Moutai, Guizhou (600519): Demand continues to expand without worrying about long-term performance

Moutai, Guizhou (600519): Demand continues to expand without worrying about long-term performance
The incident described the company’s total operating income for the first quarter 224.800 million, previously +22.2%, net profit of return to mother 112.200 million, previously +31.9%; earnings per share 8.93 yuan. Core point 1, the performance is dazzling, and the advance receipts fall within expectations: the company’s revenue and profits are slightly higher than the higher indicators, of which Moutai wine / series wine are +23 respectively.7% / + 26.3% to 19.5 billion / 21.3 billion, according to our research model and channel shipment tracking calculations, the quarterly report continued to confirm some advance receipts, resulting in a quarter-on-quarter advance receipts decrease of 21.900 million to 113.800 million, in line with expectations, the misplacement of delivery and confirmation rhythms also led to a decrease in Q1 sales tax and additional ratio by 3 pct to 10.7% is the core reason for Q1’s net profit growth rate to exceed 30% and net profit rate to 50%.The percentage of direct sales in Q1 decreased by 2 each year.From 9pct to 5%, we believe that it is mainly due to the increase in the scale of comparable revenue confirmed by advance receipts in Q1 (the advance receipts are mainly formed by distribution and wholesale). Excluding this factor, it is expected that the proportion of direct sales will increase further in the first half of the year.And gross margin expansion room for improvement. 2. Direct selling plans have been implemented one after another, and the direct market coverage has expanded, which is conducive to long-term development: Last Friday, the media reported that Maotai released specific specifications for group purchase and business super-investment. The market has long anticipated that since the beginning of the year, Maotai adjusted some dealers and announced only 1.7 When the quantity is sold through the dealer channel, how to put the remaining quantity into the market has become the focus of attention. We believe that direct sales to large supermarkets, increasing direct large group purchases and expanding direct supply are the main channels; it is expected to continueThe developed direct selling channel supply price of Moutai will be around 1399-1499. Because this part of the volume is actually digested by large customers, it will not impact the distribution system. Moreover, the total supply of Moutai is limited, and the supply and demand gap is still expanding.The actual price impact is small.Generally speaking, Moutai ‘s move is a useful alternative to directly facing end-consumer customers and expanding direct market coverage to ensure that products reach 夜来香体验网 consumers smoothly. This not only increases the company ‘s performance and effectively protects market demand, it is important for both consumer and company long-term development.Is the right choice. 3, strong performance certainty, maximize the amount of price and room for improvement: based on the base wine measurement (18 years of Moutai base wine production volume 4).97 expectation), it is expected that Moutai’s sales volume can reach about 4 indicators in 2022, so the company can maintain a compound sales growth rate of about 8% -10% in the next three years. However, due to the rapid expansion of demand in recent years, the tight supply and demand situation hasIt is basically difficult to alleviate. It is expected that the market price will remain high in the future. The current ex-factory price is only 969, and the market 北京夜网 price has reached more than 1,900 yuan. In the long term, the company has a huge price increase space, and it does not have to be a shipment in the short term.High and low, small changes in approval prices, and periodic inventory changes. Moutai’s problem is not the demand side but the company’s supply ratio. Therefore, the company’s performance growth in the next few years is highly deterministic and has a lot of room. 4. Earnings forecast and rating: EPS is expected to be 35 in 19-21.34/43.43/52.78 yuan, corresponding to PE27 / 22/18 times. The company’s long-term growth is highly deterministic. As a leader in the industry, it should deserve an estimated premium on ownership and maintain a “strongly recommended” rating. 5. Risk reminders: 1) the style influence brought by the market trend; 2) the change in macroeconomic changes leading to the growth of high-end demand; 3) the risk of food safety incidents.

Han’s Laser (002008): Qianlong in Yuanyuan and Flying Dragon in Heaven

Han’s Laser (002008): Qianlong in Yuanyuan and Flying Dragon in Heaven

The growth path of laser equipment leader Han’s Laser’s main business is laser processing and automation system integration equipment, which is located downstream of the laser industry chain.

Relying on the superb self-control capabilities of lasers, optical components, and mechanical parts, the company can even introduce more advanced equipment before introduction, and the cost advantage brought by the high degree of vertical integration is also obvious.

Looking back on the company’s growth process, it has gone through the Hongmeng period, the recovery period, the outbreak of precision manufacturing and the growth of multiple businesses.

We believe that the 5G evolution will be gradually transformed from base station construction to mobile terminals. A new round of demand and innovation cycle is starting. The company is expected to 南宁桑拿 re-enter the high growth channel.

The company’s recent equity incentive plan has been awarded, covering 1,333 senior management staff, core employees of the business unit and other middle-level and below employees, with a total of 1,333 employees, and the establishment of higher performance growth unlock conditions, reflecting the company’s confidence in long-term high growth.

With the advent of a new round of innovation cycles, the re-emergence of precision manufacturing holmium lasers has advanced, multi-material suitability, special-shaped complex machining and tools in the precision / macro machining field, and has replaced traditional machining methods.

Consumer electronics chasing light and thin has become a widely used field of laser marking, laser precision cutting, laser precision welding, laser drilling and laser 深圳桑拿网 polishing.

We believe that materials and appearance have become one of the main tracks for consumer electronics innovation. The application of new brittle materials in the non-metal age, new appearance designs such as waterfall screens and extremely narrow borders, as well as internal structure and material stress are extremely complex. Laser processing solutions are expected to replace the currentSome CNC programs.

The new innovation cycle of consumer electronics combined with the macroeconomic recovery is expected to make Han’s Laser usher in growth and resonate with the cycle again.

Advanced manufacturing equipment benchmarking enterprise, macro-manufacturing has formed a large growth group. Laser is a benchmarking enterprise for advanced manufacturing. The company’s medium and high power laser processing equipment is growing in the vast soil of heavy manufacturing such as automobile manufacturing, rail transportation, large machinery, aerospace, and shipbuilding.
The company’s “host + core components” have developed in an all-round way, and intelligent equipment solutions have a sufficiently good customer base in the automotive, rail transit and other fields.

Mainland wafer fabs and PCB industry capital expenditures are at a high level, and the company’s laser cutting and drilling equipment demand is strong.

In addition, the company’s lithium battery equipment delivery line capacity has been expanded to cover the top ten domestic customers, and it will follow the leading companies to expand production and achieve rapid and steady growth.

Earnings forecast and investment recommendations We expect the company to achieve net profit attributable to the parent company respectively from 2019 to 2021.

04 billion, 15.

80 ppm and 18.

32 trillion, the corresponding EPS is 0.

75, 1.

48, 1.

72 yuan, maintain “Buy” rating.

Risk Warning: 1.

The process innovation path is not in line with expectations, leading to the replacement of new demand for precision manufacturing as scheduled; 2.

The macroeconomic repair was worse than expected, and the downstream prosperity of non-consumer electronics was poor.

Central Shares (002129): Comprehensive improvement in operating capabilities and sustained high growth

Central Shares (002129): Comprehensive improvement in operating capabilities and sustained high growth

Guide to this report: Benefiting from the boom of monocrystalline silicon wafers and the overall improvement of the company’s operating capabilities, the first three quarters of performance continued to grow rapidly.

Maintain the “overweight” rating.

Investment Highlights: Maintain “Overweight” rating.

Zhonghuan shares issued a three-quarter report foreseeing that net profit attributable to mothers was achieved in the third quarter.


60,000 yuan, a year-on-year increase of 83% -107%; net profit in the first three quarters was 6.


100 million, an increase of 60% to 67% in ten years.

Performance is in line with expectations.

Maintain EPS0 for 2019-2021.



09 yuan forecast, maintain “overweight” rating and maintain target price of 15.

41 yuan.

The monocrystalline silicon wafer boom is the foundation, and the company’s internal practice is the core reason.

Due to the high-speed expansion of PERC cells in 2019, the demand for monocrystalline wafers is strong, and the capacity expansion of monocrystalline wafers has lagged, which has led to continuous shortages in supply of monocrystalline wafers, but PERC batteries and other products have reduced prices to varying degrees.Prices continue to be firm.

Since 2019, the company has worked hard on internal skills, strictly controlled costs and expenses, implemented refined management, improved the level of internal management and intelligent manufacturing, converted the company’s product structure to continue to optimize, and its bargaining power and profitability have steadily increased.Lead.

The photovoltaic semiconductor is driven by two wheels, and the system transformation stimulates vitality.

Monocrystalline silicon wafer oxide has a duopoly structure, and its long-term profitability is sustainable.

Zhonghuan’s current photovoltaic wafer capacity has exceeded 30GW, and the fifth phase of the 25GW project has also begun, and will produce revolutionary 12-inch large wafers.

Significant achievements have been made in customer development in semiconductors. It has passed the certification of 9 major categories of products from 58 global customers and achieved batch supply, and 8-inch customers have greater overlap with 12-inch customers, which is beneficial to 12-inch product certificationSales.

The company’s first phase of equity incentives has been 上海夜网论坛 completed, and the chairman has also increased its holdings. There will be equity incentives for four consecutive years. Innovative long-term incentives will reshape corporate governance.

Dingzeng has also received approvals and is expected to obtain extra funds to expand semiconductor wafer production.


The 12-inch factory was put into production and formed sales.

risk warning.

PV products have encountered international trade risks such as trade protection and exchange rate fluctuations.

International Medicine (000516): 19 years of performance is affected by the opening of the new hospital, 20 years of the hospital’s main business is expected to develop steadily

International Medicine (000516): 19 years of performance is affected by the opening of the new hospital, 20 years of the hospital’s main business is expected to develop steadily

The company released the 2019 annual performance forecast, and it is estimated that the annual budget for 2019 will be 2.


US $ 800 million, mainly due to the increase in costs and expenses caused by the intervention of newly opened hospitals.

The company released the 2019 annual performance forecast, and it is estimated that the annual budget for 2019 will be 2.


USD 800 million, mainly due to the company’s complete divestiture of retail assets in 19 years, and officially transformed into a medical service-based business. In addition to the core assets of Xi’an High-tech Hospital, the Xi’an International Medical Center completed its construction and was fully put into operation around August 19However, due to the shortened operating time, the 19-year performance was dragged down by the operating costs and expenses of the new hospital.

With the 20 years of Xi’an International Medical Center’s diagnosis and treatment volume, increased operating income and increased income, and the second phase of Xi’an High-tech Hospital (relied on highly saturated high-tech hospital for patient drainage), which is expected to open in 20 years, will contribute to the increase of achievementsThe fertility center is expected to obtain IVF qualification, and we expect the company’s performance in 20 years to be profitable.

High-tech hospitals are expected to maintain steady growth in 19 years. The number of consultations and treatments after the opening of Xi’an International Medical Center continues to increase. It is estimated that a total of about 3,000 new beds will be added in 20 years.

The company’s core assets, Xi’an High-tech Hospital, are expected to maintain steady growth in revenue and net profit for 19 years, continually consolidating the medical and brand advantages of its top three hospital platforms.

The company’s largest hospital asset, Xi’an International Medical Center (the largest number of beds is 5,037), has been operating around September 19, and it is estimated that 1,500 beds will be opened in 19 years. By the end of October 19, it will achieve provincial and municipal medical insurance, remote medical insurance, and rural cooperation.Covered all treatments, completed nearly 700 operations within a hundred days of consultation, of which more than 75% of grades 3 and 4 surgeries; the maximum number of outpatients before the end of December exceeded 1,300 and the maximum number of inpatients exceeded 600. It is estimated that it will take 20 years for the International Medical CenterThe number of newly opened 1,000 beds and the continuous increase in the number of diagnoses and treatments are expected to increase revenue; at the same time, the second phase of the newly opened Xi’an High-tech Hospital, Shangluo International Medical Center is expected to increase the number of beds by about 2,000, and we expect the company to total newBy increasing the number of 3,000 beds, the overall income level is expected to significantly increase, driving the overall profitability.

At the same time, the company’s Xi’an High-tech Hospital was identified as one of the first batch of pneumonia designated hospitals for new-type coronavirus infection in Shaanxi Province, and the newly opened Xi’an International Medical Center Hospital was also identified as a focused diagnosis and treatment by Shaanxi Province, reflecting the large number of companies in Shaanxi Province.Highlighted medical skeleton.

The company completed the repurchase, and the repurchased shares accounted for about 2 of the company’s total share capital.

18% will be used for equity incentive plans to promote the enthusiasm of the company’s core backbone.

The company has completed the repurchase on November 18, 19, and the repurchased shares involved about 42.94 million shares, accounting for about 2 of the company’s total share capital.

18%, involving a total payment of about 2.

300 million.

According to the announcement, all the shares purchased this time will be used for the equity incentive plan, which is expected to fully mobilize the enthusiasm of the company’s executives, core and backbone personnel.

The newly built hospitals gradually expanded their operations from 19-20, and their profitability continued to increase. It is expected to build a rare western private medical group in the future and maintain an overweight rating.

The company has strong transformation execution ability, redundant cash flow after selling retail assets, and is located in Xi’an high-tech zone with obvious advantages. In the future, it will rely on the existing top three hospital platforms and a large amount of capital and talent reserves to create a scarce high-quality private medical industry in the western
According to the annual report forecast, we lowered our 2019-2021 net profit 深圳spa会所 forecast to -3.

0.2 million yuan, 50 million yuan, 2.

1.5 billion (was 1.

32, 3.

46, 5.

200 million US dollars, corresponding to PE of 193 times and 45 times in 20-21 years, optimistic that the company relies on high-quality management capabilities and strong doctor talent pool, the patient flow continues to increase, and long-term driving profitability continues to improve, maintaining an overweight rating.

Cree Electromechanical (603960): Interim report slightly exceeds expectations.

Cree Electromechanical (603960): Interim report slightly exceeds expectations.

Event: The company released the 2019 semi-annual report, and the company achieved revenue in 2019H1.

48 ppm, an increase of 45 in ten years.

33%; net profit attributable to mother is 0.

460,000 yuan, an increase of 62 in ten years.

58%; net cash flow from operations was 0.

54 ppm, a significant improvement over the same period last year.

Among them, the net profit of the company in Q2 was 0.

220,000 yuan, an increase of 63 in ten years.


Opinion: Interim report growth was slightly higher than expected, and indicators improved: In 2019H1, the company continued to deepen its main business and continuously improve its core competitiveness, and the average revenue and profit increased significantly.

The company’s 2019H1 net profit is 15.

79%, an annual increase of 1.

68 points.

Along with the company’s delivery of difficult technical orders in the first half of the year and the successive launch of Zhongyuan Country Six products on the market, the subsequent profitability has continued to increase.

The company’s expense ratio during H1 2019 was 11.

55%, a reduction of 0 every year.

91pct; sales, management, R & D, and financial expense ratios are 0.

97%, 5.

20%, 5.

19%, 0.

20%, a year increase or decrease -0.

23, -2.

69, 1.

31, 0.

71 pcts, reflecting the company’s good management capabilities.

The company’s operating net cash flow was zero.

USD 5.4 billion, which turned positive from the previous month, was a significant improvement from the 50 million in the same period last year, mainly due to the company’s initial investment in the production line for acceptance and payment.

Continue to expand R & D investment, expand capacity boundaries and enhance development momentum: the company’s R & D expenditure for 2019H1 is 18 million yuan, which has doubled compared to the same period last year, and actively deploys and develops new technology products. It has made rapid progress in many 都市夜网 high-end areas and created new growth momentum.
In terms of IGBTs, the company has successfully developed laser etching cleaning equipment for heat dissipation substrates. The thermocompression connection equipment for IGBT modules and heat dissipation substrates has achieved the packaging of multiple IGBT modules, flat low-inductance packaging equipment, robotic automatic test equipment, and someThe technology has been successfully applied to PM4 project of United Automotive Electronics.

In the field of optical communication and 5G wireless communication, the company has successfully developed a flexible automated assembly and test unit for optical fiber transceivers, which has realized optical communication EMI glue, precision implantation of PCB heat dissipation glue, communication modules, automatic assembly of upper and lower cover robots, and M2 miniature screwdrivers.Automatic lock payment, the developed equipment has been supplied to Finisar, a famous manufacturer of optical communication devices worldwide.

The postponement of the client’s board of directors resulted in a new long-term single drop, and subsequent orders will gradually land: the company’s 2019H1 flexible automation equipment and industrial robot system business breakthrough orders.

70 ‰, 40 years ago.

97%, because the company’s main client division board of directors delayed from 4 months to June delay, resulting in 2 months after the approval of the purchase plan approval.

The client’s board of directors has expected to maintain a high intensity capital expenditure on June 28. Generally, the board of directors will conduct bidding after the budget is approved, and it is expected that the bidding for new batch orders will be gradually implemented.

Investment suggestion: From the perspective of consolidation, the company’s revenue growth rate is expected to be 39 in 2019-2021.

4%, 38.

5%, 28.

0%, net profit growth rate was 72.9%, 51.

4%, 28.

8%, corresponding EPS is 0.

64, 0.

97, 1.

25 yuan.

As a leader in the field of automotive electronic equipment, the company enjoys a prosperous downstream market and an excellent competitive structure. It enjoys the bonus of engineers and gradually cannibalizes the market share of foreign rivals. Its growth is sustained and steady, and the company is optimistic about its development for a long time.

Maintain the Buy-A rating and give a six-month target price of 32 yuan, which is equivalent to 50 times the 2019 price-earnings ratio.

Risk warning: downstream demand fluctuates, and new business expansion is less than expected.

Midea Group (000333) Annual Report 2018: Profitability Continues to Improve and Business Integration Effect Appears

Midea Group (000333) Annual Report 2018: Profitability Continues to Improve and Business Integration Effect Appears
Event: The company released its 2018 annual report, and the company achieved an operating income of 2618.2 ‰, an increase of 8 in ten years.23%, net profit 202.31 ppm, an increase of 17 in ten years.05%, of which Q4 earned 544.15 ppm, an increase of 0 in ten years.48%, net profit 23.31 ppm, an increase of ten years.97%. Revenue side: The company’s revenue growth rate in the second half of 18 was reorganized. We expect to reduce inventory and actively control the inclusion side.1) In terms of segmented business, the company’s HVAC business is growing by 14 per year.73% (H1 and H2 increase by 27.69% and 0.42%), and consumer electronics revenues increase by 4 per year.3% (H1 and H2 growth rate is 6.66% and 1.69%), of which washing machines increased by 10 in ten years.5%, kitchen appliances and water heaters increased by about 1.3%; KUKA earns 256.78 ppm, with a ten-year average of 5.03%; 2) In terms of domestic and foreign sales, domestic sales revenue increases by 9 per year.14% (H1 and H2 increase at 22%.55% and -1.68%), exports increased by 6 in ten years.21% (H1 and H2 increase by 4.99% and 7.59%).In Q4 alone, the company’s revenue increased in the first three quarters of the quarter, of which Little Swan’s 2018Q4 revenue increased by 15 year-on-year.2%, an increase of 9% from Q1-3, a significant improvement; according to industry online data, Midea’s Q4 air conditioner sales growth in 2018 has improved, of which domestic sales growth rate Q4 was -13%; KUKA Q4 fell 10%. Benefiting from the upgrade of product structure, profitability continued to improve.The company’s overall gross profit margin for the 18 years was 27.54%, a substantial increase every year 2.51pct, of which Q4 is significantly improved by 4.66pct to 28.58%, mainly due to the decline in prices of raw materials, optimization of product structure and improvement in KUKA gross profit margin.In terms of specific business, the company’s air conditioning in 2018 increased by 1.59pct (H1 and H2 increase by 1.04, 2.31pct), the overall increase in consumer electronics by 1.79pct (H1 and H2 are increased by 0.28, 3.55pct), where the washing machine is raised by 0.94pct; At the same time, Toshiba Appliance’s factories integrate with Midea’s related product division’s manufacturing platform to strengthen manufacturing collaboration in terms of capacity, supply chain, cost and quality, reduce costs, and improve the company’s gross profit margin; in the robotics business, cost controlStrengthening, the gross profit margin of KUKA industry has increased significantly8.37pct; Expense rate: Due to increased marketing efforts and increased R & D expenditure, the company’s sales expense rate and management expense rate increased by 0.82 and 0.75pct, benefiting from exchange gains, the financial expense ratio 无锡桑拿网 decreased by 1 year-on-year.04 points. Accounts received in advance increased slightly and the turnover rate declined.The company received advance payment 167 at the end of Q4 2018.82 yuan, 132 QoQ.The increase of RMB 100 billion has improved the company’s enthusiasm for payment.Other flow resistance is 313.200 million, basically the same as Q3.The company’s ending inventory was 296.4.5 billion, compared with 244 at the end of Q3.US $ 2.5 billion in revenue increased, and the company is expected to increase raw material purchases when raw material prices are low.The company’s cash flow from operating activities for the past 18 years increased9.18%, sales of goods received cash growth of 7.87%.Basically match the company’s overall revenue growth.Judging from the turnover rate, the inventory turnover rate and accounts receivable turnover rate of the United States have declined, 杭州桑拿 and the net operating cycle has been from 7 last year.It rose to 13 in 78 days.2 days. At the same time, the company issued a new phase of incentive plan, and equity incentives were normalized.The company’s fifth phase of the core management team’s shareholding plan has a special base amount of 1.8.6 billion, and the evaluation target is to increase the average return on net assets by no less than 20% in 2019; the first phase of the stock compensation incentives for the first-line products and business backbones totals 1150 people; the expansion of the stock incentive plan in 2019 includes 451 middle and senior managersThe corresponding number of shares is 30.35 million shares.The normalized incentive mechanism stimulates the company’s operating vitality. Earnings forecasts and investment advice.Midea actively promotes channel improvement, strengthens the company’s retail capabilities, gradually improves the multi-brand system, and strengthens synergy with KUKA and Toshiba. We expect the company’s net profit for 2019-2020 to be 229, respectively.67, 260.1.7 billion, an increase of 13 in ten years.5% and 13.3% (previous average 221.5 and 246.400 million), the new 2021 profit forecast is 286.47 million, corresponding to a dynamic PE of 15.81/13.96 and 12.67 times, maintain “Buy” rating. Risk Warning: Growth in Real Estate Sales Increases Industry Demand; Raw Material Price Increase

CYTS (600138): Wuzhen & Gubei’s Steady Integrated Marketing Performance

CYTS (600138): Wuzhen & Gubei’s Steady Integrated Marketing Performance

Event: CYTS released the 2019 semi-annual report, and the company achieved revenue of 58.

5.3 billion / + 5.

13%, net profit attributable to mother 3.

8.2 billion / -5.

6%, net of non-attributed net profit 2.

58 billion / -15.

67%, Q2 single-quarter revenue of 33.

10 billion / + 8.

17%, net profit attributable to mother 3.

18 billion / + 3.

92%, net profit of non-attributed mothers2.

03 billion / -4.


Opinion: Wuzhen & Gubei volume reduction.

Wuzhen realized revenue 8.

55 billion / + 2.

60%, net profit 4.

7.2 billion yuan / long-term flat, excluding supplementary and Gubei investment income impact on endogenous performance decreased by 12%; received passenger flow of 445.

980,000 / -0.

8%, the unit price of 191.

7 yuan / + 3.


Under the influence of ticket price reductions, the company actively promotes structural transformation, builds a “vacation-meeting-culture” integrated town, diversifies its income structure, and improves its comprehensive profitability.

Gubei Water Town realized revenue 4.

200 million / -8.

04%, net profit is 0.杭州桑拿网

65 billion / -47.

23%, mainly affected by the increase and decrease in investment income of the real estate companies participating in the company, and received 100 visitors.

680,000 people / -8.

81%, mainly affected by traffic conflict factors, the unit price of 417.

2 yuan / +0.


Diversified business performance was differentiated.

Integrated marketing to achieve revenue12.

01 billion / + 10.

29%, net profit attributable to mother is 2119.

32 million / + 18.

37%, mainly due to the participation of China Youth League in the World Garden Fair and other marketing activities.Shanshui Hotel achieved revenue 2.

45 billion / + 9.

75%, net of non-attributed net profit of 1339.

300,000 / -15.

57%, the macroeconomic growth forecast and the opening of new stores dragged down the results, until 19苏州夜网论坛H1 the number of stores reached 108 / increase 10; elegant style and Chuangge total revenue of 15.

28 megabytes, basically unchanged for one year, of which Chuangge has a net profit of 0.

1.1 billion / -39.

72%, mainly due to the adjustment of supplier policies.

Gross profit margin increased slightly, and cost growth dragged down performance.

The company’s comprehensive gross profit margin is 24.

98% / + 0.

51pct, of which the gross profit margin of the integrated marketing / travel product segment increased by 1.

46pct / 1.

10pct; Hotel / Attractions / IT business gross margin exceeded budget.

Company net margin 9.

62% /-0.

98pct, mainly affected by the increase in expenses.

Selling expense ratio 10.

87% / + 1.

6pct, management expense ratio 4.

80% / + 0.

4pct, mainly due to the increase in labor costs, the establishment of the April World Garden Fair and other major project costs and other factors.

Finance expense ratio is 0.

94% / + 0.

22 points, mainly due to two factors: one is that some assets in Wuzhen are no longer capitalized, and the other is the effect of the capital expenditure on the acquisition of minority equity in Gubei.

There is still room for improvement in the business of scenic spots, and the integration of Everbright brings synergy.

The passenger flow in Wuzhen remains stable, and the diversified income structure promotes the steady growth of passenger unit prices. The Beijing suburban railway line has been further improved, external traffic pressure has eased, and there is room for improvement in passenger flow in Gubei Water Town. Under optimistic conditions, Puyuan is expected to open in 2020.

In addition, the company and Everbright can generate synergies at the business level and get strong support in terms of resources, funding and marketing. It is about the continuous strengthening of the moat for development and operation.

Investment suggestion: Taking into account the effects of economic fluctuations and cost increases, adjust the profit forecast appropriately. It is estimated that the company’s revenue in 19-21 will be 132.

6.1 billion / 143.

2.4 billion 155.

1 billion, net profit attributable to mother 6.

2.6 billion / 6.

8.6 billion / 7.

57 billion yuan, an increase of 4.

81% / 9.

54% / 10.

42%, corresponding to PE is 13 times / 12 times / 11 times, maintaining the “buy” level.

Risk reminder: natural disaster risk, project expansion is less than expected risk.

Qi Xiang Tengda (002408) 2018 Annual Report Comments: Performance continues to slightly overlap, new projects help future growth

Qi Xiang Tengda (002408) 2018 Annual Report Comments: Performance continues to slightly overlap, new projects help future growth
Event: Qi Xiangtenda released the 2018 annual report, and the company’s preliminary operating income in 2018 was 279.2.4 billion, an annual increase of 25.64%; realize net profit attributable to shareholders of listed companies.430,000 yuan, ten-year average of 0.79%; realized basic profit income of 0.47 yuan, more than doubled 2.08%.The company intends to 17.With 7.5 billion shares as the base number, a cash dividend of 0 per 10 shares will be distributed to all shareholders.9 yuan (including tax). In Q4 2018, the company achieved operating income of 123.09 million yuan, an increase of 30 in ten years.32%, an increase of 54.01%; Q4 achieved net profit attributable to shareholders of listed companies in a single quarter1.46 ‰, 47 from the previous decade.34% compared to epoxy 24.35%. We maintain our investment rating of “Prudent Overweight”.The company’s main product-raw material spread increased compared with the third quarter, but was affected by the increase in expenses during the period, which dragged down the company’s Q4 single-quarter performance. Qi Xiang Tengda has been cultivating the carbon four industry chain for many years, and has basically completed the product layout of the carbon four industry chain, so as to “eat all the carbon four raw materials”.At this stage, the company has 20 injections of methyl ethyl ketone production 云尚丽体验网 capacity, 20 injections of cis shift production capacity, 15 injections of butadiene production capacity, replacing 10 of dehydrogenation production capacity, 42 insertions of MTBE power generation, and 20 isooctane production capacity replacement.Ranked first in the world.The company plans to continue to expand the industrial chain and plans to build 20 MMA production capacity, 45 tons of PDH production capacity and 30 tons of plug-in exhaust pipes. In the future, with the completion of production capacity, the company’s production and sales will promote further growth.We adjust company 2019?The EPS forecast for 2021 is 0.51, 0.52 and 0.62 yuan, maintain the investment rating of “prudent increase”. Risk reminder: the risk of serious decline in international crude oil; planned project construction is less than expected risk; chemical product demand is less than expected risk.

Depth-Company-Huatai Securities (601688): GDR redeemed more than 50% of its shares to ensure continuous operation

Depth * Company * Huatai Securities (601688): GDR has re-elected more than 50% of its shares to ensure continuity of operations

The company achieved operating income of 177 in January-September 19.

50 ppm, an increase of 41 in ten years.

78%; net profit attributable to mother is 64.

4.1 billion, an increase of 43 in ten years.

77%; 19EPS0.

92 yuan, 19BVPS13.

42 yuan.

The growth rate of performance increased significantly earlier in 19H1,杭州桑拿网 and the proportion of self-operated income remained 1/3 +: 1) The company’s net profit attributable to its mother increased by 43 from January to September.

77%, a faster growth rate than 19H1 (28.

43%) increased significantly, of which net profit attributable to mothers was achieved in 19Q324.

31 ppm, an increase of 84 in ten years.


The company’s net profit margin and annualized ROE in the first three quarters were 33.

6% vs. 7.

7% per year for the first three quarters of 18 (35.

8% and 6.

2%) consistent improvement.

2) The proportion of self-employed, brokerage, asset management, credit, and investment bank revenues were 34%, 18%, 12%, 9%, and 7%, respectively.

The self-operated investment maintained a high growth rate, and the asset management business went up against the trend: 1) The company achieved self-operated business income from January to September59.

US $ 5.3 billion, a year-on-year 成都桑拿网 increase of 104%. Benefiting from the market improvement since August, the company’s self-operated investment income has maintained a high growth rate.

As of the third quarter of 2019, the company’s self-operated assets reached 2502.

6.6 billion, an increase of 68% over the beginning of the year.

2) The company realized income from asset management business21.

880,000 yuan, an increase of 19% in ten years.

Under the circumstances that the industry’s asset management business income continued to decline due to the impact of the new regulations, the company’s asset management income achieved a counter-trend growth and wealth management transformation showed initial results.

3) The company realized brokerage income 32.

US $ 1.7 billion, a year-on-year increase of 22%, a slight increase from the first half (21%), mainly due to the 34% increase in the market turnover of the entire market in the first three quarters.

1) The company achieved investment bank business income from January to September12.

0 ‰, a slight decrease of 4% in one year, a significant improvement over the first half (-25%).

The company’s total underwriting amount of equity bonds in the first three quarters was 3358 trillion, and its market share extension increased slightly to 5.

3%, of which the initial public offering underwriting amount of 4.4 billion US dollars, annual breakdown of 68%, market share by 11.

8% interest rate 3.


2) The company achieved credit business income in 19Q116.

55 megabytes, exceeding the upper limit by 17%, and the decline will be expanded in the first half of the year (19H1 by 3%).

3) After the resolution of the board of directors, the company’s CEO Zhou Yi and other executives were re-elected.

The current leader has been cultivating in Huatai for many years, grasping the advantages in the fluctuation of interest rates in the capital market, and gradually improving the company.

The upcoming successive appointments will eliminate market doubts, ensure that the company’s business strategy can continue, transform the role of stabilizing the army, and translate into GDR cash back rewards that have exceeded 50%, gradually suppressing and clearing. It is estimated that for the company’s 19Q3 performance, we have raised the forecasted net profit for 19/20/21 from 73/89/103 million to 83/94/107 billion yuan. As the industry leader, the company will continue to benefit from the capital marketReform and maintain the company’s buy rating.

The impact of the risk alert policy on the industry exceeded expectations; the market fluctuations have an impact on industry performance and estimates.

Pollya (603605) 2018 Annual Report Comments: Performance Exceeds Expectations, Channel Optimization, Category Expansion, and Comprehensive Development

Pollya (603605) 2018 Annual Report Comments: Performance Exceeds Expectations, Channel Optimization, Category Expansion, and Comprehensive Development

This report reads: With the optimization of channel and brand structure and the improvement of operating efficiency, the company’s performance has grown rapidly. In the future, online channels are expected to continue to exert force, while product upgrades, new brand and cooperative brand efforts are expected to contribute new points of performance growth.

  Investment points: Investment advice: Channel optimization drives growth, the brand matrix continues to grow, and the 2019-2021 earnings per share forecast is raised to 1.

89 (+0.

13) / 2.

49 (+0.

09) / 3.

12 yuan, referring to the evaluation of overseas cosmetics companies, give 40X PE in 2019, raise the target price to 75.

6 yuan, overweight.

  High income growth combined with improved profitability and better-than-expected results.

Company revenue / net profit in 201823.


870,000 yuan, an increase of 32 in ten years.

4% / 43%, deducting non-net profit will increase by 50% each year.

Among them, Q4 revenue / net profit increased by 40 each year.

6% / 40.


Gross profit margin increased by 2.

3pct to 64%, the image promotion fee increases and the sales expense ratio increases by 1.

86pct, but the platform management fee fell by 1.

32pct, the final net margin increased by 0.

88pct to 12.


Inventory turnover continued to increase by 18% to 4.

In 2004, the operating net cash flow increased by 53% in ten years.

  Channel optimization drives high growth, and Youzilai is strong.

Online revenue increased by 59 in 2018.

9%, accounting for 43.

6% (+7.

5pct); offline revenue increased by 16.

9%, accounting for 56.

4%; single brand store revenue 1.

200 million, accounting for 4.


In 2018, Polaia / Youzaile / other brands achieved revenue of 20 respectively.



30,000 yuan, an annual increase of 32.

4% / 41.5% / 24.

8%. In 2018, Youzilai opened more than 500 stores, with a slight loss as a whole, and strived to open 500-1000 new stores in 2019.

  Products and brands are constantly upgraded, and internal and external extensions are synchronized.

The company established a Sino-French joint laboratory with the French Institute of Marine Development and the French National Seaweed Research Institution, and launched the nicotinamide snow muscle essence, which was welcomed by the market.

The company also develops cross-border purchase business through a partnership model. Currently it has cooperated with South Korean cutting-edge beauty brand YNM, Japanese high-end cosmetics brand I-KAMI, and shares in professional e-commerce content producer Xiongke Cultural Media to promote new performancegrowth point.
  Risk warning: industry competition intensifies; new product promotion costs increase more than 杭州桑拿 expected.