.

Huangshan Tourism (600054): Performance in line with expectations Marginal improvement continues to show

Huangshan Tourism (600054): Performance in line with expectations Marginal improvement continues to show
Event: The company announced its 18-year annual report and achieved operating income of 16.2 ppm / -9.1%, the main reason for the reduction was the replacement of the real estate business, after which the company’s revenue growth rate reached -0.2%.Of which hotel business revenue was 6.5 ppm / + 3.2%, ropeway business 5.0 ppm / + 1.0%, tourism service business 3.9 ppm / -0.8%, garden development business 2.3 ppm / -0.9%.Realize net profit attributable to mother 5.8 ‰ / + 40.7%, reaching 3.4 ppm / -1.2%, mainly due to the reduction of 49 million shares of Huaan Securities, increasing the current net profit2.0 million.  The core point of view is that the recovery of passenger flow in the second half of the year has contributed to the annual growth and significant improvements in management and cost control.1) In 18 years, the company received a total of 3.38 million passengers / +0.6%.The growth of passenger flow caused by weather conditions in the first half of the year caused pressure on performance, but the number of weather passengers in the second half of the year was 189.90,000 people / + 10.At 7%, there was a marked marginal improvement in passenger flow, which promoted the growth of passenger flow.We believe that the reason for the high increase in passenger flow in the second half of the year led to the company’s continued efforts in marketing, replacing or boosting passenger flow due to ticket price reductions.Along the opening of the Hangzhou-Hangzhou high-speed railway, the company’s passenger flow is expected 成都桑拿网 to reach a new level in 19 years (Under the unfavorable factors of rain and rain, in the first quarter of 19, Huangshan Scenic Area received 59 visitors.170,000 people / + 6.34%).2) Since the new company management took office, the company has actively improved its management system, and its cost control has achieved remarkable results.18 years company management expenses16.2% /-1.2pct, the lowest level in 13 years.The company’s management mechanism is gradually being improved, which can not only control the management expense rate to a certain level, but also promote the improvement of the company’s operating efficiency. Optimize the organizational structure and speed up the “second venture” strategy.In the early stage, the company adopted a plan to adjust the company’s organizational structure. The internal organization 杭州桑拿网 was adjusted to 13 layout departments including the board of directors office.This reduces at least a part of the senior management, the targeted management indicators of each department, and the company’s management efficiency will be further improved.At the same time, the feasibility of the second innovation center was further optimized and integrated, and its variables were more targeted.Project management is an important starting point for the implementation of the outreach strategy. The establishment of a new dedicated engineering construction management center highlights the focus and makes every effort to ensure the steady advancement of the “second venture” strategy. The leading level is stable, the management is excellent, and the logic is clear.1) The company has outstanding endowment of tourism resources, rich natural scenery + historical and cultural heritage, the highest market value in mountain-type scenic spots, and the leading position is solid.2) Since the merger of the new company represented by General Manager Zhang, the management and reforms in terms of resource endowment, long-term development strategy, cost management and control, performance appraisal and incentives, etc. have been obvious. I look forward to the company under excellent managementChange in scale.3) The company proposes the strategy of “going down the mountain and going out” and the specific layout of “one mountain, one water, one village, one cave”, breaking through the growth of mountain-type scenic spots, and breaking through the 3.36 million passenger flow in Huangshan Scenic Area as the core grabber.Revitalizing the scale market of 50 million passengers in Huangshan City, the synergy is expected to bring more benefits to various projects.  Financial forecasts and investment recommendations maintain a BUY rating with a target price of 14.49 yuan.We slightly increase the company’s profit forecast, and it is estimated that the EPS for 19-20 will be 0.63/0.73/0.81 yuan (originally 19-20 years eps0.62/0.70 yuan), according to the comparable company law, maintaining the company’s 23-year PE estimate for 19 years, corresponding to a target price of 14.49 yuan.  Risks indicate tourism disruptions caused by natural disasters.The high-speed rail opening time was less than expected.The outreach project was not progressing as expected.

Sinotruk (000951): Outstanding Revenue Outperforms Industry Growth Performance Elasticity Advances Continuous Release

Sinotruk (000951): Outstanding Revenue Outperforms Industry Growth Performance Elasticity Advances Continuous Release

The 1Q19 results were in line with expectations. Sinotruk announced the 1Q19 results: revenue of 115.

30,000 yuan, an annual increase of 24.

8%, an increase of 25.

9%; net profit attributable to mother 3.

100 million, an increase of 60 in ten years.

5%, an increase of 79 from the previous month.


In line with the performance forecast interval issued by the company’s air force.

Development trend Revenue significantly outperformed the industry growth rate, and cost reduction and efficiency improvement have achieved remarkable results.

The company’s 1Q revenue grew 24 in ten years.

8%, while the cumulative growth rate of heavy truck industry sales is only 0.

The company expects to outperform the industry growth rate. We believe that mainly due to the expansion of the company ‘s construction vehicle advantages, 1Q sales are expected to reach a growth of more than 20%, and the market share has increased.It has also grown.

Under the prominent effect of scale, the decline in the price of raw materials and the effective control of the company’s costs, the company’s gross profit margin reached 9.

2%, the same, 四川耍耍网 an increase of 0 from the previous month.

41ppt, 1.

95ppt, three charges are effectively controlled, the same, the chain length is 0.

86ppt, 0.

8ppt to 4.


Inventory turnover accelerated, and operating cash flow was dragged down by a surge in accounts receivable.

In the peak sales season, the company’s inventory turnover days decreased significantly, from 94 days in 1Q18 and 68 days in 3Q18 to 51 days, but due to the company’s receivables surged 21.

800 million US dollars, making the company’s operating cash flow a net overlap2.

US $ 400 million, we believe that it was mainly due to the increase in April and the adjustment of the scheduled payment cycle, and the downstream refitting plant was invoiced in advance.

Looking forward, the company’s performance elasticity is expected to continue to be released, and the industry benefits from the accelerated elimination of National III.

Since the company changed its management, a variety of internal reform measures have been implemented. We expect that the company’s performance flexibility will continue to be released along with the deepening of reforms, especially in the reduction of expense ratios and the decline in procurement costs.

In terms of industry, 2Q’s heavy truck sales remained stable under the pull of infrastructure construction, and then gradually benefited from the accelerated elimination of National Three, so heavy truck sales are expected to reach 1.1 million.

Earnings forecast We maintain our 2019 / 20e earnings forecast12.

600 million / 13.

6 trillion is unchanged.

Estimates and recommendations Companies currently sustainably correspond to 19/20 years9.


2 times P / E, maintaining the recommended level. Due to investors’ contraction of the tightening of monetary funds, cyclical stocks are fully under pressure.Target price is reduced by 7% to 25.

4 yuan, corresponding to December 19/20.


5x P / E, 37% room compared to current expectations.

Risk heavy truck sales were lower than expected.

Zhongshun Jierou (002511) First Quarter Report 2019 Review: Q1 Revenue Accelerates, Gross Margin Improves and Growth Exceeds Expectations

Zhongshun Jierou (002511) First Quarter Report 2019 Review: Q1 Revenue Accelerates, Gross Margin Improves and Growth Exceeds Expectations

The company’s 19Q1 revenue growth rate was 25.

8%, up 1 from 18Q4.

6 pcts, a significant increase of at least 18Q1 7.

1pcts, with a combined gross margin of 34.

01%, up 3 from 18Q4.

05pcts, net profit attributable to mothers grows 25 per year.


Relying on the optimization of product structure, deepening the channel layout and the release of new production capacity, revenue continued to grow rapidly, and factors such as falling pulp prices were combined, which resulted in exceeding expectations.

19Q1 performance exceeded expectations and revenue growth was eye-catching.

The company achieved revenue of 15 in 2019Q1.

410,000 yuan, an increase of 25 in ten years.

8%; net profit attributable to mother 1.

23 ppm, an increase of 25 in ten years.

2%, exceeding our quarterly forward-looking expectations (yoy + 15%?
20%); deduct non-attributed net profit1.

22 ppm, an increase of 33 in ten years.

1%, the basic profit return is 0.

10 yuan.

Product channel capacity is driven by three wheels, and market share continues to increase.

In 1Q1, the company’s revenue growth rate reached 25.

8%, up 1 from 18Q4.

6 cases, a significant increase of 7 from the same period last year.

1pcts, eye-catching growth.

It is expected that the rapid growth of the company’s revenue end will last for the duration of the year: 1) In terms of products, the company has higher sales of high-end products, and its product structure is continuously optimized.2) In terms of channels, the GT / KA / EC / AFH four channels have blossomed at multiple points, especially the construction of emerging channels: EC channels increase investment in head e-commerce platforms, build supply chain systems and professional teams, and continue to maintain high growthDriven by the trend of centralized procurement by enterprises, AFH maintains rapid growth; 3) In terms of throughput, the company’s Hubei high-end household paper project (10 goals) and Sichuan production base expansion project (5 goals) are expected to be put into production in 1919, and graduallyThe capacity increase is expected to reach 80 months.

While supporting sales growth, the company strengthened its presence in central and southwestern China.

The gap between the company’s revenue scale and market share and the top three in the industry is expected to continue to narrow.

Cost pressure eased, expenses increased slightly, and net interest rate improved significantly from the previous quarter.

The price of pulp began to fall from 18Q4, and the average price of 19Q1 pulp was 18% lower than that of 18Q4 and the gap was 8.

03%, the decline in raw material prices has gradually eased the company’s cost pressure.

1Q1 company’s comprehensive gross profit margin was 34.

01%, up 3 from 18Q4.

05 tablets

In addition, the company’s total expenses in 19Q1 were 21.

3%, a slight increase from the previous month.

85pcts, the expense increase is mainly used for channel expansion, 19Q1 sales expense ratio reached 17.

24% (+ 1% from the previous month.


Taken together, benefiting from the rebound in gross profit margin, the company achieved a net profit margin of 8 in Q1.

01%, up 2 from 18Q4.1pcts, which is only 0 compared to the same period of the previous 18 years.

04pct, the profit improvement trend is better.

Operating efficiency has steadily improved, and operating cash flow has continued to improve.

In 1Q1, the company’s total asset turnover was injected into zero.

29 times, a slight increase of 0 a year.

06, overall operating efficiency has been steadily improved.

The company’s operating cash flow showed a period of improvement, 18Q1-Q4 were -2.

100 million / -0.

9.5 billion / 2.

6.3 billion / 4.

79 ppm, 19Q1 net operating cash flow was 5.

07 million yuan, an increase of 341 in ten years.

93%, mainly benefited from the rapid growth of revenue and the weakening of pulp prices, which has improved the pressure on stocking raw materials. It is expected that the company’s operating cash 重庆耍耍网 flow in 19 years is expected to continue to improve.

Risk factors: fluctuations in raw material prices; new product sales are less than expected; channel expansion is less than expected; capacity deployment is less than expected.

Profit forecast and investment rating.

The company has both long-term and short-term perspectives: It is expected that pulp prices will fall in 2019, the proportion of high-gross products will continue to increase, production capacity, and the nationwide distribution of channels will continue to advance, while promoting the introduction of personal care brands.

Maintain 2019-2021 net profit forecast5.

06 billion / 6.

1.1 billion / 7.

69 trillion, corresponding to 0 EPS.



60 yuan, a three-year compound annual growth rate of 23.

24%, maintain “overweight” rating and target price of 11.

7 yuan, corresponding to 19X 30X PE.

Hailan House (600398): Q4 revenue picks up; main brand same-store stores stabilize; platform brand group prospects look promising

Hailan House (600398): Q4 revenue picks up; main brand same-store stores stabilize; platform brand group prospects look promising

The event company announced its 2018 annual report, which is expected to achieve operating income of 190.

90 ppm, a ten-year increase4.

89%; net profit attributable to mother 34.

55 ppm, a 10-year increase3.

78%; net profit after deduction to non-mother 32.

68 ppm, a decrease of 0 per year.


The company decided to distribute a cash dividend of RMB 3 for every 10 shares.

80 yuan, a total distribution of 17.

10,000 yuan, plus 0 for share repurchase in 2018.

27 trillion, gradually formulate a cash dividend of 50% of net profit attributable to the mother.


Brief comment on Q4 revenue has picked up, the main brand rebounded in the same store, and the new brand actively expanded the company’s scale. Revenue increased by 4 as well.

89%, a ten-year growth rate average of 2.

17 pct, mainly because Q2-Q4 was affected by the large consumption environment, the reasons for autumn and winter weather, sales improved, Q1-Q4 revenue growth rate was +12.

2% / + 3.

3% /-6.

1% / + 5.


The company opened 1181 new stores, closed 300 stores, and opened 881 to 6,673 stores (excluding boys and girls consolidated in 2018Q3).

From the time 天津夜网 point of view, Q1-Q4 opened a net of 68/237/304/272, respectively. Store openings are still concentrated in the second half of the year, and new stores have limited contribution to revenue growth.

From the perspective of type, 244 directly operated stores opened net, mainly new brands and overseas stores opened directly attached stores; affiliated stores and franchised stores opened 637 nets.

At the end of the year, there were over 1,300 shopping malls and malls, accounting for nearly 20%.

Hailan House (main brand HLA + Black Whale) has a net opening of 594 to 5,097 stores, of which Q1-Q4 has a net opening of 20/171/197/206, and direct-operated stores have expanded to 144 to 175.

The total area of shops at the end of the year was 86.

270,000 square meters, an increase of 7 earlier.

76%. At the end of the year, the area of a single store was about 169 square meters, a slight decrease of 4 compared with the earlier period.


Brand same-store growth was close to 1%, and after a slight margin of same-store growth in 2016 and 2017, it stabilized and rebounded.

The highest brand revenue increased by 2.

62% to 151.

$ 4.4 billion, a growth rate previously budgeted2.

56%, Q1-Q4 revenue growth rate was +9.

5% / + 1.

8% /-2.

6% /-0.

4%, noticeable in the second quarter.

Aijutu’s high-level net opening of 231 to 1281 stores, expansion is still relatively fast.The total area of the shop at the end of the year was 15.

730,000 square meters, an increase of 17 earlier.

53%. At the end of the year, the area of a single store was about 123 square meters, which was slightly reduced earlier.


The highest brand revenue increased by 22.

68% to 10.

9.8 billion yuan, Q1-Q4 revenue growth rate was +71.

8% / + 97.

5% / + 3.

3% /-19.


San Keno’s average income increased by 12.

82% to 21.

US $ 2.1 billion, the company opened a new San Keno plant in Henan to ease the problem of previous capacity replacement.

Other brands (Haiyi, AEX, OVV, Hailan Preferred, etc.) have a total of 56 to 295 net stores, of which Haiyi is still the main (close to 200 stores), and the remaining new brands have more than 90 stores, mostly in shopping malls.In the mall.

The company continued to adjust one store in Hainan and actively expanded new brands. Among them, 74 directly operated stores opened and 84 at the end of the year.

The combined revenue of other brands increased by 25 per year.

78% to 3.

7.7 billion yuan.

Looking at the overall channel, offline revenue previously increased by 4 as well.

8% to 175.

880,000 yuan, of which Q1-Q4 revenue growth rate was +9.

1% /-0.

5% /-3.

2% / + 9.

2%, a marked rebound in the fourth quarter.

Online Jingdong, Vipshop will achieve high growth, and began to try to gather social e-commerce and other small red books, so online income increased by 9%.

2% to 11.

51 ppm, Q1-Q4 revenue growth was +9.

1% / + 2.

7% / + 16.

8% /-17.

3%, Q4 growth interruption is mainly due to the company’s active participation in last year’s double eleven efforts.

The gross profit margin expense rate doubled, the inventory depreciation reserve increased, and the investment income increased the company’s comprehensive gross profit margin in 2018 by 40.

84%, an increase of 1.

89 pct, gross profit margin of main brand increased by 3.

The 06 pct led the overall gross profit margin, mainly due to the increase in the proportion of brand non-returnable goods sales, the increase in the proportion of direct sales stores, and the change in the proportion of franchisees.

Expense rate during 2018 (excluding R & D expense rate) 15.

17%, increase by 1 every year.

67 pct, of which the sales expense rate and management expense rate increase by 0.92, 0.

The 11 pcts are mainly for the early cultivation of new brands, which lead to increase in store opening and promotion; financial expenses are -0.

4.0 billion, compared with -1 in 2017.

20 ppm, mainly due to the increase in bond index spending due to the issuance of convertible bonds.

R & D expenses increased by 95.

74% to 0.

In terms of design and development, the company ‘s main brand and San Keno professional wear are jointly developed with suppliers in terms of design and development. The supplier provides design and development resources, and the company shall bear the research and development costs.

While other brands are independently designed by the company and transformed into the cultivation of new brands, there is an increasing demand for design research and development, leading to the goal of increasing research and development costs.

Asset impairment losses in 20183.

8.3 billion, an increase of 202 every year.

97%, mainly due to the increase in provision for inventory depreciation, and the annual increase in inventory depreciation reserves increased by 2%.

4.3 billion.

Overall, the company’s inventory at the end of the year was 94.

74 million, an increase of 11 per year.

55%, mainly OVV, Hailan preferred, AEX and other new brands in 2019 to open store reserves for stocking, and boys and girls consolidated inventory increased.

Clothing chain brand inventory 88.

0.8 billion, of which non-returnable inventory (requires provision for price reduction) accounted for 44%.

The increase in the annual storage price fall reserve is mainly the accrual of the increase in non-returnable inventory for more than 2 years (supplementary accrual 2).

4.2 billion).

At the end of the year, the non-returnable inventory for more than 2 years was raised by a total of 3.

50 trillion, accounting for 93 of its carrying amount.

73%, fully accrued.

Therefore, although the gross profit margin has increased, the increase in the expense ratio and the increase in asset impairment losses have led to a slight decrease in the non-returned net profit of the buckle ring.

In addition, the company’s investment income in 2018 increased by 1153.

9% to 1.

610,000 yuan, mainly due to the transfer of 19% equity of Fast Fashion in July 2018 to achieve an investment income of 70 million yuan, and other disposal of financial assets for disposal gains increased, helping mother net profit to increase.

Net cash inflow from operating activities of the company in 201824.

19 trillion, down 15.

98%, mainly because the new brand opened stores in 2019 for stocking, and non-returnable purchases increased.

Investment income: The company’s main brand remains stable to support the continued expansion of the new brand group in 2019, which will contribute to income, coupled with the positive effect of income reduction on substitution, and the consolidation of boys and girls to increase income (2018)(Consolidated table Q4), it is expected that revenue growth in 2019 will reach 5%.

After the rapid expansion of Ijutu in the past few years, this year’s store opening has stabilized. Based on the stable profitability of the old store, this year is expected to achieve overall profitability.

The company gradually exported management capabilities to the supply side, expanded the core supplier team, stable expansion of Southeast Asian stores, good operating efficiency, unchanged new directions for new retail exploration, leading platforms, cost reduction and efficiency enhancement to improve the moat.

At the same time, the first / second repurchase plan in the five-year dividend plan will continue this year.

We expect the company’s net profit attributable to mothers to be 38-2019.

07 billion, 40.

20 trillion, EPS is 0.

85 yuan / share, 0.

89 yuan / share, corresponding to PE is 11.

5 times, 10.

9 times, as the MSCI large-cap stock index, enjoy foreign liquidity premium expectation, maintain “Buy” rating. Risk factors: Inadequate development of new brands; sales of major brands continue to slow down; decline in sales rate leads to increased risk of inventory falling prices.

Mingyang Intelligent (601615): Unique technological route challenges existing wind turbine layout

Mingyang Intelligent (601615): Unique technological route challenges existing wind turbine layout

Ping An’s view: The top three domestic fans, the order scale has grown rapidly.

The company’s main wind turbine sales and wind energy operations, according to statistics from the Wind Energy Association, the company’s domestic fan market share in 2018 of 12%.

41%, ranking third, and has consistently ranked among the top three in the industry for new installed capacity for many years.

In 2018, the company’s fans won a bid of 507.

30 million kilowatts, a year-on-year increase of 54%; from January to April 2019, the company’s new wind turbines won a bid of about 19.8 billion yuan, and the winning wind turbine capacity was about 441.

60,000 kilowatts, strong growth momentum.

With semi-direct drive technology, challenge the layout of onshore fans.

With the return of the wind power market to the Three Norths, the process of large-scale domestic wind turbines is gradually accelerating, mainstream wind turbine companies have launched new large megawatt plans, and the recent tender for wind turbines has also shown the scale of bronze large megawatt units.

The company’s large-capacity units above 3MW use semi-direct drive technology, combining the advantages of direct drive and doubly-fed technology.

In 2018, the company’s sales of 3MW units were 600MW (of which 129MW were offshore and 471MW were onshore), an increase of about 13 times longer, roughly increasing the company’s domestic share of 3MW-class wind turbine products.Advantage.

Under the trend of large-scale onshore wind turbines, relying on the outstanding advantages of semi-direct drive technology, the company is expected to challenge the existing onshore wind turbine competition and promote market share.

Take advantage of the sea breeze development trend and achieve the leading position of offshore wind turbines.

In 2018, China’s new offshore wind power installed capacity was 165.

50 kilowatts, an increase of 42 in ten years.

7%; by the end of 2018, the total scale of offshore wind power projects announced in China was under construction, approved for construction, and announced before approval.

3GW, sufficient reserves.

Guangdong is one of the most active provinces for developing offshore wind power in developing countries. The company is located in Guangdong, relying on advanced semi-direct drive technology, and has gained an opportunity in the offshore wind 上海夜网论坛 power market.

In 2018, the company won a total of 157 bids in domestic offshore wind power open bidding projects.

30,000 kilowatts, accounting for nearly half of the country’s market share of open bidding capacity.

At present, the company has more than 3 orders for offshore wind turbines.

3GW, and the price is locked at a high level, and future profit levels are expected to increase through cost reduction.

Investment suggestion: According to the order in hand, it is estimated that the external sales scale of the company’s wind turbines is expected to increase rapidly, especially the batch delivery of offshore wind turbines, which will drive rapid growth in revenue scale.

It is estimated that the scale of revenue for 2019-2020 is 106.

0, 161.

300 million, net profit attributed to mother 3.

8, 10.

30,000 yuan, EPS 0.

27, 0.

74 yuan, dynamic PE 39.

1, 14.

3x coverage for the first time, giving “Recommended” rating.

Risk reminders: industry policy adjustment risks; technical routes and product maturity risks; business management risks brought by rapid expansion of business scale.

The market caters to the largest military ETF, the rich country CSI military leader ETF will be listed

The market caters to the largest military ETF, the rich country CSI military leader ETF will be listed

Source: China Net Finance Original title: The market welcomes the largest military ETF rich country CSI military leader ETF is about to be listed Since 2019, the ETF market has continued to feature hotly. In the stock market, many ETFs have a net capital inflow of more than 100 million yuan during the year.

At the same time, in the new fund issuance market, the characteristic “narrow-base” ETF has also been recognized by the market, and some promising products have been sold well.

Take the wealthy military leader ETF (512710) to be traded on August 26 as an example. The fund’s first fundraising scale is as high as 72.

2 billion, becoming the largest military ETF in the market in one fell swoop.

Some people said that, as a typical ETF of the key military industry, the listing of the rich country CSI military leader ETF provides an advantageous starting point for investors who want to lay out leading enterprises in the military industry.

  It is understood that the rich country CSI military leader ETF is based on the CSI military leader index (931066.

CSI) is the tracking target. The base date of the index is December 31, 2012, which contains 35 constituent stocks.

In the process of compiling other military index in the market, the CSI Military Leadership Index has further listed the “military genes” of listed companies, and focused on screening companies with a high proportion of military business in listed companies and core core alternative military indicators as constituent stocks., Its military properties are more pure.

  In fact, standing in the current time window, the military industry has broad prospects and is expected to become a high-speed track in many industries.

First, referring to the general national economy industry, the main fiscal revenue of the defense military industry has been affected by the economic downturn.

In the end, through optimization and adjustment of military personnel, the proportion of equipment costs in national defense military expenditures has increased year by year, expanding the source of revenue for military industrial enterprises.

In fact, from the perspective of estimation, the current CSI military industry leader index is estimated to be horizontal regardless of whether it is vertical or horizontal.

WIND data show that on August 20, the market surplus of the CSI Military Industry Leader Index fell by 32.

55 times lower than 32 since listing.

77 times average.

At the same time, it is also excellent in the defense military industry below the Shenwan Level I Index.

The level of 66 times can be relatively low to estimate the advantage.

  In addition, since the compilation of the index is more scientific, the CSI Military Industry Leading Index has been significantly stronger than the major mainstream indexes since its listing.

WIND data show that as of August 20, the 深圳桑拿网 CSI military industry leader index has increased by 115 since the base date.

16%, actually outperformed the Shanghai Composite Index, Shanghai and Shenzhen 300 Index and China Securities 500 Index 28 during the same period.

96%, 52.

73% and 50.

61% increase.

It is worth mentioning that in the bull market of the market reversal, the CSI military industry leader index performance is particularly outstanding.

WIND data shows that from April 28, 2014 to June 12, 2015, the Shanghai Composite Index increased significantly by 153.

Against the background of 69%, the CSI Military Industry Leader Index increased by 223 during the same period.


  ”In the context of rapid economic growth, industry concentration has begun to increase, leading companies’ pricing power has increased, profitability has become less sensitive 四川耍耍网 to the economy, and it can maintain a high ROE level for a long time.

“Wang Lele, a leading ETF fund manager of the CSI China Securities Military Leader, pointed out that in addition to the” moat “pricing power of leading companies, overseas capital, social security funds, insurance funds and other institutional investors continue to influx, valuable investment concepts have also become a market style.In the future, the market style may continue to be biased towards value, leading companies are expected to continue to premium, and the CSI Military Leading Index is expected to continue to outperform.

Focus Media (002027) Tracking Report: Can the One Year Tracking Data Analysis Performance Convert?

Focus Media (002027) Tracking Report: Can the One Year Tracking Data Analysis Performance Convert?

Key points of the report: Analyze the tracking data: The focus of the online publication changed from strong to weak, and the trendy online publication was slightly better than expected. The in-depth tracking report of November 2018 has sorted out the company and the trendy national points. This analysis has tracked since March 2018.1) The number of online publications on the affiliate network in 2018 is very strong. The number of online publications on the affiliate network A1 reached about 26, but it began to improve in 2018Q4, and it is more obvious after entering 2019, and there is no possibility of significant recovery for the time being; 2) From the perspective of the exposure of the network, traditional advertising accounts for half, and 30% of the venture capital advertising. In 2018, half of the TOP10 online magazines are new brands (venture investment advertising); 3) After entering the network innovation in 2019,投类广告数量下滑,传统类广告无法弥补,且新增的A3\A4 两套联播网无明显增量收入贡献。In addition, the rate of publication on vertical screens of benchmarking companies is average (about 8 publications), and the contribution of Ali’s cooperation derivative is not obvious.

  Judging from the trendy point-to-point publication data, the number and quality of 南京桑拿网 publications are better than expected, and some of the advertisements are in the same category as the niche, and there is a phenomenon of snatching the budget of the media advertising.

In the dark, can the performance of Focus Group be reversed?

  1) From the perspective of cost, 2018Q2 to 2019Q2 is the peak period of cost growth for decades. The company’s counter-cyclical expansion has slowed down. The cost in the later quarters is relatively fixed, and the focus of performance is shifting to revenue generation. 2) From the perspective of revenue, the inventory pointThe publication rate in 2018 is high, and the base is large enough. In the short term, the loss of new brands and the lack of traditional brands, and the risk of shifting from the existing point revenue, can restore revenue but not increase revenue.

The increase depends on the publication of supplementary points. Although the value of the channel of the ladder has not changed, the advertiser’s budget allocation is relatively stable, and the income generation and climbing period of the new point has been lengthened.

From the point of view, the stocks are sloping downwards and increasing the points to generate income and the climbing is prolonged. At this point of time, we believe that the revenue in 2019 will be mainly stable.

3) Data monitoring return is the key to the upgrade of media, which helps to grab advertising budget and raise prices.

Investment advice and profit forecast The company’s channel value has not changed, but short-term publication is insufficient. Hedging of rigid costs is not enough. Short-term performance is under pressure, waiting for the publication to pick up.

We have slightly revised down the company’s performance forecast. It is expected that the company’s revenue for 2019-2020 will be 144.

9.5 billion, 165.

7.4 billion (formerly 157.

04 billion, 172.

1.6 billion) and net profit was 44.

900 million, 55.

1.4 billion (previous value was 51.

35 billion, 60.

1.3 billion), EPS is 0.

31 yuan, 0.

38 yuan (previous value was 0.

35 yuan, 0.

41 yuan), corresponding to the current expected PE of 22 times, 18 times, taking into account the performance of the company’s supplementary points brought about by the space, in 2019 the company was given a 20 times PE target, downgraded to “hold”.

Risks suggest that the company’s overall channel point publication rate is insufficient, and revenue growth is slower than expected; market competitors continue to rob the market of their ability to improve.

Xinhua Insurance (601336) January 2019 Report Review: Debt End Improves, Improves Subsequent Profit Growth, Continues to Increase

Xinhua Insurance (601336) January 2019 Report Review: Debt End Improves, Improves Subsequent Profit Growth, Continues to Increase

This report reads: The company’s net profit attributable to its mother was 33 in the first quarter of 2019.

67 ppm, an increase of 29 in ten years.

1%, in line with expectations.

The remaining floating surplus 杭州夜网论坛 on the investment side has not been released, and the product structure on the debt side has been further optimized, which is better than expected overall.

Investment Highlights: Maintain “Overweight” rating and maintain target price of 74.

51 yuan, corresponding to 2019 P / EV is 1.

16 times: the company achieved net profit attributable to mother 33 in the first quarter of 2019.

67 ppm, an increase of 29 in ten years.

1%, in line with expectations.

Maintain EPS forecast for 2019-2021 to 4.

35 yuan, 5.

87 yuan, 8.

59 yuan, maintaining a target price of 74.

51 yuan, maintain “overweight” rating.

Investment-end income Equity asset prices are picking up, and the release of 杭州桑拿网 floating profit in the later period will promote high profit growth: from the perspective of the income statement, in the first quarter of 2019, the company realized annualized total investment income.

2%, a decrease of 0 compared to the same period last year.

1%; the main reason is that the company completely released the investment surplus, and the company’s unrealized after-tax investment surplus in the first quarter was 42.


We expect the subsequent gradual floating profit realization will significantly increase the company’s overall profit growth, so we maintain our long-term profit forecast.

In the first year of long-term insurance, premiums increased rapidly, and the structure of debt-side products was further optimized: the company’s overall premium income in the first quarter increased by 9%.

5%, of which long-term insurance premiums increased by 18% in the first year, and long-term insurance premiums of individual insurance channels increased by 16 in the first year.

1%, better than market expectations.

We expect the company’s new business value to exceed growth expectations in the first quarter and exceed the industry average.

Among them, the payment of new single premiums for 10 years and above has a growth rate of 10 in two years.

1% is expected to bring long-term cumulative effects of premiums.

In addition, the company’s short-term insurance premiums increased by 48 per year in the first quarter.

7%, with the main strategy of accelerating the highlighting of the results, the overall debt side is better than expected.

Catalyst: Risk recovery of the interest rate curve driven by economic recovery prompts: capital market volatility; the impact of downward interest rates on the investment side.