Nanwei Medical (688029): Three major technology platforms for domestic minimally invasive diagnostic and treatment equipment leaders are expected to grow rapidly

Nanwei Medical (688029): Three major technology platforms for domestic minimally invasive diagnostic and treatment equipment leaders are expected to grow rapidly

Based on R & D and innovation, it has become the domestic leader in endoscopic diagnosis and treatment supplies.

Founded in 2000, Nanwei Medical focuses on the research and development, production and sales of minimally invasive diagnostic and therapeutic devices.

The company has built three major technology platforms including endoscopic diagnosis and treatment, tumor ablation, and EOCT (optical coherence tomography system).

The company achieved operating income in the first three quarters of 20199.

600 million, an annual increase of 41.

2%; achieve net profit attributable to mother 2.

30,000 yuan, an annual increase of 38.

9%; net profit deducted from non-attributed mothers2.

20,000 yuan, an increase of 49% in ten years.

  Endoscopic diagnosis and treatment consumables: The core endoscopic business grew rapidly.

The global market size of endoscopic diagnostic equipment is more than 5 billion U.S. dollars, with an annual growth rate of about 5%. The penetration rate of endoscopic examination in China is currently low, but the growth rate is far beyond the international level.

  The company has six major product series including hemostasis and closure, EMR / ESD, ERCP, EUS / EBUS, etc. Among them, soft tissue clips are cost-effective, CAGR (2015-2018) = 167%, and the revenue ratio is 3

75% increased to 41.

82% are the company’s star products.

  Focus on research and development, innovation-driven.

The company continues to expand investment in research and development, continuous technological innovation, and develops new products.

The research and development achievements won the second prize of the National Science and Technology Progress Award, and the second prize of 无锡夜网 the National Technology Invention Award.

The company cooperated with Johns Hopkins University in the United States to obtain the core technology of EOCT products. It has been approved by the US FDA clinical trials and entered the domestic medical device green approval channel.

EOCT, as the most cutting-edge product for early cancer screening, has a breakthrough market potential.

  The layout of high-end products for minimally invasive diagnosis and treatment emerged.

At the same time as the rapid development of internal mirror diagnosis and treatment consumables, the company has cut into the field of tumor microwave ablation treatment and is marching toward high-end minimally invasive diagnosis and treatment products.

In 2018, the microwave microwave ablation product revenue was 7089 million, with a domestic market share of 23% in this field, ranking first in the echelon.

  Two-wheel drive in domestic and international markets.

In the domestic market, the company’s soft tissue clips, ESD electric knives and other products gradually realized import substitution.

The company’s products cover 2900 inpatient hospitals across the country, and the coverage rate of top three hospitals has reached more than 55%.

  In the international market, the company’s products are exported to the United States, Japan and other countries and regions.

National income reached 5 in 2018.

700 million, accounting for 55.

30%, overseas income reached 4.

100,000 yuan, accounting for 44.


  Investment suggestion: For the first time, assign a “Neutral” rating.

We expect the company’s revenue for 2019-2021 to be 12.

88, 17.

8, 24.

3.9 billion, a 39-year growth of 39.

7%, 38.

2%, 37%, net profit attributable to mother is 2.67, 3.

61, 4.

8.6 billion, an increase of 38 previously.

8%, 35%, 34.


The EPS is 2.

01, 2.

71, 3.

64 yuan.

Considering that the company is a leader in the diagnosis and treatment of digestive tracts, the two-wheel drive at home and abroad, the product is cost-effective, and the technology in progress is advanced.

We think the company’s reasonable estimate range for 2019 is 16-18 times PS, and the reasonable price range is 153-173 yuan.

Yuanzu Shares (603886): Pre-receipt Steady Increase and Price Increase to Promote 19-Year Performance Acceleration

Yuanzu Shares (603886): Pre-receipt Steady Increase and Price Increase to Promote 19-Year Performance Acceleration

Key points of investment: The first net increase in stores in 18 years, the pre-collection at the end of the year highlights the high demand.

In the initial period, there were 40 net new stores, with a total of 631 stores, +6 per year.

8%, while single store revenue is +3 for ten years.

2%, solid performance.

In 武汉夜生活网 terms of categories, mooncake / cake / cake / fruit income plus +12 respectively.

5% / 12.

7% / 4.

0% / 8.

1%, the ton price is +10 per year.

0% /-1.

3% /-10.

8% / + 13.

8%, mainly due to a series of effects during the store promotion process.

The company’s advance payment at the end of 18 years +21.

7% to 6.

09 trillion, mainly due to the increase in sales of union welfare card coupons, showing a high degree of prosperity.

Affected by cost, gross profit was skipped, and a new round of price increase cycle was launched in 19 years. In 2018, Yuanzu ‘s overall gross profit margin decreased by -1.

52ppt to 64.

8%, of which moon cake / cake / cakes / fruit gross margin were -3 in a row.

8ppt / -2.

1ppt / -0.

9ppt / + 7.

8ppt, the average direct material cost per mooncake / cake is +26 per year.

3% / 12.

5%, mainly due to the use of ice cream cold packs and the rise in packaging material prices.

From April 1, 2019, Yuanzu started a new price increase cycle for related cakes and fruit gift boxes. The price increase range is about 10-25%. Assuming the same sales volume, it is expected to contribute more than 4% of revenue growth.
There is room for future sales expenses to decrease. The growth rate of Yuanzu ‘s overall sales expense rate in 2018 is +0.

52ppt, mainly due to the increase in labor costs and advertising costs.

The company’s sales staff increased by 442 in 18 years. If the cost of sales personnel is calculated based on this caliber, it will be about -2% in 17 years, and the single store rent will also total -0.

8%, it is expected that the cost will be lowered after sinking to third- and fourth-tier cities and re-planning.

And by expanding the scope of delivery, the transportation cost rate has increased slightly.

We believe that during the continuous expansion and sinking of Yuanzu, the unit rental cost is expected to decrease while the cost-effectiveness of employees is prominent, and there is room for the company’s future sales expense ratio to continue to decline.

Earnings forecasts and estimates We expect the company’s revenue for 2019-2021 to be 22 respectively.

2 ppm / 24.

4 ppm / 26.

6 trillion, each year +13.

2% / 10.

2% / 8.8%, net profit is 3 respectively.

0 ppm / 3.

56 ‰ / 4.

US $ 0.6 billion, at least + 25% / 17% / 14% respectively. Currently, the total corresponding 19/20 PE is 18X / 16X. Maintaining the “Buy” rating risk indicates that mooncake demand is affected by policies / increase in store rent and labor costsBeyond expectations / food safety risks.

Huayou Cobalt (603799): The acquisition will form a synergistic effect, and the profits can be expected to increase

Huayou Cobalt (603799): The acquisition will form a synergistic effect, and the profits can be expected to increase

Event: The company intends to acquire shares in Tianjin Bamo Technology Co., Ltd. and Yinzhou Huayou Cobalt New Materials Company by issuing shares.

The counterparties of this transaction are Hangzhou Hongyuan Equity Investment Partnership and Wuhu Xinda Xinneng No. 1 Investment Partnership (Xineng Fund).

The company and Bamo Technology’s controlling shareholder Hangzhou Hongyuan Co., Ltd. “letter of intent to acquire equity”, the target equity is Hangzhou Hongyuan intends to transfer to the company all the shares of the target company and all the shares associated therewith;The shareholders’ new energy fund short-term “letter of intent to acquire equity” is marked as held by the new energy fund.

For 68% equity and all related equity, the pricing of the underlying equity is based on the valuation of the target company confirmed by the asset evaluation report issued by the asset appraisal agency, and is determined through negotiation between the two parties.

  The completion of the acquisition is expected 无锡夜网 to form a synergy effect and enhance Huayou’s production technology.

The development, development and large-scale production of Tianjin Bamo Casting Lithium Ion Battery Materials is a state-level emerging enterprise, and currently has an annual production capacity of 25,000 tons.

The products are high nickel materials, ternary materials and high voltage lithium cobalt oxide.

Bamo was selected into the “Ministry of Industry and Information Technology Lithium-Ion Battery Safety Standards Task Force” in 2017, marking the company’s outstanding level of lithium-ion battery research and development technology, and the development of lithium-ion battery materials has become influential and right to speak.

The acquisition has helped Huayou improve its research and development, production technology, and maintain industry-leading 北京夜网 technology, which is in line with the company’s long-term strategy to become a global leader in the field of new energy materials for lithium batteries.

  After the completion of the acquisition, Huayou Yinzhou will become a wholly-owned subsidiary of Huayou Cobalt.

Huayou Yinzhou is 84 shares held by Huayou Cobalt.

With 32% of its subsidiaries, Xinneng Fund is the only minority shareholder.

Huayou Yanzhou’s main products are cobalt chloride, cobalt sulfate, cobalt tetroxide, cobalt carbonate, cobalt oxalate, metallic cobalt, ternary precursors, etc.

In addition, the company was successfully selected as the first batch of enterprises in the “Industrial Conditions for Comprehensive Utilization of New Energy Vehicle Waste Power Batteries” by the Ministry of Industry and Information Technology, creating favorable conditions for the development of the waste power battery recycling market.

Huayou Yinzhou is an important source of profit for Huayou Cobalt. The completion of the acquisition will expand the company’s profits.

  To sum up, the company is a leader in the industry and strives to implement the integration strategy of upstream, midstream and downstream.

The company holds scarce resources in the upstream, expands production capacity in the midstream, and actively deploys ternary precursor products in the downstream, effectively diversifying risks and stabilizing the overall market.

Forecast the company’s net profit for 2018-202024.

19, 30.

54, 36.

28 ppm, an increase of 27 in ten years.

6%, 26.

3%, 18.

8%, corresponding to EPS of 2.



38 yuan, the corresponding PE is 12 respectively.



5. Maintain the “overweight” rating.

  Risk reminder: There are significant uncertainties about whether the transaction can be reached in the event of internal audit and assessment of the major assets restructuring planned by the company.

Big Dipper (002151): the leader of Beidou navigation industry chain

Big Dipper (0都市夜网 02151): the leader of Beidou navigation industry chain

Beidou chip board, 5G components and car networking trio.

BeiDouXingTong started from the development of BeiDou navigation chips, and now has four major business sectors: basic products, defense business, automotive electronics, industrial applications and operation services. The downstream includes navigation and positioning, scheduling, precision measurement, mechanical control, target monitoring, and Internet of Things.And so on, formed the Beidou industry chain leader of Beidou chip board, 5G components and car networking.

The Beidou industry chain is the only chip leader to receive a stake in a large fund.

BeiDouXingTong is the only listed company in the BeiDou industry chain that has been invested by the National Integrated Circuit Fund, with a stake of up to 12%.

Subsidiaries and Xingxing mainly develop Beidou chip boards. They have won the navigation-type, advanced, baseband RF integrated chip comparison champion for 10 years, and created large-scale applications of Beidou in the field of vehicle front-loading, helicopters, autonomous driving and robotics.

Its “advanced dual-frequency differential baseband chip” is a domestic leader, expanding millions of orders each year, and has obvious advantages in terms of energy consumption, miniaturization, and cost.

The company’s newly developed 22nm process RF baseband integrated navigation and positioning chip supporting the new signal of BeiDou-3 will be mass-produced.

Hexin Xingtong is also a major supplier of positioning chips and modules in the unmanned field, providing high-precision positioning modules for DJI and other manufacturers, and exploring high-precision applications in automotive electronics.

5G antennas and automotive electronics are important considerations.

The Big Dipper’s compound growth rate over the past three years reached 38.

65%, mainly from mergers and acquisitions.

Due to the multiple decentralized characteristics of the satellite navigation market segment, outbound mergers and acquisitions are an important way for some companies to grow.

In recent years, Big Dipper has successively acquired companies such as Huaxin Antenna, Jiali Electronics, RxNetworks, in-techGmbH, etc., to achieve the entire industry chain layout of “antenna-chip-board-module-terminal-operation-service”.

In 5G, the subsidiaries Huaxin Antenna and Jiali Electronics are highly competitive in high-end antennas, ceramic filters, and RF components, and are expected to provide large-scale products for 5G base stations.

Jiali Electronics has been included in the priority list of suppliers by ZTE, Datang and others. Huawei has been fast-paced since the second quarter of 1919, releasing a variety of product replacement plans to Jiali Electronics and starting to supply some products in batches.

In terms of automotive electronics, the company has accumulated customer resources from domestic first-tier auto manufacturers such as SAIC Volkswagen, Changan, Geely, Chery, FAW, SAIC-GM-Wuling, etc., and it is expected to become the top three Tier 1 suppliers in the country in the future, and become the “Beidou connected car”Important support.

Additional issuance and expansion of 5G components and high-end car navigation equipment.

The company plans to raise an additional US $ 1 billion this time for the expansion of Jiali Electronics’ 5G communication core RF components and the automotive electronics project of Chongqing Company (intelligent central control, digital instruments, networked equipment and systems, integrated cockpitWait).

Jiali Electronics and Datang Mobile have begun a full-scale cooperation, and more than 20 models of base station terminal component products have been released; ZTE has completed the review and product verification of Jiali Electronics.

From 2016 to 2018, the company’s automotive electronics business revenue averaged a compound annual average of 93.


The global sales of driverless cars will reach 230,000 in 2025, and the number of driverless cars will reach 54 million in 2035.

With the popularization of intelligent driving, advanced navigation and positioning are becoming increasingly important, and the “Beidou Car Networking” has surfaced.

Profit forecast: 2020 is the first year of localization of satellite navigation, and the Beidou domestic application is expected to erupt after the global networking is achieved by June.

As a Beidou upstream chip board card, the company will 天津夜网significantly benefit from 5G communication components and downstream vehicle networking suppliers.

Although the company is still in the state of R & D investment in the past two years, it is in an excellent track and has better card slots, especially to replace the first-mover advantage on the core chips of Beidou III.

It is expected that the company will realize revenue 28 in 2019-2021.

50,000 yuan, 40.

9 ppm and 63.

900 million; net profit of -5 respectively.

7.7 billion yuan, 1.

1.9 billion and 2.

23 ppm, corresponding to -3.

49 yuan, 0.

72 yuan and 1.

35 yuan, the corresponding PE is -8.

56X / 41X / 22X.

The first coverage was given a “strong recommendation” rating. Risk warning: the company’s additional issuance is less than expected; Beidou’s development is less than expected.

Everbright Bank (601818) Semi-annual Report Comment: Stronger-than-expected deposit growth

Everbright Bank (601818) Semi-annual Report Comment: Stronger-than-expected deposit growth

Investment Highlights Everbright Bank’s performance exceeded expectations and interest margins increased.

Everbright Bank’s profit in the first half increased by 13.

1% is the first double-digit growth in recent years.

The main drivers of profit growth came from NIM + 48bps, and the size of interest-earning assets +8.

8%, net fee income +21.


Costs are properly controlled and cost-income ratio is 26.

3%, more than 23 billion impairment losses were accrued in the first half of the year, and the ability to offset risks was further enhanced.

Strong growth in deposits and rapid growth in loans.

The growth of deposits in the first half of the year was strong, with an increase of 15% earlier and an annual increase of 21.

5%, reaching the highest level in recent years, denying that the structure has been significantly optimized, the proportion of deposits has been increased to 70%, and non-deposit-type liabilities have fallen, thereby increasing growth and reducing the efficiency of cost control.

In terms of assets, loans maintained a relatively rapid growth rate, with an increase of nearly 170 billion yuan in the first half of the year, and the proportion of stocks further increased to 55.


In the allocation of resources, the replenishment of public loans increased by nearly 120 billion yuan (including bills), and retail sales increased by more than 50 billion yuan. In the first half of the year, credit resources were tilted toward the public.

The return on assets increased, and the cost of debt was properly controlled to push up the NIM level.

As the company adjusted the credit card installment income recognition caliber, the absolute value of NIM increased to 2 in the first half of the year.

28%, comparable caliber + 48bps. The main contributing factors each year are the increase in interest-earning asset yield + 17bps and impedance cost -22bps.

In terms of debt costs, deposit growth was strong in the first half of the year, but at the same time deposit costs were properly controlled and the increase was not significant.

The NPL ratio decreased slightly by 2bps, and the overdue balance increased.

The balance of non-performing loans at the end of the six months was 40.7 billion, an increase of 2.3 billion from the beginning of the year.

Period-end non-performing interest rate 1.

57%, down 2 basis points from the previous quarter.

We estimate that the company’s TTM is badly generated instead of 1.


The company made provision for 22.8 billion bad debts, with an annualized credit cost of 1.

67%, with a loan-to-lending ratio of 2 at the end of the period.

77%, provision costs 178.

04% remained stable.

During the reporting period, overdue loans increased by 10 billion, of which 6.4 billion were over 90 days overdue, and the ratio of non-performing loans to 90 days overdue decreased. The future trend of asset quality still needs to be continuously observed.

In terms of capital, the ending capital adequacy ratio and core tier 1 capital adequacy ratio were 12 respectively.

29% and 9.


The company’s 30 billion convertible bonds entered the conversion period, and 35 billion preferred shares were issued in July, effectively alleviating capital constraints.

We slightly adjusted the company’s EPS to 0 in 2019 and 2020.

72 yuan and 0.

78 yuan, the final net asset is expected to be 6 at the end of 2019.

09 yuan, based on the closing price of 2019/8/28, the corresponding PE in 2019 and 202上海夜网论坛0 are 5 respectively.

2 and 4.7 times, corresponding to 0 at the end of 2019.

61 times.

Maintain prudent overweight rating.

Risk Warning: Unexpected Exceed Exposure, Transition Less Than Expected

Yutong Technology (002831): Performance Meets Expected Profitability Improvement

Yutong Technology (002831): Performance Meets Expected Profitability Improvement
Event: Yutong Technology released the semi-annual report for 2019, and the company’s revenue in 2019H1 was 36.8 ppm, an increase of 12 in ten years.1%; net profit attributable to mothers was 30,000 yuan, a year-on-year increase of 11.2%; net profit after deduction of non-return to mother 2.3 ppm, an increase of 16 in ten years.2%.The company achieved revenue of 1.9 billion yuan in the second quarter alone, an increase of 13 year-on-year.6%; net profit attributable to mother 1.4 ‰, an increase of 11 in ten years.8%; net profit after deduction is returned to mother 1.3 ‰, an increase of 6 in ten years.3%. The revenue of each product is maximized and the gross profit margin is reduced.In the first half of the year, the company’s comprehensive gross profit margin was 28%, surpassing and increasing by 3.4pct.Strong US dollar pattern and paper price downward trend (2019H1 coated paper / white cardboard / double offset paper / corrugated paper averaged 5594/4970/5998/3482 yuan / ton, respectively, down 22.9% / 21.4% / 19.5% / 14.9%) had a positive effect on gross margin improvement measures.In terms of quarters, the gross profit margins of Q1 / Q2 companies were 27.1% / 28.9%, increase by 1 every year.9/4.9 points.By product: 1) Revenue of boutique box 26.20,000 yuan, an increase of 7 in ten years.3%; gross profit margin 30.4%, an increase of 5 per year.1pct.2) Brochure revenue 3.100 million, an increase of 3 every year.6%; gross margin 33.4%, an increase of 2 per year.1pct.3) Revenue from cardboard boxes3.500 million, increasing by 3.7%; gross profit margin 15%, an increase of 2 in ten years.2pct.4) Self-adhesive realized revenue of 80.59 million yuan, an annual increase of 72.6%; gross margin 24.7%, down by 6 per year.4pct.5) Revenue from other businesses 3.3 ‰, an increase of 99 in ten years.5%; gross profit margin 18.7%, down by 5 per year.5 points. The expense ratio has increased, and the net interest rate has remained flat.2019H1 company sales expense ratio 4.6%, a decline 南京桑拿论坛 of 0 per year.1pct; the rate of management expenses (including R & D expenses) is 12.6%, 2pct a year.Including R & D expenses 1.79 trillion, an increase of 46 in ten years.4; financial expense ratio 2.7%, increase by 0 every year.7 points.Among them, the exchange loss was 32.12 million yuan (23.11 million yuan in the same period last year). We judge that the exchange loss mainly occurred in the first quarter.The company’s net profit in the first half of the year was 8%, which fell by 0 in one year.1pct. Accelerate the volume of new customers and optimize the company’s revenue structure.In the first half of 2019, the company increased the development of smart hardware, tobacco and alcohol, health, cosmetics and luxury products.Especially in the cosmetics and daily chemical markets, we have deeply expanded high-quality large customers such as Procter & Gamble, Unilever and L’Oreal. After the initial running-in, some new customers have gradually increased their orders.At the same time, Xiaomi, Lenovo, Harman, Shuijingfang and other large customers have increased incrementally.In addition, sales of Gore, OPPO, Guizhou Xijiu, and some international customers increased rapidly.From the perspective of the income structure system, heavy-volume customers are mainly concentrated in the fields of cigarette packs, wine packs, and cosmetics packaging, which helps the company to gradually reduce its dependence on consumer electronics products and create new growth poles. The trend of increasing concentration is optimistic that the company will open the packaging value chain.According to industry online data, the packaging industry is a trillion-dollar market industry, with the United States’ leading market share of CR2 packaging exceeding 60%, and the current growth rate of China’s leading packaging cities (CR2 2).7%), there is room for improvement in the future.We are optimistic about the cost advantage of Yutong Technology’s packaging design experience and scale effect. At the same time, the company’s front-end design capabilities and terminal delivery capabilities can significantly enhance customer credibility, and it is expected to become a leading Chinese packaging company in the future. Investment suggestion: We expect the company to achieve net profit attributable to mothers in 2019-2021.1, 14.1, 17.50,000 yuan, an increase of 17 in ten years.5%, 26.7%, 24.7%; corresponding to EPS 1.27, 1.6,2 yuan, maintaining the “overweight” level. Risk warning: industry competition intensifies risks, exchange rate fluctuation risks, and raw material prices rise significantly

Fenglin Group (601996): Continuous optimization of product structure and rapid profit growth

Fenglin Group (601996): Continuous optimization of product structure and rapid profit growth

Event: The company released a semi-annual report: the company achieved revenue in 19H1.

86 ppm, an increase of 37 in ten years.

17%; net profit attributable to mother 0.

90 ppm, an increase of 32 in ten years.

21%; net profit after deduction is 0.

89 ppm, a 43-year increase of 43.


Among them, the single and second quarter achieved revenue of 5.

47 ppm, an increase of 53 in ten 上海夜网论坛 years.

84%; net profit attributable to mother 0.

60 ppm, an increase of 51 in ten years.

69%; net profit after deduction is 0.

5.9 billion, an increase of 54 in ten years.


  Opinion: Revenue has steadily increased, and the growth rate of revenue and profits in the second quarter has accelerated.

By quarter, the company achieved revenues of 19Q1 / Q23.


470,000 yuan, an increase of 16 each year.

78% / 53.

84%, second quarter revenue increased 61.

18%, revenue growth accelerated.

19Q1 / Q2 achieved net profit attributable to mother 0, respectively.


60 ppm, a five-year increase of 5.

60% / 51.

69%, profit growth accelerated significantly in the second quarter.

19Q1 / Q2 achieved net profit after deduction of non-return to mother 0.


590,000 yuan, an increase of 25 in ten years.

34% / 54.


  The optimization of product structure led to a slight increase in gross profit margin and a slight decrease in expense ratio.

In terms of gross profit margin, the company’s gross profit margin in 19H1 was 23.

27%, an annual increase of 0.

22 points.

Benefiting from the optimization of the product structure, the proportion of high-end products such as fiber sheet and super particleboard continued to increase, driving the company’s gross profit margin.

In terms of expense ratio: the company’s expenses during the 19H1 period13.

90%, falling by 1 every year.25pct, sales / management / financial expense ratios are 7 respectively.

84% / 5.

68% / 0.

38%, the changes over the ten years were +0.

17 / -1.

10 / -0.


Selling expenses increase by 40 per year.

30% is due to increased freight.

Increase R & D investment in this period, R & D expenses increase by 162% every year.

Finance costs fall by 26 each year.

23%, mainly due to the increase in interest income from deposits of raised funds.

  Earnings forecast and estimation: EPS are expected to be 0 in 19-21.

18, 0.

20, 0.

23, corresponding PE is 16X, 14X, 13X.

Give “Buy” rating.

  Risk reminder: downstream demand is less than expected, and raw material prices have risen sharply

Shanghai Construction Engineering (600170) Company Research: Q3 Earnings Performance Significantly Accelerates Proposed Stock Repurchase for Incentives and Confidence

Shanghai Construction Engineering (600170) Company Research: Q3 Earnings Performance Significantly Accelerates Proposed Stock Repurchase for Incentives and Confidence

Q3 revenue and deductions significantly accelerated.

The company achieved operating income of 15.23 million yuan in the first three quarters of 2019, an annual increase of 32.

0%; net profit attributable to mother is 27.

2 ‰, an increase of 50 in ten years.

2%; net profit deducted from non-mother 20.

6 ‰, a year-on-year increase of 21%, exceeding market expectations.

Looking at the company’s Q1 / Q2 / Q3 quarterly revenue increased by 52% / 19% / 32% respectively, Q3 revenue growth accelerated; single-quarter non-attributed net profit increased by 16% / 8% / 44%, Q3 deductionThe significant acceleration in performance was mainly due to: 1) the significant acceleration in revenue.

2) During the period, the rate of expenses and taxes decreased, and asset impairment losses decreased.

3) The base in the same period last year was the lowest, and the single-quarter performance fell by 18%.

Gross profit margin and expense ratio decreased, and the impact of financial asset income weakened.

The company’s consolidated gross profit margin for the first three quarters was 9.

52%, a decrease of 1 per year.

54 pct, mainly due to 1) the start of new projects in this period was interrupted, and the initial gross margin was generally low.

2) The proportion of real estate projects with high gross profit margins has declined, and gross profit margins have decreased.

The project construction is expected to gradually enter the middle and late stages, and the subsequent gross profit margin is expected to stabilize and rise.

Expense rate during the period 6.

56%, down by 1 every year.

13 pct, of which the sales / management / finance / research and development expense rate respectively changed -0.

09 / -0.

35 / -0.

35 / -0.

34 pct. The decline in the expense ratio during the period was mainly due to the rapid growth of income and the relatively rigid expenses, which reflected the scale 成都桑拿网 effect.

Gains from changes in fair value of financial assets in the first three quarters.

5 trillion, single quarter in the third quarter may be 1.

600 million, reducing the impact on net profit.

Decrease in asset impairment losses by 1.

10,000 yuan.

The deducted non-net interest rate is 1.

35%, a decline of 0 every year.


Net operating cash flow was -121 trillion, which has been reduced several times compared with the same period last year.

7.5 billion, cash-to-cash / cash-to-cash ratios were 100% / 108%, YoY-7 / -10%.

The announcement intends to repurchase shares to stimulate confidence.

The company announcement intends to use no less than 0.

500 million, not more than 1.

10,000 yuan repurchase company stocks are all employee stock plans, the repurchase price does not exceed 4.

2 yuan /杭州夜网论坛 share, the number of shares repurchased at this price accounts for about 0 of the total share capital.

13% -0.27%.

On May 8 this year, 10 directors, including the president, vice president, chief accountant, and chief engineer, executives increased their holdings of 1.2 million shares in the company through the secondary market.


83 yuan / share.

The continuous increase in shareholdings and employee incentives demonstrate confidence in the company’s future development.

Leaders benefit from the acceleration of the integration of the Yangtze River Delta, high dividends, low valuations and good price-performance ratio.

At present, the integration of the Yangtze River Delta has risen to the national strategy, and the progress has gradually accelerated. As a construction leader in the Yangtze River Delta, the company’s efforts have significantly benefited.

The company’s dividend rate in 2018 was 43%, and the current dividend increased by 4.


The company’s 14-18 year dividend payout average is above 40%, and the distribution rate is at the forefront of the sector. High dividend payouts and low valuations have considerable costs.

Investment suggestion: Due to the intensification of capital market fluctuations, we will not consider the impact of changes in accounting standards on the fair value of financial instruments. We predict that the company’s net profit attributable to mothers will be 33 in 2019-2021.



10,000 yuan, a year-on-year increase of 21% / 15% / 11%, the corresponding EPS is 0.



48 yuan, the current sustainable corresponding PE is 8 respectively.



0x, maintain “Buy” rating.

Risk reminder: real estate budget risk, project construction progress is not up to expectations, policy progress is not up to expectations, and gross profit margin rises.

Fussenmei (002818) 2019H1 Review: Regional Leaders Steady Operation and Continuous Dividend Yield High

Fussenmei (002818) 2019H1 Review: Regional Leaders Steady Operation and Continuous Dividend Yield High

This report reads: The company is a regional leader in the Sichuan home furnishing chain. It has a first-mover advantage and status as a brand influencer. It has a stable operation, self-managed commissions and two-wheel drive, and constantly enriches its service format.

Continue to pay dividends, the index rate is high and stable.

Investment highlights: Investment recommendations: The company is a regional leader in the Sichuan home furnishing chain. It has a brand advantage in terms of location advantage and status, stable operation, and self-managed commissioned two-wheel drive.

Continue to pay dividends, the index rate is high and stable, the dividend rate for 2019H1 is 1.


The company’s EPS is expected to be 1 in 2019-2021.



46 yuan.

Taking into account the company’s H1 growth rate, the target price is reduced to 15.

26 yuan, corresponding to 14 times PE in 2019, maintaining the “overweight” rating.

Performance is in line with expectations.

2019H1 company realized revenue 7.

82 ppm, a ten-year increase of 5.

23%; net profit attributable to mother 4.

500,000 yuan, an increase of 3 in ten years.

45%, deducting non-net profit is 3.

870,000 yuan, an increase of 1 in ten years.

39%, pay 2 yuan for 10 dividends, 1 half-year dividend rate.


In a single quarter, 2019Q2 revenue was 4.

44 ppm, a 都市夜网 ten-year increase7.


Net profit attributable to mother is 2.

19 ppm, a ten-year increase2.

82%, deducting non-net profit 2.

08 thousand yuan, at least -0.


The operation is stable, and the regional leader in home furnishing chain is stable.

Revenue: The increase was mainly due to the increase in rent levels, the increase in office sales and the company’s gains from strengthening cash management.

Profit side: The gross profit margin of the company in 2019H1 is 69.

95%, a decline of 0 every year.

67pct is basically a gross profit margin of 57 for the office sales business.

84% pulled down the overall level, with a net interest rate of 51.


Self-employed + commissioned go hand in hand, and constantly enrich the service format.

As of H1 2019, the company’s self-operated store has 北京夜生活网 an operating area of more than 900,000 square meters, and has signed a total of 7 cooperation projects through an asset-light external expansion model, of which 3 projects are still under construction.

The company has not yet explored the transformation of the flooded home lifestyle into a new model. In January, it cooperated with Gome to launch a Fusenmei home furnishing store that integrates home appliances, home furnishings and home furnishings. In July, Fusenmei Jiannan Decoration Company was established to enter the refined decoration track. Risk warning: real estate industry policy changes, household consumption growth is less than expected, etc.

Shanghai Jahwa (600315) 2019 First Quarterly Report Review: Channel Inventory Cleanup Resulting in Accelerating Revenue Growth and Light Loading and Performance Continued to Improve

Shanghai Jahwa (600315) 2019 First Quarterly Report Review: Channel Inventory Cleanup Resulting in Accelerating Revenue Growth and Light Loading and Performance Continued to Improve

1Q1 revenue increased by 5.

03%, destocking and implementing improvement targets, non-recurring gains and losses promoted a substantial increase in net profit54.

84% of the companies achieved operating income in the first quarter of 201919.

5.4 billion, with an annual increase of 5.

03%; deduct non-attributed net profit 1.

61 ppm, an increase of 6 in ten years.

69%; net profit attributable to mother 2.

33 ppm, an increase of 54 in ten years.

84%; EPS 0.

35 yuan, of which the growth rate of net profit attributable to mothers is higher than the deduction of non-attribution to mothers. The growth rate is mainly in accordance with the new financial instrument accounting standards.

Looking at the quarter, the company’s 18Q1?
19Q1 revenue growth was 10.

33%, 8.

24%, 9.

95%, 11.

66%, 5.

03%, 19Q1 revenue growth rate is mainly 19Q1 Herborist, Gough mainly destocking, revenue performance offset, net profit growth rate was 35.

92%, 45.

73%, 31.

68%, 42.

15%, 54.


The performance evaluation target of the company’s equity incentive in 2019 is based on 2017, and the growth rate of revenue and net profit is not less than 54% and 92% respectively. It is calculated that the company will achieve the 19-year performance target.
4 Gradually increase revenue and net profit The growth rate for the same period of 18 years in ten years should be no less than 52.

30%, 32.


In the distribution channels of department stores, e-commerce and other distribution channels, Herborist, Gough mainly focuses on destocking, and the channel / brand performance is differentiated. From the perspective of channels, KA (commercial supermarket), CS (cosmetic specialty stores) and other channels have achieved double-digit average revenue growth;The e-commerce channel is mainly based on destocking, and its revenue decreases each year and slightly increases. Among them, the GMV of e-commerce has increased by about 25%.

In terms of brands, Liushen’s revenue increased by double digits; Herborist mainly focused on destocking and its revenue declined. In the future, it will strengthen word of mouth marketing, online and offline drainage, and focus on star products, so as to accelerate the performance of revenue; Gao FuAffected by destocking, single-digit revenue growth; the initial increase exceeded about 20%, of which online rapid growth, slightly higher than offline, 3.

On the 23rd, the brand released a new series of new perception products. It is expected that the revenue in 19Q2 will exceed 19Q1; the revenue of Yuze, Jia’an, and Pianzaiyu will exceed 50% +.

19Q1 gross profit margin fell, expense ratio fell, inventory turnover accelerated gross profit margin: 19Q1 gross profit margin fell 4.

55PCT to 62.

17%, mainly due to the new plant put into operation, related cost increases and high gross profit margin of Herborist sales were even worse.

By quarter, 18Q1?
19Q1 gross profit margins were 66.

72% (-5.

64PCT), 62.

41% (-5.

00PCT), 59.
02% (-9.

48PCT), 62.

79% (+4.
67PCT), 62.

17% (-4.


Expense rate: Each decrease in expense rate during the period 3.

24PCT to 55.


Among them, sales, management + research and development, and financial expense ratios are 42.

33% (-1.

65PCT), 12.

56% (-1.

25PCT), 0.

77% (-0.

35PCT), among which the decrease in sales expense ratio is mainly due to the fact that some marketing activities have not yet started, and the expenditure is gradually scheduled to be flat for a long time. The decrease in management expense ratio is mainly due to the company’s strengthening of cost control.

By quarter, 18Q1?
19Q1 sales expense ratio was 43.

98% (-8.

76PCT), 43.

74% (-1.

18PCT), 37.

66% (-8.

97PCT), 36.

85% (+2.

04PCT), 42.

33% (-1.

65PCT), showing a continuous downward trend, mainly due to the company’s strengthening of cost control; management expense ratios were 13 respectively.

81% (+2.

46PCT), 12.

98% (-0.

19PCT), 13.

94% (+0.

03PCT), 14.

12% (-5.

39PCT), 12.

56% (-1.

25PCT), since 18Q4, the management expense ratio has continued to decline, mainly due to the company’s strengthening of cost management and control. The annual management expense ratio target for 19 years is 11%, and the future target continues to drop to 10%; the financial expense ratio is 1.

12% (+1.

87PCT), 0.
99% (+1.

70PCT), 0.

80% (+1.

40PCT), 0.
48% (-1.

70PCT), 0.

77% (-0.


Other financial indicators: 1) The total inventory at the end of March 19 was 9.

1.7 billion, an increase of 4 earlier.

81%, the inventory / revenue ratio is 46.

93%, 46 of the earlier 18Q1.

68% increased slightly, inventory turnover investment was 0.

83, 0 of the earlier 18Q1.

76 has improved.

2) Accounts receivable increased by 6.

51% to 10.成都桑拿网

9.7 billion, accounts receivable turnover investment1.

84, 1 of the earlier 18Q1.

89 percent.

3) Asset impairment losses are downgraded by 96 each year.

19% to 360,000 yuan, mainly because in 19Q1, the provision for bad debts of accounts receivable and other receivables was included in “credit impairment losses” and the provision for inventory depreciation was at least reduced.

4) Investment income increases by 22 every year.

61% to 53.77 million yuan.

5) Net cash flow from operating activities has been downgraded for ten years.

67% to 2.

6.7 billion.

6) Non-recurring gains and losses increased by 443 in ten years.

86% to 72.73 million yuan, of which, in addition to the effective hedging business related to the company’s normal business operations, investment income obtained from holding transactional financial assets increased by 70.55 million yuan, and these financial assets were contributed by the company in 20165One billion yuan investment in the corresponding share of the consumption fund affiliated to Ping An Group.

Following brand reorganization and channel adjustment, Herborist inventory was cleared again. In 19 years, key development strategies continued to promote 19Q1 companies to focus on department stores, Vipshop and other distribution channels. Herborist, Gough inventory, mainly for Herborist to reorganize the brand image at the end of 2018.Focusing on the development of resources, the company accelerated the cleanup of categories that are inconsistent with the new product image in 19Q1. At present, the social inventory of Herborist has decreased by about one month, and the social inventory level has improved. It is expected that it will continue to decrease in the future.

Herborist is the company’s largest brand in the cosmetics category, with a revenue share of about 30%, and a high level of gross profit margin, and its income performance affects the company’s gross profit margin.

The main sales channels of Herborist include department stores, e-commerce, etc. In recent years, due to the company’s internal management changes, the brand has developed slowly for many years, and it can grasp the rapid development bonus of the industry.

In 2018, Herborist reorganized its market share in the skin care industry in developing countries1.

7%, a decrease of 2PCT from the previous year, ranking 12th, and ranking 7th among local brands, respectively, one drop and one drop from the previous year.

In 2019, the company will focus on the development of Herborist. It will make full efforts in brand, channel, marketing and products: 1) Brand: At the end of 2018, Herborist will complete the reorganization of the brand and issue a new brand slogan “The Beauty of Time” to clarify the tone of the Chinese medicine brand; 2) Channel: At the end of 18, a new Tmall operator was replaced. In 19Q1, the categories that were inconsistent with the brand’s new image were reduced to reduce the level of social inventory. The adjustment effect was good. Since February, the growth of the Herborist Tmall flagship store has resumed positive growth.It has continued to this day; 19Q1 company’s inventory level has dropped, and the turnover has accelerated for a period of time; 3) Marketing: existing companies have established high-level dialogues with major social media, and will focus on emerging marketing methods such as content marketing in the future; 4) products: concentrated in 19 yearsCreate lyophilized facial masks, sun and moon essence and other star explosion models, and create a two-way positive circulation system of products and brand reputation.

Channel inventory clearance affects short-term performance. It is light-loaded, and “marketing + products” are working. Performance is expected to improve. We believe that: 1) the income side, 19Q1 inventory clearance affects short-term performance, but it is beneficial to the overall improvement of the company’s operating quality in the long run.Among them, Herborist continues to adjust, enter lightly, expect to improve performance, and other brands are expected to continue to maintain good growth; 2) In terms of gross profit margin, it is expected that the impact of depreciation stalls in new factories will continue, and the decline in gross profit margin will decrease; the company will strengthen its control over expense ratio.Future decline; 3) Company 4.

26 Announcement Because the Qingpu District Government collected the company’s industrial land, the two parties negotiated the proposed “Conventional Land Non-residential House Compensation Agreement”, and the company will receive a total of 1 relocation compensation.

US $ 9.4 billion, the company will be included in the current profit and loss based on the availability of government compensation (expected in 19Q3).

We are optimistic about the company’s multi-brand high-quality assets. Following the brand repositioning of Herborist brand and optimization of channel inventory, channel inventory problems have been optimized and loaded lightly. In May, we will increase content marketing efforts, focus on resources to create freeze-dried masks, sun and moon essence, etcStar products, Nuggets cosmetics industry dividends, the adjustment effect is gradually improved, and performance is expected to usher in improvement, maintaining 19?
The 21-year EPS is 0.
92, 1.

07, 1.

26 yuan, corresponding to 31 times the 19-year PE, raised to “Buy” rating.

Risk warning: Weak terminal retail; Herborist brand adjustment effect is less than expected; Multi-brand cultivation is less than expected.