China Communications Construction (601800): Steady growth in operating performance, infrastructure orders support domestic and overseas markets

China Communications Construction (601800): Steady growth in operating performance, infrastructure orders support domestic and overseas markets

Event: The company achieved revenue of 3746 in the first three quarters of 2019.

USD 8.9 billion, an annual increase of 14.

04%; realized operating profit of 172.

1.5 billion, an annual increase of 3.

65%;返回码: 500 网站打不开?重查 net profit attributable to mother is 133.

$ 4.1 billion, an increase of 3 per year.

73%; EPS is 0.

76 yuan, the average return on average net assets is 6.

78%.

Comments: 1. The revenue has achieved rapid growth, and the net profit attributable to mothers has grown faster. Q2 rebounded in the first three quarters of 2019.

USD 8.9 billion, an annual increase of 14.

04%; realized operating profit of 172.

1.5 billion, an annual increase of 3.

65%; net profit attributable to mother is 133.

$ 4.1 billion, an increase of 3 per year.

73%.

In terms of quarters, the company achieved revenues of 1022 in Q1-Q3 in 2019.

45, 1380.

27 and 1344.

1.6 billion, an increase of 9 each year.

64%, 19.

89%, 11.

86%; in terms of net profit attributable to mothers, Q1-Q3 were 39.

3, 46.

47 and 47.

64 trillion, an increase of 14 in the first quarter.

45%, a decrease of 1 in the second quarter.

99% in the third quarter.

66%, growth rate and Q2 rankings rebounded.

2. The gross profit margin has decreased, and the expense rate control is better. The debt rate has been decreasing year by year.

36 pp to 11.

82%.

By quarter, the company’s Q1-Q3 gross profit margins were 11 in each quarter.

72%, 11.

44% and 12.

46%, rising steadily.

Net profit in the first three quarters decreased by zero compared with the same period last year.

27 pp to 3.80%.

Period expenses7.

37%, of which the sales expense ratio, financial expense ratio and management expense ratio have been declining, which are 0.

19%, 1.

16% and 6.

03%, the cost situation is well controlled.

The R & D expense ratio increased slightly in the management expense ratio, and the company increased R & D investment.

Accounts receivable and notes receivable were 908.

31 trillion, accounting for 24% of revenue.

24%, of which bills receivable decreased by 53 earlier.

86%, due to the decrease in commercial acceptance bills.

The cash-to-cash ratio decreased by 5 compared with the same period last year.

25 pp to 86.

53%, the cash payment ratio fell by 4.

43 pp to 86.

76%.

Net operating cash flow -382.

US $ 2.5 billion, mainly due to purchases of goods, and cash paid for accepting services exceeded the increase.

Asset and liability accounting 74.

96%, down for four consecutive years.

3. The single-year steady growth in the new millennium, the infrastructure business has begun to develop strength, and the overseas market has picked up. The company’s newly signed contract amount in the first three quarters of 2019 is 6,536.

7.3 billion, an annual increase of 12.

16%, an increase of 16.6% over the same period last year
.

15 pp, the speed of taking orders is significantly improved.

Among them, the amount of new growth orders for infrastructure construction business, infrastructure design business, dredging business and other businesses were 5734.

9.4 billion, 290.

1 billion yuan, 439.

01 billion and 72.

6.8 billion yuan, an annual growth rate of 12.

6%, -8.

6%, 18.

7% and 59.

67%.

The growth rate of infrastructure design business increased by 9 over the same period last year.

At 7 pp, the growth rate of infrastructure construction business has remained stable this year, but it has significantly increased from last year. Affected by the steady growth policy of supplementary shortcomings, infrastructure has gradually developed its strength.

New overseas contract 1423.

7.9 billion yuan, a negative growth rate from the previous period to positive to 6.

51%, accounting for 22% of the company’s newly signed contracts, of which the infrastructure construction business was 1345.

9.6 billion yuan, accounting for 94 of the value of new overseas contracts.
53%, overseas markets have picked up compared with the first half.
The contract value of PPP investment projects is 1082.

8.9 billion, down 1 year.

77%, accounting for 17% of the company’s new contract value.

During the design and construction period, the company expects that the construction and installation contract amount can be 985.

9.5 billion.

4. The domestic infrastructure leader, dual-wheel drive of domestic + foreign business, maintaining the “strongly recommended -A” rating company is the infrastructure leader, consolidating the traditional business of infrastructure construction, accelerating the development of overseas markets, and gradually becoming the leader of the Belt and Road Initiative.

The reform plan for the evacuation business has been incorporated into the “Double Hundred Actions” of state-owned enterprise reform. At the same time, the company’s fundamentals are stable and a large number of orders are in hand.

Expected 19, 20 EPS1.

38 yuan, 1.

54 yuan, corresponding to PE 6.

9 times, 6.

2 times, maintaining the “highly recommended” level.

5. Risk reminder: Infrastructure investment rebounded less than expected, project advancement was less than expected, and the risk of payment recovery.

Long Mang Baili (002601): Titanium Dioxide Price and Rising Costs Lead to 1H19 Profit Growth

Long Mang Baili (002601): Titanium Dioxide Price and Rising Costs Lead to 1H19 Profit Growth
Results review 1H2019 results are in line with our expectations Long Mang Baily announced 1H2019 results: revenue 53.840,000 yuan, an increase of 1% in ten years; net profit attributable to mothers 12.700 million, down 5 every year.3%, corresponding profit 0.62 yuan, basically in line with our expectations.The decrease in profit was mainly due to the decrease in the price of titanium dioxide and the decrease in gross profit, as well as the increase in expenses during the period.51 trillion.In the second quarter of 19, the company realized revenue of 25.9.6 billion, down 5% / 7% from the same period last month, and net profit attributable to the mother 6.4.7 billion, a year-on-year decrease of 13% and a month-on-month increase of 4%.  Development Trend The decline in the price of titanium dioxide has led to a restructuring of revenue and gross profit margin.1H19 company’s titanium dioxide income 43.7.4 billion, down 2 every year.96%; Titanium dioxide sales 30.74 for the first time, with an annual increase of 2.3%, of which 16 tons of titanium dioxide are exported, and the export volume accounts for 52% of the company’s titanium dioxide sales; the price of titanium dioxide has decreased by 5 every year.1% (-765 yuan / ton) to 14,230 yuan / ton; affected by the decline in the price of titanium dioxide, the gross profit of the titanium dioxide business in 1H19 declined.59 ppm, gross margin temporarily reduced by 2.25pct to 42.99%.In 1H19, the company’s sales of iron concentrates increased by 155, benefiting from the rise in iron concentrate prices, and the income of iron concentrates increased by 45.4% to 5.48 ppm, gross margin extension increased by 11.4pct to 52.2%.  The expansion of the production capacity of the chlorination method contributed to the growth, and the integrated layout enhanced profitability.At present, the first line of the chlorination project expected by the company 20 has been successfully put into operation. The company expects that batch products will be put on the market in the second half of the year, and the second line will also complete system commissioning and operation as soon as possible.The total production capacity of chlorinated titanium dioxide will reach 30 times. In addition, the release of production 北京夜网 capacity will help the performance increase.At the same time, the company will use the titanium concentrate resources in Panxi area to build 30 to replace the titanium chloride slag project, which can fully meet the second phase 20 production of chlorinated titanium dioxide production, which will further improve the company’s industrial chain and enhance profitability.  The acquisition of Xinli Titanium will help the company expand its business and improve its industrial chain.Xinli Titanium Industry has a complete supporting production line for the chlorination process. The production capacity of chlorinated titanium dioxide is 6. It also has a sponge titanium production line and an 8-inch high titanium slag production line.At present, the company is committed to the reproduction of Xinli Titanium. We expect that the 杭州桑拿网 short-term change in the acquisition of Xinli Titanium will have a certain impact on the company’s performance, and the long-term expansion of the company’s titanium dioxide scale and industry chain will be positive.  Earnings forecasts and estimates remain at 27/32 megabytes for 2019/2020 net profit forecasts.Currently the company is in line with the corresponding 2019/20 P / E ratio of 10.2/8.6x.Maintain target price of 20 yuan, compared with 47 in the past.8% growth space, target price corresponding to 2019/20 P / E ratio of 15 / 13x, maintain outperformed industry rating.  Risk chlorination project progress exceeded expectations, titanium dioxide prices fell.

Enjie (002812) 2018 Annual Report and 2019 First Quarterly Report Review: Significant Growth in Separated Business Volume

Enjie (002812) 2018 Annual Report and 2019 First Quarterly Report Review: Significant Growth in Separated Business Volume

The report reads that the company achieved revenue in 201824.

5.8 billion (+16.

23%), achieving net profit attributable to mother 5.

1.8 billion (+40.

79%).

In Q1 2019, the company achieved revenue6.

5.6 billion (+52.

33%), net profit attributable to mother 2.
.

1.2 billion (+164.

89%).

Key points of investment Breakthrough business volume, performance growth growth The company completed the Shanghai Enjie 90 in July 2018.

08% equity acquisition (business combination under common control).

Revenue from Wet Shrink (Shanghai Enjie) in 201813.

300 million (+48.

57%), net profit 6.

3.8 billion (+62.

16%), of which net profit attributable to shareholders of listed companies4.

7.6 billion (Shanghai Enjie press 53 from January to July).

86% is calculated and merged into the listed company, according to 90 from August to December.

08% incorporated).

The company’s 2018 budget is 4.

6.8 billion square meters, the domestic market accounts for 45%, and the global market accounts for 14%. In the case of most wet-process enterprises with negative profits, the company achieved a single square meter excluding tax price 2

85 yuan / square, net profit per square meter is about 1.

36 yuan / flat.

Combined with the breakdown of the company’s statements, we calculated that the company’s restructuring gross profit margin remained at 60% when the industry’s annual price fell by about 40% in 2018.

In Q1 2019, it achieved revenue of 6.

5.6 billion (+52.

33%), net profit attributable to mother 2.
.

12 billion (+164.

89%), deducting non-net profit1.

80 billion (+800.

43%), of which non-recurring gains and losses mainly come from government subsidies.

43 billion.

The growth rate of the company’s Q1 is about 2-3 times.

At the same time, the company announced the net profit of return to mother from January to June3.

79-4.
6 billion, so Q2 single-quarter net profit was 1.

67-2.
Between 4.8 billion.

The fixed assets have increased significantly, and a large amount of production capacity is waiting to be released in 2018.

75 ppm, at least 15 of 2017.

2.3 billion increased by 108.

49%, mainly due to the completion of the first phase of 杭州桑拿 Zhuhai Enjie’s 12 base film production lines, 5.

1.1 billion projects under construction were converted.

As of the end of 2018, the company’s total production capacity was 1.3 billion square meters (Shanghai 300 million + Zhuhai 1 billion).

The production capacity under construction in 2019 is 1.5 billion square meters (4 production lines in Zhuhai Phase II + 8 production lines invested by Jiangxi Tongrui, of which 2 production lines have been put into operation + 8 production lines in Wuxi Enjie trial production in August).

In 2020, the company’s production capacity will reach 2.8 billion square meters.

The customers are of high quality, and the proportion of overseas supply continues to increase the company’s customers’ large-scale large-scale battery factories.

Several major domestic customers include: Ningde Times, BYD, Guoxuan, Funeng, Lishen. Five companies account for more than 80% of the domestic lithium battery market.

Major overseas customers are: Panasonic, Samsung, LG Chem, which replace 80% of the overseas lithium battery market.

The company ‘s overseas supply decreased last year, and this year ‘s overseas supply increased more than expected. It cuts into the global supply system and tries to hedge domestic customers’ compensation for the price reduction after the slump.
Earnings forecasts and estimates We expect the company’s revenue to be 31 in 2019-2021.

04/39.

12/48.

950,000 yuan, an increase of 26 in ten years.

30% / 26.

02% / 25.

14%; net profit attributable to mother is 8.

18/10.

49/12.

26 ppm, an increase of 57 in ten years.

78% / 28.

20% / 16.

89%; EPS is 1.

73/2.

21/2.

59 yuan / share, the corresponding PE is 32.

06/25.

01/21.

40 times, give “overweight” rating.

Risks suggest that budget prices have fallen more than expected, and demand for new energy vehicles has fallen short of expectations

Makihara (002714) 2019 third quarter report performance preview comment: pig price jump + low cost profit exceeds expectations

Makihara (002714) 2019 third quarter report performance preview comment: pig price jump + low cost profit exceeds expectations

Core point of view The price difference between the September price and the market price has converged.

The pig price jumped high and the company’s cost control was excellent. The company expects to make a profit in 19Q314.

500 million-16.

500 million.

The company ‘s sow scale expansion exceeded expectations, and the forecast for the number of slaughters in 2021 was revised; the pig price performance exceeded expectations, and the 2019/20/21 profit forecast was revised with a target price of 95 yuan and a “Buy” rating maintained.

   September fattener pigs weighed more than expected.

The company disclosed the monthly report published in September 2019.

In September, the company sold 730,000 pigs (down 6% with a 2% increase), and the sales volume was in line with expectations.

The commercial pig weighed 26.

17 yuan / kg (ring up 29%, higher than Tianbang’s 24.

8 yuan / kg), the price difference with the market price has converged, the performance exceeded expectations.

  Income 19.

2.2 billion 杭州夜网 (92% increase, 41% increase). It is estimated that the sales volume of piglets is about 200,000 to 250,000, and the weight of fattening pigs has increased significantly.

   The pig price jumped to a high level and the company’s cost control was excellent. The profit was expected to be 14 in 19Q3.

500 million-16.

500 million.

The company disclosed the performance forecast for the third quarter of 2019, and it is expected that it will gradually make a profit of 1.3 billion to 1.5 billion in the first three quarters and a profit of 14 in the third quarter alone.

500 million-16.

500 million.

Performance exceeded expectations.

Combined with the monthly report data, the company produced 2.12 million live pigs in the 19Q3 (down 27%, down 23%), with an average profit of about 684-778 yuan per head.

Our wholesale company’s commercial fat pig breeding cost is about 14-14.

2 yuan / kg, an increase of about 1 yuan / kg from 19Q2, which is mainly due to the decrease in the amount of columns and the increase in amortization such as expenses.

Regardless of whether the company’s fattening costs have been increased or similar listed companies outside the absolute mean range, the cost control is excellent and the performance exceeds expectations.

   The size of sows has expanded rapidly, and the growth rate of slaughter can be expected to increase.

As of August 2019, the previous breeding sow inventory has decreased by approximately 37 per year.

4%, a month-on-month increase of 5.

5 units.

That is, the industry’s sow capacity is still accelerating.

The interim report shows that the company’s productive biological assets have stabilized and increased by 18% and 32% in the same period.

  It shows that its sow inventory has rebounded ahead of the industry as early as the second quarter.

The company’s recent announcement revealed that it is expected to reach 900,000 heads at the end of September and 1.3 million heads at the end of December, which is faster than expected.

Therefore, we expect that the growth of the company’s hog production volume will also be ahead of the industry recovery, and it will accelerate significantly. It is expected to fully enjoy the bonus period of double volume and profit growth in the future.

   Risk factors: Livestock and poultry prices rise more than expected; raw material prices fluctuate sharply; livestock and poultry epidemics.

   Investment suggestion: Considering that the company’s sow inventory has stabilized and is expanding at a faster-than-expected rate, we estimate that the number of pigs slaughtered in 2020 will be about 20 million, and the number of pigs slaughtered in 2021 will be increased to 30 million.

At the same time, we have revised up our EPS forecast for 2019/20/21 to 2 as pig prices rise more than expected.

07/11.

07/15.88 yuan (was 1).

94/7.

34/6.

24 yuan).

Maintain target price of 95 yuan (corresponding to only 8 PE in 2020).

6 times), maintain “Buy” rating.

Eurasia Group (600697): The revenue end of department stores continued to pick up

Eurasia Group (600697): The revenue end of department stores continued to pick up

The company’s revenue in 1H2019 increased by 12 every year.

30%, net profit attributable to mother increases by 0 every year.

35% 1H 2019 achieved operating income of 85.

60 ppm, an increase of 12 in ten years.

30%; net profit attributable to mothers1.

29 深圳桑拿网 trillion, converted to a fully diluted EPS of 0.

81 yuan, an annual increase of 0.

35%; net profit deducted from non-attributed mothers1.

29 ppm, a ten-year increase of 7.

28%, performance is in line with expectations.

In terms of single quarter breakdown, operating income in the second quarter of 2019 was 44.

69 ppm, an increase of 12 in ten years.

77%; net profit attributable to mother is 0.

78 ppm, an increase of 0 in ten years.

38%, the net profit deducted from non-return to mother 0.

80 ppm, a ten-year increase of 7.

55%.

Comprehensive gross profit margin rose by 0.

10 averages, during which the rate of expense rose by 0.

The company’s comprehensive gross profit margin for the year 1H2019 was 22.

91%, a year-on-year increase of 0.

10 units.

1H2019 company period expenses16.

67%, an 杭州夜网论坛 increase of 0 over the same period last year.

03 singles, of which the sales / management / financial expense ratios are 4 respectively.

33% / 9.

38% / 2.

95%, a change of -0 over the same period last year.

10/0.

04/0.

08 units . The regional consumption performance was relatively stable. The department store revenue continued to pick up. According to the report, the company opened 4 new stores, including 2 shopping centers (department stores) in Shandong, Inner Mongolia, and 2 Jilin supermarkets.

Our view that the company’s main business areas are less affected by macroeconomic growth is whether the report can continue to verify that the company’s shopping mall (department store) business revenue in Jilin / Inner Mongolia increased by 10 each.

87% / 6.

57%, which caused Shandong and Qinghai regions to contribute to revenue growth due to new stores and consolidation.

In terms of future increments, the company’s shopping mall construction in Shulan, Liaoyuan and Siping places is progressing smoothly. The above-mentioned projects are designed to provide new impetus for the company’s mid- and long-term revenue growth.

We maintain our profit forecast and maintain the “increased holding” rating company’s revenue recovery trend continues, and the costs are stable and controllable. We maintain the company’s fully diluted EPS for the year 19-21 of 1, respectively.

72 / 1,79 / 1.

87 yuan forecast.The company’s regional competitive advantage is solid, and its own property has a high proportion, maintaining the “overweight” rating.

Risk reminder: The regional economic growth is not up to expectations, and the operation of main stores in Europe and Asia is not up to expectations.

Huatai Securities (601688) 2019 Interim Report Review: Self-employment picks up and drastically repairs institutional service revenue

Huatai Securities (601688) 2019 Interim Report Review: Self-employment picks up and drastically repairs institutional service revenue

Matter: Huatai Securities achieved operating income of 111 in the first half of 2019.

070000 yuan, +35 for ten years.

18%; net profit attributable to mother 40.

57 trillion, +28 a year.

43%; expected average ROE is 3.

81%, an increase of 0 over the same period last year.

35 units.

The fair pledge continued to shrink, and the scale of the two financial institutions continued to expand.

In the first half of 2019, the wealth management business income was + 10% per year, and the revenue ratio reached 41.

90%, down 9 from the same period last year.

52 units.

Reported volume, company stock base turnover 11.

09 trillion yuan, 46% beyond expansion, maintaining the number one market.

The number of accounts opened by “Zhangle Fortune” mobile terminal customers accounted for 99% of the total.

32%, monthly activity has exceeded 7.49 million, ranking first in the securities company APP.

At the end of the reporting period, the two Rongying 548.

390,000 yuan, the stock pledge business has 158 from its own finance.

1.3 billion per year, + 5% and -61% respectively.

The company continues to shrink its equity pledge business. At present, the scale of stock pledge is 1/3 of CITIC Securities and 1/2 of Guotai Junan.

Liangrong’s market share rose by 0 compared with the same period last year.

33 units.

The company’s senior management accrued credit impairment losses1.

US $ 4.7 billion, of which financial assets were repurchased for impairment1.

US $ 1.7 billion, accounting for 0% of the repurchase scale of own funds at the end of the period.

74%.

Proprietary investment income was outstanding, and investment banking business was under pressure.

Institutional services business income + 4911% per year, with revenue accounting for 19.
.

91%, up 19. from the same period last year
.

37 units.

Due to the market recovery, the Group’s self-operated investment business was significantly boosted, and the existing institutional services business revenue and proportion increased significantly.

At the end of the reporting period, the fund custody business gradually launched 3186 products, +35 per year.

63%; scale reaches 1040.

08 thousand yuan, ten years +58.

79%.

Fund service business gradually launched 3974 products, +23 per year.

15%; scale reaches 10341.
10 trillion, +4 for ten years.

49%.
In the first half of 2019, the bond underwriting amount was 1559.

87 trillion, +85 for ten years.

81%; equity underwriting amount 472.

2.4 billion, -43% previously.

Huatai Securities (Huatai United) has only one IPO project in the first half of this year, and six initial projects in the same period last year.

The number of additional issuers in 2019H and 2018H was the same, but the amount was -37% in a row.

According to the report, the number of M & A and restructuring transactions approved by the China Securities Regulatory Commission is six, ranking first in the industry;

680,000 yuan, ranking fourth in the industry.

Asset management revenue grew against the trend and ABS maintained its lead.

Investment management business income + 48% per year, with a revenue share of 23.

72%, an increase of 2 over the same period last year.

05 averages.

In the first quarter of 2019, the average monthly asset management scale was 8,491.

06 million yuan, the industry ranked second, earlier +4.

52%; the proportion of active management accounts for 27.

49%, a decrease of 0 from the beginning of the year.

4 units.

In the first half of 2019, Huatai Asset Management Corporation issued 447 ABS.

8.4 billion, ranking second in the industry, +20 in ten years.

84%; 37 in circulation, +131 in ten years.

25%.

Accelerate international business.

International business income + 17%, revenue accounted for 10.

72%, a decrease of 1 from the same period last year.

61 units.

At the end of the reporting period, the total assets of the AssetMark platform reached 560.

$ 5.1 billion, +24 from the beginning of the year.

96%; covering 150,000 households with terminal accounts, + 16% from the beginning of the year.

Investment advice: In a changing market environment, the Group continues to promote strategic transformation, steadily develop various businesses, constantly explore new business growth points, and maintain steady growth in operating income and net profit.

With innovative, stable and sustainable business that can be measured, controlled and bearable, and continuously upgraded to high-risk areas, the reporting company is approved for new business qualifications such as government bond futures market making.

ROE has been steadily improved, expanding the synergies between the cross-border derivatives business and AssetMark, and looking forward to the company’s future development.

However, for the first time in October this year, the impact of GDR to A-shares is unknown and Sino-US trade frictions, so we adjusted the company’s EPS forecast for 2019/2020/2021 to 0.

99/1.

24/1.

41 yuan (previous forecast 1).

11/1.

21/1.

38 yuan), BPS is 13.
35/13.

90/14.
70 yuan, the corresponding PB is 1.

42/1.
厦门夜网

36/1.

29 times, ROE is 7 respectively.

45/8.

92/9.

59%.

The company has continuously deepened its international business and innovative business, completed the issuance of GDRs to raise overseas funds, enhanced its capital strength and international competitiveness, and maintained a PB assessment of twice the 2019 performance with a target price of 27 yuan and maintained a “recommended” rating.

Risk warning: Overseas development is less than expected, financial supervision is becoming severe, and Sino-US trade frictions.

Chongqing Beer (600132): Fundamentals continue to be excellent, focus on new product development in peak season

Chongqing Beer (600132): Fundamentals continue to be excellent, focus on new product development in peak season
The event company released the first quarter of 2019, and the company realized operating income from January to March8.33 ppm, a 10-year increase2.5%, of which beer revenue increased by about 9%; net profit attributable to shareholders of listed companies was 0.86 ppm, an increase of 13 in ten years.4%. In the first quarter, the asset impairment loss was 4.93 million yuan. After the impairment was reduced, the actual operating profit was about 1.20 ppm, an increase of 22 in ten years.9%. Brief comment on the growth of main beer revenue by 9%. It is expected that new products will drive the volume and price to rise. The current market feedback is better. Pay attention to the follow-up progress of new products. (1) 5% sales growth: the company achieved beer sales from January to March.490 thousand liters, an increase of 5% over; if the amount of processing entrusted is expected, the company’s self-produced sales volume will increase by about 4%.Among them, Chongqing’s regional sales increased by about 2%, mainly driven by Q1 new products. (2) The ton price increased by about 4%: The corresponding ton price from January to March was estimated to be more than 3700 yuan / ton, which increased by about 4% per day. We expect that the main reason is that the large-scale spread of new Q1 products has a positive impact on the ton price.At the beginning of January, the company launched a new product of “Guo Bin Yu Mai” at 8 yuan, and plans to gradually guide the market to upgrade the consumption of “Guo Bin”. The grass-roots research has learned that we may increase Q1 for the company in 2019?Profit forecast for 2020. The gross profit margin was still driven by structural improvement, the net interest rate increased, and the high increase in non-net profit was a change in the off-season. Operating profit + impairment can improve the company’s operating business growth rate, about 22.9% January to March the company’s operating profit after the restoration is about 1.200,000 yuan (1 statement of operating profit).1.5 billion + impairment 4.93 million), an annual increase of 22.9%, corresponding to a profit rate of 14.4%, an increase of 2 per year.4pct.The rapid profit growth is still mainly driven by the increase in ton price and the increase in gross profit margin. (1) Gross profit margin increased by 2.4 points, mainly from the increase in ton price and the decrease in ton cost.The promotion of new products effectively improved the product structure, driving the price of ton up; the cost of ton was about 2320 yuan / ton, a year-on-year decrease of about 6%.The main reason is that the company’s glass bottle cost accounts for a relatively small amount, and the cost lean has continued to take effect, but we still believe that the cost of other beer companies will be basically flat or slightly increase within 2% in 2019. (2) In terms of sales expense ratio, the company as a whole is -0.3pct is basically stable, but there are slight differences between regions.Due to the promotion of new products in the Chongqing area, the sales expense ratio increased2.4pct, we expect to reach the target Q1 is the relatively high sales expense ratio of the parent company; the sales expense ratio in Sichuan and Hunan area slightly decreased, mainly due to the increase in commissioned processing volume and the off-season shift.It is expected that the company’s expected sales expense ratio will be flat. (3) The management expense rate continued to decline.The first quarter management expense ratio was 6.2%, a decrease of 0.5pct, the company’s management expense rate has continued to decline for 5 consecutive quarters, and the cost and expense lean work has achieved remarkable results. Deduction of non-net profit increased by 71.4%, mainly due to off-season fluctuations.1Q1 company deducted non-net profit 0.81 trillion, 0 of the earlier 18Q1.More than 4.7 billion came out of about 3 million yuan, most of which came from an increase in operating profit of about 25 million; but since the off-season profit base can be replaced, the growth rate data can penetrate. In addition, the gradual decomposition of the units was initially cleaned up, and the company’s yield gradually recovered to a normal level of about 15%. Cash flow represents a healthy operating cash flow net.24 billion, +102.6%, mainly due to operating inflows 9.0 billion, + 8.8% (mainly cash received from sales of goods and labor services +8.8%, which is basically the same as the growth rate of beer revenue);7.3 billion, -5.7% (mainly purchase of goods, accepting cash payment of labor -10.3%, part of the payment of raw and auxiliary materials at the end of 18). Summary 夜来香体验网 of Q1 and Outlook for 2019: Pay attention to the rapid growth of beer revenue in the first quarter of the new round of upgrade process in Chongqing, strictly adhere to the continued development of high-end localization, and Sichuan and Hunan will contribute to the growth direction of sales growth.1) Local high-end: the gross profit margin of the parent company +2.2%, 8 yuan new alcoholic guest is estimated to be the main contribution, 10?The RMB 12 products also maintained healthy growth; 2) Sales volume in external markets increased.Sichuan and Hunan.Looking at first-class, 1) The replacement of the old state guest by the alcoholic state guest is expected to become a major attraction. Q1 is advancing steadily, and the high-end is adding support.2) Still seeing the increase in gross profit margin promotes the increase in 北京夜网 net profit margin. Earnings forecast and investment recommendations increase company 2019?2021 profit forecast; without considering asset injection, is it expected to be 2019?The company will realize revenue in 2021.17, 39.68, 41.88 ppm, a ten-year increase of 7.2%, 6.7%, 5.6%; realize net profit attributable to shareholders of listed companies.22, 5.79, 7.14 ppm, an increase of 29 in ten years.2%, 11.0%, 23.3%. We still recommend using the actual net profit after the reduction or the EBITDA after the reduction as the estimation basis.The actual net profit after the restoration in 2020 is 4, respectively.94, 5.60, 6.54 ppm, an increase of 28 in ten years.2%, 13.4%, 16.8%; the latest market value is 16.9 billion, corresponding to a static PE of 34.2, 30.1,25.8 times. 2018?EBITDA after restoration in 2020 will be 6.37, 7.72, 8.36 ppm, current static corresponding static EV / EBITDA is 19 respectively.4, 16.8, 13.6 times. Maintain “Buy” rating and maintain target price of 43.17 yuan, using the reduced net profit and EBITDA, corresponding to about 37 PE in 2019.0 times, EV / EBITDA is about 23.5 times.

Meiyingsen (002303): Revenue growth rate next year, focus on new customer expansion

Meiyingsen (002303): Revenue growth rate next year, focus on new customer expansion
1H19 results are lower than expected 1H19 results announced by the company: Revenue 14.660,000 yuan, an increase of 3% in ten years; net profit attributable to mothers1.65 ppm, corresponding to a profit of 0.11 yuan, five years average.3%, deducting non-net profit 1.USD 5.6 billion, exceeding the upper limit by 10%. Due to the downward growth of the downstream consumer electronics industry and the decline in gross profit margin, the performance was lower than market expectations.Among them, Q1 / Q2 revenue increased by 4.twenty one.9% increase in net profit attributable to mothers (growth rate) 2.3% /-12.1%. Development trend 1. Due to the downward growth of the downstream consumer electronics industry, revenue growth has declined.In the first half of the year, the company’s revenue increased by 3%. In terms of products, light packaging / heavy packaging / third-party procurement revenue increased (growth rate) -2.3% / 4.4% / 20.6%, the revenue of light packaging exceeded the impact mainly due to the sluggish downstream consumer electronics demand.In terms of different regions, the company’s domestic revenue increased by 13%, and export revenue decreased by 19%. The decline in orders from overseas customers was the main reason for the company’s gradual revenue growth. 2. Profitability is under pressure.The company’s gross profit margin fell in the first 合肥夜网 half of the year.5ppt to 32.2%, the company’s light packaging / heavy packaging / third-party procurement business gross margin decreased by 0.79ppt / 8.57ppt / 0.28ppt, Lu’an, Chengdu, Changsha and other new capacity put into operation after depreciation of vendors increased by 24%, so the gross profit margin was under pressure.The company’s period expense ratio is maximized to 0.8ppt, of which management + R & D expense ratio is increased by 0.4ppt, mainly due to increased depreciation; financial expense ratio increased by 0.4ppt, mainly due to the expansion of the exchange rate.Benefiting from non-operating income, increased investment income and reduced non-operating expenses, the net interest rate fell by 1 ppt to 11.3%. 3. Follow-up needs to pay attention to the company’s new capacity climbing and new customer expansion.Capacity perspective: In the first half of the year, the company’s new smart factories in Lu’an, Chengdu, and Changsha are gradually put into production. At the same time, the company invested US $ 50 million in India to set up a company to promote overseas business expansion. Follow-up needs to pay attention to the ramp-up of production capacity after the new capacity is put into production; customer perspective: In the first half of the year, the company developed a large number of new customers in the food and beverage, automotive, furniture, new energy, medical auxiliary and other industries, and followed up on the order volume of new customers. Earnings Forecasts and Forecasts Weak demand from downstream consumer electronics customers. We revise down our 2019/2020 earnings forecasts.6% / 8.8% to 0.27/0.31 yuan.Currently corresponds to 16 of 2019/2020.9 times / 14.7 times price-earnings ratio.We maintain our Outperform rating and revise down our target price by 9% to 5.9 yuan, corresponding to 22/19 times P / E of 2019 / 2020e, which has 29% growth space than current expectations. Risks Raw material prices fluctuated sharply, and downstream customer orders continued to be under pressure.

East Sunshine (600673) released a comment: it intends to apply for full circulation of H shares held by East Sunshine

East Sunshine (600673) released a comment: it intends to apply for “full circulation” of H shares held by East Sunshine

Core point of view: Event: The company intends to apply for the “full circulation” of H shares of Dongyang Pharmaceutical Co., Ltd.

It was announced on November 23 that the company intends to apply for all of its 22.62 million domestic shares of East Sunshine Pharmaceuticals to be converted into overseas listed shares and listed on the main board of the Hong Kong Stock Exchange. The conversion shares account for 50% of the total capital of East Sunshine Pharmaceuticals.

40%.

The “full circulation” of Dongyang Sunshine’s H shares can provide financing facilities for the company.

This time the China Securities Regulatory Commission launched the “full circulation” reform of H shares, which is similar to the reform of the split share structure of A shares in 2005. They are essentially “recovering stock”, re-marketing pricing mechanisms for non-tradable shares and improving corporate governance.Enterprise management and operating capabilities have also opened up space for subsequent capital operations.

The company’s promotion of the “full circulation” of Dongyang Sunshine Pharmaceutical’s H shares will ease the contradiction of “the same shares and the same rights but different benefits” between the company’s and Hong Kong stock circulating shareholders, which will improve the liquidity and trading of H shares.

In addition, domestic stocks can be circulated to circulate the major shareholders for equity pledge financing. At the same time, the interests of major shareholders and small and medium shareholders tend to be consistent, and the corporate governance structure will also promote optimization.

The electrode foil faucet is solid overall, and the pharmaceutical business has prominent advantages.

The company is the largest manufacturer of medium and high voltage chemical foils in China.

Subsidiary Dongyangguang Pharmaceutical has acquired 27 generic drugs such as Entecavir tablets. Currently 23 applications have been submitted for listing. If the products are successfully approved for listing, it will enrich the variety of pharmaceutical products and further improve the company’s performance.

At the same time, the company’s key product benzbromarone tablets also passed the national consistency evaluation (Dongguang Sunshine Pharmaceutical ‘s announcement on September 30).

In addition, the company announced that Dongyang Sunshine plans to start with 20.

600 million US dollars let Guangdong Dongguang Sunshine Pharmaceutical research and development of pyroglutamic acid ring gliclazone, liraglutide type 2 diabetes treatment drugs.

The company’s pharmaceutical business has prominent advantages, and its performance share will continue to increase.

Profit forecast and investment advice.

Based on industry and 深圳桑拿网 company conditions, the company’s EPS for 2019-2021 is expected to be 0.

37, 0.

55 and 0.

77 yuan, corresponding to the current continuous PE of 24, 16 and 11 times respectively; considering the company’s pharmaceutical business performance accounted for a relatively large and continued stable growth, maintained at a reasonable value of 12 yuan / share unchanged, maintain a “buy” rating.

risk warning.

The sales volume of pharmaceutical products fluctuated, and the price of electrode foils and fluorides decreased.

Kodali (002850): Significant increase in net revenue, leading value increase

Kodali (002850): Significant increase in net revenue, leading value increase
Summary of the report: Kodali (002850) released the semi-annual report 2019 on the evening of August 15.In the first half of 2019, the company achieved operating income11.7 trillion, an increase of 47% over the same period last year; net profit attributable to shareholders of listed companies was 80.25 million yuan, an increase of 257% over the same period last year; operating income in the second quarter of 20196.880,000 yuan, an increase of 68% over the same period last year; net profit attributable to shareholders of listed companies was 57.6 million yuan. 1) The main business continued to pick up and profitability was fully reflected.In 2019H1, the company’s lithium battery structural components achieved revenue of 10.500 million US dollars, a year-on-year increase of 67%, the proportion of total revenue increased from 78% to 89%, the release of production capacity released by the lithium battery structure business gross profit level continued to increase, 2019H1 has reached 25%. 2) The production capacity was accelerated and improved, and the leader was further consolidated.At present, the company’s construction capacity will increase the company’s sales revenue by more than 2 billion after the production capacity is reached.The perfect production capacity layout will further consolidate the company’s leading market segmentation of precision structural parts 苏州桑拿网 for power lithium batteries. 3) The customer development is smooth, and the key customer strategy is further consolidated.The company keeps pace with the development of high-quality large customers, consolidates strategic cooperation relations, and cooperates smoothly with large domestic and foreign battery factories such as CATL, LG, Panasonic, BYD, AVIC Lithium Battery and other domestic and foreign battery factories. 4) The company continued to strengthen its core technology and continued to expand its R & D investment.In 2019H1, the company’s R & D investment exceeded 50 million, an increase of 93% over the same period of the previous year. The company’s R & D focus was on battery safety, including key technologies such as product safety and explosion protection, and safe power failure protection. 5) Performance 杭州桑拿 continued to be released, and the leading profits of lithium battery structural components continued to be strong.The company also announced that the median net profit index for the third quarter of 2019 reached 60 million, an annual increase of 180%. For two consecutive quarters, it has been at a higher level of net profit since the company’s listing. Profit forecast: The company is expected to have a net profit of 2 in 2019-2021.28, 2.79, 3.7.8 billion, with EPS of 1.08, 1.33, 1.80 yuan, corresponding PE is 23, 19, 14 times, give a “buy” rating! Risk warning: New energy vehicle sales are less than expected, and capacity expansion is less than expected