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[How to eat green beans fried meat]_Recommended diet

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Zhonghua Enterprise (600675): Chinese enterprises Binjiang Qizi Zhumeng Financial Port Management Optimization Three rates continue to decline

Zhonghua Enterprise (600675): Chinese enterprises Binjiang Qizi Zhumeng Financial Port Management Optimization Three rates continue to decline

2019H1 company revenue is +19 for ten years.

22%, gross margin increased by 23.

From 12% to 56% in the first half of 2019, the company’s revenue was 91.

41 billion +19.

22%, net profit attributable to mother 16.

7.2 billion +100.

56%.

The overall gross profit margin in the first half of the year was 56.

02%, an increase of 23 a year.

12pc, mainly affected by the real estate carry-over regional structure.

The company’s management continued to optimize, and the three expense ratios continued to decline. The sales, management, and financial expense ratios in the first half of the year decreased by 0.

52 only.

13, two.

62 only.

  Development segment: The focus of development returns to Shanghai, the gross profit margin is expected to remain high in the first half of 2019, and the company’s contracted area is 13.
.

570,000 square meters with a contracted amount of 66.

34 trillion, each year +10.

86% and +155.

twenty three%.

Signing average price 4.

890,000 square meters for ten years +130.

2%, mainly due to the increase in the proportion of contracts in Shanghai.

From a structural point of view, in the fourth quarter of 2018, the residential area in Shanghai was heavy, and in the first quarter of 2019, commercial offices in the Shanghai area entered the market.

Taking into account 杭州夜生活网 the rapid increase in sales in Shanghai, gross margin is expected to remain high in the future.

  Leasing segment: Increased the scale of holding, and Binjiang Qizi fully started construction to build Lujiazui Financial Port. In the first half of 2019, the company leased 327,309 square meters of construction area, reducing and decreasing by 16.

39%, rental income 3.

0.4 billion, a decrease of 2 previously.

56%, the first is Huaihai apartment refurbishment.

  The company’s “Lujiazui North Riverside-East Bund” is the starting point. The Lujiazui Financial Port is composed of the “Seven Chinese Riverside Enterprises”.Square meters), all of which have begun construction and are expected to enter the market one after another in 2020.

  Net interest rate is still low, there is room for follow-up leverage, and financing advantages continue to highlight the increase in interest-bearing liabilities in the first half of 2019 3.
.

800 million to 158.

700 million, cash in hand decreased by 33.

700 million to 142.

400 million, the net debt ratio increased by 23 compared with the end of 2018.

48 tablets to 9.

92%, still at a potential level, there is room for subsequent leverage.
Short cash debt ratio is 4.

28, an increase of 1 from the end of 2018.
73. There is plenty of cash in hand and there is less pressure on short-term debt repayment.

In the first half of 2019, it is expected that the average financing cost will drop further.

From 3 to 5%, the coupon rate of the latest private placement bond is 4.

35%, financing advantages continue to highlight.

  Settlement or target at high base, target price 5.

70 yuan, downgraded to “overweight” rating company’s focus on real estate sales returned to Shanghai, the signing of the average price has increased significantly, the improvement of the structure has driven the gross profit margin to rise steadily.

At the same time, the company expands its holding scale and builds Lujiazui Financial Port by relying on the “Seven Chinese Riverside Enterprises”. The long-term development of the leasing segment is worth looking forward to.

Taking into account the high base in 2018 and the limited settlement resources in hand, we lower our EPS forecast for 2019-2021 to 0.

44/0.

52/0.

59 yuan (was 0.

57/0.

65/0.

76 yuan).

Taking into account the downward adjustment of the industry’s estimated center, we cut the PE in 2019 to 13 times, and the target price is 5.

70 yuan, downgraded to “overweight” level.

  Risk Warning: The construction progress of the leasing sector may be less than expected, and the launch may be less than expected.

Great Wall Motor (601633): Sales growth is better than the industry’s overall profitability under pressure

Great Wall Motor (601633): Sales growth is better than the industry’s overall profitability under pressure
Event: The company released its semi-annual report for 2019, and its total operating income for 2019H1 was 413.US $ 7.7 billion, an average of 15 in ten years.0%; net profit attributable to mother 15.17 trillion, an average of 58 in ten years.95%; net profit of non-attributed mothers 12.$ 4.1 billion, an average of 65 over a ten-year period.32%; basic profit return is 0.17 yuan.Among them, 2019Q2 income was 187.500 million, a decline of 15 every year.18%; net profit attributable to mother 7.$ 4.4 billion, an average of 53 per year.93%.  Key points of investment: The sales volume in the first half of the year increased against the trend, the gross profit margin and net profit margin fell in the first half of this year, and the domestic automobile sales volume was 1232.30,000 vehicles, at least 12 per year.4%, the company sales 49.350,000 vehicles, an increase of 4 per year.67%.Gross margin in the first half of the year 15.06%, a decrease of 5 over the same period last year.71 averages; net margin 3.67%, a decrease of 3 over the same period last year.92 averages.In the second half of this year, the National Sixth Standard was implemented in some regions. In the first half of the year, car companies 北京桑拿洗浴保健 launched price reductions for National Five-standard models. The company expanded its product incentives, brand promotion efforts, and R & D investment, resulting in an overall decline in profitability.  The profit in Q2 of 2019 improved month-on-month, and the profitability of bicycles increased QoQ in 2019. The decrease in revenue was basically the same as that in 2019Q1, and the decline was about 15%.02 supplements, profitability improved month-on-month.2019Q1 bicycle profit is 0.270,000 yuan in 2019Q2 bicycle profit is 0.350,000, bike profitability increased month-on-month.  New models of the company have been launched in the second half of this year, and new production capacity has been released. The company plans to launch new models of the Great Wall Artillery series in September this year, and launch a new model of the Euler brand, the Euler R2, in the fourth quarter.The 杭州桑拿 first phase of the company’s production base in Tula, Russia was put into production in June this year, with an annual production capacity of 80,000 vehicles. It will mainly produce H9 and F7 models. Following the domestic production bases in Baoding, Xushui, and Tianjin, the Chongqing Yongchuan plant willCompleted and put into production at the end of 2019, providing productivity support for performance growth.  Maintaining the “Recommended” rating We expect the company’s net profit attributable to its parent in 2019/2020/2021 to be 38.8 billion / 53.3.9 billion / 69.10 billion yuan, EPS is 0.43 yuan / 0.58 yuan / 0.76 yuan, corresponding to the current ongoing P / E evaluation levels of 19X / 14X / 11X, maintaining the “recommended” level.  Risk warning: car sales are lower than expected; new car listing progress is lower than expected.