Fuyao Glass (600660) Interim Report Comments: Performance basically in line with expectations

Fuyao Glass (600660) Interim Report Comments: Performance basically in line with expectations
Event: The company released an interim report in the evening to achieve a revenue of 102.900 million (+ 2%) and a net profit of 15.100 million (-19.4%), deducting non-net profit 13.4 billion (-26.8%); of which the second quarter achieved revenue of 53.500 million (+0.3%), deducting non-net profit 8.200 million (-33.3%), slightly lower than expected.It is expected that the eps for 19-21 will be 1.41/1.62/1.76 yuan, corresponding to 19 years 16 years.1Xpe, maintaining “Highly Recommended-A” rating. Comments: 1. Affected by the downturn of the automotive industry, the company’s revenue side and cost side are under pressure from the decline in domestic automobile production in -19 in 19 years.7%, the company’s revenue cost under the double-pressured income side in this context: benefiting from the increase in overseas share and SAM consolidation, the income side is relatively stable.According to the competition in the domestic market, the company actively adjusted its business structure, and its internal proportion increased from 2018H161.4%: 38.7% is optimized to 51 in 2019H1.7%: 48.3%, the proportion of domestic and foreign income is basically the same.At the same time, the H1 income end benefits from the SAM consolidation. If the replacement of the SAM consolidation effect, the H1 income end will be mixed with about 5% in 2019, which is still relatively good compared with the industry trend.Finally, the proportion of high-end glass in the company’s product structure increased by 1.67pct, to ensure the stability of ASP, the performance of revenue is better than the performance of restructuring volume. Cost: affected by the decline in demand for SAM and float glass, the margin of fluctuation in gross profit margin.2019H1 company realized gross profit margin 37.53%, ten years ago4.43pct, influence.In terms of structure, the gross profit margin of the auto glass business was 34.47%, a decline of 1 per year.23 points, the company’s weak market increased its market share, and the price was better under pressure; the float glass business’s domestic sales share declined, and the external supply part sold to building-grade glass, resulting in a gross profit margin of 34.6%, a decline of 6 per year.5pct, the gross profit margin decreased by 70 million. U.S. plant: The climbing of Auto Glass went smoothly, and the merger of the performance side was slightly affected.The US factory car glass climbing is in line with expectations, and the target of 3.9 million sets is expected to remain unchanged.However, the US plant’s revenue and profits include automobile glass plants and float glass plants.As a result, the US factory’s 2019H1 revenue19.100 million (+13.7%), net profit 1.5 billion (+16.5%), if the impact of the float process is eliminated, the US auto glass plant meets expectations. Operational efficiency: Accounts receivable, inventory, labor and other efficiencies continued to improve, and cash flow was well controlled.In terms of inventory turnover, automotive glass inventory turnover days were 65 days, compared with 67 days in the same period last year, and efficiency was continuously improved; float glass inventory turnover days were 176 days, compared with 140 days in the same period last year, mainly due to industry reasons.In terms of accounts receivable, the number of accounts receivable turnover days in 2019H1 was 61 days, compared with 68 days in the same period last year. In the labor portion, the company continued to provide manual efficiency. The number of employees was 25,716, a decrease of 1,351 from the end of 2018. The per capita output value continued to increase; Cash flow part, operating cash flow for two years -22.7%, in line with performance trends; investment cash flow + 153%, financing cash flow +285.9%. 2. The company’s flexibility in the recovery of the industry boom, industry + float + SAM integration first, industry.The company’s reconstruction in a weak market is at the expense of some short-term price increases in market share, so the decline in profit is greater than revenue.When the prosperity rebounds, the market share of the weak market brings flexibility.At the same time, the US plant is still climbing at a 30% growth rate, contributing to overseas growth. Second, 无锡夜网论坛 float glass.The company launched the Benxi float glass production line in 2018H2, and intended to increase the proportion of float self-supplied.However, in the cold winter of the car, the remaining float glass products of Benxi and the US plant were sold to the construction-grade market, resulting in a decline in profitability.When the industry boom picks up, revenue and profit are dual elastic. Third, the progress of SAM integration.At present we expect the basic integration of SAM to be completed in October. At the same time, the company has invested in the Suzhou plant for extrusion molding.With the completion of European integration, domestic orders have been secured and profit margins have been extended. Based on the above three points, we believe that the company’s allocation value is outstanding. Risk reminder: 重庆耍耍网 the recovery of the automotive industry boom is less than expected

Central South Media (601098): Fourth-quarter results stabilize and rebound, maintaining high dividends for three consecutive years

Central South Media (601098): Fourth-quarter results stabilize and rebound, maintaining high dividends for three consecutive years

Event: On the evening of April 22, 2019, the company released the 2018 annual report: 1) The revenue in 2018 was 95.

7.3 billion, down 7 every year.

6%; net profit attributable to mother 12.

3.8 billion, down 18 every year.

19%; net profit of non-attributed mothers is 11.

0 trillion, down 21 a year.

88%; realized basic profit income of 0.

69 yuan, a decrease of 17 per year.


2) 2018Q4 achieved revenue of 34.

6.6 billion, an increase of 1 every year.

87%; net profit attributable to mother 3.

6.8 billion, an increase of 9 per year.


3) Profit distribution plan: cash dividends for every 10 shares to all shareholders6.

1 yuan (including tax), a total of 10 cash.

9.6 billion yuan.

4) The operating plan for 2019 will achieve revenue of 9.6 billion yuan.

Comments: 1. The rectification of teaching aids had an impact on the overall performance in 2018, but the impact of reorganization of teaching aids improved, and the performance in the fourth quarter stabilized and rebounded.

At the beginning of the year, the overall trend of the decline in overall income and profits was: 1) The overall education administration departments and primary and secondary schools in Hunan Province began to rectify the market education aids since the fall semester of 2017.General book-related business still maintained healthy growth; 2) Profit margin was basically the same as last year.

With the improvement of the impact of the teaching aid improvement in Hunan Province, the company actively adjusted the teaching aids business. The decline in revenue has continued to shrink since 18Q1 and has grown for the first time in the fourth quarter, reflecting the adjustment of the teaching aids business.
2. Conventional media has entered a new period of development, and the book publishing business ranks first in the industry. The influence of new businesses such as financial investment has continued to rise.

At the industry level, policy support in the media industry has been further strengthened.

From the perspective of the company, the publishing and distribution of general books are highly competitive. In 2018, the company ranked second in the country’s book retail market in terms of market share, and the market share of each segment also ranked at the forefront.

The company’s financial investment business performed well, and in terms of media integration, Rednet achieved good results and deployed “Red Net Cloud” and “Red Video”.

3. The company is divided into the MSCI emerging market index. The leader + high dividends + generous account funds are bonus items, with a cumulative cash scarcity of 30 in the past three years.

7.1 billion yuan.

The company is favored for three reasons: 1) the company’s intensive cultivation of textbooks and auxiliary distribution of textbooks, is the single source procurement supplier of textbooks of the Hunan Provincial Government, and is a leader in the publishing industry; 2) 2016?
Dividend and dividend payment rates in 2018 far surpassed those of other media companies; 3) Sufficient funds ensure the healthy operation of the company’s business.

4. Profit forecast and investment 佛山桑拿网 advice.

Expected 2019?
In 21 years, the company’s net profit attributable to the mother was 13 respectively.

28 billion, 14.

2.6 billion and 15.

1.2 billion yuan, corresponding to 17.

4 times, 16.

2 times and 15.

3 times price-earnings ratio is strongly recommended.
Risk reminder: The teaching and publishing business is affected by policies or the duration, and the book publishing and publishing industry has a risk of reversing the cliff.

Midea Group (000333): Channel integration improves efficiency, diversification of shares, and development

Midea Group (000333): Channel integration improves efficiency, diversification of shares, and development
Core points: 1.Incident Midea Group released the 2019 third quarter report, the company’s total operating income in the first three quarters was 2,209.20,000 yuan, an annual increase of 7.37%, net profit attributable to mother 213.2 ‰, an increase of 19 in ten years.08%.Net cash flow from operating activities was 297.90,000 yuan, an increase of 52 in ten years.07%.  2.Our analysis and judgment (1) Q3 revenue exceeded expectations, channel integration improved efficiency, the company’s operating income for the first three quarters of 2019 was 2,209.20,000 yuan, an increase of 7 in ten years.37%, the faster-than-expected growth in the first part of the industry.2019Q3 company revenue was 671.500 million, an increase of 6 in ten years.36%, slightly lower than the first and second quarters.In terms of different businesses, the HVAC business picked up rapidly. According to the data of Aowei Cloud Network, the market share increased by 4 in the third quarter.6pct, mainly because the price of raw materials has fallen, and the optimization of the product cost structure has pushed the company to continue its price reduction promotion policy.  As for consumer appliances, the first three quarters of ice, washing, and small household appliances also steadily increased.  The company will continue to promote channel development and reduce channel costs.On the Internet, the company’s online sales growth in the first three quarters far exceeded the industry level, changing the company’s and e-commerce platforms, and the company’s online sales growth attempted to maintain steady growth.Offline companies continue to promote the direct supply model of manufacturers, make full use of the comprehensive advantages of product categories to set up home improvement stores, and provide one-stop services for consumers. In terms of engineering channels, Q3 central air-conditioning sales have expanded, and the rise of the hardcover market will further expand the scale of the home appliance market.  (2) The gross profit margin has been steadily increased, and the profitability has increased. The company’s gross profit margin for Q3 2019 was 28.2%, an annual increase of 0.83pct, basically the price of raw materials copper, steel, aluminum raw materials fell and the exchange rate of exports changed, but the increase narrowed slightly.We believe that the company ‘s gross profit margin has continued to increase in the third quarter in the context of air-conditioning price reduction promotions, which has gradually transformed the company ‘s cost control capabilities. The promotion is based on the company ‘s stable profitability.  In the first three quarters, the company’s net sales margin, sales expense ratio, and management expense expenses10.12%, 12.48%, 5.96%, increasing by 0 every year.84pct, 0.72pct, 0.18pct, the growth rate of net interest rate is not as fast as the growth rate of gross profit rate. In the end, the cost of sales for price reduction promotions increased, and the sales expense ratio and management expense ratio increased slightly.Net cash flow from operating activities of the company in the first three quarters was 297.90,000 yuan, an increase of 52 in ten years.07%, the company’s operating quality is high.The company’s R & D expenses in the first three quarters of 20193.2%, an increase of 0 a year.1pct, the company will continue to adhere to the “development generation, reserve generation, research and development generation” concept to form research and development advantages, establish technical barriers, and 杭州桑拿网 it is expected that research and development costs will remain high in the future.  (3) Diversified employee shareholding incentive function business develops in October 2019 The company launched a diversified shareholding plan.The first is to obtain artificial intelligence, chips, sensors, precision control and drive, industrial simulation systems, large, direct shareholding plans will reward high-level, core team group subsidiary shares, and subsidiaries.Data, cloud computing and other emerging technologies.Diversified member holdings can fully mobilize the enthusiasm of the company’s operating leaders and core employees, strengthen business binding, and quickly promote the simultaneous development of new businesses.  (IV) The expected normalization deadline for repurchase is September 30, 2019. The company repurchased 60.25 million shares through centralized bidding through the repurchase of special securities accounts, accounting for the company’s total share capital as of September 30, 2019.0.8654%, which has exceeded the minimum value of the company’s planned repurchase amount.We believe that the gradual improvement of the home appliance industry has gradually matured, the company’s development has stabilized, and cash demand has decreased. Dividends have increased due to outbound mergers and acquisitions and expanded production requirements. Cash demand has decreased, and the company’s stock repurchases have promoted normalization.Stock repurchase is conducive to the protection of shareholders’ rights, and at the same time, repurchased shares can be used for diversified equity incentive plans, which are conducive to binding interests and have a significant incentive effect.  3.Investment advice The company has a complete range of products, and the market share of multiple products is in the first echelon of the industry. The overall performance is highly certain and the ability to resist risks is strong.  The robot business is expected to enjoy the dividend of the rapid development of intelligent manufacturing, which will bring new profit points to Midea.We predict that the company’s revenue for 2019-2021 will be 2848, 3111, 341.1 billion US dollars, and the net profit attributable to the mother will be 227, 25.5, 28.3 billion US dollars, and EPS3.45, 3.88, 4.30 yuan, maintain the “recommended” level.  4.Risks indicate the risk of sluggish domestic sales, the risk of less-than-expected consumption policies, and the risk of fluctuations in raw material prices.

Chenguang Stationery (603899): Leaders in the stationery industry continue to exert office direct sales + boutique cultural and creative products

Chenguang Stationery (603899): Leaders in the stationery industry continue to exert office direct sales + boutique cultural and creative products

The company is a leading enterprise in the domestic stationery industry.

Chenguang Stationery was established in 1990 and went on the market in 2015. After 30 years of development, it has established a solid leader in the field of domestic writing instruments, student stationery and office stationery. Until the end of 18, it had more than 7 in the country.

50,000 retail terminals.

In recent years, the company has been actively developing new business. In 2C, in 2012, it created a direct-operated large store model of Chenguang Life Center, which targets young consumers. In 2016, Jiumu Sundry Club was established to explore industrial retail.

The 2B end launched the Chenguang Klip office direct sales service platform in 2013. In 2017, it acquired the American office direct leader, Audi, to improve its customer matrix and seize market share.

CAGR in 2017 was 27.

8%, CAGR of the net profit attributable to the mother is 23.


2018Q1-3 realized revenue / net profit attributable to mother 61.


250 thousand yuan, an increase of 36 in ten years.

3% / 27.


The stationery industry has grown steadily, and the competitive landscape in the large office sector is still excellent.

The domestic traditional stationery industry has a market size of US $ 150 billion, but the per capita stationery consumption is only 105 yuan, which is less than half of the global average of 240 yuan. Under the domestic consumption upgrade trend, there is still room for double growth in the future.

At present, the domestic stationery industry CR4 is only 5.

3%, the United States CR5 reached 70%, SMEs do not exceed the size and channel advantages, it is expected that the market will accelerate the concentration of head enterprises in the future.

Chenguang Klip, an office direct sales company, continued to make efforts and merged with Audi to expand its market.

In addition to office stationery and equipment, the large office market also includes various categories such as office furniture and consumables, corresponding to 1.

6 trillion market space.

At present, the scale of competition in the domestic large office sector is better. The participants include domestic stationery leading companies, overseas office direct sales companies and e-commerce platforms, which are all in the early stages of development.

The company’s office direct sales business, Chenguang Klip, has expanded rapidly since it was launched in 2013, achieving revenue in 17 years12.

55 ppm, a 143-year increase.

3%, 14?
17-year compound annual growth rate of 101.


In 16 years, he began to explore the Copley franchise model and established the franchise division. The company’s customers have developed smoothly, the warehouse’s national layout has been gradually improved, the distribution efficiency and customer service experience have been improved, and the company’s transportation expenses have room to fall.

In 2017, the company acquired 100% equity of the Audi office building with zero consideration. Audi focuses on intermediate customers to further improve the customer matrix of Chenguang’s office direct sales business, and is conducive to increasing the gross profit margin of the direct sales business in the future.

Exploration of new retail model, establishment of Chenguang Living Museum and Jiumu Miscellaneous Agency, the brand value continued to increase.

Living Museum and Jiumu Miscellaneous Goods Co., Ltd. are the main channels for fine cultural and creative products, catering to the trend of upgrading consumer quality.

In 18 years, the company began to explore the franchise mode of Jiumu Depot, until 18Q3 has launched 145 living museums, 79 Jiumu Depots (69 self-employed + 10 franchise), it is expected to add 100 Jiumu in 18 yearsSundries.

18Q1-3 Living Hall and Jiumu Depot have achieved income2.

19 trillion, a year-on-year growth of 40%; of which Jiumu Sundries Co., Ltd. is 96 million yuan per second, an annual increase of more than 380% (less than 20 million yuan in the same period last year).

The new model explores and enhances the company’s brand value. The gross profit margin of boutique cultural and creative products sold by the company through living museums and sundry clubs is about 45%, which brings room for gross profit margin to rise.

Optimize and upgrade the traditional stationery business terminal channels, enrich product 杭州桑拿网 categories and promote brand upgrades.

The number of the company’s terminal outlets has steadily increased. It is estimated that there will be a net increase of about 2,000 in 18 years, and increase the proportion of more profitable franchise stores in new stores, and continue to optimize and upgrade the existing channels to improve the quality of single stores.

Rich product categories, increase the promotion and sales of high-quality cultural and creative products, office stationery and children’s art products. 18Q1 high-quality cultural and creative products grow by more than 60% annually, increasing the gross profit margin of traditional businesses.
The company’s traditional stationery business channel has obvious advantages, the office direct sales business expands smoothly, actively explores new retail and boutique cultural and creative, thickens profit margins, has sufficient endogenous growth momentum, and gives a “buy” rating for the first time.

It is estimated that the net profit for 18-20 years will be 8.


75 ppm, an increase of 27 in ten years.

0% / 26.

7% / 24.

9%, corresponding to PE 39.

4X / 31.

1X / 24.


Risk reminder: Colop’s business is less than expected, the development of boutique cultural and creative sundries and living museums is less than expected, and the risks of prediction assumptions and actual conditions are different.

Midea Group (000333): A Look at Midea from the History of Channel Evolution: Becoming a Leader and Dancing Due to Situation

Midea Group (000333): A Look at Midea from the History of Channel Evolution: Becoming a Leader and Dancing Due to Situation
The development history of beauty is also a history of channel evolution.From the perspective of channels, the development process of Midea can be divided into two stages: First, before 2005, the industry transitioned from the introduction period to the development period, from the shortage of products to frequent price wars.At this time, Midea adopted an agent-based channel model. The chain was Midea Group—> First Class Agent—> Secondary Agent—> Retailer—> Customers. Its revenue grew from 500 million in 1992 to 21.3 billion in 2005, with high performance.Growth is accompanied by higher volatility. Second, from 2005 to 2011, the industry transitioned from the development period to the mature period, and chain stores such as Suning and Gome rose strongly.Out of consideration of risks and autonomy, Midea began to establish a local sales company system, and the channel chain was transformed into the “Marketing Headquarters of Refrigeration / NEC Group Corporation-Joint Venture Company-Distributor”, which is more flexible and agile.Midea’s operating income jumped from 47.3 billion in 2009 to 93.1 billion in 11 years, with a GAGR of 28%. The high-speed growth of the business while reducing the volatility.After the reform of the Refrigeration Group, NEC Group followed a series of rapid growth, and the network of specialty stores has penetrated strongly in the third- and fourth-tier markets. However, the reform supporting measures are insufficient, and regional marketing companies will soon change. At this time, Midea quickly readjusted the channels after experiencing pains, showing the company’s excellent genes of “quick response.” Third, from 2012 to the present, the industry has entered a mature stage, the growth rate has been restructured, the market structure of oligopoly has become clearer, and new consumer trends such as e-commerce have emerged.The channel part returned to the agency system, and the concept shifted from the introduction of income scale to the expected profit creation.And after the number of outlets was achieved, the full coverage of the secondary and secondary markets, and the coverage of the tertiary and tertiary markets reached more than 95%, Midea began to transform the channel form and channel process reengineering: 1) explore online e-commerce channels, 2)Offline flagship store, 3) “T + 3” mode change.The profit growth rate of the group began to exceed the income growth rate. The profit increased from 3.3 billion to 20.2 billion, with a GAGR of 36%, which is a double 南京桑拿网 of the income growth rate. The profitability has improved significantly, and the net profit rate has risen from 6% to 8%.10%; overall performance shows a steady upward trend. Sorting out this history, we find that although there are setbacks and repetitions in the middle, the direction of Midea’s channel change has not changed. It has been reaching a wider range of consumers, a more diverse channel structure, and a more agile market response.Work hard.The high-quality large-scale outlets in the early stage reached more consumers to gain scale advantages, and then changed the channel form, improved turnover and efficiency to reduce costs, and integrated comprehensive channel advantages. Investment suggestion: Let ‘s look at Midea from the perspective of channel transformation. We believe that Midea has the ability to respond quickly to market changes, has a good tradition of rapid decision-making, and efficient execution of good genes.Adaptability.We estimate that the company’s operating income for 2019-2020 will be 283.4 billion, 331.3 billion, surpassing growth8.2%, 10.6%, net profit is 23.5 billion, 27 billion, an annual increase of 16.1%, 14.9%, corresponding to PE16, 14 times, maintain “Buy” rating.Risk warning: industry competition is intensifying, and bargaining power in downstream channels is increased.

Topway Information (002261) Annual Report for 18 Years & Quarterly Review for 19Q1: Significant Growth in First Quarter Performance

Topway Information (002261) Annual Report for 18 Years & Quarterly Review for 19Q1: Significant Growth in First Quarter Performance

First, the event overview The company released the 2018 annual report and the 2019 first quarter report.

The company achieved operating income in 201811.

85 ppm, a five-year increase of 5.

92%, education business revenue ratio replaced 65.

56%; net profit attributable to mothers may increase by 13.

66 trillion, down 2158 a year.


The severe distortion of net profit was mainly due to the provision for impairment of Haiyuntian Technology, Hot Information and Long March Education Goodwill12.

8.8 billion.

Realized operating income in the first quarter of 20192.

51 ppm, a five-year increase of 5.

96%; net profit attributable to mother was 1180.

190,000 yuan, an increase of 351 in ten years.


Second, analyze and judge to cooperate with Huawei to promote education informatization.

0 Demonstration site construction, B-side and C-side business collaborative development of B-side smart education business, the company has built three major educational informatization based on Huawei Cloud2.

0 Benchmarking Demonstration Point-Changsha Online Learning Center, Yiyang Smart Education and Tongren Smart Education Cloud Platform.

At present, the Changsha Online Learning Center for Primary and Middle School Students has presented 3,000 course packages covering more than 800 schools in Changsha and gathered more than 140,000 students. It is expected to replicate this model and expand rapidly in other places to increase performance.

In terms of C-end business, 717 new smart campus schools were newly built in 2018, gradually reaching 1,221, and the number of users increased from 30.

830,000 to 60.

230,000, 95 axial.


Wonderful composition users from 48.

90,000 to 61.

20 thousand, nervousness is 25.


In addition, the company joined hands with Huawei to create a smart campus ROBO all-in-one solution that will add personalized intelligent design to the company’s integrated smart campus teaching management solution to promote business expansion.

Successively won the bid for large-scale computer examination service projects, the industry leaders merged and consolidated. 2018 is the first year of the national unified legal professional qualification examination to implement the computerized test. Haiyuntian Technology successfully won the national unified legal professional qualification examination national computerized examination in May 2018.Technical service project.

In September, Haiyuntian Technology successfully completed 31 provinces (autonomous regions, municipalities) in Xinjiang, Xinjiang, Hong Kong and Macau, a total of 303 test areas, 916 test sites, 10748 test rooms, 60.

More than 40,000 candidates of the national unified legal professional qualification examination subject questions computerized examination technical services.

Haiyuntian has recently won the bid for the computerized examination service of the National Uniform Legal Professional Qualification Examination for 2019-2021, which is expected to bring nearly 200 million sales revenue for Haiyuntian Technology in the next three years (excluding provincial seat fees and regulatory examination 苏州夜网论坛 fees).Will further increase performance.

In addition to judicial examinations, Haiyuntian has won successive bids, and many other national computer examination services, including computerized examination services for the securities industry qualification examination from 2018 to 2020, paperless accounting and technical examinations for 2018 andScoring technical service projects and national college English four and six test services.

Third, the investment recommendation was raised to the recommended level.

The company’s quarterly report reached 351.

The 31% net profit growth rate, the first quarterly report indicates that the company’s net profit attributable to mothers from January to June 2019 is expected to achieve multiple growth rates of 50% to 100%, and the interim report is expected to achieve net profit attributable to mothers at 2139-2851.

520,000 yuan.

Considering that the company has strong channels and high-quality educational resources for many years, as a leader in the field of examination service segmentation, it has continued to develop in-depth cooperation with Huawei in the field of education informatization compared with the conversion of large projects.

The EPS for 2019-2021 is expected to be 0.14/0.


23. The PE at the current price is 49X / 35X / 29X, which is higher than the comparable company ‘s 19-year median indicator 39X (wind data). However, considering the company ‘s high performance this year, the prospect of education informatization and the prospect of cooperation with Huawei are good.Next, consider the overall upgrade to the recommended level.

4. Risk warning: industry competition intensifies; business expansion is less than expected

Tianbang Shares (002124): Results bottomed out and actively paid attention to the progress of the supplementary column

Tianbang Shares (002124): Results bottomed out and actively paid attention to the progress of the supplementary column

Event: The company released its 2018 annual report and 2019 first quarter report.

The company achieved revenue of 45 in 2018.

1.9 billion, +47 a year.

63%; net profit attributable to mother -5.

72 trillion, previously 杭州夜网 318.

19%; net profit attributable to non-parents is -6.

610,000 yuan, 381 years before.


2019Q1 company achieved revenue of 12.

45 trillion, +47 a year.

64%; net profit attributable to mother -3.

350,000 yuan, an average of 1142% in ten years.

The number of pigs slaughtered has increased, and the breeding efficiency has improved in 2018.

In 2018, the company produced 216 pigs.

970,000 heads, an increase of 114% in ten years.

Affected by the non-plague situation, the average sales price of commercial pigs was 12.

17 yuan, 18 years average.


The company made full use of its technological advantages. In the first three quarters of 2018, the total cost of breeding decreased by about 6% compared with 2017, and even in the fourth quarter, the cost of breeding increased due to the embargo policy, so the total cost of breeding was 12.

87 yuan / kg for years before 20171.


In addition, the company accrued part of its inventory impairment provisions in 2018, which resulted in the suspension of the pig breeding business2.

9.3 billion.

The sluggish pig price in 2019Q1 + the cost of breeding went up, and the performance bottomed out.

The number of pigs slaughtered by the company in Q1 2019 was 76.

260 thousand heads, an increase of 79% in ten years.

The pig industry was sluggish in the first quarter, with an average sales price of 11.

17 yuan / kg, superimposed company costs upward, the company’s gross profit margin is -6.

1%, maybe 3.

3.5 billion, bottoming out.

In March 2019, the company’s average hog sales price has risen to 13.

At 34 yuan / kg, the current hog price has entered the upward channel, and the profitability of hog breeding is expected to improve after the second quarter.

Affected by the embargo policy in the first quarter of 2019, there was a situation where breeding pigs were slaughtered for fattening pigs, resulting in a reduction in productive biological assets.

In 2019, young people will enter the battlefield, and China Animal Insurance’s equity transfer will be completed.

In 2018, the company fully made a total of 4 asset impairment provisions and investment losses for China Dynamic Insurance related interests.

US $ 0.7 billion. In April 2019, the company announced that it would transfer China Mobility’s equity to the actual controller, Mr. Zhang Banghui, with a transaction price of US $ 100 million and another US $ 100 million as a security deposit. The transfer of a 40% equity transaction in Zhongyu Zhihong Investment Management CompanyThe consideration was US $ 100 million and another US $ 100 million security deposit was obtained.

In summary, the company received a total of 400 million, which can cope with the pressure of funds and ensure business development.

Outlook for 2019: Continuous expansion of pig production capacity and steady development of feed business.The company can currently breed close to 150,000 heads of sows and strive to produce more than 3 million heads vertically.

In 2019, we will continue to expand the production capacity of pig breeding and realize the initial supplementary budget of the new pig farm. It is estimated that the number of slaughtering in 2020 will reach 5.2 million heads.

In 2019, the aquatic feed business will benefit from the optimization of product structure, and the high growth of shrimp feed will maintain steady development.

Investment suggestion: The pig breeding business bottomed out and benefited from the improvement in profitability of pig prices in the second half of the year.

Expected net profit attributable to mothers in 2019/20/218.



80 ppm, the current market value corresponds to PE32.



9x, maintain “Buy” rating.

Risk reminder: Macroeconomic fluctuations, non-plague situation intensify, raw material prices fluctuate, production volume is less than expected, and pig price rises are less than expected.

Shandong Road and Bridge (000498) 2019 First Quarterly Report Review: 1Q19 Revenue Growth Bright Net Profit Continues to Improve

Shandong Road and Bridge (000498) 2019 First Quarterly Report Review: 1Q19 Revenue Growth Bright Net Profit Continues to Improve

Event: Shandong Luqiao released the first quarter report of 2019.

In the first quarter of 19, the company achieved revenue of 46.

6 billion, a year-on-year increase of +135.

3%; net profit attributable to mother 1.

0 billion, a year-on-year increase of +222.


19Q1 revenue growth is dazzling, and the net profit rate continues to improve: the company’s 2Q18-1Q19 revenue growth rate, the gross profit margin was 23.

2% / 31.

7% /-2.

7% / 135.

34%, 6.

2% / 9.

7% / 16.

7% / 6.

8%, which are -94 compared to the same period last year.

6 / -30.

6 / -17.

5 / + 83.

One, -9.

5 / -1.

8 / + 4.

5 / -1.

6pcts; The large increase in revenue in 1Q19 was due to the large-scale project construction workload in the quarter, and the revenue was confirmed more. The gross profit margin fell slightly or may be higher than that in large-scale projects with 1Q19 workload. The impact of raw material price increases is still being digested.

As the proportion of large-scale projects gradually returns to a reasonable level, the owner partially resumes the increase in raw material prices and affects the price difference. 西安耍耍网 It is expected that the gross profit margin will gradually rise.

Benefiting from the improvement of the company’s management efficiency, the interest-bearing debt / total expenditure costs continued to decline, the company’s management expense ratio (excluding research and development expenses), and the financial expense ratio were changed by -1 from the previous changes.

9 / -1.

0pcts drove the company’s expense ratio to drop continuously during 1Q19.

4 pieces to 3.

5%, the company’s return to its parent’s net interest rate extended by 0.

6 points to 2.

2%, continuing the improvement trend.

There are abundant orders in hand and regional infrastructure investment is good: at the end of the last 18 years, the company has signed 244 outstanding orders.

200 million, has won the bid for this order has not yet signed the contract52.

100 million, signed unfinished orders is one of the revenue in ten years in 18 years.

7 times, relatively abundant orders in hand, strong performance guarantee.

Considering the continuation of the marginal improvement in the growth rate of infrastructure investment in the country, 2H18 countries have successively issued policies to promote infrastructure “shoring shortcomings”. During the “Thirteenth Five-Year Plan” period, Shandong is expected to expand and rebuild 800 kilometers of expressways and build 2,200 kilometers more. The regional infrastructure boomGood luck.

As the leader of road and bridge construction in Shandong and its surrounding areas, the company is backed by the advantages of Shandong Expressway Group. Luqiao Group, a core subsidiary of Tiefa Fund, is committed to developing the company’s railway business acquisition capabilities. It is expected that new breakthrough orders will maintain steady growth.

Equity incentives stimulate the company’s vitality and maintain a “buy” rating: In early 18th, the company adopted a stock compensation incentive plan with the company’s leadership and technical backbone as the main incentive object. On January 15, 2019, the company adjusted the stock budget incentive object to4 incentive objects added 37 rewards.With 560,000 stock budgets, the company’s equity incentive plan merges and binds the interests of the company and core employees to further plan the company’s vitality.

Taking into account the high degree of attractions in Shandong and surrounding infrastructure areas, the company has too many orders on hand, revenue growth may remain high, and its profitability is gradually improving. We raise our forecast for net profit attributable to mothers to 7 in 19-21.



400 million (previous value was 7.



500 million), the corresponding EPS is 0.



93 yuan, the current sustainable corresponding PE is 9 respectively.

3x / 8.

0x / 6.

8x, which is estimated to be close to the lowest level in the past 5 years, and maintains a “Buy” rating.

Risk Warning: The price adjustment with the owner is less than expected, the project progress is less than expected, and regional investment changes

Xinbao Shares (002705): Business Performance Optimized for Domestic Sales

Xinbao Shares (002705): Business Performance Optimized for Domestic Sales

The company disclosed the 2019 performance report: revenue of 9.1 billion, +8 in ten years.

1%; net profit attributable to mother 6.

900 million, previously +36.


Corresponding to 2019Q4: 2.3 billion in revenue, +4 in ten years.

8%; net profit attributable to mother 1.

700 million, previously +16.


Performance was basically in line with expectations.

First, domestic sales are accelerating. It is expected that the contribution of Mofei will mainly increase the performance of domestic sales. Exports will grow steadily.

The company’s preliminary domestic sales revenue in 2019 increased by about 50%, mainly driven by the rapid growth of the independent brand Mofei.

The export sales revenue has been steadily increasing due to the impact of Sino-US trade relations, with an annual growth rate of about 3-5%. The growth rate of export sales in the fourth quarter is related to the company’s initiative to screen orders. It has the advantage of continuous research and development and manufacturing.stable.

Own brands use content marketing to create explosive models and achieve ultra-high-speed growth.

The company’s Mofei brand has surpassed social media channels such as Xiaohongshu and Douyin, and has successfully created explosive products such as online red juicers and multi-function pans, achieving ultra-high-speed growth. It is estimated that its single-brand revenue growth rate has reached 300%.

We believe that the company’s own brand will continue to drive rapid growth in domestic sales revenue, while another independent brand, Dongling, is expected to replicate Mofei ‘s explosive product strategy and is expected to resume growth in 2020.

ODM cooperates with Xiaomi and Mingchuang to explore the market.

The company actively cooperates with Xiaomi, Mingchuang, Pinduoduo and other companies in the ODM business, and is committed to further expanding the scale and establishing scale advantages through its channels.

Second, profitability improved, benefiting from the optimization of business structure and reduction of exchange losses. The company’s profitability improved.

According to the announcement, the company’s net interest rate in 2019 is approximately 7.

5%, +1 each time.

6pct; 2019Q4 net profit is about 7.

3%, ten years +0.

7 points.

The increase in profitability is expected to be mainly due to the increase in the proportion of high gross profit margin businesses and the decrease in foreign exchange losses.

According to the announcement, the company’s domestic gross profit margin in 2018 was about 32%, far exceeding the company’s overall gross profit margin of about 20%.

The proportion of the company’s domestic sales revenue increased from 13% in 2018 to 20%, and it is expected to continue to increase in the future. The structural optimization brought by the increase in the proportion of high-margin business will continue to improve the company’s profitability.

At the same time, benefiting from the impact of the depreciation of the RMB, the company’s foreign exchange loss in 2019 decreased by approximately 56 million yuan. The structure adjustment + incentive plan helped the company gradually grow the brand division structure and ensure the response speed.

In 2019, the company’s landing brand division structure adopted a new product development framework suitable for the Internet to ensure rapid response to demand, which is more conducive to the company’s subsequent explosive products.

The fund incentive plan motivates employees.

In 2019, the company released its annual performance incentive fund plan, with the incentive conditions as follows: the net profit for the assessment in 19/20/21 is not less than (inclusive) 5 respectively.



29 trillion, the domestic main income is not less than (inclusive) 13.



7.8 billion.

It is expected that the incentive plan will further motivate employees.

Fourth, profit forecast The company has a strong ability to build explosives and has a wealth of new products.It is expected 杭州夜网论坛 that the internal sales business will continue to grow rapidly under the driving of independent brands, thereby continuously improving the company’s profitability; external sales will enable the company to accumulate R & D and manufacturing advantages for many years and promote stability.

Expected net profit attributable to mothers in 2019-2021.

900 million, 8.

0 billion, 9.

1 billion, the same increase of 36%, 16%, 14%; EPS0.

86 yuan, 1.

00 yuan, 1.

14 yuan, corresponding to PE23 / 20 / 17x, maintain “Buy” rating.

Risks remind that independent brand building exceeds expectations, fluctuations in export orders, and exchange rate changes

Yonghui Supermarket (601933): Promote the synergy between the two parties with Wuhan State-owned Zhongbai’s long-term Memorandum of Cooperation

Yonghui Supermarket (601933): Promote the synergy between the two parties with Wuhan State-owned Zhongbai’s long-term “Memorandum of Cooperation”

Yonghui Supermarket issued an announcement and has reached a consensus with Wuhan State-owned Assets on issues related to Zhongbai Group and launched a “Cooperation Announcement”, which includes: 1) Cancellation of the tender offer plan: Yonghui will support Wuhan State-owned Assets as the actual controller of Zhongbai.Cancel the partial tender offer plan for Zhongbai to maintain the current 29.

The 86% shareholding ratio remains unchanged; 2) It is clearly stated that “in three years, the net interest rate of Zhongbai’s main business shall be increased to 2.

The goal of 5% “is to seek strategic cooperation and coordinated development from three aspects: ① Promote market-oriented reforms: Yonghui will assist in promoting the 合肥夜网 market-oriented reforms of the Zhongbai Group’s operating team (the chairman of Zhongbai is appointed by Wuhan State-owned Assets, and the general manager is appointed byYonghui nominated) to promote the implementation of the fair incentive plan of Zhongbai Group; ② Business process optimization: Yonghui will work with Zhongbai to formulate a “14th Five-Year Plan” for cooperation and development to help Zhongbai optimize business processes; ③ The synergy effect will play a role: Both partiesStrategic cooperation will be strengthened in procurement, logistics, human resources, and management.

  Comment 1. Yonghui is expected to benefit from three aspects: ① As a shareholder of Zhongbai, Yonghui maintains its shareholding ratio.

86% unchanged, and it is also expected to benefit from the performance improvement of Zhongbai 苏州桑拿网 in the future; ② The synergies between the two parties in the supply chain, logistics and other aspects are also expected to enhance Yonghui’s scale effect; ③ At the same time, after canceling the tender offer, Yonghui canBetter focus on advantageous resources and expand to innovative business areas such as supply chain, store expansion, and “home”.

  2. The company’s main business has grown steadily, and its innovative business has been actively deployed.

① Revenue side: Benefiting from the CPI boost and the company’s combined operating capabilities, we expect the same store in Q4 is still expected to maintain a rapid growth of about 3%. At the same time, we expect 150 large store exhibition stores and 600-700 mini store exhibition stores., Contribution increase; ② Profit side: new stores such as mini stores and Yonghui shopping app may drag on profits in the short term, but we expect to be within the controllable range, while benefiting from the use of economies of scale, smart China-Taiwan construction, etc.Efficiency is expected to improve further.

  3. The medium and long-term development prospects are broad.

As the leader of fresh produce supermarkets, Yonghui has always been in the barriers of advantage in terms of supply chain, fresh produce operation and store management.

At this stage, Yonghui is actively developing the home business while solidifying its ability to reach the store.

Through the company’s omni-channel and multi-scenario layout optimization, market share is expected to continue to increase.

Optimistic about the company’s future development prospects.

  Estimates suggest maintaining earnings forecasts.

The current contradiction corresponds to 33/27 times P / E in 2019/20.

Maintain Outperform industry rating and target price of 10.

0 yuan, corresponding to 44/36 times P / E in 2019/20, with 31% growth space.

  The growth rate of risk innovation business has increased; industry competition has continued to intensify.